12 Retech Corp

CIK:0001627611|SEC Filings

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenues	$ 660,206	$ 721,312
Cost of revenue	394,394	385,236
Gross Profit	265,812	336,076
Operating Expenses
General and administrative	1,447,357	1,762,856
Professional fees	744,112	683,251
Depreciation	42,600	439,269
Total Operating Expenses	2,234,069	2,885,376
Operating Income (Loss)	(1,968,257)	(2,549,300)
Other Expense
Other income	598,809	431,937
Reserve Expense	429,048	(491,897)
Interest expense	(2,528,426)	(471,579)
Gain/ (loss) on derivative liability	(1,792,072)	(18,860,260)
Net Other Income (Expense)	(3,292,641)	(19,391,799)
Net Gain (Loss)	(5,260,898)	(21,941,099)
Other comprehensive income- foreign currency translation adjustment	(2,589)	962
Comprehensive Gain (Loss)	(5,263,487)	(21,940,137)
Minority Interest	(26,882)	(221,544)
Net Gain (Loss) to 12 ReTech Corporation	$ (5,236,605)	$ (21,718,593)
Net Gain (Loss) Per Common Share: Basic and Diluted	$ (0.00)	$ (0.03)
Weighted Average Number of Common Shares Outstanding: Basic and Diluted	7,139,048,844	641,140,917

Condensed Consolidated Statement of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (5,260,898)	$ (21,941,099)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	42,600	439,269
Increase in notes payable and Series D-2 for defaults		491,897
Excess fair market value of common shares over liabilities settled
Accrual of dividends on preferred stock		41,243
Change in fair value of derivative liability	1,669,945
Gain/loss on derivative liability and additional interest expense recorded on issuance	1,774,217	18,860,260
Loss on exchange and issuance of preferred stock		109,080
Amortization of debt discount	342,738	4,460
Preferred stock dividends	27,420
Stock compensation	1,585
Right of use lease	176,533
Accounts receivable	(8,529)	128,497
Prepaid Expenses	(580)	(5,320)
Inventory	73,019	64,815
Other current assets		179,100
Accounts payable and accrued liabilities	978,709	1,020,096
Lease liability		(1,508)
Net Cash Provided By (Used in) Operating Activities	(536,307)	(609,210)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		399
Cash received from acquisition
Cash paid on acquisition
Software development costs	(88,999)	(180,426)
Security deposit	9,940
Net Cash Used in Investing Activities	(79,059)	(180,027)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds (repayments) from stockholders	3,021	(338)
Proceeds from convertible notes payable and notes payable	637,875	80,000
Proceeds from Preferred Series Stock	190,001	5,000
Preferred Series Stock Cancelled	(60,000)
Repayments of related party notes payable	(35,000)
Proceeds from PPP and SBA loans	(295,083)	620,182
Payments on merchant financing	175,554	(62,937)
Proceeds from bank loans		16,687
Net Cash Provided by Financing Activities	616,368	658,593
Effect of Exchange Rate Changes on Cash and Cash Equivalents -		(962)
Net decrease in cash and cash equivalents	1,002	(130,644)
Cash and cash equivalents, beginning of period	11,784	118,860
Cash and cash equivalents, end of period	12,786	11,784
Supplemental cash flow information
Cash paid for interest
Cash paid for taxes
Non-cash transactions:
Discounts on convertible notes payable	220,889
Conversions of convertible notes payable, accrued interest and derivatives	21,230,520	120,300
Conversion preferred stock into common stock	1,184,559
Reduction of APIC related to derivative recorded on Preferred stock in equity		428,735
Conversion of Series B and D-2 preferred stock to common stock		$ 45,300

Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 12,786	$ 11,784
Accounts receivable	11,637	3,108
Inventory	104,153	177,172
Prepaid expenses	13,500	12,920
Total Current Assets	142,076	204,984
Fixed assets, net	45,627	88,228
ROU Asset	355,882	52,671
Other Asset	89,000
Security deposit	231,310	241,250
TOTAL ASSETS	863,895	587,133
Current Liabilities:
Accounts payable and accrued liabilities	4,167,604	3,187,592
Due to stockholders	386,773	383,753
Related Party Notes payable, net of discounts	31,000	31,000
Notes payables, net of discounts		35,000
Convertible notes payable, net of discounts	1,212,926	1,268,647
Derivative liabilities	6,758,937	23,798,240
General default reserve	1,364,204	2,278,648
Lease liability	179,349	52,671
Bank loans	249,937	249,937
Merchant cash advances, net of discounts	585,446	409,892
Total Current Liabilities	14,936,175	31,695,379
Lease Liability	176,533	0
SBA EIDL Loans	325,099	620,182
Total Long-Term Liabilities	501,632	620,182
Total Liabilities	15,437,807	32,315,561
Commitments and Contingencies
Stockholders’ Deficit:
Common stock: 20,000,000,000 authorized, $0.00001 par value; 12,862,508,315 and 1,177,103,618 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	128,625	11,768
Additional paid-in capital	32,202,280	9,282,228
Minority interest	(661,179)	(634,297)
Accumulated other comprehensive income	(4,082)	(1,493)
Accumulated deficit	(49,709,916)	(44,475,900)
Total Stockholders’ Deficit	(17,066,799)	(34,780,224)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	863,895	587,133
Series B Preferred Stock [Member]
Current Liabilities:
Preferred Stock		170,400
Series D-1 Preferred Stock [Member]
Current Liabilities:
Preferred Stock
Series D-2 Preferred Stock [Member]
Current Liabilities:
Preferred Stock	2,218,653	2,607,162
Series D-3 Preferred Stock [Member]
Current Liabilities:
Preferred Stock	274,234	274,234
Series A Preferred Stock [Member]
Stockholders’ Deficit:
Preferred stock	95	93
Series C Preferred Stock [Member]
Stockholders’ Deficit:
Preferred stock	2	1
Series D-5 Preferred Stock [Member]
Stockholders’ Deficit:
Preferred stock	513,976	513,976
Series D-6 Preferred Stock [Member]
Stockholders’ Deficit:
Preferred stock	$ 463,400	$ 523,400