Kauffman|Kim, LLP
Certified Public Accountants & Advisors
9256 BENDIX ROAD, SUITE 102 COLUMBIA, MARYLAND 21045
Hak Kim
TELEPHONE (443) 478-3747
FACSIMILE (443)478-3749
EMAIL jkim@kauffmankimcpa.com
INDEPENDENT ACCOUNTANT'S COMPILED PROSPECTIVE
FINANCIAL STATEMENTS
I have performed compilation engagements in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. Management is responsible for the accompanying financial statements of Powerstorm Holdings Inc., which comprise the Balance Sheets as of June 30, 2021 & June 30, 2022 and Statement of Income, Statement of Cash Flows and Statement of Retained Earnings for the years then ended in accordance with accounting principles generally accepted in the United States of America.
I did not audit or review the financial statements nor was I required to perform any procedures to verify the accuracy or completeness of the information provided by the management. I do not express an opinion, a conclusion, nor provide any assurance on these financial statements.
Best regards,
Hak Kim
08/15/2022
Partner, Kauffman|Kim, LLP
CPA License States: MD, VA
CPA License #: 43785, 48414
1
Powerstorm Holdings Inc PSTO Balance Sheet
Assets | JUN 30, 2022 | JUN 30, 2021 | ||
Current Assets | ||||
Cash and cash equivalents | $ | 351,238.44 | $ | - |
Accounts receivable, net | $ | 10,577.93 | $ | - |
Other Current Assets | $ | 6,540.33 | $ | - |
Total current assets | $ | 368,356.70 | ||
Security Deposits | $ | 4,596.69 | $ | - |
Goodwill | $ | 1,409,642.58 | ||
Capital assets, net | -$ | 83,210.31 | ||
Total Assets | $ | 1,699,385.66 | $ | - |
Liabilities and stockholders' equity (deficit) | ||||
Current Liabilities | ||||
Accounts payable and accrued liabilities | $ | 654,922.61 | $ | 19,991.76 |
Total Current Liabilities | $ | 654,922.61 | $ | 19,991.76 |
Long-Term Liabilities | ||||
Loans payable, related party, net | $ | 380,436.55 | $ | - |
Capital lease obligation, current | $ | 29,656.03 | $ | - |
Convertible notes payable | $25,000.00 | $ | - | |
Total Long-Term Liabilities | $ | 435,092.58 | $ | - |
Total Liabilities | $ | 1,090,015.19 | $ | 19,991.76 |
EquityCommon (Capital) Stock | $ | 26,313.77 | $ | 23,248.00 |
Contra-Equity - Deferred Compensation | -$ | 72,811.66 | $ | - |
Additional Paid in Capital | $ | 6,568,329.04 | $ | 5,366,053.15 |
Retained earnings (accumulated deficit) | -$ | 5,712,270.73 | -$ | 5,405,288.00 |
Net Income (loss) | -$ | 200,189.95 | -$ | 4,004.91 |
Total Equity | $ | 609,370.47 | -$ | 19,991.76 |
Total liabilities and stockholders' equity (deficit) | $ | 1,699,385.66 | $ | 0.00 |
2
Powerstorm Holdings Inc PSTO Statement of Income | |||||
JUN 30, 2022 | JUN 30, 2021 | ||||
Revenue | $ | 36,822.76 | $ | 6,982.85 | |
Cost of revenue | $ | 38,871.16 | $ | - | |
Gross Margin | -$ | 2,048.40 | $ | 6,982.85 | |
Operating expenses: | |||||
Selling, general and administrative | $ | 83,209.82 | $9,501.76 | ||
Total operating expenses | $ | 83,209.82 | $ | 9,501.76 | |
Net Operating Income | -$ | 85,258.22 | -$ | 2,518.91 | |
Other income (expense) | -$ | 14,306.64 | $ | - | |
Total other income (expense) | -$ | 14,306.64 | $ | - | |
Net Other income (expense) | -$ | 14,306.64 | $ | - | |
Net income (loss) | -$ | 99,564.86 | -$ | 2,518.91 | |
3
Powerstorm Holdings Inc PSTO Statement of Cash Flows | ||
Statement of Cash Flows | June 30, 2022 | |
Cash flows from operating activities of continuing operations: | ||
Net income (loss) | -$ | 99,564.86 |
Adjustments to reconcile Net Income to Net Cash provided by operations: | ||
Accounts Receivable | -$ | 39,537.89 |
Other current assets | -$ | 9,690.12 |
Accounts payable and accrued liabilities | $ | 367,209.32 |
Total Adjustments to reconcile Net Income to Net Cash provided by operations: | $ | 317,981.31 |
Net cash provided by operating activities | $ | 218,416.45 |
Cash flows from investing activities: | ||
Capital Assets, Net | $ | 21,397.49 |
Net cash provided by investing activities | $ | 21,397.49 |
Cash flows from financing activities: | ||
Long-Term Liabilities | -$ | 1,072,026.09 |
Common (Capital) Stock | -$ | 21,966.23 |
Contra-Equity - Deferred Compensation | -$ | 7,961.66 |
Additional Paid in Capital | $ | 1,162,457.89 |
Retained Earnings | $ | 46,137.33 |
Net cash provided by financing activities | $ | 106,641.24 |
Net cash increase for period | $ | 346,455.18 |
Cash at beginning of period | $ | 4,783.26 |
Cash at end of period | $ | 351,238.44 |
Statement of Cash Flows | June 30, 2021 | |
Cash flows from operating activities of continuing operations: | ||
Net Income | -$ | 2,518.91 |
Adjustments to reconcile Net Income to net cash provided by operations: | ||
Accounts payable and accrued liabilities | $ | 2,518.91 |
Net cash provided by Operating Activities | $ | - |
Net cash increase for period | $ | - |
Cash at end of period | $ | - |
4
Powerstorm Holdings Inc
Statement of Retained Earnings (Statement of Changes in Stockholder's Equity)
June 30, 2022 | Balance | |
Beginning Balance | ||
Retained Earnings | -5,712,270.73 | |
Net loss | -200,189.95 | |
Ending Balance | ||
Retained Earnings | -5,912,460.68 | |
June 30, 2021 | Balance |
Beginning Balance | |
Retained Earnings | -5,405,288.00 |
Net loss | -4,004.91 |
Ending Balance | |
Retained Earnings | -5,409,292.91 |
5
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Powerstorm Holdings 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 15:33:05 UTC.