Coastal Capital Acquisition : 2021 Audited Financials

COASTAL CAPITAL ACQUISITION CORP.
INDEX TO AUDITED FINANCIAL STATEMENTS
Balance Sheets as of December 31, 2021 and December 31, 2020	F-3
Statements of Operations for the year ended December 31, 2021 and 2020	F-4
Statements of Stockholders' Equity for the year ended December 31, 2021 and December 2020	F-5
Statements of Cash Flows for the year ended December 31 2021 and December 31, 2020	F-6
Notes to the Financial Statements	F-7-F11

Report of Independent Registered Public Accounting Firm

To the shareholders and the board of directors of Coastal Capital Acquisition Corp.

We have audited the accompanying balance sheets of Coastal Capital Acquisition Corp. (the "Company") as of December 31, 2021, and 2020 the related statements of operations, changes in shareholders' equity and cash flows, for each of the two years in the period ended December 31, 2021, and the related notes collectively referred to as the "financial statements".

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021, and 2020, and the results of its operations and its cash flows for the year ended December 31, 2021, in conformity with U.S. generally accepted accounting principles.

Going Concern

The accompanying financial statements have been prepared assuming the company will continue as a going concern as disclosed in Note 3 to the financial statement, the Company has continuously incurred a net loss of $31,990 for the year ended December 31, 2021, and an accumulated deficit of $9,753,647 as at December 31, 2021. The continuation of the Company as a going concern through December 31, 2021, is dependent upon improving the profitability and the continuing financial support from its stockholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company's obligations as they become due.

These factors raise substantial doubt about the company ability to continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of the uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion

OLAYINKA OYEBOLA & CO. (Chartered Accountants)

We have served as the Company's auditor since December 2021.

March 18th, 2022.

Lagos, Nigeria

COASTAL CAPITAL ACQUISITION CORP.

BALANCE SHEETS

ASSETS

December 31,2021

December 31, 2020

Current Assets:

LIABILITIES AND STOCKHOLDERS' EQUITY

Stockholders' Equity:

Common stock, $0.001 par value, 2,350,000,000 shares

Cash	$	-
Prepaid Expense	12,000	-
Other Current Assets	2,450,120	-
Total Current Assets	2,562,120	-
Total Assets	$	2,562,120$	-
Current Liabilities:
Account Payable	$	5,828$	-
Accrued Interest	30,358	26,982
Total Current Liabilities	36,186	26,982
Non-Current Liabilities
Convertible Note	75,000	75,000
Total Liabilities	111,186	101,982
Preferred stock Class B, $0.001 par value, 5,000,000 shares
authorized, and issued at 31/12/2021	5,000	5,000
authorized, 934,739,050 shares issued as 31/12/2021	934,739	934,739
Additional paid-in capital	11,264,842	8,679,936
Accumulated deficit	(9,753,647)	(9,721,657)
Total Stockholders' Equity	2,450,934	101,982
Total Liabilities and Stockholders' Equity	$	-

100,000

2,562,120

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

$

$

COASTAL CAPITAL ACQUISITION CORP.

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2021

Revenue

Cost of revenue Gross Margin

$

For the Year Ended December 30, 2020

- - -

$

- - -

• Professional Fee 13,20913,209

• General and Admin Expense 17,93730,729

Loss Before Tax

(31,146)

(43,938)Taxation

Loss from operation

Other Income / (Expense)

Interest Expense

(844)(844)

-(31,146)

-(43,938)

(3,376) (844)

Net Loss

Income per share

Weighted average shares outstanding

934,739,050

$ $

(31,990)

0.00

$ $

(47,314)

0.00

934,739,050

COASTAL CAPITAL ACQUISITION CORP. STATEMENTS OF CHANGES IN EQUITY

Balance, December 31, 2020

934,739,050$

Common StockShares

Amount

934,739

Preferred StockShares

5,000,000$

Net Loss for the year ended Balance, December 31, 2020

934,739,050934,739

Amount

5,000,000

AdditionalPaid-in Capital

5,000$

5,000

Accumulated

8,679,936$

Deficit

Total

(9,674,343)$ (55,512)

(47,314) (47,314)

8,679,936(9,721,657)(102,826)

Balance, January 1, 2021 Net Loss for the year ended Additional paid in capital

934,739,050$ - -

934,739- -5,000,000$ - -

5,000$ - -

8,679,936$ (9,721,657)$ (102,826)

- 2,584,876

(31,990) (31,990)

- 2,584,876

Balance, December 31, 2021

934,739,050

$

934,739

5,000,000

$

5,000

$

11,264,842 (9,753,647)

$

$ 2,450,934