ALTERNET SYSTEMS, INC. INDEX TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | F-2 |
Consolidated Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | F-3 |
Consolidated Statement of Stockholders' Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | F-4 |
Consolidated Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | F-5 |
Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | F-6 |
F-1
Alternet Systems, Inc. | ||||||
Consolidated Balance Sheet | ||||||
(Unaudited) | June 30, 2022 December 31, 2021 | |||||
ASSETS | ||||||
CURRENT ASSETS | ||||||
Cash | $ | 9,407 | $ | 179,408 | ||
Accounts receivable, net | 770,000 | 710,000 | ||||
Due from related parties | 3,485 | 3,485 | ||||
Investment in digital currency | 117,004 | 117,004 | ||||
Total current assets | 899,896 | 1,009,897 | ||||
OTHER ASSETS | ||||||
Investment in equity securities | 1,000,000 | 1,000,000 | ||||
Total other assets | 1,000,000 | 1,000,000 | ||||
Total Assets | $ | 1,899,896 | $ | 2,009,897 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||
CURRENT LIABILITIES | ||||||
Wages payable | $ | 1,778,228 | $ | 1,768,957 | ||
Third party convertible note, net of OID and accrued interest | 762,503 | 1,323,866 | ||||
Liability for shares to be issued | 130,362 | 130,362 | ||||
Liability to deliver product | 152,000 | 152,000 | ||||
Current liabilities of discontinued operations | 125,492 | 125,492 | ||||
Total current liabilities | 2,948,585 | 3,500,677 | ||||
Commitments and Contingencies | - | - | ||||
STOCKHOLDERS' EQUITY (DEFICIT) | ||||||
Preferred stock, $0.00001 par value, authorized 10,000,000 shares, 0 shares | ||||||
issued and outstanding | 100 | 100 | ||||
Common stock, $0.00001 par value, authorized 3,500,000,000; | ||||||
3,057,453,752 and 2,609,075,328 shares issued and outstanding | 30,575 | 26,091 | ||||
Additional paid-in capital | 2,690,399 | 1,728,567 | ||||
Accumulated comprehensive income | (2,031) | (2,031) | ||||
Accumulated deficit | (3,767,732) | (3,243,507) | ||||
Total stockholders' equity (deficit) | (1,048,689) | (1,490,780) | ||||
Total Liabilities and Stockholders' Equity | $ | 1,899,896 | $ | 2,009,897 | ||
The accompanying notes are an integral part of the financial statements
F-2
Alternet Systems, Inc.
Consolidated Statements of Operations
(unaudited)
Three months ended June 30, | Six months ended, June 30, | |||||||||||
2020 | 2021 | 2022 | 2021 | |||||||||
REVENUES, net | $ | - | $ | 60,000 | $ | 60,000 | $ | 120,000 | ||||
OPERATING EXPENSES: | ||||||||||||
General and administrative expenses | 296,000 | 126,000 | 422,000 | 252,000 | ||||||||
Management and consulting | 28,500 | 28,500 | 57,000 | 57,000 | ||||||||
Total expenses | 324,500 | 154,500 | 479,000 | 309,000 | ||||||||
Net loss before other income (loss) | (324,500) | (94,500) | (419,000) | (189,000) | ||||||||
OTHER INCOME (LOSS) | ||||||||||||
Interest expense | 31,361 | 30,320 | 75,392 | 37,240 | ||||||||
Amortization of OID | 1,826 | 25,266 | 29,833 | 25,266 | ||||||||
Gain on settlement of liability | - | - | - | - | ||||||||
Total other income (loss) | 33,187 | 55,586 | 105,225 | 62,506 | ||||||||
Net income (loss) | $ | (357,687) | $ | (150,086) | $ | (524,225) | $ | (251,506) | ||||
Income (loss) per weighted average | ||||||||||||
common share | $0.000 | $0.000 | $0.000 | $0.000 | ||||||||
Number of weighted average common | ||||||||||||
shares outstanding | 2,941,080,633 | 1,996,348,856 | 2,807,686,033 | 1,922,914,001 | ||||||||
The accompanying notes are an integral part of the financial statements
F-3
Alternet Systems, Inc.
Consolidated Statement of Stockholders' Deficit
(Unaudited)
Additional | Total | ||||||||||||||
Number | Par | Paid-in | Accumulated | Stockholders' | |||||||||||
of Shares | Value | Capital | Deficit | Equity | |||||||||||
BALANCE, January 1, 2022 | 2,609,075,328 | $26,091 | $1,728,566 | $ | (3,243,507) | $ | (1,488,850) | ||||||||
Shares issued to settle debt | 223,656,116 | 23,266 | 345,169 | - | 368,435 | ||||||||||
Net loss | - | - | - | (155,985) | (155,985) | ||||||||||
Balance March 31, 2022 | 2,832,731,444 | 49,357 | 2,073,735 | (3,399,492) | (1,276,400) | ||||||||||
Shares issued to settle debt | 224,722,308 | 2,247 | 616,664 | - | 618,911 | ||||||||||
Net income | - | - | - | (524,225) | (524,225) | ||||||||||
Balance June 30, 2022 | 3,057,453,752 | $ 51,604 | $ | 2,690,399 | $ | (3,923,717) | $ | (1,181,714) |
Alternet Systems, Inc.
Consolidated Statement of Stockholders' Deficit
(Unaudited)
Additional | Total | ||||||||||||||
Number | Par | Paid-in | Accumulated | Stockholders' | |||||||||||
of Shares | Value | Capital | Deficit | Equity | |||||||||||
BALANCE, January 1, 2021 | 1,620,672,390 | $16,207 | $(995,707) | $ | (2,000,008) | $ | (2,979,508) | ||||||||
Shares issued to settle debt | 351,521,600 | 3,515 | 918,006 | - | 921,521 | ||||||||||
Net loss | - | - | - | (101,420) | (101,420) | ||||||||||
Balance March 31, 2021 | |||||||||||||||
1,972,193,990 | 19,722 | (77,701) | (2,101,428) | (2,159,407) | |||||||||||
Shares issued to settle debt | 27,806,010 | 278 | 27,528 | - | 27,806 | ||||||||||
Net loss | - | - | - | (150,086) | (150,086) | ||||||||||
Balance June 30, 2021 | |||||||||||||||
2,000,000,000 | $ 20,000 | $ | (50,173) | $ | (2,251,514) | $ | (2,281,687) | ||||||||
The accompanying notes are an integral part of the financial statements
F-4
Alternet Systems, Inc.
Consolidated Statements of Cash Flows
Six Months ended June 30,
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES: | 2022 | 2021 | |||
Net loss | $(524,225) | $(251,506) | |||
Share based interest payment | - | 6,920 | |||
Amortization of OID | 29,833 | 25,266 | |||
Changes in operating assets and liabilities | |||||
(Increase) in accounts receivable | (60,000) | (120,000) | |||
(Decrease) in accounts payable and accrued expenses | 309,000 | 309,000 | |||
Increase in payroll liabilities | - | - | |||
Increase in accrued interest | 75,392 | 30,320 | |||
Net cash provided (used) by operating activities | (170,000) | - | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Investment in equity securities | - | (1,000,000) | |||
Net cash used in investing activities | - | (1,000,000) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from convertible note | - | 1,000,000 | |||
Net cash provided by financing activities | |||||
Net increase (decrease) in cash | (170,000) | - | |||
CASH, beginning of period | 179,407 | 9,407 | |||
CASH, end of period | $ | 9,407 | $ | 9,407 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||
Interest paid in cash | $ | 0 | $ | 0 | |
Taxes paid in cash | |||||
$ | 0 | $ | 0 | ||
Non-Cash Financing Activities: | |||||
Shares issued to settle debt | $ | 618,911 | $ | 949,327 | |
The accompanying notes are an integral part of the financial statements
F-5
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Alternet Systems Inc. published this content on 19 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 August 2022 22:25:07 UTC.
