OMPHALOS, CORP

CIK:0001103640|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Operations [Abstract]
Sales, net	$ 4,989	$ 144,938	$ 14,256	$ 145,958
Cost of sales	3,709	115,015	6,169	120,297
Gross profit	1,280	29,923	8,087	25,661
Selling, general and administrative expenses	46,089	72,753	82,027	136,571
Loss from operations	(44,809)	(42,830)	(73,940)	(110,910)
Other income (expenses)
Interest income	1	37	1	37
Rent income	3,361		4,763
Interest expense	(7,543)	(7,226)	(15,013)	(14,526)
Gain (loss) on foreign currency exchange	(50)	363	(91)	481
Gain on disposal of fixed assets		10,110		10,110
Total other income (expenses)	(4,231)	3,284	(10,340)	(3,898)
Loss before provision for income taxes	(49,040)	(39,546)	(84,280)	(114,808)
Provision for income taxes	0	0	0	0
Net loss	$ (49,040)	$ (39,546)	$ (84,280)	$ (114,808)
Net loss per share:
Basic and diluted	$ (0.00)	$ (0.00)	$ (0.00)	$ (0.00)
Weighted average number of common shares:
Basic and diluted	115,063,760	115,063,760	115,063,760	115,063,760
Other Comprehensive Income (Loss):
Net loss	$ (49,040)	$ (39,546)	$ (84,280)	$ (114,808)
Foreign currency translation adjustment, net of tax	(53,726)	7,957	(36,335)	21,443
Comprehensive Loss	$ (102,766)	$ (31,589)	$ (120,615)	$ (93,365)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities
Net loss	$ (84,280)	$ (114,808)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization and depreciation	1,836	2,336
Bad debt expense	0	1,220
Gain on disposal of fixed assets	0	(10,110)
Changes in assets and liabilities:
Increase in accounts receivable	(3,140)	(18,034)
Decrease in inventory	57	24,065
(Increase) decrease in prepaid and other assets	(10,928)	12,488
(Decrease) increase in accounts payable	(5,132)	58,524
Increase (decrease) in accrued expenses	17,061	(10,466)
Increase in due to related parties	88,495	44,481
Net cash provided by (used in) operating activities	3,969	(10,304)
Cash flows from investing activities
Proceeds from disposal of equipment	0	12,914
Net cash provided by investing activities	0	12,914
Effect of exchange rate changes on cash and cash equivalents	157	9,015
Net increase in cash and cash equivalents	4,126	11,625
Cash and cash equivalents
Beginning	4,596	55,499
Ending	8,722	67,124
Cash paid during the year for:
Interest expense	0	4,842
Income tax	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 8,722	$ 4,596
Accounts receivable, net	6,533	3,268
Inventory, net	65,456	64,358
Prepaid and other current assets	36,124	23,684
Total current assets	116,835	95,906
Leasehold improvements and equipment, net	317	453
Operating lease right-of-use assets	39,658	56,127
Intangible assets, net	8,463	10,011
Deposits	2,040	2,844
Total Assets	167,313	165,341
Current Liabilities
Accounts payable	16,051	20,915
Accrued salaries and bonus	8,100	11,924
Accrued expenses	53,685	31,659
Due to related parties	989,245	881,527
Loan from shareholders - current portion	510,000	167,000
Operating lease liability - current portion	26,063	31,436
Total current liabilities	1,603,144	1,144,461
Non-current Liabilities
Loan from shareholders, less current portion	510,000	835,000
Operating lease liability, less current portion	13,595	24,691
Total liabilities	2,126,739	2,004,152
Stockholders' deficit
Common stock, $0.0001 par value, 120,000,000 shares authorized, 115,063,760 shares issued and outstanding as of June 30, 2020 and December 31, 2019	11,507	11,507
Additional paid-in capital	124,023	124,023
Accumulated other comprehensive income	436,334	472,669
Accumulated deficit	(2,531,290)	(2,447,010)
Total stockholders' deficit	(1,959,426)	(1,838,811)
Total Liabilities and Stockholders' Deficit	$ 167,313	$ 165,341