PASTURE TO PLATE AGRIBUSINESS INC.

STATEMENTS OF FINANCIAL POSITION

AS OF AND FOR THE PERIOD ENDED JUNE 30, 2020 & DECEMBER 31, 2019
(In Philippine Peso)

Notes 2020 2019

A S S E T S
CURRENT ASSETS
Cash 7,918,418 7,284,362
Trade and other receivables 33,441,680 37,490,247
Merchandise Inventory 2,581,107 4,182,831
Advances to Related Parties 52,366,981 43,141,666
Other current assets 2,236,710 2,236,710
Total Current Assets 98,544,896 94,335,816
NON CURRENT ASSET
Property and equipment, net 4,387,429 4,771,453
Other Assets 403,654 403,654
Total Non-Current Assets 4,791,083 5,175,107
TOTAL ASSETS 103,335,979 99,510,923

L I A B I L I T Y AND E Q U I T Y
CURRENT LIABILITY
Trade and Other Payables 26,718,130 29,631,128
Other Current Liabilities 1,127,207 2,208,577
Income Tax Payable 357,152 355,260
Total Current Liabilities 28,202,489 32,194,964

NON CURRENT LIABILITY

Retirement Benefits Liability 1,245,513 1,345,513
Advances from Related Parties 408,296 2,844,118
Interest-Bearing Borrowings 61,255,000 51,735,000
Total Non-Current Liabilities 62,908,809 55,924,631

TOTAL LIABILITIES 91,111,297 88,119,595

EQUITY
Share Capital 500,000 500,000
Deposit for Future Subscription 9,500,000 9,500,000
Cumulative Earnings/Deficits 2,224,682 1,391,328
Total equity 12,224,682 11,391,328
TOTAL LIABILITIES AND EQUITY 103,335,979 99,510,923
PASTURE TO PLATE AGRIBUSINESS INC.
STATEMENTS OF COMPREHENSIVE INCOME
AS OF AND FOR THE PERIOD ENDED JUNE 30, 2020 & DECEMBER 31, 2019
(In Philippine Peso)

Notes 2020 2019

Sales 302,274,039 632,858,021
Cost of Sales (283,278,733) (601,045,440)
Gross Profit 18,995,306 31,812,581
Other Income 131,028 -
Operating Expenses (15,911,702) (26,805,516)
Other expenses (2,024,127) (4,812,098)
Profit before income tax 1,190,505 194,967
Tax expense (357,152) (58,490)
Profit for the year 833,354 136,477
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 833,354 136,477
See Accompanying Notes to Financial Statements.
PASTURE TO PLATE AGRIBUSINESS INC.
STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY
AS OF AND FOR THE PERIOD ENDED JUNE 30, 2020 & DECEMBER 31, 2019
(In Philippine Peso)

2020 2019
SHARE CAPITAL
Authorized - 50,000 shares @ Php 10 par
Initial Issuance - 12,500 shares
Balance at beginning of the year 500,000 500,000
Deposit for Future Subscription 9,500,000 9,500,000
Total capital 10,000,000 10,000,000

CUMULATIVE EARNINGS
Unappropriated Cumulative Earnings
Balance at Beginning of Year 291,328 154,851
Net Income 833,354 136,477
Total 1,124,682 291,328

Appropriated Cumulative Earnings

Balance at Beginning of Year 1,100,000 1,100,000
Total 1,100,000 1,100,000
Balance at End of Year 2,224,682 1,391,328

TOTAL EQUITY 12,224,682 11,391,328

PASTURE TO PLATE AGRIBUSINESS INC.
STATEMENTS OF CASH FLOWS
AS OF AND FOR THE PERIOD ENDED JUNE 30, 2020 & DECEMBER 31, 2019
(In Philippine Peso)

2020 2019
CASH INFLOWS FROM OPERATING ACTIVITIES
Net Income before tax 833,354 136,477
Adjustments for:
Depreciation and amortization 538,044 550,847
Operating income before working capital changes 1,371,398 687,324
Decrease (increase) in:
Trade and Other Receivables 4,048,567 (3,334,510)
Inventories 1,601,724 5,471,515
Other Current Assets - (1,988,542)
Advances to Related Parties (9,225,315) (16,954,688)
Increase (decrease) in:
Trade and other payables (2,912,997) 3,817,601
Other Current Liabilities (1,081,370) 1,155,318
Advances from Related Parties (2,435,822) 1,631,778
Retirement Benefit Liability (100,000) -
Income Tax Payable 1,892 355,260
Net cash provided by (used in) operating activities (8,731,924) (9,158,945)

CASH FLOWS FROM INVESTING ACTIVITIES

Net additions to property and equipment (154,020) (1,530,577)
Increase in Capital - 9,500,000
Net cash provided by (used in) investing activities (154,020) 7,969,424

CASH FLOWS FROM FINANCING ACTIVITIES

Increase (Decrease) in Bank Loans 9,520,000 (2,594,863)
Net cash provided by (used in) financing activities 9,520,000 (2,594,863)

INCREASE IN CASH 634,056 (3,784,385)

CASH, BEGINNING 7,284,362 11,068,747
CASH, END 7,918,418 7,284,362