Green Globe International, Inc.
Incorporating Hempacco Co., Inc. on a fully consolidated basis
Incorporated in Delaware - November 12, 1999
Condensed Consolidated Interim Financial Statements
For the Six Months Ended
June 30, 2022
Statements issued and prepared by Management
Unaudited
Green Globe International, Inc.
Index to Unaudited Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets at June 30, 2022 and December 31, 2021 | F-3 |
Condensed Consolidated Statements of Operations - for the three months and six months ended | F-4 |
June 30, 2022 and 2021. | |
Condensed Consolidated Statement of Stockholders Equity for the three months and six months | F-5 |
ended June 30, 2022 and 2021. | |
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 | F-6 |
Notes to the Financial Statements | F-7 |
The accompanying notes are an integral part of these financial Statements
Page F-2
Green Globe International, Inc.
Incorporating Hempacco Co., Inc. on a fully consolidated basis
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31, | ||||||
June 30, 2022 | 2021 | |||||
ASSETS | ||||||
Current Assets | ||||||
Cash | $ | 72,802 | $ | 1,521,027 | ||
Accounts receivable | 191,491 | 144,246 | ||||
Accounts receivable - related parties | 307,824 | 137,297 | ||||
Loans receivable - related parties | 20,400 | - | ||||
Less: Receivables impairment allowance | (13,312) | - | ||||
Inventory at cost less obsolescence allowance | 1,769,272 | 198,936 | ||||
Deposits & prepayments | 256,738 | 706,273 | ||||
Total Current Assets | 2,605,215 | 2,707,779 | ||||
Property and Equipment | ||||||
Leasehold improvements | 31,431 | 12,431 | ||||
Furniture, fixtures and equipment | 7,099,485 | 5,149,306 | ||||
Accumulated depreciation | (804,503) | (161,441) | ||||
Total Property and Equipment | 6,326,413 | 5,000,296 | ||||
Other Assets | ||||||
Operating lease - right of use asset | 6,109,130 | 659,319 | ||||
Right of use Assets - accumulated amortization | (528,628) | (191,152) | ||||
Total Other Assets | 5,580,502 | 468,167 | ||||
Intangible Assets | ||||||
Warrant valuations - less accumulated amortization | 171,398 | 209,214 | ||||
Total Assets | $ | 14,683,527 | $ | 8,385,455 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current Liabilities | ||||||
Accounts payable & accrued expenses | $ | 537,713 | $ | 98,457 | ||
Accounts payable - related parties | 964,972 | 162,405 | ||||
Customer pre-paid invoices & deferred revenue | 1,628,882 | 2,128,393 | ||||
Convertible promissory notes | 1,025,000 | 900,000 | ||||
Convertible promissory notes - related parties | 150,000 | 175,000 | ||||
Accrued interest on long term notes | 104,889 | 37,592 | ||||
Loans payable - related parties | - | 9,600 | ||||
Equipment loans | 1,455,825 | 1,482,681 | ||||
Other short term loans | 168,328 | 168,328 | ||||
Operating lease - right of use liability - short term portion | 704,151 | 111,077 | ||||
Total Current Liabilities | 6,739,760 | 5,273,533 | ||||
Long Term Liabilities | ||||||
Right of use liability - straight-line rent rule - deferred rent | 62,488 | 15,226 | ||||
Right of use liability - long term portion | 4,876,351 | 357,091 | ||||
Total Long Term Liabilities | 4,938,840 | 372,317 | ||||
Total Liabilities | 11,678,598 | 5,645,849 | ||||
Stockholders' Equity | ||||||
respectively. 20,000,002,800 and 20,000,004,200 shares outstanding as of June 30, 2022 and December 31, 2021 | ||||||
respectively. | 2,000,000 | 2,000,000 | ||||
Participating Preferred stock Series A no par value - the 100 issued and outstanding shares were cancelled on May 21, | ||||||
2021 | - | - | ||||
Common stock, $.0001 par value; 75,000,000,000 shares authorized as of June 30, 2022 and December 31, 2021 | ||||||
respectively. 54,797,751,445 and 54,816,153,814 shares issued, and 54,208,251,445 and 54,226,653,814 outstanding as of | ||||||
June 30, 2022 and December 31, 2021 respectively. | 5,479,774 | 5,481,614 | ||||
Additional paid in capital | 17,006,941 | 13,933,731 | ||||
Warrant reserves shares issued | (58,950) | (58,950) | ||||
Accumulated deficit | (23,321,631) | (19,695,905) | ||||
Total Stockholders' Equity | 1,106,134 | 1,660,491 | ||||
Non-Controlling interests | 1,898,795 | 1,079,116 | ||||
Total Equity | 3,004,928 | 2,739,606 | ||||
Total liabilities and Equity | $ | 14,683,527 | $ | 8,385,455 | ||
The accompanying notes are an integral part of these Consolidated Financial Statements
Page F-3
Green Globe International, Inc.
Incorporating Hempacco Co., Inc. on a fully consolidated basis
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) | ||||||||||||
For the 3-Months | For the 3-Months | For the 6-Months | For the 6-Months | |||||||||
Ended June 30, | Ended June 30, | Ended June 30, | Ended June 30, | |||||||||
2022 | 2021 | 2022 | 2021 | |||||||||
Revenue | ||||||||||||
Sale of Materials | $ | 2,494,308 | $ | 391,321 | $ | 3,867,715 | $ | 445,049 | ||||
Sale of Materials - Related Parties | $ | 5,000 | - | 6,000 | - | |||||||
Manufacturing and Consulting Services | $ | 50,564 | 34,900 | 97,878 | 64,898 | |||||||
Total Revenue | 2,549,872 | 426,221 | 3,971,593 | 509,947 | ||||||||
Cost of Goods Sold | $ | 1,892,097 | 312,893 | 3,289,702 | 336,419 | |||||||
Gross Profit / (Loss) from Operations | 657,775 | 113,328 | 681,891 | 173,528 | ||||||||
Expenses | ||||||||||||
General & Administrative | 774,360 | 379,899 | 1,531,612 | 1,068,467 | ||||||||
General & Administrative - Related Parties | 22,500 | - | 120,000 | - | ||||||||
Sales & Marketing | 291,290 | 38,452 | 516,646 | 44,992 | ||||||||
Research & Development | - | - | 4,055 | - | ||||||||
Total Expenses | 1,088,151 | 418,351 | 2,172,313 | 1,113,459 | ||||||||
Operating Loss | (430,376) | (305,023) | (1,490,422) | (939,931) | ||||||||
Other Income / (Expenses) | ||||||||||||
Interest expense - including warrant valuations | (499,983) | 68,319 | (549,080) | (57,700) | ||||||||
Convertible Note Cancellation & Conversion | - | 153,553 | - | 153,553 | ||||||||
Loss on Disposal of Assets | 10,690 | - | - | (100,000) | ||||||||
Other Expenses (Net) | 210 | (214) | (2,559) | (50,358) | ||||||||
Total Other Expenses | (489,083) | (221,658) | (551,639) | (54,505) | ||||||||
Net Loss | $ | (919,459) | $ | (526,681) | $ | (2,042,061) | $ | (994,436) | ||||
Net Loss attributable to non-controlling interests | 293,166 | - | 587,116 | - | ||||||||
- | - | - | - | |||||||||
Net Loss attributable to common shareholders | $ | (626,293) | $ | (526,681) | $ | (1,454,945) | $ | (994,436) | ||||
PER SHARE DATA: | ||||||||||||
Basic & Dilutive Income / (Loss) per common share | ($0.00) | ($0.00) | ($0.00) | ($0.00) | ||||||||
Weighted average shares basic and diluted | 54,797,751,445 | 54,225,497,829 | 54,797,751,445 | 54,225,497,829 | ||||||||
The accompanying notes are an integral part of these financial statements
Page F-4
Green Globe International, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
Preferred | Stock $ | Common | Stock $ | Additional | APIC | Retained | Non-Controlling | Stockholders' | |||||||||||||||||
Shares | Amnt @ Par | Shares | Amnt @ Par | Paid in Capital | Warrant | Deficit | Interests | Equity | |||||||||||||||||
GGII & HPCO | Reserve Shares | GGII & HPCO | |||||||||||||||||||||||
Balances - March 31, 2022 | 20,000,002,800 | $ | 2,000,000 | 54,820,354,405 | $ | 5,482,034 | $ | 17,010,426 | $ | (58,950) | $ | (22,261,489) | $ | 1,346,045 | 3,518,067 | ||||||||||
Issuance of Shares to officer for services - 6-27-22 | - | - | 2,500,000 | 250 | 5,250 | - | - | 5,500 | |||||||||||||||||
Shares submitted for cancellation by order of the SEC | - | - | (25,102,960) | (2,510) | - | - | - | (2,510) | |||||||||||||||||
Transfer of subsidiary retained earnings | - | - | - | - | (8,735) | (8,735) | |||||||||||||||||||
Hempacco Pre-IPO 2 share issuances - less expenses | - | - | - | - | - | - | - | 355,475 | 355,474 | ||||||||||||||||
Conversion of Hempacco Promissory Note and accrued interest | - | - | - | - | - | - | - | 56,592 | 56,592 | ||||||||||||||||
Equity Adjustment - Attributable to Non-Controlling Interests | - | - | - | - | - | - | (434,082) | 434,082 | - | ||||||||||||||||
Losses Attributable to Non-Controlling Interests | - | - | - | - | 293,400 | (293,400) | - | ||||||||||||||||||
GGII Net Loss for 3 Month Period ended June 30, 2022: | - | - | - | - | - | - | (919,459) | (919,460) | |||||||||||||||||
Balances - June 30, 2022 | 20,000,002,800 | 2,000,000 | 54,797,751,445 | 5,479,774 | 17,006,941 | (58,950) | (23,321,631) | 1,898,795 | 3,004,928 | ||||||||||||||||
Balances - December 31, 2021 | 20,000,004,200 | $ | 2,000,000 | 54,816,153,814 | $ | 5,481,614 | $ | 15,093,784 | $ | (58,950) | $ | (20,855,958) | $ | 1,079,116 | 2,739,606 | ||||||||||
Issuance of shares to officer for services - 2-28-22 and 6-27-22 | 5,000,000 | 500 | 12,500 | 13,000 | |||||||||||||||||||||
Conversion of Preference Shares to Common Shares | (1,400) | 1,700,591 | 170 | (170) | - | ||||||||||||||||||||
Conversion of Hempacco Promissory Note and accrued interest | 56,592 | 56,592 | |||||||||||||||||||||||
Transfer of subsidiary retained earnings | - | - | |||||||||||||||||||||||
Creation of warrant valuation expense by Hempacco | 437,375 | 437,375 | |||||||||||||||||||||||
Hempacco Pre-IPO 2 share issuances - less expenses | 339,475 | 339,475 | |||||||||||||||||||||||
Additional paid-in capital for asset contribution to Green Star Labs | 1,463,452 | 1,463,452 | |||||||||||||||||||||||
Non-controlling interest in equity | - | - | - | - | - | - | (873,246) | 873,246 | - | ||||||||||||||||
Non-controlling interest in earnings | 449,635 | (449,635) | - | ||||||||||||||||||||||
Shares submitted for cancellation by order of the SEC | (25,102,960) | (2,510) | - | (2,510) | |||||||||||||||||||||
Net Loss for six months ended June 30, 2022: | (2,042,061) | (2,042,061) | |||||||||||||||||||||||
Balances - June 30, 2022 | 20,000,002,800 | $ | 2,000,000 | 54,797,751,445 | 5,479,774 | 17,006,941 | (58,950) | (23,321,630) | 1,898,794 | 3,004,929 | |||||||||||||||
Balances - March 31, 2021 | 8,006,300 | 8,000,001 | 3,700,640,356 | 370,063 | 13,138,683 | - | (16,840,136) | - | 4,668,611 | ||||||||||||||||
UST Mexico - conversion of preference shares plus interest to common | (8,000,000) | (8,000,000) | (792,715) | (8,792,715) | |||||||||||||||||||||
Issuance of Shares for Acquisition of Hempacco - 6-9-2021 | - | - | 70,312,160,674 | 7,031,216 | - | - | - | 7,031,216 | |||||||||||||||||
Loss of Goodwill on Consolidation with Hempacco - June 9, 2021 | - | - | - | - | - | - | - | - | |||||||||||||||||
Issuance of License Fee to Old Belt Extracts - 6-21-2021 | - | - | 4,347,826 | 435 | - | - | - | 435 | |||||||||||||||||
Transfer Loss of Goodwill on Consolidation with Hempacco | (1,013,888) | (1,013,888) | |||||||||||||||||||||||
Elimination of Retained Earnings on Full Consolidation 5-21-21 | 1,057,237 | 1,057,237 | |||||||||||||||||||||||
Elimination of hempacco proforma retained ernings at 5-21-21 | 3,004,969 | 3,004,969 | |||||||||||||||||||||||
Cancellation of 100 Preferred Shares Series A on Merger | (100) | - | - | - | - | - | |||||||||||||||||||
GGII net profit for the three months ended June 30, 2021: | - | - | - | - | - | - | (83,365) | (83,365) | |||||||||||||||||
UST Mexico - Conversion of Common to Pref - 6-27-2021 | 20,000,000,000 | 2,000,000 | (20,000,000,000) | (2,000,000) | (138,120) | - | - | - | (138,120) | ||||||||||||||||
Balances - June 30, 2021 | 20,000,006,200 | 2,000,001 | 54,017,148,856 | 5,401,714 | 12,207,848 | - | (13,875,183) | - | 5,734,379 | ||||||||||||||||
Balances - December 31, 2020 | 8,006,300 | 8,000,001 | 3,700,640,356 | 370,063 | 13,138,683 | - | (16,047,421) | - | 5,461,326 | ||||||||||||||||
UST Mexico - conversion of preference shares plus interest to common | (8,000,000) | (8,000,000) | (792,715) | (8,792,715) | |||||||||||||||||||||
Issuance of Shares for Acquisition of Hempacco - 6-9-2021 | - | - | 70,312,160,674 | 7,031,216 | - | - | - | 7,031,216 | |||||||||||||||||
Loss of Goodwill on Consolidation with Hempacco - June 9, 2021 | - | - | - | - | - | - | (1,013,888) | (1,013,888) | |||||||||||||||||
Issuance of License Fee to Old Belt Extracts - 6-21-2021 | - | - | 4,347,826 | 435 | - | - | - | 435 | |||||||||||||||||
Elimination of Retained Earnings on Full Consolidation 5-21-21 | 1,057,237 | 1,057,237 | |||||||||||||||||||||||
Elimination of hempacco proforma retained ernings at 5-21-21 | (138,120) | 3,004,969 | 2,866,849 | ||||||||||||||||||||||
Cancellation of 100 Preferred Shares Series A on Merger | (100) | - | - | - | - | - | |||||||||||||||||||
GGII net loss for the six months ended June 30, 2021: | - | - | - | - | - | - | (876,080) | (876,080) | |||||||||||||||||
UST Mexico - Conversion of Common to Pref - 6-27-2021 | 20,000,000,000 | 2,000,000 | (20,000,000,000) | (2,000,000) | - | - | - | ||||||||||||||||||
Balances - June 30, 2021 | 20,000,006,200 | 2,000,001 | 54,017,148,856 | 5,401,714 | 12,207,848 | - | (13,875,183) | - | 5,734,379 | ||||||||||||||||
Issued as Reserve for Warrants - NOT OUTSTANDING | 65,500,000 | $ | 6,550 | ||||||||||||||||||||||
EMC2 Capital | |||||||||||||||||||||||||
First Fire Global | 131,000,000 | $ | 13,100 | ||||||||||||||||||||||
JSJ Investments | 131,000,000 | $ | 13,100 | ||||||||||||||||||||||
MacRab LLC | 65,500,000 | $ | 6,550 | ||||||||||||||||||||||
LGH Investments | 65,500,000 | $ | 6,550 | ||||||||||||||||||||||
Mast Hill | 131,000,000 | $ | 13,100 | ||||||||||||||||||||||
589,500,000 | $ | 58,950 | |||||||||||||||||||||||
Issued and Outstanding: | (589,500,000) | ||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements
Page F-5
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Green Globe International Inc. published this content on 16 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2022 04:11:11 UTC.