Exeo Entertainment, Inc.

CIK:0001528760|SEC Filings

CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020
Income Statement [Abstract]
REVENUES	$ 2,033	$ 5,101	$ 10,757	$ 19,377
COST OF GOOD SOLD
Cost of direct materials, shipping and labor	(3,043)	(3,213)	(9,948)	(15,327)
GROSS LOSS	(1,010)	1,888	809	4,050
OPERATING EXPENSES
General and administrative	158,703	208,383	757,420	713,703
Executive compensation	17,055	33,297	77,670	92,312
Professional fees	9,300	12,866	44,389	44,788
Depreciation and amortization	5,338	5,660	14,650	16,941
TOTAL OPERATING EXPENSES	190,396	260,206	894,129	867,744
LOSS FROM OPERATIONS	(191,406)	(258,318)	(893,320)	(863,694)
OTHER EXPENSE
Gain (loss) from foreign currency transactions	88,347	(82,933)	(50,931)	(29,356)
Interest expense - related party	(1,171)	(1,171)	(3,489)	(3,501)
Interest expense and financing expense	(55,520)	(1,811)	(76,376)	(44,649)
Change in fair value on derivative	(9,636)		775
Other income		3,750		3,750
TOTAL OTHER EXPENSES	22,020	(82,165)	(130,021)	(73,756)
NET LOSS	(169,386)	(340,483)	(1,023,341)	(937,450)
DIVIDEND OF REDEEMABLE PREFERRED STOCK	(37,875)	(38,570)	(112,801)	(119,890)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (207,261)	$ (379,053)	$ (1,136,142)	$ (1,057,340)
NET LOSS PER SHARE: BASIC AND DILUTED	$ (0.01)	$ (0.01)	$ (0.04)	$ (0.04)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	30,709,948	29,842,376	30,549,157	29,431,400

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,023,341)	$ (937,450)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	14,650	16,941
Financing expense resulting from derivative valuation	47,953
Non cash lease expense	355	3,323
Change in fair value of derivative liability	(776)
Discount on convertible notes payable	23,483
Shares issued for services		8,500
Modification of warrants		42,399
Changes in assets and liabilities
Decrease (Increase) in accounts receivable	323	25,921
Decrease (Increase) in prepaid expenses	(14,495)	(671)
Decrease (Increase) in inventory	6,342	11,329
(Decrease) Increase in accounts payable and accrued expenses	256,318	(1,529)
Increase in accrued interest - related party	3,489	3,501
Increase in accrued payroll - officers	12,840	14,124
Increase in royalty payable	290,473	221,558
Net Cash Used in Operating Activities	(382,386)	(560,054)
CASH FLOWS FROM INVESTING ACTIVITIES
Website development	(8,175)
Acquisition of property and equipment		(7,180)
Cash Flows Used in Investing Activities	(8,175)	(7,180)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock, net of issuance costs	97,750	358,500
Proceeds from exercise of warrants		190,470
Proceeds from convertible notes payable	190,000
Proceeds from loan payable		29,740
Payments on notes payable - auto loan		(7,626)
Cash Flows Provided by Financing Activities	287,750	571,084
Net change in cash and cash equivalents	(102,811)	3,850
Cash and cash equivalents, beginning of the period	170,852	96,923
Cash and cash equivalents, end of the period	68,041	100,773
Cash paid during the period for:
Cash paid for interest
Cash Paid for income taxes
Non-cash financing activities:
Conversion of preferred stock	24,747
Dividend of redeemable preferred stock	$ 112,801	$ 119,890

CONDENSED BALANCE SHEETS (Unaudited) - USD ($)	Aug. 31, 2021	Nov. 30, 2020
Current Assets
Cash and cash equivalents	$ 68,041	$ 170,852
Inventory, net	47,983	54,325
Prepaid expenses	27,053	12,558
Accounts Receivable	322	645
Total current assets	143,399	238,380
Operating lease right of use asset	120,452	209,200
Property and equipment, net	21,218	29,055
Website development costs, net	25,888	24,525
TOTAL ASSETS	310,957	501,160
Current liabilities
Accounts payable and accrued expenses	438,831	182,513
Accrued interest payable - related party	36,233	32,744
Accrued payroll - officers	216,512	203,672
Derivative Liability	237,178
Due to related parties	75,000	75,000
Royalty payable	2,063,391	1,772,918
PPP loan payable	29,740	29,740
Operating lease liabilities - current portion	110,566	116,791
Total current liabilities	3,207,451	2,413,378
Long-term liabilities
Convertible promissory notes payable, net	23,483
Operating lease liabilities	9,391	91,559
Total long-term liabilities	32,874	91,559
TOTAL LIABILITIES	3,240,325	2,504,937
Stockholders’ deficit
Common stock - $0.0001 par value, 100,000,000 shares authorized; 30,709,948 and 29,853,327 shares issued and outstanding, respectively	3,071	2,985
Additional paid-in capital	7,874,679	7,380,018
Stock payable	114,000	486,250
Accumulated deficit	(13,066,449)	(11,930,308)
TOTAL STOCKHOLDERS’ DEFICIT	(5,074,701)	(4,061,055)
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT	310,957	501,160
Series A Redeemable Convertible Preferred Stock [Member]
Long-term liabilities
Series B redeemable convertible preferred stock; $0.0001 par value, 1,000,000 shares authorized; 229,250 and 234,250 shares issued and outstanding; 2,500 shares unissued as of August 31, 2021 and November 30, 2020 (liquidation preference of $1,178,081 and $1,074,852, respectively). Stated at redemption value, net of Treasury Stock (2,500 shares)	177,676	192,851
Series B Redeemable Convertible Preferred Stock [Member]
Long-term liabilities
Series B redeemable convertible preferred stock; $0.0001 par value, 1,000,000 shares authorized; 229,250 and 234,250 shares issued and outstanding; 2,500 shares unissued as of August 31, 2021 and November 30, 2020 (liquidation preference of $1,178,081 and $1,074,852, respectively). Stated at redemption value, net of Treasury Stock (2,500 shares)	1,967,656	1,864,427
Series A Preferred Stock [Member]
Stockholders’ deficit
Convertible Preferred Stock Series B - 12%, $0.0001 par value, 1,000,000 shares authorized, 229,250 and 234,250 shares issued, respectively
Series B Preferred Stock [Member]
Stockholders’ deficit
Convertible Preferred Stock Series B - 12%, $0.0001 par value, 1,000,000 shares authorized, 229,250 and 234,250 shares issued, respectively