GROOVE BOTANICALS, INC. Groove Botanicals, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
For the Three Months Ended
June 30,
2022 | 2021 | ||||
Cash Flow From Operating Activities | |||||
Net Income (Loss) | $ | 48,412 | $ | 186,819 | |
Adjustments to reconcile net loss to net cash used in | |||||
operating activities: | |||||
Amortization of Debt Discount | 19,979 | 9,973 | |||
Change in Derivative Liability | (88,284) | (214,146) | |||
Effect of Debt Discounts on Derivative Liability | - | 100,126 | |||
Effect of Valuation Adjustments on Debt Discounts | - | (104,650) | |||
Gain on Settlement of Debt | (25,000) | (52,458) | |||
Accrued Interest | 3,960 | 3,156 | |||
Accrued Payroll | 12,000 | 12,000 | |||
Reimbursable Expenses due to Related Party | 80 | - | |||
Changes in working capital | |||||
Decrease in Accounts Receivable | 210 | - | |||
Decrease in Prepaid Expenses | - | 50,000 | |||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | (170) | 972 | |||
Net Cash Used in Operating Activities | (28,812) | (8,207) | |||
Cash Flow From Investing Activities | |||||
Net Cash From Investing Activities | - | - | |||
Cash Flow From Financing Activities | |||||
Funds received from Related Party | 125,000 | 500 | |||
Funds distributed to Related Party | (4,000) | - | |||
Repayment of Outstanding Convertible Debt | (59,650) | - | |||
Repayment of Outstanding Contingent Liability | (70,350) | - | |||
Net Cash From Financing Activities | (9,000) | 500 | |||
Net Change in Cash | (37,812) | (7,707) | |||
Cash at Beginning of Period | 48,534 | 7,911 | |||
Cash at End of Period | $ | 10,721 | $ | 204 | |
Net cash paid for: | |||||
Interest | $ | - | $ | - | |
Income Taxes | |||||
$ | - | $ | - | ||
The accompanying notes are an integral part of these unaudited consolidated financial statements
Groove Botanicals, Inc.
Consolidated Balance Sheets
(Unaudited)
June 30, | March 31, | ||||
2022 | 2022 | ||||
ASSETS | |||||
Current Assets: | |||||
Cash and Cash Equivalents | $ | 10,721 | $ | 48,534 | |
Accounts Receivable | 41 | 251 | |||
Total Current Assets | 10,762 | 48,785 | |||
TOTAL ASSETS | |||||
$ | 10,762 | $ | 48,785 | ||
LIABILITIES & STOCKHOLDERS' EQUITY | |||||
Current Liabilities: | |||||
Accounts Payable and Accrued Liabilities | $ | 45,421 | $ | 45,592 | |
Interest Payable | 11,860 | 7,900 | |||
Related Party Payable | 227,608 | 94,528 | |||
Convertible Notes Payable | 125,104 | 164,774 | |||
Derivative Liability | 7,292 | 95,576 | |||
Contingent Liability | - | 95,350 | |||
Total Current Liabilities | 417,285 | 503,720 | |||
Total Liabilities | |||||
417,285 | 503,720 | ||||
Stockholders' Equity | |||||
Preferred Stock, Series A, $0.10 par value, 100 shares | 10 | 10 | |||
authorized; 100 shares issued and outstanding as of | |||||
June 30, 2022, and March 31, 2022, respectively | |||||
Preferred Stock, Series B, $0.10 par value, 2,000 | 198 | 198 | |||
shares authorized; 1,983 shares issued and outstanding as | |||||
of June 30, 2022, and March 31, 2022, respectively | |||||
Common Stock, $0.001 par value, 200,000,000 shares | 52,193 | 49,193 | |||
authorized; 52,193,062 and 49,193,062 shares issued | |||||
and outstanding as of June 30, 2022 and | |||||
March 31, 2022, respectively | |||||
Common Stock to be Issued | - | 3,000 | |||
Additional paid-in capital | 34,023,506 | 34,023,506 | |||
Accumulated deficit | (34,482,430) | (34,530,842) | |||
Total stockholder's equity | (406,523) | (454,935) | |||
TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT | $ | 10,762 | $ | 48,785 | |
The accompanying notes are an integral part of these unaudited consolidated financial statements
Groove Botanicals, Inc. | |||||||||||||||||||||||||||||||
Consolidated Statements of Stockholders' Equity | |||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2022, and the Three Years Ended March 31, 2022, 2021, and 2020 | |||||||||||||||||||||||||||||||
(Unaudited) | Additional | ||||||||||||||||||||||||||||||
Paid In | Accumulated | ||||||||||||||||||||||||||||||
Series A Preferred Stock | Series B Preferred Stock | Common Stock | Common Stock to be Issued | Capital | Deficit | Total | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Amount | Amount | Amount | |||||||||||||||||||||
Balance, March 31, 2019 | 100 | $ | 10 | 1,983 | $ | 198 | 29,393,062 | $ | 29,393 | - | $ | - | $ | 33,003,441 | $ | (33,530,939) | $ | (497,897) | |||||||||||||
Net Loss | - | - | - | - | - | - | - | - | - | (142,995) | (142,995) | ||||||||||||||||||||
Balance, March 31, 2020 | 100 | $ | 10 | 1,983 | $ | 198 | 29,393,062 | $ | 29,393 | - | $ | - | $ | 33,003,441 | $ | (33,673,934) | $ | (640,892) | |||||||||||||
Balance, March 31, 2020 | 100 | $ | 10 | 1,983 | $ | 198 | 29,393,062 | $ | 29,393 | - | $ | - | $ | 33,003,441 | $ | (33,673,934) | $ | (640,892) | |||||||||||||
Issuance of stock for services | - | - | - | - | 5,400,000 | 5,400 | - | - | 357,450 | - | 362,850 | ||||||||||||||||||||
Issuance of stock per subscription | - | - | - | - | 3,000,000 | 3,000 | - | - | 146,965 | - | 149,965 | ||||||||||||||||||||
Beneficial Conversion Feature | - | - | - | - | - | - | - | - | 40,000 | - | 40,000 | ||||||||||||||||||||
Net Loss | - | - | - | - | - | - | - | - | - | (434,449) | (434,449) | ||||||||||||||||||||
Balance, March 31, 2021 | 100 | $ | 10 | 1,983 | $ | 198 | 37,793,062 | $ | 37,793 | - | $ | - | $ | 33,547,856 | $ | (34,108,384) | $ | (522,527) | |||||||||||||
Balance, March 31, 2021 | 100 | $ | 10 | 1,983 | $ | 198 | 37,793,062 | $ | 37,793 | - | $ | - | $ | 33,547,856 | $ | (34,108,384) | $ | (522,527) | |||||||||||||
Issuance of Stock for Director Compensation | - | - | - | - | 1,000,000 | 1,000 | - | - | 49,000 | - | 50,000 | ||||||||||||||||||||
Issuance of Stock for Outside Services | - | - | - | - | 6,650,000 | 6,650 | - | - | 216,350 | - | 223,000 | ||||||||||||||||||||
Issuance of Stock for Settlement | - | - | - | - | 1,000,000 | 1,000 | - | - | 31,000 | - | 32,000 | ||||||||||||||||||||
Issuance of Stock per Subscription | - | - | - | - | 2,750,000 | 2,750 | - | - | 52,300 | - | 55,050 | ||||||||||||||||||||
Beneficial Conversion Feature | - | - | - | - | - | - | - | - | 80,000 | - | 80,000 | ||||||||||||||||||||
Common Stock to be Issued | - | - | - | - | - | - | 3,000,000 | 3,000 | 47,000 | - | 50,000 | ||||||||||||||||||||
Net Loss | - | - | - | - | - | - | - | - | - | (422,458) | (422,458) | ||||||||||||||||||||
Balance, March 31, 2022 | 100 | $ | 10 | 1,983 | $ | 198 | 49,193,062 | $ | 49,193 | 3,000,000 | $ | 3,000 | $ | 34,023,506 | $ | (34,530,842) | $ | (454,935) | |||||||||||||
Balance, March 31, 2022 | 100 | $ | 10 | 1,983 | $ | 198 | 49,193,062 | $ | 49,193 | 3,000,000 | $ | 3,000 | $ | 34,023,506 | $ | (34,530,842) | $ | (454,935) | |||||||||||||
Issuance of Stock per Subscription | - | - | - | - | 3,000,000 | 3,000 | - | (3,000) | - | - | - | ||||||||||||||||||||
Net Income | - | - | - | - | - | - | - | - | - | 48,412 | 48,412 | ||||||||||||||||||||
Balance, June 30, 2022 | 100 | $ | 10 | 1,983 | $ | 198 | 52,193,062 | $ | 52,193 | 3,000,000 | $ | - | $ | 34,023,506 | $ | (34,482,430) | $ | (406,523) |
The accompanying notes are an integral part of these unaudited consolidated financial statements
Groove Botanicals, Inc.
Consolidated Statements of Operations
(Unaudited)
For the Three Months Ended | |||||
2022 | June 30, | 2021 | |||
Oil and Gas Sales | $ | 221 | $ | 6,576 | |
Cost of Goods Sold | - | - | |||
Gross Profit | 221 | 6,576 | |||
Expenses: | |||||
Selling, General and Administrative Expenses | 18,598 | 25,699 | |||
Rent | 3,927 | 1,200 | |||
Bank Service Charges | 70 | 120 | |||
Legal and Professional Expenses | 18,558 | 972 | |||
Total Operating Expenses | 41,153 | 27,992 | |||
Operating Loss | (40,932) | (21,416) | |||
Other Income (Expense) | |||||
Amortization of Debt Discount | (19,979) | (9,973) | |||
Change in Derivative Liability | 88,284 | 214,146 | |||
Gain on Settlement of Debt | 25,000 | 52,458 | |||
Interest Expense | (3,960) | (48,632) | |||
Miscellaneous Other Income | - | 235 | |||
Total Other Income | 89,344 | 208,235 | |||
Net Income | $ | 48,412 | $ | 186,819 | |
Basic and Diluted Earnings per Common Share | $ | 0.00 | $ | 0.00 | |
Weighted Average Common Shares Outstanding | 51,929,326 | 37,793,062 | |||
The accompanying notes are an integral part of these unaudited consolidated financial statements
Groove Botanicals, Inc.
Notes to the Consolidated Financial Statements
For the quarters ended June 30, 2022, and 2021
NOTE 1 - ORGANIZATION AND OPERATIONS
Current Operations
Groove Botanicals ("GRVE" or the "Company" or the "Corporation"), a Nevada corporation, is a publicly quoted independent oil and gas producer.
Corporate History
Groove Botanicals, Inc. (the "Company"), (formerly known as Avalon Oil & Gas, Inc.), was originally incorporated in Colorado in April 1991 under the name Snow Runner (USA), Inc. The Company was the general partner of Snow Runner (USA) Ltd.; a Colorado limited partnership to sell proprietary snow skates under the name "Sled Dogs" which was dissolved in August 1992. In late 1993, the Company relocated its operations to Minnesota and in January 1994 changed our name to Snow Runner, Inc. In November 1994 we changed our name to the Sled Dogs Company
In May 1999, we changed our state of domicile to Nevada and our name to XDOGS.COM, Inc. On July 31, 1998, the Corporation split their shares One (1) for Fifty-Four (54).
On August 24, 2000, the Corporation split their shares One (1) for Five (5) and changed our name from XDOGS.COM to XDOGS, Inc. We changed our symbol from XDGS to XDGI.
On June 22, 2005, the Corporation changed our name from XDOGS, Inc. to Avalon Oil and Gas, Inc. We changed our symbol from XDGI to AOGS.
On July 22, 2005, the Board of Directors and a majority of the Company's shareholders approved an amendment to our Articles of Incorporation to change the Company's name to Avalon Oil & Gas, Inc., and to increase the authorized number of shares of our common stock from 200,000,000 shares to 1,000,000,000 shares par value of $0.001.
On May 15, 2007, the Corporation split their shares One (1) for Twenty (20). We changed our symbol from AOGS to AOGN.
On June 4, 2012, the Board of Directors approved an amendment to our Articles of Incorporation to a reverse split of the issued and outstanding shares of Common Stock of the Corporation ("Shares") such that each holder of Shares as of the record date of June 4, 2012 shall receive one (1) post-split Share on the effective date of June 4, 2012 for each three hundred (300) Shares owned. The reverse split was effective on July 23, 2012.
On September 28, 2012, we held a special meeting of Avalon's shareholders and approved an amendment to the Company's Articles of Incorporation such that the Company would be authorized to issue up to 200,000,000 shares of common stock. We filed an amendment with the Nevada Secretary of State on April 10, 2013, to increase our authorized shares to 200,000,000.
On July 23, 2012, the Corporation split their shares One (1) for Three Hundred (300).
On May 14, 2018, the Corporation changed our name from Avalon Oil and Gas, Inc., to Groove Botanicals, Inc. We changed our symbol from AOGN to GRVE.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United Stated of America ("U.S. GAAP") for interim unaudited financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The unaudited financial statements include all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary in order to make the condensed financial statements not misleading. Notes to the financial statements which
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Groove Botanicals Inc. published this content on 16 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2022 01:31:07 UTC.
