FULLCIRCLE REGISTRY INC

CIK:0001127993|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues	$ 657,235	$ 1,268,447	$ 1,705,319	$ 3,857,273
Cost of Sales	772,238	1,015,843	1,373,739	2,882,705
Gross Profit	(115,003)	252,604	331,580	974,568
General and Administrative Expenses
Stock compensation and stock issued for services		78,102	238,128	110,852
Impairment expense				46,869
General and administrative	667,185	1,126,705	3,610,456	3,627,953
Total General and Administrative Expenses	667,185	1,204,807	3,848,548	3,785,674
Loss from Operations	(782,188)	(952,203)	(3,517,004)	(2,811,106)
Other Income (Expense)
Other income	504	2,000	3,304	7,878
Expenses related to convertible notes payable:
Change in fair value of derivative liability	61,553		(12,189)	1,842,000
Interest accretion	(153,515)	(25,370)	(389,628)	(49,660)
Interest expense related to Equity Purchase Agreement (Note 11)				(2,143,500)
Interest expense	(606,740)	(101,766)	(2,044,936)	(724,129)
Total Other Income (Expense)	(698,198)	(125,136)	(2,443,449)	(1,067,411)
Net Loss before Income Taxes	(1,480,386)	(1,077,339)	(5,960,453)	(3,878,517)
Income taxes (Note 9)
Net Loss	$ (1,480,386)	$ (1,077,339)	$ (5,960,453)	$ (3,878,517)
Net Basic and Fully Diluted Loss Per Share (in Dollars per share)	$ (0.0693)	$ (0.0636)	$ (0.2791)	$ (0.2325)
Weighted average common shares outstanding
Basic (in Shares)	21,353,550	16,939,276	21,353,550	16,679,847
Fully diluted (in Shares)	22,953,550	16,945,205	22,953,550	16,683,828

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities
Net loss	$ (5,960,453)	$ (3,878,517)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	543,790	387,421
Amortization of debt discounts	333,592	49,660
Impairment expense		46,869
Change in fair value of derivative liability	12,189	(1,842,000)
Fair value of warrants
Stock issued to reduce debt	1,093,223
Changes in assets and liabilities:
Accounts receivable	(185,797)	206,990
Inventories	515,540	2,320,680
Intangibles		(48,894)
Right of use assets		49,222
Accounts payable	145,130	(203,221)
Accrued expenses	570,057	610,016
Deferred revenue		(453,862)
Net cash used in operating activities	(2,932,729)	(2,755,636)
Cash Flows from Investing Activities
Purchases of capitalized development costs	(208,245)	(363,319)
Purchases of property and equipment		(194,326)
Net cash used in investing activities	(208,245)	(557,645)
Cash Flows from Financing Activities
Principal payments on financing lease obligations	49,754
Proceeds from notes payable	1,255,935	500,000
Principal payments on notes payable	(284,685)	(217,546)
Proceeds (payments) on notes and advances from stockholders, net	(37,170)	(74,026)
Proceeds from convertible notes payable		1,075,000
Proceeds (payments) on line of credit, net	332,281	(991,598)
Proceeds from sale of common stock under Equity Purchase Agreement	842,000	1,633,700
Net cash provided by financing activities	2,158,115	1,925,530
Net Decrease in Cash	(982,859)	(1,387,751)
Cash, Beginning of Period	300,899	541,591
Cash, End of Period	(681,960)	(846,160)
Supplemental and Non Cash Disclosures
Stock issued under Equity Purchase Agreement	167,378	2,676,000
Stock issued for services and donated	335,434	(1,350,217)
Legal fees netted from loan proceeds	56,233	78,750
Cash paid for interest	78	54,756
Stock issued to reduce notes payable	627,958
Interest on shares issued under Equity Purchase Agreement		2,143,500
Stock issued for services	238,128	110,852
Property leased with financing lease		97,253
Change in fair value of derivatives		1,842,000
Preferred stock issued in exchange for debt reduction		1,825,000
Stock issued to convert Preferred Series F	$ 451,977

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Jun. 30, 2022
Current Assets
Cash	$ 170,096	$ 300,899
Accounts receivable, net	638,440	452,643
Inventories, net	486,568	1,002,108
Other current assets	3,950	3,950
Total Current Assets	1,299,054	1,759,600
Property and Equipment, net (Note 2)	318,694	348,869
Intangibles, net (Note 1)	1,137,821	1,443,191
Goodwill (Note 1)	834,220	834,220
Operating right of use asset (Note 7)	129,758	179,512
Total Assets	3,719,547	4,565,392
Current Liabilities
Line of credit (Note 3)	332,281
Derivative liability, convertible debt features (Note 5)	12,189
Current portion long term notes payable (Note 4)	3,795,339	2,815,231
Accounts payable	883,078	737,948
Accrued expenses	1,563,428	993,371
Deferred revenue	175,436	175,436
Short term portion of related party notes and payables (Note 6)	105,876	1,238,755
Total Current Liabilities	6,867,627	5,960,741
Noncurrent Liabilities
Related party notes payable, less current portion (Note 6)	2,379,702	586,862
Notes payable, less current portion (Note 4)	382,144	248,978
Total Liabilities	9,629,473	6,796,581
Stockholders' Deficit
Common stock	330,873	321,134
Preferred stock – Series G, non-redeemable
Preferred stock - Series F, subject to redemption	10	11
Additional paid-in-capital	53,901,728	51,629,750
Accumulated deficit	(60,142,537)	(54,182,084)
Total Stockholders' Deficit	(5,909,926)	(2,231,189)
Total Liabilities and Stockholders' Deficit	$ 3,719,547	$ 4,565,392