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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gulf West Security Network Inc (CE) | USOTC:GWSN | 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% | 0.3188 | 0.00 | 01:00:00 |
Nevada
|
|
333-193220
|
|
46-3876675
|
(State or other jurisdiction of incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer Identification No.)
|
|
Page
|
|
|
Report
of Independent Registered Public Accounting Firm
|
F-1
|
|
|
Consolidated
Balance Sheets at December 31, 2017 and 2016
|
F-2
|
|
|
Consolidated
Statements of Operations for the years ended December 31, 2017 and
2016
|
F-3
|
|
|
Consolidated
Statements of Changes in Stockholder’s Equity for the years
ended December 31, 2017 and 2016
|
F-4
|
|
|
Consolidated
Statements of Cash Flows for the years ended December 31, 2017 and
2016
|
F-5
|
|
|
Notes
to Consolidated Financial Statements
|
F-6
|
Unaudited
Pro Forma Condensed Consolidated Financial Statements
|
F-10
|
|
December 31,
|
December 31,
|
Assets
|
2017
|
2016
|
Assets
|
|
|
Cash
|
$
6,137
|
$
1,414
|
Prepaid
expenses
|
30,289
|
26,751
|
Total
Current Assets
|
36,427
|
28,165
|
Other Assets
|
|
|
Fixed
assets, net
|
1,320
|
1,719
|
Total Assets
|
37,747
|
29,884
|
|
|
|
Liabilities and Stockholder's Equity
|
|
|
Current Liabilities:
|
|
|
Accounts
payable and accrued liabilities
|
25,307
|
20,415
|
Total Liabilities
|
25,307
|
20,415
|
|
|
|
Stockholder's Equity
|
|
|
Common
stock, no par value, 1,000 shares authorized, issued and
outstanding
|
-
|
-
|
Additional
paid in capital
|
168,270
|
122,266
|
Accumulated
deficit
|
(155,830
)
|
(112,797
)
|
Total
Stockholders’ Equity
|
12,440
|
9,469
|
Total Liabilities and Stockholders’ Equity
|
$
37,747
|
$
29,884
|
|
Year Ended
|
Year Ended
|
|
December 31,
|
December 31,
|
|
2017
|
2016
|
Revenue
|
|
|
Monitoring
and related services
|
$
9,502
|
$
8,589
|
Product
sales and installation
|
1,241
|
2,534
|
|
10,743
|
11,123
|
|
|
|
Cost
of Product
|
3,041
|
9,172
|
|
|
|
Gross Profit
|
7,702
|
1,951
|
|
|
|
Operating Expenses
|
|
|
General
and administrative
|
50,735
|
84,445
|
Total
operating expenses
|
50,735
|
84,445
|
|
|
|
Operating
loss
|
(43,033
)
|
(82,494
)
|
|
|
|
Loss
from operations before income taxes
|
(43,033
)
|
(82,494
)
|
|
|
|
Provision
for income taxes
|
-
|
-
|
|
|
|
Net Loss
|
$
(43,033
)
|
$
(82,494
)
|
|
|
|
Net loss per share – basic and diluted
|
$
(43.03
)
|
$
(82.49
)
|
|
|
|
Weighted average common shares – basic and
diluted
|
1,000
|
1,000
|
|
Common
Stock
|
|
|
Total
|
|
|
Shares
|
Amount
|
Paid in
Capital
|
Accumulated
Deficit
|
Stockholders'
Equity/(Deficit)
|
Balance
as of December 31, 2015
|
1,000
|
$
-
|
$
55,808
|
$
(30,303
)
|
$
25,505
|
Capital
|
-
|
-
|
66,458
|
-
|
66,458
|
Net
loss
|
-
|
-
|
-
|
(82,494
)
|
(82,494
)
|
Balance as of December 31, 2016
|
1,000
|
$
-
|
$
122,266
|
$
(112,797
)
|
$
9,469
|
Capital
|
-
|
-
|
46,004
|
-
|
46,004
|
Net
loss
|
-
|
-
|
-
|
(43,033
)
|
(43,033
)
|
Balance as of December 31, 2017
|
1,000
|
$
-
|
$
168,270
|
$
(155,830
)
|
$
12,440
|
|
●
|
Level
1, defined as observable inputs such as quoted prices for identical
instruments in active markets;
|
|
|
|
|
●
|
Level
2, defined as inputs other than quoted prices in active markets
that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices
for identical or similar instruments in markets that are not
active; and
|
|
|
|
|
●
|
Level
3, defined as unobservable inputs in which little or no market data
exists, therefore requiring an entity to develop its own
assumptions, such as valuations derived from valuation techniques
in which one or more significant inputs or significant value
drivers are unobservable.
|
|
December
31,
2017
|
December
31,
2016
|
Computer equipment
and fixtures
|
$
1,993
|
$
1,993
|
Accumulated
depreciation
|
(673
)
|
(274
)
|
Fixed assets,
net
|
$
1,320
|
$
1,719
|
|
NULFfor the year ended September 30, 2017
|
LJRfor the year ended December 31, 2017
|
Pro
FormaAdjustments
|
Pro Forma Combined
|
Revenue
|
$
-
|
$
10,743
|
$
-
|
$
10,743
|
|
|
|
|
|
Cost
of sales
|
-
|
3,041
|
-
|
3,041
|
|
|
|
|
|
Gross
Profit
|
-
|
7,702
|
-
|
7,702
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
General and
administrative
|
3,617,740
|
50,735
|
-
|
3,668,475
|
Related party
compensation
|
602,883
|
-
|
-
|
602,883
|
Total operating
expenses
|
4,220,623
|
50,735
|
-
|
4,271,358
|
Loss
from operations
|
(4,220,623
)
|
(43,033
)
|
-
|
(4,263,656
)
|
|
|
|
|
|
Other
Income (Expense)
|
|
|
|
|
Interest
expense
|
(777,331
)
|
-
|
-
|
(777,331
)
|
Interest
income
|
667
|
-
|
-
|
667
|
Loss on debt
settlement
|
(98,827
)
|
-
|
|
(98,827
)
|
Loss on debt
extinguishment
|
(211,967
)
|
-
|
|
(211,967
)
|
Loss on change in
fair value of derivative and derivative expense
|
(86,016
)
|
-
|
-
|
(86,016
)
|
Total non-operating
expenses
|
(1,173,474
)
|
-
|
-
|
(1,173,474
)
|
|
|
|
|
|
Loss
before taxes
|
(5,394,097
)
|
(43,033
)
|
-
|
(5,437,130
)
|
|
|
|
|
|
Provision for
taxes
|
-
|
-
|
-
|
-
|
|
|
|
|
|
Net
loss
|
(5,394,097
)
|
(43,033
)
|
-
|
(5,437,130
)
|
|
|
|
|
|
Deemed dividend on
convertible preferred stock
|
-
|
-
|
-
|
-
|
|
|
|
|
|
Net
loss attributable to common shareholders
|
$
(5,394,097
)
|
$
(43,033
)
|
$
-
|
$
(5,437,130
)
|
|
|
|
|
|
Net loss per common
share — basic and diluted
|
$
(0.17
)
|
$
(43.03
)
|
|
$
(0.17
)
|
|
|
|
|
|
Weighted
average common shares – basic and diluted
|
32,347,556
|
1,000
|
|
32,347,556
|
GULF WEST SECURITY NETWORK, INC.
|
||
|
||
By:
|
/s/ Louis J. Resweber
|
|
|
Louis J. Resweber
|
|
|
Chief Executive Officer
|
|
Date: January 2, 2019
|
1 Year Gulf West Security Network (CE) Chart |
1 Month Gulf West Security Network (CE) Chart |
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