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.