EXHIBIT 99.1
YUBO INTERNATIONAL BIOTECH LIMITED AND SUBSIDIARIES AND VARIABLE INTEREST ENTITY | ||||||||||||||||||||
|
|
|
| |||||||||||||||||
|
| Yubo International Biotech (Parent) |
|
| Yubo International Biotech (Beijing) Limited. (VIE) |
|
| Others (Holding companies)1 |
|
| Proforma Adjustments |
|
| Proforma Combined |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
ASSETS | ||||||||||||||||||||
Current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cash |
| $ | - |
|
|
| 746,613 |
|
| $ | 635,912 |
|
|
| - |
|
| $ | 1,382,525 |
|
Receivables |
|
| - |
|
|
| 2,316 |
|
|
| - |
|
|
| - |
|
|
| 2,316 |
|
Prepaid expenses |
|
| - |
|
|
| 27,160 |
|
|
| - |
|
|
| - |
|
|
| 27,160 |
|
Inventory |
|
| - |
|
|
| 67,144 |
|
|
| - |
|
|
| - |
|
|
| 67,144 |
|
Due from related parties |
|
| - |
|
|
| 429,648 |
|
|
| - |
|
|
| - |
|
|
| 429,648 |
|
Total Current Assets |
|
| - |
|
|
| 1,272,881 |
|
|
| 635,912 |
|
|
| - |
|
|
| 1,908,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
| - |
|
|
| 79,153 |
|
|
| - |
|
|
| - |
|
|
| 79,153 |
|
Intangible assets, net |
|
| - |
|
|
| 54,912 |
|
|
| - |
|
|
| - |
|
|
| 54,912 |
|
Operating lease right of use asset |
|
| - |
|
|
| 315,207 |
|
|
| - |
|
|
| - |
|
|
| 315,207 |
|
Lease security deposit |
|
| - |
|
|
| 86,811 |
|
|
| - |
|
|
| - |
|
|
| 86,811 |
|
Total Assets |
| $ | - |
|
|
| 1,808,964 |
|
| $ | 635,912 |
|
|
| - |
|
| $ | 2,444,876 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
| $ | 7,426 |
|
|
| 101,175 |
|
| $ | - |
|
|
| (7,426 | ) |
| $ | 101,175 |
|
Customer deposits |
|
| - |
|
|
| 11,028 |
|
|
| - |
|
|
| - |
|
|
| 11,028 |
|
Advances from prospective customers distributors |
|
| - |
|
|
| 757,896 |
|
|
| - |
|
|
| - |
|
|
| 757,896 |
|
Due to related parties |
|
| - |
|
|
| 91,951 |
|
|
| - |
|
|
| - |
|
|
| 91,951 |
|
Operating lease liability – current |
|
| - |
|
|
| 315,207 |
|
|
| - |
|
|
| - |
|
|
| 315,207 |
|
Total Current Liabilities |
|
| 7,426 |
|
|
| 1,277,257 |
|
|
| - |
|
|
| (7,426 | ) |
|
| 1,277,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease liability - non-current |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Total Liabilities |
|
| 7,426 |
|
|
| 1,277,257 |
|
|
| - |
|
|
|
|
|
|
| 1,277,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
| 117,879 |
|
|
| 1,015 |
|
|
| - |
|
|
| (1,894 | ) |
|
| 117,000 |
|
Additional Paid in Capital |
|
| 28,716,419 |
|
|
| 1,357,602 |
|
|
| 750,000 |
|
|
| (28,832,404 | ) |
|
| 1,991,617 |
|
Accumulated deficit |
|
| (28,841,724 | ) |
|
| (828,906 | ) |
|
| (114,088 | ) |
|
| 28,841,724 |
|
|
| (942,994 | ) |
Accumulated other comprehensive income (loss) |
|
| - |
|
|
| 1,996 |
|
|
| - |
|
|
| - |
|
|
| 1,996 |
|
Total Shareholders’ Equity |
|
| (7,426 | ) |
|
| 531,707 |
|
|
| 635,912 |
|
|
| 7,426 |
|
|
| 1,167,619 |
|
Total Liabilities and Shareholders’ Equity |
| $ | - |
|
|
| 1,808,964 |
|
| $ | 635,912 |
|
|
| 7,426 |
|
| $ | 2,444,876 |
|
_________________
1 Include our non-US holding companies: Platinum International Biotech Co. Ltd., a Cayman Island company, Platinum International Biotech (Hong Kong) Limited, a Hong Kong company, and Yubo International Biotech (Chengdu) Limited, a PRC company and a wholly foreign owned enterprise.
YUBO INTERNATIONAL BIOTECH LIMITED AND SUBSIDIARIES AND VARIABLE INTEREST ENTITY | ||||||||||||||||||||
| ||||||||||||||||||||
|
| Yubo International Biotech (Parent) |
|
| Yubo International Biotech (Beijing) Limited (VIE) |
|
| Others (Holding companies) 2 |
|
| Proforma Adjustments |
|
| Proforma Combined |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Sales |
| $ | - |
|
| $ | 1,353,868 |
|
| $ | - |
|
|
| - |
|
| $ | 1,353,868 |
|
Cost of Goods Sold |
|
| - |
|
|
| (114,272 | ) |
|
| - |
|
|
|
|
|
|
| (114,272 | ) |
Gross Profit |
|
| - |
|
|
| 1,239,596 |
|
|
| - |
|
|
|
|
|
|
| 1,239,596 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales commissions |
|
| - |
|
|
| 660,963 |
|
|
| - |
|
|
| - |
|
|
| 660,963 |
|
Employee compensation |
|
| - |
|
|
| 260,689 |
|
|
| - |
|
|
| - |
|
|
| 260,689 |
|
Occupancy |
|
| - |
|
|
| 279,191 |
|
|
| - |
|
|
| - |
|
|
| 279,191 |
|
Depreciation and amortization of property and equipment |
|
| - |
|
|
| 8,966 |
|
|
| - |
|
|
| - |
|
|
| 8,966 |
|
Amortization of intangible assets |
|
| - |
|
|
| 4,096 |
|
|
| - |
|
|
| - |
|
|
| 4,096 |
|
Other operating expenses |
|
| 57,724 |
|
|
| 623,401 |
|
|
| 114,088 |
|
|
| (57,724 | ) |
|
| 737,489 |
|
Total Operating Expenses |
|
| 57,724 |
|
|
| 1,837,307 |
|
|
| 114,088 |
|
|
| (57,724 | ) |
|
| 1,951,395 |
|
Income (loss) from operations |
|
| (57,724 | ) |
|
| (597,711 | ) |
|
| (114,088 | ) |
|
| 57,724 |
|
|
| (711,799 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
| (53,000 | ) |
|
| (3 | ) |
|
| - |
|
|
| 53,000 |
|
|
| (3 | ) |
Gain from debt extinguishment |
|
| 191,000 |
|
|
| - |
|
|
| - |
|
|
| (191,000 | ) |
|
| - |
|
Gain from settlement of accounts and due to related party |
|
| 167,000 |
|
|
| - |
|
|
| - |
|
|
| (167,000 | ) |
|
| - |
|
Total Other Income (Expenses) |
|
| 305,000 |
|
|
| (3 | ) |
|
| - |
|
|
| (305,000 | ) |
|
| (3 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before Provision for Income Tax |
|
| 247,276 |
|
|
| (597,714 | ) |
|
| (114,088 | ) |
|
| (247,276 | ) |
|
| (711,802 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Income Tax |
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
| $ | 247,276 |
|
| $ | (597,714 | ) |
| $ | (114,088 | ) |
|
| (247,276 | ) |
| $ | (711,802 | ) |
*Yubo International Biotech Limited and Yubo International Biotech (Beijing) had different fiscal year end. The income statement of Yubo International Biotech Limited for the year ended December 31, 2020 presented herein only included 10 month of financial information (March 2020 to December 2020).
_________________
2 Include our non-US holding companies: Platinum International Biotech Co. Ltd., a Cayman Island company, Platinum International Biotech (Hong Kong) Limited, a Hong Kong company, and Yubo International Biotech (Chengdu) Limited, a PRC company and a wholly foreign owned enterprise.
YUBO INTERNATIONAL BIOTECH LIMITED AND SUBSIDIARIES AND VARIABLE INTEREST ENTITY
| ||||||||||||||||||||
|
| Yubo International Biotech (Parent) |
|
| Yubo International Biotech (Beijing) Limited (VIE) |
|
| Others (Holding companies) 3 |
|
| Proforma Adjustments |
|
| Proforma Combined |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net loss |
| $ | 247,276 |
|
| $ | (597,714 | ) |
| $ | (114,088 | ) |
| $ | (247,276 | ) |
|
| (711,802 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
| - |
|
Company expenses paid by Platinum International Biotech Co. Ltd (Cayman Islands) and affiliates |
|
| 22,298 |
|
|
| - |
|
|
| - |
|
|
| (22,298 | ) |
|
| - |
|
Gain from debt extinguishment |
|
| (191,000 | ) |
|
| - |
|
|
| - |
|
|
| 191,000 |
|
|
| - |
|
Gain from settlement of accounts payable |
|
| (167,000 | ) |
|
| - |
|
|
| - |
|
|
| 167,000 |
|
|
| - |
|
Depreciation and amortization |
|
| - |
|
|
| 13,063 |
|
|
| - |
|
|
| - |
|
|
| 13,063 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
| - |
|
Receivables |
|
| - |
|
|
| (2,316 | ) |
|
| - |
|
|
| - |
|
|
| (2,316 | ) |
Prepaid expense |
|
| - |
|
|
| 34,929 |
|
|
| - |
|
|
| - |
|
|
| 34,929 |
|
Inventory |
|
| - |
|
|
| (67,144 | ) |
|
| - |
|
|
| - |
|
|
| (67,144 | ) |
Due from related parties |
|
| - |
|
|
| (30,397 | ) |
|
| - |
|
|
| - |
|
|
| (30,397 | ) |
Lease security deposit |
|
| - |
|
|
| (3,425 | ) |
|
| - |
|
|
| - |
|
|
| (3,425 | ) |
Accounts payable and accrued expenses |
|
| 15,426 |
|
|
| 101,175 |
|
|
| - |
|
|
| (15,426 | ) |
|
| 101,175 |
|
Customer deposits |
|
| - |
|
|
| 11,028 |
|
|
| - |
|
|
| - |
|
|
| 11,028 |
|
Advances from prospective customers/distributors |
|
| - |
|
|
| 757,896 |
|
|
| - |
|
|
| - |
|
|
| 757,896 |
|
Due to related parties |
|
| 62,000 |
|
|
| (1,901 | ) |
|
| - |
|
|
| (62,000 | ) |
|
| (1,901 | ) |
Net cash used in operating activities |
| $ | (11,000 | ) |
| $ | 215,194 |
|
| $ | (114,088 | ) |
| $ | 11,000 |
|
|
| 101,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
| - |
|
|
| (42,556 | ) |
|
| - |
|
|
| - |
|
|
| (42,556 | ) |
Purchases of intangible assets |
|
| - |
|
|
| (54,912 | ) |
|
| - |
|
|
| - |
|
|
| (54,912 | ) |
Net cash used in investing activities |
|
| - |
|
|
| (97,468 | ) |
|
| - |
|
|
|
|
|
|
| (97,468 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Contributions to Yubo Beijing |
|
| - |
|
|
| 634,756 |
|
|
| - |
|
|
| - |
|
|
| 634,756 |
|
Proceeds received from notes payable to related parties |
|
| 10,000 |
|
|
| - |
|
|
| - |
|
|
| (10,000 | ) |
|
| - |
|
Sale of ordinary shares on September 11, 2020 |
|
| - |
|
|
| - |
|
|
| 750,000 |
|
|
| - |
|
|
| 750,000 |
|
Net cash provided by financing activities |
|
| 10,000 |
|
|
| 634,756 |
|
|
| 750,000 |
|
|
| (10,000 | ) |
|
| 1,384,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes |
|
| - |
|
|
| (7,131 | ) |
|
| - |
|
|
| - |
|
|
| (7,131 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash |
|
| (1,000 | ) |
|
| 745,351 |
|
|
| 635,912 |
|
|
| 1,000 |
|
|
| 1,381,264 |
|
Cash at beginning of period |
|
| 1,000 |
|
|
| 1,262 |
|
|
| - |
|
|
| (1,000 | ) |
|
| 1,262 |
|
Cash at end of period |
| $ | - |
|
| $ | 746,613 |
|
| $ | 635,912 |
|
| $ | - |
|
|
| 1,382,525 |
|
Supplemental Cash Flow Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes paid |
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
|
| - |
|
Interest paid |
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
|
| - |
|
Non-cash Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease right of use asset acquired |
| $ | - |
|
| $ | 688,631 |
|
| $ | - |
|
|
|
|
|
| $ | 688,631 |
|
*Yubo International Biotech Limited and Yubo International Biotech (Beijing) had different fiscal year end. The cash flow statement of Yubo International Biotech Limited for the year ended December 31, 2020 presented herein only included 10 month of financial information (March 2020 to December 2020).
_________________
3 Include our non-US holding companies: Platinum International Biotech Co. Ltd., a Cayman Island company, Platinum International Biotech (Hong Kong) Limited, a Hong Kong company, and Yubo International Biotech (Chengdu) Limited, a PRC company and a wholly foreign owned enterprise.
YUBO INTERNATIONAL BIOTECH LIMITED AND SUBSIDIARIES AND VARIABLE INTEREST ENTITY
| ||||||||||||||||||||
|
| Yubo International Biotech (Parent)* |
|
| Yubo International Biotech (Beijing) Limited. (VIE) |
|
| Others (Holding companies) 4 |
|
| Proforma Adjustments |
|
| Proforma Combined |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
ASSETS | ||||||||||||||||||||
Current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cash |
| $ | 1,000 |
|
|
| 1,262 |
|
| $ | - |
|
| $ | (1,000 | ) |
| $ | 1,262 |
|
Receivables |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Prepaid expenses |
|
| - |
|
|
| 62,089 |
|
|
| - |
|
|
| - |
|
|
| 62,089 |
|
Inventory |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Due from related parties |
|
| - |
|
|
| 399,251 |
|
|
| - |
|
|
| - |
|
|
| 399,251 |
|
Total Current Assets |
|
| 1,000 |
|
|
| 462,602 |
|
|
| - |
|
|
| (1,000 | ) |
|
| 462,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
| - |
|
|
| 36,597 |
|
|
| - |
|
|
| - |
|
|
| 36,597 |
|
Intangible assets, net |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Operating lease right of use asset |
|
| - |
|
|
| 546,350 |
|
|
| - |
|
|
| - |
|
|
| 546,350 |
|
Lease security deposit |
|
| - |
|
|
| 83,386 |
|
|
| - |
|
|
| - |
|
|
| 83,386 |
|
Total Assets |
| $ | 1,000 |
|
|
| 1,128,935 |
|
| $ | - |
|
| $ | (1,000 | ) |
| $ | 1,128,935 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
| $ | 393,000 |
|
|
| - |
|
| $ | - |
|
| $ | (393,000 | ) |
| $ | - |
|
Note payable and accrued interest payable to related parties |
|
| 1,406,000 |
|
|
|
|
|
|
|
|
|
|
| (1,406,000 | ) |
|
| - |
|
Customer deposits |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Advances from prospective customers/distributors |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Due to related parties |
|
| - |
|
|
| 93,852 |
|
|
| - |
|
|
| - |
|
|
| 93,852 |
|
Operating lease liability – current |
|
| - |
|
|
| 262,928 |
|
|
| - |
|
|
| - |
|
|
| 262,928 |
|
Total Current Liabilities |
|
| 1,799,000 |
|
|
| 356,780 |
|
|
| - |
|
|
| (1,799,000 | ) |
|
| 356,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease liability - non-current |
|
| - |
|
|
| 283,422 |
|
|
| - |
|
|
| - |
|
|
| 283,422 |
|
Total Liabilities |
|
| 1,799,000 |
|
|
| 640,202 |
|
|
| - |
|
|
|
|
|
|
| 640,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
| 1,180 |
|
|
| - |
|
|
| - |
|
|
| 114,065 |
|
|
| 115,245 |
|
Additional Paid in Capital |
|
| 27,289,820 |
|
|
| 723,861 |
|
|
| - |
|
|
| (27,405,065 | ) |
|
| 608,616 |
|
Accumulated deficit |
|
| (29,089,000 | ) |
|
| (231,193 | ) |
|
| - |
|
|
| 29,089,000 |
|
|
| (231,193 | ) |
Accumulated other comprehensive income (loss) |
|
| - |
|
|
| (3,935 | ) |
|
| - |
|
|
| - |
|
|
| (3,935 | ) |
Total Shareholders’ Equity |
|
| (1,798,000 | ) |
|
| 488,733 |
|
|
| - |
|
|
| 1,798,000 |
|
|
| 488,733 |
|
Total Liabilities and Shareholders’ Equity |
| $ | 1,000 |
|
|
| 1,128,935 |
|
| $ | - |
|
| $ | 1,798,000 |
|
| $ | 1,128,935 |
|
*Yubo International Biotech Limited and Yubo International Biotech (Beijing) had different fiscal year end. The balance sheet of Yubo International Biotech Limited as of December 31, 2019 presented herein represents February 29, 2020.
_________________
4 Include our non-US holding companies: Platinum International Biotech Co. Ltd., a Cayman Island company, Platinum International Biotech (Hong Kong) Limited, a Hong Kong company, and Yubo International Biotech (Chengdu) Limited, a PRC company and a wholly foreign owned enterprise.
YUBO INTERNATIONAL BIOTECH LIMITED AND SUBSIDIARIES AND VARIABLE INTEREST ENTITY
| ||||||||||||||||||||
|
| Yubo International Biotech (Parent) |
|
| Yubo International Biotech (Beijing) Limited (VIE) |
|
| Others (Holding companies) 5 |
|
| Proforma Adjustments |
|
| Proforma Combined |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Sales |
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
Cost of Goods Sold |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Gross Profit |
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
| - |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales commissions |
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
| - |
|
Employee compensation |
|
| - |
|
|
| 4,951 |
|
|
| - |
|
|
| - |
|
|
| 4,951 |
|
Occupancy |
|
| - |
|
|
| 101,702 |
|
|
| - |
|
|
| - |
|
|
| 101,702 |
|
Depreciation and amortization of property and equipment |
|
| - |
|
|
| 91 |
|
|
| - |
|
|
| - |
|
|
| 91 |
|
Amortization of intangible assets |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Other operating expenses |
|
| 29,000 |
|
|
| 124,322 |
|
|
| - |
|
|
| (29,000 | ) |
|
| 124,322 |
|
Total Operating Expenses |
|
| 29,000 |
|
|
| 231,066 | �� |
|
| - |
|
|
| (29,000 | ) |
|
| 231,066 |
|
Income (loss) from operations |
|
| (29,000 | ) |
|
| (231,066 | ) |
|
| - |
|
|
| 29,000 |
|
|
| (231,066 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
| (105,000 | ) |
|
| (127 | ) |
|
| - |
|
|
| 105,000 |
|
|
| (127 | ) |
Gain from debt extinguishment |
|
|
|
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Gain from settlement of accounts and due to related party |
|
|
|
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Total Other Income (Expenses) |
|
| (105,000 | ) |
|
| (127 | ) |
|
| - |
|
|
| 105,000 |
|
|
| (127 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before Provision for Income Tax |
|
| (134,000 | ) |
|
| (231,193 | ) |
|
| - |
|
|
| 134,000 |
|
|
| (231,193 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| - |
|
Provision for Income Tax |
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
| $ | (134,000 | ) |
| $ | (231,193 | ) |
| $ | - |
|
| $ | 134,000 |
|
| $ | (231,193 | ) |
*Yubo International Biotech Limited and Yubo International Biotech (Beijing) had different fiscal year end. The income statement of Yubo International Biotech Limited for the year ended December 31, 2019 presented herein represents income statement for the year ended February 29, 2020.
_________________
5 Include our non-US holding companies: Platinum International Biotech Co. Ltd., a Cayman Island company, Platinum International Biotech (Hong Kong) Limited, a Hong Kong company, and Yubo International Biotech (Chengdu) Limited, a PRC company and a wholly foreign owned enterprise.
YUBO INTERNATIONAL BIOTECH LIMITED AND SUBSIDIARIES AND VARIABLE INTEREST ENTITY | ||||||||||||||||||||
|
| Yubo International Biotech (Parent) |
|
| Yubo International Biotech (Beijing) Limited (VIE) |
|
| Others (Holding companies) 6 |
|
| Proforma Adjustments |
|
| Proforma Combined |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net loss |
| $ | (134,000 | ) |
| $ | (231,193 | ) |
| $ | - |
|
| $ | 134,000 |
|
| $ | (231,193 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
| - |
|
Company expenses paid by Platinum International Biotech Co. Ltd (Cayman Islands) and affiliates |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Gain from debt extinguishment |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Gain from settlement of accounts payable |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Depreciation and amortization |
|
| - |
|
|
| 91 |
|
|
| - |
|
|
| - |
|
|
| 91 |
|
Changes in operating assets and liabilities: |
|
| - |
|
|
| - |
|
|
|
|
|
|
| - |
|
|
| - |
|
Receivables |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Prepaid expense |
|
| - |
|
|
| (62,089 | ) |
|
| - |
|
|
| - |
|
|
| (62,089 | ) |
Inventory |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Due from related parties |
|
| - |
|
|
| (399,251 | ) |
|
| - |
|
|
| - |
|
|
| (399,251 | ) |
Lease security deposit |
|
| - |
|
|
| (83,386 | ) |
|
| - |
|
|
| - |
|
|
| (83,386 | ) |
Accounts payable and accrued expenses |
|
| 112,000 |
|
|
| - |
|
|
| - |
|
|
| (112,000 | ) |
|
| - |
|
Customer deposits |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Advances from prospective customers/distributors |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Due to related parties |
|
| - |
|
|
| 93,707 |
|
|
| - |
|
|
| - |
|
|
| 93,707 |
|
Net cash used in operating activities |
| $ | (22,000 | ) |
| $ | (682,121 | ) |
| $ | - |
|
| $ | 22,000 |
|
| $ | (682,120 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
| - |
|
|
| (36,983 | ) |
|
| - |
|
|
| - |
|
|
| (36,983 | ) |
Purchases of intangible assets |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Net cash used in investing activities |
|
| - |
|
|
| (36,983 | ) |
|
| - |
|
|
| - |
|
|
| (36,983 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Contributions to Yubo Beijing |
|
| - |
|
|
| 723,861 |
|
|
| - |
|
|
| - |
|
|
| 723,861 |
|
Proceeds received from notes payable to related parties |
|
| 19,000 |
|
|
| - |
|
|
| - |
|
|
| (19,000 | ) |
|
| - |
|
Sale of ordinary shares on September 11, 2020 |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Net cash provided by financing activities |
|
| 19,000 |
|
|
| 723,861 |
|
|
| - |
|
|
| (19,000 | ) |
|
| 723,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes |
|
| - |
|
|
| (3,640 | ) |
|
| - |
|
|
| - |
|
|
| (3,640 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash |
|
| (3,000 | ) |
|
| 1,117 |
|
|
| - |
|
|
| 3,000 |
|
|
| 1,118 |
|
Cash at beginning of period |
|
| 4,000 |
|
|
| 145 |
|
|
| - |
|
|
| (4,000 | ) |
|
| 145 |
|
Cash at end of period |
| $ | 1,000 |
|
| $ | 1,262 |
|
| $ | - |
|
| $ | (1,000 | ) |
| $ | 1,262 |
|
Supplemental Cash Flow Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes paid |
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
Interest paid |
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
Non-cash Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease right of use asset acquired |
| $ | - |
|
| $ | 688,631 |
|
| $ | - |
|
| $ | - |
|
| $ | 688,631 |
|
*Yubo International Biotech Limited and Yubo International Biotech (Beijing) had different fiscal year end. The income statement of Yubo International Biotech Limited for the year ended December 31, 2019 presented herein represents income statement for the year ended February 29, 2020.
_________________
6 Include our non-US holding companies: Platinum International Biotech Co. Ltd., a Cayman Island company, Platinum International Biotech (Hong Kong) Limited, a Hong Kong company, and Yubo International Biotech (Chengdu) Limited, a PRC company and a wholly foreign owned enterprise.