GREEN GLOBE INTERNATIONAL, INC. Green Globe International, Inc.
Incorporating Hempacco Co., Inc. on a fully consolidated basis
Incorporated in Delaware - November 12, 1999
Condensed Consolidated Interim Financial Statements
For the 3 Months Ended
March 31, 2022
Statements issued and prepared by Management
Unaudited
Green Globe International, Inc.
Index to Consolidated Financial Statements
Condensed Consolidated Balance Sheets as of March 31, 20222 and December 31, 2021 | F-3 |
Condensed Consolidated Statements of Operations - 3 Months ended March 31, 2022 and 2021 | F-4 |
Condensed Consolidated Statement of Stockholders Equity as of March 31, 2022 | F-5 |
Condensed Consolidated Statements of Cash Flows 3 Months ended March 31, 2022 and 2021 | F-6 |
Notes to the Financial Statements | F-7 |
The accompanying notes are an integral part of these financial Statements
Page F-2
Green Globe International, Inc.
Incorporating Hempacco Co., Inc. on a fully consolidated basis
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, | December 31, | |||||
2022 | 2021 | |||||
ASSETS | ||||||
Current Assets | ||||||
Cash | $ | 91,282 | $ | 1,521,027 | ||
Accounts receivable - related parties | 316,580 | 137,297 | ||||
Accounts receivable | 391,186 | 144,246 | ||||
Less: Receivables impairment allowance | (7,275) | - | ||||
Inventory at cost less obsolescence allowance | 1,475,277 | 198,936 | ||||
Deposits & prepayments | 816,381 | 706,273 | ||||
Total Current Assets | 3,083,432 | 2,707,779 | ||||
Property and Equipment | ||||||
Leasehold improvements | 31,431 | 12,431 | ||||
Furniture, fixtures & equipment | 7,099,156 | 5,149,306 | ||||
Accumulated depreciation | (730,749) | (161,441) | ||||
Total Property and Equipment | 6,399,838 | 5,000,296 | ||||
Other Assets | ||||||
Operating lease - right of use asset | 6,109,130 | 659,319 | ||||
Right of use Assets - accumulated amortization | (358,679) | (191,152) | ||||
Total Other Assets | 5,750,451 | 677,381 | ||||
Intangible Assets | ||||||
Warrant valuations - less accumulated amortization | 594,047 | 209,214 | ||||
Total Assets | $ | 15,827,768 | $ | 8,385,455 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current Liabilities | ||||||
Accounts payable & accrued expenses | $ | 590,124 | $ | 98,457 | ||
Accounts payable - related parties | 1,033,823 | 162,405 | ||||
Customer pre-paid invoices & deferred revenue | 1,961,915 | 2,128,393 | ||||
Convertible promissory notes | 900,000 | 900,000 | ||||
Loans payable - related parties | 166,146 | 9,600 | ||||
Equipment loans | 1,463,837 | 1,482,681 | ||||
Other short term loans | 168,328 | 168,328 | ||||
Operating lease - right of use liability - short term portion | 694,339 | 111,077 | ||||
Total Current Liabilities | 6,978,510 | 5,060,941 | ||||
Long Term Liabilities | ||||||
Accrued interest on long term notes | 77,884 | 37,592 | ||||
Long term promissory notes payable | 175,000 | 175,000 | ||||
Right of use liability - straight-line rent rule - deferred rent | 40,930 | 15,226 | ||||
Right of use liability - long term portion | 5,056,113 | 357,091 | ||||
Total Long Term Liabilities | 5,349,927 | 584,909 | ||||
Total Liabilities | 12,328,436 | 5,645,849 | ||||
Stockholders' Equity | ||||||
Preferred stock Series C, $.0001 par value; 25,000,000,000 shares authorized as of March 31, 2022 and December 31, 2021 | 2,000,000 | 2,000,000 | ||||
respectively. 20,000,003,200 and 20,000,004,200 shares outstanding as of March 31, 2022 and December 31, 2021 respectively. | ||||||
Participating Preferred stock Series A no par value - the 100 issued and outstanding shares were cancelled on May 21, 2021 | - | - | ||||
Common stock, $.0001 par value; 75,000,000,000 shares authorized as of March 31, 2022 and December 31, 2021 respectively. | ||||||
54,816,153,814 and 54,816,153,814 shares issued, and 54,226,653,814 and 3,700,640,356 outstanding as of March 31, 2022 | 5,482,034 | 5,481,614 | ||||
and December 31, 2021 respectively. | ||||||
Additional paid in capital | 15,841,638 | 13,933,731 | ||||
Warrant reserves shares issued | (58,950) | (58,950) | ||||
Accumulated deficit | (20,080,652) | (19,695,905) | ||||
Total Stockholders' Equity | 3,184,070 | 1,660,491 | ||||
Non-Controlling interests | 315,261 | 1,079,116 | ||||
Total Equity | 3,499,332 | 2,739,606 | ||||
Total liabilities and Equity | $ | 15,827,768 | $ | 8,385,455 | ||
The accompanying notes are an integral part of these Consolidated Financial Statements
Page F-3
Green Globe International, Inc.
Incorporating Hempacco Co., Inc. on a fully consolidated basis
STATEMENT OF OPERATIONS
(Unaudited) | ||||||
For the 3-Months | For the 3-Months | |||||
Ended March 31, | Ended March 31, | |||||
2022 | 2021 | |||||
Revenue | ||||||
Sale of Materials | $ | 1,373,406 | $ | 53,728 | ||
Sale of Materials - Related Parties | 1,000 | - | ||||
White Label Production & Consulting | 47,314 | 29,998 | ||||
Total Revenue | 1,421,720 | 83,726 | ||||
Cost of Goods Sold (including inventory obsolescense of $623,375) | 1,397,605 | 23,526 | ||||
Gross Profit / (Loss) from Operations | 24,116 | 60,200 | ||||
Expenses | ||||||
General & Administrative | 757,251 | 541,247 | ||||
General & Administrative - Related Parties | 97,500 | 197,321 | ||||
Sales & Marketing | 225,356 | 6,540 | ||||
Research & Development | 4,055 | - | ||||
Total Expenses | 1,084,162 | 745,109 | ||||
Operating Loss | (1,060,046) | (684,909) | ||||
Other Income / (Expenses) | ||||||
Interest expense - including warrant valuations | (59,096) | (126,019) | ||||
Loss on Disposal of Assets | (10,690) | (100,000) | ||||
Other Expenses | (2,770) | (143) | ||||
Total Other Expenses | (72,556) | (226,162) | ||||
Net Loss | $ | (1,132,602) | $ | (911,071) | ||
Net Loss attributable to non-controlling interests | 294,610 | - | ||||
Dividend issued to preferred stockholders | - | - | ||||
Net Loss attributable to common shareholders | $ | (837,992) | $ | (911,071) | ||
PER SHARE DATA: | ||||||
Basic & Dilutive Income / (Loss) per common share | ($0.00) | ($0.00) | ||||
Weighted average shares basic and diluted | 54,226,653,814 | 3,700,640,356 | ||||
The accompanying notes are an integral part of these financial statements
Page F-4
Green Globe International, Inc.
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
(Unaudited)
Preferred | Stock $ | Common | Stock $ | Additional | APIC | Retained | Non-Controlling | Stockholders' | ||||||||||||||||||
Shares | Amnt @ Par | Shares | Amnt @ Par | Paid in Capital | Warrant | Deficit | Interests | Equity | ||||||||||||||||||
GGII & HPCO | Reserve Shares | |||||||||||||||||||||||||
Balances - March 31, 2021 | 6,300 | $ | 1 | 3,700,640,356 | $ | 370,063 | $ | 13,138,683 | $ | - | $ | (13,680,624) | $ | - | (171,877) | |||||||||||
Issuance of Shares for Acquisition of Hempacco - 6-9-2021 | - | - | 70,312,160,174 | 7,031,216 | - | - | - | 7,031,216 | ||||||||||||||||||
Loss of Goodwill on Consolidation with Hempacco - June 9, 2021 | - | - | - | - | - | - | (4,290,216) | (4,290,216) | ||||||||||||||||||
Issuance of License Fee to Old Belt Extracts - 6-21-2021 | - | - | 4,347,826 | 435 | - | - | - | 435 | ||||||||||||||||||
Cancellation of 100 Preferred Shares Series A on Merger | (100) | (0) | - | - | - | (0) | ||||||||||||||||||||
GGII Net Profit for 3 Month Period ended June 30, 2021: | - | - | - | - | - | - | 134,377 | 134,377 | ||||||||||||||||||
Hempacco Net Losses 6-10-21 through 6-30-20 | - | - | - | - | - | (33,669) | (33,669) | |||||||||||||||||||
UST Mexico - Conversion of Common to Pref - 6-27-2021 | 20,000,000,000 | 2,000,000 | (20,000,000,000) | (2,000,000) | - | - | - | |||||||||||||||||||
Balances - June 30, 2021 | 20,000,006,200 | 2,000,001 | 54,017,148,356 | 5,401,714 | 13,138,683 | - | (17,870,132) | - | 2,670,266 | |||||||||||||||||
Fischer Notes Settlement - August 10, 2021 | 200,000,000 | 20,000 | 20,000 | |||||||||||||||||||||||
EMC2 Capital - Loan Inducement (BCF) | 1,000,000 | 100 | - | 100 | ||||||||||||||||||||||
First Fire Global - Loan Inducement (BCF) | 2,000,000 | 200 | - | 200 | ||||||||||||||||||||||
GGII Warrant Reserve Issues EMC2, First Fire & JSJ | 327,500,000 | 32,750 | (32,750) | - | ||||||||||||||||||||||
Net Loss for 3 Month Period ended September 30, 2021: | (535,383) | (535,383) | ||||||||||||||||||||||||
Balances - September 30, 2021 | 20,000,006,200 | 2,000,001 | 54,547,648,356 | 5,454,764 | 13,138,683 | (32,750) | (18,405,515) | - | 2,155,183 | |||||||||||||||||
Proforma Consolidation AJE for Wizards & Kings Warrants | - | - | - | - | 178,317 | - | - | - | 178,317 | |||||||||||||||||
LGH Investments - Loan Inducement | 1,000,000 | 100 | 100 | |||||||||||||||||||||||
Mast Hill Fund, LLC - Loan Inducement | 2,000,000 | 200 | 200 | |||||||||||||||||||||||
GGII Warrant Reserve Isssues - MacRab, LGH & Mast Hill | 262,000,000 | 26,200 | (26,200) | - | ||||||||||||||||||||||
Hasvold Preference Share Conversion | (2,000) | - | 1,005,458 | 101 | - | 101 | ||||||||||||||||||||
Equity Based Compensation | - | - | 2,500,000 | 250 | 13,750 | 14,000 | ||||||||||||||||||||
Warrant Discounts to Convertible Notes | 228,775 | 228,775 | ||||||||||||||||||||||||
Valuation of Warrants Issued to Hemp Hop JV Partners | 358,500 | 358,500 | ||||||||||||||||||||||||
J.H. Darbie & Co. Warrants issued as commissions | 15,706 | 15,706 | ||||||||||||||||||||||||
Hempacco Co., Inc. pre-IPO share issuances | 1,027,565 | 1,027,565 | ||||||||||||||||||||||||
Equity Attributable to Non-Controlling Interests | (189,266) | 189,266 | - | |||||||||||||||||||||||
Losses Attributable to Non-Controlling Interests | 137,715 | (137,715) | - | |||||||||||||||||||||||
Net Loss for 3 Month Period ended December 31, 2021: | - | - | - | - | - | - | (1,238,839) | - | (1,238,839) | |||||||||||||||||
Balances - December 31, 2021 | 20,000,004,200 | $ | 2,000,000 | 54,816,153,814 | $ | 5,481,614 | $ | 13,933,731 | $ | (58,950) | $ | (19,695,905) | $ | 1,079,116 | $ | 2,739,606 | ||||||||||
Hempacco non-controlling interests from 2021 | - | - | - | - | - | - | $ | 14,250 | $ | (14,250) | - | |||||||||||||||
Equity Based Compensation | - | - | 2,500,000 | 250 | 7,250 | - | - | - | 7,500 | |||||||||||||||||
Conversion of Preference Shares to Common Shares | (1,000) | - | 1,700,591 | 170 | (170) | - | - | - | - | |||||||||||||||||
Issue of warrants to joint venture partners | - | - | - | - | - | - | - | - | - | |||||||||||||||||
Creation of Intangible Assets - Warrant Valuations in Hempacco | 437,375 | - | 437,375 | |||||||||||||||||||||||
Hempacco Pre-IPO Equity Raise Expenses | - | (16,000) | (16,000) | |||||||||||||||||||||||
Non-Controlling Interest - Aditional Paid in Capital | - | - | 1,463,452 | 1,463,452 | ||||||||||||||||||||||
Equity Adjustment - Attributable to Non-Controlling Interests | 438,995 | (438,995) | (0) | |||||||||||||||||||||||
Losses Attributable to Non-Controlling Interests | 294,610 | (294,610) | - | |||||||||||||||||||||||
Net Loss for 3 Month Period ended March 31, 2022: | - | - | - | - | - | - | (1,132,602) | - | (1,132,602) | |||||||||||||||||
Balances - March 31, 2022 | 20,000,003,200 | $ | 2,000,000 | 54,820,354,405 | $ | 5,482,034 | $ | 15,841,638 | $ | (58,950) | $ | (20,080,652) | $ | 315,261 | $ | 3,499,332 | ||||||||||
Issued as Reserve for Warrants - NOT OUTSTANDING | 65,500,000 | $ | 6,550 | |||||||||||||||||||||||
EMC2 Capital | ||||||||||||||||||||||||||
First Fire Global | 131,000,000 | $ | 13,100 | |||||||||||||||||||||||
JSJ Investments | 131,000,000 | $ | 13,100 | |||||||||||||||||||||||
MacRab LLC | 65,500,000 | $ | 6,550 | |||||||||||||||||||||||
LGH Investments | 65,500,000 | $ | 6,550 | |||||||||||||||||||||||
Mast Hill | 131,000,000 | $ | 13,100 | |||||||||||||||||||||||
589,500,000 | $ | 58,950 | ||||||||||||||||||||||||
Issued and Outstanding: | 54,230,854,405 | |||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements
Page F-5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Green Globe International 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 02:25:06 UTC.
