China Grand Resorts, Inc.

CIK:0000860543|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Condensed Consolidated Statements of Operations (Unaudited)
Sales	$ 151,432	$ 190,747	$ 583,077	$ 1,221,782
Cost of sales	159,540	92,610	440,000	745,511
Gross profit	(8,108)	98,137	143,077	476,271
Operating expenses
Salaries and wages (including contractors)	20,813	23,059	91,766	187,220
Other selling, general and administrative expenses	55,180	88,780	460,866	310,592
Total operating expenses	75,993	111,839	552,632	497,812
Income (loss) from operations	(84,101)	(13,702)	(409,555)	(21,541)
Other income (expense)
Derivative gain (loss)	0	1,078,040	0	(330,806)
Interest expense	(83,532)	(39,908)	(249,646)	(213,140)
Other income	0	26,227		26,227
Total other income (expense)	(83,532)	1,064,359	(249,646)	(517,719)
Net income (loss)	(167,633)	1,050,657	(659,201)	(539,260)
Deemed dividend on preferred exchange	0	0	(83,836)	0
Preferred stock dividends	(13,258)	(23,340)	(39,486)	(69,259)
Net income (loss) available to common shareholders	$ (180,891)	$ 1,027,317	$ (782,523)	$ (608,519)
Net loss per share
Net loss per share Basic	$ (0.00)	$ (0.01)	$ (0.01)	$ (0.01)
Net loss per share Diluted	$ (0.00)	$ (0.00)	$ (0.01)	$ (0.01)
Weighted average shares outstanding
Weighted average shares outstanding Basic	90,284,093	81,088,719	92,452,192	81,088,719
Weighted average shares outstanding Diluted	90,284,093	214,896,127	92,452,192	81,088,719

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities
Net income (loss)	$ (659,201)	$ (539,260)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation expense	128	288
Stock based compensation	240,234	0
Amortization of debt discount	51,501	96,095
Amortization of right-of-use assets	27,641	24,962
Derivative (gain) loss	0	330,806
Net change in:
Accounts receivable	(8,768)	(25,605)
Inventory	0	(1,843)
Prepaid expenses	77,625	(42,054)
Right-of-use liabilities	(29,003)	(25,119)
Accounts payable and accrued expenses	138,037	139,343
Deferred revenue	(63,095)	(274,250)
Net cash used in operating activities	(224,901)	(316,637)
Cash Flows from Financing Activities
Proceeds from line of credit	0	50,000
Proceeds from convertible notes payable	100,000	0
Payment of debt issuance costs	0	(1,000)
Payments on notes payable	(18,883)	(69,737)
Net cash provided by (used in) financing activities	81,117	(20,737)
Net Change in Cash	(143,784)	(337,374)
Cash, Beginning of Period	145,521	482,908
Cash, End of Period	1,737	145,534
Cash Paid For:
Income Taxes	0	0
Interest	1,792	8,691
Non-cash transactions:
Conversion of Preferred B and accrued dividends into convertible note payable	580,000	0
Deemed dividend on extinguishment of Preferred B	83,836	0
Preferred stock dividends	39,486	69,259
Issuance of common stock and warrants in connection with conversion of Preferred B stock and accrued dividends	77,169	0
Issuance of commons stock for conversion of convertible debt	$ 40,000	$ 0

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash	$ 1,737	$ 145,521
Accounts receivable, net	18,283	9,515
Prepaid expenses	0	77,625
Total Current Assets	20,020	232,661
Property and equipment, net	0	128
Right of-use asset - operating lease	16,324	43,965
Total Assets	36,344	276,754
Current Liabilities:
Accounts payable and accrued expenses	894,494	756,456
Accrued dividends	110,027	160,000
Deferred revenue	839,390	902,485
Convertible notes payable, current portion	1,142,612	444,444
Notes payable, current portion	604,005	619,932
Line of Credit	50,000	50,000
Right of use liability - operating lease, current portion	17,230	39,255
Accrued liabilities - other	1,642,269	1,642,269
Subscription payable	499,999	499,999
Total Current Liabilities	5,800,026	5,114,840
Notes payable, net of current portion (net of discount $17,167 and $0, respectively)	135,016	137,972
Right of use liability - operating lease non current	0	6,978
Total Liabilities	5,935,042	5,259,790
Mezzanine equity
Series A Preferred stock - 2,800,000 authorized, $0.001 par value, 2,800,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023	294,080	284,622
Stockholders' Deficit:
Preferred stock, value	0	0
Common stock - 200,000,000 authorized, $0.001 par value, 93,718,876 and 81,088,719 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	93,718	81,088
Additional paid-in capital	8,284,081	8,562,630
Accumulated deficit	(14,570,677)	(13,911,476)
Total Stockholders' Deficit	(6,192,778)	(5,267,658)
Total Liabilities and Stockholders' Deficit	36,344	276,754
Series B Preferred Stock [Member]
Stockholders' Deficit:
Preferred stock, value	$ 100	$ 100