Texas Jack Oil & Gas Corp

CIK:0001598308|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue	$ 375	$ 40,196
Revenue-related party	7,000
Cost of revenue	115,681	201,495
Cost of revenue-related party	4,000
Gross profit	(112,306)	(161,299)
Operating expenses
Professional fees	176,174	83,790
Research and development - related party	1,369,097	461,040
Research and development	3,600	20,700
Selling, general and administrative - related party	1,561,000	2,751,704
Selling, general and administrative	963,450	109,358
Total operating expense	4,073,321	3,426,592
Loss from operations	(4,185,627)	(3,587,891)
Other income (expense)
Interest expense	(281,866)	(802,301)
Amortization of debt discount	(687,460)	(163,931)
Loss on related party transfer of intangible assets		(4,480,000)
Total other income (expense)	(969,326)	(5,446,232)
Net loss	$ (5,154,953)	$ (9,034,123)
Basic and Diluted Loss per Common Share	$ (0.05)	$ (0.14)
Weighted average number of common shares outstanding - basic and diluted	93,904,756	65,905,595

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (5,154,953)	$ (9,034,123)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Loss on related party transfer of intangible assets		4,480,000
Common stock issued for services	1,741,800	2,544,000
Amortization of debt discount	687,460	163,931
Penalties on default of Firstfire Notes	191,400
Interest recorded on compensatory warrants		737,569
Depreciation and amortization	1,164	1,067
Changes in operating assets and liabilities:
(Increase) decrease in prepaid expenses and other assets	7,653	(12,854)
(Increase) decrease in inventory	29,681	(122,466)
Increase (decrease) in accounts payable and accrued expenses	26,011	(127,336)
Increase (decrease) related party payables	501,577	(227,806)
Net cash flows used in operating activities	(1,968,207)	(642,802)
Cash flows used in investing activity
Purchase of equipment		(3,505)
Net cash flows used in investing activity		(3,505)
Cash flows from financing activities
Proceeds from sale of common stock	1,478,870	680,051
Proceeds from convertible promissory notes	538,200	162,000
Payments of convertible promissory notes	(50,000)	(73,000)
Proceeds from promissory notes		75,000
Payments of promissory notes	(70,780)	(15,845)
Proceeds from related party note, net		144,576
Payments of related party note	(2,785)	(266,270)
Net cash flows from financing activities	1,893,505	706,512
Change in cash	(74,702)	60,205
Cash at beginning of period	74,702	14,497
Cash at end of period		74,702
Supplemental disclosure of cash flow information:
Interest paid in cash	11,875	32,680
Income taxes paid in cash
Supplemental disclosure of non-cash transactions:
Common stock issued for conversion of note payable	195,500	132,711
Debt discount recorded for beneficial conversion feature	538,200	145,617
Common stock issued for license agreements		$ 4,480,000

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Current assets:
Cash		$ 74,702
Prepaid expenses and other current assets	20,266	27,918
Inventory, net		29,681
Deferred financing costs		271,814
Total current assets	20,266	404,115
Equipment, net of accumulated depreciation of $2,230 and $1,067	1,274	2,438
Investment in related party common stock	5,000	5,000
Total assets	26,540	411,553
Current liabilities:
Related party note		2,785
Bank overdraft	1,230
Convertible notes payable, net of discount of $0 and $27,460, respectively	690,900	85,000
Notes payable		43,320
Accounts payable and accrued liabilities	173,727	148,946
Related party payables	730,175	228,598
Total current liabilities	1,596,032	508,649
Total liabilities	1,596,032	508,649
Stockholders’ equity (deficit):
Common stock; $0.001 par value, 400,000,000 shares authorized, 115,287,079 and 78,713,899 shares issued and outstanding at June 30, 2022 and 2021, respectively	115,287	78,714
Additional paid-in capital	17,244,206	13,529,861
Common stock payable	8,700	77,061
Retained deficit	(18,937,685)	(13,782,732)
Total stockholders’ equity (deficit)	(1,569,492)	(97,096)
Total liabilities and stockholders’ equity (deficit)	$ 26,540	$ 411,553