HEADSUP ENTERTAINMENT INTERNATIONAL INC. DocuSign Envelope ID: 938491D9-5F68-43CA-B34C-B8F636550813
HEADSUP ENTERTAINMENT INTERNATIONAL, INC.
Condensed Consolidated Interim Financial Statements
For the three months ended April 30, 2022 and 2021
(Expressed in Canadian dollars)
DocuSign Envelope ID: 938491D9-5F68-43CA-B34C-B8F636550813
S H I M
SHIM & Associates LLP
Chartered Professional Accountants
Suite 970 - 777 Hornby Street Vancouver, B.C. V6Z 1S4
- 604 559 3511 | F: 604 559 3501
Notice to Reader
HeadsUp Entertainment International, Inc.
1739 - 246 Stewart Green SW
Calgary, AB T3H 3C8
On the basis of information provided by management, we have compiled the condensed consolidated interim balance sheets of HeadsUp Entertainment, Inc. as at April 30, 2022 and January 31, 2022, and the condensed consolidated interim statements of operations, cash flows and equity for the three months ended April 30, 2022 and 2021.
We have not perform an audit engagement or a review engagement, nor were we required to perform procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not provide any form of assurance on the financial information.
Readers are cautioned that these statements may not be appropriate for their purposes.
SHIM & Associates LLP
Chartered Professional Accountants
Vancouver, Canada
June 14, 2022
The accompanying notes are an integral part of these condensed consolidated interim financial statements
1
DocuSign Envelope ID: 938491D9-5F68-43CA-B34C-B8F636550813
HeadsUp Entertainment International, Inc.
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Unaudited - See Notice to Reader)
As at April 30, 2022 and January 31, 2022
(Expressed in Canadian dollars)
April 30, 2022 January 31, 2022
ASSETS | ||||
Current | ||||
Cash | $ | 2,415 | $ | 41,034 |
Account receivable | 29,520 | 20,398 | ||
Prepaid expenses | 232,985 | 245,485 | ||
Total current assets | 264,920 | 306,917 | ||
Long-term investment (Note 4) | 2,226,610 | 2,050,560 | ||
Loans and notes receivable (Note 5) | 689,096 | 581,196 | ||
TOTAL ASSETS | $ | 3,180,626 | $ | 2,938,673 |
LIABILITIES | ||||
Current | ||||
Accounts payable and accrued liabilities | $ | 143,106 | $ | 136,690 |
Short-term loan payable (Note 6) | 1,550,520 | 1,293,870 | ||
Due to related parties (Note 7) | 684,003 | 662,011 | ||
TOTAL LIABILITIES | 2,377,629 | 2,092,571 | ||
EQUITY | ||||
Common shares (Note 8) | 229,090 | 229,090 | ||
Preferred shares (Note 8) | 250,000 | 250,000 | ||
Contributed surplus | 3,362,157 | 3,362,157 | ||
Deficit | (3,038,250) | (2,995,145) | ||
TOTAL EQUITY | 802,997 | 846,102 | ||
TOTAL LIABILITIES AND EQUITY | $ | 3,180,626 | $ | 2,938,673 |
Approved and authorized for issuance by the Board of Directors on June 14, 2022:
Approved on Behalf of the Board of Directors:
Douglas Wilson, Director | Mark Hutchinson, Director | Richard Keeley, Director |
DocuSign Envelope ID: 938491D9-5F68-43CA-B34C-B8F636550813
HeadsUp Entertainment International, Inc.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS (Unaudited - See Notice to Reader)
For the three months ended April 30, 2022 and 2021
(Expressed in Canadian dollars)
2022 | 2021 | |||
Revenue | $ | 4,742 | $ | 1,029 |
Operating expenses | ||||
Advertising and promotion | 19,610 | 15,517 | ||
Consulting fees (Notes 8 and 11) | 9,969 | 54,556 | ||
Interest expenses (Note 7) | 3,600 | 3,600 | ||
Office and miscellaneous | 16,259 | 12,427 | ||
Professional fees | 6,817 | 14,002 | ||
Travel | 714 | 746 | ||
Total operating expenses | 56,969 | 100,848 | ||
Net loss before other items | (52,227) | (99,819) | ||
Loss on settlement of debt (Note 8) | - | (943,148) | ||
Interest income | 9,122 | 3 | ||
Net loss for the year | $ | (43,105) | $ | (1,042,964) |
Loss per share | $ | (0.00) | $ | (0.00) |
Weighted average number of common shares | 229,089,368 | 222,207,095 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
2
DocuSign Envelope ID: 938491D9-5F68-43CA-B34C-B8F636550813
HeadsUp Entertainment International, Inc.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF EQUITY (Unaudited - See Notice to Reader)
For the three months ended April 30, 2022 and 2021 (Expressed in Canadian dollars)
Common Stock | Preferred Stock | ||||||||
Subscriptions | |||||||||
Number of | Number of | received in | Contributed | ||||||
Shares | Amount | Shares | Amount | advance | Surplus | Deficit | TOTAL | ||
Balance, January 31, 2021 | 204,207,657 | 204,208 | 5,000,000 | 250,000 | - | 1,765,307 | (1,602,377) | 617,138 | |
Shares issued for cash | 500,000 | 500 | - | - | - | 49,840 | - | 50,340 | |
Shares issued for services | 19,350,000 | 19,350 | - | - | - | 948,151 | - | 967,501 | |
Shares cancelled | (5,000,000) | (5,000) | - | - | - | 5,000 | - | - | |
Subscriptions received in advance | - | - | - | - | 125,850 | - | - | 125,850 | |
Net loss for the period | - | - | - | - | - | - | (1,042,964) | (1,042,964) | |
Balance, April 30, 2021 | 219,057,657 | 219,058 | 5,000,000 | 250,000 | 125,850 | 2,768,298 | (2,645,341) | 717,865 | |
Balance, January 31, 2022 | 229,089,368 | 229,090 | 5,000,000 | 250,000 | - | 3,362,157 | (2,995,145) | 846,102 | |
Net loss for the period | - | - | - | - | - | - | (43,105) | (43,105) | |
Balance, April 30, 2022 | 229,089,368 | 229,090 | 5,000,000 | 250,000 | - | 3,362,157 | (3,038,250) | 802,997 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
3
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Headsup Entertainment International Inc. published this content on 13 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 June 2022 16:52:01 UTC.
