VirExit Technologies, Inc.

CIK:0001591615|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
General and administrative
Payroll	$ 16,602	$ 56,962	$ 101,428	$ 219,661
Stock-based compensation expense	136,061	29,000	337,018	114,750
Professional fees	36,991	7,550	118,201	84,117
Advertising		214	102	214
Travel	577		2,296	11,596
Other	3,816	3,930	19,942	18,929
Total general and administrative	194,047	97,656	578,987	449,267
Total operating expenses	194,047	97,656	578,987	449,267
Net operating loss	(194,047)	(97,656)	(578,987)	(449,267)
Interest expense	(63,662)	(54,390)	(185,224)	(175,096)
Gain (loss) on valuation of derivative liabilities	(133,049)	43,537	(35,652)	(83,632)
Loss on extinguishment of convertible notes	(550,990)	(78,340)	(569,480)	(168,431)
Debt penalty recovery (expense)	(30,000)	5,104	(30,000)	(46,288)
Loss on cashless exercise of warrants	(71,484)		(71,484)
Gain on prepayment of convertible notes		2,967		2,967
Net loss from continuing operations	(1,043,232)	(178,778)	(1,470,827)	(919,747)
Loss from discontinued operation		(147,992)	(1,798)	(364,802)
Net loss	(1,043,232)	(326,770)	(1,472,625)	(1,284,549)
Other comprehensive income (loss):
Foreign currency translation adjustment - discontinued operation	1,793	(4,654)	(351)	(8,606)
Comprehensive loss	$ (1,041,439)	$ (331,424)	$ (1,472,976)	$ (1,293,155)
Basic and diluted net loss per common share
- Continuing operations	$ (0.02)	$ (0.02)	$ (0.03)	$ (0.10)
- Discontinued operation		(0.02)	(0.00)	(0.04)
Net loss per share	$ (0.02)	$ (0.04)	$ (0.03)	$ (0.14)
Weighted average common shares outstanding - Basic and diluted	47,371,379	9,232,394	46,377,000	9,004,622

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended				9 Months Ended		12 Months Ended
	May 31, 2019	Nov. 30, 2018	May 31, 2018	Nov. 30, 2017	May 31, 2019	May 31, 2018	Aug. 31, 2018
Cash Flows From Operating Activities
Net loss from continuing operations	$ (1,043,232)		$ (178,778)		$ (1,470,827)	$ (919,747)
Loss from discontinued operation			(147,992)		(1,798)	(364,802)
Net loss	(1,043,232)	$ (363,268)	(326,770)	$ (427,119)	(1,472,625)	(1,284,549)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities - continuing operations:
Stock-based compensation expense	136,061		29,000		337,018	114,750
Amortization of debt discounts					114,946	129,934
Loss on valuation of derivative liabilities	133,049		(43,537)		35,652	83,632
Loss on extinguishment of convertible notes	550,990		78,340		569,480	168,431
Debt penalty expense	30,000		(5,104)		30,000	46,288
Loss on cashless exercise of warrants	71,484				71,484
Gain on prepayment of convertible notes			(2,967)			(2,967)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets					3,871	5,658
Accounts payable					(16,063)	(10,226)
Accrued payroll expenses					76,087	193,644
Accrued expenses					62,939	19,482
Net cash used in operating activities - continuing operations					(185,413)	(171,121)
Adjustments to reconcile loss from discontinued operation to net cash used in operating activities - discontinued operation:
Loss on impairment of property and equipment of discontinued operation						54,141
Changes in discontinued operation assets and liabilities					(7,580)	38,727
Net cash used in operating activities - discontinued operation					(9,378)	(271,934)
Net cash used in operating activities					(194,791)	(443,055)
Cash Flows From Financing Activities
Proceeds from notes payable - related party						580,800
Payments on notes payable - related party						(11,543)
Advances from (payments to) former officer, net						(219)
Issuance of common stock						17,100
Proceeds from convertible notes payable					240,250	186,500
Repayments of convertible notes payable						(301,560)
Debt issuance costs					(6,000)	(19,500)
Net cash provided by financing activities - continuing operations					234,250	451,578
Net cash provided by financing activities					234,250	451,578
Effect of foreign currency translation - discontinued operation					(351)	(8,606)
Net increase (decrease) in cash					39,108	(83)
Cash - beginning of period		$ 1,819		$ 2,039	1,819	2,039	$ 2,039
Cash - end of period	$ 40,927		$ 1,956		40,927	1,956	$ 1,819
Non-Cash Financing Activities:
Debt issuance costs netted from proceeds on convertible notes payable					26,750
Original issue discount in connection with convertible notes payable						12,500
Issuance of common stock through conversion of convertible notes payable					845,294	315,521
Reclassification of beneficial conversion feature to derivative liabilities						51,075
Supplementary Disclosure Of Cash Flow Information
Cash paid during the period for interest						39,516
Cash paid during the period for income taxes

Consolidated Balance Sheets - USD ($)	May 31, 2019	Aug. 31, 2018
Current assets
Cash	$ 40,927	$ 1,819
Prepaid expenses and other current assets	6,221	10,092
Current assets of discontinued operation	2,190	2,174
Total current assets	49,338	14,085
Total assets	49,338	14,085
Current liabilities
Accounts payable	37,714	53,777
Notes payable - related party	1,114,207	1,114,207
Accrued payroll expenses	1,089,950	1,013,863
Accrued expenses	51,005	6,330
Due to former officer	6,725	6,725
Convertible notes payable, net of discount of $23,706 and $52,831, respectively	230,654	158,669
Derivative liabilities	141,533	56,220
Current liabilities of discontinued operation	407,807	415,371
Total current liabilities	3,079,595	2,825,162
Total liabilities	3,079,595	2,825,162
Stockholders' equity (deficit):
Preferred stock par value $.0001: 10,000,000 shares authorized; no shares issued and outstanding
Common stock par value $.0001: 2,490,000,000 shares authorized; 82,646,606 and 10,107,394 shares issued and outstanding as of May 31, 2019 and August 31, 2018, respectively	8,265	1,011
Additional paid in capital	10,057,903	8,812,361
Accumulated deficit	(13,069,212)	(11,596,587)
Accumulated other comprehensive loss - discontinued operation	(28,213)	(27,862)
Total stockholders' equity (deficit)	(3,030,257)	(2,811,077)
Total liabilities and stockholders' equity (deficit)	49,338	14,085
Series E Preferred Stock [Member]
Stockholders' equity (deficit):
Preferred stock par value $.0001: 10,000,000 shares authorized; no shares issued and outstanding	$ 1,000