Protect Pharmaceutical : PRTT Financial statement Q2 2022

Protect Pharmaceutical Corporation

Consolidated Balance Sheet

As at June 30, 2022 (Unaudited)

	Notes	As at June 30, 2022		As at December 31,
	(Unaudited)		2020 (Unaudited)
ASSETS	11.1	($)	($)
Current Assets
Cash and cash equivalents	4	143 759	-
Accounts Receivable		1 445 611
Inventory		6 737
Total Current Assets		1 596 107		-
Long term investment		170 398	-
Property, Plant and Equipment (Fixed assets)	5	748 960	-
Intangible asset	6	245 294	500 000
Total Assets		2 760 759		500 000
EQUITY & LIABILITIES
Current Liablities
Accounts payable and accrued expenses	7	218 744	-
Related parties payable	8	-	-
Interest payable	9	-	-
Total Current Liabilities
	218 744	-
Notes payable		258 371	-
Long term debt		802 061	-
Total Liabilities		1 279 176		-

SHAREHOLDER'S EQUITY

Preferred Stock - ($.001 par value, 10,000,000 shares authorized, 1,000,000 issued and outstanding)

Common stock ($.005 par value, 100,000,000 shares authorized, 56,451,378 shares issued and outstanding) Additional paid in capital

Accumulated deficit

Total Shareholders' Equity

Total Liabilities and Shareholders' Equity

1 000	500 000
282 257	274 757
-	-
(287 705)	(274 757)
(4 448)	500 000
1 274 728		500 000

Protect Pharmaceutical Corporation

Consolidated Statement of Operations

For the quarter ended June 30, 2022

	Notes	For the 6 months ended
		June 30,
		2022			2021
		(Amount in $)
REVENUE		5 000			565 011
OPERATING EXPENSES
Cost of sales	11
9 323			50 531
General and administrative expense		125			76 111
Other operating expenses		-			10 488
TOTAL OPERATING EXPENSES		9 448			137 130
OPERATING PROFIT / (LOSS)
	(4 448)			427 881
Interest expense		-			(2 475)
PROFIT / (LOSS) BEFORE TAX
	(4 448)			425 406
Taxes		-			-
NET PROFIT / (LOSS)
	(4 448)			425 406

Protect Pharmaceutical Corporation

Statement of Shareholders' Equity

As at June 30, 2022 (Unaudited)

	Series A - Preferred Stock	Common Stock	Additonal Paid	Accumulated		Total
	Shares	Par	Shares	Par	in capital	Profit / (Deficit)
						Amount is $
As at January 1, 2022 (Unaudited)	1 000 000	1 000	55 251 378	276 257	-	(277 257)	-
Stock issued / (buy back) during the period			1 200 000	6 000	-	(6 000)	-
Profit / (loss) for the period						(4 448)	(4 448)
As at June 30, 2022 (Unaudited)
1 000 000	1 000	56 451 378	282 257	-	(287 705)	(4 448)

Protect Pharmaceutical Corporation

Statement of cashflows

As at June 30, 2022 (Unaudited)

Cash flow from operating activities	2022
(Loss) / profit before income tax	(4 448)
Adjustment for non cash charges and other items	-
Changes in operating assets	(4 448)
(Decrease) / increase in operating liabilities
-
(Decrease) / increase in accrued interest	-
(Decrease) / increase in demand note payable	-
(Decrease) / increase in financial liabilities	-
	-
Cash flow from operating activities	(4 448)
Cash flow from investing activities
Additions / disposal of intangibles assets
-
Additions in property, plant and equipment	-
Additions in intangibles	-
Additions in investments	-
Cash flow from / (used) in investing activities	-
Cash flow from financing activities
Borrowings during / (repaid) the year	-
Issuance of preferene share capital	-
Cash flow from financing activities
-
Increase/(decrease) in cash and cash equivalents	(4 448)
Cash and cash equivalents at beginning of the year	-
Cash and cash equivalents at end of the year
(4 448)

Protect Pharmaceutical Corporation

Notes to the Financial Statements

For the six months ended June 30, 2022

• LEGAL STATUS AND OPERATIONS
  Protect Pharmaceutical Corporation was originally incorporated in the State of Idaho on August 5, 1987, under the name Interstate Mining and Development Properties, Inc. The Company initially staked certain gold placer mining claims, however the claims did not yield a sufficient amount of ore and the Company halted operations in approximately 1989.
  On August 2, 1996, the Company changed its name to Interstate Development, Inc. The Company then engaged in the search for and evaluation of prospective business opportunities with the intent to acquire and/or merge with one or more businesses opportunities.
  The Company's principal place of business is located at 12465 South Fort St., Suite 240

• BASIS OF PREPARATION
  2,1 Statement of compliance

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") on a going concern.

2,2 Accounting Convention

These financial statements have been prepared on the basis of 'historical cost convention using accrual basis of accounting except as otherwise stated in the respective accounting policies notes.

2,3 Going concern

The accompanying unaudited financial statements have been prepared on the assumption that the Company will continue as a going concern.However, the Company does not have significant cash or other material assets, nor does it have an established source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. It is the intent of the Company to seek a merger with an existing, operating company. In the interim, shareholders of the Company have committed to meeting its minimal operating expenses.

In addition, the inability of The Company to become current in periodic reporting obligations under the federal securities laws during the fourth quarter limited the information that the Company was able to provide to the public, to investors and to other interested parties, including customers and certain lenders. Furthermore, such inability to become current limited the Company's ability to use equity incentives to attract, retain and motivate employees. Such inability to become current also restricted the Company's ability to raise capital through the issuance of equity or debt securities, use equity securities for acquisitions of complementary companies and businesses and engage in other strategic transactions.

2,4 Critical accounting estimates and judgements

The preparation of financial statements in conformity with the approved accounting standards require management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.