CannLabs : 2022 FIRST QUARTER FINANCIAL REPORT

CANNLABS, INC.
BALANCE SHEET
As of March 31, 2022
	ASSETS
Current Assets
Cash	265,189.00
Accounts Receivable Net	861,528.00
Inventories	856,217.00
Total Current Assets	1,982,934.00
Fixed Assets- at cost
Office Furniture & Fixtures	371,781.00
Computer equipment	11,023.00
Less accumulated depreciation	(57,660.00)
	325,144.00
Other Assets
Undeposited Funds	0.00
Owners' Loan Agreement	621,936.00
	621,936.00
	2,930,014.00
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities
Accounts payable	35,106.00
Taxes payable	0.00
Total current liabilities	35,106.00
Long term liabilities	0.00
Purchasing Agrrement	750,000.00
Total Long term liabilities	750,000.00
Total Liabilities	785,106.00
Stockholder's equity
Capital stock	420,446.00
Additional paid in capital	(339,840.00)
Retained Earnings	1,773,191.00
Net Income	291,111.00
Total Stockholder's Equity	2,144,908.00
Total Liabilities & Stockholder's Equity	2,930,014.00

CANNLABS, INC.

STATEMENT OF INCOME AND RETAINED EARNINGS

For Three-Months Period Ended March 31, 2022

REVENUE
Gross Sales	1,005,621.00
Less: Sales Returns and Allowances	0.00
NET SALES	1,005,621.00
Cost of Goods Sold:
Beginning Inventory	802,154.00
Purchases	496,523.00
Ending Inventory	(856,217.00)
Cost of Goods Sold	442,460.00
Gross Profit (Loss)	563,161.00
GENERAL AND ADMINISTRATIVE EXPENSES:
Accounting Fees	9,200.00
Advertising	4,026.00
Automobile expenses	14,218.00
Bank Fees	502.00
Compensation to Officer	89,560.00
Depreciation Expense	2,105.00
Insurance	1,063.00
Janitorial expenses	348.00
Office expenses	1,157.00
Postage & Delivery	1,324.00
Rent	8,698.00
Repairs	1,020.00
Salaries and Wages	102,136.00
Supplies	8,932.00
Taxes & Licenses	25,134.00
Telephone	1,428.00
Utilities	1,199.00
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES:	272,050.00
Net Income Before Income Taxes	291,111.00
Provision for Federal Income Taxes:
Current	0.00
Deferred	0.00
	0.00
Net Income After Taxes	291,111.00

CANNLABS, INC.

STATEMENT OF CASH FLOW

AS OF MARCH 31, 2022

Cash Flow from Operating Activities:
Net Income
Non Cash Items Included in Net Income:	291,111
Depreciation & Amortization	2,105
Deferred Federal Income Tax
Net (increase) decrease in receivables	(176,393)
Net (increase) decrease in inventory	(54,063)
Net (increase) decrease in prepaid	0
Net (Decrease) increase in payables	3,851
Net cash provided by (used for) operating Activities	66,611
Cash Flow from Investing Activities:
Purchase of Fixed Assets	0
Increase (Decrease) in other Assts	0
Net cash provided by (used for) investing activities	0
Cash Flow from Financing Activities:
Additional
paid in capital	(339,840)
Purchase of Treasury Stock	0
Net cash provided by (used for) investing activities	(339,840)
Net increase (decrease) in cash	(273,229)
Cash beginning of period	538,418
Cash end of period	265,189

Statement of Retained Earnings

(Statement of Changes in Stockholders' Equity)

	As of March 31, 2022
					Additional
	Common Stock		Paid In		Accumulated
	Shares		Amount		Capital		Equity		Total
Balance, December 31, 2020	420,466,000	$	420,466	$	-	$	1,744,619	$	1,744,619
Common stock issued for cash	--		-		-		-		1,744,619
Net Gain	-		-		-		712,797		2,487,416
Balance Dec. 31, 2021	420,466,000		420,466		-		2,487,416		2,487,416
Common stock issued for cash	--		--		--		--		2,487,416
Net Gain	--		--		--		291,111		2,778,527
Constructive
distribution of "S" corporation
earnings and
contribution of
capital
	0		0		0		0
Conversion of note
payable
stockholder
into common stock	0			0	0		0
Common stock
issued upon merger	0		0		0		0
Common stock
issued for
services	0		0		0		0
Forfeited common
Stock	0		0		0		0
Sale of
convertible	0		0		0		0

preferred stock
Deferred
Compensation	0	0	0	0
Issuance of
options for
services	0	0	0	0
Accrued preferred
dividends	0	0	0	0
Balance March 31, 2022	420,466,000	420,466	-	2,778,527	2,778,527