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LIMITLESS VENTURE GROUP INC.

(LVGI)
Delayed OTC Markets  -  11:09 2022-09-27 am EDT
0.003200 USD   +6.67%
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Limitless Venture : Quarterly Report

08/12/2022 | 11:03pm EDT

LIMITLESS VENTURE GROUP, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2022

December 31, 2021

ASSETS

Current assets:

Cash and cash equivalents

$

11,721

$

120,422

Accounts receivable

83,921

80,669

Inventory

129,009

113,946

Prepaid and other current assets

212,954

266,432

Incentive compensation advances

229,000

204,000

Assets from discontinued operations

304,878

299,206

Total current assets

971,483

1,084,675

Property and equipment, net

-

-

Goodwill and amortizable intangible asset, net

1,004,234

1,549,726

Total assets

$

1,975,717

$

2,634,401

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Short-term advances

$

202,807

$

197,807

Accounts payable and accrued liabilities

3,282,543

3,300,303

Convertible and promissory notes payable

2,693,471

2,753,446

Liabilities from discontinued operations

316,022

292,604

Total current liabilities

6,494,843

6,544,160

Warrants

65,128

75,334

Total liabilities

6,559,971

6,619,494

Deficiency in stockholders' equity:

Preferred stock, no par value; 6,974.839 shares authorized, issued and outstanding

as of June 30, 2022 and December 31, 2021

7

7

Common stock, $0.001 par value; 1,000,000,000 shares authorized; 59,337,653 shares

issued and outstanding as of June 30, 2022 and 37,770,911 issued and outstanding as of

December 31, 2021

3,914,925

3,893,660

Noncontrolling interest

(1,283,470)

(1,310,915)

Additional paid-in capital

13,906,749

13,771,173

Accumulated deficit

(21,122,464)

(20,339,018)

Total deficiency in stockholders' equity

(4,703,753

)

(3,985,093)

Total liabilities and deficiency in stockholders' equity

$

1,975,717

$

2,634,401

See accompanying notes to unaudited condensed consolidated financial statements.

LIMITLESS VENTURE GROUP, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

For theThree Months

For the Six Months

June 30,

June 30,

2022

2021

2022

2021

REVENUE

$

268,352

$

260,588

$

697,729

$

490,734

COSTS OF REVENUE AND OPERATING

EXPENSES

Costs of revenue

5,152

173,742

377,523

324,031

Sales and marketing

53,189

115,113

115,447

155,159

General and administrative

177,732

294,079

325,566

678,844

Compensation expense

125,000

Share-based compensation expense

-

-

-

31,250

Goodwill impairment loss

-

-

545,492

-

Depreciation and amortization expense

491

-

5,220

111

Total costs of revenue and operating expenses

361,564

582,934

1,619,248

1,189,395

Loss from operations

(93,212)

(322,346)

(921,519)

(698,661)

Other income (expense)

Gain (loss) from change in value of warrant

2,437

65,227

(10,206

)

(14,983)

Interest expense

(108,071)

(71,404)

(166,920 )

(141,527)

Other (expense) income, net

(105,634)

(6,177)

(156,714

)

(156,510)

Loss from continuing operations

(198,846)

(328,523)

(1,078,233

)

(855,171)

Loss from discontinued operations

-

(8,274)

(4,369

)

(67,803)

Net loss

$

(198,846)

$

(336,797)

$

(1,082,602

)

$

(922,974)

Less net loss attributable to noncontrolling interest

(11,642)

67,571

68,794

158,938

Net loss attributable to Limitless Venture Group, Inc.

(210,488)

(269,226)

(1,013,808)

(764,036)

Basic (loss) per common share

$

(0.00)

$

(0.02)

$

(0.02)

$

(0.05)

Diluted (loss) per common share

$

(0.00)

$

(0.02)

$

(0.02)

$

(0.05)

Weighted average basic and diluted shares outstanding

52,048,380

14,845,493

55,561,255

14,142,203

Weighted average diluted shares outstanding

52,048,380

14,845,493

55,561,255

14,142,203

LIMITLESS VENTURE GROUP, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

Six Months Ended June 30, 2022

Additional

Total

Stock

paid-in

Accumulated stockholders'

Noncontrolling

Common

Preferred

interest

capital

deficit

equity

Balance at January 1, 2022

$

3,893,660

$

7

$

(1,310,915)

$

13,771,173

$

(20,339,019)

$

(3,985,095

)

Issuance of common for

conversion of note principal and

interest

18,765

-

-

88,076

-

106,841

Sale of common stock

2,500

-

-

47,500

-

50,000

Change in noncontrolling interest

-

-

(65,108)

-

322,916

257,808

Net loss

-

-

68,794

-

(1,082,602)

(1,013,808)

Balance at June 30, 2022

$

3, 914,925

$

7

$

(1,307,229) $13,906,749

$

(21,098,705)$

(4,584,253)

See accompanying notes to unaudited condensed consolidated financial statements.

3

LIMITLESS VENTURE GROUP, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Six Ended June 30, 2022

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss

$

(1,078,233)

Adjustments to reconcile net loss to net cash used in

operating activities:

Goodwill impairment loss

545,492

Gain from change in value of warrant

(10,206)

Amortization expense for note discounts

5,220

Change in operating assets and liabilities:

Services rendered in exchange for convertible notes

Accounts receivable

(3,252)

Incentive compensation advances

(25,000)

Prepaid and other current assets

(12,320)

Inventory

(53,479)

Accounts payable and accrued liabilities

17,760

Net cash used in operating activities

(509,803)

CASH FLOWS FROM INVESTING ACTIVITIES

-

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from sales of convertible notes, net of cash repayments

(20,000)

Proceeds from short-term advances

5,000

Change in noncontrolling interest

326,601

Proceeds from sales of Common Stock

50,000

Net cash provided by financing activities

361,601

Net decrease in cash and cash equivalents from continuing operations

(148,202)

Cash from discontinued operations

39,501

Cash and cash equivalents at beginning of period

120,422

Cash and cash equivalents at end of period

$

11,721

Supplemental disclosure of cash and non-cash transactions:

Interest and income taxes paid

$

-

Conversion of note principal and interest payable into common stock

$

106,841

See accompanying notes to unaudited condensed consolidated financial statements.

4

LIMITLESS VENTURE GROUP, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization - Limitless Venture Group, Inc. ("we," "us," "our," the "Company", "LVGI" and "Limitless") provides its shareholders with access to leading small and medium businesses focused on growth. Leveraging its permanent capital base, long- term, disciplined approach, and actionable expertise, LVGI owns controlling interests in our subsidiary businesses and partners with their management teams to build businesses that can unlock significant value for shareholders.

Basis of presentation -As disclosed in NOTE 5, as of December 31, 2021, we have $787,850 in outstanding principal obligations on convertible notes payable to several note holders that are delinquent. We have incurred recurring net losses and have not yet achieved profitable operations. There can be no assurance that we will achieve profitability, continue to finance our operating losses or successfully renegotiate the loans' terms. No adjustments have been made to our unaudited consolidated financial statements to reflect the uncertainty of our financial condition.

In February 2021, we changed our fiscal year end to December 31 from June 30. The financial statements presented herein reflect a December 31 fiscal year end.

Use of Estimates - The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. We made estimates with respect to an inventory valuation allowance, fair values of long-lived assets and fair value of stock-based compensation amounts. Actual results could differ from these estimates.

Principles of Consolidation - The unaudited consolidated financial statements include the accounts of Limitless Venture Group, Inc. and subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

Revenue Recognition - The majority of our revenue for the six months ended June 30, 2022 and 2021 is generated from the sales of consumer goods. Under ASC 606, revenue is recognized when our customer obtains control of promised goods in an amount that reflects the consideration we expect to receive in exchange for those goods. We measure revenue based on consideration specified in a contract with a customer including any sales incentives.

Stock-basedCompensation - We account for stock-based compensation by applying a fair-value-based measurement method to account for share-based payment transactions with employees, non-employees and directors. We record compensation costs associated with the vesting of unvested options on a straight-line basis over the vesting period. Stock-based compensation is a non- cash expense because we settle these obligations by issuing shares of our common stock instead of settling such obligations with cash payments. We use the Black-Scholes model to estimate the fair value of each option grant on the date of grant. This model requires the use of estimates for expected term of the options and expected volatility of the price of our common stock.

Income Taxes - We record deferred tax assets and liabilities for the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported in the accompanying consolidated balance sheets, as well as operating losses and tax credit carryforwards. We measure deferred tax assets and liabilities using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. We reduce deferred tax assets by a valuation allowance if, based on available evidence, it is more likely than not that these benefits will not be realized.

We use a recognition threshold and a measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities.

Cash and Cash Equivalents - All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents.

5

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Disclaimer

Limitless Venture Group Inc. published this content on 13 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 August 2022 03:02:02 UTC.


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