CROWDGATHER, INC.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEARS ENDED APRIL 30, 2022 AND 2021
1
CROWDGATHER, INC.
UNAUDITED BALANCE SHEETS
(Rounded to the nearest $1,000) | |||||||
April 30, 2022 | April 30, 2021 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash | $ | - | $ | - | |||
Prepaid expenses | 2,000 | - | |||||
Total Current Assets | 2,000 | - | |||||
Property and equipment | - | - | |||||
Intangible and other assets | - | 35,000 | |||||
Total Assets | $ | 2,000 | $ | 35,000 | |||
LIABILITIES AND STOCKHOLDERS' DEFICIT | |||||||
Current liabilities | |||||||
Accounts payable | $ | - | $ | 51,000 | |||
Other accrued liabilities | - | 345,000 | |||||
Convertible note payable - net of discount | - | 75,000 | |||||
Notes payable to related parties | 39,000 | 1,750,000 | |||||
Total Current Liabilities | 39,000 | 2,221,000 | |||||
Commitments and contingencies (See note 10) | |||||||
Stockholders' Deficit | |||||||
Preferred stock, $0.001 par, 8,500,000 and 10,0000,000 shares, | |||||||
respectively, authorized, 0 shares issued | - | - | |||||
Series A Convertible Preferred Stock, $0.001, 500,000 and 0 shares, | |||||||
respectively, authorized, 500,000 and 0 shares, respectively, issued | 25,000 | - | |||||
Series B Convertible Preferred Stock, $0.001, 1,000,000 and 0 shares, | |||||||
respectively, authorized, 500,000 and 0 shares, respectively, issued | 689,000 | - | |||||
Common stock, $0.001 par, 975,000,000 shares authorized, 160.090,484 | |||||||
shares issued and outstanding | 160,000 | 160,000 | |||||
Additional paid-in capital | 38,059,000 | 38,059,000 | |||||
Accumulated deficit | (38,970,000) | (40,405,000) | |||||
Total Stockholders' Deficit | (37,000) | (2,186,000) | |||||
Total Liabilities and Stockholders' Deficit | $ | 2,000 | $ | 35,000 |
See accompanying notes to these unaudited financial statements.
2
CROWDGATHER, INC.
UNAUDITED STATEMENTS OF OPERATIONS
(Rounded to the nearest $1,000, except shares outstanding and loss per share) | |||||||
Year Ended | |||||||
April 30, 2022 | April 30, 2021 | ||||||
REVENUE | $ | - | $ | - | |||
OPERATING EXPENSES | |||||||
General and administrative | 47,000 | 14,000 | |||||
Impairment of intangible assets | 35,000 | 924,000 | |||||
TOTAL OPERATING EXPENSES | 82,000 | 938,000 | |||||
LOSS FROM OPERATIONS | (82,000) | (938,000) | |||||
OTHER INCOME (EXPENSE), NET | |||||||
Gain on settlement of liabilities with Series B Convertible Preferred Stock | 1,550,000 | - | |||||
Interest and issuance expense | (33,000) | (88,000) | |||||
Loss on restructuring of debt | - | (477,000) | |||||
Gain on write back of accrued liabilities | - | 253,000 | |||||
TOTAL OTHER INCOME (EXPENSE), NET | 1,517,000 | (312,000) | |||||
NET INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 1,435,000 | (1,250,000) | |||||
PROVISION FOR INCOME TAXES | - | - | |||||
NET INCOME (LOSS) | $ | 1,435,000 | $ | (1,250,000 | ) | ||
Weighted average shares outstanding- basic and diluted | 160,090,484 | 160,090,484 | |||||
Net income (loss) per share - basic and diluted | $ | 0.01 | $ | (0.01) | |||
See accompanying notes to these unaudited financial statements.
3
CROWDGATHER, INC.
UNAUDITED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT
YEARS ENDED APRIL 30, 2022 AND 2021
Preferred Convertible Shares | |||||||||||||||||||||
Series A | Series B | Common Shares | Subscription | Paid in | Accumulated | ||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Receivable | Capital | Deficit | Total | ||||||||||||
Balance at April 30, | |||||||||||||||||||||
2020 | - | $ | - | - | $ | - | 160,090,484 | $ | 160,000 | $ | - | $ | 38,059,000 | $ | (39,155,000) | $ | (936,000) | ||||
Net loss for the period | - | - | - | - | - | - | - | - | (1,250,000) | (1,250,000) |
Balance at April 30, | |||||||||||||
2021 | - | $ | - | - | $ | - | 160,090,484 | $160,000 | $ | - | $38,059,000 | $(40,405,000) | $(2,186,000) |
Issuance of Series A | ||||||||||
Preferred Convertible | ||||||||||
Stock | 500,000 | 25,000 | - | - | - | - | (5,000) | - | - | 20,000 |
Issuance of Series B | ||||||||||
Preferred Convertible | ||||||||||
Stock | - | - | 500,000 | 689,000 | - | - | - | - | - | 689,000 |
Subscription receivable | ||||||||||
settled by payment of | ||||||||||
accounts payable | - | - | - | - | - | - | 5,000 | - | - | 5,000 |
Net income for the | ||||||||||
period | - | - | - | - | - | - | - | - | 1,435,000 | 1,435,000 |
Balance at April 30, | |||||||||||
2022 | 500,000 | $25,000 | 500,000 | $689,000 | 160,090,484 | $160,000 | $ | - | $38,059,000 | $(38,970,000) $ | (37,000) |
See accompanying notes to these unaudited financial statements.
4
CROWDGATHER, INC.
CONDENSED UNAUDITED STATEMENTS OF CASH FLOWS
(Rounded to the nearest $1,000) | ||||||||||
FOR THE YEAR ENDED | ||||||||||
APRIL 30, 2022 | APRIL 30, 2021 | |||||||||
Cash flows from operating activities: | ||||||||||
Net Income (loss) | $ | 1,435,000 | $ | (1,250,000) | ||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Gain on settlement of liabilities with Series B Convertible Preferred Stock | (1,550,000) | - | ||||||||
Impairment of intangible assets | 35,000 | 924,000 | ||||||||
Gain on assets exchanged for debt settlement | - | 477,000 | ||||||||
Gain on accounts payable write off | (253,000) | |||||||||
Non-cash interest | 33,000 | 88,000 | ||||||||
Changes in operating assets and liabilities: | ||||||||||
Increase in prepaid expenses | (2,000) | - | ||||||||
Decrease in other assets and deposits | - | 14,000 | ||||||||
Net cash provided by (used) in operating activities | (49,000) | - | ||||||||
Cash flows from investing activities: | - | - | ||||||||
Net cash provided by investing activities | - | - | ||||||||
Cash flows from financing activities: | ||||||||||
Proceeds from issuance of Series A Convertible Preferred Stock | 10,000 | - | ||||||||
Proceeds from related party loan | 39,000 | - | ||||||||
Net cash provided by financing activities | 49,000 | - | ||||||||
Net increase (decrease) in cash | $ | - | $ | - | ||||||
Cash, beginning of period | $ | - | ||||||||
Cash, end of period | $ | - | $ | - | ||||||
Supplemental disclosure of cash flow information: | ||||||||||
Cash paid for income taxes | $ | - | $ | - | ||||||
Cash paid for interest | $ | - | $ | - | ||||||
Supplemental Disclosure of Non-Cash Financing Activities | ||||||||||
Settlement of expenses through the issuance of Series A Convertible Preferred | ||||||||||
Stock | $ | 15,000 | $ | - | ||||||
Settlement of liabilities through the issuance of Series B Convertible Preferred | ||||||||||
Stock | $ | 2,239,000 | $ | - | ||||||
Subscription receivable settled through payment of accounts payable | $ | 5,000 | $ | - | ||||||
5 |
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Crowdgather Inc. published this content on 25 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 August 2022 11:50:03 UTC.