Amincor : Amended Consolidated Financial Statement

Amincor, Inc. and Subsidiaries

Consolidated Balance Sheet

September 30, 2020

Assets
Current assets:	$	-
Cash
Accounts receivable		185,469
Prepaid expenses and other current assets		7,202
Total current assets		192,671
Property, plant and equipment, net		10,583
Total assets	$	203,254

Liabilities and Stockholders' Deficiency
Current liabilities:	$	655,523
Accounts payable
Accrued expenses and other current liabilities		554,778
Loans payable to related party		43,788,132
Current liabilities - discontinued operations		96,358,653
Total current liabilities		141,357,086
Long-term liabilities:		1,827,655
Long-term liabilities - discontinued operations
Total long-term liabilities		1,827,655
Total liabilities		143,184,741
Commitments and contingencies
Stockholders' deficiency
Amincor, Inc. stockholders' deficiency:
Convertible preferred stock, $0.001 par value per share; 3,000,000
authorized, 1,752,823 shares issued and outstanding (liquidation		1,753
preference of $175,282,300)
Common stock - class A; $0.001 par value; 82,000,000		12,845
authorized, 12,844,839 shares issued and outstanding
Common stock - class B; $0.001 par value; 500,000,000		21,286
authorized, 21,286,344 shares issued and outstanding
Additional paid-in capital		88,020,236
Accumulated deficit		(230,534,513)
Total Amincor, Inc. stockholders' deficiency		(142,478,393)
Non-controlling interest deficiency:		(503,094)
Total deficiency		(142,981,487)
Total liabilities and stockholders' deficiency	$	203,254

The accompanying notes are an integral part of these consolidated financial statements

Amincor, Inc. and Subsidiaries

Consolidated Statement of Operations

For the Nine Months Ended September 30, 2020

Net revenues	$	-
Cost of revenues		-
Gross profit		-
Selling, general and administrative expenses		203,580
Loss from operations		(203,580)
Other expense:
Interest expense		9,203,757
Total other expense		9,203,757
Net loss from continuing operations		(9,407,337)
Net loss from discontinued operations		(11,236,529)
Net loss		(20,643,866)
Net income attributable to non-controlling interests		7,815
Net loss attributable to Amincor, Inc. and Subsidiaries	$	(20,651,681)

The accompanying notes are an integral part of these consolidated financial statements

Amincor, Inc. and Subsidiaries

Consolidated Statement of Cash Flows

For the Nine Months Ended September 30, 2020

Cash flows from operating activities:
Net loss from continuing operations	$	(9,407,337)
Changes in operating assets and liabilities:
Accounts payable		58,434
Accrued expenses and other current liabilities		1,732
Net cash used in operating activities		(9,352,304)
Cash flows from investing activities:
Loss on sale of equipment		(7,569)
Net cash provided by investing activities
	(7,569)
Cash flows from financing activities:
Net proceeds from loans to related parties		9,359,873
Net cash provided by financing activities		9,359,873
Net increase in cash		-
Cash, beginning of year		-
Cash, end of year	$	-

The accompanying notes are an integral part of these consolidated financial statements

Amincor, Inc. and Subsidiaries

Consolidated Statement of Changes in Stockholders' Deficiency

Nine Months Ended September 30, 2020

											Amincor, Inc. and Subsidiaries									Non-controlling		Total
		Convertible		Common Stock -		Common Stock -			Additional
		Preferred Stock		Class A				Class B				Paid-in							Interest		Stockholders'
		Shares			Amount		Shares			Amount		Shares			Amount			Capital			Accumulated Deficit			Deficiency			Deficiency
Balances at December 31, 2019	1,752,823	$	1,753	12,844,839		$	12,845	21,286,344	$	21,286	$	88,020,236	$	(209,882,832)		$	(510,909)	$	(122,337,621)
Net income (loss)	-			-		-			-		-			-			-			(20,651,681)			7,815			(20,643,866)
Balances at September 30, 2020	1,752,823		$	1,753		12,844,839		$	12,845		21,286,344		$	21,286		$	88,020,236		$	(230,534,513)		$	(503,094)	$	(142,981,487)

The accompanying notes are an integral part of these consolidated financial statements