NOHO, INC. | |||
Unaudited Balance Sheet | |||
As of June 30, 2022 | |||
ASSETS | |||
Current assets: | |||
Cash | $ | 148 | |
Inventory | 14,802 | ||
Loans receivable | 25,013 | ||
Total current assets | 39,963 | ||
Other assets: | |||
Intangible assets | 1,005,000 | ||
Product development-net | 510,000 | ||
Total other assets | 1,515,000 | ||
Total assets | $ | ||
1,554,963 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities | |||
Account payable | $ | 105,000 | |
Officer compensation | 152,000 | ||
Total current liabilities | 257,000 | ||
Long term liabilities | |||
Notes payable | 150,000 | ||
Loans from related parties | 12,057 | ||
Total long-term liabilities | 162,057 | ||
Total liabilities | 419,057 | ||
Contingent liabilities | 505,578 | ||
Stockholders' equity (deficit) | |||
Preferred stock | 35,251 | ||
Common stock | 10,825,420 | ||
Additional paid-in capital | (5,580,914) | ||
Accumulated (deficit) | (4,649,429) | ||
Total stockholders' equity (deficit) | 630,328 | ||
Total liabilities and stockholders' deficit | $ | ||
1,554,963 |
See accompanying notes to these unaudited consolidated financial statements.
Page 1 of 10
NOHO, INC.
Unaudited Statements of Operations | ||||||||||
For the three months ended | For the six months ended | |||||||||
June 30, | June 30, | |||||||||
Sales revenue | $ | 2022 | $ | 2021 | 2022 | 2021 | ||||
976 | 0 | 2,883 | 0 | |||||||
Cost of sales | 217 | 0 | 650 | 0 | ||||||
Gross profit | 759 | 0 | 2,233 | 0 | ||||||
Operating expenses | ||||||||||
Sales expense | 32 | 133 | ||||||||
Licenses | 62 | |||||||||
Legal and accounting | 32,500 | |||||||||
Professional fees | 12,500 | 12,500 | 1,095 | 57,500 | ||||||
Director & officer compensation | 27,250 | 25,000 | 52,250 | 50,000 | ||||||
Website expenses | 751 | 4,331 | ||||||||
General and administrative expenses | 835 | 1,155 | ||||||||
Amortization expense | 30,000 | 60,000 | ||||||||
Total operating expenses | 71,368 | 37,500 | 151,526 | 107,500 | ||||||
(Loss) from operations | (70,609) | (37,500) | (149,293) | (107,500) | ||||||
Other income (expenses) | ||||||||||
Derivative liability gain (expense) | 0 | 368,981 | (10,115) | 386 | ||||||
Interest (expense) | 0 | (24,446) | (11,116) | (54,029) | ||||||
Gain from extinguishment of debt | 424,697 | 120,654 | 424,697 | 120,654 | ||||||
Total other gains (expenses) | 424,697 | 465,189 | 403,466 | 67,011 | ||||||
Net income (loss) | $ | $ | ||||||||
354,088 | 427,689 | 254,173 | (40,489) | |||||||
Weighted average: outstanding common shares | 10,462,753,436 | 9,286,345,332 | 10,403,762,651 | 9,233,440,261 | ||||||
(Loss) per share | Nil | Nil | Nil | Nil | ||||||
Basic | $ | $ | $ | $ | ||||||
Diluted | $ | Nil | $ | Nil | $ | Nil | $ | Nil | ||
* Unissued common shares are anti-dilutive. |
See accompanying notes to these unaudited consolidated financial statements.
Page 2 of 10
NOHO, INC.
Unaudited Statement of Stockholders Equity
Preferred | Preferred | |||||||||||
A | B | Preferred | Common | Paid-In | Accumulated | |||||||
Shares | Amount | Shares | Amount | C Shares | Amount | Shares | Amount | Capital | (Deficit) | Total | ||
Balance at December 31, 2019 | 10,000,000 | $10,000 | 21,600,000 | $21,600 | 0 | 0 | 9,179,258,493 | $9,179,258 | ($5,835,123) | ($4,093,018) | ($717,283) | |
Shares for services | 1,000,000 | 1,000 | 139,000 | 140,000 | ||||||||
Net (loss) for the year ended Dec 31, | 2020 | (239,468) | (239,468) | |||||||||
Balance at December 31, 2020 | 10,000,000 | 10,000 | 22,600,000 | 22,600 | 9,179,258,493 | 9,179,258 | (5,696,123) | (4,332,486) | (816,751) | |||
Shares for website acquisition | 2,000,000 | 2,000 | 498,000 | 500,000 | ||||||||
Shares for website development | 2,000,000 | 2,000 | 60,000 | 6,000 | 592,000 | 600,000 | ||||||
Shares issued for debt | 561,361,624 | 561,362 | 74,660 | 636,022 | ||||||||
Shares for marketing services | 400,000 | 400 | 27,600 | 28,000 | ||||||||
Conversion into common shares | (4,320,000) | (4,320) | 604,800,000 | 604,800 | (600,480) | 0 | ||||||
Net (loss) for the year ended Dec 31, | 2021 | (571,116) | (571,116) | |||||||||
Balance at December 31, 2021 | 10,000,000 | 10,000 | 22,680,000 | 22,680 | 60,000 | 6,000 | 10,345,420,117 | 10,345,420 | (5,104,343) | (4,903,602) | 376,155 | |
Conversion into common shares | (3,428,571) | (3,429) | 479,999,940 | 480,000 | (476,571) | 0 | ||||||
Net income for 6 months ended June 30, | ||||||||||||
2022 | 254,173 | 254,173 | ||||||||||
Balance at June 30, 2022 | 10,000,000 | $10,000 | 19,251,429 | $19,251 | 60,000 | $6,000 | 10,825,420,057 | $10,825,420 | ($5,580,914) | ($4,649,429) | $630,328 |
See accompanying notes to these unaudited consolidated financial statements.
Page 3 of 10
NOHO, INC.
Unaudited Statements of Cash Flows
For the three months ended | For the six months ended | |||||||||
June 30, | June 30, | |||||||||
OPERATING ACTIVITIES | 2022 | 2021 | 2022 | 2021 | ||||||
Net (loss) for the period | $ | (354,088) | $ | 427,689 | $ | (254,173) | $ | (40,489) | ||
Adjustments to reconcile net loss to net cash | ||||||||||
(used in) provided by operating activities: | ||||||||||
Amortization expense | 30,000 | 0 | 60,000 | 0 | ||||||
Operational gain on extinguishment of debt | 283,479 | 0 | 83,646 | 0 | ||||||
Changes in assets and liabilities: | ||||||||||
(Incr)/decr - Inventory | 217 | 0 | 652 | 0 | ||||||
(Incr)/decr - Loan receivable | 0 | 0 | 0 | 0 | ||||||
Incr/(decr) in accounts payable | 12,500 | 612,500 | 32,500 | 657,500 | ||||||
Incr/(decr) in accrued compensation | 27,000 | 25,000 | 52,000 | 50,000 | ||||||
Incr/(decr) in notes payable | 0 | 0 | 0 | 0 | ||||||
Incr/(decr) in accrued interest | 0 | (96,209) | 11,116 | (66,626) | ||||||
Incr/(decr) in unissued common stock | 0 | 0 | 0 | 0 | ||||||
Incr/(decr) - in derivative liability | 0 | (368,980) | 10,115 | (385) | ||||||
Net cash (used in) provided by operating activities | (892) | 600,000 | (4,144) | 600,000 | ||||||
INVESTING ACTIVITIES | ||||||||||
Acquired marketing product development | 0 | (600,000) | 0 | (600,000) | ||||||
Net cash (used in) provided by investing activities | 0 | (600,000) | 0 | (600,000) | ||||||
FINANCING ACTIVITIES | ||||||||||
NONE | 0 | 0 | 0 | 0 | ||||||
Loans from related parties | 0 | 0 | 0 | 0 | ||||||
Net cash (used in) provided by financing activities | 0 | 0 | 0 | 0 | ||||||
INCREASE (DECREASE) IN CASH | (892) | 0 | (4,144) | 0 | ||||||
CASH, BEGINNING OF PERIOD | 1,040 | 0 | 4,292 | 4,292 | ||||||
CASH, END OF PERIOD | $ | 148 | $ | 0 | 148 | 4,292 | ||||
NON-CASH TRANSACTIONS IN COMMON SHARES | ||||||||||
Conversion of 3,429,000 Preferred B for | ||||||||||
common shares | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
See accompanying notes to these unaudited consolidated financial statements.
Page 4 of 10
NOHO, INC.
Notes to unaudited financial statements
For the three months ended June 30, 2022, and 2021
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
Noho, Inc. (the "Company" or "Noho") was incorporated in the state of Wyoming on September 30, 2011, under the name Real Estate Pathways, Inc. On January 9, 2013, the Company changed its name from Real Estate Pathways, Inc. to NOHO, Inc. The Company reinstated its status by filing in Wyoming on March 18, 2021.
Summary of Significant Accounting Policies
The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and are expressed in U.S. dollars. The Company's fiscal year end is December 31.
Nature of operations
Currently, the Company is focused on the production and sale of After Shot, a beverage for hangover defense. The Company purchases raw materials and outsources the manufacturing to a third party.
Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates.
Fair value of financial instruments
We utilize ASC 820-10, Fair Value Measurement and Disclosure, for valuing financial assets and liabilities measured on a recurring basis. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of our Company. Unobservable inputs are inputs that reflect our Company's assumptions about the factors market participants would use in valuing the asset or liability. The guidance establishes three levels of inputs that may be used to measure fair value:
Level 1. Observable inputs such as quoted prices in active markets; and
Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
As of June 30, 2022, and June 30, 2021, there were no level 2 or 3 assets or liabilities.
Intangible assets
ASC 350 requires that goodwill and intangible assets with indefinite useful lives no longer be amortized, but instead tested for impairment at least annually in accordance with the provisions of ASC 350. This standard also requires that intangible assets with definite useful lives be amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment.
The Company's intangible assets consist of the costs of filing and acquiring various patents and trademarks. The trademarks are recorded at cost. The Company determined that the trademarks have an estimated useful life of approximately 11 years and will be reviewed annually for impairment. Amortization will be recorded over the estimated useful life of the assets using the straight-line method for financial statement purposes when their corresponding assets are in productive use.
Page 5 of 10
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Noho Inc. published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 22:41:05 UTC.