$THRC
Innovate Building Systems, Inc.
CIK:0001409253|SEC Filings
Consolidated Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | |
|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
| Cost and expenses: | ||
| Communication costs | $ 4,336 | $ 3,589 |
| Professional fees | 29,190 | 42,092 |
| Mineral exploration expense | 1,762 | |
| General and administrative expenses | 75 | |
| Total operating expenses | 33,526 | 47,518 |
| Other (income) expense | ||
| Interest expense | 2,231 | 2,318 |
| Exchange loss (gain) | (429) | |
| Total other expenses | 1,802 | 2,318 |
| Net income (loss) | $ (35,328) | $ (49,836) |
| Loss per common shares | $ (0.00) | $ (0.00) |
| Weighted average shares outstanding | 67,749,010 | 50,247,640 |
| Other Comprehensive Loss: | ||
| Unrealized exchange (loss) gain | $ (2,658) | $ 1,378 |
| Net comprehensive (loss) | $ (32,670) | $ (51,214) |
Consolidated Statements of Cash Flow (Unaudited) - USD ($) |
3 Months Ended | |
|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
| Cash flows from operating activities: | ||
| Net income (loss) | $ (35,328) | $ (49,836) |
| Change in non-cash working capital items: | ||
| Unrealized exchange (loss) gain | 3,316 | |
| Accounts payable | 33,151 | 45,371 |
| Net cash (used in) provided by operating activities | 1,139 | (4,465) |
| Cash flows from financing activities: | ||
| Notes payable assumed | (1,139) | |
| Proceeds from notes payable | 4,465 | |
| Change in prefer shares | ||
| Net cash provided by financing activities | (1,139) | 4,465 |
| Net change in cash and cash equivalents | ||
| Cash and cash equivalents | ||
| Beginning of period | ||
| Effect of exchange rate changes on cash and cash equivalents | ||
| End of period | ||
| Supplemental cash flow information and non cash financing activities: | ||
| Income taxes | ||
| Interest | $ 2,231 | |
Consolidated Balance Sheets - USD ($) |
Mar. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Current Assets | ||
| Cash and cash equivalents | ||
| Total Current Assets | ||
| TOTAL ASSETS | ||
| Current Liabilities | ||
| Accounts payable | 391,525 | 358,374 |
| Accounts payable, related party | 294,783 | 294,783 |
| Note payable | 171,148 | 172,287 |
| Total Current Liabilities | 857,456 | 825,444 |
| TOTAL LIABILITIES | 857,456 | 825,444 |
| Stockholders' Equity | ||
| Preferred stock | ||
| Common stock: 10,000,000,000 authorized; $0.00001 par value 70,065,448 and 70,065,448 shares issued and outstanding on March 31, 2018 and December 31, 2017, respectively | 701 | 701 |
| Additional paid-in capital | 21,843,590 | 21,843,590 |
| Cumulative comprehensive income (loss) | 10,520 | 9,862 |
| Accumulated deficit | (36,454,324) | (36,421,654) |
| Total stockholders' deficit | (857,456) | (825,444) |
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | ||
| Series A Preferred Stock | ||
| Stockholders' Equity | ||
| Preferred stock | 13,741,679 | 13,741,679 |
| Series B Preferred Stock | ||
| Stockholders' Equity | ||
| Preferred stock | $ 378 | $ 378 |