TURNER VALLEY OIL & GAS, INC. TURNER VALLEY OIL & GAS, INC.
Annual Report
For the Year Ended
December 31, 2021
Balance Sheets
As of December 31, 2021 and December 31, 2020
(Unaudited)
December 31, 2021
December 31, 2020
ASSETSCurrent Assets
Cash and cash equivalents Inventory
Deposits
Total current assets
Other Assets
Investment in Bloomi Labs LLC
$
- $ 84
3,377 $ 3,260
8,500 8,500
11,877 11,844
15,000 15,000
Total Assets
LIABILITIES & STOCKHOLDERS' DEFICIT
LIABILITIES
Current Liabilities
Accounts payable Accrued expenses Common stock payable
Notes payable - related parties Advances from related parties
$
26,877 $ 26,844
$
156,229 $ 222,475
1,883 4,233
5,000 15,000
166,663 181,063
- 115,409
Total Liabilities
STOCKHOLDERS DEFICIT
Common Stock, par value $0.001, 500,000,000 authorized, 211,795,023 and 157,950,467 shares issued and outstanding respectively Common Stock subscribed, par value $.001
329,775
538,180
211,794 157,951
- 29,310
Preferred Stock-Series A, par value $0.01, 4,000,000 authorized, 1,827 1,827 1,827,000 and 1,827,000 shares issued and outstanding respectively
Preferred Stock-Series B, Par value $0.001, 1,500,000 authorized 1,420 1,420,000 and 0 outstanding respectively
Additional paid in capital-Common Stock Additional paid in capital-Preferred Series B Stock Stock subscriptions receivable
Accumulated deficit
Total Stockholders' Deficit
6,648,823
173,356 -
(7,340,118)
(302,898)
6,382,134
(42,500) (7,040,058)
(511,336)
Total Liabilities and Stockholders' Deficit
$
26,877
The accompanying notes are an integral part to these financial statements.
$
26,844
Statements of Operations
For the Years Ended December 31, 2021 and 2020
(Unaudited)
December 31, 2021
Revenue
Sales
Cost of Goods Sold
Cost of Goods Sold Gross Profit Operating Expenses
Selling, general and administrative
Total Operating Expenses
Operating Loss
Other Income and Expenses
Other income
Interest expense Net Loss
Loss per common share
$
91 $
926 (835)
December 31, 2020
$
145,003 145,003 (145,838)
30,629
(184,850) (55,180)
$
- - - 154,447 154,447 (154,447)
-$ $
(300,059) $ (209,627)
(0.00162)
$
(0.00137)
Weighted average number of common shares outstanding
184,872,745
The accompanying notes are an integral part to these financial statements.
152,725,467
Statements of Cash Flows
For the Years Ended December 31, 2021 and 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
Adjustments to reconcile net loss to cash used in operating activities:
(Unaudited)
Loss on conversion of notes payable to common stock Stock based compensation
Changes in operating assets and liabilities:
Accounts payable
Accrued expenses Inventories
Common stock payable Related party payables Notes payable related parties
December 31, 2021
December 31, 2020
$
(300,059) (209,627)
187,200 57,600
91,676 27,500
(66,295) 43,075
(2,350) (2,420)
(118) (3,260)
(10,000) 15,000
(115,409) 16,900
(14,400)
(7,200)
Net cash used by operating activitiesCASH FLOWS FROM INVESTING ACTIVITIES
Investment in Bloomi Labs LLC
NET CASH PROVIDED BY INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
(229,755)
(62,432)
- (15,000)
- (15,000)Stock subscriptions receivable (42,500)Preferred stock issued in debt settlement
235,676
Cancellation of common stock in debt settlement (120,267)
Common stock issued for acquisition 15,000
Common stock issued for common stock payable 10,000
Common stock issued for cash 55,062
Conversion of notes payable to common stock 14,400 7,200
Common stock subscription 19,750 112,800
Net cash provided by financing activities
229,621
77,500
Net change in cash
(134) 68
Cash at beginning of period
84 16
Cash at end of period
Supplemental Cash Flow Information
Interest paid
Income tax paid
Noncash Investing and Financing Activities
Common stock issued for conversion of notes payable
(50)
184,850 -
$
201,600
The accompanying notes are an integral part to these financial statements.
84
55,180
$
-$
64,800
TURNER VALLEY OIL & GAS, INC. Statements of Changes in Stockholder's Deficit For the Years Ended December 31, 2021 and 2020
(Unaudited)
Common Stock Shares AmountPreferred Series A Stock Preferred Series B StockShares AmountShares AmountPfd Series B Common Stock Paid-in-Capital Paid-in-Capital
Accumulated
DeficitSubscriptions Receivable
Total
Balance as at December 31, 2019
Common stock subscribed Shares issued for services
Shares issued for conversion of debt
Net Income (Loss) for period ending December 31, 2020
Balance as at December 31, 2020
147,500,467
149,251 1,827,000
1,827
-
-
-
6,215,044 (6,830,431)
- (464,309)
27,560 3,250 7,200
85,240
(42,500) 70,300
3,250,000 7,200,000
24,250 27,500
57,600 64,800
(209,627) (209,627)
157,950,467
187,261
1,827,000
1,827
-
-
-
6,382,134
(7,040,058)
(42,500) (511,336)Balance as at December 31, 2020
Shares issued for prior period subscriptions Shares issued for cash
Shares issued for services
Shares issued for conversion of debt Shares issued for asset acquisition Shares issued for debt settlement Shares cancelled for debt settlement
Shares converted from preferred Series B to common stock Net Income (Loss) for period ending December 31, 2021
Balance as at December 31, 2021
157,950,467 187,261
21,310,000 (8,000)
14,634,861 14,635
8,989,695 8,988
14,400,000 14,400
3,000,000 3,000
1,827,000
1,827
-
-
-
6,382,134
(7,040,058)
(42,500) (511,336)
(32,000)
42,500 2,500
67,678 82,313
82,688 91,676
187,200 201,600
12,000 15,000
1,480,000
1,480
234,196 235,676
(14,490,000)
(14,490)
(105,777)
(120,267)
6,000,000
6,000
(60,000)
(60)
(60,840)
54,900
-
(300,059) (300,059)
211,795,023
211,794
1,827,000
1,827
1,420,000
1,420
173,356
6,648,823
(7,340,118)
- (302,898)
The accompanying notes are an integral part to these financial statements.
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Turner Venture Group Inc. published this content on 15 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2022 20:31:09 UTC.
