Allstar Health Brands : Jun 30 22 ALST Financial Statements

AllStar Health Brands Inc.
CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Amounts expressed in US Dollars)
June 30, 2022
Table of Contents	Page
Consolidated Balance Sheets
F‐2
Consolidated Statements of Operations and Comprehensive Loss	F‐3
Consolidated Statements of Stockholders' Deficit	F‐4
Consolidated Statements of Cash Flows	F‐5
Notes to Financial Statements	F‐6

TO THE STOCKHOLDERS OF ALLSTAR HEALTH BRANDS INC.

The consolidated balance sheets of AllStar Health Brands Inc. at June 30, 2022 and December 31 2021 and the consolidated Statements of Operations and Comprehensive Loss, Changes in Stockholders' Deficit and Cash Flows for the periods then ended have not been audited by the Company's auditors. These financial statements are the responsibility of management and have been reviewed and approved by the Company's audit committee and Board of Directors

AllStar Health Brands INC

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Amounts expressed in US Dollars)

			June 30 2022						December 31, 2021
ASSETS
Current Assets
Cash			$	2,177		$	424
Accounts receivable				‐		‐
Inventory				1,483			1,488
TOTAL CURRENT ASSETS
INTANGIBLE ASSETS
TOTAL ASSETS			$	3,660				$	1,912
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities	$	1,386,822		$	1,374,627
License fee payable		5,000,000			5,000,000
Convertible notes payable		744,553			916,803
Convertible notes payable ‐ related party		1,258,111			1,280,764
Due to stockholders		263,127					209,527
TOTAL CURRENT LIABILITIES				8,652,613					8,781,721
TOTAL LIABILITIES				8,652,613					8,781,721
Going concern (note 3)
Related party transactions (note 4)
Commitments and contingencies (note 9)
STOCKHOLDERS' EQUITY
Preferred stock $0.001 par value; 20,000,000
authorized shares; 20,000,000 shares issued and
outstanding (note 5)				2,000					2,000
Common Stock, $0.001 par value; 4,000,000,000
authorized shares; 121,577,186 and 51,682,064
issued and outstanding shares as of June 30, 2022 and
December 31, 2021 (note 5)		12,158			5,168
Additional paid‐in capital		46,225,202			45,878,669
Common stock payable		6,000			6,000
Other comprehensive loss		(45,409)			(45,409)
Retained earnings		(54,848,901)			(54,626,237)
TOTAL STOCKHOLDERS' EQUITY				(8,648,953)					(8,779,809)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$	3,660				$	1,912

The accompanying notes are an integral part of these interim consolidated financial statements.

F2

AllStar Health Brands INC.

CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(Amounts expressed in US Dollars)

	6 Months Ended Jun 30		3 Months Ended Jun 30
	2022	2021	2022	2021
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
	$	$	$	$
REVENUE	27	19,793	27		‐
COST OF GOODS SOLD	‐				‐
GROSS PROFIT	27	19,793	27		‐
EXPENSES
Professional fees	62,782	76,640	31,880	51,661
Office	20,406	24,041	9,813	18,902
Travel and related	8,934	14,562	3,617	5,358
Bank charges	1,532		1,911		748		1389
TOTAL OPERATING EXPENSES	93,654		117,154		46,057		77,309
NET LOSS FROM OPERATIONS	93,628	97,361	46,030	77,309
OTHER INCOME/EXPENSE
Loss / (gain) on extinguishment of debt	143,009	514,696	(105,695)	228,747
Gain on debt forgiveness	(140,972)	104,407		‐		‐
Interest expense	127,000		‐	63,500	52,266
TOTAL OTHER INCOME
/EXPENSE	129,037	619,103	(42,195)	281,013
NET LOSS BEFORE INCOME
TAXES	222,664	716,464	3,835	358,322
INCOME TAX EXPENSE	‐		‐		‐		‐
NET LOSS	222,664	716,464	3,835	358,322
OTHER COMPREHENSIVE LOSS	‐		‐		‐		‐
NET LOSS & COMPREHENSIVE
LOSS	222,664	716,464	3,835	358,322
Basic & Diluted loss per share
(Note 7)	0.00	0.05	0.00	0.06
Weighted average basic &
diluted shares outstanding	81,599,319	15,520,711	101,048,424	6,330,044

The accompanying notes are an integral part of these interim consolidated financial statements.

F3

AllStar Health Brands INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT

(Unaudited)

(Amounts expressed in US Dollars)

																		Additional
	Preferred stock		Common stock		Common Stock			Other		Paid in		Deficit
	Shares			Amount		Shares			Amount			Payable		Comprehensive		Capital		Accumulated		Total
Balance, December 31, 2015	20,000,000	$	2,000	61,969	$	6	$	‐	$	28,931		$	25,367,636		$	(35,314,234)	$	(9,915,661)
Stock compensation	‐			‐	0			0			‐			‐		49,093			‐		49,093
Common stock payable	‐			‐		‐			‐			6,000			‐		‐		‐		6,000
Debt Converted to Equity	‐			‐	3			0			‐			‐		1,111,083			‐		1,111,083
Collateral exchanged for debt	‐			‐	0			0			‐			‐		5,125,000			‐		5,125,000
Net loss	‐			‐		‐			‐			‐			(24,491)		‐		(7,091,959)		(7,116,450)
Balance, December 31, 2016	20,000,000			2,000	61,972			6			6,000			4,440			31,652,812			(42,406,193)		(10,740,935)
Stock compensation	‐			‐	313			0			‐			‐		3,000,500			‐		3,000,500
Debt Converted to Equity	‐			‐	1,481			0			‐			‐		1,472,223			‐		1,472,223
Reverse adjustment	‐			‐		‐			‐			‐			‐		‐		‐		‐
Foreign Currency	‐			‐		‐			‐			‐			‐		‐		‐		‐
Net loss	‐			‐		‐			‐			‐			(49,849)		‐		(5,487,512)		(5,537,361)
Balance, December 31, 2017	20,000,000		$	2,000		63,766		$	6		$	6,000		$	(45,409)	$	36,125,535		$	(47,893,705)	$	(11,805,572)
Debt Converted to Equity	‐			‐	35,311			3			‐			‐		820,605			‐		820,608
Net loss	‐			‐		‐			‐			‐			‐			‐			(542,577)		(542,577)
Balance, December 31, 2018	20,000,000		$	2,000		99,077		$	9		$	6,000		$	(45,409)	$	36,946,140		$	(48,436,282)	$	(11,527,541)
Debt Converted to Equity	‐			‐		‐			‐			‐			‐		2,246,458			‐		2,246,458
Common stock issued					1,215,313			122									626,820						626,942
Net loss	‐			‐		‐			‐			‐			‐		‐		(872,983)		(872,983)
Balance, December 31, 2019	20,000,000			2,000	1,314,390			131			6,000			(45,409)		39,819,418			(49,309,265)		(9,527,125)
Debt Converted to Equity	‐			‐	9,515,572			952			‐			‐		4,890,787			‐		4,891,739
Common stock issued					140,000			14															14
Stock compensation					270,000			27									13,973						14,000
Net loss	‐			‐		‐			‐			‐			‐		‐		(3,866,427)		(3,866,427)
Balance, December 31, 2020	20,000,000			2,000	11,239,962			1,124			6,000			(45,409)		44,724,178			(53,175,692)		(8,487,799)
Debt Converted to Equity	‐			‐					‐			‐			‐					‐
Common stock issued					40,442,102			4,044									1,154,491						1,158,535
Stock compensation									‐															‐
Net loss	‐			‐		‐			‐			‐			‐		‐		(1,450,545)		(1,450,545)
Balance, December 31, 2021	20,000,000			2,000	51,682,064			5,168			6,000			(45,409)		45,878,669			(54,626,237)		(8,779,809)
Debt Converted to Equity	‐			‐	69,865,122			6,987			‐			‐		346,533			‐		353,519
Common stock issued									‐															‐
Stock compensation					30,000			3															3
Net loss	‐			‐		‐			‐			‐			‐		‐		(222,664)		(222,664)
Balance, June 30, 2022	20,000,000			2,000	121,577,186			12,158			6,000			(45,409)		46,225,202			(54,848,901)		(8,648,953)

The accompanying notes are an integral part of these interim consolidated financial statements.

F4

AllStar Health Brands INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

(Amounts expressed in US Dollars)

			June 30
		2022					2021
OPERATING ACTIVITIES
Net loss	$	222,664		$	716,464
Adjustments to reconcile net income to net cash provided by operating activities:
Stock issued for services		210			‐
Gain on debt forgiveness		(140,972)			‐
Loss on debt conversion			143,009			514,696
Changes in operating assets and liabilities:
Bank indebtedness			‐		‐
Inventory		5			‐
Prepaid expenses and other assets		‐		‐
Accounts payable & accrued liabilities			(12,195)				169,160
Net cash used in operating activities		(232,607)				(32,608)
FINANCING ACTIVITIES
Advances from stockholders		(53,600)			32,608
Proceeds from notes payable		265,307			‐
Proceeds from note payable, related party		22,653			‐
Net cash provided by financing activities			234,360				32,608
Effect of foreign currency translation
NET INCREASE (DECREASE) IN CASH		1,753			‐

Beginning of year		424		‐
End of Period	$	2,177	$	‐

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Income taxes paid	$	‐	$
Interest paid	$	‐	$
NON‐CASH ACTIVITY
Loss on debt conversion	$	143,009	$	514,696
Conversion of debt to equity	$	210,257	$	106,690

The accompanying notes are an integral part of these interim consolidated financial statements.

F5