American Defense : ADFS Annual 2020

AMERICAN DEFENSE SYSTEMS, INC. AND SUBSIDIARIES

FINANCIAL STATEMENTS

TABLE OF CONTENTS

Consolidated Balance Sheet as of December 31, 2020	1
Consolidated Statement of Operations for the quarter ended December 31, 2020	2
Consolidated Statement of Cash Flows for the quarter ended December 31,2020	3
Notes to Footnotes	4

AMERICAN DEFENSE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

December 31, 2020

ASSETS
CURRENT ASSETS
Cash	$	-
Accounts receivable, net of allowance for doubtful accounts of $0		-
Inventory		-
Prepaid expenses and other current assets		-
TOTAL CURRENT ASSETS
	-
Property and equipment, net		-
Deposits		-
Goodwill		-
Deferred tax assets		-
TOTAL ASSETS	$	-

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AMERICAN DEFENSE SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

DECEMBER 31 ,2020

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	-
Accrued expenses		-
Notes payable		-
Deferred tax liability		-
TOTAL CURRENT LIABILITIES		-
Notes payable		-
Warrant liability		-
TOTAL LIABILITIES		-
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Common stock, $0.001 par value, 100,000,000 shares authorized,		-
69,217,492 shares issued and outstanding
Additional paid-in capital
Accumulated deficit		-
TOTAL SHAREHOLDERS' EQUITY		-
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	-

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AMERICAN DEFENSE SYSTEMS, INC. AND SUBSIDIARIES

INCOME STATEMENT

FOR THE YEAR ENDED DECEMBER 31,2020

CONTRACT REVENUES EARNED	$	-
COST OF REVENUES EARNED (exclusive of depreciation
shown separately below)		-
GROSS PROFIT		-
OPERATING EXPENSES
General and administrative expenses		-
General and administrative salaries		-
Sales and marketing		-
Research and development		-
Depreciation		-
Impairment of fixed assets		-
Professional fees		-
TOTAL OPERATING EXPENSES		-
OPERATING LOSS		-
OTHER INCOME (EXPENSE)
Gain on sale of fixed asset		-
Finance charges		-
Discount on common stock issuance		-
Unrealized gain on warrant liability		-
TOTAL OTHER INCOME (EXPENSE)		-
LOSS BEFORE INCOME TAXES		-
INCOME TAX PROVISION		-
NET LOSS	$	-
Weighted Average Shares Outstanding (Basic and Diluted)		-
Loss per Share (Basic and Diluted)		#DIV/0!

AMERICAN DEFENSE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31,2020
NET LOSS	$	-
Adjustments to reconcile net loss to net cash used in
operating activities:
Stock based compensation expense		-
Depreciation		-
Bad debt expense		-
Bad debt recovery		-
Issuance of warrants		-
Change in fair value of warrant liability		-
Changes in operating assets and liabilities:
Accounts receivable		-
Inventory		-
Prepaid expenses and other current assets		-
Accounts payable and accrued expenses		-
NET CASH USED IN OPERATING ACTIVITIES		-
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed asset		-
NET CASH USED IN INVESTING ACTIVITIES		-
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of note payable		-
NET CASH USED IN FINANCING ACTIVITIES		-
NET DECREASE IN CASH		-
CASH AT BEGINNING OF PERIOD		-
CASH AT END OF PERIOD	$	-

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