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Replies to post #100076 on SIPP Industries Inc (SIPC)
10/10/19 12:47 PM
ITEM 4 – FINANCIAL STATEMENTS
Comparison of the three months ended June 30, 2019 to three months ended June 30, 2018
Revenue
The revenues for the three months ended June 30, 2019 was $12,631 compared to $13,960 for the three months ended June 30, 2018.
Operating Expenses
The operating expenses for the three months ended June 30, 2019 was $22,089 compared to $12,565 for the three months ended June 30, 2018.
Net Loss
As a result of the above, the net operating loss for the three months ended June 30, 2019 was $16,828 compared to a net loss of $1,049 for the three months ended June 30, 2018.
Comparison of the six months ended June 30, 2019 to six months ended June 30, 2018
Revenue
The revenues for the six months ended June 30, 2019 was $20,975 compared to $27,720 for the six months ended June 30, 2018.
Operating Expenses
The operating expenses for the six months ended June 30, 2019 was $30,863 compared to $27,152 for the six months ended June 30, 2018.
Net Loss
As a result of the above, the net operating loss for the six months ended June 30, 2019 was $18,786 compared to a net loss of $7,508 for the six months ended June 30, 2018.
Liquidity and Capital Resources
The total assets were $785,881, including Wanderport Corporation securities valued at $550,000, andtotal liabilities were $108,063 at June 30, 2019. The total assets were $752,835 and total liabilities were $105,063 at year end December 31, 2018.
The net cash used in operating activities for the six months ended June 30, 2019 was $1,765 compared tothe net cash used of $5,190 for the same period ended June 30, 2018. The net cash provided by financing activities for the six months ended June 30, 2019 was $3,000 compared to the net cash used of $3,000 for the same period e nded June 30, 2018.
For the six months ended June 30, 2019, we had a negative cash flow of $1,765 compared to a negative cash flow of $5,190 for the six months ended June 30, 2018
NOTE 5 - GOING CONCERN
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company had a net loss for the six months ended June 30, 2019 of $18,786. As of June 30, 2019 the Company had current and total liabilities of $108,063 compared to the current and total liabilities of $105,063 at December 31, 2018. At June 30, 2019 total assets were $785,881 of which $5,233 were liquid assets compared to the period ended December 31, 2018 where total assets were$752,835 of which $6,998 were liquid assets. At six months ended June 30, 2019, the Company has an accumulated loss of $18,786 and has an accumulated deficit of $1,642,888 compared to an accumulated loss of $7,508 and an accumulated deficit of $1,624,102 for the period ended December 31, 2018. The Company’s continuation as a going concern is dependent on its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.
