Quarterly report pursuant to Section 13 or 15(d)

PROFORMA FINANCIAL STATEMENTS (UNAUDITED)

v3.22.2
PROFORMA FINANCIAL STATEMENTS (UNAUDITED)
3 Months Ended
Mar. 31, 2022
PROFORMA FINANCIAL STATEMENTS (UNAUDITED)  
PROFORMA FINANCIAL STATEMENTS (UNAUDITED)

14. PROFORMA FINANCIAL STATEMENTS (UNAUDITED)

 

Unaudited Supplemental Pro Forma Data

 

Unaudited pro forma results of operations for the quarters ended March 31, 2022 and 2021:

 

 

 

Quarter Ended

March 31, 2022

 

 

Quarter Ended

March 31, 2021

 

Sales

 

$ 4,046,797

 

 

$ 3,002,597

 

Cost of sales

 

 

2,205,039

 

 

 

1,753,016

 

Gross Profit

 

 

1,841,758

 

 

 

1,249,581

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

4,458,387

 

 

 

2,773,708

 

Selling and marketing

 

 

351,977

 

 

 

197,029

 

Total operating expenses

 

 

4,810,364

 

 

 

2,970,737

 

Operating income (loss)

 

 

(2,968,606 )

 

 

(1,721,156 )

Interest expense

 

 

(183,134 )

 

 

(384,544 )

Gain on forgiveness of PPP loan

 

 

-

 

 

 

28,458

 

Total other expense

 

 

(183,134 )

 

 

(356,086 )

Net Loss

 

$ (3,151,740 )

 

$ (2,077,242 )

Net (loss) income attributable to noncontrolling interests in subsidiaries

 

 

(93,819 )

 

 

16,174

 

Net Loss attributable to common stockholders:

 

$ (3,057,921 )

 

$ (2,093,416 )

 

 

 

 

 

 

 

 

 

Basic and Diluted Loss Per Common Share

 

$ (0.03 )

 

$ (0.13 )

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding- basic and diluted

 

 

94,923,294

 

 

 

86,624,446

 

 

These pro forma results are based on estimates and assumptions, which the Company believes are reasonable. They are not necessarily indicative of our consolidated results of operations in future periods or the results that actually would have been realized had we been a combined company during the periods presented. The pro forma results include adjustments in the quarter ended March 31, 2021, related to amortization of acquired intangible assets of $796,601, interest expense on notes payable of $122,500, and officer compensation of $127,384. There are no proforma adjustments for the period ending March 31, 2022.