Verity Corp.

CIK:0001418115|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Revenue
Sales	$ 8,566,284	$ 3,524,334
Sales related party	682,500	0
Total revenue	9,248,784	3,524,334
Cost of goods sold	166,734	0
Cost of goods sold -related party	2,297,455	2,595,860
Gross profit	6,784,595	928,474
Operating Expenses:
Administrative expenses	3,491,623	1,648,341
Contractors expenses	203,722	573,706
Contractors expenses related party	5,743,637	1,730,574
Total operating expenses	9,438,982	3,952,621
(Loss) from operations	(2,654,387)	(3,024,147)
Other income (expense)
Interest income (expense), net	(133,785)	(6,250)
Income (loss) before provision for income taxes	(2,788,171)	(3,030,397)
Provision for income taxes	0	0
Net (Loss)	$ (2,788,171)	$ (3,030,397)
Basic and diluted earnings(loss) per common share	$ (0.49)	$ (27.37)
Weighted average number of shares outstanding	5,693,964	110,724

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Cash Flows From Operating Activities:
Net Loss	$ (2,788,171)	$ (3,030,397)
Adjustments to reconcile net income to net cash used in operating activities
Gain on extinguishment of liabilities	88,064	0
Changes in operating assets and liabilities:
Accounts receivable	(751,090)	(74,622)
Prepaid expenses	60,666	(60,666)
Accounts payable	(87,113)	10,483
Interest payable	(33,093)	22,711
Receiver certificate	(65,000)	0
Net cash (used for) operating activities	(3,575,737)	(3,132,491)
Cash Flows From Investing Activities:
Issuance of acquisition shares	89,698	(32,748)
Purchase of equipment	(1,233,998)	(587,083)
Net cash (used for) investing activities	(1,323,696)	(554,335)
Cash Flows From Financing Activities:
Notes payable	(9,323)	(9,965)
Notes payable related party	4,726,601	3,918,743
Proceeds from PPP loan	0	210,500
Net cash provided by (used for) financing activities	4,717,278	4,119,278
Net Increase (Decrease) In Cash	(182,154)	432,452
Cash At The Beginning Of The Period	841,349	408,896
Cash At The End Of The Period	659,194	841,349
Supplemental disclosure of non-cash investing and financing activities:
Discharge of debt related party	$ 4,388,165	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2021	Sep. 30, 2020
ASSETS
Cash	$ 659,194	$ 841,349
Accounts receivable/other receivable	825,712	74,622
Prepaid expenses	0	60,666
Investments	89,823,346	83,087,469
Total current assets	91,308,252	84,064,105
Equipment	1,821,081	587,083
Total Assets	93,129,332	84,651,188
Current liabilities
Accounts payable	22,200	109,313
PPP loan	210,500	210,500
Notes payable	456,000	465,323
Receiver-certificate	0	65,000
Interest payable	0	33,093
Notes payable related party	13,786,051	13,447,615
Total current liabilities	14,474,751	14,330,844
Total liabilities	14,474,751	14,330,844
Stockholders' Equity
Common stock, par value $0.001, 1,400,000,000 shares authorized 11,072,440 and 1,107,244shares issued and outstanding as of September 30, 2021, and September 30, 2020, respectively	11,072	1,107
Additional paid in capital	102,216,342	97,839,775
Accumulated other comprehensive income	5,598,328	(1,137,548)
Retained earnings (deficit)	(29,171,161)	(26,382,990)
Total Stockholders' (Deficit)	78,654,581	70,320,344
Total Liabilities and Stockholders' (Equity)	$ 93,129,332	$ 84,651,188