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SUBSEQUENT EVENTS (Tables)
12 Months Ended
Jun. 30, 2018
SUBSEQUENT EVENTS  
Schedule of pro forma adjustments

 

Less

 

Proforma

 

2018

 

Metwood VA

 

2018

 

Current Assets

 

Cash and cash equivalents

 

$

61,872

 

$

(61,872

)

 

$

-

 

Accounts receivable, net of reserve

 

225,414

 

(225,414

)

 

-

 

Inventory

 

439,649

 

(439,649

)

 

-

 

Other current assets

 

18,436

 

(18,436

)

 

-

 

Total current assets

 

745,371

 

(745,371

)

 

-

 

Property and Equipment

 

Leasehold Improvements

 

274,869

 

(274,869

)

 

-

 

Furniture, fixtures and equipment

 

78,222

 

(78,222

)

 

-

 

Computer and software

 

193,204

 

(193,204

)

 

-

 

Machinery & Equipment

 

744,672

 

(744,672

)

 

-

 

Vehicles

 

415,528

 

(415,528

)

 

-

 

Land improvements

 

67,959

 

(67,959

)

 

-

 

Total property and equipment

 

1,774,454

 

(1,774,454

)

 

-

 

Less accumulated depreciation

 

(1,353,003

)

 

1,353,003

 

-

 

Net property and equipment

 

421,451

 

(421,451

)

 

-

 

$

1,166,822

 

$

(1,166,822

)

 

$

-

 

Current liabilities

 

Accounts payable and accrued expenses

 

$

247,150

 

$

(247,150

)

 

$

-

 

Accrued payroll expense

 

19,177

 

(19,177

)

 

-

 

Demand note payable-related party

 

77,460

 

(77,460

)

 

-

 

Convertible note payable-related party

 

note discount of $17,647 and $38,294, respectively

 

32,353

 

32,353

 

Total current liabilities

 

376,140

 

(343,787

)

 

32,353

 

Shareholders' equity

 

Preferred stock (par $.001) 40,000,000

 

-

 

Common stock (par $.001)

 

17,767

 

(9,400

)

 

8,367

 

Paid in capital

 

3,550,236

 

3,550,236

 

Accumulated deficit

 

(2,153,321

)

 

(1,437,635

)

 

(3,590,956

)

Contra equity-prepaid rent

 

(624,000

)

 

624,000

 

-

 

Treasury stock

 

-

 

Total stockholders' equity

 

790,682

 

(823,035

)

 

(32,353

)

Total liabilities and stockholders' equity

 

$

1,166,822

 

$

(1,166,822

)

 

$

-

 

Metwood Inc.

Proforma Unaudited Statement of Operations

June 30, 2018

 

Less

 

Proforma

 

2018

 

Metwood VA

 

2018

 

Gross sales

 

$

1,938,222

 

$

(1,938,222

)

 

$

-

 

Cost of sales

 

1,304,551

 

(1,304,551

)

 

-

 

Gross profit

 

633,671

 

(633,671

)

 

-

 

Operating expenses

 

Advertising

 

35,025

 

(35,025

)

 

-

 

Bad debt recovery

 

-

 

-

 

-

 

Depreciation

 

26,054

 

(26,054

)

 

-

 

Insurance

 

31,397

 

(31,397

)

 

-

 

Payroll expense

 

457,529

 

(457,529

)

 

-

 

Professional fees

 

15,251

 

(15,251

)

 

-

 

Rent related party

 

385,586

 

(385,586

)

 

-

 

Repairs and maintenance

 

11,005

 

(11,005

)

 

-

 

Research and development

 

6,375

 

(6,375

)

 

-

 

Telephone

 

13,052

 

(13,052

)

 

-

 

Vehicle

 

27,051

 

(27,051

)

 

-

 

Other

 

86,013

 

(86,013

)

 

-

 

Total operating expenses

 

1,094,338

 

(1,094,338

)

 

-

 

Operating income (loss)

 

(460,667

)

 

460,667

 

-

 

Other Income (expense)

 

Interest

 

(25,635

)

 

3,988

 

(21,647

)

Gain on sale of asset

 

-

 

-

 

-

 

Other Income (expense)

 

4,170

 

(4,170

)

 

-

 

Total Other Income (expense)

 

(21,465

)

 

(182

)

 

(21,647

)

Net income (loss)

 

(482,132

)

 

460,485

 

(21,647

)

Income taxes

 

-

 

-

 

-

 

Net (loss)

 

$

(482,132

)

 

$

460,485

 

$

(21,647

)

 

Metwood, Inc.

Unaudited Proforma Balance Sheet

June 30, 2017

 

Pro Forma

 

Proforma

 

Historical

 

Adjustment

 

Combined

 

Current assets

 

Cash and cash equivalents

 

$

67,854

 

$

(67,854

)a)

 

$

-

 

Accounts receivable, net of reserve

 

184,290

 

(184,290

)a)

 

-

 

Inventory

 

518,001

 

(518,001

)a)

 

-

 

Other current assets

 

14,755

 

(14,755

)a)

 

-

 

Total current assets

 

784,900

 

-

 

Net property and equipment

 

469,633

 

(469,633

)a)

 

-

 

$

1,254,533

 

$

-

 

Current liabilities

 

Accounts payable and accrued expenses

 

$

178,928

 

$

(174,928

)a)

 

$

4,000

 

Accrued payroll expense

 

22,625

 

(22,625

)a)

 

-

 

Demand note payable-related party

 

77,460

 

(77,460

)a)

 

-

 

Convertible note payable-related party

 

note discount of $38,294

 

14,706

 

14,706

 

Total current liabilities

 

293,719

 

18,706

 

Shareholders' equity

 

Preferred stock (par $.001) 40,000,000

 

-

 

Common stock (par $.001)

 

17,767

 

(9,400

)b)

 

8,367

 

Paid in capital

 

3,550,236

 

3,550,236

 

Accumulated deficit

 

(1,671,189

)

 

(1,915,520

)a)

 

(3,577,309

)

 

9,400

b)

 

Contra equity-prepaid rent

 

(936,000

)

 

936,000

a)

 

-

 

Treasury stock

 

 -

 

Total stockholders' equity

 

960,814

 

(18,706

)

Total liabilities and stockholders' equity

 

$

1,254,533

 

$

-

 

Metwood Inc.

Unaudited Proforma Condensed Statement of Operations

June 30, 2017

 

Pro Forma

 

Proforma

 

Historical

 

Adjustment

 

Combined

 

Gross sales

 

$

1,864,222

 

$

(1,864,222

)a)

 

$

-

 

Cost of sales

 

1,169,569

 

(1,169,569

)a)

 

-

 

Gross profit

 

694,653

 

-

 

Operating expenes

 

1,137,962

 

(1,137,962

)a)

 

-

 

Operating income (loss)

 

(443,309

)

 

-

 

Other Income (expense)

 

8,697

 

(27,403

)a)

 

(18,706

)

Net income (loss) before income taxes

 

(434,612

)

 

(18,706

)

Income taxes

 

-

 

-

 

Net loss

 

$

(434,612

)

 

$

(18,706

)