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Verus International, Inc. – ‘10-Q’ for 7/31/22 – ‘R9’

On:  Friday, 9/16/22, at 5:29pm ET   ·   For:  7/31/22   ·   Accession #:  1493152-22-26140   ·   File #:  1-34106

Previous ‘10-Q’:  ‘10-Q’ on 6/21/22 for 4/30/22   ·   Latest ‘10-Q’:  This Filing   ·   33 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 9/16/22  Verus International, Inc.         10-Q        7/31/22   56:6.5M                                   M2 Compliance LLC/FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   1.37M 
 2: EX-10.37    Material Contract                                   HTML     80K 
 3: EX-10.38    Material Contract                                   HTML     95K 
 4: EX-31.1     Certification -- §302 - SOA'02                      HTML     19K 
 5: EX-32.1     Certification -- §906 - SOA'02                      HTML     16K 
11: R1          Cover                                               HTML     64K 
12: R2          Condensed Consolidated Balance Sheets               HTML    125K 
13: R3          Condensed Consolidated Balance Sheets               HTML     40K 
                (Parenthetical)                                                  
14: R4          Condensed Consolidated Statements of Operations     HTML    129K 
                (Unaudited)                                                      
15: R5          Condensed Consolidated Statement of Changes in      HTML     84K 
                Stockholders' Deficit (Unaudited)                                
16: R6          Condensed Consolidated Statements of Cash Flows     HTML    121K 
                (Unaudited)                                                      
17: R7          Nature of Business and Basis of Presentation        HTML     40K 
18: R8          Summary of Significant Accounting Policies          HTML     96K 
19: R9          Going Concern                                       HTML     23K 
20: R10         Leases                                              HTML     33K 
21: R11         Revenue Disaggregation                              HTML     23K 
22: R12         Debt                                                HTML    136K 
23: R13         Derivative Liability                                HTML     37K 
24: R14         Stockholders? Deficit                               HTML     89K 
25: R15         Commitments and Contingencies                       HTML     22K 
26: R16         Litigation                                          HTML     28K 
27: R17         Discontinued Operations                             HTML    126K 
28: R18         Subsequent Events                                   HTML     20K 
29: R19         Summary of Significant Accounting Policies          HTML    153K 
                (Policies)                                                       
30: R20         Summary of Significant Accounting Policies          HTML     28K 
                (Tables)                                                         
31: R21         Leases (Tables)                                     HTML     25K 
32: R22         Derivative Liability (Tables)                       HTML     33K 
33: R23         Stockholders? Deficit (Tables)                      HTML     58K 
34: R24         Discontinued Operations (Tables)                    HTML    128K 
35: R25         Nature of Business and Basis of Presentation        HTML     32K 
                (Details Narrative)                                              
36: R26         Schedule of Foreign Currency Translation of         HTML     26K 
                Exchange Rates (Details)                                         
37: R27         Summary of Significant Accounting Policies          HTML     52K 
                (Details Narrative)                                              
38: R28         Going Concern (Details Narrative)                   HTML     30K 
39: R29         Schedule of Future Minimum Lease Payments           HTML     33K 
                (Details)                                                        
40: R30         Leases (Details Narrative)                          HTML     27K 
41: R31         Revenue Disaggregation (Details Narrative)          HTML     23K 
42: R32         Debt (Details Narrative)                            HTML    372K 
43: R33         Schedule of Derivative Liability Measured at Fair   HTML     27K 
                Value Recurring Basis (Details)                                  
44: R34         Schedule of Fair Value Assumptions of Derivative    HTML     33K 
                Liability (Details)                                              
45: R35         Derivative Liability (Details Narrative)            HTML     24K 
46: R36         Schedule of Common Share Purchase Warrants          HTML     53K 
                Outstanding (Details)                                            
47: R37         Schedule of Share-Based Compensation, Activity      HTML     38K 
                (Details)                                                        
48: R38         Stockholders? Deficit (Details Narrative)           HTML    114K 
49: R39         Commitments and Contingencies (Details Narrative)   HTML     20K 
50: R40         Schedule of Discontinued Operations Included        HTML    246K 
                Consolidated Balance Sheets and Statements of                    
                Operations (Details)                                             
51: R41         Subsequent Events (Details Narrative)               HTML     24K 
54: XML         IDEA XML File -- Filing Summary                      XML     94K 
52: XML         XBRL Instance -- form10-q_htm                        XML   1.65M 
53: EXCEL       IDEA Workbook of Financial Reports                  XLSX    150K 
 7: EX-101.CAL  XBRL Calculations -- vrus-20220731_cal               XML    136K 
 8: EX-101.DEF  XBRL Definitions -- vrus-20220731_def                XML    532K 
 9: EX-101.LAB  XBRL Labels -- vrus-20220731_lab                     XML    878K 
10: EX-101.PRE  XBRL Presentations -- vrus-20220731_pre              XML    685K 
 6: EX-101.SCH  XBRL Schema -- vrus-20220731                         XSD    125K 
55: JSON        XBRL Instance as JSON Data -- MetaLinks              315±   456K 
56: ZIP         XBRL Zipped Folder -- 0001493152-22-026140-xbrl      Zip    272K

‘R9’   —   Going Concern

This is an IDEA Financial Report.  [ Alternative Formats ]

 
 <>  v3.22.2.2
GOING CONCERN
 9 Months Ended
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN

NOTE 3: GOING CONCERN

 

The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

 

The Company has incurred a net loss from continuing operations of $1,653,171 and has used cash in operating activities of continuing operations of $294,406 for the nine months ended July 31, 2022. At July 31, 2022, the Company had a working capital deficit of $3,188,445, and an accumulated deficit of $51,857,929. It is management’s opinion that these facts raise substantial doubt about the Company’s ability to continue as a going concern for a period of twelve months from the date of this report, without additional debt or equity financing. The unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts nor to the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

In order to meet its working capital needs through the next twelve months from the date of this report and to fund the growth of its business, the Company may consider plans to raise additional funds through the issuance of equity or debt. Although the Company intends to obtain additional financing to meet its cash needs, the Company may be unable to secure any additional financing on terms that are favorable or acceptable to it, if at all. The Company’s ability to raise additional capital will also be impacted by the continued COVID-19 pandemic, which such ability is highly uncertain, cannot be predicted, and could have an adverse effect on the Company’s business and financial condition.

 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:9/16/22
For Period end:7/31/22NT 10-Q
 List all Filings 

33 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 6/21/22  Verus International, Inc.         10-Q        4/30/22   56:7.7M                                   M2 Compliance LLC/FA
 4/15/22  Verus International, Inc.         10-K       10/31/21   79:9.4M                                   M2 Compliance LLC/FA
 9/20/21  Verus International, Inc.         10-Q        7/31/21   69:7.4M                                   M2 Compliance LLC/FA
 6/21/21  Verus International, Inc.         10-Q        4/30/21   67:5.4M                                   M2 Compliance LLC/FA
 3/19/21  Verus International, Inc.         10-K       10/31/20   88:6.5M                                   M2 Compliance LLC/FA
 2/23/21  Verus International, Inc.         8-K:5,9     2/17/21    2:134K                                   M2 Compliance LLC/FA
 1/12/21  Verus International, Inc.         8-K:5,8,9   1/12/21    3:577K                                   M2 Compliance LLC/FA
12/28/20  Verus International, Inc.         8-K:1,2,9  12/18/20    4:119K                                   M2 Compliance LLC/FA
11/06/20  Verus International, Inc.         DEF 14C    11/05/20    1:468K                                   M2 Compliance LLC/FA
10/30/20  Verus International, Inc.         8-K:1,9    10/26/20    2:49K                                    M2 Compliance LLC/FA
 8/20/20  Verus International, Inc.         8-K:1,9     8/14/20    2:52K                                    M2 Compliance LLC/FA
 7/24/20  Verus International, Inc.         8-K:1,2,9   7/20/20    2:118K                                   M2 Compliance LLC/FA
 7/02/20  Verus International, Inc.         8-K:1,8,9   6/30/20    4:286K                                   M2 Compliance LLC/FA
 4/13/20  Verus International, Inc.         10-K       10/31/19   78:5.7M                                   M2 Compliance LLC/FA
 4/07/20  Verus International, Inc.         8-K:1,2,9   4/01/20    2:71K                                    M2 Compliance LLC/FA
 9/03/19  Verus International, Inc.         8-K:1,8,9   8/30/19    3:172K                                   M2 Compliance LLC/FA
 8/01/19  Verus International, Inc.         8-K:1,2,8,9 7/31/19    3:6.5M                                   M2 Compliance LLC/FA
 6/17/19  Verus International, Inc.         10-Q        4/30/19   58:3.9M                                   M2 Compliance LLC/FA
 4/18/19  Verus International, Inc.         8-K:5,9     4/16/19    2:1.4M                                   M2 Compliance LLC/FA
 4/11/19  Verus International, Inc.         8-K:5,9     4/09/19    2:1.1M                                   M2 Compliance LLC/FA
 3/19/19  Verus International, Inc.         10-K       10/31/18   73:22M                                    M2 Compliance LLC/FA
 2/12/19  Verus International, Inc.         8-K/A:1,3,5 1/26/19    4:4.3M                                   M2 Compliance LLC/FA
10/16/18  Verus International, Inc.         8-K:5,8,9  10/16/18    2:766K                                   M2 Compliance LLC/FA
 3/26/18  Verus International, Inc.         10-K       10/31/17   76:10M                                    M2 Compliance LLC/FA
 2/27/18  Verus International, Inc.         8-K:5,9     2/27/18    2:317K                                   M2 Compliance LLC/FA
 2/12/18  Verus International, Inc.         8-K:1,2,3,9 1/26/18    2:68K                                    M2 Compliance LLC/FA
11/03/17  Verus International, Inc.         8-K:1,2,9  10/24/17    7:619K                                   M2 Compliance LLC/FA
 4/10/17  Verus International, Inc.         8-K:5,9     4/10/17    2:265K                                   M2 Compliance LLC/FA
 8/07/15  Verus International, Inc.         S-8         8/07/15    4:153K                                   Toppan Merrill/FA
 5/08/15  Verus International, Inc.         8-K:5,9     5/05/15    2:50K                                    Toppan Merrill/FA
 2/13/15  Verus International, Inc.         10-K       10/31/14   76:8.5M                                   Toppan Merrill/FA
10/15/12  Verus International, Inc.         8-K:1,2,3,510/09/12    2:151K                                   Toppan Merrill/FA
 6/20/08  Verus International, Inc.         10-12B                13:2.7M                                   Toppan Merrill/FA
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Filing Submission 0001493152-22-026140   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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