EX-99.2 4 yubo_ex992.htm CONDENSED CONSOLIDATING FINANCIAL STATEMENTS yubo_ex992.htm

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 )