Created by potrace 1.16, written by Peter Selinger 2001-2019beatandraise.com
Latest Financials

Filings:

CategoryDateSearch FilingsInstitutional HoldersbetaEarnings TranscriptsbetaGlobal Search

SEC Edgar

GEX MANAGEMENT, INC.

SIC 8742 · Services-Management Consulting Services
NotesSupport
aboutterms
$GXXM

GEX MANAGEMENT, INC.

CIK:0001681556|SEC Filings
v3.24.1.u1
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Total revenues [1] $ 2,338,979 $ 1,340,605 [2]
Total cost of revenues [3] (1,234,243) (1,100,304) [2]
Gross Profit 1,104,736 240,301 [2]
Operating Expenses:    
Selling, general and administrative 935,521 1,903,109
Compensation - related party 135,062 129,975
Total Operating Expenses 1,070,583 [1] 2,033,084 [2],[4]
Income/(Loss) from operations 34,153 (1,792,783) [2]
Other Income/(Expense):    
Interest expense [5] (827,408) (6,239,698) [2],[6]
Change in fair value of derivative liability [7] 44,315,804 (11,605,572) [2]
Gain on settlements 171,191 [7] 293,182 [2],[8]
(Loss) on derivative liability at issuance [7] (80,246) (33,463,111) [2]
(Loss)/gain on extinguishment of debt [5] (38,990) 391,711 [2],[8]
Total Other Income/(Expense) 43,540,351 (50,623,488) [2]
Net Income/(Loss) [7] $ 43,574,504 $ (52,416,271) [2]
Net Income/(Loss) per Common Share    
Basic Income/(Loss) per share attributable to common stockholders [7] $ 0.11 $ (0.56) [2]
Diluted Income/(Loss) per share attributable to common stockholders [7] $ 0.04 $ (0.56) [2]
Basic weighted average number of common shares outstanding [9] 410,795,994 94,300,720 [2]
Diluted weighted average number of common shares outstanding [9] 1,166,959,052 94,300,720 [2]
Staffing and Consulting [Member]    
Total revenues $ 1,866,479 $ 1,131,605
Total cost of revenues (1,046,649) (797,029)
Consulting [Member]    
Total revenues 472,500 209,000
Total cost of revenues $ (187,594) $ (303,275)
[1] Changes to current assets, current liabilities, revenues, and 2022 operating expenses consisted primarily of previously unrecorded or improperly recorded cash, accounts receivable, and accounts payable activities.
[2] Balances, results of operations, and cash flows originally presented as of and for the year ended December 31, 2021 in the December 31, 2021 Form 10-K, as filed with the Securities and Exchange Commission on July 21, 2022, were different from the comparative figures presented in the December 31, 2022 10-K, as filed with the Securities and Exchange Commission on April 17, 2023. Both have been included in this schedule to show the impacts of restatement on the financial statements presented in both filings.
[3] In connection with the restatement, the Company re-evaluated its labor allocations between client-facing (Cost of Sales) and internal operations and adjusted accordingly.
[4] This merchant cash advance liability was settled for stock in December 2018 and has thus been derecognized as of the opening balance sheet date. Furthermore, the Company previously incorrectly recognized and amortized a corresponding asset to consulting fees and ultimately derecognized the asset under impairment expense (2021 10-K) and selling, general and administrative (2022 10-K).
[5] Accrued liabilities as of December 31, 2022 increased primarily due to accumulated interest on convertible notes and decreased in December 31, 2021 due to previously satisfied liabilities. For consistent presentation purposes, “Accrued interest payable” presented in prior years has been reclassified to “Accrued liabilities.”
[6] Additional paid-in capital adjustments primarily consist of re-recognition of notes discussed in (5), the par value corrections related to (9) and (10), and recognition of interest expense related to warrants and commitment shares issued with convertible debt.
[7] In connection with the restatement, the Company re-evaluated the terms of convertible notes issued and determined that the conversion features constitute embedded derivatives and has accordingly recognized, valued, and re-measured derivative liabilities as of each balance sheet date and in each period, resulting in substantial impacts to balances and results of operations.
[8] These line items correct improper “netting” and missing convertible debt activity previously presented.
[9] This restatement corrects the previously incorrectly calculated weighted average shares outstanding and accounts for potential dilutive impacts of convertible debt in periods where net income is reported.