0001010549-18-000191.txt : 20180522 0001010549-18-000191.hdr.sgml : 20180522 20180522150556 ACCESSION NUMBER: 0001010549-18-000191 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 33 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180522 DATE AS OF CHANGE: 20180522 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKBOXSTOCKS INC. CENTRAL INDEX KEY: 0001567900 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES [5122] IRS NUMBER: 453598066 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55108 FILM NUMBER: 18852203 BUSINESS ADDRESS: STREET 1: 5430 LBJ FREEWAY STREET 2: SUITE 1485 CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 972-726-9203 MAIL ADDRESS: STREET 1: 5430 LBJ FREEWAY STREET 2: SUITE 1485 CITY: DALLAS STATE: TX ZIP: 75240 FORMER COMPANY: FORMER CONFORMED NAME: SMSA BALLINGER ACQUISITION CORP DATE OF NAME CHANGE: 20130125 10-Q 1 bbox10q033118.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

(Mark One)

 

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

 

For the quarterly period ended March 31, 2018
or
¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from   to  

 

Commission File No.   0-55108

 

BLACKBOXSTOCKS INC.
(Exact name of registrant as specified in its charter)

 

Nevada   45-3598066
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)

 

5430 LBJ Freeway, Suite 1485, Dallas, Texas                  75240
(Address of principal executive offices) (Zip Code)

 

(972) 726-9203
(Registrant’s telephone number, including area code)

 

 
(Former name, former address and former fiscal year if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x 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 the 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 12b-2 of the Exchange Act). Yes ¨ No x

 

The number of shares outstanding of the Registrant’s Common Stock as of May 21, 2018 was 23,000,000.

 

 

 

TABLE OF CONTENTS

 

     
    Page
INTRODUCTORY COMMENT 1
CAUTION REGARDING FORWARD LOOKING STATEMENTS 1
   
PART I –FINANCIAL INFORMATION 2
Item 1. financial statements 2
 

Consolidated Balance Sheets as of March 31, 2018 (Unaudited) and

December 31, 2017

 

2

  Consolidated Statements of Operations for the Three Months Ended March 31, 2018  and 2017 (Unaudited)

 

3

  Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2018  and 2017 (Unaudited)

 

4

  Notes to Consolidated Financial Statements    5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

10

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 11
Item 4. Controls and Procedures 11
     
PART II – OTHER INFORMATION 12
Item 1. LEGAL PROCEEDINGS 12
ITEM 1A. RISK FACTORS 12
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 12
Item 3. DEFAULTS UPON SENIOR SECURITIES 12
Item 4. MINE SAFETY DISCLOSURES 13
Item 5. Other Information 13
Item 6. eXHIBITS 13
     
Signatures   13
 

 

INTRODUCTORY COMMENT

 

Throughout this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” “Blackboxstocks,” or the “Company” refers to Blackboxstocks Inc., a Nevada corporation.

 

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

 

Our prospects are subject to uncertainties and risks. In this Quarterly Report on Form 10-Q (the “Report”), we make forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business, and reflect our beliefs and assumptions based upon information available to us at the date of this report. In some cases, you can identify these statements by words such as “if,” “may,” “might,” “will, “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” and other similar terms. These forward-looking statements include, among other things, plans for proposed operations, descriptions of our strategies, our product and market development plans, and other objectives, expectations and intentions, the trends we anticipate in our business and the markets in which we operate, and the competitive nature and anticipated growth of those markets.

 

We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors including, but not limited to, the risks and uncertainties discussed in our other filings with the Securities Exchange Commission (“SEC”). We undertake no obligation to revise or update any forward-looking statement for any reason.

 1 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1.  FINANCIAL STATEMENTS

 

Blackboxstocks Inc. and Subsidiary

Consolidated Balance Sheets

March 31, 2018 (Unaudited) and December 31, 2017

 

 

  March 31,  December 31,
   2018  2017
Assets      
Current assets:          
Cash  $78,022   $8,155 
Accounts receivable   2,047    5,111 
Advances, related party (Note 5)   —        
Prepaid expenses   196,388    202,978 
Prepaid expenses, related parties (Note 5)   36,700    36,700 
Discount on notes payable   9,189    —   
Total current assets   322,346    252,944 
Property:          
Computer and related equipment, net of depreciation of $17,722 and $14,608         
  at March 31, 2018 and December 31, 2017, respectively   20,042    21,156 
Software development, net of amortization of $3,938 and $2,813          
  at March 31, 2018 and December 31, 2017, respectively   5,062    6,187 
Total property   25,104    27,343 
Total Assets  $347,450   $280,287 
Liabilities and Stockholders' Equity          
Current liabilities:          
Accounts payable  $355,498   $368,108 
Unearned subscriptions   45,866    27,361 
Unearned revenue   245,000    —   
Advances, related party (Note 5)   45,698    56,463 
Notes payable, short term   29,575    —   
Total current liabilities   721,637    451,932 
Commitments and contingencies (Note 6)          
Stockholders' Deficit:          
Preferred stock, $0.001 par value, 5,000,000 shares authorized; no shares issued      
  and outstanding at March 31, 2018 and December 31, 2017, respectively  —      —   
Series A Convertible Preferred Stock, $0.001 par value, 5,000,000          
  shares authorized; 5,000,000 issued and outstanding at          
  March 31, 2018 and December 31, 2017, respectively   5,000    5,000 
Common stock, $0.001 par value, 100,000,000 shares          
authorized: 23,000,000 issued and outstanding at           
March 31, 2018 and December 31, 2017, respectively   23,000    23,000 
Additional paid in capital   2,494,942    2,494,942 
Accumulated deficit   (2,897,129)   (2,694,587)
Total Stockholders' Deficit   (374,187)   (171,645)
Total Liabilities and Stockholders' Deficit  $347,450   $280,287 

 

 2 

 

Blackboxstocks Inc. and Subsidiary

Consolidated Statements of Operations

For the Three Months Ended March 31, 2018 and 2017

(Unaudited)

 

 

   2018  2017
       
Revenue:          
Subscriptions  $143,295   $127,612 
Licensing   —      —   
Total revenues   143,295    127,612 
           
Cost of operations   167,275    96,280 
           
Gross margin   (23,980)   31,332 
           
Expenses:          
Software development costs   (15,424)   28,138 
General and administrative   186,125    192,551 
Depreciation    3,114    1,994 
Total operating expenses   173,815    222,683 
           
Operating loss   (197,795)   (191,351)
           
Interest expense   4,747    448 
           
           
Loss before income taxes   (202,542)   (191,799)
           
Income taxes   —      —   
           
Net loss  $(202,542)  $(191,799)
           
Weighted average number of common          
shares outstanding - basic   23,000,000    23,110,000 
           
Net loss per share - basic  $(0.01)  $(0.01)

 

 

 3 

 

Blackboxstocks Inc. and Subsidiary

Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2018 and 2017

(Unaudited)

 

 

   2018  2017
Cash flows from operating activities          
Net loss  $(202,542)  $(191,799)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:     
Depreciation and amortization expense   4,239    1,994 
Amortization of note discount   4,341    —   
Changes in operating assets and liabilities:          
Accounts receivable   3,064    667 
Prepaid expenses   6,590    —   
Accounts payable   (12,610)   49,048 
Unearned subscriptions   18,505    4,058 
Unearned revenue   245,000    —   
Net cash provided by (used in) operating activities   66,587    (136,032)
           
Cash flows from investing activities          
Purchases of property   (2,000)   (2,882)
Net cash used in investing activities   (2,000)   (2,882)
           
Cash flows from financing activities          
Proceeds from notes payable   29,370    —   
Repayment of notes payable   (13,325)   —   
Cash advances from shareholder   18,000    20,000 
Cash repayments to shareholder   (28,765)   (13,784)
Net cash provided by financing activities   5,280    6,216 
           
Net increase(decrease) in cash   69,867    (132,698)
           
Cash - beginning of period   8,155    703,638 
Cash - end of period  $78,022   $570,940 
           
Supplemental disclosure-          
Non-cash investing and financing activities:          
  Cancellation of common shares  $—     $—   

 

 

 

 

 

 4 

 

Blackboxstocks Inc. and Subsidiary

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

 

1. Organization

 

Blackboxstocks Inc. was incorporated on October 4, 2011 under the laws of the State of Nevada under the name SMSA Ballinger Acquisition Corp. to effect the reincorporation of Senior Management Services of Heritage Oaks at Ballinger, Inc., a Texas corporation, mandated by a Plan of Reorganization confirmed by the United States Bankruptcy Court for the Northern District of Texas for reorganization under Chapter 11 of the United States Bankruptcy Code.

 

On December 1, 2015, the Company entered into a Share Exchange Agreement (“Exchange Agreement”), by and among the Company, Tiger Trade Technologies, Inc. (“Tiger Trade”), a Texas corporation and the stockholders of Tiger Trade. As a result of the Exchange Agreement transaction, the Tiger Trade stockholders acquired approximately 88.64% of the issued and outstanding capital stock of the Company, and Tiger Trade became a wholly owned subsidiary of the Company. 

 

On February 8, 2016, the Company entered into an Agreement and Plan of Merger (“Merger Agreement”) with Tiger Trade, providing for the merger of Tiger Trade with and into the Company. At the effective time of the merger (February 9, 2016), the shares of Tiger Trade capital stock outstanding immediately before the effective time were canceled, retired and ceased to exist.

 

The Company filed a Certificate of Amendment to its Articles of Incorporation effective as of March 9, 2016, changing the name of the Company to Blackboxstocks Inc.

 

The Company is in the business of developing and marketing web and mobile based analytical software tools as a subscription based software as a service (the “Blackbox System”) to serve as a tool for day traders and swing traders on various securities exchanges and markets, including the OTC Markets Group, Inc. (“OTC”), the New York Stock Exchange, the NYSE MKT, LLC (formerly the American Stock Exchange), the NASDAQ markets, the Hong Kong Stock Exchange (“HKEX”), the Shanghai Stock Exchange (“SSE”) and the Shenzhen Stock Exchange (“SZSE”).

 

2. Summary of Significant Accounting Policies

 

The accompanying interim unaudited financial statements and footnotes of Blackboxstocks Inc. have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The financial statements reflect all adjustments that are, in the opinion of management, necessary to fairly present such information. All such adjustments are of a normal recurring nature. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Company’s Annual Report. The accompanying unaudited financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results for any subsequent quarter or the entire year ending December 31, 2018.

 

Basis of Presentation-The accompanying financial statements were prepared in conformity with GAAP.

 

 

 5 

 

Blackboxstocks Inc. and Subsidiary

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

 

2. Summary of Significant Accounting Policies (continued)

 

Use of Estimates - Blackboxstocks’ financial statement preparation requires that management make estimates and assumptions which affect the reporting of assets and liabilities and the related disclosure of contingent assets and liabilities in order to report these financial statements in conformity with GAAP.  Actual results could differ from those estimates.

 

Cash - Cash includes all highly liquid investments that are readily convertible to known amounts of cash and have original maturities at the date of purchase of three months or less.

 

Recently Issued Accounting Pronouncements - During the quarters ended March 31, 2018 and 2017, there were several new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”). Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s financial statements.

 

In May 2014, the FASB issued Accounting Standards Update (“ASU”) No.2014-09, Revenue from Contracts with Customers (Topic 606). This standard provides a single set of guidelines for revenue recognition to be used across all industries and requires additional disclosures. It is effective for annual and interim reporting periods beginning after December 15, 2017. This standard permitted early adoption, but not before December 15, 2016, and the use of either a retrospective or cumulative effect transition method. We evaluated the potential impact of this standard on our financial position and results of operations, as well as our selected transition method. Based on our preliminary assessment, we believe the new standard does not have a material impact on our financial position and results of operations, and we did not change the manner or timing of recognizing revenue on a majority of our revenue transactions.

 

In February 2016, the FASB issued ASU 2016-02, Leases. This is a comprehensive new leases standard that amends various aspects of existing guidance for leases and requires additional disclosures about leasing arrangements. It will require companies to recognize lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. Topic 842 provides a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to previous leases guidance. This ASU is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years; earlier adoption is permitted. In the financial statements in which the ASU is first applied, leases shall be measured and recognized at the beginning of the earliest comparative period presented with an adjustment to equity. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial condition, results of operations and cash flows.

 

Property and Equipment - Blackboxstocks is engaged in the development of its proprietary Blackbox System technology, an algorithm driven system, through a combination of in house system analysts and outside firms. The Company’s Blackbox System software for use in China was in development and costs expensed until the software reached technological feasibility in April 2017 and capitalized until May 15, 2017 when the Blackbox System for use in China was marketable.

 

The Company’s property and equipment is being depreciated on the straight-line basis over an estimated useful life of three years.

 

 6 

 

Blackboxstocks Inc. and Subsidiary

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

 

2. Summary of Significant Accounting Policies (continued)

 

Earnings or (Loss) Per Share - Basic earnings per share (or loss per share), is computed by dividing the earnings (loss) for the period by the weighted average number of common stock shares outstanding for the period.  Diluted earnings per share reflects the potential dilution of securities by including other potentially issuable shares of common stock, including shares issuable upon conversion of convertible securities or exercise of outstanding stock options and warrants, in the weighted average number of common shares outstanding for the period.  Therefore, because including shares issuable upon conversion of convertible securities and/or exercise of outstanding options and warrants would have an anti-dilutive effect on the loss per share, only the basic earnings (loss) per share is reported in the accompanying financial statements. At March 31, 2018 and 2017, the potential dilution would be 5,000,000 shares of common stock in the event the issued and outstanding shares of Series A Convertible Preferred Stock are converted.

 

Share-Based Payment - Under Accounting Standards Codification (“ASC”) Topic 718, Compensation - Stock Compensation, all share based payments to employees, including share option grants, are to be recognized in the statement of operations based on their fair values. No share based payments were issued for the three months ended March 31, 2018 and 2017.

 

Revenue Recognition - The Company recognizes revenue from the sale of subscriptions for the use of the Blackbox System web application, when persuasive evidence of an arrangement exists, delivery and collectability is probable. Revenue generally is recognized net of allowances for returns and any taxes collected from customers and subsequently remitted to governmental authorities. The Company launched its Blackbox System web application and began generating subscription sales revenues during the quarter ended September 30, 2016.

 

Software Development Costs - Blackboxstocks is engaged in the development of its proprietary Blackbox System technology, a proprietary algorithm driven system, through a combination of in house system analysts and outside contractors. Under the guidelines of ASC Topic 985 the cost of the Company’s Blackbox System was expensed during development and the Blackbox System software for use in the United States, reached technical feasibility in August 2016, became marketable and was made available to subscribers beginning September 1, 2016. The Blackbox System for use in China achieved technical feasibility during the quarter and became marketable and available to subscribers effective May 15, 2017. In continued accordance with ASC Topic 985 these costs were expensed until technical feasibility was achieved, costs incurred until May 15, 2017 were capitalized and subsequently amortized.

 

Prepaid Expenses - Prepaid expenses are current assets created when the Company makes payments or incurs an obligation for expenses identified for a future period. The Company has prepaid for marketing and advertising services to be used over approximately the next twelve months and has not utilized those services during the quarter ended March 31, 2018.

 

Contingencies - Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company’s management and legal counsel assess such contingent liabilities, and such assessment inherently involves judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company’s legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought.

 

 7 

 

Blackboxstocks Inc. and Subsidiary

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

 

2. Summary of Significant Accounting Policies (continued)

 

If the assessment of a contingency indicates it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed. Loss contingencies considered to be remote by management are generally not disclosed unless they involve guarantees, in which case the guarantee would be disclosed.

3.   Stockholders’ Deficit

 

The Company has authorized 10,000,000 shares of preferred stock at $0.001 par value, 5,000,000 of which are designated as “Series A Convertible Preferred Stock” at $0.001 par value and 100,000,000 authorized shares of common stock at $0.001 par value (“Common Stock”).

 

Shares of Series A Convertible Preferred Stock do not accumulate dividends and are convertible into shares of Common Stock on a one-for-one basis. Additionally, each share entitles the holder to 100 votes and, with respect to dividend and liquidation rights, the shares rank pari passu with the Company’s Common Stock.

 

On December 1, 2015, the Company entered into an Exchange Agreement with Tiger Trade and its Stockholders (Note 1). Under the terms and conditions of the Exchange Agreement, the Company offered and sold Seventeen Million Nine Hundred Thousand (17,900,000) newly issued shares of Company Common Stock and Five Million (5,000,000) newly issued shares of Company Series A Convertible Preferred Stock in consideration for all the issued and outstanding shares of Tiger Trade capital stock. The effect of the issuance was that Tiger Trade stockholders acquired approximately 85.91% of the issued and outstanding shares of Company Common Stock and 100% of the issued and outstanding shares of Company Series A Convertible Preferred Stock. Tiger Trade became a wholly owned subsidiary of the Company as a result of the Exchange Agreement transaction.

 

Tiger Trade was subsequently merged with and into the Company on February 9, 2016, at which time all of the outstanding shares of capital stock of Tiger Trade outstanding immediately before the effective date were canceled, retired and ceased to exist.

 

On February 10, 2016, the Company entered into a Stock Cancellation Agreement with Gust C. Kepler, a Director, President, Chief Executive Officer, Chief Financial Officer and Secretary of the Company, pursuant to which Mr. Kepler cancelled and forfeited 835,010 shares of the Company’s Common Stock.

 

During the year ended December 31, 2016, the Company issued a total of 3,310,000 shares of Common Stock at a cash price of $0.50 per share for a total of $1,655,000. However, the Company subsequently honored a request by one investor to rescind the purchase of 200,000 of such shares of Common Stock on October 28, 2016.

 

On September 28, 2017, the Company entered into a Stock Repurchase and Cancellation Agreement with Gust Kepler, a Director and the President, Chief Executive Officer, Chief Financial Officer and Secretary of the Company, pursuant to which the Company repurchased 110,000 shares of Common Stock of the Company in exchange for cancellation and forgiveness of debt obligations owed by Mr. Kepler to the Company for advances in the aggregate amount of $55,000.

 

 8 

 

Blackboxstocks Inc. and Subsidiary

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

 

4. Stock Options and Warrants

 

Costs attributable to the issuance of stock options and share purchase warrants are measured at fair value at the date of issuance and offset with a corresponding increase in ‘Additional Paid in Capital’ at the time of issuance.  When the options or warrants are exercised, the receipt of consideration is an increase in stockholders’ equity. There was no stock option or warrant activity during the three months ended March 31, 2018 and 2017 and as of March 31, 2018, no options or warrants were outstanding.

 

5.  Related Party Transactions

 

During the quarter ended March 31, 2018, Gust C. Kepler, a Director, President, Chief Executive Officer, Chief Financial Officer and Secretary of the Company advanced $18,000 to the Company and he was repaid $28,765. The balance remaining of $45,698 owed to Mr. Kepler is unsecured and bears no interest.

 

During the quarters ended March 31, 2018 and 2017, the Company engaged the services of Karma Black Box LLC (“Karma”), whose two stockholders became Company stockholders as a result of the Exchange Agreement (Note 1 and 3), for application development services of the Company’s Blackbox System technology. During the quarters ended March 31, 2018 and 2017, Karma was paid $13,500 and $22,500 for services, respectively.

 

G2 International, Inc. (“G2”), which does business as IPA Tech Group (“IPA”), is a company wholly owned by Gust C. Kepler, a Director, President, Chief Executive Officer, Chief Financial Officer and Secretary of the Company, and the Company’s controlling stockholder. In 2016 G2/IPA refunded $117,800 of prepayments for marketing services leaving a prepaid balance of $36,700 as of March 31, 2018. At March 31, 2018 and 2017, there were no accounts payable owed to G2.

 

On August 9, 2017, we entered into a License Agreement (the “BBTR License”) with EIGH8T TECHNOLOGIES INC. (also known as Black Box Traders and referred to herein as “BBTR”), a British Virgin Island registered company, for the development, customization and license to use and sublicense a version of the Blackbox System (known as the “BBTR System”) with data from the HKEX, SSE and SZSE. Stephen Chiang, an individual citizen of Singapore who holds 3,000,000 of Company Common Stock (approximately 13% of the issued and outstanding Common Stock), is a principal of BBTR. The BBTR license was terminated effective November 13, 2017. Under the terms of the BBTR License the Company received $500,000 of licensing revenue during the year ended December 31, 2017.

 

6. Commitments and Contingencies

 

The Company entered into a sublease agreement with G2 effective July 1, 2015 subject to the terms and conditions of the office lease between G2 and Teachers Insurance and Annuity Association of America for approximately 1,502 square feet of office space at 5430 LBJ Freeway, Dallas, Texas. On August 28, 2017, the Company acquired and was assigned all right, title and interest in the lease from G2. On September 19, 2017 the Company amended the lease to expand its space by approximately 336 square feet for a total of 1,838 square feet and extended the expiration date to September 30, 2022. During the quarters ended March 31, 2018 and 2017 we incurred $16,128 and $11,814, respectively, in office rental expense.

 

The Company received advance payments of $245,000 from customers anticipating a new subscription service.

 

The Company is not currently a defendant in any material litigation or any threatened litigation that could have a material effect on the Company’s financial statements.

 

 9 

 

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

We urge you to read the following discussion in conjunction with management’s discussion and analysis contained in our Annual Report on Form 10-K for the year ended December 31, 2017, as well as with our condensed financial statements and the notes thereto included elsewhere herein.

 

Overview

 

The Company is in the business of developing and marketing a real time analytical web based software as a service platform (the “Blackbox System”) that serves as a tool for day traders and swing traders on various securities exchanges and markets. Our proprietary Blackbox System technology is an algorithm driven system that works in real time, measuring market trends and data while utilizing a multitude of specific criteria, both live and historical. Our Blackbox System platform employs predictive technology enhanced by artificial intelligence to find volatility and unusual market activity that can result in the rapid change in a stock’s price. The Blackbox System was initially designed to monitor and analyze over 13,000 stocks on the OTC Markets Group, Inc. (“OTC”), New York Stock Exchange (“NYSE”), the NYSE MKT, LLC (formerly the American Stock Exchange), and NASDAQ markets simultaneously as our servers receive live data feeds from such markets. We have also customized our Blackbox System to analyze data from the Hong Kong Stock Exchange (“HKEX”), Shanghai Stock Exchange (“SSE”) and Shenzhen Stock Exchange (“SZSE”) for license and use primarily in Asia. We consider the Blackbox System technology to be among the most user-friendly of its kind.

 

The Company launched its Blackbox System web application for domestic use and made it available to subscribers in September 2016. Subscriptions for the use of the Blackbox System web application are sold on a monthly and/or annual subscription basis to individual consumers through our website at http://www.blackboxstocks.com.

 

From August 9, 2017 to November 13, 2017 we licensed a version of the Blackbox System (the “BBTR System”) to EIGH8T TECHNOLOGIES INC. (“BBTR”) for use and sublicense solely for use in connection with data from the HKEX, SSE and SZSE. The BBTR System was made available to BBTR on a trial basis beginning May 15, 2017 and launched for use by BBTR customers beginning on June 1, 2017. We terminated the license in November 2017 because BBTR defaulted on its payment obligations.

 

Our principal office is located at 5430 LBJ Freeway, Suite 1485, Dallas, Texas 75240 and our telephone number is (972) 726-9203. Our Common Stock is quoted on the OTC Pink tier of the OTC Markets Group, Inc. (the “OTC Pink”) under the symbol “BLBX.” Our corporate website is located at http://www.blackboxstocks.com.

 

Basis of Presentation of Financial Information

 

The accompanying financial statements have been prepared in conformity with GAAP, which contemplate continuation of the Company as a going concern, which is dependent upon the Company's ability to establish itself as a profitable business. At March 31, 2018, the Company had an accumulated deficit of $2,897,129 and for the three months ended March 31, 2018, incurred net losses of $202,542. Management expects that the Company may need to raise additional capital to sustain operations until such time as the Company can achieve profitability. However, there can be no assurance that management will be successful in obtaining additional funding or in attaining profitable operations.

 

The financial statements do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should the Company be unable to continue in operation.

 

Significant Accounting Policies

 

There have been no changes from the Summary of Significant Accounting Policies described in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 17, 2018.

 10 

 

 

Liquidity and Capital Resources

 

The Company launched its Blackbox System web application for domestic use and made it available to subscribers in September 2016 and we have not yet attained a level of subscription sales revenue that would allow us to meet our current overhead. We do not contemplate attaining profitable operations prior to the end of the third quarter of 2018, nor is there any assurance that such an operating level can ever be achieved. Unless there is a significant change in cash requirements, the Company believes it has sufficient working capital to fund any operating deficiencies and future development costs until the end of 2018.

 

At March 31, 2018, the Company had a cash balance of $78,022 and a working capital deficit of $399,291 as compared to a cash balance of $570,940 and a working capital deficit of $738,247 at March 31, 2017.

 

Results of Operations

 

Comparison of Three Months Ended March 31, 2018 and 2017

 

For the three months ended March 31, 2018 and 2017, the Company’s revenue totaled $143,295 and $127,612, respectively, for which our respective costs of revenues totaled $167,275 and $96,280. The increase in costs of operations are the result of increased data feed expenses for exchange information and increased costs associated with affiliate program referral, customer retention and media coordination payments.

 

For the three months ended March 31, 2018, the Company had operating expenses totaling $173,815 compared to $222,683 for the same period in 2017, a decrease of $48,868. The decreased software development costs were primarily attributable to the fact that we did not incur development costs for the BBTR System in the first quarter of 2018, and we negotiated a reduction in fees charged by our provider. General and administrative expenses also decreased approximately $6,426 from $192,551 for the three months ended March 31, 2017 compared to $186,125 for the three months ended March 31, 2018. The Company also recorded depreciation and amortization expense of $3,114 for the three months ended March 31, 2018 compared to $1,994 for the three months ended March 31, 2017.

 

Off Balance Sheet Arrangements

 

We do not have any off balance sheet arrangements.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Our Company is a “smaller reporting company” as defined by Rule 12b-2 of the Exchange Act, and as such, is not required to provide the information required under this Item.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

Gust Kepler, our principal executive officer and principal financial officer, conducted an evaluation of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Exchange Act) as of March 31, 2018, pursuant to Exchange Act Rule 13a-15. Such disclosure controls and procedures are designed to ensure that information required to be disclosed by the Company is accumulated and communicated to the appropriate management on a basis that permits timely decisions regarding disclosure. Based upon that evaluation, the Company's principal executive officer and principal financial officer concluded that the Company's disclosure controls and procedures as of March 31, 2018 were not effective to provide reasonable assurance that information required to be disclosed in the Company’s periodic filings under the Exchange Act is accumulated and communicated to our management to allow timely decisions regarding required disclosure.

 11 

 

Changes in Internal Control Over Financial Reporting

 

There were no changes in our internal controls over financial reporting during the quarter ended March 31, 2018 that have materially affected or are reasonably likely to materially affect our internal controls over financial reporting.

 

Limitations on the Effectiveness of Controls

 

Our disclosure controls and procedures provide our principal executive officer and principal financial officer with reasonable assurances that our disclosure controls and procedures will achieve their objectives. However, our management does not expect that our disclosure controls and procedures or our internal control over financial reporting can or will prevent all human error. A control system, no matter how well designed and implemented, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Furthermore, the design of a control system must reflect the fact that there are internal resource constraints, and the benefit of controls must be weighed relative to their corresponding costs. Because of the limitations in all control systems, no evaluation of controls can provide complete assurance that all control issues and instances of error, if any, within our company are detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur due to human error or mistake. Additionally, controls, no matter how well designed, could be circumvented by the individual acts of specific persons within the organization. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated objectives under all potential future conditions.

 

Management is aware that there is a lack of segregation of duties at the Company due to the fact that the Company only has one director and executive officer dealing with general administrative and financial matters. This constitutes a material weakness in the internal controls. Management has decided that considering the officer/director involved, the control procedures in place, and the outsourcing of certain financial functions, the risks associated with such lack of segregation were low and the potential benefits of adding additional employees to clearly segregate duties did not justify the expenses associated with such increases. Management periodically reevaluates this situation. In light of the Company’s current cash flow situation, the Company does not intend to increase staffing to mitigate the current lack of segregation of duties within the general administrative and financial functions.

 

PART II - OTHER INFORMATION

 

ITEM 1.  LEGAL PROCEEDINGS

 

None.

 

ITEM 1A.  RISK FACTORS

 

Our Company is a “smaller reporting company” as defined by Rule 12b-2 of the Exchange Act, and as such, is not required to provide the information required under this Item.

 

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

 

None.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 12 

 

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

ITEM 6. EXHIBITS

 

The following exhibits are filed with this Quarterly Report on Form 10-Q or are incorporated by reference as described below.

 

Exhibit Description
31.1 Certification of Principal Executive Officer pursuant to Rule 13a-14a/Rule 14d-14(a)*
31.2 Certification of Principal Financial Officer pursuant to Rule 13a-14a/Rule 14d-14(a)*
32.1 Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350**
32.2 Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350**
101.1 Interactive data files pursuant to Rule 405 of Regulation S-T*

*           Filed herewith.

**        Furnished herewith

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

     
May 21, 2018 BLACKBOXSTOCKS INC.
     
   By:       /s/ Gust Kepler
  Gust Kepler
  President, Chief Executive Officer and Secretary (Principal Executive Officer and Principal Financial and Accounting Officer)

 

 13 

 

EXHIBIT INDEX

 

Exhibit Description
31.1 Certification of Principal Executive Officer pursuant to Rule 13a-14a/Rule 14d-14(a)*
31.2 Certification of Principal Financial Officer pursuant to Rule 13a-14a/Rule 14d-14(a)*
32.1 Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350**
32.2 Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350**
101.1 Interactive data files pursuant to Rule 405 of Regulation S-T*

*           Filed herewith.

**        Furnished herewith

 14 

 

 EX-31 2 ex311.htm

 

Exhibit 31.1

 

CERTIFICATION PURSUANT TO

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

 

I, Gust Kepler, certify that:

 

(1) I have reviewed this quarterly report on Form 10-Q of Blackboxstocks 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 13a-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 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 reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

May 21, 2018   /s/ Gust Kepler
    Gust Kepler
    Principal Executive Officer

EX-31 3 ex312.htm

 

Exhibit 31.2

 

CERTIFICATION PURSUANT TO

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

 

I, Gust Kepler, certify that:

 

(1) I have reviewed this quarterly report on Form 10-Q of Blackboxstocks 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 13a-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 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 reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

May 21, 2018   /s/ Gust Kepler
    Gust Kepler
    Principal Financial Officer

 EX-32 4 ex321.htm

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Blackboxstocks Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2018 (the “Report”), I, Gust Kepler, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

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

 

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

 

/s/ Gust Kepler

Gust Kepler

Principal Executive Officer

May 21, 2018

 

This certification accompanies the Report pursuant to §906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company or purposes of §18 of the Securities Exchange Act of 1934, as amended.

 

A signed original of this certification has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 EX-32 5 ex322.htm

 

EXHIBIT 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Blackboxstocks Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2018 (the “Report”), I, Gust Kepler, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

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

 

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

 

/s/ Gust Kepler

Gust Kepler

Principal Financial Officer

May 21, 2018

 

This certification accompanies the Report pursuant to §906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company or purposes of §18 of the Securities Exchange Act of 1934, as amended.

 

A signed original of this certification has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

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Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Current assets: Cash Accounts receivable Advances, related party (Note 5) Prepaid expenses Prepaid expenses, related parties (Note 5) Discount on notes payable Total current assets Property: Computer and related equipment, net of depreciation of $17,722 and $14,608 at March 31, 2018 and December 31, 2017, respectively Software development, net of amortization of $3,938 and $2,813 at March 31, 2018 and December 31, 2017, respectively Total property Total Assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Unearned subscriptions Unearned revenue Advances, related party (Note 5) Notes payable, short term Total current liabilities Commitments and contingencies (Note 6) Stockholders' Equity (Deficit): Preferred stock, $0.001 par value, 5,000,000 shares authorized; no shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively Series A Convertible Preferred Stock, $0.001 par value, 5,000,000 shares authorized; 5,000,000 issued and outstanding at March 31, 2018 and December 31, 2017, respectively Common stock, $0.001 par value, 100,000,000 shares authorized: 23,000,000 issued and outstanding at March 31, 2018 and December 31, 2017, respectively Additional paid in capital Accumulated deficit Total Stockholders' Deficit Total Liabilities and Stockholders' Deficit Statement [Table] Statement [Line Items] Accumulated depreciation Accumulated software amortization Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Total revenues Cost of operations Gross margin Expenses: Software development costs General and administrative Depreciation Total operating expenses Operating loss Interest expense Loss before income taxes Income taxes Net loss Weighted average number of common shares outstanding - basic Net loss per share - basic Statement of Cash Flows [Abstract] Cash flows from operating activities Net loss Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization expense Amortization of note discount Changes in operating assets and liabilities: Accounts receivable Prepaid expenses Accounts payable Unearned subscriptions Unearned revenue Net cash provided by (used in) operating activities Cash flows from investing activities Purchases of property Net cash used in investing activities Cash flows from financing activities Proceeds from notes payable Repayment of notes payable Cash advances from shareholder Cash repayments to shareholder Net cash provided by financing activities Net increase (decrease) in cash Cash - beginning of period Cash - end of period Supplemental disclosure-Non-cash investing and financing activities: Cancellation of common shares Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization Accounting Policies [Abstract] Summary of Significant Accounting Policies Equity [Abstract] Stockholders' Equity Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Stock Options and Warrants Related Party Transactions [Abstract] Related Party Transactions Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Basis of Presentation Use of Estimates Cash Fair Value of Financial Instruments Recently Issued Accounting Pronouncements Property and Equipment Income Taxes Earnings or (Loss) Per Share Share-Based Payment Revenue Recognition Software Development Costs Prepaid Expenses Contingencies Potential dilution of common stock shares if Series A preferred stock is converted Useful live of property and equipment Share based compensation Stock cancelled and forfeited, shares Stock issued new, shares Stock issued new, value Recission of shares in exchange for cash, shares Debt forgiven, amount forgiven Debt forgiven, stock forfeited Stock options outstanding Warrants outstanding Proceeds from related party Repayment to related party Due to related party Professional fees Repayment of prepaid deposit Prepaid expense for marketing Licensing revenue Rent expense Cancellation of common shares Computer and related equipment, net Debt forgiven, stock forfeited Prepaid expenses [Policy Text Block] Property: Increase (decrease) in unearned subscriptions Licensing revenue Repayment of prepaid deposit Assets, Current Property, Plant and Equipment, Net Assets Due to Related Parties, Current Liabilities, Current Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses Operating Income (Loss) Income (Loss) from Continuing Operations before Income Taxes, Domestic Increase (Decrease) in Accounts Receivable Increase (Decrease) in Prepaid Expense Increase (Decrease) in Accounts Payable IncreaseDecreaseUnearnedSubscriptions Increase (Decrease) in Deferred Revenue Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Repayments of Notes Payable Net Cash Provided by (Used in) Financing Activities Cash, Period Increase (Decrease) Cash and Cash Equivalents, Policy [Policy Text Block] EX-101.PRE 11 blbx-20180331_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.8.0.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2018
May 21, 2018
Document And Entity Information    
Entity Registrant Name BLACKBOXSTOCKS INC.  
Entity Central Index Key 0001567900  
Document Type 10-Q  
Document Period End Date Mar. 31, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   23,000,000
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2018  
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Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash $ 78,022 $ 8,155
Accounts receivable 2,047 5,111
Advances, related party (Note 5) 0 0
Prepaid expenses 196,388 202,978
Prepaid expenses, related parties (Note 5) 36,700 36,700
Discount on notes payable 9,189 0
Total current assets 322,346 252,944
Property:    
Computer and related equipment, net of depreciation of $17,722 and $14,608 at March 31, 2018 and December 31, 2017, respectively 20,042 21,156
Software development, net of amortization of $3,938 and $2,813 at March 31, 2018 and December 31, 2017, respectively 5,062 6,187
Total property 25,104 27,343
Total Assets 347,450 280,287
Current liabilities:    
Accounts payable 355,498 368,108
Unearned subscriptions 45,866 27,361
Unearned revenue 245,000 0
Advances, related party (Note 5) 45,698 56,463
Notes payable, short term 29,575 0
Total current liabilities 721,637 451,932
Commitments and contingencies (Note 6)
Stockholders' Equity (Deficit):    
Preferred stock, $0.001 par value, 5,000,000 shares authorized; no shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 0 0
Series A Convertible Preferred Stock, $0.001 par value, 5,000,000 shares authorized; 5,000,000 issued and outstanding at March 31, 2018 and December 31, 2017, respectively 5,000 5,000
Common stock, $0.001 par value, 100,000,000 shares authorized: 23,000,000 issued and outstanding at March 31, 2018 and December 31, 2017, respectively 23,000 23,000
Additional paid in capital 2,494,942 2,494,942
Accumulated deficit (2,897,129) (2,694,587)
Total Stockholders' Deficit (374,187) (171,645)
Total Liabilities and Stockholders' Deficit $ 347,450 $ 280,287
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Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Accumulated depreciation $ 17,722 $ 14,608
Accumulated software amortization $ 3,938 $ 2,813
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 23,000,000 23,000,000
Common stock, shares outstanding 23,000,000 23,000,000
Series A Preferred Stock    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 5,000,000 5,000,000
Preferred stock, shares outstanding 5,000,000 5,000,000
Preferred Stock    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
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Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Total revenues $ 143,295 $ 127,612
Cost of operations 167,275 96,280
Gross margin (23,980) 31,332
Expenses:    
Software development costs (15,424) 28,138
General and administrative 186,125 192,551
Depreciation 3,114 1,994
Total operating expenses 173,815 222,683
Operating loss (197,795) (191,351)
Interest expense 4,747 448
Loss before income taxes (202,542) (191,799)
Income taxes 0 0
Net loss $ (202,542) $ (191,799)
Weighted average number of common shares outstanding - basic 23,000,000 23,110,000
Net loss per share - basic $ (0.01) $ (0.01)
Subscriptions [Member]    
Total revenues $ 143,295 $ 127,612
Licensing [Member]    
Total revenues $ 0 $ 0
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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities    
Net loss $ (202,542) $ (191,799)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 4,239 1,994
Amortization of note discount 4,341 0
Changes in operating assets and liabilities:    
Accounts receivable 3,064 667
Prepaid expenses 6,590 0
Accounts payable (12,610) 49,048
Unearned subscriptions 18,505 4,058
Unearned revenue 245,000 0
Net cash provided by (used in) operating activities 66,587 (136,032)
Cash flows from investing activities    
Purchases of property (2,000) (2,882)
Net cash used in investing activities (2,000) (2,882)
Cash flows from financing activities    
Proceeds from notes payable 29,370 0
Repayment of notes payable (13,325) 0
Cash advances from shareholder 18,000 20,000
Cash repayments to shareholder (28,765) (13,784)
Net cash provided by financing activities 5,280 6,216
Net increase (decrease) in cash 69,867 (132,698)
Cash - beginning of period 8,155 703,638
Cash - end of period 78,022 570,940
Supplemental disclosure-Non-cash investing and financing activities:    
Cancellation of common shares $ 0 $ 2
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1. Organization
 3 Months Ended
Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization

1. Organization

 

Blackboxstocks Inc. was incorporated on October 4, 2011 under the laws of the State of Nevada under the name SMSA Ballinger Acquisition Corp. to effect the reincorporation of Senior Management Services of Heritage Oaks at Ballinger, Inc., a Texas corporation, mandated by a Plan of Reorganization confirmed by the United States Bankruptcy Court for the Northern District of Texas for reorganization under Chapter 11 of the United States Bankruptcy Code.

 

On December 1, 2015, the Company entered into a Share Exchange Agreement (“Exchange Agreement”), by and among the Company, Tiger Trade Technologies, Inc. (“Tiger Trade”), a Texas corporation and the stockholders of Tiger Trade. As a result of the Exchange Agreement transaction, the Tiger Trade stockholders acquired approximately 88.64% of the issued and outstanding capital stock of the Company, and Tiger Trade became a wholly owned subsidiary of the Company. 

 

On February 8, 2016, the Company entered into an Agreement and Plan of Merger (“Merger Agreement”) with Tiger Trade, providing for the merger of Tiger Trade with and into the Company. At the effective time of the merger (February 9, 2016), the shares of Tiger Trade capital stock outstanding immediately before the effective time were canceled, retired and ceased to exist.

 

The Company filed a Certificate of Amendment to its Articles of Incorporation effective as of March 9, 2016, changing the name of the Company to Blackboxstocks Inc.

 

The Company is in the business of developing and marketing web and mobile based analytical software tools as a subscription based software as a service (the “Blackbox System”) to serve as a tool for day traders and swing traders on various securities exchanges and markets, including the OTC Markets Group, Inc. (“OTC”), the New York Stock Exchange, the NYSE MKT, LLC (formerly the American Stock Exchange), the NASDAQ markets, the Hong Kong Stock Exchange (“HKEX”), the Shanghai Stock Exchange (“SSE”) and the Shenzhen Stock Exchange (“SZSE”).
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2. Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

 

The accompanying interim unaudited financial statements and footnotes of Blackboxstocks Inc. have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The financial statements reflect all adjustments that are, in the opinion of management, necessary to fairly present such information. All such adjustments are of a normal recurring nature. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Company’s Annual Report. The accompanying unaudited financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results for any subsequent quarter or the entire year ending December 31, 2018.

 

Basis of Presentation - The accompanying financial statements were prepared in conformity with GAAP.

 

Use of Estimates - Blackboxstocks’ financial statement preparation requires that management make estimates and assumptions which affect the reporting of assets and liabilities and the related disclosure of contingent assets and liabilities in order to report these financial statements in conformity with GAAP.  Actual results could differ from those estimates.

 

Cash - Cash includes all highly liquid investments that are readily convertible to known amounts of cash and have original maturities at the date of purchase of three months or less.

 

Recently Issued Accounting Pronouncements - During the quarters ended March 31, 2018 and 2017, there were several new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”). Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s financial statements.

 

In May 2014, the FASB issued Accounting Standards Update (“ASU”) No.2014-09, Revenue from Contracts with Customers (Topic 606). This standard provides a single set of guidelines for revenue recognition to be used across all industries and requires additional disclosures. It is effective for annual and interim reporting periods beginning after December 15, 2017. This standard permitted early adoption, but not before December 15, 2016, and the use of either a retrospective or cumulative effect transition method. We evaluated the potential impact of this standard on our financial position and results of operations, as well as our selected transition method. Based on our preliminary assessment, we believe the new standard does not have a material impact on our financial position and results of operations, and we did not change the manner or timing of recognizing revenue on a majority of our revenue transactions.

 

In February 2016, the FASB issued ASU 2016-02, Leases. This is a comprehensive new leases standard that amends various aspects of existing guidance for leases and requires additional disclosures about leasing arrangements. It will require companies to recognize lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. Topic 842 provides a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to previous leases guidance. This ASU is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years; earlier adoption is permitted. In the financial statements in which the ASU is first applied, leases shall be measured and recognized at the beginning of the earliest comparative period presented with an adjustment to equity. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial condition, results of operations and cash flows.

 

Property and Equipment - Blackboxstocks is engaged in the development of its proprietary Blackbox System technology, an algorithm driven system, through a combination of in house system analysts and outside firms. The Company’s Blackbox System software for use in China was in development and costs expensed until the software reached technological feasibility in April 2017 and capitalized until May 15, 2017 when the Blackbox System for use in China was marketable.

 

The Company’s property and equipment is being depreciated on the straight-line basis over an estimated useful life of three years.

 

Earnings or (Loss) Per Share - Basic earnings per share (or loss per share), is computed by dividing the earnings (loss) for the period by the weighted average number of common stock shares outstanding for the period.  Diluted earnings per share reflects the potential dilution of securities by including other potentially issuable shares of common stock, including shares issuable upon conversion of convertible securities or exercise of outstanding stock options and warrants, in the weighted average number of common shares outstanding for the period. Therefore, because including shares issuable upon conversion of convertible securities and/or exercise of outstanding options and warrants would have an anti-dilutive effect on the loss per share, only the basic earnings (loss) per share is reported in the accompanying financial statements. At March 31, 2018 and 2017, the potential dilution would be 5,000,000 shares of common stock in the event the issued and outstanding shares of Series A Convertible Preferred Stock are converted.

 

Share-Based Payment - Under Accounting Standards Codification (“ASC”) Topic 718, Compensation - Stock Compensation, all share based payments to employees, including share option grants, are to be recognized in the statement of operations based on their fair values. No share based payments were issued for the three months ended March 31, 2018 and 2017.

 

Revenue Recognition - The Company recognizes revenue from the sale of subscriptions for the use of the Blackbox System web application, when persuasive evidence of an arrangement exists, delivery and collectability is probable. Revenue generally is recognized net of allowances for returns and any taxes collected from customers and subsequently remitted to governmental authorities. The Company launched its Blackbox System web application and began generating subscription sales revenues during the quarter ended September 30, 2016.

 

Software Development Costs - Blackboxstocks is engaged in the development of its proprietary Blackbox System technology, a proprietary algorithm driven system, through a combination of in house system analysts and outside contractors. Under the guidelines of ASC Topic 985 the cost of the Company’s Blackbox System was expensed during development and the Blackbox System software for use in the United States, reached technical feasibility in August 2016, became marketable and was made available to subscribers beginning September 1, 2016. The Blackbox System for use in China achieved technical feasibility during the quarter and became marketable and available to subscribers effective May 15, 2017. In continued accordance with ASC Topic 985 these costs were expensed until technical feasibility was achieved, costs incurred until May 15, 2017 were capitalized and subsequently amortized.

 

Prepaid Expenses - Prepaid expenses are current assets created when the Company makes payments or incurs an obligation for expenses identified for a future period. The Company has prepaid for marketing and advertising services to be used over approximately the next twelve months and has not utilized those services during the quarter ended March 31, 2018.

 

Contingencies - Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company’s management and legal counsel assess such contingent liabilities, and such assessment inherently involves judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company’s legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought.

 

If the assessment of a contingency indicates it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed. Loss contingencies considered to be remote by management are generally not disclosed unless they involve guarantees, in which case the guarantee would be disclosed.
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3. Stockholders' Equity
 3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Stockholders' Equity

3.   Stockholders’ Deficit

 

The Company has authorized 10,000,000 shares of preferred stock at $0.001 par value, 5,000,000 of which are designated as “Series A Convertible Preferred Stock” at $0.001 par value and 100,000,000 authorized shares of common stock at $0.001 par value (“Common Stock”).

 

Shares of Series A Convertible Preferred Stock do not accumulate dividends and are convertible into shares of Common Stock on a one-for-one basis. Additionally, each share entitles the holder to 100 votes and, with respect to dividend and liquidation rights, the shares rank pari passu with the Company’s Common Stock.

 

On December 1, 2015, the Company entered into an Exchange Agreement with Tiger Trade and its Stockholders (Note 1). Under the terms and conditions of the Exchange Agreement, the Company offered and sold Seventeen Million Nine Hundred Thousand (17,900,000) newly issued shares of Company Common Stock and Five Million (5,000,000) newly issued shares of Company Series A Convertible Preferred Stock in consideration for all the issued and outstanding shares of Tiger Trade capital stock. The effect of the issuance was that Tiger Trade stockholders acquired approximately 85.91% of the issued and outstanding shares of Company Common Stock and 100% of the issued and outstanding shares of Company Series A Convertible Preferred Stock. Tiger Trade became a wholly owned subsidiary of the Company as a result of the Exchange Agreement transaction.

 

Tiger Trade was subsequently merged with and into the Company on February 9, 2016, at which time all of the outstanding shares of capital stock of Tiger Trade outstanding immediately before the effective date were canceled, retired and ceased to exist.

 

On February 10, 2016, the Company entered into a Stock Cancellation Agreement with Gust C. Kepler, a Director, President, Chief Executive Officer, Chief Financial Officer and Secretary of the Company, pursuant to which Mr. Kepler cancelled and forfeited 835,010 shares of the Company’s Common Stock.

 

During the year ended December 31, 2016, the Company issued a total of 3,310,000 shares of Common Stock at a cash price of $0.50 per share for a total of $1,655,000. However, the Company subsequently honored a request by one investor to rescind the purchase of 200,000 of such shares of Common Stock on October 28, 2016.

 

On September 28, 2017, the Company entered into a Stock Repurchase and Cancellation Agreement with Gust Kepler, a Director and the President, Chief Executive Officer, Chief Financial Officer and Secretary of the Company, pursuant to which the Company repurchased 110,000 shares of Common Stock of the Company in exchange for cancellation and forgiveness of debt obligations owed by Mr. Kepler to the Company for advances in the aggregate amount of $55,000.
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4. Stock Options and Warrants
 3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Options and Warrants

4. Stock Options and Warrants

 

Costs attributable to the issuance of stock options and share purchase warrants are measured at fair value at the date of issuance and offset with a corresponding increase in ‘Additional Paid in Capital’ at the time of issuance.  When the options or warrants are exercised, the receipt of consideration is an increase in stockholders’ equity. There was no stock option or warrant activity during the three months ended March 31, 2018 and 2017 and as of March 31, 2018, no options or warrants were outstanding.
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5. Related Party Transactions
 3 Months Ended
Mar. 31, 2018
Related Party Transactions [Abstract]  
Related Party Transactions

5.  Related Party Transactions

 

During the quarter ended March 31, 2018, Gust C. Kepler, a Director, President, Chief Executive Officer, Chief Financial Officer and Secretary of the Company advanced $18,000 to the Company and he was repaid $28,765. The balance remaining of $45,698 owed to Mr. Kepler is unsecured and bears no interest.

 

During the quarters ended March 31, 2018 and 2017, the Company engaged the services of Karma Black Box LLC (“Karma”), whose two stockholders became Company stockholders as a result of the Exchange Agreement (Note 1 and 3), for application development services of the Company’s Blackbox System technology. During the quarters ended March 31, 2018 and 2017, Karma was paid $13,500 and $22,500 for services, respectively.

 

G2 International, Inc. (“G2”), which does business as IPA Tech Group (“IPA”), is a company wholly owned by Gust C. Kepler, a Director, President, Chief Executive Officer, Chief Financial Officer and Secretary of the Company, and the Company’s controlling stockholder. In 2016 G2/IPA refunded $117,800 of prepayments for marketing services leaving a prepaid balance of $36,700 as of March 31, 2018. At March 31, 2018 and 2017, there were no accounts payable owed to G2.

 

On August 9, 2017, we entered into a License Agreement (the “BBTR License”) with EIGH8T TECHNOLOGIES INC. (also known as Black Box Traders and referred to herein as “BBTR”), a British Virgin Island registered company, for the development, customization and license to use and sublicense a version of the Blackbox System (known as the “BBTR System”) with data from the HKEX, SSE and SZSE. Stephen Chiang, an individual citizen of Singapore who holds 3,000,000 of Company Common Stock (approximately 13% of the issued and outstanding Common Stock), is a principal of BBTR. The BBTR license was terminated effective November 13, 2017. Under the terms of the BBTR License the Company received $500,000 of licensing revenue during the year ended December 31, 2017.
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6. Commitments and Contingencies
 3 Months Ended
Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

6. Commitments and Contingencies

 

The Company entered into a sublease agreement with G2 effective July 1, 2015 subject to the terms and conditions of the office lease between G2 and Teachers Insurance and Annuity Association of America for approximately 1,502 square feet of office space at 5430 LBJ Freeway, Dallas, Texas. On August 28, 2017, the Company acquired and was assigned all right, title and interest in the lease from G2. On September 19, 2017 the Company amended the lease to expand its space by approximately 336 square feet for a total of 1,838 square feet and extended the expiration date to September 30, 2022. During the quarters ended March 31, 2018 and 2017 we incurred $16,128 and $11,814, respectively, in office rental expense.

 

The Company received advance payments of $245,000 from customers anticipating a new subscription service.

 

The Company is not currently a defendant in any material litigation or any threatened litigation that could have a material effect on the Company’s financial statements.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
2. Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation - The accompanying financial statements were prepared in conformity with GAAP.
Use of Estimates

Use of Estimates - Blackboxstocks’ financial statement preparation requires that management make estimates and assumptions which affect the reporting of assets and liabilities and the related disclosure of contingent assets and liabilities in order to report these financial statements in conformity with GAAP.  Actual results could differ from those estimates.
Cash

Cash - Cash includes all highly liquid investments that are readily convertible to known amounts of cash and have original maturities at the date of purchase of three months or less.
Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements - During the quarters ended March 31, 2018 and 2017, there were several new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”). Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s financial statements.

 

In May 2014, the FASB issued Accounting Standards Update (“ASU”) No.2014-09, Revenue from Contracts with Customers (Topic 606). This standard provides a single set of guidelines for revenue recognition to be used across all industries and requires additional disclosures. It is effective for annual and interim reporting periods beginning after December 15, 2017. This standard permitted early adoption, but not before December 15, 2016, and the use of either a retrospective or cumulative effect transition method. We evaluated the potential impact of this standard on our financial position and results of operations, as well as our selected transition method. Based on our preliminary assessment, we believe the new standard does not have a material impact on our financial position and results of operations, and we did not change the manner or timing of recognizing revenue on a majority of our revenue transactions.

 

In February 2016, the FASB issued ASU 2016-02, Leases. This is a comprehensive new leases standard that amends various aspects of existing guidance for leases and requires additional disclosures about leasing arrangements. It will require companies to recognize lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. Topic 842 provides a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to previous leases guidance. This ASU is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years; earlier adoption is permitted. In the financial statements in which the ASU is first applied, leases shall be measured and recognized at the beginning of the earliest comparative period presented with an adjustment to equity. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial condition, results of operations and cash flows.
Property and Equipment

Property and Equipment - Blackboxstocks is engaged in the development of its proprietary Blackbox System technology, an algorithm driven system, through a combination of in house system analysts and outside firms. The Company’s Blackbox System software for use in China was in development and costs expensed until the software reached technological feasibility in April 2017 and capitalized until May 15, 2017 when the Blackbox System for use in China was marketable.

 

The Company’s property and equipment is being depreciated on the straight-line basis over an estimated useful life of three years.
Earnings or (Loss) Per Share

Earnings or (Loss) Per Share - Basic earnings per share (or loss per share), is computed by dividing the earnings (loss) for the period by the weighted average number of common stock shares outstanding for the period.  Diluted earnings per share reflects the potential dilution of securities by including other potentially issuable shares of common stock, including shares issuable upon conversion of convertible securities or exercise of outstanding stock options and warrants, in the weighted average number of common shares outstanding for the period. Therefore, because including shares issuable upon conversion of convertible securities and/or exercise of outstanding options and warrants would have an anti-dilutive effect on the loss per share, only the basic earnings (loss) per share is reported in the accompanying financial statements. At March 31, 2018 and 2017, the potential dilution would be 5,000,000 shares of common stock in the event the issued and outstanding shares of Series A Convertible Preferred Stock are converted.
Share-Based Payment

Share-Based Payment - Under Accounting Standards Codification (“ASC”) Topic 718, Compensation - Stock Compensation, all share based payments to employees, including share option grants, are to be recognized in the statement of operations based on their fair values. No share based payments were issued for the three months ended March 31, 2018 and 2017.
Revenue Recognition

Revenue Recognition - The Company recognizes revenue from the sale of subscriptions for the use of the Blackbox System web application, when persuasive evidence of an arrangement exists, delivery and collectability is probable. Revenue generally is recognized net of allowances for returns and any taxes collected from customers and subsequently remitted to governmental authorities. The Company launched its Blackbox System web application and began generating subscription sales revenues during the quarter ended September 30, 2016.
Software Development Costs

Software Development Costs - Blackboxstocks is engaged in the development of its proprietary Blackbox System technology, a proprietary algorithm driven system, through a combination of in house system analysts and outside contractors. Under the guidelines of ASC Topic 985 the cost of the Company’s Blackbox System was expensed during development and the Blackbox System software for use in the United States, reached technical feasibility in August 2016, became marketable and was made available to subscribers beginning September 1, 2016. The Blackbox System for use in China achieved technical feasibility during the quarter and became marketable and available to subscribers effective May 15, 2017. In continued accordance with ASC Topic 985 these costs were expensed until technical feasibility was achieved, costs incurred until May 15, 2017 were capitalized and subsequently amortized.
Prepaid Expenses

Prepaid Expenses - Prepaid expenses are current assets created when the Company makes payments or incurs an obligation for expenses identified for a future period. The Company has prepaid for marketing and advertising services to be used over approximately the next twelve months and has not utilized those services during the quarter ended March 31, 2018.
Contingencies

Contingencies - Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company’s management and legal counsel assess such contingent liabilities, and such assessment inherently involves judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company’s legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought.

 

If the assessment of a contingency indicates it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed. Loss contingencies considered to be remote by management are generally not disclosed unless they involve guarantees, in which case the guarantee would be disclosed.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
2. Summary of Significant Accounting Policies (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Accounting Policies [Abstract]    
Potential dilution of common stock shares if Series A preferred stock is converted 5,000,000 5,000,000
Useful live of property and equipment 3 years  
Share based compensation $ 0 $ 0
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
3. Stockholders' Equity (Details Narrative) - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Common Stock [Member]    
Stock issued new, shares   3,310,000
Stock issued new, value   $ 1,655,000
Kepler [Member]    
Stock cancelled and forfeited, shares   835,010
Debt forgiven, amount forgiven $ 55,000  
Debt forgiven, stock forfeited 110,000  
One Investor [Member]    
Recission of shares in exchange for cash, shares   200,000
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
4. Stock Options and Warrants (Details Narrative) - shares
Mar. 31, 2018
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]    
Stock options outstanding 0 0
Warrants outstanding 0 0
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
5. Related Party Transactions (Details Narrative) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Dec. 31, 2016
Proceeds from related party $ 18,000 $ 20,000    
Repayment to related party 28,765 13,784    
Gust Kepler [Member]        
Proceeds from related party 18,000      
Repayment to related party 28,765      
Due to related party 45,698      
Karma Black Box [Member]        
Professional fees 13,500 $ 22,500    
G 2 Intl [Member]        
Repayment of prepaid deposit       $ 117,800
Prepaid expense for marketing $ 36,700      
Eigh8t Technologies [Member]        
Licensing revenue     $ 500,000  
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
6. Commitments and Contingencies (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]      
Rent expense $ 16,128 $ 11,814  
Unearned revenue $ 245,000   $ 0
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