EX-99.1 3 yubo_ex991.htm PRO FORMA FINANCIAL STATEMENTS yubo_ex991.htm

EXHIBIT 99.1

 

YUBO INTERNATIONAL BIOTECH LIMITED AND SUBSIDIARIES AND VARIABLE INTEREST ENTITY
PROFORMA COMBINED BALANCE SHEETS
As of December 31, 2020
(Expressed in US Dollars)

 

 

 

 

 

 

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
PROFORMA COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the year ended December 31, 2020
(Expressed in US Dollars)

 

 

 

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
PROFORMA COMBINED STATEMENTS OF CASH FLOWS
For the year ended December 31, 2020
(Expressed in US Dollars)

 

 

 

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
PROFORMA COMBINED BALANCE SHEETS
As of December 31, 2019
(Expressed in US Dollars)

 

 

 

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
PROFORMA COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the year ended December 31, 2019
(Expressed in US Dollars)

 

 

 

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
PROFORMA COMBINED STATEMENTS OF CASH FLOWS
For the year ended December 31, 2019
(Expressed in US Dollars)

 

 

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.