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8-K - RESULTS OF OPERATIONS AND FINANCIAL CONDITION - SANTO MINING CORP.sanp_8k.htm
EX-1 - PRESS RELEASE DATED MARCH 2, 2021 - SANTO MINING CORP.sanp_ex991.htm

EXHIBIT 99.2

 

SANTO MINING CORP.

Comparative Condensed Consolidated Income Statement

(UNAUDITED)

 

 

 

March 31,

 

March 31,

 

December 31,

 

 

2019

 

2018

 

2018

 

 

 

 

 

 

 

REVENUES

 

$

5,000

 

$

-

 

$

430

COST OF SALES

 

$

-

 

$

850

 

$

989

 

 

 

 

 

 

 

 

 

 

Gross Profit (loss)

 

$

5,000

 

$

(850)

 

$

(559)

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

 

 

$

15,527

 

$

90,705

Professional fees

 

$

10,343

 

$

-

 

$

240,000

Marketing and advertising

 

$

30

 

$

1,755

 

$

2,230

Salaries and wages

 

$

16,800

 

$

-

 

$

225,000

Officer Compensation

 

 

 

 

$

75,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Expenses

 

$

27,173

 

$

92,282

 

$

558,205

 

 

 

 

 

 

 

 

 

 

OPERATING (LOSS)

 

$

(22,173)

 

$

(93,132)

 

$

(558,764)

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (loss)

 

$

-

 

 

 

 

$

(25,600)

Gain on extinguishment of debt

 

$

-

 

 

 

 

$

41,000

Change in Fair value of derivative

 

$

(40,411)

 

$

7,218

 

$

(40,411)

Interest expense

 

$

(464,566)

 

$

(18,056)

 

$

(464,566)

 

 

 

 

 

 

 

 

 

 

Total Other Income (Expense)

 

$

(504,977)

 

$

(10,838)

 

$

(489,577)

 

 

 

 

 

 

 

 

 

 

NET (LOSS) BEFORE INCOME TAXES

 

$

(527,150)

 

$

(103,970)

 

$

(1,048,341)

Provision for income taxes

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

NET (LOSS)

 

$

(527,150)

 

$

(103,970)

 

$

(1,048,341)

 

 

 

 

 

 

 

 

 

 

BASIC AND DILUTED LOSS PER SHARE

 

$

-

 

$

0.000001

 

$

-

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING

 

 

9,915,559,063

 

 

8,038,588,127

 

 

8,205,636,105

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding - Basic and Diluted

 

 

9,915,559,063

 

 

8,038,588,127

 

 

8,205,636,105

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(527,150)

 

$

(103,970)

 

$

(1,048,341)

Foreign Currency Translation

 

 

 

 

 

 

 

 

 

TOTAL COMPREHENSIVE INCOME (LOSS)

 

$

(527,150)

 

$

(103,970)

 

$

(1,048,341)


1


 

SANTO MINING CORP.

Comparative Condensed Consolidated Balance Sheet

(UNAUDITED)

 

 

 

March 31,

 

March 31,

 

31-Dec

 

 

2019

 

2018

 

2018

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

(29,231)

 

$

21,349

 

$

30,991

Other Assets

 

$

27,378

 

 

 

 

$

11,083

Total Current Assets

 

$

(1,853)

 

$

21,349

 

$

42,074

Long Term Assets

 

 

 

 

 

 

 

 

 

Security Deposit

 

$

4,200

 

 

 

 

 

 

Assets Held for Sale

 

$

-

 

$

30,000

 

$

5,900

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

2,347

 

$

51,349

 

$

47,974

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

-

 

$

79,347

 

$

57,065

Accrued Compensation

 

$

758,132

 

$

608,132

 

$

608,132

Stock Payable

 

$

-

 

$

41,000

 

 

-

Accrued Interest - Convertible notes payable

 

$

318,595

 

$

178,490

 

$

318,595

Convertible notes payable-current portion net of discount

 

$

1,019,420

 

$

469,136

 

$

1,019,420

Derivative Liability/Debt Premium

 

$

503,375

 

$

220,550

 

$

503,375

 

 

 

 

 

 

 

 

 

 

Total Current Liabilities

 

$

2,599,522

 

$

1,596,655

 

$

2,506,587

 

 

 

 

 

 

 

 

 

 

LONG-TERM LIABILITIES

 

 

 

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

$

2,599,522

 

$

1,596,655

 

$

2,506,587

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

Series A Preferred stock; par value of $.001, 500,000,000 shares authorized;

 

$

500,000

 

$

300,000

 

$

150,000

500,000,000 and 300,000,000 shares issued and outstanding at

 

 

 

 

 

 

 

 

 

February 26, 2021 and March 31, 2018, respectively

 

 

 

 

 

 

 

 

 

Common stock: par value of $.00001, 20,000,000,000 shares authorized;

 

 

 

 

 

 

 

 

 

9,915,559,063 and 8,412,234,038 shares issued and outstanding at

 

 

 

 

 

 

 

 

 

February 26, 2021 and March 31, 2018, respectively

 

$

99,155

 

$

82,315

 

$

84,122

Additional paid in capital

 

$

-

 

$

2,528,296

 

$

2,699,582

Accumulated deficit

 

$

(5,392,318)

 

$

(4,455,917)

 

$

(5,392,318)

Total Stockholders' Deficit

 

$

(2,458,612)

 

$

(1,545,306)

 

$

(2,458,612)

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

 

$

(2,193,641)

 

$

51,349

 

$

47,974


2


 

SANTO MINING CORP.

Comparative Condensed Consolidated Cash Flow

(UNAUDITED)

 

 

 

March 31,

 

March 31,

 

December 31,

 

 

2019

 

2018

 

2018

 

 

 

 

 

 

 

OPERATING ACTIVITIES

 

 

 

 

 

 

Net (Loss)

 

$

(527,150)

 

$

(103,970)

 

$

(1,048,341)

Adjustments to reconcile net (loss) to net cash from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes for professional services

 

$

240,000

 

$

-

 

$

240,000

Gain on debt extinguishment

 

$

-

 

$

-

 

$

(41,000)

Expropriation of asset

 

$

-

 

$

-

 

$

25,600

Derivative expense

 

$

-

 

$

-

 

$

40,411

Officer advances/(repayment)

 

$

-

 

$

-

 

$

-

Accretion of debt premium on notes

 

$

150,000

 

$

-

 

$

150,000

Discount amortization on convertible notes

 

$

173,036

 

$

-

 

$

173,036

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

Accounts Receivable:

 

$

-

 

$

-

 

-

 

Security Deposit Saigon

 

$

4,520

 

$

-

 

$

-

Inventory

 

 

 

 

 

 

 

$

(11,083)

Other current assets

 

$

35,000

 

$

30,126

 

$

23,835

Accounts Payable

 

$

2,500

 

$

-

 

$

15,388

Accrued Compensation

 

$

758,132

 

$

75,000

 

$

225,000

Accrued Interest on Convertible Notes

 

$

134,952

 

$

(9,084)

 

$

131,021

Net Cash (Used) From Operating Activities

 

$

970,990

 

$

(7,928)

 

$

(65,049)

 

 

 

 

 

 

 

 

 

 

Investing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets Held for Sale

 

$

(30,000)

 

$

(30,000)

 

$

(30,000)

Net Cash (Used) from Investing

 

$

(30,000)

 

$

(30,000)

 

$

(30,000)

 

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from merger breakup fee

 

$

-

 

 

 

 

$

41,000

Proceeds from Preferred Stock sale

 

$

-

 

$

41,000

 

 

 

Proceeds from convertible note issuance

 

$

-

 

$

14,000

 

$

90,500

Derivative Liability/Debt Premium

 

$

-

 

$

16,955

 

 

 

Gain from Debt Extinguishment

 

$

-

 

$

(7,218)

 

 

 

Net Cash From Financing Activities

 

$

15,000

 

$

64,737

 

$

131,500

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Cash and Cash Equivalents

 

$

955,990

 

$

26,809

 

$

36,451

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents, Beginning of Period

 

$

(5,460)

 

$

(5,460)

 

$

(5,460)

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents, End of Period

 

$

(1,853)

 

$

21,349

 

$

30,991

 

 

 

 


3


 

CERTIFICATION

 

I, Franjose Yglesias, certify that:

 

1.I have reviewed the unaudited comparative condensed consolidated Q1-2019 financials. 

 

2.Based on my knowledge, these unaudited comparative condensed consolidated Q1-2019 financials do not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this unaudited comparative condensed consolidated Q1-2019 financials; and 

 

3.Based on my knowledge, the financial statements and other financial information included or incorporated by reference in this disclosure statement, fairly present, in all material respects, the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this disclosure statement. 

 

 

 

/s/Franjose Yglesias

Franjose Yglesias

Santo Mining Corp.

CEO

Dated:   March 2, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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