Green Globe International, Inc.

Incorporating Hempacco Co., Inc. on a fully consolidated basis

Incorporated in Delaware - November 12, 1999

Consolidated Financial Statements

For the 12 Months Ended

December 31, 2021

Statements issued and prepared by Management

Green Globe International, Inc.

Index to Consolidated Financial Statements

Consolidated Balance Sheets as of December 31, 2021 and 2020 F-3

Consolidated Statements of Operations - 12 Months ended December 31, 2021 and 2020 F-4

Consolidated Statement of Stockholders Equity as of December 31, 2021 and 2020 F-5

Consolidated Statements of Cash Flows 12 Months ended December 31, 2021 and 2020 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

December 31, 2021

December 31, 2020

ASSETS

Current Assets

Cash

$

1,521,027

$ 500

Accounts Receivable - Related Parties

137,297 5,587

Accounts Receivable

144,246 10,390

Less: Receivables Impairment Allowance

Inventory at Cost Less Obsolescence Allowance Investment - Best n' Pet

- 198,936

(10,290) 92,699

- 100,000

Deposits & Prepayments

706,273 2,576

Total Current Assets

2,707,780

201,462

Property and Equipment

Leasehold Improvements Furniture, Fixtures & Equipment Accumulated Depreciation

12,431 5,149,306 (161,441) 5,000,295

12,431 5,067,730

Total Property and EquipmentOther Assets

Operating Lease - Right of Use Asset

Right of Use Assets - Accumulated Amortization Warrant Valuation Asset - Less Amortization

Total Other Assets

(74,852) 5,005,309

659,319 (191,152) 209,214 677,380

642,752 (91,629)

- 551,123

Total Assets

$

8,385,455

$

5,757,894

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities

Accounts Payable & Accrued Expenses Accounts Payable - Related Parties

$

98,457

$ 154,517

162,405 425,817

2,128,393 756,971

Customer Pre-paid Invoices & Deferred Revenue Convertible Promissory Notes

Loans Payable - Related Parties Equipment Loan

900,000 9,600 1,482,681

- 26,600 1,469,535

Other Short Term Loans

168,328 167,500

Operating Lease - Right of Use Liability - Short Term Portion

111,077 97,010

Total Current Liabilities

5,060,941

3,097,950

Long Term Liabilities

37,592 3,590

Accrued Interest on Long Term Notes Long Term Promissory Notes Payable

175,000 25,000

Long Term Promissory Notes Payable - Related Parties

- 11,500

Right of Use Liability - Straight-Line Rent Rule - Deferred Rent Right of Use Liability - Long Term Portion

15,226 9,362

357,091 454,113

Total Long Term Liabilities

584,909

503,565

Total Liabilities

5,645,849

3,601,515

Stockholders' Equity

Preferred stock Series C, $.0001 par value; 25,000,000,000 and 5,000,000,000 shares authorized as of December 31, 2021 and 2020 respectively. 20,000,006,200 and 6,200 shares outstanding as of December 31, 2021 and December 31, 2020.

2,000,000

1

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 and 5,000,000,000 shares authorized as of December 31, 2021 and 2020 respectively. 54,816,153,814 and 3,700,640,356 shares issued, and 54,226,653,814 and 3,700,640,356 outstanding as of December 31, 2021 and December 31, 2020.

370,063

Additional Paid in Capital

Warrant Reserves Shares Issued Accumulated Deficit

Total Stockholders' Equity Non-Controlling Interests

5,481,614 13,933,731

(58,950) (19,695,905)

16,964,040 -

(15,177,725)

1,660,490 1,079,116 2,739,606

2,156,379 -

Total Equity

2,156,379

Total liabilities and Equity

$

8,385,455

$

5,757,894

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

For the Year Ended December 31, 2021

For the Year Ended December 31, 2020

Revenue

Sale of Materials

$

805,969

$

135,867

Sale of Materials - Related Parties

139,114

64,290

White Label Production & Consulting

242,190

145,832

Total Revenue

1,187,273

345,989

Cost of Goods Sold (including inventory obsolescense of $623,375)

850,901

899,699

Gross Profit / (Loss) from Operations

336,372

(553,710)

Expenses

General & Administrative

1,211,581

303,682

General & Administrative - Related Parties

399,259

420,000

Sales & Marketing

878,596

27,597

Research & Development

2,090

-

Total Expenses

2,491,526

751,279

Operating Loss

(2,155,154)

(1,304,989)

Other Income / (Expenses)

Interest expense - including warrant discounts Loss on Disposal of Investment

(313,834) (100,000)

(175,273)

Other Expenses

(1,666)

(32)

Total Other Expenses

(415,500)

(175,305)

Net Loss

$

(2,570,654)

$

(1,480,294)

Net Loss attributable to non-controlling interests

137,715

-

Dividend issued to preferred stockholders

(757,479)

-

Net Loss attributable to common shareholders

$

(3,190,418)

$

(1,480,294)

PER SHARE DATA:

Basic & Dilutive Income / (Loss) per common share

($0.00)

($0.00)

Weighted average shares basic and diluted

54,226,653,814

3,700,640,396

The accompanying notes are an integral part of these financial statements

Page F-4

Green Globe International, Inc.

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

Preferred Shares

Balances - December 31, 2020

Issuance of Shares for Acquisition of Hempacco - 6-9-2021

Issuance of License Fee to Old Belt Extracts - 6-21-2021

GGII Net Profit for 6 Month Period ended June 30, 2021:

UST Mexico - Conversion of Common to Pref - 6-27-2021

Balances - June 30, 2021

6,300

Stock $ Amnt @ Par

Common Shares

Stock $ Amnt @ Par

Loss of Goodwill on Consolidation with Hempacco - June 9, 2021 Adjustment to Acc. Deficit as of - December 31, 2020** Hempacco Net Losses 6-10-21 through 6-30-20

Cancellation of 100 Preferred Shares Series A on consolidation Fischer Notes Settlement

EMC2 Capital - Loan Inducement (BCF) First Fire Global - Loan Inducement (BCF)

GGII Warrant Reserve Issues EMC2, First Fire & JSJ

Net Loss for 3 Month Period ended September 30, 2021: - GGII

Net Loss for 3 Month Period ended September 30, 2021: - Hempacco Balances - September 30, 2021

-

$

Additional Paid in Capital

APIC

Warrant Reserve SharesRetained Deficit

$

Non-Controlling

Stockholders'

Interests

Equity

3,700,640,356

370,063

$ 13,138,683

$

-$

(13,574,937)

$

(66,190)Proforma Consolidation AJE for Wizards & Kings Warrants LGH Investments - Loan Inducement

Mast Hill Fund, LLC - Loan Inducement

GGII Warrant Reserve Isssues - MacRab, LGH & Mast Hill Hasvold Preference Share Conversion

Equity Based Compensation

Warrant Discounts to Convertible Notes

Valuation of Warrants Issued to Hemp Hop JV Partners J.H. Darbie & Co. Warrants issued as commissions Hempacco Co., Inc. pre-IPO share issuances

Equity Attributable to Non-Controlling Interests Losses Attributable to Non-Controlling Interests Proforma Equity Adjustments for Hempacco consolidation Net Loss for 3 Month Period ended December 31, 2021 Balances - December 31, 2021

-

-

-

-

-

The accompanying notes are an integral part of these financial statements

Page F-5

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Green Globe International Inc. published this content on 04 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 April 2022 07:03:01 UTC.