Quarterly report pursuant to Section 13 or 15(d)

PROFORMA FINANCIAL STATEMENTS (UNAUDITED)

v3.22.2.2
PROFORMA FINANCIAL STATEMENTS (UNAUDITED)
6 Months Ended
Jun. 30, 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 June 30, 2022 and 2021:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

Sales

 

$ 6,441,386

 

 

$ 6,654,221

 

 

$ 9,443,983

 

 

$ 10,701,018

 

Cost of sales

 

 

3,989,510

 

 

 

4,920,674

 

 

 

5,742,526

 

 

 

7,125,713

 

Gross Profit

 

 

2,451,876

 

 

 

1,733,547

 

 

 

3,701,457

 

 

 

3,575,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

3,732,607

 

 

 

5,252,741

 

 

 

6,506,315

 

 

 

9,711,128

 

Selling and marketing

 

 

258,951

 

 

 

336,485

 

 

 

455,980

 

 

 

688,462

 

Total Operating expenses

 

 

3,991,558

 

 

 

5,589,226

 

 

 

6,962,295

 

 

 

10,399,590

 

Operating income (loss)

 

 

(1,539,682 )

 

 

(3,855,679 )

 

 

(3,260,838 )

 

 

(6,824,285 )

Amortization of intangibles

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Interest expense

 

 

(274,879 )

 

 

(244,152 )

 

 

(659,423 )

 

 

(427,286 )

Other income

 

 

-

 

 

 

7,848

 

 

 

-

 

 

 

7,848

 

Gain on forgiveness of PPP loan

 

 

-

 

 

 

-

 

 

 

28,458

 

 

 

-

 

Total other expense

 

 

(274,879 )

 

 

(244,152 )

 

 

(630,965 )

 

 

(419,438 )

Net Loss

 

$ (1,814,561 )

 

$ (4,091,983 )

 

$ (3,891,803 )

 

$ (7,243,723 )

Net (loss) income attributable to noncontrolling interests in subsidiaries

 

 

8,772

 

 

 

(12,004 )

 

 

24,946

 

 

 

(105,823 )

Net Loss attributable to common stockholders:

 

 

(1,823,333 )

 

 

(4,079,979 )

 

 

(3,916,749 )

 

 

(7,137,900 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Loss Per Common Share

 

$ (0.02 )

 

$ (0.04 )

 

$ (0.05 )

 

$ (0.07 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding- basic and diluted

 

 

87,532,764

 

 

 

97,086,968

 

 

 

86,336,883

 

 

 

95,850,224

 

 

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 June 30, 2021, related to amortization of acquired intangible assets of $1,593,200, interest expense on notes payable of $246,361, and officer compensation of $254,800. There are no proforma adjustments for the three and six months ended June 30, 2022.