THE MOVIE STUDIO, INC. THE MOVIE STUDIO, INC.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2021
The Movie Studio, Inc. | |
Page(s) | |
Balance Sheets (Unaudited) | 1 |
Statements of Operations (Unaudited) | 2 |
Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) | 3 |
Statements of Cash Flows (Unaudited) | 4 |
Notes to Financial Statements (Unaudited) | 5 - 24 |
THE MOVIE STUDIO, INC.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2021
The Movie Studio, Inc. | ||||
Balance Sheets | ||||
(Unaudited) | ||||
December 31, 2021 | June 30, 2021 | |||
Assets | ||||
Current Assets | ||||
Cash | $ | 7,569 | $ | 23,030 |
Total Current Assets | 7,569 | 23,030 | ||
Security Deposit | 6,390 | 6,390 | ||
Operating lease - right-of-use asset | 93,316 | 139,972 | ||
Total Assets | $ | 107,275 | $ | 169,392 |
Liabilities and Stockholders' Equity (Deficit) | ||||
Current Liabilities | ||||
Accounts payable and accrued expenses | $ | 49,610 | $ | 6,836 |
Accrued salary - related party | 205,111 | 181,126 | ||
Accrued interest payable | 21,710 | 5,500 | ||
Convertible notes payable - net | 235,105 | 42,990 | ||
Operating lease liability | 106,820 | 102,644 | ||
Derivative liabilities | 1,048,679 | 145,191 | ||
Total Current Liabilities | 1,667,035 | 484,287 | ||
Operating lease liability | - | 54,474 | ||
Total Liabilities | 1,667,035 | 538,761 | ||
Stockholders' Equity (Deficit) | ||||
Preferred stock, Series A, $0.0001 par value, 100,000,000 shares authorized | 9,425 | 9,425 | ||
94,250,000 and 94,250,000 shares issued and outstanding, respectively | ||||
Preferred stock, Series B, $0.0001 par value, 100,000,000 shares authorized | 10,000 | 10,000 | ||
100,000,000 and 100,000,000 shares issued and outstanding, respectively | ||||
Common stock, $0.0001 par value, 5,500,000,000 shares authorized | ||||
216,372,013 and 206,322,013 shares issued and outstanding, respectively | 21,637 | 20,632 | ||
Common stock issuable, $0.0001 par value, 1,500,000 shares and 11,050,000, respectively | 1,500 | 1,105 | ||
Subscription receivable, 0 and 3,000,000 shares, respectively | - | (30,000) | ||
Additional paid-in capital | 12,874,715 | 12,943,615 | ||
Accumulated deficit | (14,477,037) | (13,324,146) | ||
Total Stockholders' Equity (Deficit) | (1,559,760) | (369,369) | ||
Total Liabilities and Stockholders' Equity (Deficit) | $ | 107,275 | $ | 169,392 |
1
THE MOVIE STUDIO, INC.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2021
The Movie Studio, Inc. | ||||||||
Statements of Operations | ||||||||
(Unaudited) | ||||||||
For the Three Months Ended December 31, | For the Six Months Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Revenues | $ | 560 | $ | 213 | $ | 3,465 | $ | 5,330 |
General and administrative expenses | 159,465 | 189,719 | 311,155 | 317,731 | ||||
Loss from operations | (158,905) | (189,506) | (307,690) | (312,401) | ||||
Other income (expense) | ||||||||
Other income | 14,201 | - | 23,301 | - | ||||
Derivative expense | (101,887) | - | (246,142) | (63,571) | ||||
Change in fair value of derivative liability | (277,581) | 4,070 | (452,346) | 42,641 | ||||
Amortization of debt discount | (66,176) | (6,301) | (153,805) | (12,602) | ||||
Interest expense | (11,823) | (625) | (16,210) | (1,250) | ||||
Loss on impairment of intangible assets | - | - | - | (992,182) | ||||
Gain on debt extinguishment - net | - | - | - | 3,905 | ||||
Total other income (expense) - net | (443,266) | (2,856) | (845,202) | (1,023,059) | ||||
Net loss | $ | (602,171) | $ | (192,362) | $ | (1,152,892) | $ | (1,335,460) |
Loss per share - basic and diluted | $ | (0.00) | $ | (0.00) | $ | (0.01) | $ | (0.01) |
Weighted average number of shares - basic and diluted | 216,372,013 | 131,866,578 | 216,372,013 | 121,632,334 |
2
THE MOVIE STUDIO, INC.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2021
The Movie Studio, Inc.
Statements of Changes in Stockholders' Equity (Deficit)
For the Three and Six Months Ended December 31, 2021 and 2020
(Unaudited)
Additional | Total | |||||||||||||||||||||||||||
Preferred Stock - Series A | Preferred Stock - Series B | Common Stock | Common Stock Issuable | Stock Subscription | Paid-in | Accumulated | Stockholders' | |||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Receivable | Capital | Deficit | Equity (Deficit) | |||||||||||||||||
June 30, 2019 | 94,250,000 | $ | 9,425 | 100,000,000 | $ 10,000 | 43,816,731 | $ | 4,382 | - | $ | - | $ | - | $ 11,145,709 | $(10,736,442) | $ | 433,074 | |||||||||||
Stock issued for services | - | - | - | - | 1,250,000 | 125 | - | - | - | 7,188 | - | 7,313 | ||||||||||||||||
Stock issued for cash | - | - | - | - | 42,538,100 | 4,254 | - | - | - | 669,786 | - | 674,040 | ||||||||||||||||
Stock issued to settle debt | - | - | - | - | 6,438,223 | 644 | - | - | - | 201,800 | - | 202,444 | ||||||||||||||||
Net loss - year ended June 30, 2020 | - | - | - | - | - | - | - | - | - | - | (520,762) | (520,762) | ||||||||||||||||
June 30, 2020 | 94,250,000 | 9,425 | 100,000,000 | 10,000 | 94,043,054 | 9,404 | - | - | - | 12,024,483 | (11,257,204) | 796,108 | ||||||||||||||||
Fractional share adjustment | - | - | - | - | (30,541) | (3) | - | - | - | 3 | - | - | ||||||||||||||||
Stock issued for cash and subscription receivable ($0.01/share) | - | - | - | - | 65,050,000 | 6,505 | 7,550,000 | 755 | (30,000) | 653,240 | - | 630,500 | ||||||||||||||||
Stock issued for services ($0.01 - $0.021/share) | - | - | - | - | 1,450,000 | 145 | 500,000 | 50 | - | 26,875 | - | 27,070 | ||||||||||||||||
Stock issued for services - related parties ($0.01 - $0.021/share) | - | - | - | - | 7,000,000 | 700 | 3,000,000 | 300 | - | 124,800 | - | 125,800 | ||||||||||||||||
Stock issued to settle convertible notes payable ($0.01/share) | - | - | - | - | 38,809,500 | 3,881 | - | - | - | 114,214 | - | 118,095 | ||||||||||||||||
Net loss - year ended June 30, 2021 | - | - | - | - | - | - | - | - | - | - | (2,066,942) | (2,066,942) | ||||||||||||||||
June 30, 2021 | 94,250,000 | $ | 9,425 | 100,000,000 | $ 10,000 | 206,322,013 | $ | 20,632 | 11,050,000 | $ | 1,105 | $ | (30,000) | $ 12,943,615 | $(13,324,146) | $ | (369,369) | |||||||||||
Stock issued for cash and subscription receivable ($0.01/share) | - | - | - | - | 11,050,000 | 1,255 | (9,550,000) | 395 | 30,000 | (16,650) | - | 15,000 | ||||||||||||||||
Stock issued for services - related parties ($0.01 - $0.021/share) | - | - | - | - | (2,500,000) | (250) | - | - | - | (52,250) | - | (52,500) | ||||||||||||||||
Net loss - quarter ended September 30, 2021 | - | - | - | - | - | - | - | - | - | - | (550,720) | (550,720) | ||||||||||||||||
September 30, 2021 | 94,250,000 | $ | 9,425 | 100,000,000 | $ 10,000 | 214,872,013 | $ | 21,637 | 1,500,000 | $ | 1,500 | $ | - | $ 12,874,715 | $(13,874,866) | $ | (957,589) | |||||||||||
Net loss - quarter ended December 31, 2021 | - | - | - | - | - | - | - | - | - | - | (602,171) | (602,171) | ||||||||||||||||
December 31, 2021 | 94,250,000 | $ | 9,425 | 100,000,000 | $ 10,000 | 214,872,013 | $ | 21,637 | 1,500,000 | $ | 1,500 | $ | - | $ 12,874,715 | $(14,477,037) | $ | (1,559,760) |
3
THE MOVIE STUDIO, INC.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2021
The Movie Studio, Inc. | ||||
Statements of Operations | ||||
(Unaudited) | ||||
For the Six Months Ended December 31, | ||||
2021 | 2020 | |||
Operating activities | ||||
Net loss | $ | (1,152,892) | $ | (1,335,460) |
Adjustments to reconcile net loss to net cash used in operations | ||||
Common stock issued for services | - | 2,500 | ||
Common stock issued for services - related parties | (52,500) | 47,500 | ||
Loss on impairment of intangible assets | - | 992,182 | ||
Gain on debt extinguishment - net | - | (3,905) | ||
Change in fair value of derivative liability | 452,346 | (42,641) | ||
Derivative expense | 246,142 | 63,571 | ||
Amortization of debt discount | 153,805 | 12,602 | ||
Amortization of operating lease - right-of-use asset | 46,656 | 7,776 | ||
Changes in operating assets and liabilities | ||||
Increase (decrease) in | ||||
Security deposit | - | (6,390) | ||
Operating lease liability | (50,298) | (1,606) | ||
Accounts payable and accrued expenses | 42,774 | 10,417 | ||
Accrued salary - related party | 23,985 | (27,611) | ||
Accrued interest payable | 16,210 | 1,250 | ||
Net cash used in operating activities | (273,772) | (279,815) | ||
Investing activities | ||||
Net cash used in investing activities | - | - | ||
Financing activities | ||||
Proceeds from issuance of convertible note payable | 255,000 | 25,000 | ||
Retirement of debt - loan forgiveness | (11,690) | - | ||
Common stock issued for cash | 15,000 | 225,000 | ||
Net cash provided by financing activities | 258,310 | 250,000 | ||
Net increase (decrease) in cash | (15,462) | (29,815) | ||
Cash - beginning of period | 23,030 | 40,413 | ||
Cash - end of period | $ | 7,569 | $ | 10,598 |
Supplemental disclosure of cash flow information | ||||
Cash paid for interest | $ | 5,854 | $ | - |
Supplemental disclosure of non-cash investing and financing activities | ||||
Stock issued to settle convertible notes payable | $ | - | $ | 122,000 |
Debt discount recorded in connection with derivative liability | $ | 255,000 | $ | 25,000 |
Right-of-use asset obtained in exchange for new operating lease liability | $ | - | $ | 194,404 |
Stock issued for subscription receivable | $ | 30,000 | $ | - |
4
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The Movie Studio Inc. published this content on 22 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2022 21:54:48 UTC.
