Nice to see an OTC ticker focusing on actual business rather than stock selling. Boring read but I liked the filing. I always like an accumulated deficit that is shrinking year over year. For so many other stock selling tickers this number grows rapidly despite the fund raising from shares that should be used to reduce debt. They are making money and the inside stakeholder ownership is huge. very low float is fantastic. A lot in there points to growth going forward. I don't like to promote but the facts are making money and taking ownership.
Balance, December 31, 2019 accumulative deficit $(1,141,090)
Balance, December 31, 2020 accumulative deficit $(715,334)
NOTE 7 – ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Included within accrued expenses and other current liabilities as of December 31, 2020, was approximately $50,000 of deferred revenues
related to an order in which the Company received an advance on an order that had not been entirely fulfilled and shipped as of year-end.
As such, this amount will be recorded as a liability until it can be recognized as revenue in the first quarter of 2021.
In December 2020, Management elected to forgive all accrued 2019 and 2020 executive salaries as of December 31, 2020 as the Company
exceeded stated goals and achieved a new standard of operations. The amount forgiven of $183,522 will not be paid out and the Company
will reallocate the funds within the Company to bolster the momentous progress into 2021.
NOTE 8 – COMMITTMENTS
In October 2020, the Company executed a manufacturing agreement with an existing private label customer. The one-year exclusivity
agreement modifies and extends the Manufacturing Agreement executed in April, earlier this year, until October 31, 2021. With this
agreement, which provides exclusivity to manufacture certain products, the Company has solidified an existing relationship and taken steps
in preparation for further expansion of business with one of their largest customers.
NOTE 9 - SUBSEQUENT EVENTS
The Company evaluates events that have occurred after the balance sheet date of December 31, 2020, through the date which the
financial statements were available to be issued.
In January 2021, the Company received $65,000 that was due from Six-Twenty Capital Management, LLC. This has reduced the balance
to zero as of the date these financial statements were available to be issued.
In January 2021, the Company has received confirmation from its transfer agent that the 40,000,000 common shares previously issued to
Catalyst Ventures has been returned to treasury and officially cancelled as part of the reverse merger agreement. This amounts to
approximately a 13% reduction in the total number of outstanding common shares as previously reported on OTCmarkets.com
AI
