Exhibit 99.2
LIFE CLIPS, INC.
INDEX TO FINANCIAL INFORMATION
Unaudited Consolidated Financial Statements of Belfrics for the year ended June 30, 2021 and the period ending September 30, 2021
| -1- |
Unaudited Consolidated Financial Statements of Belfrics for the year ended June 30, 2021
Summarized Balance Sheet as on June 30, 2021
| Assets and Liabilities | Belfrics Global PTE Ltd | Belfrics BT Pvt Ltd | Belfrics Cryptex Pvt Ltd | Belfrics Tanzania Ltd | Belfrics Malaysia SDN BHD | Belfrics Nigeria Pvt Ltd | Belfrics BT SDN BHD | Belfrics Holding Ltd | Belfrics Academy SDN BHD | Belfrics International Ltd | Incrypts SDN BHD | Belfrics Kenya Ltd | Belfrics Europe SLU | Total Group Companies | ||||||||||||||||||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity and Reserves | (196,835 | ) | (8,477 | ) | 23,902 | (92,338 | ) | (68,933 | ) | (59,539 | ) | (142,878 | ) | (186,498 | ) | (10,644 | ) | 56,423 | (8,378 | ) | (140,646 | ) | 3,665 | (831,176 | ) | |||||||||||||||||||||||||||||||
| Total Current & Non-Current Liabilities | 1,607,832 | 170,477 | 124,329 | 104,342 | 102,256 | 72,729 | 293,662 | 3,581,553 | 11,016 | 28,035 | 8,434 | 438,529 | - | 6,543,194 | ||||||||||||||||||||||||||||||||||||||||||
| Total Equity and Liabilities | 1,410,997 | 162,000 | 148,231 | 12,004 | 33,323 | 13,190 | 150,784 | 3,395,055 | 372 | 84,458 | 56 | 297,883 | 3,665 | 5,712,018 | ||||||||||||||||||||||||||||||||||||||||||
| Adjustments: US GAAP | (294,508 | ) | - | - | - | - | (3,571 | ) | (2,476 | ) | - | - | (63,110 | ) | - | - | - | (363,665 | ) | |||||||||||||||||||||||||||||||||||||
| Stockholders’ Equity and Liabilities (US GAAP) | 1,116,489 | 162,000 | 148,231 | 12,004 | 33,323 | 9,619 | 148,308 | 3,395,055 | 372 | 21,348 | 56 | 297,883 | 3,665 | 5,348,353 | ||||||||||||||||||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PPE & Non-Current Assets | 368,136 | - | 68,130 | 10,884 | 20,828 | 12,714 | 148,973 | 3,392,532 | - | 84,110 | - | 15,392 | - | 4,121,699 | ||||||||||||||||||||||||||||||||||||||||||
| Current Assets | 1,042,861 | 162,000 | 80,101 | 1,120 | 12,495 | 476 | 1,811 | 2,523 | 372 | 348 | 56 | 282,491 | 3,665 | 1,590,319 | ||||||||||||||||||||||||||||||||||||||||||
| Total Assets | 1,410,997 | 162,000 | 148,231 | 12,004 | 33,323 | 13,190 | 150,784 | 3,395,055 | 372 | 84,458 | 56 | 297,883 | 3,665 | 5,712,018 | ||||||||||||||||||||||||||||||||||||||||||
| Adjustments: US GAAP | (294,508 | ) | - | - | - | - | (3,571 | ) | (2,476 | ) | - | - | (63,110 | ) | - | - | - | (363,665 | ) | |||||||||||||||||||||||||||||||||||||
| Total Assets (US GAAP) | 1,116,489 | 162,000 | 148,231 | 12,004 | 33,323 | 9,619 | 148,308 | 3,395,055 | 372 | 21,348 | 56 | 297,883 | 3,665 | 5,348,353 | ||||||||||||||||||||||||||||||||||||||||||
| -2- |
Unaudited Consolidated Financial Statements of Belfrics for the year ended June 30, 2021
Accumulated Profit and Loss Accounts for the year ended June 30, 2021 in accordance with USGAAP
The significant adjustments required to convert earnings available for shareholders in accordance with respective GAAP to accumulated profit and loss in accordance with US GAAP are:
| All amounts are in USD | ||||||||||||||||||||
| Sr. No. | Company | GAAP | Accumulated Profit/(Loss) after Tax (GAAP) | Depreciation/Amortization | Receivable w/off | Accumulated Profit/(Loss) after Tax (US GAAP) | ||||||||||||||
| 1. | Belfrics Global PTE Ltd | SFRS | (197,568 | ) | (294,508 | ) | - | (492,076 | ) | |||||||||||
| 2. | Belfrics BT Pvt Ltd | IGAAP | (10,277 | ) | - | - | (10,277 | ) | ||||||||||||
| 3. | Belfrics Cryptex Pvt Ltd | IGAAP | 22,502 | - | - | 22,502 | ||||||||||||||
| 4. | Belfrics Tanzania Ltd | IFRS | (132,338 | ) | - | - | (132,338 | ) | ||||||||||||
| 5. | Belfrics Malaysia SDN BHD | MPERS | (279,393 | ) | - | - | (279,393 | ) | ||||||||||||
| 6. | Belfrics Nigeria Pvt Ltd | IFRS | (111,539 | ) | (3,571 | ) | - | (115,110 | ) | |||||||||||
| 7. | Belfrics BT SDN BHD | MPERS | (155,258 | ) | (2,476 | ) | - | (157,734 | ) | |||||||||||
| 8. | Belfrics Holding Ltd | MFRS | (196,498 | ) | - | - | (196,498 | ) | ||||||||||||
| 9. | Belfrics Academy SDN BHD | MPERS | (23,024 | ) | - | - | (23,024 | ) | ||||||||||||
| 10. | Belfrics International Ltd | MPERS | (127,577 | ) | - | (63,110 | ) | (190,687 | ) | |||||||||||
| 11. | Incrypts SDN BHD | MPERS | (10,779 | ) | - | - | (10,779 | ) | ||||||||||||
| 12. | Belfrics Kenya Ltd | IFRS | (141,575 | ) | - | - | (141,575 | ) | ||||||||||||
| 13. | Belfrics Europe SLU | IFRS | - | - | - | - | ||||||||||||||
| TOTAL | (1,363,324 | ) | (300,555 | ) | (63,110 | ) | (1,726,989 | ) | ||||||||||||
| -3- |
Unaudited Consolidated Financial Statements of Belfrics for the year ended June 30, 2021
Shareholders’ equity in accordance with USGAAP
The significant adjustments required to convert shareholders’ funds in respective GAAP to shareholders’ equity in accordance with US GAAP are:
| Adjustments | Shareholders’ equity (US GAAP) | |||||||||||||||||||||||
| Sr.No. | Company | GAAP | Shareholders’ equity | Depreciation/Amortization | Receivable w/off | Reclass to Current Liabilities | ||||||||||||||||||
| 1 | Belfrics Global PTE Ltd | SFRS | (196,835 | ) | (294,508 | ) | - | - | (491,344 | ) | ||||||||||||||
| 2 | Belfrics BT Pvt Ltd | IGAAP | (8,477 | ) | - | - | - | (8,477 | ) | |||||||||||||||
| 3 | Belfrics Cryptex Pvt Ltd | IGAAP | 23,902 | - | - | - | 23,902 | |||||||||||||||||
| 4 | Belfrics Tanzania Ltd | IFRS | (92,338 | ) | - | - | - | (92,338 | ) | |||||||||||||||
| 5 | Belfrics Malaysia SDN BHD | MPERS | (68,933 | ) | - | - | - | (68,933 | ) | |||||||||||||||
| 6 | Belfrics Nigeria Pvt Ltd | IFRS | 13,190 | (3,571 | ) | - | (72,729 | ) | (63,110 | ) | ||||||||||||||
| 7 | Belfrics BT SDN BHD | MPERS | (142,878 | ) | (2,476 | ) | - | - | (145,354 | ) | ||||||||||||||
| 8 | Belfrics Holding Ltd | MFRS | (186,498 | ) | - | - | - | (186,498 | ) | |||||||||||||||
| 9 | Belfrics Academy SDN BHD | MPERS | (10,644 | ) | - | - | - | (10,644 | ) | |||||||||||||||
| 10 | Belfrics International Ltd | MPERS | 56,423 | - | (63,110 | ) | - | (6,687 | ) | |||||||||||||||
| 11 | Incrypts SDN BHD | MPERS | (8,379 | ) | - | - | - | (8,379 | ) | |||||||||||||||
| 12 | Belfrics Kenya Ltd | IFRS | (140,646 | ) | - | - | - | (140,646 | ) | |||||||||||||||
| 13 | Belfrics Europe SLU | IFRS | 3,665 | - | - | - | 3,665 | |||||||||||||||||
| TOTAL | (758,448 | ) | (300,555 | ) | (63,110 | ) | (72,729 | ) | (1,194,842 | ) | ||||||||||||||
| -4- |
Unaudited Consolidated Financial Statements of Belfrics
Accumulated Profit and Loss Accounts in accordance with USGAAP, for the periods ending following the last date of audited financials, as listed on the table below.
| Accumulated Profit/(Loss) after Tax | For the Six (6) Months Ended September 30, 2021 | For the Nine (9) Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Belfrics BT Pvt Ltd | Belfrics Criptex Pvt Ltd | Belfrics Global PTE Ltd | Belfrics Tanzania Ltd | Belfrics Malaysia SDN BHD | Belfrics Nigeria Pvt Ltd | Belfrics BT SDN BHD | Belfrics Holding Ltd | Belfrics Academy SDN BHD | Belfrics International Ltd | Incrypts SDN BHD | Belfrics Kenya Ltd | Belfrics Europe SLU | ||||||||||||||||||||||||||||||||||||||||
| 2 | 3 | 1 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | ||||||||||||||||||||||||||||||||||||||||
| USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | ||||||||||||||||||||||||||||||||||||||||
| Revenue | - | - | - | - | - | - | 1,803 | - | - | - | - | 3,428 | - | |||||||||||||||||||||||||||||||||||||||
| Less: Cost of Services | - | - | - | - | - | - | 19,619 | 5,535 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
| Gross Profit | - | - | - | - | - | - | (17,816 | ) | (5,535 | ) | - | - | - | 3,428 | - | |||||||||||||||||||||||||||||||||||||
| Less: Office & Administrative Exp. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rent including lease rentals | - | - | - | 16,263 | - | - | - | - | - | - | - | 9,997 | - | |||||||||||||||||||||||||||||||||||||||
| Depreciation & Amortisation Cost | - | 5,117 | 55,927 | - | - | 1,648 | 3,594 | - | - | - | - | 1,636 | - | |||||||||||||||||||||||||||||||||||||||
| Bank Charges & Commission | - | - | - | - | - | - | 120 | - | - | 448 | - | 171 | - | |||||||||||||||||||||||||||||||||||||||
| Communication | - | - | - | 937 | - | - | - | - | - | - | - | 437 | - | |||||||||||||||||||||||||||||||||||||||
| Legal & Professional Fees | - | - | - | 283 | - | - | 11,394 | - | - | 2,175 | - | 827 | - | |||||||||||||||||||||||||||||||||||||||
| Travelling Expense | - | - | - | - | - | - | 3,352 | - | - | - | - | 722 | - | |||||||||||||||||||||||||||||||||||||||
| Employee Benefit Expenses | - | - | - | - | - | - | - | - | - | - | - | 671 | - | |||||||||||||||||||||||||||||||||||||||
| Auditors & Secretarial Fees | - | - | - | - | - | - | - | - | - | 630 | 172 | - | - | |||||||||||||||||||||||||||||||||||||||
| Other Office & Administrative Expenses | - | - | - | 1,824 | - | - | - | 74 | - | 1,511 | - | 595 | - | |||||||||||||||||||||||||||||||||||||||
| Total Operating Costs | - | 5,117 | 55,927 | 19,308 | - | 1,648 | 18,460 | 74 | - | 4,764 | 172 | 15,056 | - | |||||||||||||||||||||||||||||||||||||||
| Accumulated Profit & Loss | - | (5,117 | ) | (55,927 | ) | (19,308 | ) | - | (1,648 | ) | (36,276 | ) | (5,609 | ) | - | (4,764 | ) | (172 | ) | (11,628 | ) | - | ||||||||||||||||||||||||||||||
| Other Comprehensive Income | - | - | - | - | - | - | 128,245 | 41,918,737 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
| Comprehensive income | - | (5,117 | ) | (55,927 | ) | (19,308 | ) | - | (1,648 | ) | 91,968 | 41,913,128 | - | (4,764 | ) | (172 | ) | (11,628 | ) | - | ||||||||||||||||||||||||||||||||
| -5- |
Unaudited Consolidated Financial Statements of Belfrics for the period ended September 30, 2021
BELFRICS
CONSOLIDATED BALANCE SHEET
(Unaudited)
As of September 30, 2021
(inclusive of the preliminary purchase accounting adjustments)
| September 30, 2021 | ||||
| (Unaudited) | ||||
| ASSETS | ||||
| Current assets | ||||
| Cash | 326,388 | |||
| Accounts Receivable | 368,796 | |||
| Other Current Assets | 1,588,030 | |||
| Total Current Assets | 2,283,214 | |||
| Right-of-Use Asset | 92,028 | |||
| Property and Equipment, Net | 1,410,869 | |||
| Intangible Assets | 43,752,524 | |||
| Total Assets | 47,538,635 | |||
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||
| Current Liabilities | ||||
| Accounts Payable | 672,761 | |||
| Accrued Expenses and Interest Payable | 3,226 | |||
| Due to Related Party | 5,504,287 | |||
| Life Clips Notes Payable | 1,000,144 | |||
| Lease Liability | 56,968 | |||
| Total Current Liabilities | 7,237,386 | |||
| Non-current liabilities: | ||||
| Lease Liability, Long-Term | 35,060 | |||
| Total Liabilities | 35,060 | |||
| Shareholders’ Deficit | ||||
| Additional Paid-In Capital | 49,038,311 | |||
| Accumulated Other Comprehensive Loss | - | |||
| Accumulated Deficit | (1,534,736 | ) | ||
| Total Shareholders’ Equity (Deficit) | 47,503,575 | |||
| Total liabilities and shareholders’ deficit | 47,538,635 | |||
| -6- |
Unaudited Consolidated Financial Statements of Belfrics for the period ended September 30, 2021
BELFRICS
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
As of September 30, 2021
(inclusive of the preliminary purchase accounting adjustments)
| For the three month | ||||
| period ended | ||||
| September 30, 2021 | ||||
| Revenues | ||||
| License Income | $ | - | ||
| Other Revenues | 574 | |||
| Total Revenues | 574 | |||
| Cost of Goods Sold | - | |||
| Gross Profit | 574 | |||
| Operating Costs: | ||||
| Professional Fees | 600 | |||
| Other General and Administrative Expenses | 12,113 | |||
| Total Operating Costs | 12,713 | |||
| Loss from Operations | (12,139 | ) | ||
| Other Income/(Expense): | ||||
| Loss on Impairment of Intangibles | (1,522,597 | ) | ||
| Total Other Income (Expense) | (1,522,597 | ) | ||
| Income/(Loss) Before Income Taxes | (1,534,736 | ) | ||
| Net Income/(Loss) | $ | (1,534,736 | ) | |
| -7- |
Unaudited Consolidated Financial Statements of Belfrics for the year ended September 30, 2021
Accumulated Profit and Loss Accounts for the year ended September 30, 2021 in accordance with USGAAP
The significant adjustments required to convert earnings available for shareholders in accordance with respective GAAP to accumulated profit and loss in accordance with US GAAP are:
| All amounts are in USD | ||||||||||||||||||||||
| Sr. No. | Company | GAAP | Accumulated Profit/(Loss) after Tax (GAAP) | Depreciation/Amortization | Receivable w/off | Accumulated Profit/(Loss) after Tax (US GAAP) | ||||||||||||||||
| 14. | Belfrics Global PTE Ltd | SFRS | - | - | - | - | ||||||||||||||||
| 15. | Belfrics BT Pvt Ltd | IGAAP | - | - | - | - | ||||||||||||||||
| 16. | Belfrics Cryptex Pvt Ltd | IGAAP | 2,319 | - | - | 2,319 | ||||||||||||||||
| 17. | Belfrics Tanzania Ltd | IFRS | (8,586 | ) | - | - | (8,586 | ) | ||||||||||||||
| 18. | Belfrics Malaysia SDN BHD | MPERS | - | - | - | - | ||||||||||||||||
| 19. | Belfrics Nigeria Pvt Ltd | IFRS | - | - | - | - | ||||||||||||||||
| 20. | Belfrics BT SDN BHD | MPERS | - | - | - | - | ||||||||||||||||
| 21. | Belfrics Holding Ltd | MFRS | (18 | ) | - | - | (18 | ) | ||||||||||||||
| 22. | Belfrics Academy SDN BHD | MPERS | (878 | ) | - | - | (878 | ) | ||||||||||||||
| 23. | Belfrics International Ltd | MPERS | - | - | - | - | ||||||||||||||||
| 24. | Incrypts SDN BHD | MPERS | - | - | - | - | ||||||||||||||||
| 25. | Belfrics Kenya Ltd | IFRS | (4,976 | ) | - | - | (4,976 | ) | ||||||||||||||
| 26. | Belfrics Europe SLU | IFRS | - | - | - | - | ||||||||||||||||
| TOTAL | (12,139 | ) | - | - | (12,139 | ) | ||||||||||||||||
| -8- |