Exhibit 99.1
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ST BRANDS, INC
Balance Sheet
December 31, 2020 and 2019
2020 | 2019 | |||||||
Assets | ||||||||
Current assets | $ | - | $ | - | ||||
Noncurrent assets | - | - | ||||||
Total assets | $ | - | $ | - | ||||
Liabilities and Deficiency in Stockholder’s Equity | ||||||||
Current liabilities: | ||||||||
Due to related party | $ | 388 | $ | 338 | ||||
Nonurrent liabilities: | - | - | ||||||
Total liabilities | 388 | 338 | ||||||
Commitments and contingencies | ||||||||
Deficiency in Stockholder’s Equity Common stock, $0.01par value, 1,000 shares authorized, issued and outstanding | 10 | 10 | ||||||
Paid-in capital in excess of par | - | - | ||||||
Accumulated deficit | (398 | ) | (348 | ) | ||||
Total deficiency in stockholder’s equity | (388 | ) | (338 | ) | ||||
Total liabilities and deficiency in stockholder’s equity | $ | - | $ | - |
See accompanying notes to the financial statements.
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ST BRANDS, INC.
Statement of Operation
For the Period from October 22, 2019 (Inception) to December 31, 2019 and
For the Year Ended December 31, 2020
2020 | 2019 | |||||||
Revenues | $ | - | $ | - | ||||
Operating expenses: | ||||||||
General and administrative | 50 | 348 | ||||||
Total operating expenses | 50 | 348 | ||||||
Operating loss | (50 | ) | (348 | ) | ||||
Net loss before income taxes | (50 | ) | (348 | ) | ||||
Income taxes | - | - | ||||||
Net loss | $ | (50 | ) | $ | (348 | ) |
See accompanying notes to the financial statements.
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ST BRANDS, INC.
Statement of Deficiency in Stockholder’s Equity
For the Period from October 22, 2019 (Inception) to December 31, 2019 and
For the Year Ended December 31, 2020
Common Stock | Paid-in | Accumulated | ||||||||||||||||||
Shares | Value | Capital | Deficit | Total | ||||||||||||||||
Balance, October 22, 2019 (Inception) | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
Issuance of common stock | 1,000 | 10 | - | - | 10 | |||||||||||||||
Net loss | - | - | - | (348 | ) | (348 | ) | |||||||||||||
Balance, December 31, 2019 | 1,000 | 10 | - | (348 | ) | (338 | ) | |||||||||||||
Net loss | - | - | - | (50 | ) | (50 | ) | |||||||||||||
Balance, December 31, 2020 | 1,000 | $ | 10 | $ | - | $ | (398 | ) | $ | (388 | ) |
See accompanying notes to the financial statements.
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ST BRANDS, INC.
Statements of Cash Flows
For the Period from October 22, 2019 (Inception) to December 31, 2019 and
For the Year Ended December 31, 2020
2020 | 2019 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (50 | ) | $ | (348 | ) | ||
Adjustment to reconcile net loss to net cash used in operating activities: | ||||||||
Increase in liabilities: | ||||||||
Due to related party | 50 | 348 | ||||||
Net cash used in operating activities | - | - | ||||||
Cash flows from investing activities: | - | - | ||||||
Cash flows from financing activities: | - | - | ||||||
Change in cash and cash equivalents | - | - | ||||||
Cash and cash equivalents, beginning of period | - | - | ||||||
Cash and cash equivalents, end of year | $ | - | $ | - | ||||
Supplemental cash flow information: | ||||||||
Cash paid for interest | $ | - | $ | - | ||||
Cash paid for taxes | $ | - | $ | - | ||||
Shares issued for settlement of related party payable | $ | - | $ | - |
See accompanying notes to the financial statements.
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