Green Star Products : GSPI 2021 Q4 Financial Statements

Green Star Products, Inc.

Balance Sheets

As of December 31, 2021 and 2020

(Unaudited)

December 31, 2021

December 31, 2020

Assets

Current Assets

Cash and bank deposits Total Current assetsOther Assets

Other loan receivable

Loan receivable from related party

$

4,454 $ 1,193

4,454 1,193

5,000

-619,955 607,645

Total Assets

Liabilies and Stockholders' Equity

Current Liabilies

Accounts payable and accrued expenses Payroll taxes payable

Salaries payable Income taxes payable Due to related party Common stock to issue liability

Current poron of notes and loan payable Total Current liabilies

$

629,409 $ 608,838

$

887,103 886,603

286,463 286,463

21,500

86,000 86,000

749,602 833,659

87,356 87,356

36,400 9,400

-

2,154,424 2,189,481

Total liabilies

Stockholders' Equity (Deficit)

Common stock: $0.001 par value, 675,000,000 shares authorized, 670,397,447 shares issued and outstnding as of December 31, 2021 and 2020, respecvely

Addional paid-in capital Accumulated deficit

Total stockholders' Equity

Total Liabilies and Stockholders' Equity

2,154,424 2,189,481

670,352 15,115,282

(17,310,649) (17,366,277)

(1,525,015) (1,580,643)

$

629,409 $

The accompanying notes are an integral part of these financial statements

670,352 15,115,282

608,838

Green Star Products, Inc.

Statements of Operaons

For Years Ended December 31, 2021 and 2020

(Unaudited)

Years ended

December 31,

2021

2020

Revenue

Cost of goods sold

Gross profit

Operang expenses

Officer compensaon

General and administrave expenses Total operang expenses

$

6,940 1,550 5,390

30,000

57,419 6,352

$

- - -

-

87,419 6,352

Operang income

Other income (loss)

Other income

Net profit (loss) from connuing operaons

Basic and Diluted Loss per Share

Weighted Average Number of Shares Outstanding

(82,029)

$ $

137,657 55,628

0.00 670,397,447

$ $

670,397,447

The accompanying notes are an integral part of these financial statements

(6,352)

-

(6,352)

(0.00)

Green Star Products, Inc.

Statements of Cash flow

For Years Ended December 31, 2021 and 2020

(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net Income (Loss)

Adjustments to reconcile net income (loss) to net cash provided (used) by operaon:

Years ended

2021

• $ 55,628

Increase in salaries payable 21,500

Changes in accounts payable and accrued expenses 500

2020

• $ (6,352)

  -NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 77,628 (6,352)

  CASH FLOWS FROM INVESTING ACTIVITIES:

  Other loan receivable (5,000)

  Loan receivable from related pares (12,310) (5,255)NET CASH PROVIDED BY (USED IN)INVESTING ACTIVITIES (17,310) (5,255)

  CASH FLOWS FROM FINANCING ACTIVITIES:

  Proceddes from loan from related pares (84,057) 3,395

  Proceeds from loan payable

  NET CASH PROVIDED BY (USED IN)FINANCING ACTIVITIES

  27,000 9,400

  (57,057) 12,795

  NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

  CASH AND CASH EQUIVALENTS

  Beginning of period

  End of period

  SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION;

  Cash paid taxes

  Cash paid for interest

  3,261 1,188

  $

  1,193 4,454

  $ $

  - -The accompanying notes are an integral part of these financial statements

  5

• $ 1,193

$ $

- -

Green Star Products, Inc. Statements of Changes in Shareholders' Equity For Years Ended December 31, 2021 and 2020

(Unaudited)

Common stockCommon stock

AmountsAddional paid in capitalAccumulated deficitTotalBalance-December 31, 2019

670,397,447

$

670,352

$

15,115,282

$

(17,359,925)

• $ (1,574,291)

  Net loss

  (6,352)

  (6,352)

  Balance-December 31, 2020

  670,397,447

  $

  670,352

  $

  15,115,282

  $

  (17,366,277)

• $ (1,580,643)

  Net income (loss)

  55,628

  55,628

  Balance-December 31, 2021

  670,397,447

  $

  670,352

  $

  15,115,282

  $

  The accompanying notes are an integral part of these financial statements

  (17,310,649)

• $ (1,525,015)

Green Star Products, Inc.

Notes to Financial Statements Year Ended December 31, 2021

(Unaudited)

Note 1 - Organization and Basis of Preparation

In June of 1992, Green Star Products, Inc. ("GSPI" or the "Company") formerly known as B.A.T. International, Inc. and subsidiaries entered a plan of reorganization whereby it was acquired by October Associates, Inc., a Utah public corporation. The name of the Company was changed to B.A.T. International, Inc., and the name was again changed to Green Star Products, Inc. in July of 2002. Operations through 1994 consisted of designing and developing electric retrofitted automobiles. In early 1995, the Company closed its facilities in Salt Lake City, Utah, abandoned its remaining Utah assets and moved to California where it continued to build electric automobiles through 1998.

Company Operations from 1992-1998

Mr. Joseph LaStella is the president and founder of Green Star Products, Inc. (GSPI), formerly BAT International Inc. Prior to forming GSPI, Mr. LaStella conducted extensive research on electric vehicles in the mid-1980s. As a result of his research, he was able to attract and recruit some of the best automotive engineering personnel in the electric automobile industry. During the years 1992 through 1998, GSPI built three different models of electric vehicles based on the Ford Ranger design and the General Motors' Geo Metro design. GSPI only purchased new vehicles directly from these companies and converted them into electric vehicles. The new components removed from new vehicles included: internal combustion engines, radiators, exhaust systems, and many other components which were sold back to OEM Distributors as new replacement parts. Therefore, this strategy significantly reduced the price of base new vehicles and created inexpensive new running gliders. These vehicles were sold to many high-profile individuals, organizations, and investment firms. During this period, Mr. LaStella set many of the world records for electric vehicles, some of them still stand to this day.

Other achievements during this period include: 1) Received Commendation Honors from Governor Levitt of Utah for groundbreaking work accomplished in the electric vehicle industry, presented during the Proclamation of Zero Emissions day in Utah (1994). 2) Received a United States Senate, Commendation plaque from Senator Dianne Feinstein (California Democrat) and two Congressmen, for creating an advanced transportation business in California (1994). 3) First to complete a successful crash test of an electric vehicle in the United States (1995). 4) Successfully completed International offset programs with Lockheed Martin in relation to electric vehicle Battery Technology transfer. 5) Set several world records that were covered by mainstream media, including ABC, CBS, NBC, Fox News, CNN, and many national newspapers, such as, USA Today, Washington Post, LA Times, Detroit News, etc.

In the late 1990s, the market for electric vehicles did not develop because in 1998 California dropped its US electric vehicle mandate. Therefore, GSPI went on to develop other technologies for other environmentally friendly industries.

By 2003 Mr. LaStella had developed the first high-efficiency Continuous Flow biodiesel reactor.

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