EESTECH INC AND SUBSIDIARIES (A DEVELOPMENT STAGE COMPANY) QUARTERLY / INTERIM REPORT
AS AT June 30, 2022
(Denominated in USD)
Reg. Office: | Eestech Inc |
16192 Coastal Highway | |
Lewes | |
DELAWARE USA 19958 |
EESTECH INC. AND SUBSIDIARIES (A DEVELOPMENT STAGE COMPANY) CONSOLIDATED BALANCE SHEET AS AT JUNE 30, 2022
(Unaudited)
JUNE 30, | DECEMBER 31, | ||
2022 | 2021 | ||
ASSETS | $ | $ | |
Current Assets | |||
Cash | 559,333 | 416,811 | |
Prepaid expenses | 11,926 | 28,128 | |
Other receivables | 19,412 | 42,818 | |
Total Current Assets | 590,672 | 487,757 | |
Other Non-Current Assets | |||
Property and equipment, net of depreciation | 39,162 | 39,804 | |
Investment - EMS | - | - | |
HCGT Technology | - | - | |
Delta E Technology | - | - | |
Total Non-Current Assets | 39,162 | 39,804 | |
TOTAL ASSETS | 629,834 | 527,561 | |
LIABILITIES | |||
Current Liabilities | |||
Trade creditors | 364579 | 359,173 | |
Accrued expenses | 156,696 | 189,258 | |
Shareholder loans | - | 21,768 | |
Total Current Liabilities | 521,275 | 570,199 | |
Non-Current Liabilities | |||
Shareholder loans | - | - | |
Total Non-Current Liabilities | - | - | |
TOTAL LIABILITIES | |||
521,275 | 570,199 | ||
Net Assets/(Liabilities) | |||
108,558 | (42,638) | ||
EQUITY | |||
Foreign currency translation reserve | (1,576,862) | (1,550,394) | |
Issued capital - par value | 256,289 | 240,177 | |
Issued capital - paid in | 36,371,873 | 35,755,734 | |
Issued warrants | 13,518 | 13,518 | |
Retained earnings attributable to owners of the parent | (34,482,337) | (33,130,079) | |
Current period earnings attributable to owners of the parent | (389,142) | (1,352,260) | |
Non-Controlling Interest | (1,063,073) | (997,577) | |
Change in proportionate interest reserve | 978,245 | 978,245 | |
Total Equity | 108,558 | (42,638) | |
The accompanying notes are an integral part of these financial statements
1
EESTECH INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 2022
(Unaudited)
CURRENT QUARTER | YEAR TO DATE | CUMULATIVE |
FROM | ||
JUNE 30 | JUNE 30 | INCEPTION TO |
(April 26, 2000) |
Operating expenses:
General administrative
Write off investment in China Unrealised FX (Gain)/loss on translation
Research and development Impairment loss on assets Total operating expenses
Profit / (loss) from operations
Other income (expense) Sale of investment in EESTech Africa Pty Ltd
Licence fees Other income Rental income
Write back of director loans Discounts received Interest income
Interest expense
Loss on disposition of assets Provision for taxes
Net Profit/(Loss)
Other comprehensive income
Total comprehensive income/(loss) for the period
2022 | 2021 | 2022 | 2021 | JUNE 30, 2022 |
$ | $ | $ | $ | $ |
226,650 | 175,802 | 508,500 | 569,483 | 31,732,758 |
- | - | - | - | 477,252 |
- | - | - | - | (1,064,812) |
- | - | - | - | 1,200,466 |
- | - | - | - | 4,836,392 |
226,650 | 175,802 | 508,500 | 569,483 | 37,182,056 |
(226,650) | (175,802) | (508,500) | (569,483) | (37,182,056) |
- | - | - | - | 968,180 |
- | - | - | - | 619,301 |
53,877 | - | 53,877 | - | 139,128 |
7,046 | ||||
- | - | - | - | 581,848 |
- | - | - | - | 79,291 |
- | - | - | - | 56,029 |
- | - | - | - | (123,384) |
- | - | - | - | (26,495) |
- | - | - | - | (1,169) |
(172,773) | (175,802) | (454,623) | (569,483) | (34,882,281) |
(24,751) | 12,466 | (26,421) | 21,975 | (1,650,862) |
(197,524) | (163,336) | (481,044) | (547,508) | (36,533,143) |
Total comprehensive loss for the year attributable to:
Owners of EESTech Inc | (103,358) | (147,665) | (415,548) | (517,732) | (36,448,293) |
Non Controlling Interests | (94,166) | (15,671) | (65,496) | (29,776) | (84,850) |
The accompanying notes are an integral part of these financial statements
2
EESTECH INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) AND COMPREHENSIVE LOSS
(Unaudited)
Deficit | Accumulated | ||||||
other | Change in | Total Stock | |||||
accumulated | Non- | ||||||
compre- | Proportionate | -holders' | |||||
Common Stock | during | Controlling | Total Equity | ||||
hensive | interest | equity | |||||
development | Interests | ||||||
income | reserve | (deficit) | |||||
stage | |||||||
/(loss) | |||||||
Additional | Shares | ||||||
Shares issued | paid-in | ||||||
subscribed | |||||||
capital | |||||||
Par Number | Par |
Value | |
Balance December 31, 2020 (Restated) Issuance of stock for cash
Issuance of stock for services and settlement of debt
Net Loss
Adjustment for foreign currency translations
Balance December 31, 2021 (Restated)
Issuance of stock for cash
Issuance of stock for services and settlement of debt
Net Loss
Adjustment for foreign currency translations
Balance June 30, 2022
No. | $0.00 | $ | $ | $ | $ | $ | $ | $ | $ | ||
184,373,533 | 185,547 | 33,473,112 | 16,375 | (33,130,079) | (1,531,011) | 978,245 | (7,811) | (920,838) | (928,650) | ||
35,740,362 | 35,740 | 1,560,976 | - | - | - | - | 1,596,716 | - | 1,596,716 | ||
18,887,865 | 18,888 | 721,646 | (2,857) | - | - | - | 737,677 | - | 737,677 | ||
- | - | - | - | (1,352,260) | - | - | (1,352,260) | (76,739) | (1,428,999) | ||
- | - | - | - | - | (19,383) | - | (19,383) | - | (19,383) | ||
239,001,760 | 240,175 | 35,755,734 | 13,518 | (34,482,339) | (1,550,394) | 978,245 | 954,939 | (997,577) | (42,638) | ||
14,983,207 | 14,983 | 584,374 | - | - | - | - | 599,357 | - | 599,357 | ||
1,128,730 | 1,128 | 31,765 | - | - | - | - | 32,893 | - | 32,893 | ||
- | - | - | - | (389,139) | - | - | (389,139) | (65,496) | (454,635) | ||
- | - | - | - | - | (26,421) | - | (26,421) | - | (26,421) | ||
255,113,697 | 256,286 | 36,371,873 | 13,518 | (34,871,478) | (1,576,815) | 978,245 | 1,171,629 | (1,063,073) | 108,556 | ||
The accompanying notes are an integral part of these financial statements
3
EESTECH INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2022 (Unaudited)
Cash flows from operating activities: Net profit / (loss)
Adjustments to reconcile net loss to net cash used in operating activities: Amortization and depreciation Amounts credited to provisions
Impairment of intellectual property and goodwill Gain on sale of EESTech Africa Pty Ltd shares Unrealised FX Gains
Writeback of related party loans
Shares issued for services and settlement of debt Loss on sale of property
Changes in assets and liabilities: Increase/(Decrease) in accounts payable Increase/(Decrease) in accruals (Increase)/Decrease in prepaid expenses (Increase)/Decrease in other receivables
Net cash used in operations
Cash flows used by investing activities: Acquisition of plant and equipment Investment in subsidiaries
Investment in Licence
Investment in Liquatech
Proceeds on sale of investment in EESTech Africa Investment in Delta E Technology
Investment in HCGT Technology Investment in EMS
Net cash used in investing activities
Cash flows from financing activities: Issuance of common stock
Loan from/(repaid to) shareholder Loan from/(repaid to) subsidiary Loans from (repaid) to EESTech Inc Proceeds from issuance of debentures Principal repayments under finance leases Deferred lease
Net cash from financing activities
Comprehensive gain (loss) on translation
Net increase (decrease) in cash
Cash, beginning of period
Cash, end of period
YEAR TO DATE | YEAR TO DATE | CUMULATIVE TO |
JUNE 30, 2022 | JUNE 30, 2021 | JUNE 30, 2022 |
$ | $ | $ |
(454,623) | (569,483) | (33,636,616) |
6,919 | 4,345 | 241,719 |
- | - | 2,558 |
- | - | 4,836,373 |
- | - | (968,180) |
- | - | (1,419,451) |
- | - | (128,965) |
32,893 | 188,346 | 12,947,172 |
- | - | 29,015 |
5,406 | 62,099 | 1,293,474 |
(32,562) | 30,240 | 214,797 |
23,508 | - | (34,010) |
(2,609) | 86 | (46,230) |
(421,904) | (284,367) | (16,668,344) |
(32,662) | (3,828) | (331,350) |
- | - | (58) |
- | - | (7,500) |
- | - | (8) |
- | - | 968,256 |
- | - | (39,833) |
- | - | (1,816,492) |
- | (60,000) | (504,354) |
(32,662) | (63,828) | (1,731,339) |
599,360 | 347,539 | 18,967,392 |
(21,768) | (1,104) | 293,883 |
8,568 | - | 886 |
(879) | - | (879) |
- | - | 41,815 |
- | - | (45,506) |
- | - | 46,703 |
585,281 | 346,435 | 19,304,294 |
10,972 | 22,017 | (345,277) |
142,523 | 20,258 | 559,333 |
416,811 | 82,250 | - |
559,333 | 102,508 | 559,333 |
The accompanying notes are an integral part of these financial statements
4
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Eestech Inc. published this content on 09 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2022 23:03:03 UTC.