EXHIBIT 99.2
YUBO INTERNATIONAL BIOTECH LIMITED AND SUBSIDIARIES AND VARIABLE INTEREST ENTITY
CONDENSED CONSOLIDATING BALANCE SHEET
As of December 31, 2020
(Expressed in US Dollars)
| ||||||||||||||||||||
|
| Yubo International Biotech (Parent) |
|
| Yubo International Biotech (Beijing) Limited. (VIE) |
|
| Others (Holding companies) |
|
| Adjustments |
|
| Consolidated |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cash |
| $ | - |
|
|
| 746,613 |
|
| $ | 635,912 |
|
|
| - |
|
| $ | 1,382,525 |
|
Receivables |
|
| - |
|
|
| 2,316 |
|
|
| - |
|
|
| - |
|
|
| 2,316 |
|
Prepaid expenses |
|
| - |
|
|
| 27,160 |
|
|
| - |
|
|
| - |
|
|
| 27,160 |
|
Inventory |
|
| - |
|
|
| 67,144 |
|
|
| - |
|
|
| - |
|
|
| 67,144 |
|
Due from related parties |
|
| - |
|
|
| 429,648 |
|
|
| - |
|
|
| - |
|
|
| 429,648 |
|
Total Current Assets |
|
| - |
|
|
| 1,272,881 |
|
|
| 635,912 |
|
|
| - |
|
|
| 1,908,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
| - |
|
|
| 79,153 |
|
|
| - |
|
|
| - |
|
|
| 79,153 |
|
Intangible assets, net |
|
| - |
|
|
| 54,912 |
|
|
| - |
|
|
| - |
|
|
| 54,912 |
|
Operating lease right of use asset |
|
| - |
|
|
| 315,207 |
|
|
| - |
|
|
| - |
|
|
| 315,207 |
|
Lease security deposit |
|
| - |
|
|
| 86,811 |
|
|
| - |
|
|
| - |
|
|
| 86,811 |
|
Total Assets |
| $ | - |
|
| $ | 1,808,964 |
|
| $ | 635,912 |
|
| $ | - |
|
| $ | 2,444,876 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
| $ | 7,426 |
|
|
| 101,175 |
|
| $ | - |
|
|
| (7,426 | ) |
| $ | 101,175 |
|
Customer deposits |
|
| - |
|
|
| 11,028 |
|
|
| - |
|
|
| - |
|
|
| 11,028 |
|
Advances from prospective customers distributors |
|
| - |
|
|
| 757,896 |
|
|
| - |
|
|
| - |
|
|
| 757,896 |
|
Due to related parties |
|
| - |
|
|
| 91,951 |
|
|
| - |
|
|
| - |
|
|
| 91,951 |
|
Operating lease liability – current |
|
| - |
|
|
| 315,207 |
|
|
| - |
|
|
| - |
|
|
| 315,207 |
|
Total Current Liabilities |
|
| 7,426 |
|
|
| 1,277,257 |
|
|
| - |
|
|
| (7,426 | ) |
|
| 1,277,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease liability - non-current |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Total Liabilities |
|
| 7,426 |
|
|
| 1,277,257 |
|
|
| - |
|
|
|
|
|
|
| 1,277,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
| 117,879 |
|
|
| 1,015 |
|
|
| - |
|
|
| (117,874 | ) |
|
| 1,015 |
|
Additional Paid in Capital |
|
| 28,716,419 |
|
|
| 1,357,602 |
|
|
| 750,000 |
|
|
| (28,716,419 | ) |
|
| 2,107,602 |
|
Accumulated deficit |
|
| (28,841,724 | ) |
|
| (828,906 | ) |
|
| (114,088 | ) |
|
| 28,841,724 |
|
|
| (942,994 | ) |
Accumulated other comprehensive income (loss) |
|
| - |
|
|
| 1,996 |
|
|
| - |
|
|
| - |
|
|
| 1,996 |
|
Total Shareholders’ Equity |
|
| (7,426 | ) |
|
| 531,707 |
|
|
| 635,912 |
|
|
| 7,426 |
|
|
| 1,167,619 |
|
Total Liabilities and Shareholders’ Equity |
| $ | - |
|
|
| 1,808,964 |
|
| $ | 635,912 |
|
|
| 7,426 |
|
| $ | 2,444,876 |
|
YUBO INTERNATIONAL BIOTECH LIMITED AND SUBSIDIARIES AND VARIABLE INTEREST ENTITY CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2020 (Expressed in US Dollars)
| ||||||||||||||||||||
|
| Yubo International Biotech (Parent) |
|
| Yubo International Biotech (Beijing) Limited (VIE) |
|
| Others (Holding companies) |
|
| Adjustments |
|
| Consolidated |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Sales |
| $ | - |
|
| $ | 1,353,868 |
|
| $ | - |
|
| $ | - |
|
| $ | 1,353,868 |
|
Cost of Goods Sold |
|
| - |
|
|
| (114,272 | ) |
|
| - |
|
|
|
|
|
|
| (114,272 | ) |
Gross Profit |
|
| - |
|
|
| 1,239,596 |
|
|
| - |
|
|
|
|
|
|
| 1,239,596 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales commissions |
|
| - |
|
|
| 660,963 |
|
|
| - |
|
|
| - |
|
|
| 660,963 |
|
Employee compensation |
|
| - |
|
|
| 260,689 |
|
|
| - |
|
|
| - |
|
|
| 260,689 |
|
Occupancy |
|
| - |
|
|
| 279,191 |
|
|
| - |
|
|
| - |
|
|
| 279,191 |
|
Depreciation and amortization of property and equipment |
|
| - |
|
|
| 8,966 |
|
|
| - |
|
|
| - |
|
|
| 8,966 |
|
Amortization of intangible assets |
|
| - |
|
|
| 4,096 |
|
|
| - |
|
|
| - |
|
|
| 4,096 |
|
Other operating expenses |
|
| 57,724 |
|
|
| 623,401 |
|
|
| 114,088 |
|
|
| (57,724 | ) |
|
| 737,489 |
|
Total Operating Expenses |
|
| 57,724 |
|
|
| 1,837,307 |
|
|
| 114,088 |
|
|
| (57,724 | ) |
|
| 1,951,395 |
|
Income (loss) from operations |
|
| (57,724 | ) |
|
| (597,711 | ) |
|
| (114,088 | ) |
|
| 57,724 |
|
|
| (711,798 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
| (53,000 | ) |
|
| (3 | ) |
|
| - |
|
|
| 53,000 |
|
|
| (3 | ) |
Gain from debt extinguishment |
|
| 191,000 |
|
|
| - |
|
|
| - |
|
|
| (191,000 | ) |
|
| - |
|
Gain from settlement of accounts and due to related party |
|
| 167,000 |
|
|
| - |
|
|
| - |
|
|
| (167,000 | ) |
|
| - |
|
Total Other Income (Expenses) |
|
| 305,000 |
|
|
| (3 | ) |
|
| - |
|
|
| (305,000 | ) |
|
| (3 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before Provision for Income Tax |
|
| 247,276 |
|
|
| (597,714 | ) |
|
| (114,088 | ) |
|
| (247,276 | ) |
|
| (711,801 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Income Tax |
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
| $ | 247,276 |
|
| $ | (597,714 | ) |
| $ | (114,088 | ) |
| $ | (247,276 | ) |
| $ | (711,801 | ) |
YUBO INTERNATIONAL BIOTECH LIMITED AND SUBSIDIARIES AND VARIABLE INTEREST ENTITY CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2021 (Expressed in US Dollars)
| ||||||||||||||||||||
|
| Yubo International Biotech (Parent) |
|
| Yubo International Biotech (Beijing) Limited. (VIE) |
|
| Others (Holding companies) |
|
| Elimination Adjustments |
|
| Consolidated |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cash |
| $ | - |
|
| $ | 8,812 |
|
| $ | 18,705 |
|
| $ | - |
|
| $ | 27,517 |
|
Receivables |
|
| - |
|
|
| 158,807 |
|
|
| 3,150 |
|
|
| - |
|
|
| 161,957 |
|
Prepaid expenses |
|
| - |
|
|
| 207,521 |
|
|
| 99,457 |
|
|
| - |
|
|
| 306,978 |
|
Inventory |
|
| - |
|
|
| 164,302 |
|
|
| - |
|
|
| - |
|
|
| 164,302 |
|
Due from subsidiary |
|
|
|
|
|
| 287,677 |
|
|
| 511,811 |
|
|
| (799,488 | ) |
|
| - |
|
Due from related parties |
|
| - |
|
|
| 397,590 |
|
|
| - |
|
|
| - |
|
|
| 397,590 |
|
Total Current Assets |
|
| - |
|
|
| 1,224,709 |
|
|
| 633,123 |
|
|
| (799,488 | ) |
|
| 1,058,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
| - |
|
|
| 63,055 |
|
|
| 580,817 |
|
|
| - |
|
|
| 643,872 |
|
Intangible assets, net |
|
| - |
|
|
| 38,876 |
|
|
| - |
|
|
| - |
|
|
| 38,876 |
|
Operating lease right of use asset |
|
| - |
|
|
| 582,322 |
|
|
| 2,111,662 |
|
|
| - |
|
|
| 2,693,984 |
|
Lease security deposit |
|
| - |
|
|
| 152,219 |
|
|
| - |
|
|
| (62 | ) |
|
| 152,157 |
|
Investment in subsidiary |
|
| - |
|
|
| 236,220 |
|
|
| 930,000 |
|
|
| (1,166,220 | ) |
|
| - |
|
Total Assets |
| $ | - |
|
| $ | 2,297,401 |
|
| $ | 4,255,602 |
|
| $ | (1,965,770 | ) |
| $ | 4,587,233 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
| $ | - |
|
| $ | 69,746 |
|
| $ | 206,085 |
|
| $ | - |
|
| $ | 275,831 |
|
Customer deposits |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Advances from prospective customers distributors |
|
| - |
|
|
| 484,956 |
|
|
| - |
|
|
| - |
|
|
| 484,956 |
|
Due to related parties |
|
| - |
|
|
| 532,121 |
|
|
| 731,539 |
|
|
| - |
|
|
| 1,263,660 |
|
Due to subsidiary |
|
|
|
|
|
| 511,811 |
|
|
| 287,677 |
|
|
| (799,488 | ) |
|
| - |
|
Operating lease liability – current |
|
| - |
|
|
| 293,985 |
|
|
| 471,598 |
|
|
| - |
|
|
| 765,583 |
|
Total Current Liabilities |
|
| - |
|
|
| 1,892,619 |
|
|
| 1,696,899 |
|
|
| (799,488 | ) |
|
| 2,790,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease liability - non-current |
|
| - |
|
|
| 288,337 |
|
|
| 1,640,064 |
|
|
| - |
|
|
| 1,928,401 |
|
Total Liabilities |
|
| - |
|
|
| 2,180,956 |
|
|
| 3,336,963 |
|
|
| (799,488 | ) |
|
| 4,718,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
| 118,182 |
|
|
| 1,574,803 |
|
|
| 1,928,849 |
|
|
| (3,503,652 | ) |
|
| 118,182 |
|
Additional Paid in Capital |
|
| 28,723,542 |
|
|
| - |
|
|
| - |
|
|
| (26,605,943 | ) |
|
| 2,117,599 |
|
Accumulated deficit |
|
| (28,841,724 | ) |
|
| (1,477,923 | ) |
|
| (1,007,509 | ) |
|
| 28,841,724 |
|
|
| (2,485,432 | ) |
Accumulated other comprehensive income (loss) |
|
| - |
|
|
| 19,565 |
|
|
| (2,701 | ) |
|
| 101,589 |
|
|
| 118,453 |
|
Total Shareholders’ Equity |
|
| - |
|
|
| 116,445 |
|
|
| 918,639 |
|
|
| (1,166,282 | ) |
|
| (131,198 | ) |
Total Liabilities and Shareholders’ Equity |
| $ | - |
|
| $ | 2,297,401 |
|
| $ | 4,255,602 |
|
|
| (1,965,770 | ) |
| $ | 4,587,233 |
|
YUBO INTERNATIONAL BIOTECH LIMITED AND SUBSIDIARIES AND VARIABLE INTEREST ENTITY CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2021 (Expressed in US Dollars)
| ||||||||||||||||||||
|
| Yubo International Biotech (Parent) |
|
| Yubo International Biotech (Beijing) Limited (VIE) |
|
| Others (Holding companies) |
|
| Elimination Adjustments |
|
| Consolidated |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Sales |
| $ | - |
|
| $ | 1,244,373 |
|
| $ | - |
|
| $ | - |
|
| $ | 1,244,373 |
|
Cost of Goods Sold |
|
| - |
|
|
| 423,726 |
|
|
| - |
|
|
|
|
|
|
| 423,726 |
|
Gross Profit |
|
| - |
|
|
| 820,647 |
|
|
|
|
|
|
| - |
|
|
| 820,647 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales commissions |
|
| - |
|
|
| 182,369 |
|
|
| - |
|
|
| - |
|
|
| 182,369 |
|
Employee compensation |
|
| - |
|
|
| 681,918 |
|
|
| - |
|
|
| - |
|
|
| 681,918 |
|
Occupancy |
|
| - |
|
|
| 139,867 |
|
|
| 488,789 |
|
|
| - |
|
|
| 628,656 |
|
Provision for doubtful accounts |
|
|
|
|
|
| 46,854 |
|
|
| - |
|
|
|
|
|
|
| 46,854 |
|
Depreciation and amortization of property and equipment |
|
| - |
|
|
| 13,222 |
|
|
| - |
|
|
| - |
|
|
| 13,222 |
|
Amortization of intangible assets |
|
| - |
|
|
| 8,180 |
|
|
| - |
|
|
| - |
|
|
| 8,180 |
|
Other operating expenses |
|
| - |
|
|
| 397,681 |
|
|
| 404,632 |
|
|
| - |
|
|
| 802,313 |
|
Total Operating Expenses |
|
| - |
|
|
| 1,470,091 |
|
|
| 893,421 |
|
|
| - |
|
|
| 2,373,512 |
|
Income (loss) from operations |
|
| - |
|
|
| (649,444 | ) |
|
| (893,421 | ) |
|
| - |
|
|
| (1,542,865 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
| - |
|
|
| 427 |
|
|
| - |
|
|
| - |
|
|
| 427 |
|
Total Other Income (Expenses) |
|
| - |
|
|
| 427 |
|
|
| - |
|
|
| - |
|
|
| 427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before Provision for Income Tax |
|
| - |
|
|
| (649,017 | ) |
|
| (893,421 | ) |
|
| - |
|
|
| (1,542,438 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Income Tax |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
| $ | - |
|
| $ | (649,017 | ) |
| $ | (893,421 | ) |
| $ | - |
|
| $ | (1,542,438 | ) |