BioElectronics : BIEL OTC Financials 30June22

BioElectronics Corporation

UNAUDITED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021

Trading Symbol: BIEL

CUSIP Number: 09062H108

These financial statements have not been subjected to an audit, review or compilation engagement, and no assurance is provided on them.

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Table of Contents

	PAGES
Financial Statements (Unaudited):
Balance Sheets as of June 30, 2022 and December 31, 2021	3
Statements of Operations for the six months ended June 30, 2022 and 2021	4
Statements of Stockholders' Deficiency for the six months ended June 30, 2022, and
the years ended December 31, 2021 and 2020	5
Statements of Cash Flows for the six months ended June 30, 2022 and 2021	6
Notes to Financial Statements	7-20

These financial statements have not been subjected to an audit, review or compilation engagement, and no assurance is provided on them.

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BioElectronics Corporation

Balance Sheets

(Unaudited)

		June 30,		December 31,
		2022			2021
Assets
Current assets:
Cash and cash equivalents	$	1,737	$	925
Trade and other receivables, net		127,805			57,699
Inventory		62,824			25,262
Total current assets		192,366			83,886
Property and equipment		181,061			181,061
Less: Accumulated depreciation		(181,061)			(181,061)
Property and equipment, net		-			-
Total assets	$	192,366	$	83,886
Liabilities and stockholders' deficiency
Current liabilities:
Accounts payable	$	677,373	$	647,844
Accrued expenses		1,092,500			1,116,351
Deferred revenue		107,895			94,598
Related party notes payable, current portion		3,198,655			2,724,441
Notes payable, current portion		1,318,934			1,347,970
Total current liabilities		6,395,357			5,931,204
Noncurrent liabilities:
Related party notes payable		8,477,647			8,858,116
Notes payable		510,211			412,070
Total noncurrent liabilities		8,987,858			9,270,186
Total liabilities		15,383,215			15,201,390
Stockholders' deficiency:
Common stock, and additional paid-in capital(discount), par value $0.001;		23,335,780			23,188,973
25 billion shares authorized; 24,705,066,971 and 24,378,828,919 shares
outstanding as of June 30, 2022 and December 31, 2021, respectively.
Accumulated deficit		(38,526,629)			(38,306,477)
Total stockholders' deficiency		(15,190,849)			(15,117,504)
Total liabilities and stockholders' deficiency	$	192,366	$	83,886

These financial statements have not been subjected to an audit, review or compilation engagement, and no assurance is provided on them.

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BioElectronics Corporation

Statements of Operations

For the Three and Six Months Ended June 30, 2022 and 2021

(Unaudited)

		For the Three Months Ended			For the Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Sales	$	243,460	$	412,585	$	603,904	$	1,012,555
Cost of goods sold	$	91,896			207,017			171,032			533,377
Gross profit		151,564			205,568			432,872			479,178
General and administrative expenses:
Research and development	$	97,749			82,324			143,909			163,039
Sales and marketing		44,315			101,176			116,461			181,550
Legal and accounting		8,846			2,726			13,845			12,837
Investor relations		9,389			3,000			10,376			9,829
Other general and administrative expenses		68,954			46,143			137,925			212,092
Total general and administrative expenses		229,253			235,369			422,516			579,347
Income(Loss) from operations		(77,689)			(29,801)			10,356			(100,169)
Other Income		-			66,738			-			66,738
Interest expense		(125,245)			(82,918)			(230,508)			(151,114)
Loss before income taxes		(202,934)			(45,981)			(220,152)			(184,545)
Provision for income tax expense		-			-			-			-
Net loss and comprehensive loss	$	(202,934)		$	(45,981)		$	(220,152)		$	(184,545)
Net loss per share - basic and diluted	$	(0.00001)	$	-	$	(0.00001)	$	(0.00001)
Weighted average number of shares
outstanding - basic and diluted	24,541,947,945		24,159,783,986		24,541,947,945		24,159,783,986

These financial statements have not been subjected to an audit, review or compilation engagement, and no assurance is provided on them.

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	BioElectronics Corporation
	Statement of Changes in Stockholders' Deficiency (Unaudited)
For the Six Months Ended June 30, 2022, and Years Ended December 31, 2021 and 2020
					Additional
				Paid-in Capital/
				(Discount to	Accumulated
	Common Stock		Par)	Deficit	Total
	Shares		Amount
Balance at December 31, 2019	22,917,518,736	$	22,917,519	$	(405,544)	$ (37,086,630)	$ (14,574,655)
Issuance of common shares on
conversions of notes payable	1,083,265,250		1,083,265		(631,569)	-	451,696
Issuance of common shares for
services rendered	134,000,000		134,000		(78,600)		55,400
Issuance of stock options					105,189		105,189
Net loss	-		-		-	(1,159,722)	(1,159,722)
Balance at December 31, 2020	24,134,783,986	$	24,134,784	$	(1,010,524)	$ (38,246,352)	$ (15,122,092)
Issuance of common shares on
exercises of stock options	50,000,000		50,000		(43,500)		6,500
Issuance of common shares on
conversions of notes payable	194,044,933		194,045		(135,832)		58,213
Conversion of consulting services to
debt repayments						229,696	229,696
Net loss						(289,821)	(289,821)
Balance at December 31, 2021	24,378,828,919	$	24,378,829	$	(1,189,856)	$ (38,306,477)	$ (15,117,504)
Issuance of common shares on
conversions of notes payable	326,238,052		326,238		(179,431)		146,807
Net loss						(220,152)	(220,152)
Balance at June 30, 2022	24,705,066,971	$	24,705,067	$	(1,369,287)	$ (38,526,629)	$ (15,190,849)

These financial statements have not been subjected to an audit, review or compilation engagement, and no assurance is provided on them.

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