CBD Lifesciences, Inc.
Consolidated Balance Sheet
As of March 31, 2022
(Unaudited)
ASSETS | ||
CURRENT ASSETS: | ||
Cash | $ | 303,093 |
Inventory | 9,269 | |
Due from a related party | 120,426 | |
Total current assets | 432,788 | |
Other assets: | ||
Furniture - net | 5,643 | |
Equipment-net | 64,618 | |
Tenant Improvements-net | 127,128 | |
Website-net | 30,825 | |
Deposits | 4,875 | |
Goodwill | 100,000 | |
Total assets | $ | 765,877 |
TOTAL LIABILITIES | $ | 0 |
STOCKHOLDERS' EQUITY | ||
Preferred stock | 66,082 | |
Common stock | 4,070,624 | |
Additional paid-in capital | 10,819,988 | |
Accumulated (deficit) | (14,190,817) | |
Total stockholders' equity | $ | 765,877 |
See accompanying notes to these unaudited consolidated financial statements.
Page 1 of 9
CBD Lifesciences, Inc.
Consolidated Income Statement
(Unaudited)
For the three months ended | For the six months ended | |||||||
June 30, | June 30, | |||||||
Revenues | $ | 2022 | $ | 2021 | $ | 2022 | $ | 2021 |
49,360 | 14,400 | 93,553 | 38,749 | |||||
Cost of Sales | 19,005 | 5,670 | 45,005 | 24,696 | ||||
Gross Profit | 30,355 | 8,730 | 48,548 | 14,053 | ||||
OPERATING EXPENSES | ||||||||
Sales and marketing | 5,026 | 1,054,140 | 139,312 | 2,239,324 | ||||
Professional fees | 38,301 | 948,186 | 95,067 | 955,621 | ||||
Travel & entertainment | 26,205 | 17,750 | 63,924 | 34,273 | ||||
Salaries & employee benefits | 84,663 | 63,671 | 153,159 | 86,260 | ||||
Officer compensation | 40,000 | 60,000 | 80,000 | 120,000 | ||||
Taxes and licenses | 2,299 | 2,535 | 5,500 | 14,530 | ||||
Rent and utilities | 16,898 | 9,753 | 25,412 | 14,028 | ||||
Repair & maintenance | 112 | 3,571 | 830 | 3,571 | ||||
General and administrative | 6,578 | 9,612 | 25,834 | 35,767 | ||||
Depreciation and | ||||||||
amortization | 13,570 | 0 | 26,595 | 0 | ||||
Total expenses | 233,652 | 2,169,218 | 615,633 | 3,503,374 | ||||
Net (loss) | $ | (203,297) | $ | (2,160,488) | $ | (567,085) | $ | (3,489,321) |
Net income (loss) per | ||||||||
common share: | $ | Nil | $ | Nil | $ | Nil | $ | Nil |
Weighted Average | ||||||||
outstanding | ||||||||
common shares | 40,706,241,280 | 12,297,408,683 | 40,706,241,280 | 12,297,408,683 |
See accompanying notes to these unaudited consolidated financial statements.
Page 2 of 9
CBD Lifesciences, Inc.
Consolidated Statement of Changes in Stockholders Equity
(Unaudited)
Preferred | Paid in | Accumulated | ||||
Shares | Amount | Common Shares | Amount | Capital | Deficit | Total |
Balances at December 31, 2019
Common Stock Issued for debt Discount below par Common Stock Common Stock Issued for cash Discount on common stock issued Common Stock issued under Regulation A Commission expenses for Regulation A Issuance of Preferred Stock
Loss for the year ended December 31, 2020 Balances at December 31, 2020
Common Stock issued under Regulation A Loss for the year ended December 31, 2021 Balance at December 31, 2021
Loss for the six months ended June 30, 2022 Balance at June 30, 2022
16,081,530 | $16,082 | 415,341,280 | $41,534 | $6,761,801 | ($5,788,133) | $1,031,284 |
0 | 0 | 253,000,000 | 25,300 | 87,700 | 0 | 113,000 |
0 | 0 | 0 | 0 | (185,000) | 0 | (185,000) |
0 | 0 | 491,200,000 | 49,120 | 272,400 | 0 | 321,520 |
0 | 0 | 0 | 0 | (42,828) | 0 | (42,828) |
0 | 0 | 1,972,700,000 | 197,270 | 197,270 | 0 | 394,540 |
0 | 0 | 0 | 0 | (8,500) | 0 | (8,500) |
50,000,000 | 50,000 | 0 | 0 | 0 | 0 | 50,000 |
(1,694,396) | (1,694,396) | |||||
66,081,530 | 66,082 | 3,132,241,280 | 313,224 | 7,082,843 | (7,482,529) | (20,380) |
37,574,000,000 | 3,757,400 | 3,737,145 | 0 | 7,494,545 | ||
(6,141,203) | (6,141,203) | |||||
66,081,530 | 66,082 | 40,706,241,280 | 4,070,624 | 10,819,988 | (13,623,732) | 1,332,962 |
(567,085) | (567,085) | |||||
66,081,530 | $66,082 | 40,706,241,280 | $4,070,624 | $10,819,988 | ($14,190,817) | $765,877 |
The accompanying notes are an integral part of these financial statements
Page 3 of 9
CBD Lifesciences, Inc.
Consolidated Statements of Cash Flow
(Unaudited)
For the three months ended | For the six months ended | ||||||||
OPERATING ACTIVITIES | June 30, | June 30, | |||||||
2022 | 2021 | 2022 | 2021 | ||||||
Net (loss) for the period | $ | (203,297) | $ | (2,160,488) | $ | (567,085) | $ | (3,489,321) | |
Adjustments to reconcile net loss | |||||||||
to net cash (used in) provided by | |||||||||
operating activities: | |||||||||
Depreciation and amortization | 13,570 | 0 | 26,595 | 0 | |||||
Changes in assets and liabilities | |||||||||
(Incr)/decr - Inventory | 7,665 | (25,000) | 36,828 | (23,502) | |||||
(Incr)/decr - security deposits | 0 | (2,375) | 0 | (2,375) | |||||
Incr/(decr) in accounts payable | 0 | (1,547) | 0 | (18,079) | |||||
Incr/(decr) - Due to related party | (93,950) | 8,362 | (150,821) | (17,949) | |||||
Net cash (used in) provided by operating | |||||||||
activities | (276,012) | (2,181,048) | (654,483) | (3,551,226) | |||||
INVESTING ACTIVITIES | |||||||||
Purchase of equipment | 0 | (5,492) | (69,000) | (5,492) | |||||
Purchase of tenant improvements | 0 | (130,094) | 0 | (130,094) | |||||
Website costs | 0 | (17,750) | 0 | (17,750) | |||||
Net cash (used in) provided by investing | |||||||||
activities | 0 | (153,336) | (69,000) | (153,336) | |||||
FINANCING ACTIVITIES | |||||||||
Issuance of common shares for cash | 0 | 2,592,260 | 0 | 4,164,545 | |||||
Stock unissued for cash received | 0 | (260,940) | 0 | 0 | |||||
Net cash (used in) provided by financing | |||||||||
activities | 0 | 2,331,320 | 0 | 4,164,545 | |||||
INCREASE (DECREASE) IN CASH | (276,012) | (3,064) | (723,483) | 459,983 | |||||
CASH, BEGINNING OF PERIOD | 579,105 | 474,064 | 1,026,576 | 11,017 | |||||
CASH, END OF PERIOD | $ | 303,093 | $ | 471,000 | $ | 303,093 | $ | 471,000 | |
NON-CASH TRANSACTIONS IN COMMON SHARES
NONE
See accompanying notes to these unaudited consolidated financial statements.
Page 4 of 9
CBD Lifesciences, Inc.
Notes to the Consolidated Financial Statements
For the six months ended June 30, 2022, and 2021
(Unaudited)
Note 1. Nature of Operations and Continuance of Business
The Company was in the business of providing business consulting services until 2006 when on May 15, 2006 it signed a Share Purchase agreement to acquire an undivided 100% right, title and interest in and to all the outstanding shares of AutoBidLive Auctions Inc. AutoBidLive Auctions Inc. was a private company incorporated in the Province of Alberta, Canada whose main asset was a proprietary software to enable real time, online auctions of virtually any product or commodity for use by the wholesale market. This included cars, boats, planes, coins, stamps, industrial products, diamonds, artwork, and livestock. As a result of the closing of the Share Purchase Agreement the Company changed its name from Platinum Consulting Services to AutoBidLive Auctions International Inc. The Company subsequently changed its name again on December 26, 2006, from AutoBidLive Auctions International Inc. to Auctions International Inc. although there was no change in business.
Between 2006 and 2012 the Company continued to develop and market its online auctions software and on November 20, 2012, it entered into an agreement with Rangemore Productions to produce a live interactive auction television series utilizing the AutoBidLive software. This led to a merger with Rangemore Productions, a company that leased film studio space to independent film productions presented itself. Although this was a deviation from the original business plan, the management felt that it was an exciting opportunity and decided to pursue it. On December 31, 2012, the Company entered into a Merger Agreement and on June 30, 2013, the merger closed whereby the Company issued 42,942,000 preferred shares for all the assets and liabilities of Rangemore Productions Corp.
Prior to the closing of the Merger Agreement on March 26, 2013, the Company changed its corporate name from Auctions International Inc. to Rangemore Film Productions Corp. to reflect the closing of the Merger Agreement between the Company and Rangemore Productions Corp. and the resulting change in business. On December 19, 2013, the Company again changed its corporate name to Cre8tive Works, Inc. as there was confusion with another company using the name Rangemore but did not change it business plan or operations.
From March 2013 to August 2017 Cre8tive Works was in the business of financing media productions. The term "media productions" includes but is not limited to feature films, documentaries, animation, television series, movies-of-the-week, television specials, webisodes and soundtracks. The business was not successful and in August of 2017 the management was presented with the opportunity to acquire a technology platform developed to analyze and monitor IT networks for cyber security vulnerabilities and breaches. As a result of the new business the Company changed its name to Optium Cyber Systems, Inc. (OCSI). OCSI developed a proprietary process to analyze, identify/ and address cyber security vulnerabilities in an organization's critical IT infrastructure which is scalable to any size organization in any industry.
On January 1, 2019, the name was changed to CBD Life Sciences, Inc. through a share exchange to capitalize on the growing cannabidiol sector. LBC Bioscience, Inc. is developing and marketing a line of cannabidiol based organic products such as hemp drops, recovery pain relief products, anxiety and sleep solutions, supplements, edibles, bath products, kosher products, and a full line of pet products. In addition, LBC has developed a new and improved anti-aging skin product line along with CBD biodegradable straws. All he manufactured products can be viewed and purchased on the Company website. As a result of the acquisition, the Company changed its name to CBD Life Sciences, Inc. CBD Life Sciences, Inc is a Nevada corporation and is a publicly traded company having its common shares quoted on the OTC Markets under the trading symbol "CBDL".
Going Concern
These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated revenues sufficient to cover its expenses since inception and is unlikely to generate significant revenue or earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations.
The Company will need additional working capital to continue or to be successful in any future business activities. Therefore, continuation of the Company as a going concern is dependent upon obtaining the additional working capital necessary to accomplish its objective. Management plans to seek debt or equity financing, or a combination of both, to raise the necessary working capital.
Page 5 of 9
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Cbd Life Sciences Inc. published this content on 30 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2022 16:02:06 UTC.