Lead Innovation : LEIC Financial Statements 5-31-22

Lead Innovation Corporation

Consolidated Balance Sheets

(Unaudited)

3 Months Ended			Year Ended
ASSETS	May 31, 2022	November 30, 2021
Current Assets:
Cash and cash equivalents			$	15,691				$	43,009
Short-term investment				34,495				36,016
Other receivables, net				367,690					3,952,781
Amounts due from related parties				497,580					6,378,721
Inventories, net				5,348,706					8,132,716
Amortization				203,637					-
Subsidy receivable				1,002					1,046
Advance payment				7,804,313				34,288
Long-term equity investment				712,429				743,844
Property & Equipment				92,878,054					93,563,873
Construction in progress				0					-
Acquisition Advance				28,000,000				28,000,000
Licensing Agreement				-					-
Intangible and other assets				3,404,241					3,622,224
Total Assets	$		139,267,838		$	144,508,518
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Accounts payable and accrued expenses	$			20,477,249		$		38,305,151
Loan payables- related party				334,895					334,895
Convertible note payables, net				1,336,720					1,336,720
Total Current Liabilities				22,148,864					39,976,766
Commitments				-					-
Stockholders' Equity (Deficit):
Common stock; $0.00001 par value; 1,800,000,000
shares authorized; 526,440,742 and 526,440,742
shares issued and outstanding as of May 31, 2022,
and November 30, 2021, respectively				5,264					5,264
Preferred stock; $0.00001 par value;
200,000,000 shares authorized,
6% Series A Preferred Stock; 20,000,000 authorized, 314,035
and 314,035 shares issued and outstanding as of
May 31, 2022 and November 30, 2021, respectively		3					3
Series B Preferred Stock; 5,000,000 authorized, 3,260
and 0 shares issued and outstanding as of
May 31, 2022 and November 30, 2021				1				1

Series C Preferred stock; 1,000,000 authorized, 550 and

1

500 shares issued and outstanding as of May 31, 2022
and November 30, 2021, respectively			1			1
Series D Preferred Stock; 1,000,000 authorized, 100
and 0 shares issued and outstanding as of
May 31, 2022 and November 30, 2021			1			1
5% Series E Preferred Stock; 1,000,000 authorized, 20,686
and 0 shares issued and outstanding as of
May 31, 2022 and November 30, 2021			1			1
Series F Preferred Stock; 1,000,000 authorized, 1,090
and 0 shares issued and outstanding as of
May 31, 2022 and November 30, 2021			1			1
Additional paid in capital			149,020,490			148,443,876
Deemed dividend			(61,875)		(61,875)
Deficit accumulated			(31,844,913)		(43,855,521)
Total Stockholders' Deficit			117,118,974			104,531,752
Total Liabilities and Stockholders' Deficit	$		139,267,838		$	144,508,518

The accompanying notes are an integral part

of these unaudited financial statements.

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Lead Innovation Corporation
Consolidated Statements of Operations
	3 Months Ended
		May 31, 2022
			(unaudited)
Net Revenues	$		2,066,611
Cost of Goods Sold			1,382,009
Gross profit			684,602
Operating Expenses:
Consulting expense			-
Professional fees			-
Selling and marketing expenses			195,534
Preferred stock issued for services			-
General and administrative expenses				361,315
Total operating expenses				556,849
Income (Loss) From Operations			127,753
Other Income (Expense):
Non-operating income			1,498
Non-operating expense			7,415
Interest expense			(42,663)
Other expense			241,137
Income Tax			968
Net Income/(Loss)			(162,932)
Other comprehensive income
Foreign currency translation income			(3,149,750)
Comprehensive income (loss)	$	(3,312,682)
Income (loss) per share
Basic & Diluted			$ (0.01)
Weighted average number of shares outstanding
Basic & Diluted			526,440,742

The accompanying notes are an integral part

of these unaudited financial statements

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Lead Innovation Corporation

Consolidated Statements of Cash Flows

3 Months Ended

		May 31, 2022
		(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments to reconcile net loss to net cash
used in operating activities:
Net Income	$	(162,932)
Depreciation expense				64,511
Other receivables				(88,331)
Amounts due from related parties		1,094,284
Subsidy receivable				54
Advance payment		580,372
Inventories		104,999
Non-cash expenses				42,663
Other current assets				92,044
Increase (decrease) in accounts payable and accrued expenses:		2,461,902
Net cash used in operating activities		4,189,566
CASH FLOWS FROM INVESTING ACTIVITIES		610,591
CASH FLOWS FROM FINANCING ACTIVITIES		(1,864,301)
EFFECT OF EXCHANGE RATE FLUCTUATION
ON CASH AND CASH EQUIVALENTS		(3,149,750)
NET INCREASE/(DECREASE) IN CASH AND CASH
EQUIVALENTS		(213,894)
CASH AND CASH EQUIVALENTS, BEGINNING
BALANCE		$ 229,585
CASH AND CASH EQUIVALENTS, ENDING
BALANCE		$ 15,691
SUPPLEMENTAL DISCLOSURES:
Interest paid			$	-
Income tax paid		$	-

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SUPPLEMENTAL DISCLOSURES FOR NON CASH:
FINANCING AND INVESTING ACTIVITIES
Stock issued for acquisition of licensing agreement	$	-
Equipment acquired from related party against
loan agreement	$	-
The accompanying notes are an integral part
of these unaudited financial statements

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