James Maritime Holdings, Inc.
Financial Statements
For the Years Ended March 31, 2022, and 2021
(Unaudited)
JAMES MARITIME HOLDINGS, INC.
Balance Sheets
(Unaudited)
March 31, | March, 31 | |||
2021 | 2020 | |||
Assets | ||||
Current Assets: | ||||
Cash | 159,530 | - | ||
Cash | $ | 157,219 | $ | 806 |
Total Current Assets | 316,749 | 806 | ||
Total Assets | ||||
$ | 316,749 | $ | 806 | |
Liabilities and Stockholders' Equity (Deficit) | ||||
Current Liabilities | ||||
Accounts Payable | 31,467 | - | ||
Other Current Liabilities | 11,941 | 10,144 | ||
Total Current Liabilities | 43,408 | 10,144 | ||
Long Term Liabilities | 310,275 | |||
Total Liabilities | ||||
353,683 | 10,144 | |||
Stockholders' equity (deficit): | ||||
Preferred stock, $0.001 par value; 10,000,000 shares | ||||
authorized; | ||||
Series A Preferred stock; 2,000,000 shares authorized, | ||||
issued and outstanding | 400 | 2,000 | ||
Series B Preferred stock; 1,000,000 shares authorized; | ||||
-0- shares issued and outstanding | - | - | ||
Common stock, $0.001 par value; 90,000,000 | ||||
shares authorized; 4,387,462 and 30,987,462 shares | ||||
issued and outstanding | 7,404 | 4,387 | ||
Goodwill | 438,834 | |||
Additional paid-in capital | 10,761,792 | 10,864,048 | ||
Accumulated deficit | (11,208,430) | (10,879,773) | ||
Total stockholders' equity (deficit) | (36,934) | (9,338) | ||
Total liabilities and stockholders' equity (deficit) | $ | 316,749 | $ | 806 |
The accompanying notes are an integral part of these financial statements.
F-1
JAMES MARITIME HOLDINGS, INC.
Statements of Operations
(Unaudited)
March 31, | |||||||
Revenue | $ | 2022 | $ | 2021 | |||
498,781 | - | ||||||
Cost of Goods Sold | 311,613 | - | |||||
Gross Profit | 187,168 | - | |||||
Operating expenses: | |||||||
General and administrative | 512,825 | 194,618 | |||||
Loss from operations | (328,657) | (194,618) | |||||
Other Income (Expense) | - | - | |||||
Net loss before taxes | $ | (328,657) | $ | (194,618) | |||
Income tax expense | - | - | |||||
Net loss | $ | (328,657) | $ | (194,618) | |||
Net loss per share of common stock - | |||||||
basic and diluted | $ | (0.04) | $ | (0.01) | |||
Weighted average number of common shares - | |||||||
basic and diluted | 7,404,129 | 4,187,492 |
The accompanying notes are an integral part of these financial statements.
F-2
JAMES MARITIME HOLDINGS, INC. Statement of Stockholders' Equity (Deficit) (Unaudited)
Total Stock- | |||||||||||||||||||||||||||
Series A | Series B | Additional | Accumulate | holders' | |||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Paid-In | d | Equity | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Deficit | (Deficit) | |||||||||||||||||||
Balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
2,000,000 | 2,000 | - | 30,987,462 | 30,987 | 10,637,448 | (10,685,155) | (14,720) | ||||||||||||||||||||
March 31, 2020 | |||||||||||||||||||||||||||
Common Shares | (27,000,000) | (27,000) | 27,000 | - | |||||||||||||||||||||||
canceled for | |||||||||||||||||||||||||||
intended acquisition | |||||||||||||||||||||||||||
Sale of Common | 150,000 | 150 | 74,850 | 75,000 | |||||||||||||||||||||||
Shares | |||||||||||||||||||||||||||
Common Shares | 250,000 | 250 | 124,750 | ||||||||||||||||||||||||
issued for consulting | 125,000 | ||||||||||||||||||||||||||
Net Loss, year ended | (194,618) | (194,618) | |||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||
Balance | $ | $ | $ | $ | $ | ||||||||||||||||||||||
2,000,000 | 2,000 | - | - | 4,387,462 | 4,387 | 10,864,048 | (10,879,773) | (9,338) | |||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||
Conversion of | (1,600,000) | (1,600) | 750,000 | 750 | (850) | ||||||||||||||||||||||
Preferred shares to | |||||||||||||||||||||||||||
common | |||||||||||||||||||||||||||
Sale of Common | 100,000 | 100 | 74,900 | 75,000 | |||||||||||||||||||||||
Shares | |||||||||||||||||||||||||||
Acquisition of | 866,667 | 867 | (453,156) | (49,089) | |||||||||||||||||||||||
Gladiator Solutions | |||||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||||
Common Shares | 1,300,000 | 1,300 | 276,000 | 276,000 | |||||||||||||||||||||||
issued for services | |||||||||||||||||||||||||||
Net Loss, year ended | (328,657) | (328,657) | |||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||
Balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
400,000 | 400 | - | - | 7,404,129 | 7,404 | 10,761,792 | (11,208,430) | (36,934) | |||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
F-3
JAMES MARITIME HOLDINGS, INC.
Statements of Cash Flows
(Unaudited)
March 31, | ||||
Cash flows from operating activities: | 2022 | 2021 | ||
Net loss | $ | (328,657) | $ | (194,618) |
Adjustments to reconcile net loss to net cash used | ||||
by operating activities | ||||
Stock issued for services | 249,000 | 125,000 | ||
Changes in operating assets and liabilities: | ||||
(Increase) decrease in accounts receivable | (157,219) | - | ||
Increase (decrease) in accounts payable | 21,323 | (4,576) | ||
Increase (decrease) in other current liabilities | 11,941 | - | ||
Net cash used in operating activities | (203,612) | (74,194) | ||
Cash flows from investing activities: | - | - | ||
Cash flows from financing activities: | ||||
Increase (decrease) in long term liabilities | 287,336 | |||
Proceeds from sale of common stock | 75,000 | 75,000 | ||
Net cash provided by financing activities | 362,336 | 75,000 | ||
Net increase in cash | 158,724 | 806 | ||
Cash, beginning of period | 806 | - | ||
Cash, end of period | $ | 159,530 | $ | 806 |
Supplemental disclosure of cash flow information: | ||||
Cash paid during the period for: | ||||
Income Taxes | $ | - | $ | - |
Interest | $ | - | $ | - |
The accompanying notes are an integral part of these financial statements.
F-4
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JAMES Maritime Holdings Inc. published this content on 13 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2022 18:33:00 UTC.