LEONE ASSET MANAGEMENT, INC. LEONE ASSET MANAGEMENT, INC. AND SUBSIDIARIES
Consolidated Financial Statements for the Three and Six Months Ended June 30, 2022 and 2021
(unaudited)
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Financial Statements of Leone Asset Management, Inc. and Subsidiaries | |
Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 | F-2 |
Consolidated Statements of Operations for the three and six months ended | F-3 |
June 30, 2022 and 2021 | |
Consolidated Statement of Shareholders' Deficit for the three and six months | F-4 |
ended June 30, 2022 and 2021 | |
Consolidated Statements of Cash Flows for the six months ended | F-6 |
June 30, 2022 and 2021 | |
Notes to the Consolidated Financial Statements | F-7 |
The accompanying notes are an integral part of the consolidated financial statements.
F-1
LEONE ASSET MANAGEMENT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
June 30, | |||||
2022 | December 31, 2021 | ||||
Assets: | |||||
Cash | $ | - | $ | 15,711 | |
Accounts receivable, net of allowance | 53 | - | |||
Inventories | 113,868 | 114,167 | |||
Prepaid expenses and other current assets | 14 | - | |||
Current assets | 113,935 | 129,878 | |||
Property and equipment, net | 2,612 | 3,612 | |||
Total assets | $ | 116,547 | $ | 133,490 | |
Liabilities and Shareholders' Deficit: | |||||
Accounts payable | $ | 162,843 | $ | 172,791 | |
Accrued liabilities | 772,698 | 676,424 | |||
Notes payable | 1,455,000 | 1,455,000 | |||
Convertible notes payable | 1,285,000 | 1,285,000 | |||
Related party notes payable | 592,774 | 567,774 | |||
Related party convertible notes payable | 516,379 | 516,379 | |||
Other current liabilities | 1,600 | 1,600 | |||
Current liabilities | 4,786,294 | 4,674,968 | |||
Total liabilities | 4,786,294 | 4,674,968 | |||
Shareholders' Deficit: | |||||
Series A Preferred Stock: No par value; 1,500,000 | |||||
shares authorized; zero shares issued and outstanding at | |||||
June 30, 2022 and December 31, 2021 | - | - | |||
Common stock: $0.001 par value; 500,000,000 shares | |||||
authorized; 150,062,459 shares issued and outstanding | |||||
at June 30, 2022 and December 31, 2021 | 150,062 | 150,062 | |||
Additional paid-in capital | 30,190,876 | 30,140,876 | |||
Accumulated deficit | (31,014,686) | (30,906,970) | |||
Total parent's shareholders' equity | (673,748) | (616,032) | |||
Noncontrolling interest | (3,995,999) | (3,925,446) | |||
Total shareholders' deficit | (4,669,747) | (4,541,478) | |||
Total liabilities and shareholders' deficit | $ | 116,547 | $ | 133,490 | |
The accompanying notes are an integral part of these consolidated financial statements.
F-2
LEONE ASSET MANAGEMENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021
(unaudited)
Three Months | Three Months | |||||||||||||
Ended June 30, | Ended June 30, | Six Months Ended | Six Months Ended | |||||||||||
2022 | 2021 | June 30, 2022 | June 30, 2021 | |||||||||||
Revenues | $ | 3,575 | $ | 18,662 | $ | 17,987 | $ | 45,584 | ||||||
Costs of revenues | 2,533 | 8,060 | 18,968 | 23,548 | ||||||||||
Gross profit (loss) | 1,042 | 10,602 | (981) | 22,036 | ||||||||||
Operating expenses: | ||||||||||||||
General and administrative | 43,955 | 21,815 | 51,589 | 40,454 | ||||||||||
Selling and marketing | 10,897 | 2,594 | 27,120 | 7,578 | ||||||||||
Total operating expenses | 54,852 | 24,409 | 78,709 | 48,032 | ||||||||||
Operating loss | (53,810) | (13,807) | (79,690) | (25,996) | ||||||||||
Other (income) and expense | ||||||||||||||
Interest expense | 51,227 | 99,071 | 98,579 | 100,071 | ||||||||||
Net loss | $ | (105,037) | $ | (112,878) | $ | (178,269) | $ | (126,067) | ||||||
Net loss attributable to | ||||||||||||||
noncontrolling interest | (42,987) | (35,963) | (70,553) | (42,232) | ||||||||||
Net loss attributable to | ||||||||||||||
Leone Asset Management, Inc. | $ | (62,050) | $ | (76,915) | $ | (107,716) | $ | (83,835) | ||||||
Basic and diluted loss per common share | $ | (0.00) | $ | (0.00) | $ | (0.00) | $ | (0.00) | ||||||
Weighted average shares - basic and diluted | 150,062,459 | 150,062,459 | 150,062,459 | 150,062,459 |
The accompanying notes are an integral part of the consolidated financial statements.
F-3
LEONE ASSET MANAGEMENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021
(unaudited)
Common Stock | |||||||||||
Additional Paid-in | Accumulated | Noncontrolling | Shareholders' | ||||||||
Shares | Amount | Capital | Deficit | interest | Deficit | ||||||
December 31, 2021 | 150,062,459 | $ | 150,062 | $ | 30,140,876 | $ | (30,906,970) | $ | (3,925,446) | $ | (4,541,478) |
Shares issued in exchange for cash | - | - | 50,000 | - | - | 50,000 | |||||
Net loss | - | - | - | (107,716) | - | (107,716) | |||||
Net loss attributable to noncontrolling interest | - | - | - | - | (70,553) | (70,553) | |||||
June 30, 2022 | 150,062,459 | $ | 150,062 | $ | 30,190,876 | $ | (31,014,686) | $ | (3,995,999) | $ | (4,669,747) |
Common Stock | |||||||||||
Additional Paid-in | Accumulated | Noncontrolling | Shareholders' | ||||||||
Shares | Amount | Capital | Deficit | interest | Deficit | ||||||
March 31, 2022 | 150,062,459 | $ | 150,062 | $ | 30,190,876 | $ | (30,952,636) | $ | (3,953,012) | $ | (4,564,710) |
Net loss | - | - | - | (62,050) | - | (62,050) | |||||
Net loss attributable to noncontrolling interest | - | - | - | - | (42,987) | (42,987) | |||||
June 30, 2022 | 150,062,459 | $ | 150,062 | $ | 30,190,876 | $ | (31,014,686) | $ | (3,995,999) | $ | (4,669,747) |
Common Stock | |||||||||||
Additional Paid-in | Accumulated | Noncontrolling | Shareholders' | ||||||||
Shares | Amount | Capital | Deficit | interest | Deficit | ||||||
December 31, 2020 | 150,062,459 | $ | 150,062 | $ | 30,020,876 | $ | (30,655,842) | $ | (3,762,747) | $ | (4,247,651) |
Net loss | - | - | - | (83,835) | - | (83,835) | |||||
Net loss attributable to noncontrolling interest | - | - | - | - | (42,232) | (42,232) | |||||
June 30, 2021 | 150,062,459 | $ | 150,062 | $ | 30,020,876 | $ | (30,739,677) | $ | (3,804,979) | $ | (4,373,718) |
Common Stock | |||||||||||
Additional Paid-in | Accumulated | Noncontrolling | Shareholders' | ||||||||
Shares | Amount | Capital | Deficit | interest | Deficit | ||||||
March 31, 2021 | 150,062,459 | $ | 150,062 | $ | 30,020,876 | $ | (30,662,762) | $ | (3,769,016) | $ | (4,260,840) |
Net loss | - | - | - | (76,915) | - | (76,915) | |||||
Net loss attributable to noncontrolling interest | - | - | - | - | (35,963) | (35,963) | |||||
June 30, 2021 | 150,062,459 | $ | 150,062 | $ | 30,020,876 | $ | (30,739,677) | $ | (3,804,979) | $ | (4,373,718) |
The accompanying notes are an integral part of the consolidated financial statements.
F-4
LEONE ASSET MANAGEMENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021
(unaudited)
Six Months Ended | Six Months Ended | |||
June 30, 2022 | June 30, 2021 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ | (178,269) | $ | (126,067) |
Adjustments to reconcile net loss to net cash | ||||
used in operating activities: | ||||
Depreciation | 1,000 | 360 | ||
Amortization of debt discount | - | 4,368 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | (53) | (10,107) | ||
Other assets | (14) | 3 | ||
Inventories | 299 | 2,779 | ||
Accounts payable | (9,948) | (1,491) | ||
Accrued liabilities | 96,274 | 91,953 | ||
Net cash used in operating activities | (90,711) | (38,202) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Net cash used in investing activities | - | - | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds on related party notes payable | 25,000 | 45,000 | ||
Repayments of related party notes payable | - | (10,000) | ||
Proceeds from sale of stock | 50,000 | - | ||
Net cash provided by financing activities | 75,000 | 35,000 | ||
Change in cash and cash equivalents | (15,711) | (3,202) | ||
Cash and cash equivalents, beginning of year | 15,711 | 4,403 | ||
Cash and cash equivalents, end of year | $ | - | $ | 1,201 |
Supplemental disclosures of cash flow information: | ||||
Cash paid for interest | $ | - | $ | 1,250 |
Cash paid for income taxes | $ | - | $ | - |
The accompanying notes are an integral part of the consolidated financial statements.
F-5
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Leone Asset Management Inc. published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 17:16:06 UTC.
