WRIT Media : December 31, 2021 Financial Report

WRIT Media Group, Inc.

Index to consolidated financial statements

(Unaudited)

	Page
Consolidated Balance Sheets	2
Consolidated Statements of Operations and Comprehensive Loss	3
Consolidated Statements of Stockholders' Deficit	4
Consolidated Statements of Cash Flows	5
Notes to the Consolidated Financial Statements	6-11

WRIT Media Group, Inc.
Consolidated Balance Sheets
(Unaudited)
	December 31,		March 31,
		2021		2021
Assets
Current Assets:
Cash and cash equivalents	$	1,843	$	1,796
Total current assets		1,843		1,796
Noncurrent Assets:
Property and equipment, net		1,568		1,859
Intangible assets, net		-		219,880
Unproved oil and gas properties, Full cost		5,550,000		5,550,000
Total noncurrent assets		5,551,568		5,771,739
Total Assets	$	5,553,411	$	5,773,535
Liabilities and Stockholders' Deficit
Current Liabilities:
Accounts payable		35,407		50,276
Accrued liabilities		402,140		325,698
Convertible debts, net		420,265		496,487
Notes payable		192,825		206,365
Notes payable - related party		200,000		114,335
Due to related party		354,713		288,905
Accrued settlement		252,770		252,770
Series C Convertible preferred stock, $.00001 par, 20,000,000 shares authorized, 1,000,000		5,750,000		5,750,000
issued and outstanding
Series C accrued dividends		3,194,203		2,547,328
Total current liabilities		10,802,323		10,032,164
Total Liabilities		10,802,323		10,032,164
Stockholders' Deficit:
Preferred Stock:
Series A Convertible preferred stock, $.00001 par, 130,000,000 shares authorized and 2,290		-		-
shares issued and outstanding, respectively
Series B Convertible preferred stock, $.00001 par, 70,000,000 shares authorized none issued		-		-
and outstanding
Common stock, $.00001 par, 20,000,000,000 shares authorized and 76,383,030 and 63,455,977
shares issued and outstanding, respectively		765		636
Additional paid-in capital		9,681,630		9,446,699
Accumulated deficit		(14,931,307)		(13,705,964)
Total Stockholders' Deficit		(5,248,912)		(4,258,629)
Total Liabilities and Stockholders' Deficit	$	5,553,411	$	5,773,535
See accompanying notes to the unaudited financial statements.

.

2

		WRIT Media Group, Inc.
	Consolidated Statements of Operations
		(Unaudited)
		Three Months Ended			Nine Months Ended
	December 31, 2021	December 31, 2020	December 31, 2021	December 31, 2020
Revenue
Revenue	$	45,540	$	-	$	45,540	$	41,584
Operating Costs and expenses:
Wages and benefits		37,500		37,500		112,500		112,500
Legal fee		10,000		1,715		50,431		77,693
General and administrative		18,992		227,595		301,115		761,422
Total operating expenses		66,492		266,810		464,046		951,615
Loss from operations		(20,952)		(266,810)		(418,506)		(910,031)
Other income (expenses):
Interest expense		(207,507)		(261,191)		(722,462)		(689,303)
Change in fair value of preferred shares dividends		(28,125)		(28,125)		(84,375)		(84,375)
Net loss	$	(256,584)	$	(556,126)	$	(1,225,343)	$	(1,683,709)
Loss per share - basic and diluted	$	(0.00)	$	(0.01)	$	(0.02)	$	(0.03)
Weighted average shares outstanding - basic and diluted		76,608,030		60,720,356		75,840,976		60,720,356
See accompanying notes to the unaudited financial statements.

3

			WRIT Media Group, Inc.
	Statements of Stockholders' Equity (Deficit)
	For the nine months ended December 31, 2021 and 2020
				(Unaudited)
							Additional				Total
	Common Stock	Preferred Stock - Series A		Paid-in	Accumulated	Stockholders'
	Shares	Amount	Shares		Amount		Capital		Deficit		Equity
Balance March 31, 2021	63,680,977	$	636	2,290	$	-	$	9,446,699	$	(13,705,964)	$	(4,258,629)
Issuance of shares for conversion of debt and
accrued interest	12,927,053		129	-		-		234,931		-		235,060
Net loss	-		-	-		-		-		(1,225,343)		(1,225,343)
Balance December 31, 2021	76,608,030	$	765	2,290	$	-	$	9,681,630	$	(14,931,307)	$	(5,248,912)
Balance March 31, 2020	60,720,356		606	2,290		-		9,260,167		(11,408,011)	$	(2,147,238)
Payments on loans from related parties								166,667				166,667
Net loss	-		-	-		-		-		(1,683,709)		(1,683,709)
Balance December 31, 2020	60,720,356	$	606	2,290	$	-	$	9,426,834	$	(13,091,720)	$	(3,664,280)
	See accompanying notes to the unaudited financial statements.

4

WRIT Media Group, Inc.
Statements of Cash Flows
(Unaudited)
		Nine Months Ended
	December 31, 2021	December 31, 2020
Cash Flows from Operating Activities:
Net loss	$	(1,225,343)	$	(1,683,709)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		219,977		724,638
Change in fair value of preferred shares		28,125		28,125
Accrued Preferred C dividends		618,750		618,750
Amortization of debt discount		83,333		-
Changes in operating assets and liabilities:
Accounts payable		(14,869)		16,007
Accrued liabilities		151,947		15,795
Accounts payable and accrued expenses - related party		65,808		43,177
Net cash used in operating activities		(72,272)		(237,217)
Cash Flows from Financing Activities:
Advances from related party		85,665		(170,565)
Proceeds from notes payable		(13,540)		241,058
Payments on loan payable		-		166,667
Net cash provided by financing activities		72,125		237,160
Net change in cash and cash equivalents		47		(57)
Cash and cash equivalents, at beginning of period		1,796		865
Cash and cash equivalents, at end of period	$	1,843	$	808
Supplemental disclosures of cash flow information:
Cash paid for interest	$	1,490	$	-
Cash paid for income taxes	$	-	$	-
Supplemental disclosure of non-cash investing and financing activities:
Common shares issued for conversion of notes payable and accrued interest	$	235,060	$	-
Note payable transferred to convertible note payable	$	-	$	250,000
Accrued interest added to principal	$	-	$	103,075
Debt doscount from beneficial conversion feature	$	-	$	166,667
See accompanying notes to the unaudited financial statements.

5