Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - NextPlay Technologies Inc. | mkgi-8k_020518.htm |
Exhibit 99.1
To Management
Monaker Group, Inc.
2690 Weston Road, Suite 200
Weston, FL 33331
Management is responsible for the accompanying consolidated financial statements of Monaker Group, Inc. (a corporation), which comprise the consolidated balance sheet as of January 31, 2018, and the related consolidated statement of operations for the month then ended in accordance with accounting principles generally accepted in the United States of America.
We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements.
Management has elected to omit substantially all the disclosures and the consolidated statement of cash flows required by accounting principles generally accepted in the United States of America. If the omitted disclosures and the statement of cash flows were included in the financial statements, they might influence the user’s conclusions about the Company’s financial position, results of operations, and cash flows. Accordingly, the financial statements are not designed for those who are not informed about such matters.
LBB & Associates Ltd., LLP
LBB & Associates Ltd., LLP
Houston, Texas
February 5, 2018
7600 West Tidwell, Suite 501 * Houston, Texas 77040 * TEL (713) 800-4343 * FAX (713) 456-2408
Monaker Group, Inc. and Subsidiaries
Consolidated Balance
Sheet
(Unaudited)
| January 31, | ||||
| 2018 | ||||
| Assets | ||||
| Current Assets | ||||
| Cash | $ | 2,068,609 | ||
| Notes receivable | 750,000 | |||
| Security deposits | 15,000 | |||
| Prepaid expenses and other current assets | 7,645 | |||
| Total current assets | 2,841,254 | |||
| Note receivable | 2,900,000 | |||
| Website Development costs and intangible assets, net | 2,671,747 | |||
| Deposit | 900,000 | |||
| Land | 600,000 | |||
| Total assets | $ | 9,913,001 | ||
| Liabilities and Stockholders' Deficit | ||||
| Current Liabilities | ||||
| Line of Credit | $ | 1,193,000 | ||
| Accounts payable and accrued expenses | 411,299 | |||
| Derivative liability | 54,000 | |||
| Other current liabilities | 48,575 | |||
| Total current liabilities | 1,706,874 | |||
| Deferred gain | 2,900,000 | |||
| Total liabilities | 4,606,874 | |||
| Stockholders' deficit Common stock, $.00001 par value; 500,000,000 shares authorized; | ||||
| 20,358,284 shares issued and outstanding at January 31, 2018 | 204 | |||
| Additional paid-in-capital | 110,774,166 | |||
| Accumulated deficit | (105,468,243 | ) | ||
| Total stockholders' equity | 5,306,127 | |||
| Total liabilities and stockholders' equity | $ | 9,913,001 | ||
See accountants’ report
Monaker Group, Inc. and Subsidiaries
Consolidated
Statements of Operations
(Unaudited)
| For the month ended | ||||
| January 31, | ||||
| 2018 | ||||
Revenues | ||||
| Travel and commission revenues | $ | — | ||
| Total revenues | — | |||
| Operating expenses | ||||
| Salaries and benefits | 112,760 | |||
| General and administrative | 30,489 | |||
| Technology and development | 22,225 | |||
| Selling and promotions expense | 500 | |||
| Total operating expenses | 165,974 | |||
| Operating loss | (165,974 | ) | ||
| Other income (expense) | ||||
| Interest expense | (5,658 | ) | ||
| Total other income (expense) | (5,658 | ) | ||
| Net loss | $ | (171,632 | ) | |
See accountants’ report