Results of Operations
For the three months ended March 31, 2022
Sales
During the three months ended March 31, 2022, sales were $22,000 compared to $11,000 for the three months ended March 31, 2021, an increase of $11,000. Sales during both periods were primarily related to consulting services.
Selling, general and administrative
For the three months ended March 31, 2022, selling, general and administrative expenses were $104,000 compared to $87,000 for the three months ended March 31, 2021, an increase of $17,000 The increase in FY 2021 was primarily attributed to an increase in legal fees.
For the nine months ended March 31, 2022
Sales
During the nine months ended March 31, 2022, sales were $34,000 compared to $19,000 for the nine months ended March 31, 2021, an increase of $15,000. Sales during both periods were primarily related to consulting services.
Selling, general and administrative
For the nine months ended March 31, 2022, selling, general and administrative expenses were $272,000 compared to $256,000 for the nine months ended March 31, 2021 a decrease of $16,000. The increase in FY 2021 was primarily attributed to an increase in legal fees.
Liquidity and capital resources
We have financed our operations primarily through cash generated from the sale of our stock and loans to us. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. During the nine months ended March 31, 2022, the Company suffered net losses of $646,000. As of March 31, 2022, the Company had a working capital and stockholders' deficiency of $17,337,000. Historically, the Company has sustained its operations primarily through equity and debt financing. These conditions raise substantial doubt about the Company's ability to continue as a going concern.
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Quarterly Report
As of and for the Nine Months Ended
March 31, 2022
CONSOLIDATED FINANCIAL INFORMATION
PAGE | |
Consolidated Balance Sheets as of March 31, 2022 and June 30, 2021 | 2 |
Consolidated Statements of Operations for three and six months ended March 31, 2022 and | 3 |
2021 (unaudited) | |
Consolidated Statements of Changes in Stockholders' Deficiency | 4 |
Consolidated Statements of Cash Flows for the nine months ended March 31, 2022 and 2021 | 5 |
(unaudited) | |
Notes to the consolidated financial statements | 6 |
2
COM-GUARD.COM, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(unaudited)
December 31, | June 30, | |||
ASSETS | 2021 | 2021 | ||
Current assets | ||||
Cash and cash equivalents | $ | - | $ | 1,000 |
Other current assets | 571,000 | 566,000 | ||
Total assets | $ | $ | ||
572,000 | 567,000 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities | ||||
Accounts payable | $ | 203,000 | $ | 203,000 |
Accrued expenses | 11,921,000 | 11,271,000 | ||
Line of credit - bank | 25,000 | 25,000 | ||
Notes payable | 5,759,000 | 5,799,000 | ||
Total current liabilities | ||||
17,908,000 | 17,298,000 | |||
Stockholders' equity | ||||
Series A convertible preferred stock, $.001 par value, 6,000,000 | 6,000 | 6,000 | ||
shares issued and outstanding | ||||
Common stock, $.001 par value, 1,000,000,000 shares authorized, | 543,000 | 503,000 | ||
502,289,901 shares issued and outstanding, respectively | ||||
Additional paid-in-capital | 11,030,000 | 11,030,000 | ||
Accumulated deficit | (28,916,000) | (28,270,000) | ||
Total stockholders' equity | ||||
(17,337,000) | (16,731,000) | |||
Total liabilities and stockholders' equity | $ | $ | ||
571,000 | 567,000 | |||
See accompanying notes to consolidated financial statements.
3
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the three months ended | For the nine months ended | |||||||||
March 31, | March 31, | |||||||||
2022 | 2021 | 2022 | 2021 | |||||||
Revenues | $ | 22,000 | $ | 11,000 | $ | 34,000 | $ | 19,000 | ||
Selling, general and administrative | 104,000 | 87,000 | 272,000 | 256,000 | ||||||
Loss from operations | ||||||||||
(82,000) | (82,000) | (238,000) | (161,000) | |||||||
Other Income (expense) | ||||||||||
Interest expense | (136,000) | (135,000) | (408,000) | (408,000) | ||||||
Net loss | $ | $ | $ | $ | ||||||
(218,000) | (211,000) | (646,000) | (645,000) | |||||||
Net loss per share - basic and diluted | $ | $ | $ | $ | ||||||
(0.0004) | (0.0004) | (0.0012) | (0.0013) | |||||||
Weighted average number of shares outstanding - | ||||||||||
basic and diluted | 542,289,901 | 502,289,901 | 542,289,901 | 502,289,901 |
See accompanying notes to consolidated financial statements.
4
COM-GUARD.COM, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIENCY FOR THE YEAR ENDED June 30, 2021 AND The Nine Months Ended March 31, 2022
Preferred Stock | |||
Shares | Amount | ||
Balance, July 1, | 6,000,000 | $ | 6,000 |
2020 | |||
Net loss | - | - | |
Balance, June 30, | 6,000,000 | $ | 6,000 |
2021 | |||
Stock issued for | |||
convertible debt | |||
Net loss | |||
Balance, March 31, | 6,000,000 | $ | 6,000 |
2022 | |||
Common Stock | Additional | Accumulated | |||||||
Paid-In | |||||||||
Shares | Amount | Capital | Deficit | Total | |||||
502,289,901 | $ | 503,000 | $ | 11,030,000 | $ | -27,406,000 | $ | -15,867,000 | |
- | - | - | -864,000 | -864,000 | |||||
502,289,901 | $ | 503,000 | $ | 11,030,000 | $ | -28,270,000 | $ | -16,731,000 | |
40,000,000 | 40,000 | - | 40,000 | ||||||
-646,000 | -646,000 | ||||||||
542,289,901 | $ | 543,000 | $ | 11,030,000 | $ | -28,916,000 | $ | -17,337,000 | |
See accompanying notes to consolidated financial statements.
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Com-Guard.com Inc. published this content on 21 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 May 2022 21:05:04 UTC.