INNOVEST GLOBAL, INC. Innovest Global, Inc.
Consolidated Financial Report
(unaudited)
June 30, 2021 and 2020
Innovest Global, Inc.
Table of Contents | |
Consolidated Financial Statements (unaudited) | |
Consolidated Balance Sheet | 1-2 |
Consolidated Statement of Operations | 3 |
Consolidated Statement of Changes in Stockholders' Equity (Deficit) | 4 |
Consolidated Statement of Cash Flows | 5 |
Notes to Consolidated Financial Statements | 6-26 |
Innovest Global, Inc.
Consolidated Balance Sheet (unaudited)
June 30, | December 31, | |||||
2021 | 2020 | |||||
Assets | ||||||
Current Assets | ||||||
Cash and cash equivalents | $ | 80,640 | $ | 35,310 | ||
Accounts receivable, net | 2,525,455 | 2,530,670 | ||||
Inventory | 584,837 | 584,837 | ||||
Subscription receivable | - | - | ||||
Cost in excess of billings | 30,249 | 30,249 | ||||
Prepaid expenses and other current assets | 195,565 | 177,055 | ||||
Total current assets | 3,416,746 | 3,358,121 | ||||
Property and equipment, net | 238,570 | 270,620 | ||||
Goodwill | 3,344,749 | 3,566,130 | ||||
Intangible assets, net | 290,617 | 302,983 | ||||
Investment | 5,475,000 | 2,707,500 | ||||
Right-of-use assets, net | 388,447 | 467,464 | ||||
Total assets | $ | 13,154,129 | $ | 10,672,818 |
1
Innovest Global, Inc.
Consolidated Balance Sheet (unaudited)
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Liabilities and Stockholders' Equity (Deficit) | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 4,013,299 | $ | 4,012,511 | ||||
Billings in excess of cost and estimated earnings | 565,003 | 565,003 | ||||||
Bank line of credit | 348,640 | 348,640 | ||||||
Notes payable | 234,296 | 334,644 | ||||||
Deposit on assets | 324,703 | 651,394 | ||||||
Accrued compensation | 1,089,438 | 938,497 | ||||||
Deferred compensation | 150,000 | 150,000 | ||||||
Accrued expenses | 72,628 | 60,128 | ||||||
Lease liabilities, current | 98,917 | 107,983 | ||||||
Other current liabilities | 440,671 | 466,182 | ||||||
Total current liabilities | 7,337,595 | 7,634,982 | ||||||
Lease liabilities, non-current | 304,003 | 375,926 | ||||||
Shareholder loan payable | 248,856 | 315,038 | ||||||
Stock guarantee liability | 4,818,000 | 4,818,000 | ||||||
Share issuance liability | 900,000 | 900,000 | ||||||
Bond contingencies | 12,510,432 | 12,510,432 | ||||||
PPP and EIDL loans payable | 2,170,995 | 1,264,545 | ||||||
Other non-current liabilities | 25,517 | 25,518 | ||||||
Total liabilities | 28,315,398 | 27,844,441 | ||||||
Stockholders' Equity (Deficit) | ||||||||
Common stock, par value $0.001 per share: | ||||||||
Authorized shares: 500,000,000 in 2021 and 2020 | 216,303 | 191,120 | ||||||
Issued and outstanding shares: 216,302,457 at June 30, 2021 | ||||||||
and 191,119,957 at December 31, 2020 | ||||||||
Preferred stock, par value $0.001 per share: | ||||||||
Authorized shares: 10,000,000 in 2021 and 2020 | 1,100 | 1,250 | ||||||
Issued and outstanding shares: 1,100,000 at June 30, 2021 | ||||||||
and 1,250,000 at December 31, 2020 | ||||||||
Additional paid in capital | 14,136,209 | 12,783,181 | ||||||
Retained deficit | (29,514,881) | (30,147,174) | ||||||
Total stockholders' equity (deficit) | (15,161,269) | (17,171,623) | ||||||
Total liabilities and stockholders' equity (deficit) | $ | 13,154,129 | $ | 10,672,818 |
2
Innovest Global, Inc.
Consolidated Statement of Operations (unaudited)
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||
2021 | 2020 | 2021 | 2020 | |||||||
Revenues | $ | 836,832 | $ | 1,785,615 | $ | 1,805,453 | $ | 5,330,844 | ||
Cost of goods sold | 524,995 | 1,429,636 | 1,248,966 | 3,420,112 | ||||||
Gross profit | 311,837 | 355,979 | 556,487 | 1,910,732 | ||||||
Operating Expenses | ||||||||||
Selling, general & administrative expense | 463,725 | 1,517,955 | 2,288,657 | 3,443,384 | ||||||
Stock compensation expense | - | 208,793 | - | 499,793 | ||||||
Depreciation and amortization expense | 10,634 | - | 21,268 | - | ||||||
Goodwill impairments | 221,381 | - | 221,381 | - | ||||||
Other operating expense (income), net | (3,183) | (51,811) | (6,000) | (53,610) | ||||||
Operating income (loss) from continuing operations | (380,720) | (1,318,958) | (1,968,819) | (1,978,835) | ||||||
Gain on investment | (1,350,000) | - | (2,767,500) | (83,258) | ||||||
Interest expense, net | 23,037 | 70,170 | 166,388 | 128,686 | ||||||
Loss on sale of assets | - | - | - | - | ||||||
Fair value adjustment to stock guarantee, net | - | - | - | - | ||||||
Income (loss) from continuing operations before provision | 946,243 | (1,389,128) | 632,293 | (2,024,263) | ||||||
(benefit) for income taxes | ||||||||||
Provision (benefit) for income taxes | - | - | - | - | ||||||
Net income (loss) attributable to Innovest Global, Inc. | $ | 946,243 | $ | (1,389,128) | $ | 632,293 | $ | (2,024,263) | ||
Earnings loss per share | Basic | $ | 0.00 | $ | (0.01) | $ | 0.00 | $ | (0.01) | |
Earnings loss per share | Diluted | $ | 0.00 | $ | (0.01) | $ | 0.00 | $ | (0.01) | |
Weighted average number of shares outstanding - Basic | 216,302,457 | 165,268,645 | 216,302,457 | 165,268,645 | ||||||
Weighted average number of shares outstanding - Diluted | 216,302,457 | 165,268,645 | 216,302,457 | 165,268,645 |
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Innovest Global Inc. published this content on 30 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2021 19:40:05 UTC.
