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