AllStar Health Brands Inc. | |
CONSOLIDATED FINANCIAL STATEMENTS | |
(Unaudited) | |
(Amounts expressed in US Dollars) | |
June 30, 2022 | |
Table of Contents | Page |
Consolidated Balance Sheets | |
F‐2 | |
Consolidated Statements of Operations and Comprehensive Loss | F‐3 |
Consolidated Statements of Stockholders' Deficit | F‐4 |
Consolidated Statements of Cash Flows | F‐5 |
Notes to Financial Statements | F‐6 |
TO THE STOCKHOLDERS OF ALLSTAR HEALTH BRANDS INC.
The consolidated balance sheets of AllStar Health Brands Inc. at June 30, 2022 and December 31 2021 and the consolidated Statements of Operations and Comprehensive Loss, Changes in Stockholders' Deficit and Cash Flows for the periods then ended have not been audited by the Company's auditors. These financial statements are the responsibility of management and have been reviewed and approved by the Company's audit committee and Board of Directors
AllStar Health Brands INC
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts expressed in US Dollars)
June 30 2022 | December 31, 2021 | |||||||||
ASSETS | ||||||||||
Current Assets | ||||||||||
Cash | $ | 2,177 | $ | 424 | ||||||
Accounts receivable | ‐ | ‐ | ||||||||
Inventory | 1,483 | 1,488 | ||||||||
TOTAL CURRENT ASSETS | ||||||||||
INTANGIBLE ASSETS | ||||||||||
TOTAL ASSETS | $ | 3,660 | $ | 1,912 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
CURRENT LIABILITIES | ||||||||||
Accounts payable and accrued liabilities | $ | 1,386,822 | $ | 1,374,627 | ||||||
License fee payable | 5,000,000 | 5,000,000 | ||||||||
Convertible notes payable | 744,553 | 916,803 | ||||||||
Convertible notes payable ‐ related party | 1,258,111 | 1,280,764 | ||||||||
Due to stockholders | 263,127 | 209,527 | ||||||||
TOTAL CURRENT LIABILITIES | 8,652,613 | 8,781,721 | ||||||||
TOTAL LIABILITIES | 8,652,613 | 8,781,721 | ||||||||
Going concern (note 3) | ||||||||||
Related party transactions (note 4) | ||||||||||
Commitments and contingencies (note 9) | ||||||||||
STOCKHOLDERS' EQUITY | ||||||||||
Preferred stock $0.001 par value; 20,000,000 | ||||||||||
authorized shares; 20,000,000 shares issued and | ||||||||||
outstanding (note 5) | 2,000 | 2,000 | ||||||||
Common Stock, $0.001 par value; 4,000,000,000 | ||||||||||
authorized shares; 121,577,186 and 51,682,064 | ||||||||||
issued and outstanding shares as of June 30, 2022 and | ||||||||||
December 31, 2021 (note 5) | 12,158 | 5,168 | ||||||||
Additional paid‐in capital | 46,225,202 | 45,878,669 | ||||||||
Common stock payable | 6,000 | 6,000 | ||||||||
Other comprehensive loss | (45,409) | (45,409) | ||||||||
Retained earnings | (54,848,901) | (54,626,237) | ||||||||
TOTAL STOCKHOLDERS' EQUITY | (8,648,953) | (8,779,809) | ||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 3,660 | $ | 1,912 | ||||||
The accompanying notes are an integral part of these interim consolidated financial statements.
F2
AllStar Health Brands INC.
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(Amounts expressed in US Dollars)
6 Months Ended Jun 30 | 3 Months Ended Jun 30 | ||||||
2022 | 2021 | 2022 | 2021 | ||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||
$ | $ | $ | $ | ||||
REVENUE | 27 | 19,793 | 27 | ‐ | |||
COST OF GOODS SOLD | ‐ | ‐ | |||||
GROSS PROFIT | 27 | 19,793 | 27 | ‐ | |||
EXPENSES | |||||||
Professional fees | 62,782 | 76,640 | 31,880 | 51,661 | |||
Office | 20,406 | 24,041 | 9,813 | 18,902 | |||
Travel and related | 8,934 | 14,562 | 3,617 | 5,358 | |||
Bank charges | 1,532 | 1,911 | 748 | 1389 | |||
TOTAL OPERATING EXPENSES | 93,654 | 117,154 | 46,057 | 77,309 | |||
NET LOSS FROM OPERATIONS | 93,628 | 97,361 | 46,030 | 77,309 | |||
OTHER INCOME/EXPENSE | |||||||
Loss / (gain) on extinguishment of debt | 143,009 | 514,696 | (105,695) | 228,747 | |||
Gain on debt forgiveness | (140,972) | 104,407 | ‐ | ‐ | |||
Interest expense | 127,000 | ‐ | 63,500 | 52,266 | |||
TOTAL OTHER INCOME | |||||||
/EXPENSE | 129,037 | 619,103 | (42,195) | 281,013 | |||
NET LOSS BEFORE INCOME | |||||||
TAXES | 222,664 | 716,464 | 3,835 | 358,322 | |||
INCOME TAX EXPENSE | ‐ | ‐ | ‐ | ‐ | |||
NET LOSS | 222,664 | 716,464 | 3,835 | 358,322 | |||
OTHER COMPREHENSIVE LOSS | ‐ | ‐ | ‐ | ‐ | |||
NET LOSS & COMPREHENSIVE | |||||||
LOSS | 222,664 | 716,464 | 3,835 | 358,322 | |||
Basic & Diluted loss per share | |||||||
(Note 7) | 0.00 | 0.05 | 0.00 | 0.06 | |||
Weighted average basic & | |||||||
diluted shares outstanding | 81,599,319 | 15,520,711 | 101,048,424 | 6,330,044 | |||
The accompanying notes are an integral part of these interim consolidated financial statements.
F3
AllStar Health Brands INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
(Unaudited)
(Amounts expressed in US Dollars)
Additional | |||||||||||||||||||||||||
Preferred stock | Common stock | Common Stock | Other | Paid in | Deficit | ||||||||||||||||||||
Shares | Amount | Shares | Amount | Payable | Comprehensive | Capital | Accumulated | Total | |||||||||||||||||
Balance, December 31, 2015 | 20,000,000 | $ | 2,000 | 61,969 | $ | 6 | $ | ‐ | $ | 28,931 | $ | 25,367,636 | $ | (35,314,234) | $ | (9,915,661) | |||||||||
Stock compensation | ‐ | ‐ | 0 | 0 | ‐ | ‐ | 49,093 | ‐ | 49,093 | ||||||||||||||||
Common stock payable | ‐ | ‐ | ‐ | ‐ | 6,000 | ‐ | ‐ | ‐ | 6,000 | ||||||||||||||||
Debt Converted to Equity | ‐ | ‐ | 3 | 0 | ‐ | ‐ | 1,111,083 | ‐ | 1,111,083 | ||||||||||||||||
Collateral exchanged for debt | ‐ | ‐ | 0 | 0 | ‐ | ‐ | 5,125,000 | ‐ | 5,125,000 | ||||||||||||||||
Net loss | ‐ | ‐ | ‐ | ‐ | ‐ | (24,491) | ‐ | (7,091,959) | (7,116,450) | ||||||||||||||||
Balance, December 31, 2016 | 20,000,000 | 2,000 | 61,972 | 6 | 6,000 | 4,440 | 31,652,812 | (42,406,193) | (10,740,935) | ||||||||||||||||
Stock compensation | ‐ | ‐ | 313 | 0 | ‐ | ‐ | 3,000,500 | ‐ | 3,000,500 | ||||||||||||||||
Debt Converted to Equity | ‐ | ‐ | 1,481 | 0 | ‐ | ‐ | 1,472,223 | ‐ | 1,472,223 | ||||||||||||||||
Reverse adjustment | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ||||||||||||||||
Foreign Currency | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ||||||||||||||||
Net loss | ‐ | ‐ | ‐ | ‐ | ‐ | (49,849) | ‐ | (5,487,512) | (5,537,361) | ||||||||||||||||
Balance, December 31, 2017 | 20,000,000 | $ | 2,000 | 63,766 | $ | 6 | $ | 6,000 | $ | (45,409) | $ | 36,125,535 | $ | (47,893,705) | $ | (11,805,572) | |||||||||
Debt Converted to Equity | ‐ | ‐ | 35,311 | 3 | ‐ | ‐ | 820,605 | ‐ | 820,608 | ||||||||||||||||
Net loss | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | (542,577) | (542,577) | ||||||||||||||||
Balance, December 31, 2018 | 20,000,000 | $ | 2,000 | 99,077 | $ | 9 | $ | 6,000 | $ | (45,409) | $ | 36,946,140 | $ | (48,436,282) | $ | (11,527,541) | |||||||||
Debt Converted to Equity | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | 2,246,458 | ‐ | 2,246,458 | ||||||||||||||||
Common stock issued | 1,215,313 | 122 | 626,820 | 626,942 | |||||||||||||||||||||
Net loss | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | (872,983) | (872,983) | ||||||||||||||||
Balance, December 31, 2019 | 20,000,000 | 2,000 | 1,314,390 | 131 | 6,000 | (45,409) | 39,819,418 | (49,309,265) | (9,527,125) | ||||||||||||||||
Debt Converted to Equity | ‐ | ‐ | 9,515,572 | 952 | ‐ | ‐ | 4,890,787 | ‐ | 4,891,739 | ||||||||||||||||
Common stock issued | 140,000 | 14 | 14 | ||||||||||||||||||||||
Stock compensation | 270,000 | 27 | 13,973 | 14,000 | |||||||||||||||||||||
Net loss | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | (3,866,427) | (3,866,427) | ||||||||||||||||
Balance, December 31, 2020 | 20,000,000 | 2,000 | 11,239,962 | 1,124 | 6,000 | (45,409) | 44,724,178 | (53,175,692) | (8,487,799) | ||||||||||||||||
Debt Converted to Equity | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | |||||||||||||||||||
Common stock issued | 40,442,102 | 4,044 | 1,154,491 | 1,158,535 | |||||||||||||||||||||
Stock compensation | ‐ | ‐ | |||||||||||||||||||||||
Net loss | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | (1,450,545) | (1,450,545) | ||||||||||||||||
Balance, December 31, 2021 | 20,000,000 | 2,000 | 51,682,064 | 5,168 | 6,000 | (45,409) | 45,878,669 | (54,626,237) | (8,779,809) | ||||||||||||||||
Debt Converted to Equity | ‐ | ‐ | 69,865,122 | 6,987 | ‐ | ‐ | 346,533 | ‐ | 353,519 | ||||||||||||||||
Common stock issued | ‐ | ‐ | |||||||||||||||||||||||
Stock compensation | 30,000 | 3 | 3 | ||||||||||||||||||||||
Net loss | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | (222,664) | (222,664) | ||||||||||||||||
Balance, June 30, 2022 | 20,000,000 | 2,000 | 121,577,186 | 12,158 | 6,000 | (45,409) | 46,225,202 | (54,848,901) | (8,648,953) | ||||||||||||||||
The accompanying notes are an integral part of these interim consolidated financial statements.
F4
AllStar Health Brands INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(Amounts expressed in US Dollars)
June 30 | ||||||||
2022 | 2021 | |||||||
OPERATING ACTIVITIES | ||||||||
Net loss | $ | 222,664 | $ | 716,464 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Stock issued for services | 210 | ‐ | ||||||
Gain on debt forgiveness | (140,972) | ‐ | ||||||
Loss on debt conversion | 143,009 | 514,696 | ||||||
Changes in operating assets and liabilities: | ||||||||
Bank indebtedness | ‐ | ‐ | ||||||
Inventory | 5 | ‐ | ||||||
Prepaid expenses and other assets | ‐ | ‐ | ||||||
Accounts payable & accrued liabilities | (12,195) | 169,160 | ||||||
Net cash used in operating activities | (232,607) | (32,608) | ||||||
FINANCING ACTIVITIES | ||||||||
Advances from stockholders | (53,600) | 32,608 | ||||||
Proceeds from notes payable | 265,307 | ‐ | ||||||
Proceeds from note payable, related party | 22,653 | ‐ | ||||||
Net cash provided by financing activities | 234,360 | 32,608 | ||||||
Effect of foreign currency translation | ||||||||
NET INCREASE (DECREASE) IN CASH | 1,753 | ‐ |
Beginning of year | 424 | ‐ | ||
End of Period | $ | 2,177 | $ | ‐ |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||
Income taxes paid | $ | ‐ | $ | |||
Interest paid | $ | ‐ | $ | |||
NON‐CASH ACTIVITY | ||||||
Loss on debt conversion | $ | 143,009 | $ | 514,696 | ||
Conversion of debt to equity | $ | 210,257 | $ | 106,690 |
The accompanying notes are an integral part of these interim consolidated financial statements.
F5
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Allstar Health Brands Inc. published this content on 18 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2022 11:53:02 UTC.