Innovest Global, Inc.
Consolidated Financial Report
(unaudited)
September 30, 2021 and 2020
Innovest Global, Inc.
Table of Contents | |
Consolidated Financial Statements (unaudited) | |
Consolidated Balance Sheet | 1-2 |
Consolidated Statement of Operations | 3 |
Consolidated Statement of Changes in Stockholders' Equity (Deficit) | 4 |
Consolidated Statement of Cash Flows | 5 |
Notes to Consolidated Financial Statements | 6-26 |
Innovest Global, Inc.
Consolidated Balance Sheet (unaudited)
September 30, | December 31, | |||
2021 | 2020 | |||
Assets | ||||
Current Assets | ||||
Cash and cash equivalents | $ | 12,086 | $ | 35,310 |
Accounts receivable, net | 2,530,561 | 2,530,670 | ||
Inventory | 584,837 | 584,837 | ||
Subscription receivable | - | - | ||
Cost in excess of billings | 30,249 | 30,249 | ||
Prepaid expenses and other current assets | 184,417 | 177,055 | ||
Total current assets | 3,342,150 | 3,358,121 | ||
Property and equipment, net | 224,698 | 270,620 | ||
Goodwill | 3,344,749 | 3,566,130 | ||
Intangible assets, net | 284,433 | 302,983 | ||
Investment | 3,481,500 | 2,707,500 | ||
Right-of-use assets, net | 365,823 | 467,464 | ||
Total assets | $ | 11,043,353 | $ | 10,672,818 |
1
Innovest Global, Inc.
Consolidated Balance Sheet (unaudited)
September 30, | December 31, | |||
2021 | 2020 | |||
Liabilities and Stockholders' Equity (Deficit) | ||||
Current Liabilities | ||||
Accounts payable | $ | 4,100,755 | $ | 4,012,511 |
Billings in excess of cost and estimated earnings | 565,003 | 565,003 | ||
Bank line of credit | 348,640 | 348,640 | ||
Notes payable | 234,296 | 334,644 | ||
Deposit on assets | 403,080 | 651,394 | ||
Accrued compensation | 1,173,627 | 938,497 | ||
Deferred compensation | 150,000 | 150,000 | ||
Accrued expenses | 60,128 | 60,128 | ||
Lease liabilities, current | 101,934 | 107,983 | ||
Other current liabilities | 440,671 | 466,182 | ||
Total current liabilities | 7,578,134 | 7,634,982 | ||
Lease liabilities, non-current | 277,363 | 375,926 | ||
Shareholder loan payable | 196,766 | 315,038 | ||
Stock guarantee liability | 4,818,000 | 4,818,000 | ||
Share issuance liability | 900,000 | 900,000 | ||
Bond contingencies | 12,510,432 | 12,510,432 | ||
PPP and EIDL loans payable | 916,450 | 1,264,545 | ||
Other non-current liabilities | 25,517 | 25,518 | ||
Total liabilities | 27,222,662 | 27,844,441 |
Stockholders' Equity (Deficit)
Common stock, par value $0.001 per share: Authorized shares: 500,000,000 in 2021 and 2020
Issued and outstanding shares: 217,182,457 at September 30, 2021 and 191,119,957 at December 31, 2020
Preferred stock, par value $0.001 per share: Authorized shares: 10,000,000 in 2021 and 2020
Issued and outstanding shares: 1,100,000 at September 30, 2021 and 1,250,000 at December 31, 2020
Additional paid in capital
217,183 191,120
1,1001,250
14,158,129 12,783,181
Retained deficit | (30,555,721) | (30,147,174) | ||
Total stockholders' equity (deficit) | (16,179,309) | (17,171,623) | ||
Total liabilities and stockholders' equity (deficit) | $ | 11,043,353 | $ | 10,672,818 |
2
Innovest Global, Inc.
Consolidated Statement of Operations (unaudited)
Three Months Ended September, 30 | Nine Months Ended September, 30 | ||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||
Revenues | $ | 844,295 | $ | 1,189,061 | $ | 2,649,748 | $ | 6,519,905 | |||
Cost of goods sold | 643,756 | 906,224 | 1,892,722 | 4,326,336 | |||||||
Gross profit | 200,539 | 282,837 | 757,026 | 2,193,569 | |||||||
Operating Expenses | |||||||||||
Selling, general & administrative expense | 427,889 | 1,674,539 | 2,716,546 | 5,072,069 | |||||||
Stock compensation expense | - | - | - | 499,793 | |||||||
Depreciation and amortization expense | 10,696 | 19,821 | 31,964 | 65,677 | |||||||
Goodwill impairments | - | - | 221,381 | - | |||||||
Other operating expense (income), net | 5,005 | (28,409) | (995) | (82,019) | |||||||
Operating loss from continuing operations | (243,051) | (1,383,114) | (2,211,870) | (3,361,951) | |||||||
Gain on investment | 1,993,500 | 78,676 | (774,000) | (4,582) | |||||||
Interest expense, net | 58,834 | 103,872 | 225,223 | 232,556 | |||||||
Miscellaneous income | (1,254,545) | - | (1,254,545) | - | |||||||
Fair value adjustment to stock guarantee, net | - | 867,196 | - | 867,196 | |||||||
Loss from continuing operations before provision (benefit) for | (1,040,840) | (2,432,858) | (408,548) | (4,457,121) | |||||||
income taxes | |||||||||||
Provision (benefit) for income taxes | - | - | - | - | |||||||
Net loss attributable to Innovest Global, Inc. | $ | (1,040,840) | $ | (2,432,858) | $ | (408,548) | $ | (4,457,121) | |||
Earnings loss per share | Basic | $ | (0.00) | $ | (0.01) | $ | (0.00) | $ | (0.03) | ||
Earnings loss per share | Diluted | $ | (0.00) | $ | (0.01) | $ | (0.00) | $ | (0.03) | ||
Weighted average number of shares outstanding - Basic | 217,182,457 | 163,640,160 | 217,182,457 | 163,640,160 | |||||||
Weighted average number of shares outstanding - Diluted | 217,182,457 | 163,640,160 | 217,182,457 | 163,640,160 |
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Innovest Global Inc. published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 16:50:02 UTC.