EXHIBIT 99.1
UMEWORLD LIMITED
INTERIM CONSOLIDATED BALANCE SHEETS
AS AT MARCH 31, 2017 AND SEPTEMBER 30, 2016
(Unaudited)
(All amounts in US Dollars)
|
| March 31, |
|
| September 30, |
| ||
|
| 2017 |
|
| 2016 |
| ||
| (Unaudited) |
|
| (Audited) |
| |||
CURRENT ASSETS |
|
|
|
|
|
| ||
Cash and Cash Equivalents |
| $ | 22,349 |
|
| $ | 46,301 |
|
Accounts Receivable |
|
| 341 |
|
|
| 265 |
|
Deposit |
|
| 8,474 |
|
|
| 8,749 |
|
Prepayment |
|
| 63,147 |
|
|
| 27,472 |
|
TOTAL CURRENT ASSETS |
|
| 94,311 |
|
|
| 82,787 |
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
| 3,521 |
|
|
| 5,879 |
|
Loan Receivables |
|
| 0 |
|
|
| 0 |
|
Deferred Charges |
|
| 311,374 |
|
|
| 348,913 |
|
TOTAL NON-CURRENT ASSETS |
|
| 314,895 |
|
|
| 354,792 |
|
TOTAL ASSETS |
|
| 409,206 |
|
|
| 437,579 |
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts Payable and Accrued Liabilities |
|
| 989,268 |
|
|
| 769,405 |
|
Unearned Revenue |
|
| 363,979 |
|
|
| 376,046 |
|
TOTAL CURRENT LIABILITIES |
|
| 1,353,247 |
|
|
| 1,145,451 |
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Notes Payable |
|
| 2,411,931 |
|
|
| 2,112,101 |
|
TOTAL LIABILITIES |
|
| 3,765,178 |
|
|
| 3,257,552 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ DEFICIENCY |
|
|
|
|
|
|
|
|
Common Stock: $ 0.0001 par value, |
|
|
|
|
|
|
|
|
Authorized: 250,000,000 shares; Issued and outstanding |
|
|
|
|
|
|
|
|
September 30, 2016; March 31, 2017 - 89,336,000 |
|
| 8,934 |
|
|
| 8,934 |
|
Additional paid-in capital |
|
| 26,099,768 |
|
|
| 25,870,095 |
|
Deficit |
|
| (29,686,637 | ) |
|
| (28,916,005 | ) |
Accumulated Other Comprehensive Loss |
|
| (4,166 | ) |
|
| (1,888 | ) |
Non-controlling Interest |
|
| 226,129 |
|
|
| 218,891 |
|
TOTAL STOCKHOLDERS’ EQUITY/ (DEFICIENCY) |
|
| (3,355,972 | ) |
|
| (2,819,973 | ) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY/DEFICIENCY |
| $ | 409,206 |
|
| $ | 437,579 |
|
1 |
UMEWORLD LIMITED
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THE THREE MONTHS ENDED AND SIX MONTHS ENDED MARCH 31, 2017 AND 2016
(UNAUDITED)
(All amounts in US Dollars)
|
| 3 months ended March 31, 2017 |
|
| 3 months ended March 31, 2016 |
|
| 6 months ended March 31, 2017 |
|
| 6 months ended March 31, 2016 |
| ||||
|
| (Unaudited) |
|
| (Unaudited) |
|
| (Unaudited) |
|
| (Unaudited) |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
| $ | 952 |
|
| $ | 0 |
|
| $ | 952 |
|
| $ | 0 |
|
Total Net Sales |
| $ | 952 |
|
| $ | 0 |
|
| $ | 952 |
|
| $ | 0 |
|
General and Administrative Expenses |
|
| 243,281 |
|
|
| 288,999 |
|
|
| 434,652 |
|
|
| 489,677 |
|
Depreciation |
|
| 1,085 |
|
|
| 1,143 |
|
|
| 2,179 |
|
|
| 2,313 |
|
Stock-based compensation |
|
| 112,119 |
|
|
| 69,052 |
|
|
| 229,673 |
|
|
| 74,882 |
|
Gain/(Loss) from Operations |
|
| (355,533 | ) |
|
| (359,194 | ) |
|
| (665,552 | ) |
|
| (566,872 | ) |
OTHER INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
Interest Income, |
|
| 4 |
|
|
| 18 |
|
|
| 22 |
|
|
| 40 |
|
OTHER EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense, net |
|
| (50,800 | ) |
|
| (32,548 | ) |
|
| (97,295 | ) |
|
| (66,151 | ) |
Gain/(Loss) before Income Taxes |
|
| (406,329 | ) |
|
| (391,724 | ) |
|
| (762,825 | ) |
|
| (632,983 | ) |
Income Tax |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Net Gain/(Loss) |
|
| (406,329 | ) |
|
| (391,724 | ) |
|
| (762,825 | ) |
|
| (632,983 | ) |
Net Income/(Loss) attributable to Non-controlling interests |
|
| (3,903 | ) |
|
| (3,896 | ) |
|
| (7,807 | ) |
|
| (7,804 | ) |
Net Gain/(Loss) attributable to UMeWorld Stockholders |
|
| (410,232 | ) |
|
| (395,620 | ) |
|
| (770,632 | ) |
|
| (640,787 | ) |
Comprehensive Loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Gain/(Loss) |
|
| (410,232 | ) |
|
| (395,620 | ) |
|
| (770,632 | ) |
|
| (640,787 | ) |
Translation Adjustment |
|
| (2,889 | ) |
|
| (653 | ) |
|
| (2,847 | ) |
|
| (719 | ) |
Comprehensive Gain/(Loss) |
|
| (413,121 | ) |
|
| (396,273 | ) |
|
| (773,479 | ) |
|
| (614,506 | ) |
Less: Comprehensive Loss Attributable to Non-Controlling Interests |
|
| 577 |
|
|
| 131 |
|
|
| 569 |
|
|
| 144 |
|
Comprehensive Gain/(Loss) Attributable to UMeWorld Stockholders |
|
| (412,544 | ) |
|
| (396,142 | ) |
|
| (772,910 | ) |
|
| (641,362 | ) |
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per Share, basic and diluted |
| $ | (0.0046 | ) |
| $ | (0.0044 | ) |
| $ | (0.0087 | ) |
| $ | (0.0072 | ) |
Weighted Average Number of Common Shares Outstanding |
|
| 89,336,000 |
|
|
| 89,036,000 |
|
|
| 89,336,000 |
|
|
| 89,036,000 |
|
2 |
UMEWORLD LIMITED
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIENCY
AS OF MARCH 31, 2017 AND SEPTEMBER 30, 2016
(UNAUDITED)
(All amounts in US Dollars)
|
| Accumulated |
|
|
|
|
| Total |
|
|
|
|
|
|
| |||||||||||||||||
|
| Common Stock |
|
| Additional |
|
| Other Com- |
|
|
|
|
| UMeWorld |
|
| Non- |
|
|
|
| |||||||||||
|
| Number of |
|
|
|
|
| Paid in |
|
| prehensive |
|
|
|
|
| Stockholders’ |
|
| controlling |
|
| Total Gain/ |
| ||||||||
|
| Shares |
|
| Amount |
|
| Capital |
|
| Loss |
|
| (Deficiency) |
|
| Deficiency |
|
| Interest |
|
| (Deficiency) |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, 2015 (Audited) |
|
| 89,036,000 |
|
| $ | 8,904 |
|
| $ | 25,213,365 |
|
| $ | (1,286 | ) |
| $ | (27,147,910 | ) |
| $ | (1,926,927 | ) |
| $ | 203,429 |
|
| $ | (1,723,498 | ) |
Warrants Issued |
|
|
|
|
|
|
|
|
|
| 566,760 |
|
|
|
|
|
|
|
|
|
|
| 566,760 |
|
|
|
|
|
|
| 566,760 |
|
Stock issued for Services |
|
| 300,000 |
|
|
| 30 |
|
|
| 89,970 |
|
|
|
|
|
|
|
|
|
|
| 90,000 |
|
|
|
|
|
|
| 90,000 |
|
Foreign Currency Translation |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (602 | ) |
|
|
|
|
|
| (602 | ) |
|
| (150 | ) |
|
| (752 | ) |
Non-controlling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 15,612 |
|
|
| 15,612 |
|
Net Gain/(Loss) for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1,768,095 | ) |
|
| (1,768,095 | ) |
|
|
|
|
|
| (1,768,095 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, 2016 (Audited) |
|
| 89,336,000 |
|
| $ | 8,934 |
|
| $ | 25,870,095 |
|
| $ | (1,888 | ) |
| $ | (28,916,005 | ) |
| $ | (3,038,864 | ) |
| $ | 218,891 |
|
| $ | (2,819,973 | ) |
Warrants Issued |
|
|
|
|
|
|
|
|
|
| 229,673 |
|
|
|
|
|
|
|
|
|
|
| 229,673 |
|
|
|
|
|
|
| 229,673 |
|
Foreign Currency Translation |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (2,278 | ) |
|
|
|
|
|
| (2,278 | ) |
|
| (569 | ) |
|
| (2,847 | ) |
Non-controlling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| �� |
|
|
|
|
|
|
|
|
|
| 7,807 |
|
|
| 7,807 |
|
Net Gain/(Loss) for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (770,632 | ) |
|
| (770,632 | ) |
|
|
|
|
|
| (770,632 | ) |
Balance as of March 31, 2017 |
|
| 89,336,000 |
|
| $ | 8,934 |
|
| $ | 26,099,768 |
|
| $ | (4,166 | ) |
| $ | (29,686,637 | ) |
| $ | (3,582,101 | ) |
| $ | 266,129 |
|
| $ | (3,355,972 | ) |
3 |
UMEWORLD LIMITED
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED AND SIX MONTHS ENDED MARCH 31, 2017 AND 2016
(UNAUDITED)
(All amounts in US Dollars)
|
| 3 months ended March 31, 2017 |
|
| 3 months ended March 31, 2016 |
|
| 6 months ended March 31, 2017 |
|
| 6 months ended March 31, 2016 |
| ||||
|
| (Unaudited) |
|
| (Unaudited) |
|
| (Unaudited) |
|
| (Unaudited) |
| ||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Gain/(Loss) |
| $ | (406,329 | ) |
| $ | (391,724 | ) |
| $ | (762,825 | ) |
| $ | (632,983 | ) |
Noncash item: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Controlling Interest |
|
| 3,326 |
|
|
| 3,765 |
|
|
| 7,238 |
|
|
| 7,660 |
|
Adjustments to reconcile net income/(loss) to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 1,085 |
|
|
| 1,143 |
|
|
| 2,179 |
|
|
| 2,313 |
|
Stock based compensation |
|
| 112,119 |
|
|
| 69,052 |
|
|
| 229,673 |
|
|
| 74,882 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease/(Increase) in Prepayment |
|
| (25,586 | ) |
|
| (4,581 | ) |
|
| (35,675 | ) |
|
| 2,316 |
|
Decrease/(Increase) in Deferred |
|
| 10,523 |
|
|
| 11,418 |
|
|
| 37,539 |
|
|
| 34,330 |
|
Decrease/(Increase) in Accounts Receivable |
|
| (96 | ) |
|
| (97 | ) |
|
| (76 | ) |
|
| (95 | ) |
Decrease/(Increase) in Loans Receivable |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
(Decrease)/Increase in Accounts Payable and Accrued Liabilities |
|
| 143,714 |
|
|
| 42,252 |
|
|
| 219,863 |
|
|
| 68,172 |
|
(Decrease)/Increase in Accrued Interest on Notes Payable |
|
| 55,286 |
|
|
| 32,230 |
|
|
| 90,864 |
|
|
| 80,520 |
|
Decrease/(Increase) in Deposit |
|
| (68 | ) |
|
| (58 | ) |
|
| 275 |
|
|
| 132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CASH PROVIDED BY/USED IN OPERATING ACTIVITIES |
|
| (106,026 | ) |
|
| (236,600 | ) |
|
| (210,945 | ) |
|
| (362,753 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Purchase) / Sold of Machinery and Equipment |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
NET CASH PROVIDED BY INVESTING ACTIVITIES |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Paid-In Capital |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
Issuance / (cancellation) of Common Stock |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
Issuance (repayment) of Notes Payable, net |
|
| 111,299 |
|
|
| 43,050 |
|
|
| 208,966 |
|
|
| 46,771 |
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
|
| 111,299 |
|
|
| 43,050 |
|
|
| 208,966 |
|
|
| 46,771 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
| (3,281 | ) |
|
| 60,084 |
|
|
| (21,973 | ) |
|
| 3,598 |
|
NET (DECREASE)/INCREASE IN CASH |
|
| 1,992 |
|
|
| (133,466 | ) |
|
| (23,952 | ) |
|
| (312,384 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH, and cash equivalents, beginning of period |
|
| 20,357 |
|
|
| 172,140 |
|
|
| 46,301 |
|
|
| 351,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH, and cash equivalents, end of period |
| $ | 22,349 |
|
| $ | 38,674 |
|
| $ | 22,349 |
|
| $ | 38,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes Paid |
| $ | 0 |
|
| $ | 0 |
|
| $ | 0 |
|
| $ | 0 |
|
Interest Paid |
| $ | 0 |
|
| $ | 0 |
|
| $ | 0 |
|
| $ | 0 |
|
4 |