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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fearless Films Inc (CE) | USOTC:FERL | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 00:00:00 |
Nevada
|
33-0921357
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer
|
[ ]
|
Accelerated filer
|
[ ]
|
Non-accelerated filer
|
[X]
|
Smaller reporting company
|
[X]
|
|
|
Emerging growth company
|
[X]
|
Class
|
Outstanding as of August 14, 2019
|
Common Stock, $0.001 par value
|
316
,543,317
|
Heading
|
Page
|
|
PART I — FINANCIAL INFORMATION
|
||
Item 1.
|
Financial Statements (Unaudited)
|
3 |
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
17
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
20 |
Item 4.
|
Controls and Procedures
|
21 |
PART II — OTHER INFORMATION
|
||
Item 1.
|
Legal Proceedings
|
21
|
Item 1A.
|
Risk Factors
|
21
|
Item 2
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
21
|
Item 3.
|
Defaults Upon Senior Securities
|
21
|
Item 4.
|
Mine Safety Disclosures
|
21
|
Item 5.
|
Other Information
|
21
|
Item 6.
|
Exhibits
|
22
|
Signatures
|
23
|
Consolidate Balance Sheets
|
6
|
Consolidated Statements of Operations and Comprehensive Income (Loss)
|
7
|
Consolidated Statements of Stockholders’ Deficiency
|
8
|
Consolidated Statements of Cash Flows
|
9
|
Notes to Consolidated Financial Statements
|
10 - 16
|
As at
June 30,
2019
|
As at
December 31,
2018
|
|||||||
$
|
$
|
|||||||
ASSETS
|
||||||||
Cash
|
12,134
|
3,700
|
||||||
Prepaid expenses
|
14,641
|
20,163
|
||||||
Total current assets
|
26,775
|
23,863
|
||||||
Total assets
|
26,775
|
23,863
|
||||||
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
|
||||||||
Liabilities
|
||||||||
Accounts payable [Note 5]
|
175,268
|
101,119
|
||||||
Accrued liabilities
|
8,480
|
11,472
|
||||||
Loan Payable [Note 6]
|
155,104
|
91,000
|
||||||
Total current liabilities
|
338,852
|
203,591
|
||||||
Total liabilities
|
338,852
|
203,591
|
||||||
Stockholders deficiency
|
||||||||
Preferred stock, $0.001 par value, 20,000,000 authorized. 1,000,000 shares issued and outstanding as at June 30, 2019 and December 31, 2018 [Note 7]
|
1,000
|
1,000
|
||||||
Common stock, $0.001 par value, 500,000,000 authorized, 316,543,317 shares issued and outstanding as at June 30, 2019 and December 31, 2018 [Note 7]
|
316,543
|
316,543
|
||||||
Additional paid-in-capital
|
2,566,812
|
2,566,812
|
||||||
Accumulated other comprehensive income
|
396,447
|
398,489
|
||||||
Accumulated deficit
|
(3,592,879
|
)
|
(3,462,572
|
)
|
||||
Total stockholders deficiency
|
(312,077
|
)
|
(179,728
|
)
|
||||
Total liabilities and stockholders deficiency
|
26,775
|
23,863
|
||||||
Going Concern
[Note 3]
|
||||||||
Subsequent events
[Note 9]
|
||||||||
See accompanying notes
|
Three months
ended
June 30,
2019
|
Three months
ended
June 30,
2018
|
Six months
ended
June 30,
2019
|
Six months
ended
June 30,
2018
|
|||||||||||||
$
|
$
|
$
|
$
|
|||||||||||||
REVENUE
|
—
|
—
|
—
|
—
|
||||||||||||
EXPENSES
|
||||||||||||||||
General and administrative
|
21,272
|
236
|
24,866
|
7,425
|
||||||||||||
Management fees [Note 8]
|
39,562
|
24,600
|
79,078
|
49,200
|
||||||||||||
Professional fees
|
12,128
|
7,978
|
23,299
|
13,779
|
||||||||||||
Total operating expenses
|
72,962
|
32,814
|
127,243
|
70,404
|
||||||||||||
Interest Expense [Note 6]
|
(1,940
|
)
|
—
|
(3,390
|
)
|
—
|
||||||||||
Exchange (Loss) / Gain
|
(22,509
|
)
|
—
|
326
|
—
|
|||||||||||
Net (loss) income before income taxes
|
(97,411
|
)
|
(32,814
|
)
|
(130,307
|
)
|
(70,404
|
)
|
||||||||
Income taxes
|
—
|
—
|
—
|
—
|
||||||||||||
Net (loss) income
|
(97,411
|
)
|
(32,814
|
)
|
(130,307
|
)
|
(70,404
|
)
|
||||||||
Foreign currency translation adjustment
|
21,268
|
20,651
|
(2,042
|
)
|
35,020
|
|||||||||||
Comprehensive (loss) income
|
(76,143
|
)
|
(12,163
|
)
|
(132,349
|
)
|
(35,384
|
)
|
||||||||
(Loss) earnings per share - basic and diluted
|
(0.00
|
)
|
(0.00
|
)
|
(0.000
|
)
|
(0.002
|
)
|
||||||||
Weighted average number of common shares - Basic
|
316,543,317
|
30,405,289
|
316,543,317
|
30,405,289
|
||||||||||||
See accompanying notes
|
Preference stock
|
Common stock
|
Common stock
to be issued
|
Additonal
|
Accumulated
|
||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
paid-in
|
other
|
Accumulated
|
Total
|
|||||||||||||||||||||||||||||||
capital
|
compreshensive
|
deficit
|
||||||||||||||||||||||||||||||||||||||
income
|
||||||||||||||||||||||||||||||||||||||||
$ | $ |
$
|
$
|
$
|
$
|
|||||||||||||||||||||||||||||||||||
As at December 31, 2017
|
1,000,000
|
1,000
|
155,289
|
155
|
30,250,000
|
30,250
|
849,984
|
322,935
|
(2,485,791
|
)
|
(1,281,467
|
)
|
||||||||||||||||||||||||||||
Foreign currency translation
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
14,369
|
—
|
14,369
|
||||||||||||||||||||||||||||||
Net loss for the period
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(37,590
|
)
|
(37,590
|
)
|
||||||||||||||||||||||||||||
As at March 31, 2018
|
1,000,000
|
1,000
|
155,289
|
155
|
30,250,000
|
30,250
|
849,984
|
337,304
|
(2,523,381
|
)
|
(1,304,688
|
)
|
||||||||||||||||||||||||||||
Foreign currency translation
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
20,651
|
—
|
20,651
|
||||||||||||||||||||||||||||||
Net loss for the period
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(32,815
|
)
|
(32,815
|
)
|
||||||||||||||||||||||||||||
As at June 30, 2018
|
1,000,000
|
1,000
|
155,289
|
155
|
30,250,000
|
30,250
|
849,984
|
357,955
|
(2,556,196
|
)
|
(1,316,852
|
)
|
||||||||||||||||||||||||||||
Issuance of shares pursuant to share exchange
|
—
|
—
|
30,000,000
|
30,000
|
(30,000,000
|
)
|
(30,000
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||
Issuance of Shares for past services
|
—
|
—
|
150,000
|
150
|
3,150,000
|
3,150
|
19,800
|
—
|
—
|
23,100
|
||||||||||||||||||||||||||||||
Issuance of Shares for Debt Settlement of a third party
|
—
|
—
|
121,095,200
|
121,095
|
(250,000
|
)
|
(250
|
)
|
725,071
|
—
|
—
|
845,916
|
||||||||||||||||||||||||||||
Issuance of Shares for Debt Settlement of a shareholder
|
—
|
—
|
161,992,828
|
161,993
|
—
|
—
|
971,957
|
—
|
—
|
1,133,950
|
||||||||||||||||||||||||||||||
Foreign currency translation
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(19,596
|
)
|
—
|
(19,596
|
)
|
||||||||||||||||||||||||||||
Net loss for the period
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(794,038
|
)
|
(794,038
|
)
|
||||||||||||||||||||||||||||
As at September 30, 2018
|
1,000,000
|
1,000
|
313,393,317
|
313,393
|
3,150,000
|
3,150
|
2,566,812
|
338,359
|
(3,350,234
|
)
|
(127,520
|
)
|
||||||||||||||||||||||||||||
Issuance of Shares for past services
|
—
|
—
|
3,150,000
|
3,150
|
(3,150,000
|
)
|
(3,150
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||
Foreign currency translation
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
60,130
|
—
|
60,130
|
||||||||||||||||||||||||||||||
Net loss for the period
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(112,338
|
)
|
(112,338
|
)
|
||||||||||||||||||||||||||||
As at December 31, 2018
|
1,000,000
|
1,000
|
316,543,317
|
316,543
|
—
|
—
|
2,566,812
|
398,489
|
(3,462,572
|
)
|
(179,728
|
)
|
||||||||||||||||||||||||||||
Foreign currency translation
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(23,310
|
)
|
—
|
(23,310
|
)
|
||||||||||||||||||||||||||||
Net loss for the period
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(32,896
|
)
|
(32,896
|
)
|
||||||||||||||||||||||||||||
As at March 31, 2019
|
1,000,000
|
1,000
|
316,543,317
|
316,543
|
—
|
—
|
2,566,812
|
375,179
|
(3,495,468
|
)
|
(235,934
|
)
|
||||||||||||||||||||||||||||
Foreign currency translation
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
21,268
|
—
|
21,268
|
||||||||||||||||||||||||||||||
Net loss for the period
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(97,411
|
)
|
(97,411
|
)
|
||||||||||||||||||||||||||||
As at June 30, 2019
|
1,000,000
|
1,000
|
316,543,317
|
316,543
|
—
|
—
|
2,566,812
|
396,447
|
(3,592,879
|
)
|
(312,077
|
)
|
||||||||||||||||||||||||||||
See accompanying notes
|
Six months
ended
June 30,
2019
|
Six months
ended
June 30,
2018
|
|||||||
$
|
$
|
|||||||
OPERATING ACTIVITIES
|
||||||||
Net (loss) income
|
(130,307
|
)
|
(70,404
|
)
|
||||
Adjustments to reconcile net income (loss) to net cash used in operations:
|
||||||||
Stock based compensation
|
—
|
—
|
||||||
Loss/(Gain) on settlement of accounts and loans payables
|
—
|
—
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
6,240
|
(5,833
|
)
|
|||||
Accounts payable
|
74,054
|
24,473
|
||||||
Accrued liabilities
|
(3,351
|
)
|
(6,826
|
)
|
||||
Cash used in operating activities
|
(53,364
|
)
|
(58,590
|
)
|
||||
FINANCING ACTIVITIES
|
||||||||
Proceeds from Loans Payable
|
64,103
|
68,155
|
||||||
Repayments to a shareholder
|
—
|
1,419
|
||||||
Cash provided by financing activities
|
64,103
|
69,574
|
||||||
Net increase (decrease) in cash during the period
|
10,739
|
10,984
|
||||||
Effect of foreign currency translation
|
(2,305
|
)
|
378
|
|||||
Cash at beginning
|
3,700
|
1,882
|
||||||
Cash at end
|
12,134
|
13,244
|
||||||
Additional cash flow information
|
||||||||
Interest paid
|
—
|
—
|
||||||
Taxes paid
|
—
|
—
|
||||||
See accompanying notes
|
●
|
Level 1 – Valuation based on quoted market prices in active markets for identical assets or liabilities.
|
●
|
Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets.
|
●
|
Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use
as fair value.
|
•
|
10,000,000 Shares shall be designated “Series A”
|
|
Each Preference Share of Series A shall have 100 votes over that of each Common share and shall have rights convertible to 10 Common Shares.
|
•
|
10,000,000 Shares shall be designated “Series B”
|
|
Each Preference Share of Series B shall have no voting rights or power and shall have rights convertible to 10 Common Shares
|
FEARLESS FILMS, INC.
|
|
Date: August 14, 2019
|
By:
/S/Dennis dos Santos
|
Dennis dos Santos
|
|
Chief Executive Officer and Director
|
|
(Principal Accounting Officer)
|
1 Year Fearless Films (CE) Chart |
1 Month Fearless Films (CE) Chart |
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