PERIGEE HOLDINGS INC. CROWDGATHER, INC.
CONDENSED UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED
OCTOBER 31, 2021
CROWDGATHER, INC.
CONDENSED UNAUDITED BALANCE SHEETS
(Rounded to the nearest $1,000)
(Unaudited) October 31, 2021
Audited) April 20, 2021
ASSETS Current assets
Cash $ | - $ | - |
Prepaid expenses | 4,000 | - |
Total Current Assets | 4,000 | - |
Intangible and other assets | - | 35,000 |
Total Assets $ | 4,000 $ | 35,000 |
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||
Current liabilities | ||
Accounts payable $ | 12,000 $ | 51,000 |
Other accrued liabilities | - | 345,000 |
Convertible notes payable - net of discount | - | 75,000 |
Notes payable to related parties | 16,000 | 1,750,000 |
Total Current Liabilities | 28,000 | 2,221,000 |
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 | (38,957,000) | (40,405,000) |
Total Stockholders' Deficit | (24,000) | (2,186,000) |
Total Liabilities and Stockholders' Deficit $ | 4,000 $ | 35,000 |
See accompanying notes to these condensed unaudited financial statements
CONDENSED UNAUDITED STATEMENTS OF OPERATIONS (Rounded to the nearest $1,000, except shares outstanding and loss per share)
THREE MONTHS ENDED
SIX MONTHS ENDED
October 31, | October 31, | October 31, | October 31, |
2021 | 2020 | 2021 | 2020 |
REVENUE | $ | - | $ | - | $ | - | $ | - | ||
OPERATING EXPENSES | ||||||||||
General and administrative | 12,000 | 8,000 | 34,000 | 10,000 | ||||||
Impaiirment of intangible assets | 35,000 | - | 35,000 | |||||||
TOTAL OPERATING EXPENSES | 47,000 | 8,000 | 69,000 | 10,000 | ||||||
LOSS FROM OPERATIONS | (47,000 | ) | (8,000) | (69,000) | (10,000 | ) | ||||
OTHER INCOME (EXPENSE), NET | ||||||||||
Gain on settlement of liabilities with Series B Convertible Preferred Stock | - | - | 1,550,000 | - | ||||||
Interest and issuance expense | - | (11,000) | (33,000) | (44,000 | ) | |||||
TOTAL OTHER INCOME (EXPENSE), NET | - | (11,000) | 1,517,000 | (44,000 | ) | |||||
NET INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | (47,000 | ) | (19,000) | 1,448,000 | (54,000 | ) | ||||
PROVISION FOR INCOME TAXES | - | - | - | - | ||||||
NET INCOME (LOSS) | $ | (47,000 | ) | $ | (19,000) | $ | 1,448,000 | $ | (54,000 | ) |
Weighted average shares outstanding- basic | 160,090,484 | 160,090,484 | 160,090,484 | 160,090,484 | ||||||
Weighted average shares outstanding- diluted | 160,090,484 | 160,090,484 | 2,689,346,120 | 160,090,484 | ||||||
Net income (loss) per share - basic | $ | (0.00 | ) | $ | (0.00) | $ | 0.01 | $ | (0.00 | ) |
Net income (loss) per share - diluted | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | (0.00 | ) |
See accompanying notes to these condensed unaudited financial statements
CONDENSED UNAUDITED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT
FOR THE THREE AND SIX MONTHS ENDED OCTOBER 31, 2021 AND 2020
Preferred Convertible Shares
Series A Series B
Common Shares Subscription Paid in Accumulated
Amoun
Shares t Shares AmountSharesAmount ReceivableCapitalDeficitTotal
Balance at July 31, 2020 | - | $ | - | - | $ | - | 160,090,484 | $ | 160,000 | $ | - | $ | 38,059,000 | $ | 39,184,000) | $ | (965,000) |
Net loss for the period | - | - | - | - | - | - | - | - | (19,000) | (19,000) | |||||||
Balance at October 31, 2020 | - | $ | - | - | $ | - | 160,090,484 | $ | 160,000 | $ | - | $ | 38,059,000 | $ | 39,203,000) | $ | (984,000) |
Balance at July 31, 2021 | 500,000 | $ | 25,000 | 500,000 | $ | 689,000 | 160,090,484 | $ | 160,000 | $ | (5,000) | $ | 38,059,000 | $ | 38,910,000) | $ | 18,000 |
Subscription recivable settled by payment of accounts payable | - | - | - | - | - | - | 5,000 | - | - | 5,000 | |||||||
Net loss for the period | - | - | - | - | - | - | - | - | (47,000) | (47,000) | |||||||
Balance at October 31, 2021 | 500,000 | $ | 25,000 | 500,000 | $ | 689,000 | 160,090,484 | $ | 160,000 | $ | 0 | $ | 38,059,000 | $ | 38,957,000) | $ | (24,000) |
Balance at April 30, 2020 | - | $ | - | - | $ | - | 160,090,484 | $ | 160,000 | $ | - | $ | 38,059,000 | $ | 39,149,000) | $ | (930,000) |
Net loss for the period | - | - | - | - | - | - | - | - | (54,000) | (54,000) | |||||||
Balance at October 31, 2021 | - | $ | - | - | $ | - | 160,090,484 | $ | 160,000 | $ | - | $ | 38,059,000 | $ | 39,203,000) | $ | (984,000) |
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 5 Preferred Convertible Stock | - | - | 500,000 | 689,000 | - | - | - | - | - | 689,000 | |||||||
Subscription recivable settled by payment of accounts payable | - | - | - | - | - | - | 5,000 | - | - | 5,000 | |||||||
Net income for the period | - | - | - | - | - | - | - | - | 1,448,000 | 1,448,000 | |||||||
Balance at October 31, 2021 | 500,000 | $ | 25,000 | 500,000 | $ | 689,000 | 160,090,484 | $ | 160,000 | $ | 0 | $ | 38,059,000 | $ | 38,957,000) | $ | (24,000) |
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See accompanying notes to these condensed unaudited financial statements
CROWDGATHER, INC.
CONDENSED UNAUDITED STATEMENTS OF CASH FLOWS
(Rounded to the nearest $1,000)
FOR THE SIX MONTHS ENDED October 31, 2021 October 31, 2020
Cash flows from operating activities:
Net Income (loss) | $ | 1,448,000 | $ | (54,000) |
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 | - | ||
Non-cash interest | 33,000 | 44,000 | ||
Changes in operating assets and liabilities: | ||||
Increase in prepaid expenses | (4,000) | - | ||
Increase in account payable and accrued liabilities | 12,000 | 10,000 | ||
Net cash provided by (used) in operating activities | (26,000) | - | ||
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 | - | ||
Proceed from related party loan | 16,000 | - | ||
Net cash provided by financing activities | 26,000 | - | ||
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 | $ | - |
See accompanying notes to these condensed unaudited financial statements
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Crowdgather Inc. published this content on 03 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 April 2022 18:23:06 UTC.
