MINERALRI Mineralrite Corporation and Subsidiary | ||||
Balance Sheet | ||||
For the three months ending June 30, 2022 | ||||
(Unaudited) | ||||
06-30-2022 | 03-31-2022 | |||
Assets | ||||
Current Assets | ||||
Cash and Cash Equivalents | $ | 16,341 | $ | 13,941 |
Fairfield Atlantic | $ | 42,168 | $ | 60,000 |
Total Current Assets | $ | 58,509 | $ | 73,941 |
Property and Equipment | ||||
Equipment | $ | 198,414 | $ | 198,414 |
Less: Accumulated Depreciation | $ | 59,866 | $ | 57,039 |
Net Book Value | $ | 138,548 | $ | 141,375 |
Total Assets | $ | 197,057 | $ | 215,316 |
Liabilities and Stockholders Equity | ||||
Current Liabilities | ||||
Accounts payable | $ | 6,600 | ||
Notes Payable - current | $ | 127,500 | $ | 127,500 |
Due to Related Parties | $ | 2,426 | $ | 2,426 |
Current Liabilities | $ | 136,526 | $ | 129,926 |
Long Term Liabilities | ||||
Note Payable | $ | 85,346 | $ | 85,346 |
Payable LG | $ | 147,596 | $ | 147,596 |
Total Long Term Liabilities | $ | 232,942 | $ | 232,942 |
Total Liabilities | $ | 369,468 | $ | 362,868 |
Stockholder Equity | ||||
Comon Stock par value .0001 issued as of 06-30-2022 | ||||
and 03-31-2022 were 4,357,321,532 and 4,357,321,532 res | $ | 3,668,754 | $ | 3,668,754 |
Prefered Shares A par value .0001 issued as of 06-30-2022 | ||||
and 03-31-2022 were 105,000 | $ | 105 | $ | 105 |
Prefered Shares B par value .0001 issued as of 06-30-2022 and | ||||
and 03-31-2022 were 13,500 | $ | 14 | $ | 14 |
Prefered Shares C par value .0001 issued as of 06-30-2022 | ||||
and 03-31-2022 were 5,000 | $ | 5 | $ | 5 |
Accumulated Deficit | $ | (3,841,289) | $ | (3,816,430) |
Total Stockholder Equity | $ | (172,411) | $ | (147,552) |
Total Liabilities and Stockholder Equity | $ | 197,057 | $ | 215,316 |
See accompanying notes to consolidated financial statements.
F-1
Mineralrite Corporation and Subsidiary | ||||
Income Statement | ||||
For the three months ending June 30, 2022 and 2021 | ||||
(Unaudited) | 6/30/2022 | 6/30/2021 | ||
Expenses | ||||
Advertising | $ | $ | 94 | |
Bank Charges | 252 | 283 | ||
Legal And Professional | 3,500 | 41,130 | ||
Supplies | ||||
Office Expense | 394 | 5,386 | ||
Business Travel | 11,189 | 9,981 | ||
Communications | 97 | |||
Transfe Agent | 6,600 | 9,500 | ||
Operating loss | (22,032) | (66,374) | ||
Interest and Depreciation | ||||
Depreciation | 2,827 | 2997 | ||
Interest | 0 | |||
Net Loss | (24,859) | (69,371) | ||
See accompanying notes to consolidated financial statements.
F-2
Mineralrite Corporation and Subsudiary
Cash Flow Statement
For the three months ending June 30, 2022 and 2021
(Unaudited)
Net Loss from Operation
Adjustments for non cash items: Depreciation Net Cash Flow from Operations
Non-cash expenses
Stock based conversion of convertible note Changes in operating Assets and Liabilities
(Increase) Decrease in receivables Increase (Decrease) in Current Liabilities
Net Cash provided from Operating Activities
Cash from Investing Activities
Purchase of Fixed assets
Net Cash from investing activities
Cash Flow from financing activities Proceeds from notes payable Conversion of Note Payable
Net Cash Provided from Financing Activities
Increase / (Decrease in Cash)
Cash at Beginning of period
Cash at End of Period
6/30/2022 | 6/30/2021 | |
(24,859) | (69,371) | |
$ | 2,827 | 2,997 |
(22,032) | (66,374) |
17832 (60,000)
6600
24432 (60,000)
-
- -
115,000
115,000
2,400 (11,374)
13,941 16,811
16,341 5,437
See accompanying notes to consolidated financial statements.
F-3
MINERALRITE CORPORATION
Statement of Changes in Shareholder Equity
For the Period from December 31, 2019 to June 30, 2022
Unaudited
Common Stock | Common Stock | Preferred | Prefered Stock | Additional | Preferred | Prefered Stock | Preferred | Prefered Stock Earnings (Deficit) | Total | |||||||||
Amount Par Value | Stock Serties | Amount Par Value | Paid-in Capital | Stock Series | Amount Par | Stock Series | Amount Par | Accumulated | ||||||||||
.001 | A | .001 | B | Value .001 | C | Value .001 | ||||||||||||
Balance, December 31, 2019 | 3,592,246,982 | $ | 3,592,247 | 105,000 | $ | 105 | $ | - | 13,500 | $ | 14 | 5,000 | $ | 5 | $ | (3,728,122) | $ | (135,752) |
Stock issued | - | |||||||||||||||||
Stock issued for services | - | |||||||||||||||||
Stock issued for a convertible note | - | |||||||||||||||||
Net loss, December 31, 2020 | (6,315) | (6,315) | ||||||||||||||||
Balance, December 31, 2020 | 3,592,246,982 | $ | 3,592,247 | 105,000 | $ | 105 | - | 13,500 | $ | 14 | 5,000 | $ | 5 | $ | (3,734,437) | $ | (142,067) | |
Stock issued | - | - | ||||||||||||||||
Stock issued for services | - | |||||||||||||||||
Stock issued for a convertible note | 765,074,550 | 76,507 | 76,507 | |||||||||||||||
Net loss, December 31, 2021 | (78,656) | (78,656) | ||||||||||||||||
Balance, December 31, 2021 | - | 4,357,321,532 | $ | 3,668,754 | 105,000 | $ | 105 | - | 13,500 | $ | 14 | 5,000 | $ | 5 | (3,813,093) | - | (144,215) | |
Stock issued | ||||||||||||||||||
Stock issued for services | ||||||||||||||||||
Stock issued for a convertible note | ||||||||||||||||||
Net loss, March 31, 2022 | (3,337) | (3,337) | ||||||||||||||||
Balance, March 31, 2022 | 4,357,321,532 | $ | 3,668,754 | 105,000 | $ | 105 | - | 13,500 | $ | 14 | 5,000 | $ | 5 | (3,816,430) | - | (147,552) | ||
Stock issued | ||||||||||||||||||
Stock issued for services | ||||||||||||||||||
Stock issued for a convertible note | ||||||||||||||||||
Net loss, June 30, 2022 | (24,859) | (24,859) | ||||||||||||||||
Balance, June 30, 2022 | 4,357,321,532 | $ | 3,668,754 | 105,000 | $ | 105 | - | 13,500 | $ | 14 | 5,000 | $ | 5 | (3,841,289) | (172,411) | |||
See accompanying notes to condensed consolidated financial statements |
See accompanying notes to consolidated financial statements.
F-4
Note 1. Organization and Business
Enzolytics, Inc. ("Enzolytics" or the "Company") is a Delaware corporation originally formed in the United Kingdom on July 28, 2004. On November 25, 2004, the Company changed its name to Falcon Media Services, Ltd. On November 12, 2008, the Company changed its name to Extreme Mobile Coatings Corp., Ltd. On March 2, 2009 and re-domiciled in Delaware and at the same time the Company changed its name to Extreme Mobile Coatings Worldwide Corp. On May 19, 2010, the Company changed its name to Structural Enhancement Technologies Corp. ("Structural"). On November 16, 2012, the Company changed its name to Eco-Petroleum Solutions, Inc. ("Eco-Petroleum"). On September 11, 2017, the Company changed its name to Immunotech Laboratories, Inc. On March 22, 2018, the Company changed its name to Enzolytics, Inc. ("Enzolytics"). On May 21, 2020, the Company re-domiciled in Wyoming but on November 4, 2020 the Company re-domiciled to Delaware.
Enzolytics is a biotechnology company, whose products consist of multiple distinct drug development proprietary technologies: Immunotherapy, immune modulators, fully human monoclonal antibodies and an artificial intelligence (AI) platform for health care developments. The Company has clinically tested anti-HIV therapeutics. Additionally, the Company has created a proprietary cell line that produces fully human monoclonal antibodies that target and neutralizes the HIV virus.
Merger Agreement
On November 16, 2020, the Company (having been renamed, immediately prior to this Holding Company Reorganization, from "Enzolytics, Inc." to "ENZC SUB, Inc.") completed a corporate reorganization (the "Holding Company Reorganization") pursuant to which ENZC SUB, Inc., (the "Predecessor") became a direct, wholly-owned subsidiary of a newly formed Delaware corporation, Enzolytics, Inc. (the "Holding Company"), which became the successor issuer. In other words, the Holding Company is now the public entity. The Holding Company Reorganization was effected by a merger conducted pursuant to Section 251(g) of the Delaware General Corporation Law (the "DGCL"), which provides for the formation of aholding company without a vote of the stockholders of the constituent corporations.
In accordance with Section 251(g) of the DGCL, Enzolytics Merger Corp. ("Merger Sub"), another newly formed Delaware corporation and, prior to the Holding Company Reorganization, was an indirect, wholly owned subsidiary of the Predecessor, merged with and into the Predecessor, with the Predecessor surviving the merger as a direct, wholly owned subsidiary of the Holding Company (the "Merger"). The Merger was completed pursuant to the terms of an Agreement and Plan of Merger among the Predecessor, the Holding Company and Merger Sub, dated November 16, 2020 (the "Merger Agreement").
On November 30, 2020, the Company consummated the Merger Agreement which involved the formation of two wholly- owned operating subsidiaries, Biogenysis, Inc., ("Biogenysis) and Virogentics, Inc., ("Virogentics"). Biogenysis was formed to acquire the intellectual property rights of an license owned by certain officers of BioClonetics Immunotherapeutics, Inc., ("BioClonetics") and Virogentics which was formed to acquire the intellectual property rights of an licensed owned by a controlling stockholder of Enzolytics. Both of the newly formed subsidiaries are Texas Corporations.
In connection with the Holding Company Reorganization, all outstanding shares of common stock and preferred stock of the Predecessor were automatically converted into identical shares of common stock or preferred stock, as applicable, of the Holding Company on a one-for-one basis, and the Predecessor's existing stockholders and other holders of equity instruments, became stockholders and holders of equity instruments, as applicable, of the Holding Company in the same amounts and percentages as they were in the Predecessor prior to the Holding Company Reorganization.
The Holding Company adopted a certificate of incorporation (the "Certificate") and bylaws (the "Bylaws") that are, in all material respects, identical to the certificate of incorporation and bylaws of the Predecessor immediately prior to the Holding Company Reorganization, with the possible exception of certain amendments that are permissible under Section 251(g)(4) of the DGCL.
As part of the business combination of Bioclonetics, Inc. and Enzolytics, Inc., the controlling shareholder of Enzolytics agreed to transfer 35,100,000 shares of its Series A Preferred Stock and 231,000,000 shares of its common
F-5
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MineralRite Corp. published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 03:03:00 UTC.
