James Maritime : 3RD Quarter Ending December 31, 2021

James Maritime Holdings, Inc.

Financial Statements

For the Quarter Ended December 31, 2021

(Unaudited)

JAMES MARITIME HOLDINGS, INC.

Balance Sheets

(Unaudited)

		December 31,		March, 31
		2021		2021
Assets
Current Assets:
Cash	$	249,632	$	806
Accounts Receivable		410,210		-
Total Current Assets		659,842		806
Total Assets
$	659,842	$	806
Liabilities and Stockholders' Equity (Deficit)
Current Liabilities
Accounts Payable		379,069		10,144
Other Current Liabilities		211,768		-
Total Current Liabilities		590,837		10,144
Long Term Liabilities		121,220		-
Total Liabilities
	712,057		10,144
Stockholders' equity (deficit):
Preferred stock, $0.001 par value, 10,000,000 shares
authorized.
Series A Preferred stock; 2,000,000 shares authorized,
issued and outstanding		400		2,000
Series B Preferred stock; 1,000,000 shares authorized.
-0- shares issued and outstanding		-		-
Common stock, $0.001 par value; 90,000,000
shares authorized; 4,387,462 and 3,987,462 shares
issued and outstanding, respectively		7,354		4,387
Goodwill		(438,834)		-
Additional paid-in capital		11,627,015		10,864,048
Retained deficit		(11,248,150)		(10,879,773)
Total stockholder's equity (deficit)		(52,215)		(9,338)
Total liabilities and stockholders' equity (deficit)	$	659,842	$	806

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

F-1

JAMES MARITIME HOLDINGS, INC.

Statements of Operations

(Unaudited)

Revenue

Cost of Goods Sold

Gross Profit

Operating expenses: General and administrative

Loss from operations

Other Income (Expense)

Net income (loss)

Net income (loss) per share of common stock

Weighted average number of common shares

		Three Months Ended		Nine Months Ended
		December 31		December 31
$		2021	$		2020		2021	$	2020
	250		-	$	250	-
		22,646					22,646			-
		(22,646)					(22,396)			-
		160,586			29,434		320,842			34,356
		(182,982			(29,434)		(343,238)			(34,356)
		-			-		-			-
$		(182,982	$		(29,434)	$	(343,238)	$	(34,356)
$		(0.03)	$		(0.01)	$	(0.05)	$	(0.02)
		7,354,129			4,387,462		7,354,129			4,387,462

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

F-2

JAMES MARITIME HOLDINGS, INC.

Statements of Cash Flows

(Unaudited)

		Nine Months Ended
		December 31,
Cash flows from operating activities:		2021		2020
Net income (loss)	$	(343,238)	$	(34,526)
Adjustments to reconcile net loss to net cash used
by operating activities
Stock issued for services		249,000		-
Changes in operating assets and liabilities:		-
(Decrease) Increase in accounts receivable		(410,210)
Increase (Decrease) in other current liabilities		211,768
Increase in prepaid expenses				(15,000)
Increase (Decrease) in accounts payable		345,286		(11,796)
Net cash used in operating activities		52,606		(61,332)
Cash flows from investing activities:		-		-
Cash flows from financing activities:
Proceeds from sale of common stock		75,000		75,000
Increase (decrease)in long term liabilities		121,220		-
Net cash provided by financing activities
	196,220		75,250
Net change in cash
	248,826		45,438
Cash, beginning of period		806		-
Cash, end of period	$		$
249,632	45,438
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Income Taxes	$	-	$	-
Interest	$	-	$	-
Cash flows from operating activities:

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

F-3

JAMES MARITIME HOLDINGS, INC.

Notes to Financial Statements

Note 1: Basis of Presentation and Summary of Significant Accounting Policies

Organization

Out-Takes, Inc. (the "Company" or "James Maritime") was incorporated under the laws of the State of Delaware on March 18, 1992. On January 23, 2015, a company named James Maritime Holdings, Inc. was incorporated in the State of Nevada. On February 23, 2015, Out-Takes, Inc. merged with James Maritime Holdings, Inc., with Out-Takes being the surviving company and then changed its name to James Maritime Holdings, Inc.

Stock-Based Compensation

The Company recognizes share-based compensation cost for all share-based payment transactions, over the requisite service period based on their fair value. We estimate the fair value of share-basedpayment awards on the grant date based on previous transactions. The value of the portion of the award that is ultimately expected to vest is recognized as expense in our Consolidated Statement of Operations over the requisite service periods

Going Concern

The Company's financial statements have been prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not generated any revenue for several years and has had recurring losses, which raises substantial doubt about its ability to continue as a going concern. As the Company develops a new business, it assumes that management will be able to arrange future capital sources, but no assurance thereof can be given. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Income Taxes

The Company utilizes the liability method of accounting for income taxes as set forth in ASC 740-20, "Accounting for Income Taxes." Under the liability method, deferred taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. An allowance against deferred tax assets is recorded when it is more likely than not that such tax benefits will not be realized.

Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

F-4