INDEX TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

ConsolidatedBalanceSheets .................................................................. F-2 ConsolidatedStatementsofOperations .......................................................... F-3 Consolidated Statement of Stockholders' Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-4 ConsolidatedStatementsofCashFlows ......................................................... F-5

NotestoConsolidatedFinancialStatements ...................................................... F-6

Alternet Systems, Inc. Consolidated Balance Sheet

December 31,

(Unaudited)

2021 2020

ASSETS

CURRENT ASSETS Cash

$

179,408 $ 9,407

Accounts receivable, net 710,000 470,000

Due from related parties 3,485 3,485

Investment in digital currency 117,004 117,004

  • Total current assets 1,009,897 599,896

    OTHER ASSETS

    Investment in equity securities

    Total other assets

    1,000,000 1,000,000

    - -

    Total Assets

    $

  • 2,009,897 $ 599,896

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES

Accounts payable and accrued liabilities

$

- $ 1,267,594

  • Wages payable 1,768,957 1,965,067

  • Third party loans, including accrued interest 1,323,866 92,820

  • Liability for shares to be issued 130,362 505,362

    Liability to deliver product

    152,000

    -

    Current liabilities of discontinued operations 125,492 125,492

    Total current liabilities

    Commitments and Contingencies STOCKHOLDERS' EQUITY (DEFICIT)

    3,500,677 -3,956,335 -

    Preferred stock, $0.00001 par value, authorized 10,000,000 shares, 0 shares issued and outstanding

    Common stock, $0.00001 par value, authorized 3500,000,000; 2,609,075,328 and 1,620,672,390 shares issued and outstanding

    100 26,091

    100 16,207

    Additional paid-in capital 1,728,567 (995,707)

    Share subscriptions receivable - (375,000)

    Accumulated comprehensive income (2,031) (2,031)

    Accumulated deficit (3,243,507) (2,000,008)

    Total stockholders' equity (deficit) (1,490,780) (3,356,439)

    Total Liabilities and Stockholders' Equity $ 2,009,897 $ 599,896

Alternet Systems, Inc. Consolidated Statements of Operations

(unaudited)

REVENUES

Consulting Products

Total revenues COST OF SALES

Product Shipping

Total cost of sales GROSS MARGIN

OPERATING EXPENSES:

General and administrative expenses Management and consulting

Total expenses

Net loss before other income (loss) OTHER INCOME (LOSS)

Interest expense

Gain on debt settlement

Total other income (loss)

Net income (loss)

Income (loss) per weighted average common share Number of weighted average common shares outstanding

2021

$

240,000 48,000 288,000 24,000 6,000 30,000

2020

  • $ 240,000 - 240,000

    - - -

    258,000 240,000

    344,444 116,500

    618,000 507,875

    962,444 624,375

    (704,444) (624,375)

    (539,055) (22,920)

    - 168,753

    (539,055) 145,833

    • $ (1,243,499)

    $(0.001) 2,169,082,337

  • $ (478,542)

    $(0.001) 905,843,112

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, 2020

539,127,651

$5,391

$(2,156,446)

$(1,761,467)

(3,912,522)

Shares issued to settle debt

1,081,544,739

10,815

1,160,739

-

1,171,554

Net loss

-

-

-

(238,542)

(238,542)

Balance December 31, 2020

1,620,672,390

16,206

(995,707)

(2,000,009)

(2,979,510)

Shares issued to settle debt

988,402,938

9,884

2,724,274

-

2,734,158

Net loss

-

-

-

(1,243,499)

(1,243,499)

Balance December 31, 2021

(1,488,851)

$

2,609,075,328 $ (3,243,508)

$ 26,090 $

1,728,567 $

The accompanying notes are an integral part of the financial statements

Alternet Systems, Inc. Consolidated Statements of Cash Flows

(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES: Net loss

Adjustments to reconcile net loss to net cash used in operating activities:

Gain on debt settlement

Amortization of OID

Changes in operating assets and liabilities

(Increase) in accounts receivable

Increase in accounts payable and accrued expenses

Increase in liability to deliver product

Net cash used by operating activities

CASH FLOWS FROM INVESTING ACTIVITIES:

Investment in marketable equity securities

Net cash used by operating activities

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from third party notes

Net cash provided by financing activities

Net increase (decrease) in cash

CASH, beginning of period CASH, end of period

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

2021

$(1,243,499)

-

81,278

(240,000)

1,259,448

170,000

27,227 -

(1,000,000)

(1,000,000)

1,143,140 1,143,140

2020

$(238,542)

(168,753)

-

(50,000) 447,885 - (9,410)

- - -

- -170,367 (9,410)

9,407 18,817

$

179,774 $ 9,407

Interest paid in cash $ 0 $ 0

Taxes paid in cash $ 0 $ 0

Non-Cash Financing Activities:

Shares issued to settle debt and accrued expenses

$ 2,734,158

The accompanying notes are an integral part of the financial statements

$

1,160,739

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Alternet Systems Inc. published this content on 14 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 April 2022 21:18:34 UTC.