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
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JAMES Maritime Holdings Inc. published this content on 13 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2022 18:33:00 UTC.