Global Seed Corp

CIK:0001524829|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss (Audited) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net revenues	$ 195,917	$ 16,493
Cost of revenues	125,572	11,807
Gross profit	70,345	4,686
Operating expenses:
Selling and marketing expenses	69,732	12,575
General and administrative expenses	1,116,473	410,170
Total operating expenses	1,186,205	422,745
Operating loss	(1,115,860)	(418,059)
Other income (expenses):
Interest income	44	11
Interest expenses	(1,190)	(9)
Other income	339	321
Other expenses	(678)
Total other income and (expenses)	(1,485)	323
Loss before tax	(1,117,345)	(417,736)
Income tax	27	123
Net loss	(1,117,372)	(417,859)
Non-controlling interest	(3,204)
Net loss attributable to GLBD stockholders	(1,114,168)	(417,859)
Other comprehensive income:
Foreign currency translation income	10,989	10,393
Comprehensive loss	$ (1,103,179)	$ (407,466)
Loss per share: basic and diluted (in Dollars per share)	$ 0.00	$ 0.00
Basic weighted average shares outstanding (in Shares)	257,874,025	257,874,025
Diluted weighted average shares outstanding (in Shares)	257,883,614	257,874,025

Consolidated Statements of Cash Flows (Audited) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,117,372)	$ (417,859)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	22,317	3,088
Interest expenses	1,190
Non-cash lease expense	3,481
Changes in operating assets and liabilities:
Accounts and other receivables	(14,018)	(13,308)
Inventories	(201,671)	(25,775)
Prepayment and deposits	(70,476)	(18,288)
Accounts payable and accrued payables	329,945	115,920
Net cash used in operating activities	(1,046,604)	(356,222)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(191,359)	(26,151)
Net cash used in investing activities	(191,359)	(26,151)
CASH FLOWS FROM FINANCING ACTIVITIES
Changes in related party balances, net	1,262,738	391,166
Proceeds from issuance of convertible notes	280,000
Net cash provided by financing activities	1,542,738	391,166
EFFECT OF EXCHANGE RATE ON CASH	(42)	(346)
NET INCREASE (DECREASE) IN CASH	304,733	8,447
CASH, BEGINNING OF YEAR	8,717	270
CASH, END OF YEAR	313,450	8,717
Cash paid during the period for:
Interest paid, net of capitalized interest		9
Interest received	44	11
Income taxes (refunded) paid	$ (1,448)	$ 123

Consolidated Balance Sheets (Audited) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 313,450	$ 8,717
Accounts receivable, net	30,839	12,801
Inventories	224,418	24,794
Prepayments	82,930
Prepaid taxes		12,763
Due from related parties	25,406	16,742
Total Current Assets	677,043	75,817
Property and equipment, net	189,493	22,185
Right-of-use assets, net	172,807
Intangible assets, net		4,828
Total Assets	1,039,343	102,830
Liabilities and Stockholders’ (Deficit) Equity
Lease obligations, current	58,560
Accounts and taxes payables and accruals	124,617	30,606
Advances from customers	315,394	81,410
Due to related parties	1,528,246	270,021
Total Current Liabilities	2,026,817	382,037
Lease obligations, long term	117,699
Convertible notes, net	210,417
Total Liabilities	2,354,933	382,037
Common stock (8,999,886,999 shares authorized, 257,874,025 issued and outstanding at December 31, 2019 and 2018, respectively)	25,787	25,787
Paid in capital	161,863	91,863
Accumulated deficit	(1,520,157)	(405,989)
Accumulated other comprehensive loss	21,615	10,626
Stockholders’ deficit	(1,310,892)	(277,713)
Non-controlling interest	(4,698)	(1,494)
Total Deficit	(1,315,590)	(279,207)
Total Liabilities and Stockholders’ Deficit	$ 1,039,343	$ 102,830