PROTECT PHARMACEUTICAL CORPORATION Protect Pharmaceutical Corporation
Balance Sheet
As at June 30, 2022 (Unaudited)
Notes | As at June 30, 2022 | As at December 31, | |||
(Unaudited) | 2020 (Unaudited) | ||||
ASSETS | ($) | ($) | |||
Current Assets | |||||
Cash and cash equivalents | 4 | 148 923 | 9 907 | ||
Accounts Receivable | 5.1 | 1 445 611 | |||
Inventory | 5.2 | 6 737 | |||
Other current assets | 5.3 | 20 210 | |||
Total Current Assets | |||||
1 621 481 | 9 907 | ||||
Long term investment | 170 398 | - | |||
Property, Plant and Equipment | 5 | 748 960 | - | ||
Intangible asset | 6 | 245 294 | 500 000 | ||
Total Assets | 2 786 133 | 509 907 | |||
EQUITY & LIABILITIES | |||||
Current Liablities | |||||
Accounts payable and accrued expenses | 7 | 218 744 | - | ||
Related parties payable | 8 | 1 005 350 | - | ||
Interest payable | 9 | (25 758) | - | ||
Total Current Liabilities | |||||
1 198 336 | - | ||||
Notes payable | 10 | 258 371 | - | ||
Long term debt | 10.1 | 802 061 | - | ||
Total Liabilities | 2 258 768 | - |
SHAREHOLDER'S EQUITY
Preferred Stock - ($.001 par value, 10,000,000 shares authorized, 1,000,000 issued and outstanding)
Common stock ($.005 par value, 100,000,000 shares authorized, 56,451,378 shares issued and outstanding) Additional paid in capital
Accumulated deficit
Accumulated other comprehensive income
Total Shareholders' Equity
Total Liabilities and Shareholders' Equity
1 000 | 500 000 | |
282 257 | 274 757 | |
- | - | |
(436 296) | (274 757) | |
680 404 | ||
527 365 | 500 000 | |
2 786 133 | 500 000 | |
Protect Pharmaceutical Corporation
Consolidated Statement of Operations
For the quarter ended June 30, 2022
Notes | For the 3 months ended | For the 6 months ended | ||||||||
June 30, | June 30, | |||||||||
2022 | 2021 | 2022 | 2021 | |||||||
(Amount in $) | (Amount in $) | |||||||||
REVENUE | 3 393 151 | 251 116 | 3 403 072 | 565 011 | ||||||
OPERATING EXPENSES | ||||||||||
Cost of sales | 11 | |||||||||
1 359 828 | 50 531 | 1 364 540 | 50 531 | |||||||
General and administrative expense | 213 321 | 33 827 | 213 366 | 76 111 | ||||||
Other operating expenses | 1 978 205 | 4 661 | 1 978 205 | 10 488 | ||||||
TOTAL OPERATING EXPENSES | 3 551 354 | 89 019 | 3 556 111 | 137 130 | ||||||
OPERATING PROFIT / (LOSS) | ||||||||||
(158 203) | 162 097 | (153 039) | 427 881 | |||||||
Interest expense | - | (1 100) | - | (2 475) | ||||||
PROFIT / (LOSS) BEFORE TAX | ||||||||||
(158 203) | 160 997 | (153 039) | 425 406 | |||||||
Taxes | - | - | - | - | ||||||
NET PROFIT / (LOSS) | ||||||||||
(158 203) | 160 997 | (153 039) | 425 406 | |||||||
Protect Pharmaceutical Corporation
Statement of Shareholders' Equity
As at June 30, 2022 (Unaudited)
Series A - Preferred Stock | Common Stock | Additonal Paid | Accumulated | Accumulated other | Total | |||
Shares | Par | Shares | Par | in capital | Profit / (Deficit) | comprehensive | ||
income | ||||||||
Amount | is $ | |||||||
As at January 1, 2022 (Unaudited) | 1 000 000 | 1 000 | 55 251 378 | 276 257 | - | (277 257) | - | |
Stock issued / (buy back) during the period | 1 200 000 | 6 000 | - | (6 000) | - | |||
Profit / (loss) for the period | (153 039) | 680 404 | 527 365 | |||||
As at June 30, 2022 (Unaudited) | ||||||||
1 000 000 | 1 000 | 56 451 378 | 282 257 | - | (436 296) | 680 404 | 527 365 | |
Protect Pharmaceutical Corporation
Statement of cashflows
As at June 30, 2022 (Unaudited)
Cash flow from operating activities
(Loss) / profit before income tax
Adjustment for non cash charges and other items
Changes in operating assets
(Decrease) / increase in operating liabilities
(Decrease) / increase in accrued interest
(Decrease) / increase in demand note payable
(Decrease) / increase in financial liabilities
Cash flow from operating activities
Cash flow from investing activities
Additions / disposal of intangibles assets Additions in property, plant and equipment Additions in intangibles
Additions in investments
Cash flow from / (used) in investing activities
Cash flow from financing activities
Borrowings during / (repaid) the year
Issuance of preferene share capital
Other payments
Cash flow from financing activities
Increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
2022
(153 039)
-
(153 039)
-
744
(25 758)
- 371
1 005 350
1 456 707
1 303 668
-
(748 960)
(245 294)
(170 398)
(1 164 652)
-
-
139 016
9 907
148 923
Protect Pharmaceutical Corporation
Notes to the Financial Statements
For the six months ended June 30, 2022
-
LEGAL STATUS AND OPERATIONS
Protect Pharmaceutical Corporation was originally incorporated in the State of Idaho on August 5, 1987, under the name Interstate Mining and Development Properties, Inc. The Company initially staked certain gold placer mining claims, however the claims did not yield a sufficient amount of ore and the Company halted operations in approximately 1989.
On August 2, 1996, the Company changed its name to Interstate Development, Inc. The Company then engaged in the search for and evaluation of prospective business opportunities with the intent to acquire and/or merge with one or more businesses opportunities.
The Company's principal place of business is located at 12465 South Fort St., Suite 240
- BASIS OF PREPARATION
2,1 Statement of compliance
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") on a going concern.
2,2 Accounting Convention
These financial statements have been prepared on the basis of 'historical cost convention using accrual basis of accounting except as otherwise stated in the respective accounting policies notes.
2,3 Going concern
The accompanying unaudited financial statements have been prepared on the assumption that the Company will continue as a going concern.However, the Company does not have significant cash or other material assets, nor does it have an established source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. It is the intent of the Company to seek a merger with an existing, operating company. In the interim, shareholders of the Company have committed to meeting its minimal operating expenses.
In addition, the inability of The Company to become current in periodic reporting obligations under the federal securities laws during the fourth quarter limited the information that the Company was able to provide to the public, to investors and to other interested parties, including customers and certain lenders. Furthermore, such inability to become current limited the Company's ability to use equity incentives to attract, retain and motivate employees. Such inability to become current also restricted the Company's ability to raise capital through the issuance of equity or debt securities, use equity securities for acquisitions of complementary companies and businesses and engage in other strategic transactions.
2,4 Critical accounting estimates and judgements
The preparation of financial statements in conformity with the approved accounting standards require management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
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Protect Pharmaceutical Corp. published this content on 31 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2022 17:20:02 UTC.
