Hollywall Entertainment : Financial Statements and Footnotes for the Period Ending March 31, 2022







HOLLYWALL ENTERTAINMENT, INC.

FINANCIAL STATEMENTS

FOR THE QUARTER

ENDING 3/31/2022

Hollywall Entertainment, Inc. and Subsidiaries

Consolidated Balance Sheets

As of

ASSETS

3/31/2022

3/31/2021

Current Assets

Cash and Cash Equivalents

$

19,745

$

15,837

Total Current Assets

19,745

15,837

Property and Equipment, net

26,889

46,261

Intangibles, net

16,005,555

20,472,222

TOTAL ASSETS

$

16,052,188

$

20,534,320

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities

Accounts Payable

$

45,523

$

44,480

Accrued Expenses

9,150

Convertible Notes Payable

305,000

Total Current Liabilities

359,673

44,480

TOTAL LIABILITIES

359,673

44,480

Commitments and Contingencies (Note 13)

STOCKHOLDERS’ EQUITY

Preferred Stock, $0.001 par value, 200,000 shares

authorized, 99,391 issued and outstanding

99

99

Common Stock, $0.001 par value; 300,000,000 shares

authorized, 92,252,538 and 89,806,357 issued and

outstanding at March 31, 2022 and 2021, respectively

92,253

89,806

Common Stock to be Issued

1,127,168

881,357

Unearned Stock Compensation

(1,440,000)

(1,440,000)

Treasury Stock

(8,100)

(7,000)

Additional Paid-In Capital

68,546,092

67,411,648

Accumulated Deficit

(52,624,997)

(46,446,070)

Total Stockholders’ Equity

15,692,515

20,489,840

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

16,052,188

$

20,534,320

THE ACCOMPANYING FOOTNOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS

2

Hollywall Entertainment, Inc. and Subsidiaries

Consolidated Statements of Operations

For the quarter ending

3/31/2022

3/31/2021

REVENUE

Music Licensing Income

$

$

169,211

Lobbying Income

60,000

61,102

Total Revenue

60,000

230,313

OPERATING EXPENSES

Amortization Expense

1,116,668

1,116,668

Executive Management Compensation

101,388

78,695

General and Administrative Expenses

83,039

171,481

Professional Fees

308,155

681,797

Depreciation Expense

4,843

4,843

Total Operating Expenses

1,614,092

2,053,484

Loss from Operations

(1,554,092)

(1,823,171)

Other Income/(Expenses)

Interest Expense

9,150

Net Other Income/(Expenses)

9,150

Loss Before Taxes

(1,544,942)

(1,823,171)

Provision for income taxes

Net Loss

$

(1,544,942)

$

(1,823,171)

Basic and diluted loss per share

$

(0.02)

$

(0.11)

Weighted average number of shares outstanding, basic and diluted

92,252,538

89,806,357

THE ACCOMPANYING FOOTNOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS

3

Hollywall Entertainment, Inc. and Subsidiaries

Consolidated Statement of Cash Flows

For the years ending

3/31/2022 3/31/2021

OPERATING ACTIVITIES

Net Loss

$

(1,544,942)

$

(1,823,171)

Adjustments to Reconcile Net Loss to Net Cash From Operating Activities:

Depreciation Expense

4,843

4,843

Amortization Expense

1,116,667

1,116,667

Stock Compensation

263

10

Changes in assets and liabilities:

Accounts Payable

18,252

Accrued Expenses

9,150

Net Cash From Operating Activities

(414,019)

(683,399)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuance of Convertible Notes Payable

305,238

Payments on Convertible Notes Payable

(256,920)

Cancellation of shares issued for Compensation

911,000

Net Cash From Financing Activities

305,238

654,080

Net Change in Cash and Cash Equivalents

(108,781)

(29,319)

Cash and Cash Equivalents, Beginning of Period

128,526

45,156

Cash and Cash Equivalents, End of Period

$

19,745

$

15,837

Supplemental Disclosure of Cash Flow Information:

Cash Paid for Interest

Cash Paid for Taxes

NON-CASH OPERATING AND FINANCING ACTIVITIES

Return and cancellation of shares issued in advance, but not earned

911,000

THE ACCOMPANYING FOOTNOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS

4

Hollywall Entertainment, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity

Preferred Stock

Common Stock

Common Stock to be Issued

Unearned Stock Compensation

Treasury Stock

Additional

Accumulated

Total

Balances as of December 31, 2020

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Amount

Paid in Capital

Deficit

Stockholders’ Equity

99,391

$

99

89,796,357

$

89,796

999,993

$

881,358

(1,080,000)

$

(2,351,000)

$

(7,000)

$

67,668,568

$

(44,622,900)

21,658,921

Common Stock issued for services

610,000

610

644,890

645,500

Notes Payable converted to Common Stock

8,591

8,591

Return and cancellation of shares issued in advance, but not earned

(600,000)

(600)

600,000

911,000

(910,400)

Net Loss

(1,823,171)

(1,823,171)

Balances as of March 31, 2021

99,391

$

99

89,806,357

$

89,806

999,993

$

881,358

(480,000)

$

(1,440,000)

$

(7,000)

$

67,411,649

$

(46,446,071)

$

20,489,840

Balances as of December 31, 2021

99,391

$

99

91,991,000

$

91,991

999,993

$

1,127,168

(480,000)

$

(1,440,000)

$

(8,100)

$

68,240,854

$

(51,080,055)

16,931,957

Common Stock issued for services

261,538

262

305,238

305,500

Net Loss

(1,544,942)

(1,544,942)

Balances as of March 31, 2022

198,782

$

99

$

92,252,538

$

92,253

$

999,993

$

1,127,168

$

(480,000)

$

(1,440,000)

$

(8,100)

$

68,546,092

$

(52,624,997)

$

15,692,515

THE ACCOMPANYING FOOTNOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS

5

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Disclaimer

Hollywall Entertainment Inc. published this content on 20 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 May 2022 03:34:05 UTC.

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