The accompanying notes are an integral part of these consolidated financial statements.

For the ~~nine~~three months ended ~~September 30,~~March 31, 2019 and March 31, 2018 ~~and September 30, 2017~~ (Unaudited)

The accompanying notes are an integral part of these consolidated financial statements.

Argentum 47, Inc., formerly Global Equity International Inc. (the “Company” or “ARG”), a reporting company since June 21, 2012, was organized under the laws of the state of Nevada on October 1, 2010. Global Equity Partners, Plc. (“GEP”), a private company, was organized under the laws of the Republic of Seychelles on September 2, 2009. On November 15, 2010, GEP executed a reverse recapitalization with ARG. On August 22, 2014, we formed a Dubai subsidiary of GEP called GE Professionals DMCC. On June 10, 2016, ARG incorporated its wholly owned subsidiary, called GEP Equity Holdings Limited (“GEP EH”), under the laws of the Republic of Seychelles. On March 14, 2017, the ~~Company’s~~Company´s board of directors unanimously voted to transfer the ownership of GE Professionals DMCC (Dubai) to GEP EH. On June 5, 2017, the Company sold 100% of the issued and outstanding common stock of GEP to a citizen of the Republic of Thailand by entering into a Stock Purchase and Debt Assumption Agreement. On December 12, 2017, ARG incorporated another wholly owned subsidiary, called Argentum 47 Financial Management Limited (“Argentum FM”), under the Companies Act 2006 of England and Wales as a private limited company. Argentum FM was formed to serve as a holding Company for the acquisition of various advisory firms.

On March 29, 2018, the Company formally changed its name from Global Equity International, Inc. to Argentum 47, Inc.

On August 1, 2018, Argentum FM entered into a Share Purchase Agreement with a third party, pursuant to which Argentum FM acquired 100% of the ordinary shares of Cheshire Trafford (U.K.) Limited of Hull, United Kingdom (“Cheshire Trafford”). Cheshire Trafford was incorporated under the laws of the United Kingdom on January 26, 1976, as a limited liability company.

On March 18, 2019, the Board of Directors of GEP Equity Holdings Limited decided to commence the process to formally and legally liquidate GE Professionals DMCC and its related employment placement services business with an effective date of March 31, 2019. This decision was made so to allow management of Argentum 47, Inc. to fully concentrate on the Company´s core businesses, Independent Financial Advisory and Business Consulting. Accordingly, GE Professionals DMCC has been presented as a discontinued operation for all periods presented in the accompanying unaudited consolidated financial statements and footnotes. (See Note 6)

The ~~Company’s~~Company´s consolidated revenues from continuing operations, core businesses, are generated from business consulting ~~services, employment placement~~ services and by acting as broker for sale of Lump Sum or Single Premium Insurance Policies and/or the sale of Regular Premium Investment or Insurance Policies that are issued by third party insurance companies.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and disclosures necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statements presentation.

The unaudited interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the audited financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended December 31, ~~2017.~~2018. The interim results for the period ended ~~September 30, 2018~~March 31, 2019 are not necessarily indicative of results for the full fiscal year.

The accompanying unaudited consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

As reflected in the accompanying unaudited consolidated financial statements, the Company had a net loss ~~from operations~~ of ~~$293,065~~$975,487 and ~~$916,849 for the three and nine months ended September 30, 2018 respectively;~~ net cash used in operations of ~~$582,131~~$179,986 for the ~~nine~~three months ended ~~September 30, 2018;~~March 31, 2019; working capital deficit, stockholder’s deficit and accumulated deficit of ~~$8,102,882~~$1,214,930, $1,034,415 and $12,328,702 as of ~~September 30, 2018.~~March 31, 2019. It is management’s opinion that these factors raise substantial doubt about the Company’s ability to continue as a going concern for twelve months from the issuance date of this report.

The ability for the Company to mitigate this risk and continue its operations is primarily dependent ~~on:~~on management’s plans as follows:

Argentum 47, Inc. (“ARG”) is the parent company of its two 100% owned subsidiaries called GEP Equity Holdings Limited (“GEP EH”) and Argentum 47 Financial Management Limited (“Argentum FM”). ~~Up to June 5, 2017, ARG also owned 100% shareholding of a subsidiary called Global Equity Partners Plc., which was sold in 2017 pursuant to a stock purchase and debt assumption agreement.~~ GEP EH is the parent company of its 100% owned subsidiary, GE Professionals DMCC (Dubai). GE Professionals DMCC has been presented as a discontinued operation as of March 31, 2019 as the liquidation proceedings are currently under process. Argentum FM is the parent company of its 100% owned subsidiary, Cheshire Trafford U.K. Limited ~~(UK)~~(U.K.) from August 1, 2018 pursuant to a Share Purchase Agreement dated August 1, 2018. All significant inter-company accounts and transactions have been eliminated in consolidation.

The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation, or set of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its estimate could change in the near term due to one or more future non-confirming events. Accordingly, the actual results could differ from those estimates. Significant estimates in the accompanying unaudited consolidated financial statements include accounts receivable and related revenues for our subsidiary, Cheshire Trafford, allowance for doubtful accounts and loans, estimates of fair value of securities received for services, estimates of fair value of securities held, depreciation period of fixed assets, valuation of fair value of assets acquired and liabilities assumed of acquired businesses, fair value of business purchase consideration, valuation allowance on deferred tax assets, derivative valuations and equity valuations for non-cash equity grants.

The Company’s operations are subject to significant risk and uncertainties including financial, operational, competition and potential risk of business failure. ~~The risk of social and governmental factors is also a concern since the Company is headquartered in Dubai and also has a presence in the United Kingdom.~~

A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments. A geographical segment is engaged in providing products or services within a particular economic environment that is subject to risks and returns that are different from those of segments operating in other economic environments.

The Company uses “the management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. The Company’s chief operating decision maker is the chief executive officer of the Company, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company.

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017,~~2018, the Company had no cash equivalents.

The Comprehensive Income Topic of the FASB Accounting Standards Codification establishes standards for reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income from January 1, 2018 through September 30, 2018, includes only foreign currency translation gain, and is presented in the Company’s consolidated statements of comprehensive income. Pursuant to ASU 2016-01, the Company reclassified the opening balance of unrealized gain on available for sale marketable securities from other comprehensive income to retained earnings as a cumulative effect adjustment as at January 1, 2018.

~~Changes in Accumulated Other Comprehensive Income (Loss) by Component during the nine months ended September 30, 2018 were as follows:~~

The Company recognizes accounts receivable in connection with the services provided. The Company recognizes an allowance for doubtful accounts based on an analysis of current receivables aging and expected future write-offs, as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible. There was no allowance for bad debt at ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017. However, there were direct write offs of $30,000~~2018.

Argentum 47, Inc. and ~~$65,386 during the nine months ended September 30, 2018 and 2017, respectively.~~Subsidiaries

The Company’s accounting policies related to the consolidation and accounting for foreign operations are as follows: The accompanying unaudited consolidated financial statements are presented in U.S. dollars. The functional currency of the Company’s discontinued Dubai subsidiary is the Arab Emirates Dirham (“AED”) and the functional currency of the Company’s UKU.K. subsidiaries is Great Britain Pounds (“GBP”). All foreign currency balances and transactions are translated into United States dollars (“$” and/or “USD”) as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical transaction date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of our stockholders’ equity (deficit) as “Accumulated other comprehensive income (loss).” Gains and losses resulting from foreign currency transactions are included in the non-operating income or expenses of the statement of operations.

As of January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) 2016-01, “Financial Instruments - Overall (Topic 825-10): “Recognition and Measurement of Financial Assets and Financial ~~Liabilities,~~Liabilities.” which amends the guidance on the classification and measurement of financial instruments. Some of the amendments in ASU 2016-01 include the following: 1) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net ~~income;~~income. 2) It simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify ~~impairment;~~impairment. 3) It requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure ~~purposes;~~purposes. 4) It requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value; among others. After evaluating the potential impact of this guidance on our consolidated financial statements, ~~our~~the management has reversed $1,181,675 from accumulated other comprehensive income to opening retained earnings as a cumulative effect adjustment on January 1, 2018 using the modified retrospective method.

At the time of the acquisition, a marketable security is designated as held-to-maturity, available-for-sale or trading, which depends on the ability and intent to hold such security to maturity. Securities classified as trading and available-for-sale are reported at fair value, while securities classified as held-to-maturity are reported at amortized cost.

All changes in the fair value of the securities are reported in the earnings as they occur in a single line item “Gain (loss) on available for sale marketable securities, net.” Therefore, no gain/loss is recognized on the sale of securities.

Securities that are not classified as marketable securities are accounted for under the cost method. These securities are recorded at their original cost basis and are subject to impairment testing.

The Company reviews its equity investment portfolio for any unrealized losses that would be deemed other than temporary and require the recognition of an impairment loss in the statement of operations. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and the Company’s intent and ability to hold the investments. Management also considers the type of security, related-industry and sector performance, as well as published investment ratings and analyst reports, to evaluate its portfolio. Once a decline in fair value is determined to be other than temporary, an impairment charge is recorded and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments. The Company ~~recorded a permanent impairment of $1,181,971 during the nine months ended September 30, 2017. The Company~~ did not record any such impairment during the ~~nine~~three months ended ~~September 30,~~March 31, 2019 or March 31, 2018.

Fixed assets are stated at cost of acquisition less accumulated depreciation. Depreciation is provided based on estimated useful lives of the assets. Cost of improvements that substantially extend the useful lives of assets are capitalized. Repairs and maintenance expenses are charged to expense when incurred. In case of sale or disposal of an asset, the cost and related accumulated depreciation are removed from the consolidated financial statements.

On January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842) which requires a lessee to recognize on the balance sheet the assets and liabilities for the rights and obligations created by leases. Leases will continue to be classified as either financing or operating, with classification affecting the recognition, measurement and presentation of expenses and cash flows arising from a lease. We adopted this standard by applying the optional transition method on the adoption date and did not adjust comparative periods. In addition, the Company elected the practical expedient to not reassess whether any expired contracts contained leases. Furthermore, the Company has elected to not apply the recognition standards of ASU 2016-02 to operating leases with effective terms of twelve months or less (“Short-Term Leases”). For Short-Term Leases, the Company recognizes lease payments on a straight-line basis over the lease term in the period in which the obligation for those payments is incurred. On the adoption date, all of the Company’s contracts containing leases were expired or were Short Term Leases. Accordingly, upon the adoption of ASU 2016-02, there was no cumulative effect adjustment.

For conventional convertible debt where the rate of conversion is below market value, the Company records any “beneficial conversion feature” (“BCF”) intrinsic value as additional paid in capital and related debt discount.

When the Company records a BCF, the relative fair value of the BCF is recorded as a debt discount against the face amount of the respective debt instrument. The discount is amortized over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.

The Company may pay debt issue costs in connection with raising funds through the issuance of debt whether convertible or not or with other consideration. These costs are recorded as debt discounts and are amortized over the life of the debt to the statement of operations as amortization of debt discount.

If debt is issued with an original issue discount, the original issue discount is recorded to debt discount, reducing the face amount of the note and is amortized over the life of the debt to the statement of operations as amortization of debt discount. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.

ASC 815 “Derivatives and Hedging” requires that embedded derivative instruments be bifurcated and assessed, along with free-standing derivative instruments such as warrants, on their issuance date and measured at their fair value for accounting purposes. In determining the appropriate fair value, the Company uses the Black-Scholes option pricing formula. Upon conversion of a note where the embedded conversion option has been bifurcated and accounted for as a derivative liability, the Company records the shares at fair value, relieves all related notes, derivatives and debt discounts and recognizes a net gain or loss on debt extinguishment.

The Company accounts for its business acquisitions under the acquisition method of accounting as indicated in ASC No. 805, “Business Combinations”, which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed and any non-controlling interest in the acquiree, and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities and non-controlling interest in the acquiree, based on fair value estimates as of the date of acquisition.

Where applicable, the consideration for the acquisition includes amounts resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in such fair values are adjusted against the cost of acquisition where they qualify as measurement period adjustments (see below). The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not re-measured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates at fair value, with changes in fair value recognized in ~~profit or loss.~~statement of operations.

The measurement period is the period from the date of acquisition to the date the group obtains complete information about facts and circumstances that existed as of the acquisition date, resulting in a final valuation, and is subject to a maximum of one year from acquisition date.

In accordance with ASC No. 805, the Company recognizes and measures goodwill, if any, as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. Goodwill isand intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but isinstead are reviewed for impairment ~~at least annually.~~annually or more frequently if impairment indicators arise. Intangible assets with estimable useful lives are amortized over such lives and reviewed for impairment if impairment indicators arise. For the purpose of impairment testing, goodwill is allocated to each of the group’s reporting units expected to benefit from the synergies of the combination. Reporting units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the fair value of a reporting unit is less than its carrying amount, an impairment loss calculated as the amount by which the carrying value exceeds the fair value is recorded to goodwill but cannot exceed the goodwill amount. An impairment loss recognized for goodwill is not reversed in a subsequent period. On disposal of a subsidiary or the relevant reporting unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.

Components of an entity divested or discontinued are recognized in the consolidated statements of operations until the date of divestment or discontinuation. For periods prior to the designation as discontinued operations, we reclassify the results of operations to discontinued operations. Gains or losses on divestment or winding up of subsidiaries are stated as the difference between the sales or disposal amount and the carrying amount of the net assets at the time of sale or winding up plus sales or winding up costs.

The assets and liabilities for business components meeting the criteria for discontinued operations are reclassified and presented separately as assets of discontinued operations and liabilities relating to discontinued operations in the accompanying consolidated balance sheet. The change in presentation for discontinued operations does not have any impact on our financial condition or results of operations. We combine the cash flows and assets and liabilities attributable to discontinued operations with the respective cash flows and assets and liabilities from continuing operations in the accompanying consolidated statement of cash flows.

As of January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASC 606”), that affects the timing of when certain types of revenue will be recognized.

Revenue is recognized when the Company satisfies a performance obligation by transferring services promised in a contract to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those services. A single contract could include one or multiple performance obligations. For those contracts that have multiple performance obligations, the Company allocates the total transaction price to each performance obligation based on its relative standalone selling price, which is determined based on the ~~Company’s~~Company´s overall pricing objectives, taking into consideration market conditions and other factors. Performance obligations in the ~~Company’s~~Company´s contracts generally include general due diligence, assistance in designing client’s capitalization strategy, introductions to potential capital funding sources ~~Human Resources / Employment Placements~~ and arranging third party insurance policies.

Revenue is recognized by evaluating our revenue contracts with customers based on the five-step model under ASC 606:

The Company generates its revenue from continuing operations by providing following services:

Most of the ~~Company’s~~Company´s business consultancy and advisory services contracts are based on a combination of both fixed fee arrangements and performance based or contingent arrangement. ~~Our employment placement contracts are based on fixed fee arrangements only.~~ In addition, the Company generates initial and trail commissions by acting as a broker of third party lump sum or single premium insurance policies and regular premium investment or insurance policies. Fees from clients for advisory and consulting services are dependent on the extent and value of the services provided. The Company recognizes revenue when the promised services are rendered to the customer in the amount that best reflects the consideration to which the Company expects to be entitled in exchange for those services.

In fixed-fee billing arrangements, the Company agrees to a pre-established fee in exchange for a predetermined set of professional services. The Company sets the fees based on its estimates of the costs and timing for completing the engagements. The Company generally recognizes revenues under fixed fee billing arrangements using the input method, which is based on work completed to date versus the ~~Company’s~~Company´s estimates of the total services to be provided under the engagement.

Performance based or contingent arrangements represent forms of variable consideration. In these arrangements, the ~~Company’s~~Company´s fees are linked to the attainment of contractually defined objectives with its clients. These arrangements include conditional payments, commonly referred to as cash success fees and/or equity success fees. The Company typically satisfies its performance obligations for these services over time as the related contractual objectives are met. The Company determines the transaction price based on the expected probability of achieving the agreed upon outcome and recognizes revenue earned to date by applying the input method.

Reimbursable expenses, including those relating to travel, out-of-pocket expenses, outside consultants and other outside service costs, are generally included in revenues, and an equivalent amount of reimbursable expenses is included in costs of services in the period in which the expense is incurred.

The payment terms and conditions in the ~~Company’s~~Company´s customer contracts vary. Differences between the timing of billings and the recognition of revenue are recognized as either accrued accounts receivable, an asset or deferred revenues, a liability. Revenues recognized for services performed but not yet billed to clients are recorded as accrued accounts receivable. Client pre-payments and retainers are classified as deferred revenues and recognized over future periods as earned in accordance with the applicable engagement agreement.

We receive consideration in the form of cash and/or securities. We measure securities received at fair value on the date of receipt. If securities are received in advance of completion of our services, the fair value will be recorded as deferred revenue and recognized as revenue as the services are completed.

All revenues are generated from clients whose operations are based outside of the United States. For the ~~nine~~three months ended ~~September 30,~~March 31, 2019 and 2018, ~~and 2017,~~ the Company had ~~the~~ following concentrations of revenues ~~with customers:~~regarding insurance brokerage business:

~~For~~During the ~~post acquisition two~~three months ended ~~September 30, 2018,~~March 31, 2019, the Company had ~~the~~ following concentrations of revenues regarding ~~advisory and commissions~~insurance brokerage business, which ~~is 27.63%~~was 100% of the consolidated revenues of the Company:

At ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017,~~2018, the Company had the following concentrations of accounts receivables with customers:

~~The~~Under ASC 718 “Compensation – Stock Compensation”, the Company recognizes all forms of share-based payments to employees, including stock option grants, warrants and restricted stock grants at their fair value on the grant date, which is based on the estimated number of awards that are ultimately expected to vest.

~~Share~~On January 1, 2019, the Company adopted ASU 2018-07 “Compensation – Stock Compensation” whereby share based payment awards issued to non-employees will be treated the same as for ~~services rendered are recorded at either~~employees. The guidance has been applied using the ~~fair value~~modified prospective method which may result in a cumulative effect adjustment to retained earnings on the adoption date. The adoption of the services rendered or the fair value of the share-based payment, whichever is more readily determinable as of the measurement date. Amounts recorded prior to the measurement date are adjusted to fair value at each reporting period untilASU 2018-07 did not result in a ~~measurement date is achieved.The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period~~.cumulative effect adjustment.

Share based payments, excluding restricted stock, are valued using a Black-Scholes pricing model.

The basic net earnings (loss) per share are computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share are computed by dividing net income (loss) by the weighted average number of shares of common stock and common stock equivalents outstanding during the period.

As at ~~September 30,~~March 31, 2019 and December 31, 2018, ~~and 2017,~~ the Company had common stock equivalents of ~~61,750,000~~69,401,975 and ~~32,095,853~~94,401,975 common shares respectively, in the form of convertible notes, which, if converted, may be dilutive. See Note ~~8(F)~~9(E).

As at ~~September 30,~~March 31, 2019 and December 31, 2018, ~~and 2017,~~ the Company had common stock equivalents of 770,000,000 ~~and 690,000,000~~ common shares, ~~respectively,~~ in the form of convertible preferred stock, which, if converted, may be dilutive. See Note ~~9(A)~~10(A).

As of ~~September 30,~~March 31, 2019 and December 31, 2018, diluted weighted average number of common shares exceeds total authorized common shares. However, 770,000,000 common shares would result from the conversion of the preferred “B” and preferred “C” stock into common stock. The option to convert the abovementioned preferred “B” and “C” stock into common stock ~~cannot~~could not be any earlier than September 27, 2020.

The Comprehensive Income Topic of the FASB Accounting Standards Codification establishes standards for reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income from January 1, 2018 through March 31, 2018 and from January 1, 2019 through March 31, 2019, includes only foreign currency translation gain / (loss), and is presented in the Company’s consolidated statements of comprehensive income. Pursuant to ASU 2016-01, the Company reclassified the opening balance of unrealized gain on available for sale marketable securities from other comprehensive income to retained earnings as a cumulative effect adjustment as at January 1, 2018.

Changes in Accumulated Other Comprehensive Income (Loss) by Component during the three months ended March 31, 2018 were as follows:

Changes in Accumulated Other Comprehensive Income (Loss) by Component during the three months ended March 31, 2019 were as follows:

The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability.

The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value:

The carrying amounts reported in the balance sheet for prepaid expenses, accounts receivable, accounts payable, accounts payable to related parties and loans payable to related parties, approximate fair value are based on the short-term nature of these instruments.

The Company measures its derivative liabilities and marketable securities at fair market value on a recurring basis and measures its non-marketable securities at fair value on a non-recurring basis. Consequently, the Company may have gains and losses reported in the statement of operations.

The following ~~are~~is the Company’s assets and liabilities measured at fair value on a recurring and nonrecurring basis at ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017,~~2018, using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3):

~~The following section describes~~Management analyzed the historical volume and the variation in the price that the marketable securities were bought and sold at during the year 2018 and three months ended March 31, 2019 and has concluded that the level 2 and level 1 valuation ~~methodologies~~respectively, regarding the ~~Company uses to measure financial instruments~~fair value of the marketable securities should be $0.25 per share as at ~~fair value:~~December 31, 2018 and $0.135 per share as at March 31, 2019.

Marketable Securities — The Level 1 position consists of the Company’s investment in equity securities of stock held in ~~publically~~publicly traded companies. The valuation of these securities is based on quoted prices in active markets.

Changes in Level 1 or Level 2 marketable securities measured at fair value for the ~~nine~~three months ended ~~September 30, 2018~~March 31, 2019 were as follows:

Non-Marketable Securities at Fair Value on a Non-Recurring Basis — ~~certain~~Certain assets are measured at fair value on a nonrecurring basis. The ~~Level~~level 3 position ~~consists~~consist of investments accounted for under the cost method. The Level 3 position consists of investments in equity securities held in private companies.

Management believes that an “other-than-temporary impairment” would be justified, as according to ASC 320-10 an investment is considered impaired when the fair value of an investment is less than its amortized cost basis. The impairment is considered either temporary or other-than-temporary. The accounting literature does not define other-than-temporary. It does, however, state that other-than-temporary does not mean permanent, although, all permanent impairments are considered other-than-temporary. The literature does provide some examples of factors, which may be indicative of an “other-than-temporary ~~impairment,”~~impairment”, such as:

Management believes that the fair value of its investment has been correctly measured, as the length of time that the stock has been less than cost is nominal.

~~Changes in Level 3 assets measured at fair value for the nine months ended September 30, 2018 were as follows:~~

There are no new accounting pronouncements that we expect to have an impact on the Company’s financial ~~statements except as follows:~~

In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718). This update is intended to reduce cost and complexity and to improve financial reporting for share-based payments issued to non-employees (for example, service providers, external legal counsel, suppliers, etc.). The ASU expands the scope of Topic 718, Compensation—Stock Compensation, which currently only includes share-based payments issued to employees, to also include share-based payments issued to non-employees for goods and services. Consequently, the accounting for share-based payments to non-employees and employees will be substantially aligned. This standard will be effective for financial statements issued by public companies for the annual and interim periods beginning after December 15, 2018. Early adoption of the standard is permitted. The standard will be applied in a retrospective approach for each period presented. Management currently does not plan to early adopt this guidance and is evaluating the potential impact of this guidance on the consolidated financial statements as well as transition methods.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flow (Topic 230). This update is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The update provides new guidance regarding the classification of debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies including bank-owned life insurance policies, distributions received from equity method investments, beneficial interests in securitized transactions, and separately identifiable cash flows and application of the predominance principle. This standard will be effective for financial statements issued by public companies for the annual and interim periods beginning after December 15, 2017. Early adoption of the standard is permitted. The standard will be applied in a retrospective approach for each period presented. We have completed an initial evaluation of this standard, which requires cash payments for debt prepayment or debt extinguishment costs should be classified as cash outflows for financing activities. We have determined that there were no cash payments involved in debt extinguishment during the nine months ended September 30, 2018; hence, there will be no potential impact on our financial statements due to this update. We will continue to evaluate the potential impact of this guidance on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)” (“ASU 2016-02”). The FASB issued ASU 2016-02 to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, a lessee will recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-to-use asset representing its right to use the underlying asset for the lease term. The amendments of this ASU are effective for reporting periods beginning after December 15, 2018, with early adoption permitted. An entity will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Management currently does not plan to early adopt this guidance and is evaluating the potential impact of this guidance on the consolidated financial statements as well as transition methods.

On August 1, 2018, the Company completed the acquisition of Cheshire Trafford ~~U.K.~~(UK) Limited (“Cheshire Trafford”) pursuant to a Share Purchase Agreement dated as of August 1, 2018 and acquired 100% of the ordinary shares of Cheshire Trafford.

Cheshire Trafford acts as a broker for the sale of Lump Sum or Single Premium Insurance Policies and Regular Premium Investment or Insurance Policies that are issued by reputable third party insurance companies.

The Company acquired Cheshire Trafford to enter into the advisory business and meaningfully enhance the Company’s position in this industry. The Company has included the financial results of Cheshire Trafford in the consolidated financial statements from the date of acquisition. These results include approximately $29,531 in revenue and $6,254 in net loss.

The purchase consideration for the acquisition of Cheshire Trafford is based on a formula of 2.7 times Cheshire Trafford’s projected annual recurring revenues for the calendar year ending December 31, 2018. We took the gross revenues of Cheshire Trafford for the five months ended May 31, 2018, and annualized those recurring revenues and multiplied those revenues by 2.7 times in arriving at the contractual purchase consideration of $516,795. The purchase consideration is payable in following three installments:

The second and third installments could be reduced (but not increased) in the event that Cheshire Trafford’s trailing or recurring revenues are less than agreed recurring income target of GBP 144,185 during the ~~12 months~~12-month period commencing on the Acquisition date, hence these two installments are treated as a contingent purchase consideration. Based on the historical data available regarding the recurring/trail revenues of Cheshire Trafford, Management believes that there is a 95% probability that Cheshire Trafford will achieve the recurring income target of GBP 144,185 during the ~~12 months~~12-month period ending on July 31, 2019. Hence, the contingent purchase consideration is adjusted to take into account this probability factor.

In addition, to calculate the fair value of the contingent purchase consideration, our Management has discounted the remaining two installments of ~~$341,085~~$341,084 to be paid, at a discount rate of 6% (our borrowing rate for the purpose of acquisitions) to arrive at the present value of ~~$284,298.~~$284,298 at the acquisition date. Total fair value of the purchase consideration is as follows:

Below table depicts the allocation of fair value of the purchase consideration to the fair value of the net assets of Cheshire Trafford at the acquisition date:

This acquisition was accounted for under the acquisition method of accounting. Accordingly, the Company recognized amounts for identifiable assets acquired and liabilities assumed at their initial estimated acquisition date fair values. During the purchase price measurement period, which may be one year from the business acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed based on completion of valuations.

The excess of the purchase consideration over the fair value of assets acquired, net of liabilities assumed iswas initially recognized ~~initially~~ as the fair value of customer list intangible ~~asset.~~asset totaling to $485,118. Upon finalizing the fair value of customer list intangible based on the Multi Period Excess Earnings Model, Management believed that fair value of the customer list intangible asset amounted to $342,194 and the remaining $142,924 is recognized as goodwill as at December 31, 2018. This intangible asset will be amortized on a straight line basis over a life of 15 years which is the average service duration of a customer that has invested with Cheshire Trafford.

In March 2019, Management decided that it made overall economic sense for the Company ~~shall record acquisition~~to close its employment placement services business in Dubai; hence, in order to fully concentrate on its core business of Independent Financial Advisory services and ~~transaction~~consultancy business, the Board of Directors decided to initiate liquidation proceedings of the Dubai subsidiary “GE Professionals DMCC” and discontinue the related ~~expenses~~employment placement services business. As a result, Dubai subsidiary operations for the three months ended March 31, 2019 and the comparative periods presented are treated as discontinued operations in the period in which they are incurred. During the nine months ended September 30, 2018, acquisition and transaction related expenses primarily consisted of accountant fees of approximately $23,000 on account of acquisition audits and legal fees of $8,456 paid to attorneys in UK for finalization of share purchase agreements. These expenses are included in the Company’saccompanying unaudited consolidated financial statements. The consolidated statements of operations ~~as professional services.~~only comprise the continuing operations. Net income from the discontinued operations is presented on a single line after the net income from the continuing operations.

~~The following unaudited pro forma consolidated results~~Major classes of assets and liabilities from discontinued operations ~~have been prepared~~ as ~~if the acquisition of Cheshire Trafford had occurred~~at March 31, 2019 and December 31, 2018 were as ~~of the beginning of the following periods:~~follows:

~~Unaudited pro forma data does not purport to be indicative~~Statement of Operations from discontinued operations for the ~~results that would have been obtained had these events actually occurred at the beginning of the periods presented~~three months ended March 31, 2019 and ~~is not intended to be a projection of future results.~~2018 was as follows:

Following is the summary of Company’s investment in marketable securities at fair value as at ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017:~~

On January 12, 2018, the Company converted its investment in 136,600 preferred shares of Duo World Inc. valued at cost of $0.001 per share or $136 to 1,366,000 common shares of Duo World Inc. having the same cost basis of $136; no gain or loss was recorded on this conversion. See Note 6B.2018:

On May 31, 2018, the Company received common stock dividend of 1,187,059 common shares of Duo World Inc. based on the stock split ratio of 4:5. There was no net accounting effect of the receipt of these shares.

~~On June 28, 2018, the Company sold 200 common shares of Duo World Inc. at $0.60 per share or $120.~~

~~During the three months ended September 30, 2018, the Company sold 99,700 common shares of Duo World Inc. at various selling prices totaling to $69,174.~~ At ~~September 30, 2018,~~March 31, 2019, the Company revalued 5,835,392 common shares toat their ~~fair value~~quoted market price of ~~$0.75~~$0.135 per share, ~~totaling $4,736,544.~~to $787,778; hence, recording a net loss on available for sale marketable securities of $671,070 into the statement of operations.

The Company, through its subsidiary GEP Equity Holdings Limited, ~~held~~holds following common equity securities in private and reporting companies as at ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017:~~2018:

The Company, through its subsidiary GEP Equity Holdings Limited, ~~held~~holds the following preferred equity securities in private and reporting companies as at ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017:~~2018:

On January 12, 2018, the Company converted its investment in 136,600 preferred shares of Duo valued at cost of $0.001 per share or $136 to 1,366,000 common shares of Duo World Inc., having the same cost basis of $136; no gain or loss was recorded on this conversion.

~~The following~~Following table reflects net book value of ~~fixed assets~~furniture and equipment as ~~at September 30, 2018~~of March 31, 2019 and December 31, ~~2017:~~

~~Depreciation expense for the nine months ended September 30, 2018 and 2017 was $1,593 and $8,762, respectively.~~

~~The following table reflects net book value of Cheshire Trafford’s fixed assets as of September 30,~~ 2018:

The following table represents breakdown of accounts payable and other accrued liabilities as of ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017,~~2018, respectively:

At December 31, 2017, the Company accrued $5,000 as a provision for late filing fee for 2014 IRS Form 5472 Tax Return. On January 19, 2018, the Company paid the entire outstanding penalty of $5,000 and the interest amounting to $390 to the IRS.

The following table represents the accounts payable and accrued expenses to related parties as of ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017,~~2018, respectively:

On June 5, 2018, all of the officers and directors of the Company decided to convert their partial accrued salaries balance amounting to $160,000 to 800,000 Series “C” preferred stock at par value of $0.001 per share having an equivalent common stock fair value of $0.004 per share or $320,000 at the date of issuance of preferred stock. Each share of the Series “C” preferred stock is convertible into 100 common shares, resulting in an equivalent 80,000,000 shares of common stock having a fair value of $320,000, thereby recognizing additional stock based compensation of $160,000. (See Note 9(A)). As a result of this conversion, the Company issued following shares of Series “C” preferred stock to its officers and directors:

The Company received short-term loans from ~~one of~~ its officers and directors. The loans were non-interest bearing, unsecured and due on demand. The following table represents the related parties’ loans payable activity during the ~~nine~~three months ended ~~September 30, 2018:~~March 31, 2019:

Following is the summary of all non-convertible notes, net of debt discount, including the accrued interest as at ~~September 30,~~December 31, 2018:

Following is the summary of all non-convertible notes, net of debt discount, including the accrued interest as at March 31, 2019:

On September 18, 2015, the Company and the note holder agreed to amend the previous terms of the agreement and both parties agreed on the new terms whereby the Company was now liable to pay $500,000 as full and final payment of the October 17, 2013 loan principal, accrued interest, and all other related penalties. This repayment will not accrue any further interest or penalties.

On December 21, 2015, the Company repaid the first installment of the accrued interest amounting to $20,000; leaving the accrued interest balance of $160,402 and principal loan balance of $319,598 as on December 31, 2015.

On September 30, 2018, the Company and the lender agreed to amend the previous terms of the agreement and both parties agreed on the new terms whereby the Company is now liable to pay GBP 220,000 or $286,642 as full and final payment regarding this loan. This repayment will not accrue any further interest or penalties. Both parties also agreed on a repayment plan of $3,000 monthly payment commencing on the date of signature of this addendum and additional ad hoc interim payments will be made to fully settle this loan within 36 months of this addendum dated September 30, 2018.

During the year ended December 31, 2018, the Company repaid three monthly payments against accrued interest totaling to $9,000 as per the addendum dated September 30, 2018 and the outstanding note balance amounted to $260,584 and accrued interest balance amounted to $17,058 as of December 31, 2018.

During the three months ended March 31, 2019, the Company repaid two monthly payments against accrued interest totaling to $6,000 as per the addendum dated September 30, 2018 and the outstanding note balance amounted to $260,584 and accrued interest balance amounted to $11,058 as of March 31, 2019.

During the year ended December 31, 2017, the Company recorded $5,269 as interest expense. Due to default in payment on due date, the Company recorded additional interest of $1,689 during the nine months ended September 30, 2018, making the total accrued interest balance of $6,958.

~~On January 19, 2018, the Company fully repaid principal loan amount of $21,075 and accrued interest of $6,958.~~

Following is the summary of all fixed price convertible notes, net of debt discount and debt issue cost, including the accrued interest as at ~~September 30,~~December 31, 2018:

~~Argentum 47, Inc.~~Following is the summary of all fixed price convertible notes, net of debt discount and ~~Subsidiaries~~

~~(Formerly known~~debt issue cost, including the accrued interest as ~~Global Equity International, Inc.)~~

On December 4, 2017, the Company re-negotiated the loan terms and entered into a rider agreement with the noteholder. The terms of this rider agreement were a one-time 35% increase in the principal loan of $64,487, increasing the principal sum from $184,250 to $248,737. In addition, both parties also agreed to re-negotiate the loan terms of another note dated August 9, 2017 with a one-time 35% increase in the principal loan of $19,775, increasing the principal sum from $56,500 to $76,275. This rider agreement further consolidated the revised principal note balances of the two notes into a single payable of $325,012. The Company agreed a repayment plan of six monthly installments of $54,168 commencing from January 15, 2018 and ending on June 15, 2018. The noteholder agreed to suspend the conversion of the notes if the Company continued to repay all six installments as per the revised payment plan. The Company accounted for this one-time increase on both notes amounting to $64,487 and $19,775 as a loss on debt extinguishment. As of December 31, 2017, the outstanding balance amounted to $248,737 and $73,386, net of $2,889 discount, against the two notes dated June 5, 2017 and August 9, 2017, respectively.

~~During the nine months ended September 30, 2018, the Company fully repaid the six installments of $54,168 each, thereby leaving an outstanding principal loan balance of $0 as on September 30, 2018.~~

During the year ended December 31, 2017, $3,611 of the debt discount balance was amortized to income statement. During the nine months ended September 30, 2018, $2,889 of the debt discount balance was amortized to income statement, leaving an unamortized discount balance of $0.

With the payments of all six installments of $54,168 each as per the amendment discussed in above paragraph, the Company first settled these payments against this convertible note in full amounting to $76,275, thereby leaving an outstanding principal loan balance of $0 as on September 30, 2018.

During the year ended December 31, 2017, $500 of the debt discount balance was amortized to income statement, leaving an unamortized discount balance of $2,500. The Company also recorded an accrued interest expense of $819 during the year ended December 31, 2017.

On January 17, 2018, the Company opted for the prepayment of this note by paying 117% of the outstanding note balance. This early settlement of this note in cash resulted in a prepayment charge of $9,188. Hence, the Company paid $53,000 of principal, $1,045 of accrued interest and $9,188 of prepayment charge in cash totaling to $63,233 as a full and final settlement of this convertible note.

On January 17, 2018, the Company received an initial tranche of funding from Xantis Private Equity Fund amounting to $400,000. There was no beneficial conversion feature since the conversion price exceeded the quoted trading price on the funding date. The Company paid a $36,000 cash commission, which is treated as debt issuance cost for this note. This particular Convertible Note issued to Xantis Private Equity Fund ~~will mature~~matured on January 13, 2019, as January 12, 2018 was the date that the funds were effectively wired to the Company.

During the ~~nine months~~year ended ~~September 30,~~December 31, 2018, ~~$25,500~~$34,500 of the debt issuance costs was amortized to income statement, leaving an unamortized debt issue cost balance of ~~$10,500.~~$1,500. The Company further recorded ~~$17,227~~$23,277 as interest expense during the ~~nine months~~year ended ~~September 30,~~December 31, 2018 and the outstanding note balance amounted to $400,000 as of ~~September 30,~~December 31, 2018.

During the three months ended March 31, 2019, $1,500 of the debt issuance costs was amortized to income statement, leaving an unamortized debt issue cost balance of $0. The company further recorded an interest expense of $723, making the total accrued interest balance to $24,000. On January 14, 2019, the Company issued 21,200,000 common shares to the lender at an agreed conversion price of $0.02 per share amounting to $424,000, thereby leaving an outstanding principal loan and accrued interest balance of $0 as on March 31, 2019. As the note was converted at the contractual rate, no gain on conversion was recorded upon conversion of this note and accrued interest.

On January 23, 2018, the Company received its first tranche of funding from William Marshal Plc. amounting to $100,000. There was no beneficial conversion feature since the conversion price exceeded the quoted trading price on the funding date. This particular Convertible Note issued to William Marshal Plc. ~~will mature~~matured on January 24, 2019.

During the ~~nine months~~year ended ~~September 30,~~December 31, 2018, the ~~company~~Company recorded ~~$4,307~~$5,819 as interest expense and the outstanding note balance amounted to $100,000 as of ~~September 30,~~December 31, 2018.

During the three months ended March 31, 2019, the Company further recorded an interest expense of $181, making the total accrued interest balance to $6,000. On January 24, 2019, the Company issued 5,300,000 common shares to William Marshal Plc. at an agreed conversion price of $0.02 per share amounting to $106,000, thereby leaving an outstanding principal loan and accrued interest balance of $0 as on March 31, 2019. As the note was converted at the contractual rate, no gain on conversion was recorded upon conversion of this note and accrued interest.

On June 8, 2018, the Company received an initial tranche of funding from Xantis AION Securitization Fund amounting to $735,000. There was no beneficial conversion feature since the conversion price exceeded the quoted trading price on the funding date. The Company paid a $110,887 cash commission, which is treated as debt issuance costs for this note. This particular Convertible Note issued to Xantis AION Securitization Fund will mature on June 9, 2019.

During the ~~nine months~~year ended ~~September 30,~~December 31, 2018, ~~$32,342~~$60,064 of the debt issuance costs was amortized to income statement, leaving an unamortized debt issue cost balance of ~~$78,545.~~$50,824. The Company further recorded ~~$13,895~~$25,010 as interest expense during the ~~nine months~~year ended ~~September 30,~~December 31, 2018 and the outstanding note balance amounted to $735,000 as of ~~September 30,~~December 31, 2018.

~~Note 9 - Stockholders’ Equity~~During the three months ended March 31, 2019, $27,722 of the debt issuance costs was amortized to income statement, leaving an unamortized debt issue cost balance of $23,102. The Company further recorded $10,874 as interest expense during the three months ended March 31, 2019 and the outstanding note balance amounted to $735,000 as of March 31, 2019.

During the year ended December 31, 2018, $20,552 of the debt issuance costs was amortized to income statement, leaving an unamortized debt issue cost balance of $78,099. The Company further recorded $3,328 as interest expense during the year ended December 31, 2018 and the outstanding note balance amounted to $653,040 as of December 31, 2018.

During the three months ended March 31, 2019, $24,663 of the debt issuance costs was amortized to income statement, leaving an unamortized debt issue cost balance of 53,436. The Company further recorded $9,662 as interest expense during the three months ended March 31, 2019 and the outstanding note balance amounted to $653,040 as of March 31, 2019.

On November 30, 2011, the Company designated 5,000,000 of its authorized preferred stock as Series “A” convertible preferred ~~stock.~~shares. On November 13, 2012, the Company’s board of directors approved an amendment to the Certificate of Designation; to amend the voting rights and conversion rights of the Company’s Series “A” preferred ~~stock~~shares as follows:

On May 19, 2015, the board of directors agreed to the non-redemption of the redeemable Series “A” Preferred Shares and the officers of the ~~Company who~~company that held these ~~shares of Series “A”~~ Preferred ~~Stock,~~Shares, returned all 1,983,332 Shares of the Company to Treasury. Since the preferred shares were vested upon issuance in prior years, the cancellation of these shares was considered a contribution back to the Company at zero cost with no gain or loss recognized.

On July 15, 2015 the ~~Certificate of Designation~~designation of the 5,000,000 Series “A” preferred shares was withdrawn.

On November 10, 2016, the Company designated 45,000,000 of its authorized preferred stock as Series “B” convertible preferred shares. The Certificate of Designation stated the following:

On November 11, 2016, certain Officers and Directors of the Company, offered to retire and exchange an aggregate 450,000,000 shares of Common Stock owned by them for 45,000,000 Series “B” Preferred Stock. The Company permitted Officers and Directors of the Company to exchange 200,000,000, 50,000,000 and 200,000,000 shares of Common Stock, respectively, for 20,000,000, 5,000,000 and 20,000,000 shares of Series “B” Preferred Stock, respectively.

On September 18, 2017, the Company designated 5,000,000 of its authorized preferred stock as Series “C” ~~Convertible Preferred Stock.~~convertible preferred shares. The Certificate of Designation stated the following:

On September 26, 2017, all of the officers and directors of the Company decided to convert their partial accrued ~~salary~~salaries balance amounting to $240,000 ~~into~~to 2,400,000 ~~shares of Series~~series “C” ~~Preferred Stock~~preferred stock at par value of $0.001 per share having an equivalent common stock fair value of $0.0028 per share or $672,000 at the date of issuance of ~~such~~ preferred stock.

On June 5, 2018, all of the officers and directors of the Company decided to convert their partial accrued salary balances amounting to $160,000 into 800,000 shares of Series “C” Preferred Stock at par value of $0.001 per share, having an equivalent common stock fair value of $0.004 per share or $320,000 at the date of issuance of such preferred stock. ~~See Note 8(C).~~

~~(B) Common Stock~~During the three months ended March 31, 2019, the Company did not issue any new preferred shares.

As at ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017,~~2018, the Company had 950,000,000 authorized shares of common stock having a par value of $0.001. As at ~~September 30,~~March 31, 2019 and December 31, 2018, the Company had 552,034,409 and 525,534,409 shares of common stock issued and ~~outstanding.~~outstanding, respectively.

During the ~~nine~~three months ended ~~September 30, 2018,~~March 31, 2019, the Company ~~did not issue any new~~issued 26,500,000 common shares because of ~~common stock.~~conversions of two convertible notes in following manner:

For the ~~nine~~three months ended ~~September 30,~~March 31, 2019 and 2018, ~~and 2017,~~ the Company recognized total revenues amounting to ~~$106,865~~$34,189 and ~~$226,389,~~$39,779, respectively. After the implementation of the ASC 606, the Company’s management believes that the estimated transaction price has not changed based on a re-assessment of the expected probability of achieving the agreed-upon outcome for the Company’s performance based and contingent arrangements. Hence, during the nine months ended September 30, 2018, there were no revenues recorded related to the catch-up adjustment due to a change in the transaction price in the current period.

Unfulfilled performance obligations represent the remaining contract transaction prices allocated to the performance obligations that are unsatisfied, or partially unsatisfied, and therefore revenues have not yet been recorded. Unfulfilled performance obligations primarily consist of the remaining fees not yet recognized under the ~~Company’s~~Company´s proportional performance method for both our fixed fee arrangements, and the portion of performance based and contingent arrangements, which we have deemed probable. As of ~~September 30,~~March 31, 2019 and December 31, 2018, the ~~Company’s~~Company´s management believes that all of the fixed fee, performance based and contingent arrangements have an original expected duration of one year or less; hence, the Company elected to utilize the optional exemption to exclude it from this disclosure.

Contract assets are defined as assets for which we have recorded revenue because we determined that it is probable that we will earn a performance based or contingent fee, but we are not yet entitled to receive our fees, because certain events, such as completion of the measurement period or client approval, must occur. The contract asset balance was immaterial as of ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017.~~2018.

Contract liabilities are defined as liabilities incurred when we have received consideration from a client but have not yet performed the agreed upon services. This may occur when we receive advance billings before delivery of services when clients pay us up-front fees before we begin work for them. The contract liability balance was immaterial as of ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017.~~2018.

The Company operates a defined “contribution pension plan” for its subsidiary in the United Kingdom, Cheshire Trafford UK Limited. Each participant need to complete a probation period before being included in the pension plan. The contributions payable to the company’s pension plan are charged to the consolidated statement of operations in the period to which they relate. We contributed a total of $706 to this pension plan during the three months ended March 31, 2019.

At ~~September 30,~~March 31, 2019 and December 31, 2018, there were accounts payable, ~~and~~ accrued liabilities and short-term loan due to related parties. ~~See~~(See Note ~~8(C)~~9(B & C)).

The plaintiff, ~~The~~the Able Foundation, was requesting a settlement of $411,272, which was the $226,616 owed by the Company at that time, and an additional $184,656 accrued in 2015 as a provision for potential damages.

On June 1, 2015, the Company (the defendant) retained the legal services of a Dubai based law firm called Al Safar & Partners. At March 31, 2017, there was a judgment against the Company (the defendant) for the recovery of $411,272.

During 2015 and 2016, the Company’s Dubai lawyers, Al Safar & Partners, had appealed this judgment various times based on the fact that they believed from a legal stand point that:

All prior appeals were rejected by the Dubai Courts, however a new appeal against the formal execution of this judgement was filed in September 2016. At March 31, 2017, the Company was in litigation, in the courts of Dubai, regarding the Able Foundation loan.

On June 5, 2017, a citizen of Republic of Thailand assumed the above total amount of $411,272 by way of a stock purchase and debt assumption agreement; hence, the Company’s liability and respective litigation in respect of this loan was transferred to the acquiring individual.

On March 6, 2018, the Company provided the Dubai attorneys with a signed, stamped and apostilled Certificate of Incumbency issued by the Seychelles Authorities. This Certificate of Incumbency stated that as of June 5, 2017, the company, Global Equity Partners Plc., was sold to a citizen of the Republic of Thailand and that the new owner assumed his role as sole shareholder and sole director of Global Equity Partners Plc. as of the date of sale.

To date, the Dubai attorneys are in the process of transferring the entire court case to the new owner of Global Equity Partners Plc.

~~Aside from the above matter, we are not subject to any other pending or threatened litigation.~~

During the three ~~and nine~~ months ended ~~September 30, 2017, and for the period from January 1, 2018 to August 1,~~March 31, 2018, the Company operated in one reportable business segment consisting of management consultancy and employment placement services such as assistance in designing client’s capitalization strategy, introductions to potential capital funding sources and human resources placements. ~~Since August 1, 2018,~~During the three months ended March 31, 2019 excluding discontinued operations, the Company operated in two reportable business segments - (1) Management Consultancy Services (the “Consultancy” segment) and (2) a segment which concentrates on third party insurance policy sales and renewals (the “Insurance brokerage” segment). The Company’s reportable segments were strategic business units that offered different products. They were managed separately based on the fundamental differences in their operations and locations.

~~Notes~~ All goodwill in the accompanying unaudited consolidated balance sheets is assigned to ~~Consolidated Financial Statements~~

Information with respect to these reportable business segments for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2019 and 2018 ~~and 2017~~ was as follows:


●	~~On October 17, 2018, the UK FCA approved Aurum Wealth Management Limited as an appointed Representative of Cheshire Trafford (UK) Limited.~~

~~F-30~~

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Forward - Looking Statement

The following discussion and analysis of the results of operations and financial condition of Argentum 47, Inc. should be read in conjunction with the unaudited financial statements, and the related notes. References to “we,” “our,” or “us” in this section refers to the Company and its subsidiaries. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. We use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” and similar expressions to identify forward-looking statements.

Certain matters discussed herein may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties include, but are not limited to, the following:

	●	the volatile and competitive nature of our industry,
	●	the uncertainties surrounding the rapidly evolving markets in which we compete,
	●	the uncertainties surrounding technological change of the industry,
	●	our dependence on its intellectual property rights,
	●	the success of marketing efforts by third parties,
	●	the changing demands of customers and
	●	the arrangements with present and future customers and third parties.

Should one or more of these risks or uncertainties materialize or should any of the underlying assumptions prove incorrect, actual results of current and future operations may vary materially from those anticipated.

Our MD&A is comprised of the following sections:

	A.	Critical accounting estimates and policies

	B.	Business ~~Overview~~overview

	C.	Results of operations for the three months ended ~~September 30,~~March 31, 2019 and March 31, 2018 ~~and September 30, 2017~~

	D. ~~Results of operations for the nine months ended September 30, 2018~~	Financial condition as at March 31, 2019 and ~~September 30, 2017~~December 31, 2018

	E. ~~Financial condition as at September 30, 2018~~	Liquidity and ~~December 31, 2017~~capital reserves

	F. ~~Liquidity and capital reserves~~

	G. Business development

A.	*Critical ~~accounting estimates~~Accounting Estimates and ~~policies:~~Policies:*

Our consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), which requires management to make estimates and assumptions that affect reported and disclosed amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period.

We believe that the critical accounting policies set forth in the accompanying consolidated financial statements describe the more significant judgments and estimates used in the preparation of our consolidated financial statements. These critical accounting policies pertain to revenues recognition, valuation of investments, convertible notes and derivatives ~~and;~~and stock based compensation.

If actual events differ significantly from the underlying judgments or estimates used by management in the application of these accounting policies, there could be a material effect on our results of operations and financial condition.

B.	Business ~~overview:~~overview:

Argentum 47, Inc. (“Company” or “ARG”) was incorporated on October 1, 2010, as a Nevada corporation, for the express purpose of acquiring Global Equity Partners ~~Plc,~~Plc., a corporation formed under the laws of the Republic of Seychelles (“GEP”) on September 2, 2009. On August 22, 2014, GE Professionals DMCC was incorporated in Dubai as a wholly-owned subsidiary of Global Equity Partners Plc. On June 10, 2016, ARG incorporated its wholly-owned subsidiary, called GEP Equity Holdings Limited, under the laws of the Republic of Seychelles.

On March 24, 2017, the Board of Directors of Global Equity Partners Plc. approved the assignment and transfer of GE Professionals DMMC to GEP Equity Holdings Limited.

On June 5, 2017, the Company sold 100% of the common stock of Global Equity Partners Plc. to a private citizen of the Kingdom of Thailand. The consideration for the purchase of Global Equity Partners Plc. was the assumption by the purchaser of all liabilities and indebtedness of Global Equity Partners Plc. in the approximate amount of $626,000. At the time of this sale, Global Equity Partners Plc. had assets consisting of common shares of other companies having a book value of approximately $603,000.

GEP Equity Holdings Limited ~~(to be renamed Argentum 47 Consulting Limited) and its subsidiary, GE Professionals DMCC (to be renamed Argentum 47 HR DMCC), are Dubai based firms that provide~~provides consulting services, such as corporate restructuring, Exchange Listings ~~management recruitment~~ and development for corporate marketing, investor and public relations, regulatory compliance and introductions to financiers, to companies desiring to be listed on stock exchanges ~~and/or have their shares quoted on quotation bureaus~~ in various parts of the world.

On December 12, 2017, we incorporated a United Kingdom company under the name of Argentum 47 Financial Management Limited (“Argentum FM”). Argentum FM is a wholly-owned subsidiary of the Company. Argentum FM was formed to serve as a holding company for the acquisition of United Kingdom based advisory firms. During 2019, the Company intends to acquire more licensed financial advisory firms.

On January 12, 2018, the Company secured a 12-month fixed price convertible loan from Xantis Private Equity Fund (Luxembourg), for a minimum of 2,000,000 Great Britain Pounds (equivalent to approximately U.S. $2,680,000) carrying an interest at the rate of 6% per annum. The Company has a right to pay this note on the maturity date by issuing shares of common ~~shares~~stock at a conversion price equal to the greater of $0.02 or the average closing price of the Company’s common stock on the OTCBB for the prior 60 trading days. To date, the Company ~~has~~ received $400,000 under this ~~loan.~~loan, which was converted into 21,200,000 shares of the Company’s common stock on January 14, 2019.

On January 12, 2018, the Company secured a 12-month fixed price convertible loan from William Marshal Plc., a United Kingdom Public Limited Company listed on the Cyprus Public Exchange Emerging Companies Market, for a maximum of 2,000,000 Great Britain Pounds (equivalent to approximately U.S. $2,680,000) carrying an interest at the rate of 6% per annum. The Company has a right to pay this note on the maturity date, by issuing shares of common ~~shares~~stock at a conversion price equal to the greater of $0.02 or the average closing price of the Company’s common stock on the OTCBB for the prior 60 trading days. To date, the Company ~~has~~ received $100,000 under this ~~loan.~~

~~On February 20, 2018, the United Kingdom Financial Conduct Authority approved the eventual change of control of one~~loan which was converted to 5,300,000 common shares of the ~~financial advisory firms called Cheshire Trafford U.K. Limited, with US$38.75 million of funds under management that will be acquired in the North East of the United Kingdom.~~Company on January 24, 2019.

On March, 29, 2018, we changed our corporate name to Argentum 47, Inc.

On April 2, 2018, our trading symbol was changed to from GEQU to ARGQ.

On May 30, 2018, the Isle of Man Financial Services Authority (FSA) approved the eventual change of control of aan Isle of man based financial advisory firm ~~with US$52.59 million of funds under management that will be acquired by the Company~~albeit Management has decided not to acquire this Independent Financial Advisory firm as better and cheaper business propositions are currently in Isle of Man. This Notice of Change of Control will allow the Company’s UK subsidiary, Argentum 47 Financial Management Limited, and its directors to incur in such acquisition; hence, allow it to legally control and manage the business once acquired.Management´s sights.

On June 6, 2018, the Company secured a 12-month fixed price convertible loan, from Xantis ~~AION~~Aion Securitization Fund (Luxembourg), for a minimum of 1,700,000 Great Britain Pounds (equivalent to approximately $1,940,000) carrying an interest at the rate of 6% per annum. The Company has a right to pay this note on earlier than 366 days’ post investment of each tranche of funding, by issuing common shares at a conversion price equal to the greater of $0.02 or the average closing ask price of the Company’s common stock on the OTCBB for the prior 60 trading days. To date, the Company has received $1,388,040 under this loan.

On August 1, 2018, Argentum FM ~~entered into~~consummated a Share Purchase Agreement with Mr. Rodney Leonard and Equilibrium Pensions Limited (trustees of The Leonard R. Personal Pension), pursuant to which Argentum FM ~~acquired~~would acquire 100% of the ordinary shares (equity) of Cheshire Trafford (U.K.) Limited of Hull, United Kingdom (“Cheshire Trafford”) from Mr. Leonard and Equilibrium Pensions Limited (trustees of The Leonard R. Personal Pension).

In March 2019, Management decided that it made overall economic sense for the Company to close its employment placement services business in Dubai; hence, on March 18, 2019, in order to fully concentrate on its core business of Independent Financial Advisory services and Consultancy Business, the Board of Directors decided to initiate liquidation proceedings of the Dubai subsidiary “GE Professionals DMCC” (with an effective date of March 31, 2019). As a result of this decision to liquidate the subsidiary, the Board of Directors also decided to discontinue its Human Resources and Placement business in Dubai.

Cheshire Trafford (UK) Limited (www.ctifa.com) was incorporated under the laws of the United Kingdom on January 26, 1976, as a limited liability company. Cheshire Trafford is a very well established and UK FCA regulated Independent Financial Advisory firm that offers a fully computerized investment management service, including advising on investments in Unit Trusts, Investment Bonds, Shares, Investment Trusts, Government Bonds and Individual Savings Accounts. In addition, Cheshire Trafford advises investors on various types of Pension contracts, including Personal Pensions, Executive Pensions, Small Self-Administered Plans, Pension Mortgages and many more.

Cheshire Trafford acts as a broker for the sale of Lump Sum or Single Premium Insurance Policies and Regular Premium Investment or “Insurance” Policies that are issued by reputable third party insurance companies.

~~During fourth quarter~~Cheshire Trafford currently has three full time employees, in excess of ~~2018,~~700 clients and administers funds of approximately US$39 million.

Cheshire Trafford has in excess of 700 individual clients and currently invests the ~~Company intends to acquire a licensed financial advisory firm~~funds it has under administration with well-known and reputable Investment Houses such as:

	●	AJ Bell
	●	Canada Life International
	●	Fidelity International
	●	Old Mutual International
	●	Old Mutual Wealth Life
	●	Royal London
	●	Aviva
	●	Prudential Assurance

Cheshire Trafford’s primary customer base resides in the ~~Isle~~United Kingdom. Cheshire Trafford is licensed (Register Number 115194) and regulated by the Financial Conduct Authority (“FCA”) of ~~Man (United Kingdom)~~the United Kingdom. Confirmation of Cheshire Trafford’s license can be made by visiting the FCA’s website:www.fca.gov.uk/register.

The purchase consideration for the acquisition of Cheshire Trafford is based on a formula of 2.7 times Cheshire Trafford’s projected annualized recurring revenues for the calendar year ending December 31, 2018. We took the gross revenues of Cheshire Trafford for the five months ended May 31, 2018, and annualized those recurring revenues and multiplied those revenues by 2.7 times in arriving at the contractual purchase consideration of U.S.$516,795 (389,300 Great Britain Pounds or “GBP”).

The purchase consideration is payable in up to three tranches. The first tranche of U.S. $175,710 (132,362 GBP) was paid upon closing of the transaction. The second tranche of U.S. $170,542 (128,469 GBP) is due 18 months after the closing. The third tranche of U.S. $170,542 (128,469 GBP) is due 36 months after the closing. The third tranche could be reduced (but not increased) in the event that ~~currently has approximately US$53 million~~Cheshire Trafford’s trailing or recurring revenues are less than the 2018 annualized gross recurring revenues.

The funds for the first tranche were obtained via a June 8, 2018 loan in the amount of ~~funds under administration.~~U.S. $735,000 from the Xantis Aion Securitisation Fund, as previously reported in the Company’s Form 8-K Current Report filed with the Securities and Exchange Commission on June 11, 2018.

Our authorized capital consists of 950,000,000 shares of common stock having a par value of $0.001 per share and 50,000,000 shares of preferred stock having a par value of $0.001. As of ~~September 30,~~December 31, 2018, we had 525,534,409 shares of common stock issued and outstanding. As of March 31, 2019, we had 552,034,409 shares of common stock issued and outstanding. We also have two series of preferred ~~stock:~~stock designated and authorized: Series “B” Preferred Stock and Series “C” Preferred Stock. As of ~~September 30,~~December 31, 2018, and March 31, 2019, we had 45,000,000 shares of Series “B” Preferred Stock ~~designated,~~ authorized, issued and outstanding. As of ~~September 30,~~December 31, 2018, and March 31, 2019, we had designated and authorized 5,000,000 shares of Series “C” Preferred Stock, 3,200,000 shares of which were issued and outstanding. We do not have any Series “A” Preferred Stock ~~designated,~~ authorized, issued or outstanding. We have 1,800,000 shares of Series “C” Preferred Stock designated and authorized, which could be issued in the future. All shares of our Series “B” and Series “C” Preferred Stock are contractually locked-up until September 27, 2020; hence, they cannot be sold or converted into common stock at any time prior to that date.

We provide corporate advisory services to companies desiring to have their shares listed on stock exchanges or quoted on quotation bureaus in various parts of the world. We ~~also provide employment placement services to various clients. We have offices~~had an office in Dubai until March 31, 2019. Our current and sole offices are situated in London. We have affiliations with firms located in some of the world’s leading financial centers such as London, New York, Frankfurt and Dubai. These affiliations are informal and are comprised of personal relationships with groups of people or people with whom our Company or our management has done, or attempted to do, business in the past. We do not have any contractual arrangements, written or otherwise, with our affiliations.

We provide corporate and retail independent financial advisory services and generate our revenues by acting as broker for sale of Lump Sum or Single Premium Insurance Policies and/or the sale of Regular Premium Investment or Insurance Policies that are issued by third party insurance companies.

C.	*Results of operations for the three months ended ~~September 30, 2018~~March 31, 2019 and ~~September 30, 2017:~~March 31, 2018:*

The Company had revenues from continuing operations amounting to ~~$43,070~~$34,189 and ~~$9,750,~~$30,800, for the three months ended ~~September 30,~~March 31, 2019 and 2018, ~~and 2017,~~ respectively.

September 30, 2018 September 30, 2017 Changes

Revenue $ 36,598 $ 9,750 $ 26,848
$ 36,598 $ 9,750 $ 26,848

	March 31, 2019		March 31, 2018		Changes

Revenue	$	34,189	$	30,800	$	3,389
	$	34,189	$	30,800	$	3,389

During the three months ended ~~September 30,~~March 31, 2018, ~~$26,598~~$30,800 was recognized as revenue from continuing operations for services rendered to different ~~clients. The total~~clients related to our consultancy business segment. During the three months ended March 31, 2019, we only generated our revenue ~~increased by $26,848 mainly due~~from our insurance brokerage business segment amounting to the fact that the Company has diversified its business portfolio by acquiring its first financial advisory firm in the UK. Management believes that revenues will further increase in the near future as the Management is concentrating on implementing its inorganic growth model via acquisition of various financial advisory firms with funds under management.$34,189.

For the three months ended ~~September 30,~~March 31, 2019 and 2018, ~~and 2017,~~ the Company had the following concentrations of revenues with customers:

Customer	Location	September 30, 2018			September 30, 2017			March 31, 2019			March 31, 2018

VME	United Arab Emirates		0	%		44.26	%
DUO	Sri Lanka		0	%		20.51	%		0	%		2.01	%
GRL									0	%		75.42	%
OCS	United Arab Emirates		19.31	%		35.23	%		0	%		22.57	%
CT Revenue	United Kingdom		80.69	%		0	%
CT clients (see below)									100	%		0	%
			100	%		100	%		100	%		100	%

During the three months ended March 31, 2019, the Company had following concentrations of revenues regarding insurance brokerage business, which was 100% of the consolidated revenues of the Company:

	March 31, 2019

Initial advisory fees		11.36	%
Ongoing advisory fees		30.78	%
Initial commissions		49.77	%
Renewal commissions		0.58	%
Trail or recurring commissions		6.58	%
Other revenue		0.93	%
		100	%

The total operating expenditures of continuing operations amounted to ~~$329,662~~$229,657 and ~~$256,663,~~$258,412, for the three months ~~ended September 30,~~ending on March 31, 2019 and 2018, ~~and 2017,~~ respectively. The following table sets forth the Company’s operating expenditure analysis for both periods:

	September 30, 2018		September 30, 2017		Changes			March 31, 2019		March 31, 2018		Changes

General and administrative expenses	$	48,979	$	25,781	$	23,198		$	52,116	$	28,426	$	23,690
Compensation		149,786		162,386		(12,600	)		121,191		117,000		4,191
Professional services		94,833		19,923		74,910			50,020		112,834		(62,814	)
Depreciation		675		3,187		(2,512	)		627		152		475
Amortization of intangible asset		5,390		-		5,390
Bad debt expense		30,000		45,386		(15,386	)
Amortization of intangibles									5,703		-		5,703
Total operating expenses	$	329,663	$	256,663	$	73,000		$	229,657	$	258,412	$	(28,755	)

During the three months ended ~~September 30, 2018,~~March 31, 2019, total operating expenses ~~increased~~of continuing operations were reduced by ~~$73,000~~$28,755 from the ~~comparative period ended September 30, 2017.~~previous three months ending on March 31, 2018. The ~~increase~~reason for this decrease is mainly due to ~~an increase~~the decrease in ~~the~~ professional services ~~related to introduction of new business and acquisition targets. There were no such professional services received~~ during the ~~comparative period ended September 30, 2017.~~current three months ending on March 31, 2019.

The loss from continuing operations for the three months ended ~~September 30,~~March 31, 2019 and 2018, was $195,468 and ~~2017, was $293,065 and $246,913,~~$227,612, respectively.

The ~~Company’s~~Company´s other income and (expenses) of continuing operations for the three months ended March 31, 2019 and 2018, were $(746,381) and $389,650, respectively.

	March 31, 2019			March 31, 2018			Changes
Interest expense	$	(25,863	)	$	(17,596	)	$	(8,267	)
Amortization of debt discount		(53,885	)		(12,889	)		(40,996	)
(Loss) / gain on available for sale marketable securities, net		(671,070	)		392,123			(1,063,193	)
Gain on extinguishment of debt and other liabilities		-			28,538			(28,538	)
Exchange rate gain / (loss)		4,437			(526	)		4,963
Total other (expenses) / other income	$	(746,381	)	$	389,650		$	(1,136,031	)

During the three months ended March 31, 2019, our total other expenses increased by $1,136,031 when compared to our total other income (expenses) for the three months ended ~~September 30, 2018 and 2017, were $1,035,766 and $(1,291,857), respectively.~~

September 30, 2018 September 30, 2017 Changes
Interest expense $ (18,677 ) $ (1,500 ) $ (17,177 )
Amortization of debt discount (36,722 ) (14,635 ) (22,087 )
Impairment loss on investments at cost - (1,181,971 ) 1,181,971
Gain on available for sale marketable securities, net 884,663 15,811 868,853
Loss on conversion of notes into common stock - (131,578 ) 131,578
Gain on extinguishment of debt and other liabilities 207,890 22,375 185,515
Exchange rate loss (1,388 ) (359 ) (1,029 )
Total other income (expenses) $ 1,035,766 $ (1,291,857 ) $ 2,327,623

~~Our total other income increased~~March 31, 2018. This increase was mainly due to the fact that during ~~the three months ended September 30, 2018,~~first quarter of 2019, the Company recorded a net ~~gain~~loss on available for sale marketable securities amounting to ~~$884,663 compared to only $15,811~~$671,070, but recorded a gain of $392,123 during the three months ended September 30, 2017. In addition, the Company fully impaired one of its investments amounting to $1,181,971 during the three months ended September 30, 2017 and there were various conversions of fixed price convertible debt at a price less than the contractual price that resulted in loss on conversion of notes into common stock of $131,578 during the three months ended September 30, 2017. There were no such losses booked during the three months ended September 30,March 31, 2018. Also, there is an increase in gain on debt extinguishment as the Company renegotiated loan terms with one of the lenders, which resulted in a gain on debt extinguishment of $193,358 during the nine months ended September 30, 2018.

The net (loss) / income ~~/ (loss)~~from continuing operations for the three months ended ~~September 30,~~March 31, 2019 and 2018 were $(941,849) and ~~2017 were $742,701~~$162,038, respectively.

Net loss from discontinued operations for the three months ended March 31, 2019 and ~~$(1,538,770),~~2018 amounted to $33,638 and 40,089, respectively.

The comprehensive ~~income~~(loss) / ~~(loss)~~income for the three months ended ~~September 30,~~March 31, 2019 and 2018 ~~and 2017~~ amounted to ~~$745,890~~$(986,588) and ~~$(354,988),~~$122,476, respectively. The Company’s other comprehensive ~~loss~~(loss) / income includes (loss) / gain recorded on foreign currency translation of $(11,101) and $527 for the three months ended ~~September 30, 2017 included an unrealized fair value gain on available for sale marketable securities amounting to $1,183,782.~~March 31, 2019 and 2018, respectively.

September 30, 2018 September 30, 2017
Comprehensive income (loss):
Net income / (loss) $ 742,701 $ (1,538,770 )
Unrealized fair value gain on available for sale marketable securities - 1,183,782
Loss on foreign currency translation 3,189 -
Comprehensive income $ 745,890 $ (354,988 )

	March 31, 2019			March 31, 2018
Comprehensive income (loss) / income:
Net (loss) / income	$	(975,487	)	$	121,949
(Loss) / gain on foreign currency translation		(11,101	)		527
Comprehensive (loss) / income	$	(986,588	)	$	122,476

The Company had 552,034,409 and 525,534,409 ~~and 453,090,573~~common shares ~~of common stock~~ issued and outstanding at ~~September 30,~~March 31, 2019 and March 31, 2018, ~~and September 30, 2017,~~ respectively. Basic weighted average number of common shares outstanding for the three months ended ~~September 30,~~March 31, 2019 and 2018, was 547,323,298 and ~~2017, was~~ 525,534,409, ~~and 432,760,903,~~ respectively. Basic net ~~income~~(loss) / ~~(loss)~~income per share for both periods was ~~$0.00~~$(0.00) and ~~$(0.00),~~$0.00, respectively. Diluted weighted average number of common shares outstanding for the three months ended ~~September 30,~~March 31, 2018 was 1,258,590,743 and ~~2017, was 1,357,284,409 and 432,760,903, respectively.~~at March 31, 2019, there were 839,401,975 common stock equivalents that may dilute future earnings per share. Diluted net ~~income~~(loss) / ~~(loss)~~income per share for both periods was $(0.00) and $0.00, ~~and $(0.00),~~ respectively.

D.	*~~Results of operations for the nine months ended September 30, 2018 and September 30, 2017:~~*

~~The Company had revenues amounting to $106,865 and $226,389, for the nine months ended September 30, 2018 and 2017, respectively.~~

September 30, 2018 September 30, 2017 Changes

Revenue $ 106,865 $ 226,389 $ (119,524 )
$ 106,865 $ 226,389 $ (119,524 )

During the nine months ended September 30, 2018, $106,865 was recognized as revenue for services rendered to different clients. The total revenue reduced by $119,524 mainly due to the fact that the Company did not take on any new clients during the nine months ended September 30, 2018 because management has been concentrating on implementing its inorganic growth model via acquisition of various financial advisory firms with funds under management.

~~For the nine months ended September 30, 2018 and 2017, the Company had the following concentrations of revenues with customers:~~

Customer Location September 30, 2018 September 30, 2017

SAC United Kingdom and Norway 0 % 44.17 %
SCL United Kingdom 0 % 4.42 %
TLF United Arab Emirates 0 % 5.68 %
FAD Saudi Arabia 0 % 10.01 %
AGL United Arab Emirates 0 % 1.80 %
DHG United Arab Emirates 0 % 15.63 %
FAT United Arab Emirates 0 % 1.88 %
VME United Arab Emirates 0 % 1.33 %
EEC Saudi Arabia 27.41 % 11.66 %
DUO Sri Lanka 1.87 % 0.46 %
OCS United Arab Emirates 15.01 % 1.52 %
GRL United Kingdom 28.07 % 0 %
CT Revenue United Kingdom 27.63 % 0 %
100 % 100 %

The total operating expenditures amounted to $1,023,714 and $834,806, for the nine months ending on September 30, 2018 and 2017, respectively. The following table sets forth the Company’s operating expenditure analysis for both periods:

September 30, 2018 September 30, 2017 Changes

General and administrative expenses $ 133,096 $ 123,621 $ 9,475
Compensation 599,177 535,752 63,425
Professional services 254,458 101,285 153,173
Depreciation 1,593 8,762 (7,169 )
Amortization of intangible asset 5,390 - 5,390
Bad debt expense 30,000 65,386 (35,386 )
Total operating expenses $ 1,023,714 $ 834,806 $ 188,908

During the nine months ended September 30, 2018, total operating expenses increased by $188,908 from the comparative period ended September 30, 2017. The increase is mainly due to an increase in the professional services related to introduction of new business and acquisition targets. There were no such professional services received during the comparative period ended September 30, 2017.

~~The loss from operations for the nine months ended September 30, 2018 and 2017, was $916,849 and $608,417, respectively.~~

~~The Company’s other income and (expenses) for the nine months ended September 30, 2018 and 2017, were $2,546,683 and $(1,682,664), respectively.~~

September 30, 2018 September 30, 2017 Changes
Interest expense $ (46,352 ) $ (4,000 ) $ (42,532 )
Amortization of debt discount (63,231 ) (117,683 ) 54,452
Gain on sale of subsidiary - 23,052 (23,052 )
Gain on available for sale marketable securities, net 2,416,362 18,851 2,397,512
Impairment loss on investments at cost - (1,181,971 ) 1,181,971
Loss on conversion of notes into common stock - (391,285 ) 391,285
Gain / (loss) on extinguishment of debt and other liabilities 241,713 (28,886 ) 270,599
Exchange rate loss (1,629 ) (742 ) (887 )
Total other income (expenses) $ 2,546,683 $ (1,682,664 ) $ 4,229,347

Our total other income increased mainly due to the fact that during the nine months ended September 30, 2018, the Company recorded a net gain on available for sale marketable securities amounting to $2,416,362 as compared to $18,851 during the nine months ended September 30, 2017. In addition, the Company fully impaired one of its investments amounting to $1,181,971 during the nine months ended September 30, 2017 and there were various conversions of fixed price convertible debt at a price less than the contractual price that resulted in loss on conversion of notes into common stock of $391,285 during the nine months ended September 30, 2017. There were no such losses booked during the nine months ended September 30, 2018. Also, there is an increase in gain on debt extinguishment as the Company renegotiated loan terms with one of the lenders, which resulted in a gain on debt extinguishment of $193,358 during the nine months ended September 30, 2018.

~~The net income / (loss) for the nine months ended September 30, 2018 and 2017 were $1,629,834 and $(2,291,081), respectively.~~

The comprehensive income / (loss) for the nine months ended September 30, 2018 and 2017 amounted to $1,632,721 and $(602,071), respectively. The Company’s other comprehensive income for the nine months ended September 30, 2017 included an unrealized fair value gain on available for sale marketable securities amounting to $1,689,010.

September 30, 2018 September 30, 2017
Comprehensive income (loss):
Net income / (loss) $ 1,629,834 $ (2,291,081 )
Unrealized fair value gain on available for sale marketable securities - 1,689,010
Loss on foreign currency translation 2,887 -
Comprehensive income $ 1,632,721 $ (602,071 )

The Company had 525,534,409 and 453,090,573 shares of common stock issued and outstanding at September 30, 2018 and September 30, 2017, respectively. Basic weighted average number of common shares outstanding for the nine months ended September 30, 2018 and 2017, was 525,534,409 and 419,266,295, respectively. Basic net income / (loss) per share for both periods was $0.00 and $(0.00), respectively. Diluted weighted average number of common shares outstanding for the nine months ended September 30, 2018 and 2017, was 1,357,284,409 and 419,266,295, respectively. Diluted net income / (loss) per share for both periods was $0.00 and $(0.00), respectively.

E.	*Financial condition as at ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017:~~2018:*

Assets:

The Company reported total assets of ~~$4,897,532~~$1,289,697 and ~~$2,080,144~~2,156,054 as of ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017,~~2018, respectively. These mainly included our investments in securities of our clients that we received as part of our consulting fees in previous years. We had marketable securities at fair value of ~~$4,376,544~~$787,778 and ~~$2,029,340~~$1,458,848 as at ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017,~~2018, respectively.

At ~~September 30,~~March 31, 2019 and December 31, 2018, our non-current assets ~~include~~included fixed assets, intangibles and ~~intangibles.~~goodwill. Fixed assets ~~comprise~~were comprised of office equipment having a net book value of ~~$5,882~~$5,044 and ~~$2,067~~$5,180 as at ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017,~~2018, respectively. Intangibles of ~~$479,728 include~~$326,986 included fair value of customer list that was recognized as part of the business combination. We also recorded goodwill of $142,924 as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired at the date of acquisition. Furthermore, our current assets at December 31, ~~2017~~2018 amounted to ~~$2,077,941~~$1,675,261, and at ~~September 30, 2018,~~March 31, 2019, these current assets amounted to ~~$4,411,922~~$814,743 comprised of cash of ~~$6,210,~~$12,272, accounts receivable of ~~$17,771,~~$7,330, prepaid and other current assets of ~~$11,397,~~$2,081, assets of discontinued operations of $5,282 and marketable securities valued at fair value of ~~$4,376,544.~~$787,778.

Liabilities:

Our current liabilities at December 31, ~~2017~~2018 totaled ~~$1,370,944.~~$2,450,149. At ~~September 30, 2018,~~March 31, 2019, the Company reported its current liabilities amounting to ~~$1,953,275,~~$2,029,673, which represents ~~an increase~~a decrease of ~~42%~~17%. This ~~increase~~decrease was due to the fact that the Company ~~received an initial tranche~~converted two of ~~funding from Xantis Private Equity Fund, Xantis AION Securitization Fund and William Marshal Plc., amounting to an aggregate of $1,235,000~~its convertible debts into its common stock during the ~~nine~~three months ended ~~September 30, 2018.~~March 31, 2019. All of our current liabilities reported at ~~September 30, 2018~~March 31, 2019 mainly include third party debt which is due to various lenders, trade creditors and payables to related parties on account of accrued salaries and expenses.

Following is the summary of all third party notes, net of debt discount and debt issue costs, including the accrued interest as at December 31, ~~2017:~~2018:

Date of Note Total Debt Remarks
October 17, 2013 $ 480,000 Non-convertible and non-collateralized
November 26, 2013 37,971 Non-convertible and non-collateralized
June 5, 2017 248,737 Fixed price convertible and non-collateralized
August 9, 2017 73,386 Fixed price convertible and non-collateralized
November 6, 2017 26,344 Non-convertible and non-collateralized
November 15, 2017 79,857 Convertible and non-collateralized
Balance, December 31, 2017 $ 946,295

Date of Note	Total Debt		Remarks
October 17, 2013	$	277,642	Non-convertible and non-collateralized
November 26, 2013		37,971	Non-convertible and non-collateralized
January 17, 2018		421,777	Fixed price convertible and non-collateralized
January 23, 2018		105,819	Fixed price convertible and non-collateralized
June 8, 2018		709,186	Fixed price convertible and non-collateralized
October 10, 2018		578,269	Fixed price convertible and non-collateralized
Balance, December 31, 2018	$	2,130,664

Following is the summary of all third party notes, net of debt discount, ~~and debt issue costs,~~ including the accrued interest as at ~~September 30, 2018:~~March 31, 2019:

Date of Note	Total Debt		Remarks	Total Debt		Remarks
October 17, 2013	$	286,642	Non-convertible and non-collateralized	$	271,642	Non-convertible and non-collateralized
November 26, 2013		37,971	Non-convertible and non-collateralized		37,971	Non-convertible and non-collateralized
January 17, 2018		406,727	Fixed price convertible and non-collateralized
January 23, 2018		104,307	Fixed price convertible and non-collateralized
June 8, 2018		670,350	Fixed price convertible and non-collateralized		747,782	Fixed price convertible and non-collateralized
Balance, September 30, 2018	$	1,505,997
October 10, 2018					612,594	Fixed price convertible and non-collateralized
Balance, March 31, 2019				$	1,669,989

The Company reported a long term liability of ~~$282,336~~$294,439 and $283,732 as at March 31, 2019 and December 31, 2018, respectively on account of fair value of the contingent purchase consideration for the acquisition of Cheshire Trafford. ~~There were no long term liabilities as at December 31, 2017.~~

Stockholders’ ~~Equity:~~Deficit:

At December 31, ~~2017, the Company had Stockholders´ Equity of $709,200. At September 30,~~ 2018, the Company had Stockholders´ ~~Equity~~Deficit of ~~$2,661,921.~~$577,827. At March 31, 2019, the Company had Stockholders´ Deficit of $1,034,415. We reported accumulated other comprehensive income of ~~$3,007~~$2,491 and ~~$1,181,795~~$13,592 as at ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017,~~2018, respectively. This reduction was due to the adoption of ASC 2016-01 whereby the management reversed $1,181,675 from accumulated other comprehensive income to opening retained earnings as a cumulative effect adjustment on January 1, 2018.

The Company had 552,034,409 and 525,534,409 shares of common stock issued and outstanding at ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017.~~2018, respectively. The Company also had issued and outstanding 45,000,000 shares of Series “B” Convertible Preferred Stock as at ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017.~~2018. The Company further had issued and outstanding 3,200,000 ~~and 2,400,000~~ shares of Series “C” Convertible Preferred Stock as at ~~September 30, 2018~~March 31, 2019 and December 31, ~~2017, respectively.~~2018.

F.E.

Liquidity and ~~capital~~Capital reserves:

The accompanying unaudited consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These ~~unaudited~~ consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

As reflected in the accompanying unaudited consolidated financial statements, the Company had a net loss ~~from operations~~ of ~~$293,065~~$975,487 and ~~$916,849 for the three and nine months ended September 30, 2018 respectively;~~ net cash used in operations of ~~$582,131~~$179,986 for the ~~nine~~three months ended ~~September 30, 2018;~~March 31, 2019; working capital deficit, stockholder’s deficit and accumulated deficit of ~~$8,102,882~~$1,214,930, $1,034,415 and $12,328,702 as of ~~September 30, 2018.~~March 31, 2019. It is ~~Management’s~~management’s opinion that these factors constitute a risk and raise substantial doubt about the Company’s ability to continue as a going concern for twelve months from the issuance date of this report.

The ability offor the Company to mitigate this risk and continue its operations is primarily dependent ~~on:~~on management’s plans as follows:

	a)	Consummating and executing all current engagements related to the business consulting division.
	b)	Continually engaging with new ~~clients; and~~clients via our business consulting division.
	b)c)	~~Consummating and executing on~~Maximizing the already acquired Independent Financial Advisory firm´s revenues by way of servicing the current ~~engagements; and~~client base in the most professional manner possible.
	c)d)	~~Continuing~~Organically growing the amount of funds under administration of the already acquired Independent Financial Advisory firm to ~~raise capital funding for acquisition~~new and ~~growth; and~~higher levels.
	d)e)	Continuing to receive fixed funding, via equity or debt, for acquisition, growth and working capital from parties that have already executed funding agreement with the Company.
	f)	Continuing to negotiate new fixed funding via equity or debt, for further acquisitions, growth and working capital.
	g)	Acquiring and managing ~~various financial advisory~~more Independent Financial Advisory firms with funds under administration located around the globe.

~~The~~In January of 2018, the Company secured two funding agreements, ~~in January of 2018,~~ one with Xantis Private Equity Fund (Luxembourg) for a minimum of 2,000,000 Great Britain Pounds (approximately $2.68 ~~million)~~million at the time) and another with William Marshal Plc., a United Kingdom Public Limited Company listed on the Cyprus Public Exchange Emerging Companies Market, for up to a further 2,000,000 Great Britain Pounds (approximately $2.68 ~~million)~~million at the time). The Company has a unilateral right to pay each ~~note,~~Note, by issuing common shares, 366 days after each tranche of funding is received, at a conversion price equal to the greater of $0.02 or the average closing price of the Company’s common stock on the OTCBB for the prior 60 trading days. To date, the Company has received an aggregate of $500,000 from Xantis Private Equity Fund and William Marshal Plc. During the three months ended March 31, 2019, these loans and accrued interest were converted into 26,500,000 shares of the Company’s common stock ($0.02 per shares as contractually agreed).

~~The~~In June of 2018, the Company secured another funding agreement ~~in June of 2018,~~ with Xantis AION Securitisation Fund (Luxembourg) for a minimum of 1,700,000 Great Britain Pounds (equivalent to approximately U.S. $1.94 ~~million)~~million at the time). The Company has a unilateral right to pay each note, by issuing common shares, 366 days after each tranche of funding is received, at a conversion price equal to the greater of $0.02 or the average closing price of the Company’s common stock on the OTCBB for the prior 60 trading days. To date, the Company has received an aggregate of $1,388,040 from this agreement.

~~During mid to late 2017,~~This aggregate funding received from Xantis Aion Securitisation Fund, $1,388,040, represents 68.39% of the Company’s current liabilities and it is important to note that this debt will be converted to shares of the Company’s common stock in June and October of 2019 as per the contractual agreements at a minimum of $0.02 per share.

The accounts payable and accrued liabilities due to related parties currently amount to $202,443. This particular debt represents a further 9.97% of the Company’s current liabilities and is primarily due to management. It is important to note that this related party debt can or may be condoned by management at any time, if required.

These obligatory conversions of debt into equity and the possibility of condoning the related party debt are both factors that will help towards mitigating the risks of not being able to continue operating as a Going Concern.

During 2018, the Company´s management decided to implement its inorganic growth plan hence ~~targeted~~commenced to target the acquisition of various licensed financial advisory firms with millions of Dollars funds under ~~management, in particular, two in the United Kingdom and two in Malaysia.~~

On February 20, 2018, the United Kingdom Financial Conduct Authority (FCA) approved the eventual change of control of one of the financial advisory firm called Cheshire Trafford U.K. Limited. On May 30, 2018, Isle of Man Financial Services Authority (FSA) approved the eventual change of control of a financial advisory firm that will be acquired by the Company in Isle of Man. These Notices of Change of Control have allowed the Company’s UK subsidiary, Argentum 47 Financial Management Limited, and its directors to incur in such UK acquisitions; hence, to legally control and manage the businesses once acquired.administration.

On August 1, 2018, the Company ~~entered into a Share Purchase Agreement with a third party, pursuant to which the Company~~ acquired 100% of the ordinary shares of Cheshire Trafford (U.K.) Limited of Hull, United Kingdom (“Cheshire Trafford”). Cheshire Trafford was incorporated under the laws of the United Kingdom on January 26, 1976, as a limited liability company. As of May 31, 2018, thisits first financial advisory firm ~~manages approximately US$38.75 million of funds.~~

Management further plans to acquire the Isle of Man based advisory firm as soon as the financial statement audits are finalized. This advisory firm managed approximately US$52.59 million of funds. While waiting for the financial statement audits to come to a conclusion, Management (in an effort to gain time) is working with its UK legal counsel on the legal documents required for this acquisition.

~~Due to various delays beyond management´s control, the Company is~~that currently considering the value in acquiring the Malaysia advisory firms. Management believes that it is possible that there are other firms in the market potentially offering a better value proposition; hence, Management, out of prudence, is currently exploring those options in order to arrive at a defined decision before the end of this year.

~~The Company’s growth plan by way of acquisition of various advisory firms with funds under management is, in essence, the acquisition of stable~~administrates circa U.S. $39,000,000 and ~~long-term recurring and non-recurring revenue coupled with a strong client base and a distribution force.~~

~~Once the Company acquires all of these initial targeted financial advisory firms,~~ it intends to continue growing ~~2019~~ by way of acquiring more financial advisory ~~firms.~~firms when the correct opportunities arise.

~~Any~~During the latter part of 2018 and early 2019, the Company´s IFA business, Cheshire Trafford (UK) Limited, commenced leveraging its licenses in order to put in motion an aggressive marketing strategy with a view to significantly increase the business (funds under administration) and, by defect, the revenues. This was implemented at very little extra cost and will improve, over time, our current recurring and non-recurring revenues. The Company also started to market its IFA business as a United Kingdom fully licensed entity for various Appointed Representatives (“AR”) and also Introducer Appointed Representatives (“IAR”); hence, in late 2018, Aurum Wealth Management Limited was approved by the UK Financial Authority (“FCA”) as an AR of Cheshire Trafford and in early 2019, Global Alternative Administration (The Pension Admin Team) was appointed as an IAR to Cheshire Trafford. The Company has also completely revamped the website of our IFA business (www.ctifa.com) and started a UK radio campaign as part of the IFA Business´ marketing strategy.

Finally, any short fall in our projected operating revenues will be covered by:

	●	The cash ~~retainer~~ fees and ~~cash success fees that we expect to receive during the next 12 months from the clients we currently have under contract.~~commissions received by our subsidiary Cheshire Trafford UK Limited.
	●
	●	Receiving short term loans from one or more of our directors even though at the present time, we do not have verbal or written commitments from any of our directors to lend us money.
	●
	●	Continuing to receive capital funding from ~~Xantis and William Marshal.~~
		any of the lenders that have a contractual agreement in place with the Company.
	●	Liquidating (selling), when necessary, part or all of our investments and/or Marketable Securities.

G.F.

Business ~~development:~~Development:

~~FUTURE PLANS~~

~~MILESTONES FOR 2018-2019:~~

Our specific plan of operations and milestones from May 2019 through ~~September of 2019~~April 2020 are as follows:

~~CAPITAL MARKETS~~

CAPITAL MARKETS

The Company intends to continue its mandate to assist its client, Creditum Limited, with the listing of the company´s shares on a recognized European Stock Exchange.

~~ACQUIRE CERTAIN FINANCIAL ADVISORY FIRMS WITH MONEY UNDER MANAGEMENT:~~

ACQUIRE CERTAIN INDEPENDENT FINANCIAL ADVISORY FIRMS WITH MONEY UNDER ADMINISTRATION:

The Company intends to acquire ~~various~~more advisory firms with funds under ~~management~~administration during the next 12 months. Management has already targeted several of these firms for acquisition in the UKUnited Kingdom and also in South East Asia and is currently analyzing the firms on an individual basis to identify the best possible value proposition for the ~~company.~~Company. Twelve individual companies are being thoroughly examined as of ~~November 2018.~~May 2019.

~~Once~~As the ~~intended initial group of companies are acquired, in particular the UK advisory~~Company acquires more Financial Advisory firms, each book of business will be analyzed to achieve the maximum return and revenue from the client bank without affecting the client offering. In addition, certain cost savings will be managed into the budgets by using technology for the administration, looking for duplication of services and by managing the client and the funds under ~~management~~administration in a ~~better~~ more efficient way.

The acquisition of these entities will open up a new ~~controlled~~ network for the services of:

	○	New capital markets clients.
	○	Distribution of new funds / products.
	○	Maximizing the current books of business being bought.
	○	Expand and thus increase business via more financial advisors.
	○	Seek products that offer both a minimum of 1% trail (recurring) income and a secure risk averse home for clients’ funds.
	○	Seek cost savings, where possible, due to ~~duplication~~elimination of duplicate services.
	○	Implement ~~State of the Art “Back Office”~~rapid and efficient systems in order to allow information to flow to the ~~client~~clients and to management ~~much~~ more effectively.
	○	~~Vending in~~Acquiring smaller, active client banks into our licenses and procedures for cost effective growth.

~~SEEK FURTHER FUNDING FOR FURTHER INORGANIC GROWTH VIA ACQUISITION~~

SEEK FURTHER FUNDING FOR FURTHER INORGANIC GROWTH VIA ACQUISITION

We intend to continue to seek further funding under similar or better terms than the funding that we ~~have already~~ secured ~~this year.~~during 2018. We are currently negotiating terms with a new European based Regulated Fund for long term funding in excess of ~~US$10~~U.S. $10 million to accelerate ~~the~~our inorganic growth and acquisition plan ~~and~~with a view to consolidate our Company in the market place. However, we do not currently have a written agreement for this additional funding, but we do expect to finalize terms ~~before~~in the ~~end of 2018.~~near future.

~~DEVELOP THE ALREADY ACQUIRED BUSINESSES~~

CONTINUE TO DEVELOP AND GROW ALREADY ACQUIRED IFA BUSINESSES

By leveraging the ~~license/s~~licenses that we now own, we can significantly increase ~~the~~our business and ~~turnover of the company without incurring the costs base~~revenues at very little extra cost and improve profitability. We intend to market the ~~company~~Company as a UKUnited Kingdom licensed entity for various Appointed Representatives ~~(AR) with the first AR (Aurum~~(“AR”) and also Introducer Appointed Representatives (“IAR”). In 2018, Aurum Wealth Management ~~Limited) already~~Limited was approved by the UK Financial Authority ~~(FCA)~~(“FCA”) as an AR of Cheshire Trafford (UK) Limited and ~~ready~~in early 2019, Global Alternative Administration (The Pension Admin Team) was appointed as an IAR to ~~start to produce new business.~~Cheshire Trafford (UK) Limited.

~~EXPLORE A FULLY COMPLIANT EUROPEAN UNION (EU) MIFID II LICENCE~~

EXPLORE A FULLY COMPLIANT EUROPEAN UNION (EU) MIFID II LICENSE

Having ~~an EU~~a European Union (EU) license will allow the Company to act in a role similar to an ARAppointed Representative (AR) for EUEuropean Union wide brokerages. On October 1, 2018, the rules regarding financial services changed in Europe. There are over 10,000 entities and also individuals offering advice in Europe who now require a new license and we, through our subsidiary, Cheshire Trafford (UK) Limited, intend to thoroughly explore these new business opportunities.

~~COMMENCE A TARGETED MARKETING PLAN~~

COMMENCE A TARGETED MARKETING PLAN

In Q1the second quarter of our 2019 fiscal year, our UKUnited Kingdom regulated business, Cheshire Trafford (UK) Limited, will commence a direct marketing campaign within the region using traditional print media, radio advertising, social media and editorial pieces. In conjunction with this campaign, the website and marketing of the Company will be refocused with a complete new image based around ~~“50~~“Over 40 years of serving the community”. Two days per month in our office in the ~~UK,~~United Kingdom, we ~~are offering a financial surgery giving a “free consultation” for~~will offer free consultation to prospective clients tothat come and visit us, ~~to receive free advice~~ thus enabling us to potentially ~~make~~recruit them ~~clients by way of them acting on the advice given.~~as new clients.

FURTHER EXPAND OUR RANGE OF SERVICES TO OUR FINANCIAL SERVICES CLIENTS

~~FURTHER EXPAND OUR RANGE OF SERVICES TO OUR FINANCIAL SERVICES CLIENTS~~

We will bring additional products to the client bank in order to maximize the potential returns per client with complementary products such as ~~Mortgages,~~mortgages, trusts and ~~additional~~ more attractive funds.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not applicable.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934) were effective.

Changes in internal control over financial reporting

There were no changes in our internal control over financial reporting during our last fiscal quarter that materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We are not subject to any other pending or threatened litigation.

Item 1A. Risk Factors

Not applicable.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

~~We have not issued any shares of common stock so far during 2018.~~SECURITIES ISSUED IN 2019

~~However, effective June 5, 2018,~~On January 14, 2019, the Company issued ~~400,000~~21,200,000 common shares valued at a contractually agreed value of ~~Series “C” Preferred Stock~~$0.02 per share or $424,000 to ~~Peter J. Smith, our Chief Executive Officer, in lieu~~Xantis Aion Securisation Fund (as formally requested by Xantis Private Equity Fund the Holder of ~~$80,000~~the Note) upon conversion of a convertible promissory note and related accrued ~~but unpaid salary.~~interest.

~~In addition, effective June 5, 2018,~~On January 24, 2019, the Company issued ~~400,000~~5,300,000 common shares valued at a contractually agreed value of ~~Series “C” Preferred Stock~~$0.02 per share or $106,000 to ~~Enzo Taddei, our Chief Financial Officer, in lieu~~William Marshal Plc. upon conversion of ~~$80,000 of~~a convertible promissory note and related accrued ~~but unpaid salary.~~

Each share of Series “C” Preferred Stock is convertible into 100 shares of the Company’s common stock no earlier than September 27, 2020. In addition, each share of Series “C” Preferred Stock has 100 votes on all matters brought before a meeting of shareholders and vote along with the common stock and not as a separate class.interest.

The above securities were issued by the Company in reliance on the exemption from registration provided by Section 4.(a)(2) of the Securities Act of 1933, as amended and/or the exclusion from the registration requirements of the Securities Act of 1933, as amended, pursuant to Regulation S promulgated thereunder.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

See Exhibit Index below for exhibits required by Item 601 of regulation S-K.

EXHIBIT INDEX

~~Exhibit No.~~

~~Description~~

List of Exhibits attached or incorporated by reference pursuant to Item 601 of Regulation S-K:

Exhibit		Description
31.1 *		Certification under Section 302 of Sarbanes-Oxley Act of 2002
31.2 *		Certification under Section 302 of Sarbanes-Oxley Act of 2002
32.1 * 32.2 *		Certification under Section 906 of Sarbanes-Oxley Act of 2002
32.2 *		Certification under Section 906 of Sarbanes-Oxley Act of 2002

* Filed herewith.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	ARGENTUM 47, INC.

Date: ~~November 13, 2018~~May 10, 2019	/s/ Peter J. Smith
	Peter J. Smith
	President and Chief Executive Officer
	(Principal Executive Officer)


Date: ~~November 13, 2018~~May 10, 2019	/s/ Enzo Taddei
	Enzo Taddei
	Chief Financial Officer
	(Principal Accounting and Financial Officer)

Large accelerated filer[ ]	Accelerated filer[ ]
Non-accelerated filer[ ]	Smaller reporting company[X]

	Page(s)

Consolidated Balance Sheets – ~~September 30, 2018~~March 31, 2019 (unaudited) and December 31, ~~2017~~2018	F-2

Consolidated Statements of Operations and Comprehensive Income (Loss) for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2019 and March 31, 2018 ~~and September 30, 2017~~ (unaudited)	F-3
Consolidated Statements of Changes in Equity / (Deficit) for the three months ended March 31, 2019 and March 31, 2018 (unaudited)	F-4
Consolidated Statements of Cash Flows for the ~~nine~~three months ended ~~September 30,~~March 31, 2019 and March 31, 2018 ~~and September 30, 2017~~ (unaudited)	~~F-4~~
	F-5
Notes to the Consolidated Financial Statements (unaudited)	~~F-5~~F-6 – F-30

	September 30, 2018			December 31, 2017			March 31, 2019			December 31, 2018
	(Unaudited)						(Unaudited)
Assets

Current Assets
Cash & cash equivalents	$	6,210		$	5,084		$	12,272		$	183,588
Accounts receivable		17,771			30,888			7,330			13,679
Marketable securities at fair value		4,376,544			2,029,340			787,778			1,458,848
Prepaids		5,073			5,256			2,081			2,221
Other current assets		6,324			7,373
								809,461			1,658,336
Assets of discontinued operations								5,282			16,925
Total current assets		4,411,922			2,077,941			814,743			1,675,261

Non-Current Assets
Investments at cost		-			136
Intangibles, net		479,728			-			326,986			332,689
Goodwill								142,924			142,924
Fixed assets, net		5,882			2,067			5,044			5,180
Total non-current assets		485,610			2,203			474,954			480,793

Total assets	$	4,897,532		$	2,080,144		$	1,289,697		$	2,156,054

Liabilities and Stockholders’ Equity
Liabilities and Stockholders’ Deficit

Current Liabilities
Accounts payable and accrued liabilities	$	231,225		$	177,802		$	147,241		$	69,735
Accrued contingencies and penalties		-			5,000
Accounts payable and accrued liabilities - related parties		213,221			238,965			202,443			164,568
Income tax payable		2,832			2,832
Loans payable - related parties								10,000			-
Accrued interest		99,458			204,461			97,903			112,463
Notes payable		260,584			340,673			260,584			260,584
Fixed price convertible notes payable - net of discount of $89,045 and $5,389, respectively		1,145,955			401,211
Fixed price convertible notes payable - net of discount of $76,538 and $130,423, respectively								1,311,502			1,757,617
								2,029,673			2,364,967
Liabilities relating to discontinued operations								-			85,182
Total current liabilities		1,953,275			1,370,944			2,029,673			2,450,149

Non-Current Liabilities
Payable for acquisition		282,336			-			294,439			283,732
Total non-current liabilities		282,336			-			294,439			283,732

Total liabilities	$	2,235,611		$	1,370,944		$	2,324,112		$	2,733,881

Commitments and contingencies (Note 12)
Commitments and contingencies (Note 14)

Stockholders’ Equity
Stockholders’ Deficit

Preferred stock, 50,000,000 shares authorized, $.001 par value Preferred stock series “B” convertible, 45,000,000 designated, 45,000,000 and 45,000,000 shares issued and outstanding, respectively.	$	45,000		$	45,000		$	45,000		$	45,000
Preferred stock series “C” convertible, 5,000,000 designated, 3,200,000 and 2,400,000 shares issued and outstanding, respectively.		3,200			2,400
Common stock: 950,000,000 shares authorized; $0.001 par value: 525,534,409 and 525,534,409 shares issued and outstanding, respectively.		525,534			525,534
Preferred stock series “C” convertible, 5,000,000 designated, 3,200,000 and 3,200,000 shares issued and outstanding, respectively.								3,200			3,200
Common stock: 950,000,000 shares authorized; $0.001 par value: 552,034,409 and 525,534,409 shares issued and outstanding, respectively.								552,034			525,534
Additional paid in capital		10,188,062			9,868,862			10,691,562			10,188,062
Accumulated deficit		(8,102,882	)		(10,914,391	)		(12,328,702	)		(11,353,215	)
Accumulated other comprehensive income		3,007			1,181,795			2,491			13,592
Total stockholders’ equity		2,661,921			709,200
Total stockholders’ deficit								(1,034,415	)		(577,827	)

Total liabilities and stockholders’ equity	$	4,897,532		$	2,080,144
Total liabilities and stockholders’ deficit							$	1,289,697		$	2,156,054

	September 30, 2018			September 30, 2017			March 31, 2019			March 31, 2018

Cash flows from operating activities
Net income / (loss)	$	1,629,834		$	(2,291,081	)
Net (loss) / income							$	(975,487	)	$	121,949

Adjustments to reconcile net loss to net cash used in operating activities:
Adjustments to reconcile net (loss) / income from operations to net cash used inoperating activities:
Depreciation		1,593			8,762			704			320
Amortization of intangible asset		5,390			-
Amortization of intangibles								5,703			-
Amortization of debt discount		63,231			117,683			53,885			12,889
(Gain) / loss on extinguishment of debt and other liabilities		(241,713	)		28,886
Gain on available for sale marketable securities, net		(2,416,362	)		(18,851	)
Loss on conversion of notes into common stock		-			391,285
Gain on sale of subsidiary		-			(23,052	)
Impairment loss on investments at cost		-			1,181,971
Bad debt expense		30,000			65,386
Loss / (gain) on available for sale marketable securities, net								671,070			(392,123	)
Gain on extinguishment of debt and other liabilities								-			(33,823	)
Loss due to fixed assets write off								164			-

Changes in operating assets and liabilities:
Accounts receivable		(10,328	)		(44,386	)		6,349			(9,340	)
Marketable securities at fair value		-			52,035
Prepaids		183			30,821			2,114			(18,436	)
Other current assets		1,049			1,628			4,732			2,252
Assets of discontinued operations								(5,282	)		-
Accounts payable and accrued liabilities		36,396			101,558			(2,028	)		24,019
Accrued contingencies and penalties		(5,000	)		(1,361	)		-			(5,000	)
Accounts payable and accrued liabilities - related parties		294,255			330,862			32,227			19,371
Deferred revenue		-			(100,000	)
Accrued interest		29,341			4,000			25,863			405

Net cash used in operating activities:	$	(582,131	)	$	(163,854	)	$	(179,986	)	$	(277,517	)

Cash Flows used in investing activities:
Purchase of office furniture and equipment		(4,798	)		(1,201	)	$	(719	)	$	(3,949	)
Payment for business acquisition		(175,710	)		-
Cash acquired in acquisition		4,743			-
Proceeds from sale of marketable securities		69,294			-

Net cash used in investing activities	$	(106,471	)	$	(1,201	)
Net cash (used in) / provided by investing activities							$	(719	)	$	(3,949	)

Cash flows from financing activities:
Proceeds from loans - related parties		12,663			17,707		$	40,000		$	1,000
Repayment of loans - related parties		(12,663	)		(17,707	)		(30,000	)		-
Proceeds from notes payable, net of debt issue cost		1,088,112			110,000			-			464,000
Repayment of notes payable		(399,087	)		-			-			(182,411	)

Net cash provided by financing activities	$	689,025		$	110,000		$	10,000		$	282,589

Net decrease in cash	$	423		$	(55,055	)
Net increase / (decrease) in cash							$	(170,705	)	$	1,123

Effect of Exchange Rates on Cash		703			-			(10,830	)		527

Cash at Beginning of Period	$	5,084		$	66,523		$	193,807		$	5,084

Cash at End of Period	$	6,210		$	11,468		$	12,272		$	6,734

Supplemental disclosure of cash flow information:
Cash paid for interest	$	17,191		$	-		$	6,000		$	17,191

Cash paid for income taxes	$	-		$	-		$	-		$	-

Supplemental disclosure of non-cash investing and financing activities:
Supplemental disclosure of non-cash investing and financing activities:

Notes payable and interest converted into common stock	$	-		$	311,850
Notes payable and accrued interest converted into common stock							$	530,000		$	-
Debt discount and issuance costs recorded on notes payable	$	146,888		$	55,254		$	-		$	36,000
Accounts payable and accrued salaries settled in series “C” preferred stock	$	160,000		$	240,000
Liabilities assumed in acquisition	$	37,022		$	-
Less assets acquired in acquisition		11,912			-
Net liabilities assumed		25,110			-
Fair value of purchase price		460,008			-
Increase in intangible	$	485,118		$	-

Customer	March 31, 2019			December 31, 2018
OMI IRE		0	%		30.94	%
CLI		31.79	%		16.62	%
OMW		11.95	%		16.55	%
Others having a concentration of less than 10%		56.26	%		35.89	%
		100.00	%		100.00	%

	Page

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.	F-1

Notes to Financial Statements (Unaudited)	F-6 – F-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	3

Item 3. Quantitative and Qualitative Disclosures about Market Risk	13

Item 4. Controls and Procedures	13

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.	14

Item 1A. Risk Factors	14

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	14

Item 3. Defaults Upon Senior Securities	14

Item 4. Mine Safety Disclosure	14

Item 5. Other Information.	14

Item 6. Exhibits	14

SIGNATURES	1615

	For the three months ended,							For the nine months ended,
	September 30, 2018			September 30, 2017				September 30, 2018			September 30, 2017

Revenue	$	36,598		$	9,750			$	106,865		$	226,389

General and administrative expenses		48,979			25,781				133,096			123,621
Compensation		149,786			162,386				599,177			535,752
Professional services		94,833			19,923				254,458			101,285
Depreciation		675			3,187				1,593			8,762
Amortization of intangible asset		5,390			-				5,390			-
Bad debt expense		30,000			45,386				30,000			65,386
Total operating expenses		329,663			256,663				1,023,714			834,806

Loss from operations	$	(293,065	)	$	(246,913	)		$	(916,849	)	$	(608,417	)

Other income (expenses):
Interest expense	$	(18,677	)	$	(1,500	)		$	(46,532	)	$	(4,000	)
Amortization of debt discount		(36,722	)		(14,635	)			(63,231	)		(117,683	)
Gain on sale of subsidiary		-			-				-			23,052
Gain on available for sale marketable securities, net		884,663			15,811				2,416,362			18,851
Impairment loss on investments at cost		-			(1,181,971	)			-			(1,181,971	)
Loss on conversion of notes into common stock		-			(131,578	)			-			(391,285	)
Gain / (loss) on extinguishment of debt and other liabilities		207,890			22,375				241,713			(28,886	)
Exchange rate gain / (loss)		(1,388	)		(359	)			(1,629	)		(742	)
Total other income (expenses)		1,035,766			(1,291,857	)	��		2,546,683			(1,682,664	)

Net income / (loss)	$	742,701		$	(1,538,770	)		$	1,629,834		$	(2,291,081	)

Net income / (loss) per common share - basic	$	0.00		$	(0.00	)		$	0.00		$	(0.01	)
Net income / (loss) per common share - diluted		0.00			(0.00	)			0.00			(0.01	)

Weighted average number of common shares outstanding - basic		525,534,409			432,760,903				525,534,409			419,266,295
Weighted average number of common shares outstanding - diluted		1,357,284,409			432,760,903				1,357,284,409			419,266,295

Comprehensive income / (loss):
Net income / (loss)	$	742,701		$	(1,538,770	)		$	1,629,834		$	(2,291,081	)
Unrealized fair value gain on available for sale marketable securities		-			1,183,782				-			1,689,010
Gain on foreign currency translation		3,189			-				2,887			-
Comprehensive income / (loss)	$	745,890		$	(354,988	)		$	1,632,721		$	(602,071	)

																		Accumulated
	Series “B” Preferred Stock				Series “C” Preferred Stock				Common Stock				Additional Paid-in		Accumulated			Other Comprehensive			Total Stockholders’
	Shares		Amount		Shares		Amount		Shares		Amount		Capital		Deficit			Income			Equity
Balance - December 31, 2017		45,000,000	$	45,000		2,400,000	$	2,400		525,534,409	$	525,534	$	9,868,862	$	(10,914,391	)	$	1,181,795		$	709,200

Net income		-		-		-		-		-		-		-		121,949			-			121,949

Cumulative effect adjustment		-		-		-		-		-		-		-		1,181,675			(1,181,675	)		-

Gain on foreign currency translation		-		-		-		-		-		-		-		-			527			527

Balance - March 31, 2018		45,000,000	$	45,000		2,400,000	$	2,400		525,534,409	$	525,534	$	9,868,862	$	(9,610,767	)	$	647		$	831,676

																		Accumulated			Total
	Series “B” Preferred Stock				Series “C” Preferred Stock				Common Stock				Additional Paid-in		Accumulated			Other Comprehensive			Stockholders’ Equity /
	Shares		Amount		Shares		Amount		Shares		Amount		Capital		Deficit			Income			(Deficit)
Balance - December 31, 2018		45,000,000	$	45,000		3,200,000	$	3,200		525,534,409	$	525,534	$	10,188,062	$	(11,353,215	)	$	13,592		$	(577,827	)

Common stock issued as conversion of loan notes and accrued interest		-		-		-		-		26,500,000		26,500		503,500		-			-			530,000

Net loss		-		-		-		-		-		-		-		(975,487	)		-			(975,487	)

Loss on foreign currency translation		-		-		-		-		-		-		-		-			(11,101	)		(11,101	)

Balance - March 31, 2019		45,000,000	$	45,000		3,200,000	$	3,200		552,034,409	$	552,034	$	10,691,562	$	(12,328,702	)	$	2,491		$	(1,034,415	)

	a)	Consummating and executing all current engagements related to the business consulting division.
	b)	Continually engaging with new ~~clients.~~clients via our business consulting division.

	b)	~~Consummating and executing current engagements.~~

	c)	Maximizing the already acquired ~~financial advisory revenues.~~Independent Financial Advisory firm´s revenues by way of servicing the current client base in the most professional manner possible.
	d)	Organically growing the amount of funds under administration of the already acquired Independent Financial Advisory firm to new and higher levels.
	d)e)	Continuing to receive fixed funding, via equity or debt, for acquisition, growth and ~~growth.~~working capital from parties that have already executed funding agreement with the Company.
	f)	Continuing to negotiate new fixed funding via equity or debt, for further acquisitions, growth and working capital.
	e)g)	Acquiring and managing ~~various financial advisory~~more Independent Financial Advisory firms with funds under administration located around the globe.

	Foreign Currency Translation Adjustment		Unrealized gain on available for sale marketable securities			Total
Balance, December 31, 2017	$	120	$	1,181,675		$	1,181,795
Other comprehensive loss before reclassification		2,887		-			2,887
Amounts reclassified from accumulated other comprehensive income as a cumulative effect adjustment		-		(1,181,675	)		(1,181,675	)
Net current-period other comprehensive income		2,887		(1,181,675	)		(1,178,788	)
Balance, September 30, 2018	$	3,007	$	-		$	3,007

	4.	Allocate the transaction price to separate performance obligations; and

	a)	Business consulting services including advisory services to various clients.

	b)	~~Employment placement services.~~

	c)	Earning commissions from insurance companies on insurance policy sales and renewals, which are based on a percentage of the insurance products sold.

	~~Two months ended~~ ~~September 30, 2018~~March 31, 2019

Initial advisory fees		~~8.03~~11.36	%
Ongoing advisory fees		~~29.73~~30.78	%
Initial commissions		49.77	%
Renewal commissions		~~25.24~~0.58	%
Trail or recurring commissions		~~15.37~~6.58	%
Other revenue		~~21.63~~0.93	%
		~~100~~100.00	%

	●	The risk-free interest rate assumption is based on the U.S. Treasury yield for a period consistent with the expected term of the share based payment in effect at the time of the grant.

	●	The Company has not paid any dividends on common stock since inception and does not anticipate paying dividends on its common stock in the near future.

	●	The expected volatility is based on management estimates which are based upon our historical volatility.

	Number of Common Shares				Number of Common Shares
	September 30, 2018		September 30, 2017		March 31, 2019		December 31, 2018
Potential dilutive common stock
Convertible notes		61,750,000		32,095,853		69,401,975		94,401,975
Series “B” preferred stock		450,000,000		450,000,000		450,000,000		450,000,000
Series “C” preferred stock		320,000,000		240,000,000		320,000,000		320,000,000
Total potential dilutive common stock		831,750,000		722,095,853		839,401,975		864,401,475

Weighted average number of common shares – Basic		525,534,409				547,323,298		525,534,409
Weighted average number of common shares – Dilutive		1,357,284,409				1,386,725,273		1,389,936,384

	Foreign Currency Translation Adjustment		Unrealized gain on available for sale marketable securities			Total
Balance, December 31, 2017	$	120	$	1,181,675		$	1,181,795
Other comprehensive income before reclassification		527		-			527
Amounts reclassified from accumulated other comprehensive income as a cumulative effect adjustment		-		(1,181,675	)		(1,181,675	)
Net current-period other comprehensive income		527		(1,181,675	)		(1,181,148	)
Balance, March 31, 2018	$	647	$	-		$	647

Balance, December 31, 2018	$	13,592
Foreign currency translation adjustment for the period		(11,101	)
Balance, March 31, 2019	$	2,491

	●	Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

	●	Level 2: Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

	●	Level 3: Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

Balance, December 31, 2017	$	2,029,340
Securities transferred from long term investments valued at cost		136
Sales and settlements during the period		(69,294	)
Gain on available for sale marketable securities, net		2,416,362
Balance, September 30, 2018	$	4,376,544

	●	the length of time and extent to which market value has been less than cost;

	●	the financial condition and near-term prospects of the issuer; and

	●	the intent and ability of the holder to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value.

Balance, December 31, 2017	$	136
Securities received for services during the period		-
Securities transferred to marketable securities		(136	)
Impairment loss		-
Balance, September 30, 2018	$	-

	●	The first installment of $175,710 has been paid upon closing of the transaction.

	●	The second installment of $170,542 is due 18 months after the acquisition date.

	●	The third installment of $170,542 is due 36 months after the acquisition date.

	Fair Value
Cash payment	$	175,710
Fair value of contingent consideration		284,298
Total Fair Value of Purchase Consideration	$	460,008

	Fair Value			Fair Value
Assets acquired
Cash	$	4,743		$	4,743
Accounts receivable – net		6,555			6,555
Intangibles		485,118
Intangibles – customer list					342,194
Goodwill					142,924
Property and equipment, net		614			614
		530,040			497,030
Liabilities assumed
Accounts payable and accrued liabilities		4,012			4,012
Due to director of Cheshire Trafford		33,010			33,010
		(37,022	)		(37,022	)
Purchase consideration allocated	$	460,008		$	460,008

Estimated life of intangibles	15 years

Fair value at date of acquisition		485,118
Amortization charge for 2 months ended September 30, 2018		5,390
Net Book Value at September 30, 2018	$	479,728

Estimated life of intangibles	15 years

Fair value of customer list intangible asset at date of acquisition	$	485,118
Fair value adjustment at December 31, 2018		(142,924	)
Adjusted fair value of customer list intangible asset at December 31, 2018	$	342,194
Amortization charge for 5 months ended December 31, 2018		(9,505	)
Net Book Value at December 31, 2018	$	332,689
Amortization charge for the period		(5,703	)
Net Book Value at March 31, 2019		326,986

	Nine Months Ended September 30, 2018		Twelve Months Ended December 31, 2017
Net revenues	$	203,071	$	418,057
Net income / (loss)	$	1,617,090	$	(3,741,573	)
Net income / (loss) per share	$	0.00	$	(0.01	)

	September 30, 2018				December 31, 2017
Company	No. of Shares		Book value		No. of Shares		Book value
Duo World Inc. (DUUO)		5,835,392	$	4,376,544		3,382,233	$	2,029,340
		5,835,392	$	4,376,544		3,382,233	$	2,029,340

	September 30, 2018			December 31, 2017			Useful Life
Furniture and Equipment	$	44,814		$	40,016		3 to 5 years
Accumulated depreciation		(39,513	)		(37,949	)
Net book value of CT fixed assets (see below)		581			-		3 to 10 years
Net fixed assets	$	5,882		$	2,067

	Furniture and fixtures			Computer equipment			Total
Cost
Balance as at August 1, 2018	$	22,137		$	16,107		$	38,244
Translation rate differences		(153	)		(111	)		(264	)
Balance as at September 30, 2018	$	21,984		$	15,996		$	37,980

Accumulated depreciation
Balance as at August 1, 2018	$	21,522		$	16,107		$	37,629
Depreciation charge for the period		29			-			29
Translation rate differences		(148	)		(111	)		(259	)
Balance as at September 30, 2018		21,403			15,996			37,399
Net book value as at September 30, 2018	$	581		$	-			581

	Furniture and Equipment
Useful Life	3 to 10 years
Cost
Balance as at December 31, 2018	$	82,010
Addition during the period		719
Cost write off – discontinued operations		(38,348	)
Translation rate differences		824
Balance as at March 31, 2019	$	45,205

Accumulated depreciation
Balance as at December 31, 2018	$	76,830
Depreciation expense for the period – continuing operations		627
Depreciation expense for the period - discontinued operations		77
Accumulated depreciation write off – discontinued operations		(38,185	)
Translation rate differences		812
Balance as at March 31, 2019	$	40,161
Net book value as at March 31, 2019	$	5,044
Net book value as at December 31, 2018	$	5,180