CANNLABS, INC. BALANCE SHEET As of June 30th , 2022
ASSETS | |
Current Assets | |
Cash | 327,495.00 |
Accounts Receivable Net | 785,651.00 |
Inventories | 892,415.00 |
Total Current Assets | 2,005,561 00 |
Fixed Assets- at cost | |
Office Furniture & Fixtures | 371,781.00 |
Computer equipment | 11,023.00 |
Less accumulated depreciation | (59,765.00) |
323,039 00 | |
Other Assets | |
Undeposited Funds | 97,059.00 |
Owners Loan Agreement | 621,936.00 |
718,995 00 | |
3,047,595.00 | |
LIABILITIES AND STOCKHOLDER'S EQUITY | |
Current Liabilities | |
Accounts payable | 41,255.00 |
Taxes payable | 0.00 |
Total current liabilities | 41,255.00 |
Long term liabilities | 0.00 |
Purchasing Agrrement | 750,000.00 |
Total Long term liabilities | 750,000 00 |
Total Liabilities | 791,255.00 |
Stockholder's equity | |
Capital stock | 420,446.00 |
Additional paid in capital | (339,840.00) |
Retained Earnings | 1,773,191.00 |
Net Income | 402,543.00 |
Total Stockholder's Equity | 2,256,340.00 |
Total Liabilities & Stockholder's Equity | 3,047,595.00 |
CANNLABS, INC.
STATEMENT OF INCOME AND RETAINED EARNINGS
For Six-Months Period Ended June 30, 2022
REVENUE | |
Gross Sales | 2,058,652.00 |
Less: Sales Returns and Allowances | 0.00 |
NET SALES | 2,058,652.00 |
Cost of Goods Sold: | |
Beginning Inventory | 802,154.00 |
Purchases | 1,126,385.00 |
Ending Inventory | (892,415.00) |
Cost of Goods Sold | 1,036,124.00 |
Gross Profit (Loss) | 1,022,528.00 |
GENERAL AND ADMINISTRATIVE EXPENSES: | |
Accounting Fees | 15,200.00 |
Advertising | 6,529.00 |
Automobile expenses | 30,216.00 |
Bank Fees | 1,248.00 |
Compensation to Officer | 195,000.00 |
Depreciation Expense | 4,210.00 |
Insurance | 21,036.00 |
Janitorial expenses | 705.00 |
Office expenses | 1,985.00 |
Postage & Delivery | 2,869.00 |
Rent | 19,523.00 |
Repairs | 1,020.00 |
Salaries and Wages | 215,478.00 |
Supplies | 19,203.00 |
Taxes & Licenses | 53,269.00 |
Telephone | 29,984.00 |
Utilities | 2,510.00 |
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES: | 619,985.00 |
Net Income Before Income Taxes | 402,543.00 |
Provision for Federal Income Taxes: | |
Current | 0.00 |
Deferred | 0.00 |
0.00 | |
Net Income After Taxes | 402,543.00 |
Statement of Retained Earnings
(Statement of Changes in
Stockholders' Equity)
As of June 30, 2022 | ||||||||||||||
Additional | ||||||||||||||
Common Stock | Paid In | Accumulated | ||||||||||||
Shares | Amount | Capital | Equity | Total | ||||||||||
Balance, December 31, 2020 | 420,466,000 | $ | 420,466 | $ | - | $ | 1,744,619 | $ | 1,744,619 | |||||
Common stock issued for cash | -- | - | - | - | 1,744,619 | |||||||||
Net Gain | - | - | - | 712,797 | 2,487,416 | |||||||||
Balance Dec. 31, 2020 | 420,466,000 | 420,466 | - | 2,487,416 | 2,487,416 | |||||||||
Common stock issued for cash | 42,698,704 | 42,698 | -- | -- | 2,487,416 | |||||||||
Net Gain | -- | -- | -- | 291,111 | 2,778,527 | |||||||||
Constructive | ||||||||||||||
distribution of "S" corporation | ||||||||||||||
earnings and | ||||||||||||||
contribution of | ||||||||||||||
capital | ||||||||||||||
0 | 0 | 0 | 0 | |||||||||||
Conversion of note | ||||||||||||||
payable | ||||||||||||||
stockholder | ||||||||||||||
into common stock | 0 | 0 | 0 | 0 | ||||||||||
Common stock | ||||||||||||||
issued upon merger | 0 | 0 | 0 | 0 | ||||||||||
Common stock | ||||||||||||||
issued for | ||||||||||||||
services | 0 | 0 | 0 | 0 | ||||||||||
Forfeited common | ||||||||||||||
Stock | 0 | 0 | 0 | 0 | ||||||||||
Sale of | ||||||||||||||
convertible | ||||||||||||||
preferred stock | 0 | 0 | 0 | 0 | ||||||||||
Deferred | ||||||||||||||
Compensation | 0 | 0 | 0 | 0 | ||||||||||
Issuance of | ||||||||||||||
options for | ||||||||||||||
services | 0 | 0 | 0 | 0 | ||||||||||
Accrued preferred | ||||||||||||||
dividends | 0 | 0 | 0 | 0 | ||||||||||
Balance December 31, 2021 | 463,164,704 | 463,164 | - | 2,778,527 | 2,778,527 | |||||||||
Common stock issued for cash | 0 | 0 | -- | -- | - | |||||||||
Net Gain | -- | -- | -- | 402,543 | 3,181,070 | |||||||||
Constructive
distribution of "S" corporation
earnings and | |||||||||||
contribution of | |||||||||||
capital | |||||||||||
0 | 0 | 0 | 0 | ||||||||
Conversion of note | |||||||||||
payable | |||||||||||
stockholder | |||||||||||
into common stock | 0 | 0 | 0 | 0 | |||||||
Common stock | |||||||||||
issued upon merger | 0 | 0 | 0 | 0 | |||||||
Common stock | |||||||||||
issued for | |||||||||||
services | 0 | 0 | 0 | 0 | |||||||
Forfeited common | |||||||||||
Stock | 0 | 0 | 0 | 0 | |||||||
Sale of | |||||||||||
convertible | |||||||||||
preferred stock | 0 | 0 | 0 | 0 | |||||||
Deferred | |||||||||||
Compensation | 0 | 0 | 0 | 0 | |||||||
Issuance of | |||||||||||
options for | |||||||||||
services | 0 | 0 | 0 | 0 | |||||||
Accrued preferred | |||||||||||
dividends | 0 | 0 | 0 | 0 | |||||||
Balance June 30, 2022 | 463,164,704 | 463,164 | 0 | 3,181,070 | 3,181,070 | ||||||
CANNLABS, INC.
STATEMENT OF CASH FLOW
AS OF JUNE 30, 2022 | |
Cash Flow from Operating Activities: | |
Net Income | |
Non-Cash Items Included in Net Income: | 402,543 |
Depreciation & Amortization | 4,210 |
Deferred Federal Income Tax | |
Net (increase) decrease in receivables | (100,516) |
Net (increase) decrease in inventory | (179,618) |
Net (increase) decrease in prepaid | 0 |
Net (Decrease) increase in payables | 2,298 |
Net cash provided by (used for) operating Activities | 128,917 |
Cash Flow from Investing Activities: | |
Purchase of Fixed Assets | 0 |
Increase (Decrease) in other Assts | 0 |
Net cash provided by (used for) investing activities | 0 |
Cash Flow from Financing Activities: | |
Additonal paid in capital | (339,840) |
Purchase of Treasury Stock | 0 |
Net cash provided by (used for) investing activities | (339,840) |
Net increase (decrease) in cash | (210,923) |
Cash beginning of period | 538,418 |
Cash end of period | 327,495 |
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Cannlabs 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 14:53:04 UTC.