Lead Innovation Corporation
Consolidated Balance Sheets
(Unaudited)
3 Months Ended | Year Ended | ||||||||||
ASSETS | May 31, 2022 | November 30, 2021 | |||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 15,691 | $ | 43,009 | |||||||
Short-term investment | 34,495 | 36,016 | |||||||||
Other receivables, net | 367,690 | 3,952,781 | |||||||||
Amounts due from related parties | 497,580 | 6,378,721 | |||||||||
Inventories, net | 5,348,706 | 8,132,716 | |||||||||
Amortization | 203,637 | - | |||||||||
Subsidy receivable | 1,002 | 1,046 | |||||||||
Advance payment | 7,804,313 | 34,288 | |||||||||
Long-term equity investment | 712,429 | 743,844 | |||||||||
Property & Equipment | 92,878,054 | 93,563,873 | |||||||||
Construction in progress | 0 | - | |||||||||
Acquisition Advance | 28,000,000 | 28,000,000 | |||||||||
Licensing Agreement | - | - | |||||||||
Intangible and other assets | 3,404,241 | 3,622,224 | |||||||||
Total Assets | $ | 139,267,838 | $ | 144,508,518 | |||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable and accrued expenses | $ | 20,477,249 | $ | 38,305,151 | |||||||
Loan payables- related party | 334,895 | 334,895 | |||||||||
Convertible note payables, net | 1,336,720 | 1,336,720 | |||||||||
Total Current Liabilities | 22,148,864 | 39,976,766 | |||||||||
Commitments | - | - | |||||||||
Stockholders' Equity (Deficit): | |||||||||||
Common stock; $0.00001 par value; 1,800,000,000 | |||||||||||
shares authorized; 526,440,742 and 526,440,742 | |||||||||||
shares issued and outstanding as of May 31, 2022, | |||||||||||
and November 30, 2021, respectively | 5,264 | 5,264 | |||||||||
Preferred stock; $0.00001 par value; | |||||||||||
200,000,000 shares authorized, | |||||||||||
6% Series A Preferred Stock; 20,000,000 authorized, 314,035 | |||||||||||
and 314,035 shares issued and outstanding as of | |||||||||||
May 31, 2022 and November 30, 2021, respectively | 3 | 3 | |||||||||
Series B Preferred Stock; 5,000,000 authorized, 3,260 | |||||||||||
and 0 shares issued and outstanding as of | |||||||||||
May 31, 2022 and November 30, 2021 | 1 | 1 |
Series C Preferred stock; 1,000,000 authorized, 550 and
1
500 shares issued and outstanding as of May 31, 2022 | |||||||
and November 30, 2021, respectively | 1 | 1 | |||||
Series D Preferred Stock; 1,000,000 authorized, 100 | |||||||
and 0 shares issued and outstanding as of | |||||||
May 31, 2022 and November 30, 2021 | 1 | 1 | |||||
5% Series E Preferred Stock; 1,000,000 authorized, 20,686 | |||||||
and 0 shares issued and outstanding as of | |||||||
May 31, 2022 and November 30, 2021 | 1 | 1 | |||||
Series F Preferred Stock; 1,000,000 authorized, 1,090 | |||||||
and 0 shares issued and outstanding as of | |||||||
May 31, 2022 and November 30, 2021 | 1 | 1 | |||||
Additional paid in capital | 149,020,490 | 148,443,876 | |||||
Deemed dividend | (61,875) | (61,875) | |||||
Deficit accumulated | (31,844,913) | (43,855,521) | |||||
Total Stockholders' Deficit | 117,118,974 | 104,531,752 | |||||
Total Liabilities and Stockholders' Deficit | $ | 139,267,838 | $ | 144,508,518 | |||
The accompanying notes are an integral part
of these unaudited financial statements.
2
Lead Innovation Corporation | ||||||||
Consolidated Statements of Operations | ||||||||
3 Months Ended | ||||||||
May 31, 2022 | ||||||||
(unaudited) | ||||||||
Net Revenues | $ | 2,066,611 | ||||||
Cost of Goods Sold | 1,382,009 | |||||||
Gross profit | 684,602 | |||||||
Operating Expenses: | ||||||||
Consulting expense | - | |||||||
Professional fees | - | |||||||
Selling and marketing expenses | 195,534 | |||||||
Preferred stock issued for services | - | |||||||
General and administrative expenses | 361,315 | |||||||
Total operating expenses | 556,849 | |||||||
Income (Loss) From Operations | 127,753 | |||||||
Other Income (Expense): | ||||||||
Non-operating income | 1,498 | |||||||
Non-operating expense | 7,415 | |||||||
Interest expense | (42,663) | |||||||
Other expense | 241,137 | |||||||
Income Tax | 968 | |||||||
Net Income/(Loss) | (162,932) | |||||||
Other comprehensive income | ||||||||
Foreign currency translation income | (3,149,750) | |||||||
Comprehensive income (loss) | $ | (3,312,682) | ||||||
Income (loss) per share | ||||||||
Basic & Diluted | $ (0.01) | |||||||
Weighted average number of shares outstanding | ||||||||
Basic & Diluted | 526,440,742 |
The accompanying notes are an integral part
of these unaudited financial statements
3
Lead Innovation Corporation
Consolidated Statements of Cash Flows
3 Months Ended
May 31, 2022 | |||||
(unaudited) | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Adjustments to reconcile net loss to net cash | |||||
used in operating activities: | |||||
Net Income | $ | (162,932) | |||
Depreciation expense | 64,511 | ||||
Other receivables | (88,331) | ||||
Amounts due from related parties | 1,094,284 | ||||
Subsidy receivable | 54 | ||||
Advance payment | 580,372 | ||||
Inventories | 104,999 | ||||
Non-cash expenses | 42,663 | ||||
Other current assets | 92,044 | ||||
Increase (decrease) in accounts payable and accrued expenses: | 2,461,902 | ||||
Net cash used in operating activities | 4,189,566 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | 610,591 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | (1,864,301) | ||||
EFFECT OF EXCHANGE RATE FLUCTUATION | |||||
ON CASH AND CASH EQUIVALENTS | (3,149,750) | ||||
NET INCREASE/(DECREASE) IN CASH AND CASH | |||||
EQUIVALENTS | (213,894) | ||||
CASH AND CASH EQUIVALENTS, BEGINNING | |||||
BALANCE | $ 229,585 | ||||
CASH AND CASH EQUIVALENTS, ENDING | |||||
BALANCE | $ 15,691 | ||||
SUPPLEMENTAL DISCLOSURES: | |||||
Interest paid | $ | - | |||
Income tax paid | $ | - | |||
4
SUPPLEMENTAL DISCLOSURES FOR NON CASH: | ||
FINANCING AND INVESTING ACTIVITIES | ||
Stock issued for acquisition of licensing agreement | $ | - |
Equipment acquired from related party against | ||
loan agreement | $ | - |
The accompanying notes are an integral part | ||
of these unaudited financial statements |
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Lead Innovation Corp. published this content on 20 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 June 2022 01:33:05 UTC.