Forza Innovations Inc

CIK:0001683131|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 7,756	$ 31,615	$ 39,989	$ 60,598
Cost of revenue	14	20,760	1,442	26,200
Gross margin	7,742	10,855	38,547	34,398
Operating Expenses:
General & administrative expenses	13,558	80,254	29,067	143,584
Advertising and marketing	0	12,415	0	29,517
Compensation expense	6,860	165,208	15,180	350,004
Professional fees	4,659	76,198	13,159	159,140
Stock based compensation	0	108,769	0	297,444
Total operating expenses	25,077	442,844	57,406	979,689
Loss from operations	(17,335)	(431,989)	(18,859)	(945,291)
Other income (expense):
Interest expense	(65,853)	(21,244)	(126,812)	(80,389)
Loss on issuance of convertible debt	(6,137)	(46,750)	(6,137)	(85,083)
Loss on conversion of debt	(10,800)	(155,441)	(44,106)	(176,281)
Change in fair value of derivatives	1,080,596	5,161	676,231	(578)
Gain on conversion of debt			4,507
Loss on disposal of assets	(13,968)		(13,968)
Debt discount amortization	(87,747)	(199,679)	(240,201)	(400,323)
Early payment penalty		(12,150)		(12,150)
Total other income (expense)	896,091	(430,103)	249,514	(754,804)
Income (loss) before income taxes	878,756	(862,092)	230,655	(1,700,095)
Provision for income taxes	0	0	0	0
Net Income (Loss)	$ 878,756	$ (862,092)	$ 230,655	$ (1,700,095)
Net income (loss) per common share, basic & diluted	$ 0.00	$ (0.00)	$ 0.00	$ (0.01)
Weighted common shares outstanding, basic	1,812,295,162	533,855,996	1,651,851,927	425,035,657
Weighted common shares outstanding, diluted	10,424,245,162	533,855,996	10,263,801,927	425,035,657

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net Income (Loss)	$ 230,655	$ (1,700,095)
Adjustments to reconcile net income (loss) to net cash used by operating activities:
Depreciation and amortization	5,250	32,322
Debt discount amortization	240,201	400,323
Loss on issuance of convertible debt	0	85,083
Change in fair value of derivatives	(676,231)	578
Loss on conversion of debt	44,106	176,281
Gain on conversion of debt	(4,507)
Changes in operating assets and liabilities:
Prepaids	0	5,130
Accounts payable and accrued liabilities	(418)	67,573
Accrued interest	126,813	75,839
Net cash used by operating activities	(14,026)	(559,522)
Cash flows from investing activities:
Purchase of property and equipment		(82,305)
Loans receivable		(18,750)
Net cash used by investing activities		(101,055)
Cash flows from financing activities:
Repayment of related party loans	0	(100)
Proceeds from convertible debt	15,240	446,280
Repayment of convertible debt		(30,000)
Net cash provided by financing activities	15,240	416,180
Net change in cash	1,214	(244,397)
Cash, beginning of period	0	295,914
Cash, end of period	1,214	51,517
Supplemental disclosure of cash flow information:
Cash paid for interest	0	0
Cash paid for taxes	0	0
Supplemental non-cash disclosure:
Common stock issued for conversion of principal and interest	$ 57,019	$ 381,717

Consolidated Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2023	Jun. 30, 2023
Current assets:
Cash	$ 1,214
Total current assets	1,214
Machinery and equipment, net	72,186	91,404
Deposit
Total long term assets	72,186	91,404
Total Assets	73,400	91,404
Current liabilities:
Accounts payable and accrued liabilities	110,374	110,792
Accrued interest	358,681	284,092
Convertible notes payable, net of discount of $26,452 and $256,653, respectively	2,027,715	1,787,069
Derivative liability	1,792,058	2,475,446
Loan payable	22,729	22,729
Due to related party	19,306	19,306
Total current liabilities	4,330,863	4,699,434
Total liabilities	4,330,863	4,699,434
Stockholders' equity (deficit):
Class B Preferred stock, $0.001 par value, 25,000,000 shares authorized, 10,000,000 issued and outstanding	10,000	10,000
Common stock, $0.001 par value, 100,000,000,000 shares authorized; 1,890,550,715 and 1,421,744,158 shares issued and outstanding, respectively	1,890,551	1,421,744
Common stock to be issued	26,531	26,531
Additional paid-in capital	4,535,744	4,884,639
Accumulated deficit	(10,720,289)	(10,950,944)
Total stockholders' deficit	(4,257,463)	(4,608,030)
Total Liabilities and Stockholders' Deficit	$ 73,400	$ 91,404