Freedom Internet Group Inc.
CIK:0001791325|SEC Filings
Condensed Statements of Operations - USD ($) |
3 Months Ended | |
|---|---|---|
Jan. 31, 2023 |
Jan. 31, 2022 |
|
| Revenues | ||
| Royalties, net | $ 19,875 | $ 12,955 |
| Operating Expenses | ||
| Advertising | 0 | 70 |
| Professional and consulting | 21,245 | 63,108 |
| Salaries and payroll taxes | 30,382 | 30,360 |
| Rent expense | 75 | 50 |
| Amortization of royalty interests | 11,250 | 11,250 |
| Other expenses | 1,328 | 11,016 |
| Total operating expenses | 64,280 | 115,854 |
| Loss from operations | (44,405) | (102,899) |
| Other Income (Expense) | ||
| Loss on crypto currency impairment | 0 | (15,378) |
| Interest income | 946 | 2,762 |
| Other | 117 | 60 |
| Total other income (expense) | 1,063 | (12,556) |
| Net Loss | $ (43,342) | $ (115,455) |
| Net loss per common share - basic and diluted | $ (0.00) | $ (0.01) |
| Weighted average shares outstanding - basic | 11,132,208 | 11,132,208 |
| Weighted average shares outstanding - diluted | 11,132,208 | 11,132,208 |
Consolidated Statements of Cash Flows - USD ($) |
3 Months Ended | |
|---|---|---|
Jan. 31, 2023 |
Jan. 31, 2022 |
|
| Cash flows from operating activities | ||
| Net Loss | $ (43,342) | $ (115,455) |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Loss on crypto currency impairment | 0 | 15,378 |
| Amortization of royalty interests | 11,250 | 11,250 |
| Increase (Decrease) in Prepaid Expense | (13,000) | 0 |
| Increase (Decrease) in Accounts Payable and Accrued Liabilities | 8,157 | (15,314) |
| Net cash used in operating activities | (36,935) | (104,141) |
| Cash flows from investing activities | ||
| Purchase of crypto currencies | 0 | (132,597) |
| Net cash used in investing activities | 0 | (132,597) |
| Net change in cash and cash equivalents | (36,935) | (236,738) |
| Cash and cash equivalents, at beginning of period | 312,636 | 628,513 |
| Cash and cash equivalents, at end of period | 275,701 | 391,775 |
| Supplemental cash flow information | ||
| Interest paid | 0 | 0 |
| Income taxes paid | $ 0 | $ 0 |
Condensed Balance Sheets - USD ($) |
Jan. 31, 2023 |
Oct. 31, 2022 |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | $ 275,701 | $ 312,636 |
| Prepaid expenses | 27,500 | 14,500 |
| Due from related party | 1,214 | 1,214 |
| Total current assets | 304,415 | 328,350 |
| Royalty interests, net of accumulated amortization of $136,105 and $124,855, respectively | 539,570 | 550,820 |
| Investment | 123,445 | 123,445 |
| Notes receivable, net of discount of $28,455 and $28,455, respectively | 66,555 | 66,555 |
| Total other assets | 729,570 | 740,820 |
| Total Assets | 1,033,985 | 1,069,170 |
| Current Liabilities | ||
| Accounts payable and accrued liabilities | 22,434 | 14,277 |
| Total current liabilities | 22,434 | 14,277 |
| Total Liabilities | 22,434 | 14,277 |
| Stockholders' Equity | ||
| Preferred stock | 0 | 0 |
| Common stock | 111,321 | 111,321 |
| Common stock payable | 95,000 | 95,000 |
| Additional paid in capital | 2,240,447 | 2,240,447 |
| Accumulated deficit | (1,435,217) | (1,391,875) |
| Total stockholders' equity | 1,011,551 | 1,054,893 |
| Total Liabilities and Stockholders' Equity | $ 1,033,985 | $ 1,069,170 |