Trucept : Quarterly Report

2022 Quarterly Report

TREP

Trucept, Inc.

For the Period Ending June 30, 2022

THESE UNAUDITED FINANCIAL STATEMENTS ARE INCORPORATED BY REFERENCE INTO THE

DISCLOSURE STATEMENT PURSUANT TO THE PINK BASIC DISCLOSURE GUIDELINES

See accompanying notes to the consolidated financial statements.

Trucept, Inc.

Table of Contents

Item 5. Financial Statements

Unaudited Balance Sheet as of June 30, 2022 and December 31, 2021 restated

Unaudited Profit and Loss Statement for the three and six months ended June 30, 2022 and 2021 restated Unaudited Statement of Shareholders Equity for the period ended June 30, 2022 and December 31, 2021 Unaudited Statement of Cash Flows for the six months ended June 30, 2022 and 2021 restated

Notes to Consolidated Financial Statements

See accompanying notes to the consolidated financial statements.

Trucept, Inc.

Consolidated Balance Sheets

As of June 30, 2022, and December 31, 2021

		June 30,		December 31,
		2022			2021
Assets
Current assets
Cash and cash equivalents	$	82,474		$	67,865
Accounts receivable, net		2,104,536			10,004,058
Due from related parties		632,129			508,671
Notes Receivable		-			-
Prepaid expenses and deposits		125,209			38,466
Total current assets		2,944,348			10,619,060
Prepaid workers compensation		19,157,316			19,927,316
Property and equipment		24,992			-
Right of use asset		-			26,073
Deposits		215,000			215,000
Goodwill		556,606			556,606
Total Assets	$	22,898,262		$	31,369,405
Liabilities and Stockholders' Deficit
Current liabilities
Accounts payable and accrued liabilities	$	2,865,348			$8,968,893
Accrued payroll taxes		480,195			618,330
Accrued compensation expense		305,048			251,757
Interest payable		-			499,091
Disputed 3rd Party liabilities		912,182			-
Trust - 3rd party		447,992		204,401
Other Liabilities		44,667			70,239
Notes payable related party		-			2,721,722
Notes payable		-			950,010
Total current liabilities		5,055,432			14,284,443
Right of use liability		-			26,072
Total liabilities		5,055,432			14,310,515
Stockholders' Equity (Deficit)
Preferred stock: $0.001 par value, 5,000,000 shares
authorized, zero shares issued and outstanding
at June 30, 2022 and December 31, 2021		-			-
Common stock: $0.001 par value, 500,000,000 shares authorized,
56,098,460 and 52,912,123 shares issued and outstanding at
June 30, 2022 and December 31, 2021, respectively		55,964			52,777
Additional paid in capital		7,704,675			7,277,705
Accumulated deficit		10,082,191			9,728,408
Total stockholders' equity (deficit)		17,842,830			17,058,890
Total liabilities and stockholders' equity (deficit)	$	22,898,262		$	31,369,405

See accompanying notes to the consolidated financial statements.

Trucept, Inc.

Consolidated Statements of Operations and Comprehensive Income

For the Three Months Ended June 30, 2022 and 2021

				2022					2021
Revenue	$	5,033,242		$		4,204,946
Cost of revenue and service delivery			971,462					1,943,956
Gross profit			4,061,780					2,260,990
Selling, general and administrative expenses			3,848,443					1,555,238
Total operating expense			3,848,443					1,555,238
Operating Income (loss)			213,337					705,752
Other income (expense)
Interest expense			-					(54,198)
Tax and Tax penalties			(4,500)				(4,500)
Other Income			-					-
Total other (expense)/income			(4,500)				(58,698)
Net Income			208,837					647,054
Comprehensive Income	$	208,837		$		647,054
Net income per share of common stock, basic and diluted	$	0.004		$		0.01
Weighted average shares of common stock outstanding,
basic and diluted			54,505,292					52,912,123

See accompanying notes to the consolidated financial statements.

Trucept, Inc.

Consolidated Statements of Operations and Comprehensive Income

For the Six Months Ended June 30, 2022 and 2021

Restated

			2022									2021
Revenue	$	9,512,821						$		8,039,232
Cost of revenue and service delivery		3,109,021									3,664,646
Gross profit		6,403,800									4,374,586
Selling, general and administrative expenses		6,292,150									2,959,191
Total operating expense		6,292,150									2,959,191
Operating income (loss)		111,650									1,415,395
Other income (expense)
Interest expense		-									(86,374)
Tax and Tax penalties		(137,877)							(9,000)
Other Income			380,010								-
Total other (expense)/income		242,133								(95,374)
Net Income (Loss)		353,783								1,320,021
Comprehensive Income (Loss)	$	353,783					$	1,320,021
Net income per share of common stock, basic and diluted	$	.006					$	.02
Weighted average shares of common stock outstanding,
basic and diluted		54,505,292									52,912,123

See accompanying notes to the consolidated financial statements.