RBR Global : Period ending March 31 2022 and 2021 Financials I Compilation report

RBR GLOBAL INC.

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED

MARCH 31, 2022 AND 2021

Independent Accountant's Compilation Report	3
FINANCIAL STATEMENTS:
Consolidated Balance Sheets as of March 31, 2022, and 2021	4
Consolidated Statements of Operations for the Three Months Ended March 31, 2022
and 2021	5
Consolidated Statements of Changes in Stockholders' Equity (Deficit) as of
March 31, 2022, and 2021	6
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022
and 2021	7
Notes to the Consolidated Financial Statements	8 - 21

INDEPENDENT ACCOUNTANT'S COMPILATION REPORT

To the Stockholders of

RBR Global Inc. and Subsidiary

Lake Mary, FL

Management is responsible for the accompanying financial statements of RBR Global, Inc. and Subsidiary (the "Company"), which comprise the consolidated balance sheets as of March 31, 2022 and 2021, and the related statements of operations and changes in stockholders' equity, and cash flows for the three months ended March 31, 2022 and 2021, and the related notes to the financial statements in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements.

Net Loss, Working Capital Deficit and Management's Plan

As discussed in Note 1, the Company had a net loss for the three months ended March 31, 2022 of approximately $1,024,000 and a working capital deficit as of March 31, 2022 of approximately $6,155,000. In addition, as of March 31, 2022, the Company had a stockholders' deficit of approximately $8,151,000. In the event management's plans as described in Note 1 to the financial statements are not achieved, the Company's ability to meet its obligations in the normal course of business could be adversely impacted.

De La Hoz, Perez and Barbeito, PLLC

June 1, 2022

Coral Gables, Florida

RBR Global Inc

(f/k/a Channel Holdings Inc.)

and Subsidiary

Consolidated Balance Sheets

March 31,

(See Independent Accountant's Compilation Report)

ASSETS		2022			2021
Current assets
Cash	$	682,851	$	1,342,547
Merchant cash advances, net of allowance for
doubtful accounts of $3,003,155 and $1,500,900 at
March 31, 2022 and 2021, respectively.		5,865,385			5,076,992
Other current assets			728,100			-
Total current assets		7,276,336			6,419,539
Right of use asset		230,022			288,541
Security deposit		14,936			14,936
Total assets		$	7,521,294		$	6,723,016
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities
Accounts payable and accrued expenses	$	1,087,206	$	770,616
Derivative Liability		2,784,800			-
Convertible debt, net of discounts		6,384,148			1,349,673
Note payable		3,175,259			600,000
Total current liabilities		13,431,413			2,720,289
Notes payable, net of debt issuance costs of $332,291 and $455,531 at
March 31, 2022 and 2021, respectively		2,006,227			17,353,808
Lease liability			234,688			291,845
Total liabilities			15,672,328			20,365,942
Commitments and contingencies (Note 6)
Stockholders' equity (deficit)		177,396			93
Preferred stock, $0.001 par value, 10,000,000 shares authorized, 1 share
Additional paid-in capital		7,301,756			94,896
Accumulated deficit			(15,630,186)			(13,737,915)
Total stockholders' equity (deficit)			(8,151,034)			(13,642,926)
Total liabilities and stockholders' equity (deficit)	$	7,521,294	$	6,723,016

See accompanying notes to consolidated financial statements.

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RBR Global Inc

(f/k/a Channel Holdings Inc.)

and Subsidiary

Consolidated Statements of Operations

For the Three Months Ended March 31,

(See Independent Accountant's Compilation Report)

		2022			2021
MERCHANT CASH ADVANCE INCOME	$	2,348,976	$	1,555,860
OPERATING EXPENSES
Salaries and wages		558,850			787,636
General and administrative		1,398,539			1,205,697
Interest		415,685			521,069
Bad debt		588,121			788,256
Consulting fees		175,105			160,585
TOTAL OPERATING EXPENSES		3,136,300			3,463,243
LOSS FROM OPERATIONS		(787,324)			(1,907,383)
OTHER INCOME (EXPENSE)
Derivative liability loss		(215,800)			-
Foreign currency exchange income		39,522			582,797
Amortization of debt discount		(61,938)			-
Other income		1,978			-
TOTAL OTHER INCOME (EXPENSE), NET		(236,238)			582,797
NET LOSS	$	(1,023,562)	$	(1,324,586)

See accompanying notes to consolidated financial statements.

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