Com Guard com : CGUD FY2022 3rd Qtr Financial Statements

05/21/2022 | 05:06pm EDT

Results of Operations

For the three months ended March 31, 2022

Sales

During the three months ended March 31, 2022, sales were $22,000 compared to $11,000 for the three months ended March 31, 2021, an increase of $11,000. Sales during both periods were primarily related to consulting services.

Selling, general and administrative

For the three months ended March 31, 2022, selling, general and administrative expenses were $104,000 compared to $87,000 for the three months ended March 31, 2021, an increase of $17,000 The increase in FY 2021 was primarily attributed to an increase in legal fees.

For the nine months ended March 31, 2022

Sales

During the nine months ended March 31, 2022, sales were $34,000 compared to $19,000 for the nine months ended March 31, 2021, an increase of $15,000. Sales during both periods were primarily related to consulting services.

Selling, general and administrative

For the nine months ended March 31, 2022, selling, general and administrative expenses were $272,000 compared to $256,000 for the nine months ended March 31, 2021 a decrease of $16,000. The increase in FY 2021 was primarily attributed to an increase in legal fees.

Liquidity and capital resources

We have financed our operations primarily through cash generated from the sale of our stock and loans to us. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. During the nine months ended March 31, 2022, the Company suffered net losses of $646,000. As of March 31, 2022, the Company had a working capital and stockholders' deficiency of $17,337,000. Historically, the Company has sustained its operations primarily through equity and debt financing. These conditions raise substantial doubt about the Company's ability to continue as a going concern.

Quarterly Report

As of and for the Nine Months Ended

March 31, 2022

CONSOLIDATED FINANCIAL INFORMATION

	PAGE

Consolidated Balance Sheets as of March 31, 2022 and June 30, 2021	2

Consolidated Statements of Operations for three and six months ended March 31, 2022 and	3
2021 (unaudited)

Consolidated Statements of Changes in Stockholders' Deficiency	4

Consolidated Statements of Cash Flows for the nine months ended March 31, 2022 and 2021	5
(unaudited)

Notes to the consolidated financial statements	6

COM-GUARD.COM, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(unaudited)

		December 31,		June 30,
ASSETS		2021		2021

Current assets
Cash and cash equivalents	$	-	$	1,000

Other current assets		571,000		566,000

Total assets	$		$
572,000	567,000

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
Accounts payable	$	203,000	$	203,000
Accrued expenses		11,921,000		11,271,000
Line of credit - bank		25,000		25,000
Notes payable		5,759,000		5,799,000
Total current liabilities
	17,908,000		17,298,000
Stockholders' equity

Series A convertible preferred stock, $.001 par value, 6,000,000		6,000		6,000
shares issued and outstanding
Common stock, $.001 par value, 1,000,000,000 shares authorized,		543,000		503,000
502,289,901 shares issued and outstanding, respectively
Additional paid-in-capital		11,030,000		11,030,000
Accumulated deficit		(28,916,000)		(28,270,000)
Total stockholders' equity
	(17,337,000)		(16,731,000)
Total liabilities and stockholders' equity	$		$
571,000	567,000

See accompanying notes to consolidated financial statements.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

		For the three months ended		For the nine months ended
		March 31,			March 31,
		2022			2021		2022			2021
Revenues	$	22,000	$		11,000	$	34,000	$		19,000
Selling, general and administrative		104,000			87,000		272,000			256,000
Loss from operations
	(82,000)			(82,000)		(238,000)			(161,000)
Other Income (expense)
Interest expense		(136,000)			(135,000)		(408,000)			(408,000)
Net loss	$		$			$		$
(218,000)		(211,000)	(646,000)		(645,000)
Net loss per share - basic and diluted	$		$			$		$
(0.0004)		(0.0004)	(0.0012)		(0.0013)
Weighted average number of shares outstanding -
basic and diluted		542,289,901			502,289,901		542,289,901			502,289,901

See accompanying notes to consolidated financial statements.

COM-GUARD.COM, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIENCY FOR THE YEAR ENDED June 30, 2021 AND The Nine Months Ended March 31, 2022

	Preferred Stock
	Shares		Amount
Balance, July 1,	6,000,000	$	6,000
2020

Net loss	-		-
Balance, June 30,	6,000,000	$	6,000
2021

Stock issued for

convertible debt
Net loss
Balance, March 31,	6,000,000	$	6,000
2022

Common Stock			Additional		Accumulated
		Paid-In

Shares			Amount		Capital		Deficit		Total
502,289,901	$		503,000	$	11,030,000	$	-27,406,000	$	-15,867,000

-			-		-		-864,000		-864,000
502,289,901	$		503,000	$	11,030,000	$	-28,270,000	$	-16,731,000

40,000,000			40,000		-				40,000
							-646,000		-646,000
542,289,901	$		543,000	$	11,030,000	$	-28,916,000	$	-17,337,000

See accompanying notes to consolidated financial statements.

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Com-Guard.com Inc. published this content on 21 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 May 2022 21:05:04 UTC.

COM-GUARD.COM, INC.

Com Guard com : CGUD FY2022 3rd Qtr Financial Statements

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