PURE CAPITAL SOLUTIONS, INC.
Consolidated Financial Statements
and
Accountants' Compilation Report
For the Period Ended June 30, 2022
TABLE OF CONTENTS | |
Page | |
ACCOUNTANTS' COMPILATION REPORT | 1 |
Consolidated Financial Statements for the Period Ended June 30, 2022: | |
Consolidated Balance Sheets | 2 |
Consolidated Statements of Operations | 3 |
Consolidated Statements of Stockholders' Deficit | 4 |
Consolidated Statements of Cash Flows | 5 |
Notes to Consolidated Financial Statements | 6 - 16 |
Certified Public Accountants &
Business Consultants
ACCOUNTANTS' COMPILATION REPORT
To Board of Directors and Management
Pure Capital Solutions, Inc.
Salt Lake City, UT
Management is responsible for the accompanying interim, consolidated financial statements of Pure Capital Solutions, Inc. (a corporation) and its wholly-owned subsidiaries, which comprise the consolidated balance sheets as of June 30, 2022 and June 30, 2021 and the related consolidated statements of operations for the six months ended June 30, 2022 and 2021 and cash flows for the six months ended June 30, 2022 and 2021, and stockholders' deficit for the six months ended June 30, 2022 and twelve months ended December 31, 2021 and the related notes to the interim, consolidated financial statements in accordance with accounting principles generally accepted in the United States of America. We have performed the compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the interim, consolidated financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. We do not express an opinion, a conclusion, nor provide any assurance on these interim, consolidated financial statements.
We are not independent with respect to Pure Capital Solutions, Inc.
As discussed in Note L, certain conditions indicate that the company may be unable to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.
CPA Partners, LLC
Seminole, FL
August 11, 2022
1
8200 - 113th Street, Suite 103 • Seminole, Florida 33772 • (727) 398-2080 • (FAX) 727-398-5560
Pure Capital Solutions, Inc.
Consolidated Balance Sheets
June 30, | June 30, | ||||
ASSETS | 2022 | 2021 | |||
Current Assets | |||||
Cash and Cash Equivalents | $ | 337,520 | $ | 482,071 | |
Accounts Receivable | 33,375 | - | |||
Notes Receivable | - | - | |||
Prepaid Expenses | 36,858 | 25,635 | |||
Total Current Assets | 407,753 | 507,706 | |||
Other Assets | |||||
Software | 288 | 288 | |||
Trademarks & Domains | 1,109 | 1,109 | |||
Accumulated Amortization | (255) | (169) | |||
Total Other Assets | 1,142 | 1,228 | |||
Total Assets | $ | 408,895 | $ | 508,934 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current Liabilities | |||||
Accounts Payable | $ | 411,151 | $ | 137,316 | |
Credit Cards Payable | 1,117 | - | |||
Income Tax Payable | 139,224 | - | |||
Accrued Expenses | 14,592 | - | |||
Advance from Related Party | 100,000 | - | |||
Stock Subscription Payable | - | 25,000 | |||
Total Current Liabilities | 666,084 | 162,316 | |||
Long-term Debt | 1,288,300 | 650,000 | |||
Total Liabilities | 1,954,384 | 812,316 | |||
Stockholders' Equity | |||||
Common Stock - $0.001 par value; 200,000,000 | 113,300 | 110,925 | |||
shares authorized; 113,800,000 and 17,200,000 | |||||
shares issued and outstanding, respectively | |||||
Additional Paid in Capital | 980,970 | 502,837 | |||
Accumulated Deficits | (2,639,759) | (917,144) | |||
Total Stockholders' Equity | (1,545,489) | (303,382) | |||
Total Liabilities and Stockholders' Equity | $ | 408,895 | $ | 508,934 | |
See accountants' compilation report and accompanying notes to consolidated financial statements.
2
Pure Capital Solutions, Inc.
Consolidated Statements of Operations
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||
Revenues | $ | 13,949 | $ | - | $ | 43,518 | $ | - | |||
Selling, General, and Administrative Expenses | |||||||||||
Advertising and Marketing | 9,143 | 15,000 | 44,761 | 16,334 | |||||||
Amortization | 42 | 84 | 85 | 169 | |||||||
Bank Fees | 238 | 182 | 324 | 243 | |||||||
Computer & Internet | 641 | - | 703 | - | |||||||
Dues & Subscriptions | 3,188 | 20 | 3,548 | 80 | |||||||
Filing Fees | 2,727 | 6,531 | 5,996 | 9,641 | |||||||
Insurance | 273 | - | 481 | 533 | |||||||
Licenses & Permits | - | - | - | - | |||||||
Management Fees | 56,351 | - | 115,524 | - | |||||||
Meals | 4,525 | 1,828 | 7,527 | 1,973 | |||||||
Meetings & Conferences | 3,483 | - | 19,114 | - | |||||||
Office Expense | 3,200 | 5,731 | 8,952 | 8,146 | |||||||
Postage & Delivery | 219 | 179 | 265 | 197 | |||||||
Professional Fees | 120,960 | 61,524 | 226,447 | 74,270 | |||||||
Repairs & Maintenance | 1,605 | - | 1,605 | - | |||||||
Software Subscriptions | 6,274 | 3,388 | 18,407 | 3,575 | |||||||
Software Build | 7,200 | 374,962 | 31,200 | 405,962 | |||||||
Subcontractors | 27,162 | 10,500 | 55,544 | 10,500 | |||||||
Supplies | 3,500 | - | 3,500 | - | |||||||
Taxes & Fees | 105,030 | - | 78,658 | - | |||||||
Telephone | 483 | 162 | 944 | 234 | |||||||
Training and Education | 199 | 547 | 199 | 547 | |||||||
Travel | 34,918 | 7,750 | 49,918 | 7,750 | |||||||
Vehicle Expense | 343 | 10 | 1,098 | 10 | |||||||
Website Expense | 10,000 | - | 23,045 | - | |||||||
Total Selling, General, and Administrative Expenses | 401,704 | 488,398 | 697,845 | 540,164 | |||||||
Loss Before Other Income/(Expense) | (387,755) | (488,398) | (654,327) | (540,164) | |||||||
Other Income/(Expense) | |||||||||||
Interest Expense | (18,688) | (19,250) | (34,625) | (25,250) | |||||||
Interest Income | - | 100 | - | 4,050 | |||||||
Loss on Debt Extinguishment | - | - | - | (104,000) | |||||||
Misc. Income | 528 | - | 889 | - | |||||||
Gain on Interest Forgiveness | - | - | - | 1,000 | |||||||
Total Other Income/(Expense) | (18,160) | (19,150) | (33,736) | (124,200) | |||||||
Loss Before Income Taxes | (405,915) | (507,548) | (688,063) | (664,364) | |||||||
Net Operating Income/(Loss) | $ | (405,915) | $ | (507,548) | (688,063) | (664,364) | |||||
Weighted Average Common Shares Outstanding | 111,936,043 | 35,494,505 | 112,001,370 | 38,775,137 | |||||||
Income/(Loss) per Common Share | $ | (0.00) | $ | (0.01) | $ | (0.01) | $ | (0.02) | |||
See accountants' compilation report and accompanying notes to consolidated financial statements.
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Pure Capital Solutions Inc. published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2022 14:34:02 UTC.