Innovest Global : Q3 Financial Statements

Innovest Global, Inc.

Consolidated Financial Report

(unaudited)

September 30, 2021 and 2020

Innovest Global, Inc.

	Table of Contents
Consolidated Financial Statements (unaudited)
Consolidated Balance Sheet	1-2
Consolidated Statement of Operations	3
Consolidated Statement of Changes in Stockholders' Equity (Deficit)	4
Consolidated Statement of Cash Flows	5
Notes to Consolidated Financial Statements	6-26

Innovest Global, Inc.

Consolidated Balance Sheet (unaudited)

	September 30,	December 31,
		2021		2020
Assets
Current Assets
Cash and cash equivalents	$	12,086	$	35,310
Accounts receivable, net		2,530,561		2,530,670
Inventory		584,837		584,837
Subscription receivable		-		-
Cost in excess of billings		30,249		30,249
Prepaid expenses and other current assets		184,417		177,055
Total current assets		3,342,150		3,358,121
Property and equipment, net		224,698		270,620
Goodwill		3,344,749		3,566,130
Intangible assets, net		284,433		302,983
Investment		3,481,500		2,707,500
Right-of-use assets, net		365,823		467,464
Total assets	$	11,043,353	$	10,672,818

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Innovest Global, Inc.

Consolidated Balance Sheet (unaudited)

	September 30,	December 31,
		2021		2020
Liabilities and Stockholders' Equity (Deficit)
Current Liabilities
Accounts payable	$	4,100,755	$	4,012,511
Billings in excess of cost and estimated earnings		565,003		565,003
Bank line of credit		348,640		348,640
Notes payable		234,296		334,644
Deposit on assets		403,080		651,394
Accrued compensation		1,173,627		938,497
Deferred compensation		150,000		150,000
Accrued expenses		60,128		60,128
Lease liabilities, current		101,934		107,983
Other current liabilities		440,671		466,182
Total current liabilities		7,578,134		7,634,982
Lease liabilities, non-current		277,363		375,926
Shareholder loan payable		196,766		315,038
Stock guarantee liability		4,818,000		4,818,000
Share issuance liability		900,000		900,000
Bond contingencies		12,510,432		12,510,432
PPP and EIDL loans payable		916,450		1,264,545
Other non-current liabilities		25,517		25,518
Total liabilities		27,222,662		27,844,441

Stockholders' Equity (Deficit)

Common stock, par value $0.001 per share: Authorized shares: 500,000,000 in 2021 and 2020

Issued and outstanding shares: 217,182,457 at September 30, 2021 and 191,119,957 at December 31, 2020

Preferred stock, par value $0.001 per share: Authorized shares: 10,000,000 in 2021 and 2020

Issued and outstanding shares: 1,100,000 at September 30, 2021 and 1,250,000 at December 31, 2020

Additional paid in capital

217,183 191,120

1,1001,250

14,158,129 12,783,181

Retained deficit		(30,555,721)		(30,147,174)
Total stockholders' equity (deficit)		(16,179,309)		(17,171,623)
Total liabilities and stockholders' equity (deficit)	$	11,043,353	$	10,672,818

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Innovest Global, Inc.

Consolidated Statement of Operations (unaudited)

			Three Months Ended September, 30		Nine Months Ended September, 30
				2021		2020			2021		2020
Revenues			$	844,295	$	1,189,061	$	2,649,748	$	6,519,905
Cost of goods sold				643,756		906,224			1,892,722		4,326,336
Gross profit				200,539		282,837			757,026		2,193,569
Operating Expenses
Selling, general & administrative expense		427,889		1,674,539			2,716,546		5,072,069
Stock compensation expense		-		-			-		499,793
Depreciation and amortization expense		10,696		19,821			31,964		65,677
Goodwill impairments				-		-			221,381		-
Other operating expense (income), net		5,005		(28,409)			(995)		(82,019)
Operating loss from continuing operations		(243,051)		(1,383,114)			(2,211,870)		(3,361,951)
Gain on investment				1,993,500		78,676			(774,000)		(4,582)
Interest expense, net				58,834		103,872			225,223		232,556
Miscellaneous income				(1,254,545)		-			(1,254,545)		-
Fair value adjustment to stock guarantee, net		-		867,196			-		867,196
Loss from continuing operations before provision (benefit) for		(1,040,840)		(2,432,858)			(408,548)		(4,457,121)
income taxes
Provision (benefit) for income taxes		-		-			-		-
Net loss attributable to Innovest Global, Inc.	$	(1,040,840)	$	(2,432,858)	$	(408,548)	$	(4,457,121)
Earnings loss per share	Basic	$	(0.00)	$	(0.01)	$	(0.00)	$	(0.03)
Earnings loss per share	Diluted	$	(0.00)	$	(0.01)	$	(0.00)	$	(0.03)
Weighted average number of shares outstanding - Basic		217,182,457		163,640,160			217,182,457		163,640,160
Weighted average number of shares outstanding - Diluted		217,182,457		163,640,160			217,182,457		163,640,160

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