FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Balance Sheet as of June 30, 2022 (unaudited)
Balance Sheet as of March 31, 2022
Statements of Operations for the three-month period ended June 30, 2022 (unaudited) Statements of Operations for the three-month period ended June 30, 2021 (unaudited)
Statements of Stockholders' Equity for the three-month period ended June 30, 2022 (unaudited) Statements of Stockholders' Equity for the three-month period ended June 30, 2021 (unaudited)
Statements of Cash Flows for the three-month period ended June 30, 2022 (unaudited) Statements of Cash Flows for the three-month period ended June 30, 2021 (unaudited)
Notes to Financial Statements (unaudited)
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PCS EDVENTURES!, INC. | ||||||
Balance Sheets | ||||||
(unaudited) | ||||||
June 30, 2022 | March 31, 2022 | |||||
CURRENT ASSETS | ||||||
Cash | $ | 546,501 | $ | 584,070 | ||
Accounts receivable, net | 609,179 | 360,670 | ||||
Prepaid expenses | 359,359 | 85,728 | ||||
Inventory, net | 1,042,919 | 1,159,627 | ||||
Other current assets | 105,314 | 105,314 | ||||
Total Current Assets | 2,663,273 | 2,295,409 | ||||
NONCURRENT ASSETS | ||||||
Lease Right-of-Use Asset | 244,190 | 266,680 | ||||
Deposits | 6,300 | 6,300 | ||||
Property and equipment, net | 22,421 | 17,165 | ||||
Total Noncurrent Assets | 272,911 | 290,145 | ||||
TOTAL ASSETS | $ | 2,936,184 | $ | 2,585,554 | ||
CURRENT LIABILITIES | ||||||
Accounts payable | $ | 213,540 | $ | 90,314 | ||
Payroll liabilities and accrued expenses | 266,533 | 276,837 | ||||
Deferred revenue | 35,248 | - | ||||
Lease Liability, current portion | 84,692 | 93,327 | ||||
Notes payable, related party | 1,450,000 | 1,493,327 | ||||
Total Current Liabilities | 2,050,013 | 1,953,805 | ||||
NONCURRENT LIABILITIES | ||||||
Lease liabilities, net of current portion | 161,099 | 174,353 | ||||
Total Noncurrent Liabilities | 161,099 | 174,353 | ||||
TOTAL LIABILITIES | 2,211,112 | 2,128,158 | ||||
STOCKHOLDERS' EQUITY (DEFICIT) | ||||||
Preferred stock, no par value, 20,000,000 authorized shares, | ||||||
No shares issued and outstanding | - | - | ||||
Common stock, no par value, 150,000,000 authorized shares, | ||||||
124,482,479 shares issued and outstanding | - | - | ||||
Additional Paid-in Capital | 40,599,946 | 40,589,402 | ||||
Accumulated deficit | (39,874,874) | (40,132,007) | ||||
Total Stockholders' Equity | 725,072 | 457,396 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 2,936,184 | $ | 2,585,554 | ||
The accompanying notes are an integral part of these unaudited financial statements.
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PCS EDVENTURES!, INC. Statements of Operations (unaudited)
For the three months ended June 30, | ||||||
2022 (unaudited) | 2021 (unaudited) | |||||
REVENUES | ||||||
Revenue | $ | 1,391,785 | $ | 1,062,127 | ||
Total Revenues | 1,391,785 | 1,062,127 | ||||
COST OF SALES | 556,618 | 482,088 | ||||
GROSS PROFIT | 835,167 | 580,039 | ||||
OPERATING EXPENSES | ||||||
Salaries and wages | 326,272 | 283,667 | ||||
General and administrative expenses | 214,183 | 164,262 | ||||
Total Operating Expenses | 540,455 | 447,929 | ||||
OPERATING INCOME (LOSS) | 294,711 | 132,110 | ||||
OTHER INCOME AND (EXPENSES) | ||||||
Interest expense | (37,580) | (45,495) | ||||
Net Other Expense | (37,580) | (45,494) | ||||
NET INCOME (LOSS) | $ | 257,132 | $ | 87,815 | ||
Net Income (loss) per common share: | ||||||
Basic | $0.00 | ($0.00) | ||||
Fully Diluted | $0.00 | ($0.00) | ||||
Weighted Average number of shares outstanding | ||||||
Basic | 124,482,479 | 123,482,479 | ||||
Fully diluted | 125,079,838 | 124,439,493 |
The accompanying notes are an integral part of these unaudited financial statements.
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PCS EDVENTURES!, INC.
Statement of Stockholders' Equity (Deficit)
(unaudited)
# of Common | Common | Additional | Accumulated | Stockholders' | |
Shares O/S | Stock | Paid-in Capital | Deficit | Equity (Deficit) | |
Balance at 3/31/2021 | 123,482,479 | - | $40,548,564 | ($40,861,342) | ($312,778) |
Net income (loss) | - | - | - | $87,815 | $87,815 |
Balance at 6/30/2021 | 123,482,479 | - | $40,548,564 | ($40,773,527) | ($224,963) |
Net income (loss) | $641,520 | $641,520 | |||
Exercise of warrants | 1,000,000 | 15,000 | 15,000 | ||
Option expense | 25,839 | 25,839 | |||
Balance at 3/31/2022 | 124,482,479 | - | 40,589,402 | (40,132,007) | $457,396 |
Net income (loss) | - | - | - | $257,132 | $257,132 |
Option expense | - | - | $10,544 | - | $10,544 |
Balance at 6/30/2022 | 124,482,479 | - | $40,599,947 | ($39,874,875) | $725,072 |
The accompanying notes are an integral part of these unaudited financial statements
4
PCS EDVENTURES!, INC.
Statements of Cash Flows
(unaudited) | ||||||||
For the Three Months ended June 30, | ||||||||
2022 (unaudited) | 2021 (unaudited) | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
NET INCOME (LOSS) | $ | 257,132 | $ | 87,815 | ||||
Stock based compensation | 10,544 | - | ||||||
Amortization of debt discount | - | 3,293 | ||||||
Depreciation and amortization | 862 | - | ||||||
Right of use asset amortization | 22,490 | 2,658 | ||||||
Changes in operating assets and liabilities | ||||||||
(Increase) decrease in accounts receivable | (248,509) | (150,191) | ||||||
(Increase) decrease in prepaid expenses | (273,631) | (152,907) | ||||||
(Increase) decrease in inventories | 116,708 | 90,885 | ||||||
(Increase) decrease in other current assets | - | 7,519 | ||||||
(Decrease) increase in accounts payable and accrued liabilities | 112,922 | 122,720 | ||||||
(Increase) decrease in lease liability | (21,889) | - | ||||||
Increase (Decrease) in unearned revenue | 35,248 | 136,582 | ||||||
Net Cash Provided by (Used by) Operating Activities | 11,877 | 148,375 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Cash paid for purchase of fixed assets | (6,118) | - | ||||||
Net Cash Provided by (Used by) Investing Activities | (6,118) | - | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Principal payments on debt | $ | (43,327) | $ | (7,081) | ||||
Net Cash Provided by (Used by) Financing Activities | (43,327) | (7,801) | ||||||
Net Increase (Decrease) in Cash | (37,569) | 140,574 | ||||||
Cash at Beginning of Quarter | 584,071 | 500,150 | ||||||
Cash at End of Quarter | 546,502 | 640,724 |
CASH PAID FOR: | ||
Cash paid for interest | $42,263 | $45,396 |
Cash paid for operating leases | $25,739 | $25,974 |
The accompanying notes are an integral part of these unaudited financial statements.
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PCS Edventures! Inc. published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2022 14:14:04 UTC.