Cyberspace Vita, Inc.

CIK:0001381240|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Revenues	$ 2,601,662	$ 3,439,225	$ 5,440,949	$ 6,305,304
Cost of Goods Sold	1,346,069	2,097,844	2,823,931	3,478,464
Gross Profit	1,255,593	1,341,381	2,617,018	2,826,840
Operating Expenses
Consulting Fees	243,085	413,707	494,264	866,736
General and Administrative	611,445	1,478,002	1,395,416	3,233,356
Impairment of fixed assets and construction in progress	88,243		88,243
Professional Fees	104,917	212,558	206,294	548,033
Depreciation Expense	47,522	56,977	96,308	101,169
Stock Based Compensation (Note 3)
Consulting Fees		90,000		635,107
Share Exchange and Ancillary Rights Agreement				1,166,700
Director Fees		14,161		30,087
Professional Fees				408,000
Total Stock based compensation		104,161		2,239,894
Total Operating Expenses	1,095,212	2,265,405	2,280,525	6,989,188
Income (Loss) from Operations	160,381	(924,024)	336,493	(4,162,348)
Other Income (Expenses)
Rent Income		31,500		57,256
Abandonment of Option to Purchase Building		(200,000)		(200,000)
Write of leasehold improvements and rent deposits		(654,426)		(654,426)
Option Fee	25,000		25,000
Unrealized gain (loss) on investments	109,378	(802,106)	154,222	(802,106)
Total Other Income (Expenses)	134,378	(1,625,032)	179,222	(1,599,276)
Income (Loss) From Operations Before Provision for Income Taxes	294,759	(2,549,056)	515,715	(5,761,624)
Provision for Income Taxes (Note 4)
Net Income (Loss)	294,759	(2,549,056)	515,715	(5,761,624)
Net Loss Attributable to Non-Controlling Interest	(9,166)	(353,451)	(36,438)	(478,818)
Net Income (Loss) Attributable to GSRX Industries Inc.	$ 303,925	$ (2,195,605)	$ 552,153	$ (5,282,806)
Basic and diluted income (loss) per share	$ (0.00)	$ (0.04)	$ 0.01	$ (0.10)
Weighted average number of common shares outstanding - Basic and diluted	81,799,286	59,117,117	81,799,286	52,633,839

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Cash Flow from Operating Activities
Net Income (Loss)	$ 294,759	$ (2,549,056)	$ 515,715	$ (5,761,624)	$ (5,761,624)
Adjustments to Reconcile Net Income (Loss) to Net Cash used in Operating Activities
Issuance of Common Stock for Services				2,239,894
Depreciation Expense	47,522	56,977	96,308	101,169
Abandonment of Option to Purchase Building		200,000		200,000
Impairment leasehold improvements and rent deposits		654,426		654,426
Unrealized gain (loss) on investments	(109,378)	802,106	(154,222)	802,106
Changes in Operating Assets and Liabilities:
Accounts Receivable			11,294	14,592
Inventory			(16,205)	(43,150)
Prepaid Inventory			366,322	334,544
Prepaid Expenses				2,500
Accounts Payable			(320,355)	(188,156)
Accrued Expenses			(226,772)	84,611
Lease liability - current			(263,688)	226,885
Net Cash Provided (Used) in Operating Activities			(52,955)	(1,332,203)
Cash Flow from Investing Activities
Deposit				(280,409)
Purchase of Fixed Assets				(67,826)
Licenses				(385)
Advance to Parent and Affiliate			(503,208)
Proceeds from Advance to Parent and Affiliate			427,552
Patent Application Costs incurred				(135,546)
Investments, cost method				(70,000)
Construction in Progress			(3,480)	(321,679)
Net Cash Used in Investing Activities			(79,136)	(875,845)
Cash Flow from Financing Activities
Issuance of Common Stock for Cash				977,000
Sale of Equity in Subsidiaries				1,124,584
Cash Contributed by Non-controlling Interests				59,287
Net Cash Provided by Financing Activities				2,160,871
Net Decrease in Cash			(26,181)	(47,177)
Cash at Beginning of Period			604,274	1,313,645	1,313,645
Cash at End of Period	$ 578,093	$ 1,266,468	578,093	1,266,468	$ 604,274
Cash paid during the period for:
Interest
Income Taxes
Supplemental Disclosure of Non-cash Investing and Financing Activities
Common stock issued for Investments, fair value				$ 11,666,998

Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current Assets
Cash	$ 49,523	$ 75,704
Cash, held in escrow (Note 9)	528,570	528,570
Accounts Receivable	9,852	21,146
Inventory	458,521	442,316
Prepaid Inventory, related party	4,941	371,263
Total Current Assets	1,051,407	1,438,999
Fixed Assets
Furniture, Fixtures and Equipment	388,753	406,729
Building, Land and Leasehold Improvements	992,004	1,009,505
Accumulated Depreciation	(350,722)	(264,583)
Total Net Fixed Assets	1,030,035	1,151,651
Other Assets
Advance to Parent and Affiliate	1,246,042	1,170,386
Licenses	812,300	812,300
Deposits	256,560	275,810
Investments, fair value (Note 2)	386,469	232,247
Investments, cost method (Note 2)	70,000	70,000
Right of Use (Note 2)	1,600,378	2,155,738
Construction in Progress (Note 5)	742,955	739,473
Total Other Assets	5,114,704	5,455,954
Total Assets	7,196,146	8,046,604
Current Liabilities
Accounts Payable	555,872	876,227
Accrued Expenses	136,131	362,903
Lease Liability - current (Note 2)	437,180	594,936
Total Current Liabilities	1,129,183	1,834,066
Long Term Liabilities
Lease Liability - non current (Note 2)	1,089,945	1,751,237
Total Long Term Liabilities	1,089,945	1,751,237
Total Liabilities	2,219,128	3,585,303
Commitments and Contingencies (Note 8)
Stockholders' Equity (Note 3)
Preferred Stock, convertible, $.001 par value; 1,000 shares authorized; 1,000 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	1	1
Common Stock $.001 par value 100,000,000 authorized; 81,799,286 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	81,800	81,800
Additional paid-in capital	83,111,254	83,111,254
Retained Deficit	(78,027,084)	(78,579,239)
Equity Attributable to GSRX Industries Inc.	5,165,971	4,613,816
Non-Controlling Interest	(188,953)	(152,515)
Total Stockholders' Equity	4,977,018	4,461,301
Total Liabilities and Stockholders' Equity	$ 7,196,146	$ 8,046,604