Sycamore Entertainment
Group Inc.
Financial Statements
June 30, 2022
SYCAMORE ENTERTAINMENT GROUP, INC.
FINANCIAL STATEMENTS AND FOOTNOTES
(unaudited)
For the Six Months Ended
June 30, 2022 and June 30, 2021
SYCAMORE ENTERTAINMENT GROUP, INC.
FINANCIAL STATEMENTS AND FOOTNOTES
(unaudited)
For the Three and Six Months Ended | |
30-Jun-22 | |
TABLE OF CONTENTS | |
Balance Sheet | F-1 |
Statement of Operations | F-2 |
Statement of Stockholders' Equity | F-3 |
Statement of Cash Flows | F-4 |
Notes to Financial Statements | F-5 |
SYCAMORE ENTERTAINMENT GROUP, INC. | |||||
BALANCE SHEET | |||||
(UNAUDITED) | June 30, | December 31, | |||
ASSETS | 2022 | 2021 | |||
Current assets | |||||
Restricted cash | $ | 30,000 | $ | 30,000 | |
Prepaid assets | 5,000 | - | |||
Total current assets | 35,000 | 30,000 | |||
Intangible assets - net | 616,620 | 408,433 | |||
Total assets | $ | 651,620 | $ | 438,433 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current liabilities | |||||
Accounts payable and accrued expenses | $ | 5,107,272 | $ | 6,648,948 | |
Due to investors | 6,557,500 | 6,697,914 | |||
Current portion of long-term notes payable | 139,000 | 168,642 | |||
Derivative liability on convertible notes | - | 8,353,232 | |||
Total current liabilities | 11,803,772 | 21,868,736 | |||
Other liabilities | |||||
Long-term notes payable, related parties | 661,020 | 394,824 | |||
Total other liabilities | 661,020 | 394,824 | |||
Total liabilities | 12,464,792 | 22,263,560 | |||
Stockholders' equity | |||||
Common stock (Par value $0.001, 5,100,000,000 shares | |||||
authorized; 5,070,000,000 and 2,462,630,816 issued and | |||||
outstanding as of June 30, 2022 and December 31, 2021; | |||||
Preferred Stock, par value $.001, 1 share authorized and | |||||
issued as of June 30, 2022 and December 31, 2021) | 5,070,000 | 2,462,631 | |||
Additional paid-in captial | 10,624,016 | 2,311,654 | |||
Accumulated deficit | (27,507,188) | (26,599,412) | |||
Total stockholders' equity | (11,813,172) | (21,825,127) | |||
Total liabilities and stockholders' equity | $ | 651,620 | $ | 438,433 | |
See accompanying notes to consolidated financial statements | |||||
F-1 |
SYCAMORE ENTERTAINMENT GROUP, INC.
STATEMENTS OF OPERATIONS
(UNAUDITED)
For the Three Months Ended | For the Six Months Ended | June | |||||||||||
June 30, | 30, | ||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||
Revenues | |||||||||||||
Advertising revenue | $ | 3 | $ | - | $ | 3 | $ | - | |||||
Total revenues | 3 | - | 3 | - | |||||||||
Cost of sales | |||||||||||||
Cost of services | 862,000 | 849 | 2,688,000 | 10,935 | |||||||||
Total cost of sales | 862,000 | 849 | 2,688,000 | 10,935 | |||||||||
Gross loss | (861,997) | (849) | (2,687,997) | (10,935) | |||||||||
Operating expenses | |||||||||||||
Sales and marketing | 27,179 | 2,613 | 27,179 | 3,902,613 | |||||||||
General and administrative | 588,062 | 121,466 | 619,114 | 193,415 | |||||||||
Total operating expenses | 615,241 | 124,079 | 646,293 | 4,096,028 | |||||||||
Operating loss | (1,477,238) | (124,928) | (3,334,290) | (4,106,963) | |||||||||
Other income (expense) | |||||||||||||
Merchandise sales | - | - | - | 1,477 | |||||||||
Gain/(loss) on derivative liability | 7,648,984 | 549,574,170 | 8,353,232 | 230,456,170 | |||||||||
Loss on extinguishment of debt | (5,978,047) | - | (5,978,047) | - | |||||||||
Gain on note retirement | 71,783 | - | 71,783 | - | |||||||||
Interest expense | (9,745) | (491,754) | (20,454) | (499,042) | |||||||||
Total other income (expense) | 1,732,975 | 549,082,416 | 2,426,514 | 229,958,605 | |||||||||
Income (loss) before provision for income taxes | 255,737 | 548,957,488 | (907,776) | 225,851,642 | |||||||||
Benefit from income taxes | - | - | - | - | |||||||||
Net income (loss) | $ | 255,737 | $ | 548,957,488 | $ | (907,776) | $ | 225,851,642 | |||||
Net loss per share of common stock: | |||||||||||||
Basic | $ | 0.00 | $ | 0.28 | $ | 0.00 | $ | 0.12 | |||||
Fully diluted | |||||||||||||
$ | 0.00 | $ | 0.04 | $ | (0.00) | $ | 0.02 | ||||||
Weighted average number of shares outstanding | |||||||||||||
Basic | 5,070,000,000 | 1,957,417,066 | 5,070,000,000 | 1,957,417,066 | |||||||||
Fully diluted | |||||||||||||
5,070,000,000 | 13,587,251,250 | 5,682,630,000 | 13,587,251,250 | ||||||||||
See accompanying notes to consolidated financial statements
F-2
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Sycamore Entertainment Group Inc. published this content on 22 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 August 2022 21:45:01 UTC.