Almost Never Films Inc. - FORM 8-K - EX-99.2 - REVIEWED FINANCIAL STATEMENTS - December 6, 2012

Attached files

file filename
8-K - Almost Never Films Inc.asmack8k.htm
EX-3.4 - CERTIFICATE OF DESIGNATION - Almost Never Films Inc.ex34certdesig.htm
EX-99.3 - PRO FORMA FINANCIALS - Almost Never Films Inc.ex993proforma.htm
EX-10.4 - BUSINESS PURCHASE AND SALE AGREEMENT - Almost Never Films Inc.ex104bizpuragr.htm
EX-99.1 - AUDITED FINANCIAL STATEMENTS - Almost Never Films Inc.ex991auditedfs.htm
EX-10.5 - STOCK INCENTIVE PLAN - Almost Never Films Inc.ex105stkincplan.htm

Exhibit 99.2

 

Team Sports Super Store 
Statement of Income
     
  For the 3 months ending September 30, For the 3 months ending September 30, February 16, 2010 (Inception) to September 30, 2012
  2012 2011  
Revenue      
Wholesale Revenue                       139,313                       188,035                    3,057,148
Retail Revenue                          3,860                         13,400                         90,032
Shipping Revenue                          3,133                          6,109                         72,313
Sales Discounts                        (15,315)                        (10,835)                      (129,122)
Total Revenue  $                   130,990  $                   196,708  $                3,090,371
Cost of Goods Sold      
Cost of Goods Sold- Whole Sales                         41,675                         52,215                    1,261,047
Conversion Costs                         21,671                         30,806                       369,214
Total Costs of Good Sold                         63,346                         83,021                    1,630,261
       
Gross Profit                         67,644                       113,687                    1,460,110
       
Operating Expenses      
General & Administrative Costs                         96,032                         77,371                    1,377,782
Professional Fees                         43,018                         19,113                       243,194
E-Commerce Development                               -                           22,343                       129,913
Total Operating Expenses                       139,050                       118,827                    1,750,889
       
Net Income (Loss) before Income Taxes                        (71,406)                         (5,140)                      (290,779)
Income tax provision (Benefit)                               -                                 -                          (97,117)
Net Income (loss) after taxes  $                    (71,406)  $                      (5,140)  $                  (193,662)
       
       
(Loss) earnings Per Common Share - Basic      
and Fully Diluted  $                       (0.00)  $                       (0.00)  
       
Weighted Average Number of Common Shares      
Outstanding - Basic and Fully Diluted                  39,000,000                  38,000,000  

 

 

 

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

 

F-1b

 
 

 

Team Sports Super Store
Balance Sheet
   
     
  September 30, 2012 June 30, 2012
Assets    
Current Assets    
Bank Accounts $2,902 $11,333
Accounts Receivable Net                    58,637                    36,172
Employees Advances                         300                         300
Inventory                  480,654                  468,627
Due from Related Entity                      6,790                    19,235
Total Current Assets                  549,283                  535,668
     
Other assets    
Deferred Tax Asset                           -                             -  
Security Deposits- Lease                    10,000                    10,000
Total Other assets                    10,000                    10,000
Total Assets  $               559,283  $               545,668
     
Liabilities and stockholders' Equity    
Current Liabilities    
Accounts Payable $180,168 $140,106
Sales Tax Payable                    55,680                    50,460
Payroll Taxes Payable                  142,547                  141,662
Loans- Short Term                    73,708                    36,508
Interest Payable                         215                         215
Taxes Payable                    37,119                           -  
Accrued Compensation                    34,115                    34,115
Customer Deposits                    19,394                    17,740
Total Current Liabilities                  542,946                  420,805
     
Long-Term Liabilities    
Loan - Long Term                      9,000                      9,000
Total Long-Term Liabilities                       9,000                      9,000
Total Liabilities                  551,946                  429,805
     
Stockholders' Equity    
Common Stock, $0.001 par value, 40,000,000    
shares authorized; 40,000,000, 40,000,000    
issued and outstanding as of 9/30/2012 and    
6/30/2012 respectively                    40,000                    40,000
Additional Paid in Capital                  161,000                  161,000
Retained Earnings, End                 (122,256)                   (85,137)
                    (71,406)                           -  
Total Stockholders Equity                      7,338                  115,863
     
Total Liabilities and Stockholders' Equity  $               559,283  $               545,668

 

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

 

F-2b

Team Sports Super Store
Statements of Cash Flows
     
       
  For the three months ending September 30, For the three months ending September 30, February 16, 2010 (Inception) to September 30,
  2012 2011 2012
Cash Flows from Operating Activities      
Net Income/Loss          (71,406)            (5,140)            (156,543)
Adjustments to reconcile Net Income to net cash provided      
by operations:      
Accounts Receivable          (22,466)                462              (58,637)
Inventory          (12,026)          (80,116)            (480,654)
Due from Related Entity           12,445            (9,355)                  4,710
Accounts Payable           40,062          (16,226)              180,168
Sales Tax Payable             5,221             6,612                55,680
Payroll Taxes Payable                885           19,399              142,547
Taxes Payable                   -                     -                         -  
Deferred Tax Asset                   -                     -                         -  
Loans- Short-Term           37,200           50,000                62,208
Accrued Compensation                   -                     -                  34,115
Customer Deposits             1,654             5,331                19,394
Security Deposits                   -                     -                (10,000)
Employee Advances                   -                     -                     (300)
Interest Payable                   -                     -                       215
Total adjustments           62,975          (23,893)              (50,554)
Net cash provided by or used in operating activities            (8,431)          (29,033)            (207,098)
       
Cash Flows from Investing activities      
Net cash provided by (used in) investing activities                   -                     -                         -  
       
Cash Flows from Financing Activities      
Loan - Long Term                   -                     -                    9,000
Issuances of common stock                   -             50,000              201,000
Net cash provided by financing activities                   -             50,000              210,000
Net cash increase (decrease) for period            (8,431)           20,967                  2,902
Cash at the beginning period           11,333             4,585                       -  
Cash at the end period             2,902           25,552                  2,902
       
Supplemental Disclosures      
     Interest paid  $                -    $                -    $                    -  
     Income taxes paid  $                -    $                -    $                    -  
     Non-cash transactions  $                -    $                -    $                    -  

 

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

 

F-3b

 
 

 

Team Sports Super Store

Notes to Financial Statements

September 30, 2012

 

 

NOTE 1 - CONDENSED FINANCIAL STATEMENTS

 

The accompanying condensed interim unaudited financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at September 30, 2012 and for all periods presented have been made.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's June 30, 2012 audited financial statements. The results of operations for the periods ended September 30, 2012 and 2011 are not necessarily indicative of the operating results for the full year.

 

 

NOTE 2 - GOING CONCERN

 

These condensed interim unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As of September 30, 2012, the Company has recognized operating losses of approximately $193,662 since inception. The Company's ability to continue as a going concern is contingent upon the successful completion of additional financing arrangements and its ability to achieve and maintain profitable operations. Management plans to raise equity capital to finance the operating and capital requirements of the Company. Amounts raised will be used to further development of the Company's products, to provide financing for marketing and promotion, to secure additional property and equipment, and for other working capital purposes. While the Company is putting forth its best efforts to achieve the above plans, there is no assurance that any such activity will generate funds that will be available for operations.

 

These conditions raise substantial doubt about the Company's ability to continue as a going concern. These condensed interim unaudited financial statements do not include any adjustments that might arise from this uncertainty.

 

 

 

 

F-4b

 
 

 

 

Team Sports Super Store

Notes to Financial Statements

September 30, 2012

 

 

 

NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES

 

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Recent Accounting Pronouncements

Management has evaluated the recently issued accounting pronouncements through the date of this filing, and believes none will have a material impact on the Company's financial statements.

 

  

NOTE 4 - RELATED PARTY TRANSACTIONS

 

In the 3 months ended 9/30/12, $27,200 was borrowed from Smack Sportswear, which is under common ownership as Smack Sportswear.

 

 

NOTE 5 - SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through the date of this report, with no subsequent events to be reported.

 

 

 

 

 

F-5b

 

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