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    CGUD   US1997511084

COM-GUARD.COM, INC.

(CGUD)
Delayed OTC Markets  -  12:55 2022-06-28 pm EDT
0.002000 USD   -19.68%
05/21COM GUARD COM : CGUD FY2022 3rd Qtr Financial Statements
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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.

1

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

2

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.

3

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.

4

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.

5

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Disclaimer

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.


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Managers and Directors
Edward W. Savarese Chief Executive Officer & Chief Financial Officer
Hugh D. Kelso General Counsel