EXHIBIT 99.1
|
| Aug 31, 2021 |
| |
|
| (Unaudited) |
| |
ASSETS | ||||
|
|
| ||
CURRENT ASSETS: |
|
| ||
Cash and cash equivalents |
| $ 1.623.006 |
| |
Accounts receivable, net |
| 28.145.850 |
| |
Accounts receivable - related party |
| 3.128.877 |
| |
Marketable securities |
|
| 215.316 |
|
Inventory |
| 3.841.719 |
| |
Prepaid expenses and other current assets |
| 5.700.664 |
| |
Prepaid expenses and other current assets - related party |
| 2.888.574 |
| |
Operating lease right-of-use asset |
|
| 954.780 |
|
Financing lease right-of-use asset |
|
| 231.469 |
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
| 46.730.255 |
| |
|
|
|
|
|
Property and equipment, net |
| 2.058.293 |
| |
Goodwill and intangible assets, net |
|
| 209.929 |
|
Other assets |
|
| 760.364 |
|
Deferred tax assets |
|
| 283.068 |
|
|
|
|
|
|
TOTAL ASSETS |
| $ 50.041.909 |
| |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
Accounts payable and accrued expenses |
| $ 14.614.393 |
| |
Accounts payable and accrued expenses - related party |
|
| 156.325 |
|
Accrued interest |
|
| 924.799 |
|
Customer advances |
|
| 46.818 |
|
Convertible notes payable, net of unamortized discount of $418,504 and $494,973, respectively |
|
| 426.624 |
|
Derivative liability - convertible note |
|
| 435.478 |
|
Notes payable |
| 7.603.625 |
| |
Notes payable - related party |
|
| 433.521 |
|
Lines of credit |
| 5.493.546 |
| |
Loans payable - related party |
|
| 708.344 |
|
Taxes payable |
|
| 760.932 |
|
Operating lease liability, current portion |
|
| 172.530 |
|
Financing lease liability, current portion |
|
| 96.323 |
|
Other current liabilities |
|
| 498.248 |
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES |
| 32.371.506 |
| |
|
|
|
|
|
Share settled debt obligation |
| 1.554.590 |
| |
Notes payable - long term portion |
| 10.235.503 |
| |
Operating lease liability, net of current portion |
|
| 767.853 |
|
Financing lease liability, net of current portion |
|
| 151.839 |
|
Other liabilities |
|
| 103.365 |
|
TOTAL LIABILITIES |
| 45.184.656 |
| |
|
|
|
|
|
STOCKHOLDERS’ EQUITY: |
|
|
|
|
Preferred stock, $0.001 par value; 100,000,000 shares authorized; 0 shares issued and outstanding as of August 31, 2021 |
|
| - |
|
Common stock, $0.001 par value; 300,000,000 shares authorized; 17,389,748 shares issued as of August 31, 2021 |
|
| 17.390 |
|
Additional paid-in capital |
| 29.439.037 |
| |
Treasury stock, 350,328 and 415,328 shares as of August 31, 2021 |
|
| (611.204 | ) |
Accumulated deficit |
| (24.352.672) |
| |
Accumulated other comprehensive income |
|
| 364.702 |
|
|
|
|
|
|
TOTAL STOCKHOLDERS’ EQUITY |
| 4.857.253 |
| |
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
| $ 50.041.909 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.