STEELE RESOURCES CORP

CIK:0001404280|SEC Filings

Consolidated Statement of Operations - USD ($)	3 Months Ended		7 Months Ended	9 Months Ended
Consolidated Statement of Operations - USD ($)	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2016	Jul. 31, 2017
Details
Sales	$ 618,522	$ 845,985	$ 2,263,625	$ 3,632,093
Cost of goods sold	572,884	794,808	1,840,737	3,306,252
Gross profit	45,638	51,177	422,888	325,841
Operating expenses:
Selling, general and administrative expenses	1,096,832	82,743	185,747	1,386,844
Total operating expenses	1,096,832	82,743	185,747	1,386,844
Operating (loss) income	(1,051,194)	(31,566)	237,141	(1,061,003)
Other (income) expenses, net:
Interest expense, net	3,226	2,229	4,145	8,013
Loss on settlement of debt	13,826	0		13,826
Total other income, net	17,052	2,229	4,145	21,839
Net loss	$ (1,068,246)	$ (33,795)	$ 232,996	$ (1,082,842)
Earnings per share:
Basic & diluted	$ (0.20)	$ 0	$ 0	$ (0.48)
Shares used in earnings per share calculation:
Basic & diluted	5,372,528	0	0	2,258,548

Consolidated Statement of Cash Flows - USD ($)	7 Months Ended	9 Months Ended
Consolidated Statement of Cash Flows - USD ($)	Jul. 31, 2016	Jul. 31, 2017
Cash Flows From Operating Activities
Net loss	$ 232,996	$ (1,082,842)
Stock-based compensation	0	992,040
Loss on settlement of debt		13,826
Changes in operating assets and liabilities:
Accounts receivable	(298,263)	252,523
Inventories	(145,957)	95,991
Prepaid expenses and other current assets	0	58,774
Other assets	(3,344)	2,282
Accounts payable and other current liabilities	138,166	(427,447)
Net cash (used) provided by operating activities	(76,402)	(94,853)
Cash Flows From Financing Activities
Capital Contribution	10	0
Repayment to related party notes	(26,582)	0
Proceeds from related party notes	131,992	0
Net cash provided by financing activities	105,420	0
Net decrease in cash and cash equivalents	29,018	(94,853)
Cash and cash equivalents at beginning of year	0	164,593
Cash and cash equivalents at end of year	29,018	69,740
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	0	0
Cash paid for income taxes	$ 0	0
Non Cash Transactions
Issuance of common stock from conversion of Series A Preferred Stock		214
Issuance of common stock from conversion of Series B Preferred Stock		28
Issuance of common stock due to the cancellation of debt		53
Issuance of CS for settlement of related party debt		120,181
Issuance of Series B PS as compensation to debt holder		$ 105

Consolidated Balance Sheet - USD ($)	Jul. 31, 2017	Oct. 31, 2016
Current assets:
Cash and cash equivalents	$ 69,740	$ 164,593
Accounts receivable	167,991	420,514
Inventories	51,069	147,060
Prepaid expenses and other current assets	7,382	66,156
Total current assets	296,182	798,323
Goodwill	26,290	26,290
Other assets	1,000	3,282
Total assets	323,472	827,895
Current liabilities:
Accounts payable	87,785	513,987
Related parties payable	0	106,355
Loan payable	80,000	80,000
Other current liabilities	176	1,421
Total current liabilities	167,961	701,763
Total liabilities	167,961	701,763
Stockholders' equity:
Common stock (895,000,000 authorized, $0.0001 par value, 3,000,000 and 51,426 outstanding as of April 30, 2017 and October 31, 2016, respectively)	637	5
Additional Paid-In Capital	1,267,949	156,437
Accumulated deficit	(1,113,180)	(30,338)
Total stockholders' equity	155,511	126,132
Total liabilities and stockholders' equity	323,472	827,895
Series A Preferred Stock
Stockholders' equity:
Preferred stock (5,000,000 authorized, $0.0001 par value, 0 and 284,490 outstanding as of April 30, 2017 and October 31, 2016, respectively)	0	0
Series B Preferred Stock
Stockholders' equity:
Preferred stock (5,000,000 authorized, $0.0001 par value, 0 and 284,490 outstanding as of April 30, 2017 and October 31, 2016, respectively)	$ 105	$ 28