Tristar Acquisition : Financials - FY2021

TRISTAR ACQUISITION GROUP, INC.

DECEMBER 31, 2021, AND DECEMBER 31, 2020

BALANCE SHEET

TRISTAR ACQUISITION GROUP, INC.

BALANCE SHEETS

(Unaudited)

			December 31,			December 31,
			2021			2020
Current assets:	ASSETS
Cash and cash equivalents	$	455,437	$	530,895
A/R			667,600			947,341
Allowance for bad debt
Total current assets				1,123,037				1,478,236
Property and equipment, net			41,074			41,074
Other assets:
Intangible assets			-			-
Inventories			512,233			470,149
Investment in Subsidiaries				-				-
Total other assets	$		553,307	$		511,223
		1,717,418		1,989,459
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Accounts payable	$	342,890	$	283,436
Income tax			29,547			22,779
Term Loans
Promissory note			250,000			256,000
Lease Liabilities			78,500			78,500
Total current liabilities				700,937				640,715
Shareholders' Equity/(Deficit)
Shareholders' Equity			1,016,481			1,348,744
Total shareholders' equity/(deficit)				1,016,481				1,348,744
Total liabilities and shareholders' deficit	$	1,717,418	$	1,989,459

See accompanying notes to condensed consolidated financial statements.

TRISTAR ACQUISITION GROUP, INC.

DECEMBER 31, 2021, AND DECEMBER 31, 2020

STATEMENT OF OPERATIONS

TRISTAR ACQUISITION GROUP, INC.

CONSOLIDATED

STATEMENTS OF OPERATIONS

(Unaudited)

		For the Year			For the Year
		Ending			Ending
		December 31,			December 31,
		2021			2020
Continuing Operations:
Expenses:
Inventories	$	512,233	$	470,149
Trade and Other Payables		342,890			947,341
Administrative Expenses		235,654			815,647
Other Operating Expenses		21,060			61,198
Finance Costs		3,500			7,543
Cost of Sales		1,790,294			5,581,941
Total expenses		2,905,631			7,883,819
Loss from operations		(2,905,631)			(7,883,819)
Other income (expense):
Cash Flows from operations		1,868,847			288,057
Trade and Receivables		712,382			947,341
Depreciation		41,074			22,532
Interest expense		576			7,543
Total other income (expense)		2,622,879			1,265,473
Net income/(loss)	$	(282,752)	$	(6,618,346)
Weighted average shares outstanding - Basic and
0.37555556			0.11421302

See accompanying notes to condensed consolidated financial statements.

TRISTAR ACQUISITION GROUP, INC.

DECEMBER 31, 2021, AND DECEMBER 31, 2020

CASH FLOWS

TRISTAR ACQUISITION GROUP, INC.

Statements of Cash Flows

(Unaudited)

		For the Year				For the Year
		Ending				Ending
		December 31,				December 31,
		2021				2020
Cash flows from operating activities
Net loss	$	(282,752)	$	(6,618,346)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash expenses:
Depreciation and amortization		41,074				22,532
Stock based compensation		-
Stock based reduction of convertible notes		-
Stock based reduction of payables		-
Changes in operating assets and liabilities:
(Increase) decrease in deposits		(42,084)				-
(Increase) decrease in other assets		-				-
Increase (decrease) in accounts payable		4,088
Increase (decrease) in accrued expenses and other current liabilities		6,814
Net cash provided by operating activities		(272,860)				(6,595,814)
Cash flows from investing activities
Purchases of property and equipment		(37,800)				(41,074)
Investment of subsidiaries						-
Net cash used by investing activities		(37,800)				(41,074)
Cash flows from financing activities
Payments on notes payable		-
Proceeds on notes payable		-				-
Payments on loans to related parties - Directors and stockholders		-
Proceeds on loans from related parties - Directors and stockholders		-
Proceeds from sale of subscribed stock						-
Net cash provided by financing activities		-				-
Increase in cash		(136,886)				120,448
Cash at beginning of period		547,541				410,447
Cash at end of period	$	410,655		$	530,895
Supplemental Cash Flow Information:
Cash paid for interest	$	-	$	-
Cash paid for income taxes
$	-		$	-

See accompanying notes to condensed consolidated financial statements.

TRISTAR ACQUISITION GROUP, INC.

DECEMBER 31, 2021, AND DECEMBER 31, 2020

STATEMENT OF STOCKHOLDERS EQUITY

Statement of Stockholder's Equity (Deficit)

For the Period from December 31, 2019 to March 31, 2021

(Unaudited)

	Preferred		Preferred	Preferred		Preferred		Common Stock
	Stock Series		Stock	Stock Series		Stock		Shares
	A Shares		Series A	B Shares		Series B
			Amount			Amount
Balance, December 31, 2019	1,000,000	$	1,000	100,000	$	100	$	36,107,504
Stock-based compensation expense	-		-					153,000,000
Stock-based compensation expense	-		-	1,000,000		1,000
Balance, December 31, 2020	1,000,000	$	1,000	1,100,000	$	1,100		189,107,504	-
Share Exchange an Purchase Agreement				300,000		300
Balance, March 31, 2021	1,000,000	$	1,000	1,400,000	$	1,400		189,107,504	-
	See accompanying notes to condensed consolidated financial statements

TRISTAR ACQUISITION GROUP, INC.

DECEMBER 31, 2021, AND DECEMBER 31, 2020

FINANCIAL NOTES (UNAUDITED)

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The preparation of financial statements is in conformity with US Generally Accepted Accounting Principles requires the management 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 financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Subsequent events: Subsequent events have been evaluated by management through the date of the report. Material subsequent events, if any, are disclosed in a separate footnote to these financials.

NOTE B - GOING CONCERN

It is management's belief, that cancellation of its existing contract is offset by its signing of the new contract and the Company will be able to be a going concern.

NOTES TO FINANCIALS

1. Revenue is contributed primarily by distribution of beauty products and EV equipment sales.
2. Cost of sales comprise primarily of purchases associated with beauty products and EV equipment.
3. Other operating expenses comprises primarily net foreign exchange gain / loss, impairment loss on inventory and depreciation of property, plant and equipment.
4. Property, plant and equipment refer mainly to Company's machinery and equipment.
5. lnventories refer mainly to stock on hand of beauty products and EV equipment
6. Trade receivables refer mainly to receivables from beauty products and EV equipment sales.
7. Other receivables and deposits refer mainly to prepayment of beauty products and EV equipment.
8. Term loan refers mainly to loan from a director and secured by way of corporate guarantee by the Company