International Consolidated : 12/31/2021 FS

INTERNATIONAL CONSOLIDATED COMPANIES, INC.

FINANCIAL STATEMENTS

December 31, 2021 and 2020

BALANCE SHEETS

STATEMENTS OF OPERATIONS

STATEMENTS OF STOCKHOLDERS' DEFICIT

STATEMENTS OF CASH FLOWS

NOTES TO FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

(Unaudited)

December 31, 2021

ASSETSCURRENT ASSETS:

Cash and cash equivalents Due from related party

Total Current Assets

$

2,321 250 2,571

December 31, 2020

$

2,432 250 2,682

Security deposit

Property and equipment, net

TOTAL ASSETSLIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES:

Accounts payable and accrued expenses Due to related parties

Line of credit

Notes payable

Notes payable - related party Accrued interest

Accrued interest - related party

Total Current Liabilities

LONG TERM LIABILITIES:

Notes payable - long term

Notes payable - related party - long term

Total Long Term Liabilities TOTAL LIABILITIES

STOCKHOLDERS' DEFICIT:

Preferred stock, no par value, 100,000,000 shares authorized

Series A preferred stock, 1,000,000 shares authorized, 1,000,000 shares issued and outstanding Series Z preferred stock, 99,000,000 shares authorized, 14,219,632 and 8,226,000 shares issued and outstanding, respectively

Common stock, no par value; 7,000,000,000 shares authorized, 7,000,000,000 and 6,952,643,258 shares issued and outstanding, respectively

Treasury Stock, 3,000,000,000 shares, at cost Accumulated deficit

TOTAL STOCKHOLDERS' DEFICIT

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

10,000 22,363

2,388 5,841

$

14,959

$

636,341

3,000,000

100,458

500,000

2,323,088

589,476

7,158,363

1,069,253 1,073,253

660,482 1,122,670

1,729,735 8,888,098

50,000 50,000

1,295,827 913,827

28,709,130

(9,944,392) (9,944,392)

(28,983,704) (26,694,092)

(8,873,139) (8,173,746)

$

14,959

The accompanying notes are an integral part of these consolidated financial statements

$

30,886

$

636,341

2,750,000

9,000

98,985 - -

2,141,718

381,665

6,008,709

2,195,923 8,204,632

27,500,911

$

30,886

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

2021

NET REVENUES:

Revenues

TOTAL NET REVENUES

OPERATING EXPENSES:

Consulting expenses General and administrative

TOTAL OPERATING EXPENSES

$

7,630 7,630

$

3,730 3,730

431,225 614,079

1,491,116 325,546

1,922,341

939,625

LOSS FROM OPERATIONS

OTHER INCOME (EXPENSE):

Interest expense

TOTAL OTHER INCOME (EXPENSE)

(1,914,711) (935,895)

(402,976) (477,399)

(372,669) (475,119)

NET LOSS BEFORE INCOME TAX

$

(2,287,380)

$

(1,411,014)

Income tax expense (benefit)

-

-

NET LOSS

Loss per common share - basic and diluted

$ $

(2,287,380)

(0.00)

$ $

(1,411,014)

(0.00)

Weighted average common shares outstanding - basic and diluted

6,964,406,993

The accompanying notes are an integral part of these consolidated financial statements

6,952,643,258

INTERNATIONAL CONSOLIDATED COMPANIES, INC. CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT

Series A Preferred Stock

(Unaudited)

Series Z Preferred Stock

Common Stock

Treasury Stock

Total Stockholders'

The accompanying notes are an integral part of these consolidated financial statementsAccumulated Deficit

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss

Adjustments to reconcile net loss to net cash used in operating activities:

Issuance of stock to directors and consultants for services

Interest expense

Amortization of debt discount Depreciation

Changes in operating assets and liabilities:

Due to related parties

Security deposit Accrued interest payable Accrued interest - related party

NET CASH USED IN OPERATING ACTIVITIES

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sale of equipment

NET CASH PROVIDED BY INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from notes payable

Proceeds from notes payable related party Payments to notes payable related party Proceeds from line of credit

Payments to line of credit

Proceeds from issuance of preferred stock Distributions

NET CASH PROVIDED BY FINANCING ACTIVITIES

2021

$

(2,287,380)

1,418,219 5,612

8,333 91,667

2,053 2,262

250,000 250,000

12,363 181,370 207,811 (201,619)

1,400 1,400

$

(1,411,014)

360,079 -

(12,363) 99,529 282,525 (337,315)

- -5,000 4,000

36,482 413,332

(7,004)

19,910

(24,048)

172,000

(2,232)

200,108

(111,944)

16,106

(19,836)

41,000

(7,265)

335,393

Net increase (decrease) in cash

Cash and cash equivalents, beginning of year Cash and cash equivalents, end of yearSUPPLEMENTAL CASH FLOW INFORMATION:

Cash paid for interest

Cash paid for taxes

NON-CASH ACTIVITIES:

Issuance of preferred stock for conversion of notes payable and accrued interest

(111) 2,432

$

2,321

$ $

5,154 -

$

The accompanying notes are an integral part of these consolidated financial statements

(1,922) 4,354

$

2,432

$ $

- -

-

$

294,748

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