BioElectronics Corporation
UNAUDITED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021
Trading Symbol: BIEL
CUSIP Number: 09062H108
These financial statements have not been subjected to an audit, review or compilation engagement, and no assurance is provided on them.
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Table of Contents
PAGES | |
Financial Statements (Unaudited): | |
Balance Sheets as of June 30, 2022 and December 31, 2021 | 3 |
Statements of Operations for the six months ended June 30, 2022 and 2021 | 4 |
Statements of Stockholders' Deficiency for the six months ended June 30, 2022, and | |
the years ended December 31, 2021 and 2020 | 5 |
Statements of Cash Flows for the six months ended June 30, 2022 and 2021 | 6 |
Notes to Financial Statements | 7-20 |
These financial statements have not been subjected to an audit, review or compilation engagement, and no assurance is provided on them.
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BioElectronics Corporation
Balance Sheets
(Unaudited)
June 30, | December 31, | ||||
2022 | 2021 | ||||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 1,737 | $ | 925 | |
Trade and other receivables, net | 127,805 | 57,699 | |||
Inventory | 62,824 | 25,262 | |||
Total current assets | 192,366 | 83,886 | |||
Property and equipment | 181,061 | 181,061 | |||
Less: Accumulated depreciation | (181,061) | (181,061) | |||
Property and equipment, net | - | - | |||
Total assets | $ | 192,366 | $ | 83,886 | |
Liabilities and stockholders' deficiency | |||||
Current liabilities: | |||||
Accounts payable | $ | 677,373 | $ | 647,844 | |
Accrued expenses | 1,092,500 | 1,116,351 | |||
Deferred revenue | 107,895 | 94,598 | |||
Related party notes payable, current portion | 3,198,655 | 2,724,441 | |||
Notes payable, current portion | 1,318,934 | 1,347,970 | |||
Total current liabilities | 6,395,357 | 5,931,204 | |||
Noncurrent liabilities: | |||||
Related party notes payable | 8,477,647 | 8,858,116 | |||
Notes payable | 510,211 | 412,070 | |||
Total noncurrent liabilities | 8,987,858 | 9,270,186 | |||
Total liabilities | 15,383,215 | 15,201,390 | |||
Stockholders' deficiency: | |||||
Common stock, and additional paid-in capital(discount), par value $0.001; | 23,335,780 | 23,188,973 | |||
25 billion shares authorized; 24,705,066,971 and 24,378,828,919 shares | |||||
outstanding as of June 30, 2022 and December 31, 2021, respectively. | |||||
Accumulated deficit | (38,526,629) | (38,306,477) | |||
Total stockholders' deficiency | (15,190,849) | (15,117,504) | |||
Total liabilities and stockholders' deficiency | $ | 192,366 | $ | 83,886 | |
These financial statements have not been subjected to an audit, review or compilation engagement, and no assurance is provided on them.
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BioElectronics Corporation
Statements of Operations
For the Three and Six Months Ended June 30, 2022 and 2021
(Unaudited)
For the Three Months Ended | For the Six Months Ended | ||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||
Sales | $ | 243,460 | $ | 412,585 | $ | 603,904 | $ | 1,012,555 | |||
Cost of goods sold | $ | 91,896 | 207,017 | 171,032 | 533,377 | ||||||
Gross profit | 151,564 | 205,568 | 432,872 | 479,178 | |||||||
General and administrative expenses: | |||||||||||
Research and development | $ | 97,749 | 82,324 | 143,909 | 163,039 | ||||||
Sales and marketing | 44,315 | 101,176 | 116,461 | 181,550 | |||||||
Legal and accounting | 8,846 | 2,726 | 13,845 | 12,837 | |||||||
Investor relations | 9,389 | 3,000 | 10,376 | 9,829 | |||||||
Other general and administrative expenses | 68,954 | 46,143 | 137,925 | 212,092 | |||||||
Total general and administrative expenses | 229,253 | 235,369 | 422,516 | 579,347 | |||||||
Income(Loss) from operations | (77,689) | (29,801) | 10,356 | (100,169) | |||||||
Other Income | - | 66,738 | - | 66,738 | |||||||
Interest expense | (125,245) | (82,918) | (230,508) | (151,114) | |||||||
Loss before income taxes | (202,934) | (45,981) | (220,152) | (184,545) | |||||||
Provision for income tax expense | - | - | - | - | |||||||
Net loss and comprehensive loss | $ | (202,934) | $ | (45,981) | $ | (220,152) | $ | (184,545) | |||
Net loss per share - basic and diluted | $ | (0.00001) | $ | - | $ | (0.00001) | $ | (0.00001) | |||
Weighted average number of shares | |||||||||||
outstanding - basic and diluted | 24,541,947,945 | 24,159,783,986 | 24,541,947,945 | 24,159,783,986 |
These financial statements have not been subjected to an audit, review or compilation engagement, and no assurance is provided on them.
4
BioElectronics Corporation | |||||||
Statement of Changes in Stockholders' Deficiency (Unaudited) | |||||||
For the Six Months Ended June 30, 2022, and Years Ended December 31, 2021 and 2020 | |||||||
Additional | |||||||
Paid-in Capital/ | |||||||
(Discount to | Accumulated | ||||||
Common Stock | Par) | Deficit | Total | ||||
Shares | Amount | ||||||
Balance at December 31, 2019 | 22,917,518,736 | $ | 22,917,519 | $ | (405,544) | $ (37,086,630) | $ (14,574,655) |
Issuance of common shares on | |||||||
conversions of notes payable | 1,083,265,250 | 1,083,265 | (631,569) | - | 451,696 | ||
Issuance of common shares for | |||||||
services rendered | 134,000,000 | 134,000 | (78,600) | 55,400 | |||
Issuance of stock options | 105,189 | 105,189 | |||||
Net loss | - | - | - | (1,159,722) | (1,159,722) | ||
Balance at December 31, 2020 | 24,134,783,986 | $ | 24,134,784 | $ | (1,010,524) | $ (38,246,352) | $ (15,122,092) |
Issuance of common shares on | |||||||
exercises of stock options | 50,000,000 | 50,000 | (43,500) | 6,500 | |||
Issuance of common shares on | |||||||
conversions of notes payable | 194,044,933 | 194,045 | (135,832) | 58,213 | |||
Conversion of consulting services to | |||||||
debt repayments | 229,696 | 229,696 | |||||
Net loss | (289,821) | (289,821) | |||||
Balance at December 31, 2021 | 24,378,828,919 | $ | 24,378,829 | $ | (1,189,856) | $ (38,306,477) | $ (15,117,504) |
Issuance of common shares on | |||||||
conversions of notes payable | 326,238,052 | 326,238 | (179,431) | 146,807 | |||
Net loss | (220,152) | (220,152) | |||||
Balance at June 30, 2022 | 24,705,066,971 | $ | 24,705,067 | $ | (1,369,287) | $ (38,526,629) | $ (15,190,849) |
These financial statements have not been subjected to an audit, review or compilation engagement, and no assurance is provided on them.
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BioElectronics Corporation published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 20:16:18 UTC.