Exhibit 99.2
PRO MUSIC RIGHTS, INC.
FINANCIAL STATEMENTS (unaudited)
JUNE 30, 2022
PRO MUSIC RIGHTS, INC.
BALANCE SHEETS (UNAUDITED)
June 30, 2022 | March 31, 2022 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | 175,725 | $ | 172,900 | ||||
Accounts receivable | 432,358,623 | 377,579,645 | ||||||
Prepayments | 420 | 420 | ||||||
Total Current Assets | 432,534,768 | 377,752,965 | ||||||
INTANGIBLE ASSETS | 45,135 | 45,135 | ||||||
TOTAL ASSETS | $ | 432,579,903 | $ | 377,798,100 | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 18,912 | $ | 13,648 | ||||
Sales tax payable | 4,536 | 4,536 | ||||||
Advances from a shareholder | 357,218 | 310,132 | ||||||
Deferred revenues | 432,363,623 | 377,579,645 | ||||||
Total Current Liabilities | 432,744,289 | 377,907,961 | ||||||
STOCKHOLDERS’ DEFICIENCY | ||||||||
Common stocks | 14,100 | 14,100 | ||||||
Additional paid-in capital | 278,814 | 278,814 | ||||||
Deficit | (457,300 | ) | (402,775 | ) | ||||
Total Stockholders’ Deficiency | (164,386 | ) | (109,861 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | $ | 432,579,903 | $ | 377,798,100 |
F-1
PRO MUSIC RIGHTS, INC.
STATEMENTS OF OPERATIONS (UNAUDITED)
For the Quarter Ending | For the Six Months Ending | |||||||||||
June 30, 2022 | March 31, 2022 | June 30, 2022 | ||||||||||
REVENUES | $ | 35,390 | $ | 55 | $ | 35,445 | ||||||
OPERATING EXPENSES | ||||||||||||
Accounting and legal fees | 63,762 | 60,057 | 123,819 | |||||||||
Professional fees | 23,152 | 55,204 | 78,356 | |||||||||
Insurance | 1,257 | 1,257 | 2,514 | |||||||||
Taxes and licenses | 1,208 | - | 1,208 | |||||||||
Advertising and promotion | - | 304 | 304 | |||||||||
Dues and subscriptions | 166 | 68 | 234 | |||||||||
Others | 370 | 587 | 957 | |||||||||
Total Operating Expenses | 89,915 | 117,477 | 207,392 | |||||||||
NET LOSS | $ | (54,525 | ) | $ | (117,422 | ) | $ | (171,947 | ) |
F-2
PRO MUSIC RIGHTS, INC.
STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Quarter Ending | For the Six Months Ending | |||||||||||
June 30, 2022 | March 31, 2022 | June 30, 2022 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
Net loss | $ | (54,525 | ) | $ | (117,422 | ) | $ | (171,947 | ) | |||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | (54,778,978 | ) | (54,196,357 | ) | (108,975,335 | ) | ||||||
Prepayments | - | (419 | ) | (419 | ) | |||||||
Accounts payable | 5,264 | 7,614 | 12,878 | |||||||||
Deferred revenues | 54,783,978 | 54,196,357 | 108,980,335 | |||||||||
Net cash used in operating activities | (44,261 | ) | (110,227 | ) | (154,488 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITY | ||||||||||||
Advances from a shareholder | 47,086 | 110,232 | 157,318 | |||||||||
Net cash provided by financing activity | 47,086 | 110,232 | 157,318 | |||||||||
NET CHANGE IN CASH | 2,825 | 5 | 2,830 | |||||||||
CASH AT BEGINNING OF THE PERIOD | 172,900 | 172,895 | 172,895 | |||||||||
CASH AT END OF THE PERIOD | $ | 175,725 | $ | 172,900 | $ | 175,725 |
F-3
PRO MUSIC RIGHTS, INC.
STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT) (UNAUDITED)
FOR THE SIX MONTHS ENDING JUNE 30, 2022
Common Stocks | ||||||||||||||||||||
Shares | Amount | Additional Paid In Capital | Deficit | Total Stockholders’ Deficiency | ||||||||||||||||
Balance as of January 1, 2022 | 1,410,000,000 | $ | 14,100 | $ | 278,814 | $ | (285,353 | ) | $ | 7,561 | ||||||||||
Net loss for the quarter ending March 31, 2022 | - | - | - | (117,422 | ) | (117,422 | ) | |||||||||||||
Balance as of March 31, 2022 | 1,410,000,000 | 14,100 | 278,814 | (402,775 | ) | (109,861 | ) | |||||||||||||
Net loss for the quarter ending June 30, 2022 | - | - | - | (54,525 | ) | (54,525 | ) | |||||||||||||
Balance as of June 30, 2022 | 1,410,000,000 | $ | 14,100 | $ | 278,814 | $ | (457,300 | ) | $ | (164,386 | ) |
F-4