SMART CARD MARKETING SYSTEMS INC. SMARTCARD MARKETING SYSTEMS, INC.
CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2022
TABLE OF CONTENTS
Consolidated Financial Statements:
Consolidated Balance Sheets .....................................................................................................................
Consolidated Statements of Operations ....................................................................................................
Consolidated Statement of Changes in Stockholders' Deficit.....................................................................
Consolidated Statements of Cash Flows ....................................................................................................
Notes to Consolidated Financial Statements ..............................................................................................
SMARTCARD MARKETING SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
June 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
ASSETS | (unaudited) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 3,740 | $ | 48 | |||||||
Accounts receivable, net | 280,445 | 182,245 | |||||||||
Total current assets | 284,185 | 182,293 | |||||||||
Investments | 1,800,000 | 1,200,000 | |||||||||
Intangible assets, net | 348,711 | 408,679 | |||||||||
Total assets | $ | 2,432,896 | $ | 1,790,971 | |||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | 2,201,897 | $ | 2,551,741 | |||||||
Convertible promissory note payable | 430,716 | 470,659 | |||||||||
Total current liabilities | 2,632,612 | 3,022,400 | |||||||||
Deferred revenue | 1,505,000 | 1,025,000 | |||||||||
Total liabilities | 4,137,612 | 4,047,400 | |||||||||
Stockholders' deficit: | |||||||||||
Common stock, $0.001 par value, 500,000,000 shares authorized, 491,892,061 and | |||||||||||
472,369,839 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 491,892 | 472,370 | |||||||||
Additional paid-in capital | 6,547,719 | 5,688,741 | |||||||||
Accumulated deficit | (8,744,327) | (8,417,539) | |||||||||
Total stockholders' deficit | (1,704,716) | (2,256,429) | |||||||||
Total liabilities and stockholders' deficit | $ | 2,432,896 | $ | 1,790,971 |
Approved on behalf of the board: | |
_____________________________________ | __________________________ |
Massimo Barone, CEO | Michele (Mike) Tasillo, CFO |
Smartcard Marketing Systems, Inc. | Smartcard Marketing Systems, Inc. |
See accompanying notes, they are integral to these consolidated financial statements. |
SMARTCARD MARKETING SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||
(unaudited) | (unaudited) | ||||||||||
Revenues | $ | 135,816 | $ | 152,840 | $ | 263,416 | $ | 277,602 | |||
Cost of net revenue | - | - | 4,999 | - | |||||||
Gross profit | 135,816 | 152,840 | 258,417 | 277,602 | |||||||
Operating expenses: | |||||||||||
General and administrative | 255,925 | 248,320 | 583,448 | 474,241 | |||||||
Sales and marketing | 895 | 345 | 1,757 | 959 | |||||||
Total operating expenses | 256,820 | 248,665 | 585,205 | 475,200 | |||||||
Loss from operations | (121,004) | (95,824) | (326,788) | (197,598) | |||||||
Other income (expense): | |||||||||||
Interest expense | 845 | - | - | - | |||||||
Total other income (expense), net | 845 | - | - | - | |||||||
Provision for income taxes | - | - | - | - | |||||||
Net loss | $ | (120,159) | $ | (95,824) | $ | (326,788) | $ | (197,598) | |||
Weighted average common shares outstanding - | |||||||||||
basic and diluted | 491,892,061 | 442,792,840 | 482,130,950 | 470,269,839 | |||||||
Net loss per common share - basic and diluted | $ | (0.0002) | $ | (0.0002) | $ | (0.0007) | $ | (0.0004) | |||
Approved on behalf of the board: | |||||||||||
_____________________________________ | ___________________________________ | ||||||||||
Massimo Barone, CEO | Michele (Mike) Tasillo, CFO | ||||||||||
Smartcard Marketing Systems, Inc. | Smartcard Marketing Systems, Inc. |
See accompanying notes, they are integral to these consolidated financial statements
SMARTCARD MARKETING SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT
Total | ||||||||||||||||||
Additional | Accumulated | Stockholders' | ||||||||||||||||
Balances at December 31, 2020 | Common Stock | Paid-in | Deficit | Deficit | ||||||||||||||
468,536,506 | $ | 468,537 | $ | 5,577,762 | $ | (7,428,598) | $ | (1,382,300) | ||||||||||
Issuance of common shares for services | 500,000 | 500 | 14,500 | - | 15,000 | |||||||||||||
Issuance of common shares for software acquired | 1,500,000 | 1,500 | 48,000 | - | 49,500 | |||||||||||||
Net loss | - | - | - | (101,774) | (101,774) | |||||||||||||
Balances at March 31, 2021 (unaudited) | 470,536,506 | 470,537 | 5,640,262 | |||||||||||||||
(7,530,372) | (1,419,573) | |||||||||||||||||
Net loss | - | - | - | (95,824) | (95,824) | |||||||||||||
Balances at June 30, 2021 (unaudited) | 470,536,506 | $ | 470,537 | $ | 5,640,262 | |||||||||||||
$ | (7,626,196) | |||||||||||||||||
$ | (1,515,397) | |||||||||||||||||
Balances at December 31, 2021 | 472,369,839 | $ | 472,370 | $ | 5,688,741 | $ | (8,417,539) | $ | (2,256,429) | |||||||||
Issuance of common shares for services | 1,744,444 | 1,744 | 76,756 | - | 78,500 | |||||||||||||
Conversion of notes and accounts payable into shares | 17,777,778 | 17,778 | 782,222 | - | 800,000 | |||||||||||||
Net loss | - | - | - | (206,629) | (206,629) | |||||||||||||
Balances at March 31, 2022 (unaudited) | 491,892,061 | 491,892 | 6,547,719 | |||||||||||||||
(8,624,168) | (1,584,558) | |||||||||||||||||
Net loss | (120,159) | (120,159) | ||||||||||||||||
Balances at June 30, 2022 (unaudited) | 491,892,061 | 491,892 | 6,547,719 | |||||||||||||||
(8,744,327) | (1,704,716) | |||||||||||||||||
Approved on behalf of the board: | |
_____________________________________ | ___________________________________ |
Massimo Barone, CEO | Michele (Mike) Tasillo, CFO |
Smartcard Marketing Systems, Inc. | Smartcard Marketing Systems, Inc. |
See accompanying notes, they are integral to these consolidated financial statements.
SMARTCARD MARKETING SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT
Six Months Ended | ||||||
June 30, | ||||||
2022 | 2021 | |||||
Cash flows from operating activities: | (unaudited) | |||||
Net loss | $ | (326,788) | $ | (197,598) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
Amortization | 92,173 | 88,372 | ||||
Shares issued for services | 78,500 | 15,000 | ||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | (98,200) | (93,200) | ||||
Accounts payable and accrued liabilities | 200,156 | 291,234 | ||||
Deferred revenue | (120,000) | (170,000) | ||||
Net cash used in operating activities | (174,159) | (66,192) | ||||
Cash flows from investing activities: | ||||||
Software development costs | (32,205) | (45,210) | ||||
Net cash provided by investing activities | (32,205) | (45,210) | ||||
Cash flows from financing activities: | ||||||
Proceeds from convertible notes payable | 220,000 | 115,159 | ||||
Repayments of convertible loans | (9,943) | (2,000) | ||||
Net cash provided by financing activities | 210,057 | 113,159 | ||||
Net change in cash and cash equivalents | 3,693 | 1,758 | ||||
Cash and cash equivalents at beginning of year | 48 | 92 | ||||
Cash and cash equivalents at end of year | $ | 3,740 | $ | 1,850 | ||
Supplemental disclosure of cash flow information: | ||||||
Cash paid for income taxes | $ | - | $ | - | ||
Cash paid for interest | $ | - | $ | - | ||
Supplemental disclosure of non-cash investing and financing activities: | ||||||
Issuance of common shares for software acquired | $ | - | $ | 49,500 | ||
Loans payable converted into shares | $ | 250,000 | $ | - | ||
Accounts payables converted into shares | $ | 550,000 | $ | - | ||
Investments | $ | 600,000 | $ | - |
Approved on behalf of the board: | |
_____________________________________ | ____________________________ |
Massimo Barone, CEO | Michele (Mike) Tasillo, CFO |
Smartcard Marketing Systems, Inc. | Smartcard Marketing Systems, Inc. |
See accompanying notes, they are integral to these consolidated financial statements.
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Smart Card Marketing Systems 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 02:12:06 UTC.
