CAMBRIDGE PROJECTS INC.

CIK:0001528308|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues (See Note 2 and Note 10 for related party amounts)	$ 2,058,179	$ 3,160,746	$ 10,551,867	$ 9,102,094
Cost of Revenues (See Note 10 for related party amounts)	1,788,635	2,802,497	9,528,438	8,071,941
Gross profit	269,544	358,249	1,023,429	1,030,153
Operating expenses
Selling, general and administrative expense	457,213	327,372	1,253,659	985,273
Research and development expense	121,396	147,871	519,015	425,111
Total operating expenses	578,609	475,243	1,772,674	1,410,384
Income (loss) from operations	(309,065)	(116,994)	(749,245)	(380,231)
Other income (expense):
Interest expense, net of interest income	(180,726)	(42,441)	(443,052)	(262,174)
Subsidy income	37,139	45,790	184,397	59,876
Change in fair value of derivative liability				(647,632)
Gain (loss) on extinguishment of debt	15,000			202,588
Total other income (expense)	(128,587)	3,349	(258,655)	(647,342)
Income (loss) before income tax expense (benefit)	(437,652)	(113,645)	(1,007,900)	(1,027,573)
Income tax expense (benefit)	145	1,949	67,841	(23,555)
Net income (loss)	(437,797)	(115,594)	(1,075,741)	(1,004,018)
Other comprehensive income (loss)
Foreign currency translation adjustment	58,337	(29,945)	228,762	865,206
Comprehensive loss	(379,460)	(145,539)	(846,979)	(138,812)
Less: Comprehensive income attributable to noncontrolling interest		19,632		19,632
Comprehensive loss attributable to common stockholders of the Company	$ (379,460)	$ (165,171)	$ (846,979)	$ (158,444)
Earnings (Loss) Per Share - Basic	$ (0.00)	$ (0.00)	$ (0.01)	$ (0.01)
Weighted average number of common shares outstanding - Basic	139,844,550	161,911,380	142,392,564	134,708,314
Earnings (Loss) Per Share - Diluted	$ (0.00)	$ (0.00)	$ (0.01)	$ (0.01)
Weighted average number of common shares outstanding - Diluted	137,978,627	161,911,380	140,883,445	134,708,314

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (1,075,741)	$ (1,004,018)
Adjustments required to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	556,509	512,375
Deferred taxes		(25,908)
Change in fair value of derivative liability		647,632
Loss (gain) on extinguishment of debt		(202,588)
Non-cash interest	376,952	177,205
Changes in operating assets and liabilities:
Accounts receivable - non-related parties	677,321	262,424
Inventory	493,898	(652,185)
Advances to suppliers - non-related parties	324,613	(326,742)
Advances to suppliers - related parties		(40,072)
Prepaid expenses and other current assets	(229,424)	(620,374)
Accounts payable	(2,558,931)	(184,288)
Advance from customers	105,930	293,468
Accrued expenses and other current liabilities	109,886	(248,380)
Net cash provided by (used in) operating activities	(1,218,987)	(1,411,451)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment	(153,659)	(190,190)
Acquisition of intangible assets		(2,334)
Net cash used in investing activities	(153,659)	(192,524)
CASH FLOWS FROM FINANCING ACTIVITIES
Notes receivable	(116,963)	34,852
Proceeds from bank loans	1,568,455	1,405,792
Repayment of bank loans	(919,710)	(2,344,185)
Proceeds from issuance of promissory notes	1,071,250	687,500
Repayment of promissory notes	(909,998)
Repayment of convertible notes payable		(555,747)
Proceeds from issuance of common stock for private placement	394,800	538,000
Proceeds from (repayment of) loans from related parties	(452,840)	1,021,130
Proceeds from the Registered Capital Increase of Fangguan Electronics	941,070
Net cash provided by (used in) financing activities	1,576,064	787,342
Effect of exchange rate changes on cash	206,007	73,352
Net increase (decrease) in cash and cash equivalents	409,425	(743,281)
Cash and cash equivalents, beginning of period	731,819	1,285,373
Cash and cash equivalents, end of period	1,141,244	542,092
Supplemental disclosure of cash flow information
Cash paid for income tax	85,274	10,751
Cash paid for interests	100,273	66,820
Non-cash investing and financing activities
Issuance of 9,470,630 shares of common stock for conversion of convertible notes		847,144
Issuance of 3,026,164 shares of common stock as commitment shares for promissory note		155,213
Issuance of 1,500,000 shares of common stock for exercise of warrants		$ 67,028
Issuance of 8,529,500 shares of common stock as commitment shares for promissory note	257,875

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Current Assets:
Cash and cash equivalents	$ 1,141,244	$ 731,819
Notes receivable	196,091	76,743
Accounts receivable	4,340,702	4,936,974
Inventory	5,052,260	5,454,371
Advances to suppliers - non-related parties	468,797	782,481
- related parties	441,538	434,200
Prepaid expenses and other current assets	688,462	478,830
Total Current Assets	12,329,094	12,895,418
Property, plant and equipment, net	6,528,852	6,792,315
Intangible assets, net	1,510,225	1,508,583
Long-term prepaid expenses	529,926	491,015
Deferred tax assets	50,988	50,105
Total Assets	20,949,085	21,737,436
Current Liabilities:
Short-term bank loan	1,575,250	904,832
Accounts payable	2,448,506	4,942,881
Advance from customers	446,855	334,101
Promissory notes payable, net of debt discount and loan cost	999,477	533,316
Due to related parties	2,650,812	3,053,818
Accrued expenses and other current liabilities	230,375	117,450
Total Current Liabilities	8,351,275	9,886,398
Total Liabilities	8,351,275	9,886,398
Stockholders’ Equity:
Preferred stock, $.0001 par value, 5,000,000 shares authorized, 5,000,000 shares issued and outstanding	500	500
Common stock, $.0001 par value, 395,000,000 shares authorized， 176,989,156 and 164,041,058 shares issued and outstanding as of March 31, 2022 and June 30, 2021 respectively	17,699	16,404
Additional paid in capital	12,379,248	10,786,792
Retained earnings (accumulated deficit)	(1,220,150)	(144,409)
Accumulated other comprehensive income (loss)	978,552	749,790
Total Stockholders' Equity attributable to the Company	12,155,849	11,409,077
Noncontrolling interest	441,961	441,961
Total Stockholders’ Equity	12,597,810	11,851,038
Total Liabilities and Stockholders’ Equity	$ 20,949,085	$ 21,737,436