NOTES
TO FINANCIAL STATEMENTS
NOTE-
1 ORGANIZATION AND BUSINESS BACKGROUND
Pan
Global, Corp. (“the Company” was incorporated in the state of Nevada on April 30, 2010 under the name of Savvy Business Support,
Inc. (“Savvy”). Savvy offered general business services/support to start-up companies, small and medium business planning
to expand, individuals, and other business and organizations. It was considered to be a shell company. On April 25, 2013, Savvy entered
into a Stock Exchange Agreement (the “Exchange Agreement”) with Pan Asia Infratech Corp. a Nevada corporation (“Pan
Asia”). Pan Asia was incorporated in Nevada on July 13, 2012.
Pursuant
to the Exchange Agreement, consummated on April 26, 2013, the stockholders of Pan Asia transferred to Savvy 100% of the outstanding capital
stock of Pan Asia (consisting of 15,000 shares of Common Stock, no par value) in exchange for, on a pro rata basis, an aggregate of 90,000,000
shares of Savvy’s Common Stock (the “Share Exchange”). As a result of the Share Exchange, Pan Asia became a wholly-owned
subsidiary of Savvy and the business of Pan Asia became the business of the Company.
On
April 26, 2013, Savvy amended its Articles of Incorporation with the Secretary of State of Nevada thereby changing its name from “Savvy
Business Support, Inc.” to “Pan Global, Corp.” On May 2, 2013, the OTCQB symbol of the Company’s Common Stock
was changed from SVYB to PGLO.
The
Company has been dormant since June 30, 2014.
On
July 16, 2020, as a result of a custodianship in Clark County, Nevada, Case Number: A-20-816264-B, Custodian Ventures LLC (“Custodian”)
was appointed custodian of Pan Global Corp. (the “Company”).
On
July 16, 2020, Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief
Financial Officer, Chief Executive Officer and Chairman of the Board of Directors.
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”)
“FASB Accounting Standard Codification™” (the “Codification”) which is the source of authoritative
accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in
conformity with generally accepted accounting principles (“GAAP”) in the United States.
Management’s
Representation of Interim Financial Statements
The
accompanying unaudited condensed consolidated financial statements have been prepared by the Company without audit pursuant to the rules
and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing
quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared
in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted
as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented
not misleading. These condensed consolidated financial statements include all of the adjustments, which in the opinion of management
are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring
nature. Interim results are not necessarily indicative of results for a full year.
Going
Concern
The
accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization
of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial
statements. As of June 30, 2021, the Company had no cash, negative working capital of $45,906 and an accumulated deficit of $2,536,328.
Because
the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises
substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional
funds and is currently exploring alternative sources of financing. Recently the Company being funded by David Lazar who has extended
interest-free demand loans to the Company. There can be no assurances that Mr. Lazar will continue to fund the Company, or that the Company
can obtain any other sources of financing.
Use
of Estimates
The
preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the
reported amounts of liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts of expenses during the reporting period. The most significant estimates relate to income taxes and contingencies.
The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to
be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions
provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other
sources. Actual results could differ from these estimates.
Cash
and cash equivalents
The
Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.
On June 30, 2021 and September 30, 2020, the Company had no cash on hand.
Income
taxes
The
Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes”. Under FASB ASC 740, deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered
or settled. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in
the period that includes the enactment date. FASB ASC 740-10-05, “Accounting for Uncertainty in Income Taxes” prescribes
a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or
expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained
upon examination by taxing authorities.
The
amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate
settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or
circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability
under audit.
Net
Loss per Share
Net
loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined
by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”)
calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year.
Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares
and dilutive common share equivalents outstanding.
Recent
Accounting Pronouncements
There
are no recent accounting pronouncements that impact the Company’s operations.
NOTE
3 – EQUITY
Common
Stock
The
Company has authorized 75,000,000 shares of $0.001 par value, common stock. As of June 30, 2020 and September 30, 2020 there were 162,255,000
and 155,155,000 shares of Common Stock issued and outstanding, respectively.
Preferred
Stock
As
of September 30, 2020 there were the following classes of Preferred Stock :
|
●
|
Series A Convertible Preferred
Stock, $0.0001, 10,000,000 shares authorized, 2,250,000 issued and outstanding
|
|
●
|
Series C Convertible Preferred
Stock, $0.0001, 5,000,000 shares authorized, 4,800,000 issued and outstanding
|
|
●
|
Series D Convertible Preferred
Stock, $0.0001, 5,000,000 shares authorized, 50,000 issued and outstanding
|
On
October 8, 2020, the Company outstanding Preferred A, Preferred C and Preferred D shares were converted to common shares. In November
2020 the Company designated 25,000,000 new Preferred Shares and 10,000,000 Par Value $0.0001 Preferred A Shares were designated and awarded
to Custodian Ventures for services performed and for loans extended to the Company. Each preferred share is convertible to 162 shares
of common stock.
As
of June 30, 2021 there were 10,000,000 shares of Preferred A shares issued and outstanding.
NOTE
4 – RELATED PARTY NOTES PAYABLE
All
of the Company’s financing has come from its Court appointed custodian, Custodian Ventures, LLC who had loaned the Company $45,906
as of June 30, 2021 in the form of interest demand loans.
NOTE
5 – COMMITMENTS AND CONTINGENCIES
The
Company did not have any contractual commitments as of June 30, 2021.
NOTE
6 – SUBSEQUENT EVENTS
In
accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial
statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial
statements.