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 December 31, 2020, the Company had no cash, negative working capital of $26,812 and an accumulated deficit of $2,517,234.
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 revenues and 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 December 31,
2020 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 December 31, 2020 and September 30, 2020 there were 162,255,00 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 :
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Series A Convertible Preferred Stock, $0.0001, 10,000,000 shares authorized, 2,250,000 issued and outstanding
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Series C Convertible Preferred Stock, $0.0001, 5,000,000 shares authorized, 4,800,000 issued and outstanding
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Series D Convertible Preferred Stock, $0.0001, 5,000,000 shares authorized, 50,000 issued and outstanding
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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 December 31, 2020
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 $26,812 as of December 31, 2020
in the form of interest demand loans.
NOTE 5 – COMMITMENTS
AND CONTINGENCIES
The Company did not have
any contractual commitments as of December 31, 2020.
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.