WRIT Media : June 30, 2022 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' Equity (Deficit)	4
Consolidated Statements of Cash Flows	5
Notes to the Consolidated Financial Statements	6-13

WRIT Media Group, Inc.

Consolidated Balance Sheets

(Unaudited)

		June 30,			March 31,
		2022			2022
Assets
Current Assets:
Cash and cash equivalents	$	720	$	660
Total current assets		720			660
Noncurrent Assets:
Property and equipment, net		1,374			1,471
Intangible assets, net		-			-
Unproved oil and gas properties, Full cost		5,550,000			5,550,000
Total noncurrent assets		5,551,374			5,551,471
Total Assets	$	5,552,094	$	5,552,131
Liabilities and Stockholders' Deficit
Current Liabilities:
Accounts payable		165,643			164,029
Accrued liabilities		363,348			392,213
Convertible debts, net		420,265			420,265
Notes payable		192,825			192,825
Notes payable - related party		200,000			200,000
Due to related party		520,263			426,656
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		3,625,453			3,194,203
Total current liabilities		11,490,567			10,992,961
Total Liabilities		11,490,567			10,992,961
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		755			755
Additional paid-in capital		9,670,390			9,670,390
Accumulated deficit		(15,609,618)			(15,111,795)
Total Stockholders' Deficit		(5,938,473)			(5,440,650)
Total Liabilities and Stockholders' Deficit	$	5,552,094	$	5,552,311

See accompanying notes to the unaudited financial statements.

WRIT Media Group, Inc.

Consolidated Statements of Operations

(Unaudited)

	Three Months Ended		Three Months Ended
		June 30, 2022			June 30, 2021
Revenue
Revenue	$	-	$	-
Operating Costs and expenses:
Wages and benefits		37,500			37,500
Legal fee		2,500			26,189
General and administrative		6,564			245,334
Total operating expenses		46,564			309,023
Loss from operations		(46,564)			(309,023)
Other income (expenses):
Interest expense		(395,008)			(265,174)
Change in fair value of preferred shares dividends		(56,250)			(28,125)
Net loss	$	(497,822)	$	(602,322)
Loss per share - basic and diluted	$	(0.01)	$	0.01
Weighted average shares outstanding - basic and diluted		75,483,034			74,290,010

See accompanying notes to the unaudited financial statements.

		WRIT Media Group, Inc.
	Statements of Stockholders' Equity (Deficit)
	For the three months ended June 30, 2022 and 2021
				(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	-		-	-		-	-	(602,322)	(602,322)
Balance June 30, 2021	76,608,030	$	765	2,290	$	-	$ 9,681,630	$ (14,308,286)	$ (4,625,891)
Balance March 31, 2021	75,483,034		755	2,290	$	-	9,670,390	(15,111,795)	(5,440,650)
Accrued dividends Series C preferred shares	-		-	-		-	-	-	-
Net loss	-		-	-		-	-	(497,823)	(497,823)
Balance June 30, 2022	75,483,034	$	755	2,290	$	-	$ 9,670,390	$ (15,609,618)	$ (5,938,473)
	See accompanying notes to the unaudited financial statements.

WRIT Media Group, Inc.

Statements of Cash Flows

(Unaudited)

		Three Months Ended
		June 30, 2022			June 30, 2021
Cash Flows from Operating Activities:
Net loss	$	(497,822)	$	(602,322)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		96			219,977
Change in fair value of preferred shares		56,250			28,125
Accrued Preferred C dividends		375,000			187,500
Amortization of debt discount		-			41,667
Changes in operating assets and liabilities:
Accounts payable		(1,614)			(2,721)
Accrued liabilities		23,236			32,517
Accounts payable and accrued expenses - related party		37,500			48,661
Net cash used in operating activities		(7,354)			(46,596)
Cash Flows from Financing Activities:
Advances from related party		7,414			45,500
Proceeds from notes payable		-			-
Net cash provided by financing activities		7,414			45,500
Net change in cash and cash equivalents		60			(1,096)
Cash and cash equivalents, at beginning of period		660			1,796
Cash and cash equivalents, at end of period	$	720	$	700
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

See accompanying notes to the unaudited financial statements.