VERTAM FARMS OPC

Umingan, Pangasinan

STATEMENT OF FINANCIAL POSITION

As of December 31, 2020 and 2019
(All Amounts in Philippine Peso)

As of December 31
Notes 2020 2019
ASSETS
Current Assets
Cash and Cash Equivalents 4 10,166,920.58 1,000,000.00
Prepayments 5 - 5,000.00
Total Current Assets 10,166,920.58 1,005,000.00

Other Non-current Assets

Security Deposit 6 - 50,000.00
Total Noncurrent Assets - 50,000.00

TOTAL ASSETS 10,166,920.58 1,055,000.00

LIABILITIES AND EQUITY

Current Liabilities
Trade and other payables - -
Advances from stockholder 7 - 46,455.00
Total Current Liabilities - 46,455.00

Non-current liabilities
Deposits for future subscription 8 - 100,000.00
Total Non-Current Liabilities - 100,000.00

TOTAL LIABILITIES - 146,455.00

EQUITY
Capital Stock - 1,000,000.00
Retained Earnings 10,166,920.58 (91,455.00)

TOTAL EQUITY 10,166,920.58 908,545.00

TOTAL LIABILITIES AND OWNER'S EQUITY 10,166,920.58 1,055,000.00

See accompanying Notes to Financial Statements - -

VERTAM FARMS OPC
Umingan, Pangasinan

STATEMENT OF INCOME
For the years ending December 31, 2020 and 2019
(All Amounts in Philippine Peso)

Years ended, December 31

Notes 2020 2019

Revenues 4,11 11,902,449.13 -

Expenses
Administrative expenses 13 1,644,073.55 91,455.00
Total Expenses 1,644,073.55 91,455.00
Net Income 10,258,375.58 (91,455.00)

See accompanying Notes to Financial Statements

VERTAM FARMS OPC
Umingan, Pangasinan

STATEMENT OF CASH FLOW

For the years ending December 31, 2020 and 2019
(All Amounts in Philippine Peso)
Years ended, December 31
2020 2019
CASH FLOW FROM OPERATING ACTIVITIES
Income (loss) before tax 10,258,375.58 (91,455.00)
Adjustments to reconcile net income
provided by operating activities
Add/(Deduct) :
Depreciation/Amortization - -
Changes in current assets and liabilities :
(Increase) Decrease in prepayments 5,000.00 (5,000.00)
Increase(Decrease) in trade and other payable (100,000.00) 100,000.00
Increase(Decrease) in advances from stockholder (46,455.00) 46,455.00
Cash generated from (used for) operation 10,116,920.58 50,000.00

CASH FLOW FROM INVESTING ACTIVITIES

(Increase) Decrease in deposits 50,000.00 (50,000.00)
Net Cash Provided by (used in) investing activities 50,000.00 (50,000.00)

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from Issuance of Shares of Stocks (1,000,000.00) 1,000,000.00
Proceeds from Deposits for future subscriptions (100,000.00) 100,000.00
Net cash provided by (used in) financing activities (1,100,000.00) 1,100,000.00

Net Change in Cash 9,066,920.58 1,100,000.00

Cash balance beginning 1,000,000.00 -

CASH, END OF YEAR 10,066,920.58 1,100,000.00

See accompanying Notes to Financial Statements

Changes Arising from the Transition to PFRS

At June 1, 2008 At May 31, 2009

(Date of Transition) (end of last period presented under previous GAAP)
Effect of Effect of
transition to Previous transition to
Notes Previous GAAP PFRS PFRS GAAP PFRS PFRS
ASSETS
Current Assets
Cash 2,5,31,32 5,102,563 - 5,102,563 4,296,145 - 4,296,145
Trade & Other Receivables 2,6,31,32 49,569,648 - 49,569,648 56,909,486 - 56,909,486
Inventories 2,7,32 10,774,845 - 10,774,845 10,930,059 - 10,930,059
Other Current Assets 2,8,32 4,885,875 - 4,885,875 5,281,001 - 5,281,001
70,332,931 - 70,332,931 77,416,690 77,416,690
Noncurrent Assets -
Property & Equipment 2,9,22,24,26,32 55,255,414 - 55,255,414 57,331,902 - 57,331,902
Other Noncurrent Assets 2,10,32 2,328,568 - 2,328,568 2,148,568 - 2,148,568
57,583,982 57,583,982 59,480,470 59,480,470
TOTAL ASSETS 127,916,913 - 127,916,913 136,897,161 - 136,897,161
LIABILITIES & EQUITY
Current Liabilities
Trade & Other Payables 2,11,31,32 53,483,413 - 53,483,413 19,572,520 - 19,572,520
Other Current Liabilities 2,12,29,32 49,874 - 49,874 49,874 - 49,874
Loans Payable 2,13,31,32 - - - 4,812,500 - 4,812,500
53,533,287 - 53,533,287 24,434,894 - 24,434,894
Noncurrent Liabilities
Accounts Payable-Others 2,14,32 - - 10,634,105 - 10,634,105
Miscellaneous Deposits 2,14,32 - - 12,871,451 - 12,871,451
23,505,556 23,505,556

Fund Balance -
Contributed Capital 2,15,32 1,200,000 - 1,200,000 1,200,000 - 1,200,000
Donated Surplus 2,16,32 30,923,481 - 30,923,481 30,968,631 - 30,968,631
Cumulative Fund 2,17,18,32 42,260,144 - 42,260,144 56,788,080 - 56,788,080
74,383,626 - 74,383,626 88,956,711 - 88,956,711
TOTAL LIABILITIES & EQUITY 127,916,913 127,916,913 136,897,161 - 136,897,161

At May 31, 2009

(end of last period presented under previous GAAP)

Effect of
Previous transition to
Notes GAAP PFRS PFRS
REVENUES 4,11 #REF! - #REF!
Cost of Sales and Services 0 #REF! - #REF!
Gross Profit #REF! - #REF!
Other Income 0 #REF! - #REF!
Gross Income #REF! - #REF!
Administrative Expenses #REF! #REF! - #REF!
Distribution Cost 2,27,33 #REF! - #REF!
Finance Cost 2,31,33 #REF! - #REF!
Total #REF! #REF!

EXCESS OF REVENUES OVER EXPENSES #REF! - #REF!

 Page 5 of 44

VERTAM FARMS OPC

Notes to Financial Statements
As of December 31, 2020

1. VERTAM FARMS OPC INFORMATION

It is a domestic corporation that was incorporated under the laws of the Republic of the Philippines
and duly registered with the Securities and Exchange Commission (SEC) on September 4, 2019 as
Vertam Farms OPC with SEC registration number OPC20190000800, owned and managed by Mr
Elmer Evilla. The corporation is engaged in business of integrated poultry operations, raising
slaughtering, preserving and selling chicken, fowl, cattle, calves, hogs goats, sheep lambs, other
animals for food purposes, and all kinds of poultry and livestock, and dealing in and contracting for
the purchase and sale of all kinds of agricultural or farm products as well as customized products for
export and for domestic food service account; to buy, import, sell, export, market, manufacture and
trade in such aforesaid products; to develop, manage own, lease and operate, agricultural lands; to
erect and build abattoirs, dressing, plants, warehouse, cold storage warehouse, sheds and other
buildings necessary or expedient for the carrying out of the purpose aforesaid.

The registered office address which is also the principal place of business is located at Sitio Turod
Ricos Umingan, Pangasinan with TIN 753-956-720-000.

2. STATUS OF OPERATION
The accompanying financial statements have been prepared on a going concern basis, which

contemplate the realization of assets and settlement of liabilities in the normal course of business.

3. BASIS OF PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS

Statement of Compliance
The accompanying financial statements have been prepared in accordance with the appropriate
Financial Reporting Framework in conformity with the Philippine Financial Reporting Standards
(PFRS) for Small Entities (SE’s) issued by the Philippine Financial Reporting Standards Council.

Basis of Measurement
The financial statements of the Company have been prepared on historical cost basis and they are
presented in Philippine Peso, which is the Company’s functional and presentation currency. Al
values represent absolute amounts except when otherwise indicated.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these financial statements are set ou
below. These policies have been consistently applied to all the years presented, unless otherwise
stated.

Cash and Cash Equivalents

Cash includes cash in bank that are unrestricted and available for current operations. This is
measured in the statement of financial position at face value.

Cash and cash equivalents include all short-term highly liquid investments that are readily
convertible to known amounts of cash and have original maturities of three months or less from the
date of purchase. As of December 31, 2020, the company had cash of Php ________ maintained in
Philippine bank accounts, of which all Philippine bank account balances were the Php 500,000.00
PDIC coverage limit.
 Page 6 of 44

Cash and cash equivalents include all short-term highly liquid investments that are readily
convertible to known amounts of cash and have original maturities of three months or less from the
date of purchase. As of December 31, 2020, the company had cash of Php ________ maintained in
Philippine bank accounts, of which all Philippine bank account balances were the Php 500,000.00
PDIC coverage limit.

Other Current Assets

Other current assets pertain to input tax and prepaid real property tax. These are measured at the
transaction cost.

Trade and other payables

Trade and other payables are obligations on the basis of normal credit terms and do not bear
interest. These are initally measured at transaction price and are subsequently presented a
undiscounted amount.

Due to Shareholder
Stockholder's advances represent non-interesrt-bearing advances from the contribution of property
and equipment and for additional fund for working capital requirements as authorized and approved
by the Board of Directors. This is measured initially at transaction price (including transaction cost)
which is the undiscounted amount owed to shareholder and subsequently measured at amortized
cost which is the net of the following amounts:

a.) the amount at which the financial asset or financial liability is measured at initial
recognition; and
b.) minus any repayments of the principal.

Stockholder's advances represent non-interesrt-bearing advances from the contribution of property

and equipment and for additional fund for working capital requirements as authorized and approved
by the Board of Directors. This is measured initially at transaction price (including transaction cost)
which is the undiscounted amount owed to shareholder and subsequently measured at amortized
cost which is the net of the following amounts:

Deposits for Future Subscription

PAS 32 defines an equity instrument as any contract that evidences a residual interest in the assets o
an entity after deducting all of its liabilities. Such residual interest arises from holding shares of stock
as provided in the Corporation Code (the Code).

Under the Code, a stock corporation is empowered to issue or sell stocks to subscribers in
accordance with the provisions of the Code. Such issuance should only be to the extent of the capita
stock approved or authorized by the Commission. If there is no more authorized capital stock, an
increase thereof for the purpose of issuing additional stocks may be made by the company subject to
the approval by its Board of Directors, stockholders and the Commission.

On the basis of the foregoing, a company should not consider a deposit for future subscription as an
equity instrument unless all of the following elements are present:

a.) There is a lack or insufficiency of authorized unissued shares of stock to cover the deposit;

b.) The company’s Board of Directors and stockholders have approved an increase in capital
stock to cover the shares corresponding to the amount of the deposit; and,
 Page 7 of 44

c.) An application for the approval of the increase in capital stock has been presented for filing
or filed with the Commission.

If any or all of the foregoing elements are not present, the transaction should be recognized as a
liability.

Share Capital
The company shall measure the equity instruments at the amount of cash received. If payment is
deferred and the time value of money is material, the initial measurement shall be on a present value
basis.

The company shall account for the transaction costs (i.e., incremental costs that are directly
attributable to the issue) of an equity transaction as a deduction from equity, net of any related
income tax benefit.

Cumulative Earnings (Losses)

Cumulative Earnings include all current and prior period results as disclosed in the statement o
income.

Stock corporations are prohibited from retaining surplus profits in excess of one hundred percen
(100%) of their paid-in capital stock, except:

a.) when justified by definite corporate expansion projects or programs approved by the board
of directors; or

b.) when the corporation is prohibited under any loan agreement with financial institutions or
creditors, whether local or foreign, from declaring dividends without their consent, and such
consent has not yet been secured; or

c.) when it can be clearly shown that such retention is necessary under special circumstances
obtaining in the corporation such as when there is need for special reserve for probable
contingencies.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable. The fair value o
the consideration received.

The company shall include in revenue only the gross inflows of economic benefits received and
receivable by the company on its own account. The company shall exclude from revenue all amounts
collected on behalf of third parties, such as sales taxes, goods and services taxes and value added
taxes collected on behalf of the government.

Cost and expense recognition

Expenses are decreases in economic benefits in the form of decreases in assets or incurrence o
liabilities that result in decreases in equity, other than those relating to distributions to equity
participants. Cost, general and administrative expenses are recogized in the statements of income
upon consumption of the goods and or utilization of the service or at the date they are incurred.

Direct Costs
 Page 8 of 44

Direct Costs are recognized in profit or loss in the period the services are provided. Costs of
services includes depreciation, taxes and other costs directly attributed to the services
provided.

General and Administrative Expenses

General and Administrative Expenses include repairs and maintenance, commission,

professional fees and other costs that cannot be associated directly to the services rendered.

Income tax
The compny shall determine the tax basis of an asset, liability or other item in accordance with
enacted or substantively encted law.

The tax basis determines the amounts that will be included in taxable profit on recovery or
settlement of the carrying amount of an asset or liability. Specifically:

a.) the tax basis of an asset equals the amount that would have been deductible in arriving at taxable
profit if the carrying amount of the asset had been recovered through sale at the end of the reporting
period. If the recovery of the asset through sale does not increase taxable profit the tax basis shall be
deemed to be equal to the carrying amount.

b.) the tax basis of a liability equals its carrying ammount less any amounts deductible in determining
taxable profit (or plus any amounts included in taxable profit) that would have arisen if the liability
had been settled for its carrying amount at the end of the reporting period.

In the case of deferred revenue, the tax basis of the resulting liability is its carrying amount, less any
amount of revenue that will not be taxable in future periods.

Temporary difference arise:

a.) when there is a difference between the carrying amounts and tax bases on the initial
recognition of assets and liabilities, or at the time a tax basis is created for those items that
have a tax basis but are not recognized as assets and liabilities;

b.) when a difference between the carrying amount and tax basis arises after initial recogition
because income or expense is recognized in either profit or loss or equity in one reporting
period but is recognized in taxable profit in a different period; or

c.) when the tax basis of an asset or liability changes and the change will not be recognized in
the asset or liability's carrying amount in any period.

Provisions and Contingencies

Initial Recognition
The company shall recognize a provision only when: a) the company has an obligation at the
reporting date as well as a result of a past event; b.) it is probable (i.e., more likely than not) that the
company will be required to transfer economic benefits in settlement; and c.) the amount of the
obligation can be estimated reliably.
 Page 9 of 44

Initial Measurement
The company shall measure a provision at the best estimate of the amount requird to settle the
obligation at the reporting date. The best estimate is the amount the companyy would rationally pay
to settle the obligation at the end of the reporting period or to transfer it to third party at that time.

a.) when the provision involves a large population of items, the estimate of the amount reflects
the weighting of all possible outcomes by their associated probabilities. Where there is a
continuous range of possible outcomes, and each point in that range is as likely as any other,
the mid-point of the range is used.
b.) when the provision arises from a single obligation, the individual most likely outcome may
be the best estimate of the amount required to settle the obligation. However, even in such a
case, the company consides other possible outcomes. When other possible outcomes are either
mostly higher or mostly lower than the most likely outcomes. When other possible outcomes,
the best estimate will be a higher or lower amount than the singe most likely outcome.
Subsequent Measurement
The company shall charge against a provision only those expenditures for which the provision was
originally recognized.

The company shall review provisions at each reporting date and adjust them to reflect the curren
best estimate of the amount that would be required to settle the obligation at that reporting date
Any adjustments to the amounts previously recognized shall be recognized in profit or loss unless th
provision was originally recognized as part of the cost of an asset (see paragraph 299). When a
provision is measured at the present value of the amount expected to be required to settle the
obligation, the subsequent reduction in the present value that results from the passing of time shal
be recognized in profit or loss in the period it arises.

No provisions and contingencies recognized during the period

Events after the end of the reporting period

Events after the end of the reporting period are those events, favorable and unavorable, that occur
between the end of the reporting period and the date when the financial statements are authorized
for issue.

The company shall adjust the amounts recognized in its financial statements, including related
disclosures, to reflect adjusting events after the end of the reporting period. Adjusting events after
the end of the reporting period are those events that provide evidence of conditions that existed a
the end of the period.

The company shall not adjust the amounts recognized in its financial statements to reflect non
adjusting events after the end of the reporting period. Non-adjusting events after the end of the
reporting period are indcative of conditions that arose after the end of the reporting period.

If the company declares dividends to holders of its equity instruments after the end of the reporting
period. The amount of the dividend may be presented as a segregated component of retained
earnings at the end of the reporting period.

Going - Concern
 Page 10 of 44

The management shall evaluate whether relevant conditions and events, considered in the aggregate
indicate that it is probable that the company will be unable to meet its obligations as they become
due within one year after tha date that the financial statements are issued. The evaluation initially
shall not take into consideration the potential mitigating effects of management's plans that have no
been fully implemented as of the date that the financial statements are issued.

When evaluating the company's ability to meet its obligations, the management shall consider the
following quantitative and qualitative information about the following conditions and events, among
other relevant conditions and events known and reasonably knowable at the date that the financia
statements are issued:

a.) The company's current financial condition, including its liquidity sources at the date that the

financial statements are issued such as available liquid funds and available access to credit.
b.) The company's conditional and unconditional obligations due or anticipated within one year
after the date that the financial statements are issued.
c.) The fund necessary to maintain the company's operations considering its current financial
condition, obligations and other expected cash flows within one year after the date that the
financial statements are issued.

When relevant conditions or events, considered in the aggregate, initially indicste that it is probable
that the company will be unable to meet its obligations as they become due within one year after the
date that the financial statements are issued (and therefore they raise substantial doubt about the
company's abilitiy to continue as a going concern), management shall evaluate whether its plans tha
are intended to mitigate those conditions and events, when imlemented, will alleviate substantia
doubt about the company's ability to continue as a going concern.

The mitigating effects of management's plans shall be considered in evaluating whether the
substantial dount is alleviate only to the extent that information available as of the date that the
financial statements are issued indicates both of the following:
a.) It is probable that the management's plans will be effectively implemented within one year
after the date that the financial statements are issued.
b.) It is probable that management's plans, when implemented, will mitigate the relevant
conditions or events that raise substantial doubt about the company's ability to continue as a
going concern within one year after the date that the financial statements are issued.
The evaluation of whether it is probable that management's plans will be effectively implemented
within one year after the date that the financial statements are issued shall be based on the feasibility
of implementation of management's plans in light of the company's specific facts and circumstances.

Generally, to be considered probable of being effectively implemented, management (or others with
the appropriate authority) must have approved the plan before the date that the financial statements
are issued.

The mitigating effect of management's plans that are not probable of being effectively implemented
within one year after the date that the financial statements are issued shall not be considered in
evaluating whether substantial doubt about the company's ability to continue as a going concern is
alleviated.
 Page 11 of 44
The mitigating effect of management's plans that are not probable of being effectively implemented
within one year after the date that the financial statements are issued shall not be considered in
evaluating whether substantial doubt about the company's ability to continue as a going concern is
alleviated.

5. CASH and CASH EQUIVALENTS

Cash consists ofcash deposited in local banks. This is set aside for current purposes and measure a
face value.
2020
Cash in Bank 10,166,920.58
Total 10,166,920.58

6. PREPAYMENTS
This account consists of: 2020
Prepaid Insurance -
Total -

7. PROPERTY AND EQUIPMENT

Property and Equipment consist of the following:

December 31, Retirement /
Cost Addition
2019 (Disposal)
Land -
Building -
Furnitures & Fixtures -
Vehicles -
- - -
Less: Accumulated. Depreciation
Building
Furnitures & Fixtures
Vehicles
- - -
Carrying Value -

Depreciation Expense 2020

Building -
Furnitures & Fixtures -
Vehicles -
Total -
Depreciation is computed on a straight line method over the estimated useful life of the assets.

8. MISCELLANEOUS DEPOSITS
This account pertains to: 2020
Security Deposits -
Total -

9. TRADE AND OTHER PAYABLES

This account represents the following:
2020
Accrued Expenses -
 Page 12 of 44

SSS,PHIC,HDMF -
VAT Payable -
Total -

Trade and other payables are initially recorded at transaction price and subsequently measured a
their costs less settlement payments.

10. ADVANCES FROM STOCKHOLDER

This account consists of:
2020
Advances from stockholder -
Total -

Advances from shareholder was used to defray expenses and other financial requirements of the
company.

11. DEPOSITS FOR FUTURE SUBSCRIPTIONS

2020
Advances for Subscriptions -
Total -

12. SHARE CAPITAL

This account consist of:
2020
Authorized Capital -
Subscribed Capital -
Par Value -
PAID - UP CAPITAL -

The company's authorized capital stock is ONE MILLION PESOS (PHP 1,000,000) divided into ONE
HUNDRED THOUSAND (100,000) shares with par value of ONE HUNDRED PESOS (PHP 100) pe
share. The subscribed share capital is 100,000 shares of common stock amounting to Php 1,000,000
and the paid-up capital is 100,000 shares of common stock amounting to Php 1,000,000 as o
December 31, 2020.

13. CUMULATIVE EARNINGS (DEFFICIT)

This account consists of:
2020
Balance, Beginning 908,545.00
Profit (Loss) 10,258,375.58
Balance, Ending 11,166,920.58

14. ADMINISTRATIVE EXPENSES

2020
Communication, Light and Water 204,614.55
Repairs and Maintenance 898,680.00
Depreciation -
Taxes and licenses -
Miscellaneous expense -
 Page 13 of 44

Total 1,103,294.55
Administrative expense are recognized in the statement of income on the date they are incurred.

15. INCOME AND OTHER TAXES

2020
Net profit(loss) before income tax 10,258,375.58
Non-deductible expense
NOLCO
Net Taxable Income/(Loss) 10,258,375.58
Income Tax Expense - Current Period

16. EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no events that require adjustment or disclosures between the reporting date and the
date of issuance of the audited financial statements.

The financial statements for the years ended December 31, 2020 were approved by the managemen
and authorized for issue by the Board of Directors on ______________________.

SUPPLEMENTARY TAX INFORMATION UNDER REVENUE REGULATION NO. 15-2010 AND 19-
17. 2011

On November 25, 2010, The Bureau of Internal Revenue (BIR) issued Revenue Regulation (RR) 15
2010, which required certain information on taxes, duties and license fees paid or accrued during
taxable year to be disclosed as part of the notes to financial statements. This supplementa
information, which is an addition to the disclosures mandated under PFRS for SMEs, is presented as
follows:

Taxes and Licenses

This account consists of: 2020
BIR - Annual Registration Fee -
Cedula -
Documentary Stamp -
Mayor's permit -
SEC - Registration Fee -
Total Taxes and Licenses -
 Page 14 of 44

at was incorporated under the laws of the Republic of the Philippines

Securities and Exchange Commission (SEC) on September 4, 2019 as
registration number OPC20190000800, owned and managed by Mr.
n is engaged in business of integrated poultry operations, raising,
selling chicken, fowl, cattle, calves, hogs goats, sheep lambs, other
d all kinds of poultry and livestock, and dealing in and contracting for
ds of agricultural or farm products as well as customized products for
service account; to buy, import, sell, export, market, manufacture and
cts; to develop, manage own, lease and operate, agricultural lands; to
ssing, plants, warehouse, cold storage warehouse, sheds and other
nt for the carrying out of the purpose aforesaid.

which is also the principal place of business is located at Sitio Turod,

h TIN 753-956-720-000.

statements have been prepared on a going concern basis, which

assets and settlement of liabilities in the normal course of business.

tatements have been prepared in accordance with the appropriate

rk in conformity with the Philippine Financial Reporting Standards
issued by the Philippine Financial Reporting Standards Council.

e Company have been prepared on historical cost basis and they are
which is the Company’s functional and presentation currency. All
unts except when otherwise indicated.

es applied in the preparation of these financial statements are set out

en consistently applied to all the years presented, unless otherwise

hat are unrestricted and available for current operations. This is

nancial position at face value.

nclude all short-term highly liquid investments that are readily

of cash and have original maturities of three months or less from the
mber 31, 2020, the company had cash of Php ________ maintained in
which all Philippine bank account balances were the Php 500,000.00
 Page 15 of 44

o input tax and prepaid real property tax. These are measured at the

e obligations on the basis of normal credit terms and do not bear

measured at transaction price and are subsequently presented at

ent non-interesrt-bearing advances from the contribution of property

nal fund for working capital requirements as authorized and approved
is measured initially at transaction price (including transaction cost)
ount owed to shareholder and subsequently measured at amortized
owing amounts:

h the financial asset or financial liability is measured at initial

nts of the principal.

ent non-interesrt-bearing advances from the contribution of property

nal fund for working capital requirements as authorized and approved
is measured initially at transaction price (including transaction cost)
ount owed to shareholder and subsequently measured at amortized
owing amounts:

ment as any contract that evidences a residual interest in the assets of

its liabilities. Such residual interest arises from holding shares of stock
Code (the Code).

poration is empowered to issue or sell stocks to subscribers in

s of the Code. Such issuance should only be to the extent of the capital
by the Commission. If there is no more authorized capital stock, an
se of issuing additional stocks may be made by the company subject to
rectors, stockholders and the Commission.

a company should not consider a deposit for future subscription as an

the following elements are present:

fficiency of authorized unissued shares of stock to cover the deposit;

of Directors and stockholders have approved an increase in capital

corresponding to the amount of the deposit; and,
 Page 16 of 44

approval of the increase in capital stock has been presented for filing
sion.

elements are not present, the transaction should be recognized as a

he equity instruments at the amount of cash received. If payment is

money is material, the initial measurement shall be on a present value

for the transaction costs (i.e., incremental costs that are directly
n equity transaction as a deduction from equity, net of any related

all current and prior period results as disclosed in the statement of

ited from retaining surplus profits in excess of one hundred percent

stock, except:

nite corporate expansion projects or programs approved by the board

is prohibited under any loan agreement with financial institutions or

or foreign, from declaring dividends without their consent, and such
secured; or

shown that such retention is necessary under special circumstances

ion such as when there is need for special reserve for probable

ir value of the consideration received or receivable. The fair value of

revenue only the gross inflows of economic benefits received and

ts own account. The company shall exclude from revenue all amounts
rties, such as sales taxes, goods and services taxes and value added
government.

onomic benefits in the form of decreases in assets or incurrence of

ases in equity, other than those relating to distributions to equity
administrative expenses are recogized in the statements of income
s and or utilization of the service or at the date they are incurred.
 Page 17 of 44

ed in profit or loss in the period the services are provided. Costs of

ation, taxes and other costs directly attributed to the services

ve Expenses include repairs and maintenance, commission,

er costs that cannot be associated directly to the services rendered.

the tax basis of an asset, liability or other item in accordance with

d law.

e amounts that will be included in taxable profit on recovery or

unt of an asset or liability. Specifically:

als the amount that would have been deductible in arriving at taxable
the asset had been recovered through sale at the end of the reporting
sset through sale does not increase taxable profit the tax basis shall be
ying amount.

uals its carrying ammount less any amounts deductible in determining

ounts included in taxable profit) that would have arisen if the liability
g amount at the end of the reporting period.

e, the tax basis of the resulting liability is its carrying amount, less any
t be taxable in future periods.

nce between the carrying amounts and tax bases on the initial
liabilities, or at the time a tax basis is created for those items that
ot recognized as assets and liabilities;

ween the carrying amount and tax basis arises after initial recogition
se is recognized in either profit or loss or equity in one reporting
n taxable profit in a different period; or

an asset or liability changes and the change will not be recognized in

rying amount in any period.

a provision only when: a) the company has an obligation at the

ult of a past event; b.) it is probable (i.e., more likely than not) that the
transfer economic benefits in settlement; and c.) the amount of the
iably.
 Page 18 of 44

provision at the best estimate of the amount requird to settle the

e. The best estimate is the amount the companyy would rationally pay
nd of the reporting period or to transfer it to third party at that time.

volves a large population of items, the estimate of the amount reflects

ble outcomes by their associated probabilities. Where there is a
ible outcomes, and each point in that range is as likely as any other,
e is used.
ises from a single obligation, the individual most likely outcome may
e amount required to settle the obligation. However, even in such a
es other possible outcomes. When other possible outcomes are either
ower than the most likely outcomes. When other possible outcomes,
a higher or lower amount than the singe most likely outcome.

inst a provision only those expenditures for which the provision was

visions at each reporting date and adjust them to reflect the current
hat would be required to settle the obligation at that reporting date.
ts previously recognized shall be recognized in profit or loss unless th
gnized as part of the cost of an asset (see paragraph 299). When a
present value of the amount expected to be required to settle the
uction in the present value that results from the passing of time shall
n the period it arises.

porting period are those events, favorable and unavorable, that occur
ing period and the date when the financial statements are authorized

e amounts recognized in its financial statements, including related

g events after the end of the reporting period. Adjusting events after
d are those events that provide evidence of conditions that existed at

the amounts recognized in its financial statements to reflect non-

d of the reporting period. Non-adjusting events after the end of the
of conditions that arose after the end of the reporting period.

nds to holders of its equity instruments after the end of the reporting
ividend may be presented as a segregated component of retained
rting period.
 Page 19 of 44

e whether relevant conditions and events, considered in the aggregate,

t the company will be unable to meet its obligations as they become
date that the financial statements are issued. The evaluation initially
n the potential mitigating effects of management's plans that have not
he date that the financial statements are issued.

's ability to meet its obligations, the management shall consider the
litative information about the following conditions and events, among
events known and reasonably knowable at the date that the financial

t financial condition, including its liquidity sources at the date that the

ssued such as available liquid funds and available access to credit.

ional and unconditional obligations due or anticipated within one year
ancial statements are issued.
maintain the company's operations considering its current financial
d other expected cash flows within one year after the date that the
ssued.

vents, considered in the aggregate, initially indicste that it is probable

e to meet its obligations as they become due within one year after the
ents are issued (and therefore they raise substantial doubt about the
as a going concern), management shall evaluate whether its plans that
e conditions and events, when imlemented, will alleviate substantial
lity to continue as a going concern.

nagement's plans shall be considered in evaluating whether the

only to the extent that information available as of the date that the
indicates both of the following:
management's plans will be effectively implemented within one year
ancial statements are issued.
nagement's plans, when implemented, will mitigate the relevant
raise substantial doubt about the company's ability to continue as a
year after the date that the financial statements are issued.
s probable that management's plans will be effectively implemented
hat the financial statements are issued shall be based on the feasibility
ent's plans in light of the company's specific facts and circumstances.

obable of being effectively implemented, management (or others with

st have approved the plan before the date that the financial statements

ement's plans that are not probable of being effectively implemented

e that the financial statements are issued shall not be considered in
l doubt about the company's ability to continue as a going concern is
 Page 20 of 44

in local banks. This is set aside for current purposes and measure at

2019
1,000,000.00
1,000,000.00

2019
5,000.00
5,000.00

December 31,
2020
-
-
-
-
-

-
-
-
-
-

2019
-
-
-
-
straight line method over the estimated useful life of the assets.

2019
50,000.00
50,000.00

2019
-
 Page 21 of 44

-
-
-

initially recorded at transaction price and subsequently measured at

ments.

2019
46,455.00
46,455.00

as used to defray expenses and other financial requirements of the

2019
100,000.00
100,000.00

2019
1,000,000.00
1,000,000.00
100.00
100.00

ital stock is ONE MILLION PESOS (PHP 1,000,000) divided into ONE
00) shares with par value of ONE HUNDRED PESOS (PHP 100) per
pital is 100,000 shares of common stock amounting to Php 1,000,000
0,000 shares of common stock amounting to Php 1,000,000 as of

2019
1,000,000.00
(91,455.00)
908,545.00

2019
-
-
-
86,655.00
4,800.00
 Page 22 of 44

91,455.00
ognized in the statement of income on the date they are incurred.

2019
(91,455.00)

(91,455.00)

quire adjustment or disclosures between the reporting date and the

financial statements.

e years ended December 31, 2020 were approved by the management

Board of Directors on ______________________.

RMATION UNDER REVENUE REGULATION NO. 15-2010 AND 19-

Bureau of Internal Revenue (BIR) issued Revenue Regulation (RR) 15-

information on taxes, duties and license fees paid or accrued during
as part of the notes to financial statements. This supplemental
on to the disclosures mandated under PFRS for SMEs, is presented as

2019
500.00
-
10,000.00
74,005.00
2,150.00
86,655.00
 VERTAM FARMS OPC
Umingan, Pangasinan
Statement of Financial Position
As of December 31, 2020

ASSETS 2020 2019

CURRENT ASSETS - -
Cash and Cash Equivalent 10,166,920.58 1,000,000.00
Prepayments 5,000.00
Total 10,166,920.58 1,005,000.00
NON-CURRENT ASSETS
Building
Furnitures & Fixtures
Vehicles
Total - -
Less: Accumulated depreciation
Carrying value - -
Other assets
Security Deposits 50,000.00
TOTAL ASSETS 10,166,920.58 1,055,000.00
LIABILITIES AND CAPITAL
LIABILITIES
CURRENT:
Accrued Expenses -
SSS,PHIC,HDMF -
VAT Payable -
Total Trade and Other Payables - -
Advances from stockholder 46,455.00
TOTAL CURRENT LIABILITIES - 46,455.00
NON-CURRENT:
Deposits for future subscription 100,000.00
Loans payable-long term
TOTAL NONCURRENT LIABILITIES - 100,000.00
EQUITY
Authorized Capital 1,000,000.00
Subscribed Capital 1,000,000.00
Par Value 100.00
Paid-up Capital 1,000,000.00
Capital Stock - 1,000,000.00
Retained Earnings 10,166,920.58 (91,455.00)
- -
TOTAL EQUITY 10,166,920.58 908,545.00
Prior period adjustments
TOTAL LIABILITIES AND CAPITAL 10,166,920.58 1,055,000.00
- -
Statement of Financial Performance
For the year December 31, 2020
REVENUE 11,902,449.13 -
LESS: COST OF REVENUE
Direct charges-Materials
Direct Charges-labor
Total Goods Available for Sales -
Merchandise Inventory, end -
Total -
GROSS PROFIT 11,902,449.13
OTHER INCOME
TOTAL INCOME 11,902,449.13 -
LESS: ADMINISTRATIVE EXPENSES:
Salaries & 13th month 457,539.00
Professional fees
Other services
Insurance
Repairs and maintenance-labor/materials
Repairs and maintenance 898,680.00
Rent Expense
Repesentation expense
Fuel and oil 83,240.00
Loss due to roberry
Transportation and travel
Communication, light and water 204,614.55
Supplies
Taxes and licenses 86,655.00
Depreciation
SSS, Pag-ibig & Philhealth
Miscellaneous expense 4,800.00
TOTAL OPERATING EXPENSES 1,644,073.55 91,455.00
PROFIT 10,258,375.58 (91,455.00)
Less: Provision for income tax - -
PROFIT (LOSS) 10,258,375.58 (91,455.00)
Statement of Cash Flows
As of December 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES: 2020 2019
Net income 10,258,375.58 (91,455.00)
AdjfDepreciation - -
Operating Income (loss) before capital changes
(Increase) Decrease in prepayments 5,000.00 (5,000.00)
Increase(Decrease) in trade and other payable (100,000.00) 100,000.00
Increase(Decrease) in advances from stockholder (46,455.00) 46,455.00
NET CASH GENERATED FROM OPERATION 10,116,920.58 50,000.00
CASH FLOW FROM INVESTING ACTIVITIES -
(Increase) Decrease in deposits 50,000.00 (50,000.00)
Payment for loan - -
Acquisition/Disposal of property - -
 Additional Investment - -
NET CASH GENERATED FROM INVESTMENT 50,000.00 (50,000.00)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Issuance of Shares of Stocks (1,000,000.00) 1,000,000.00
Proceeds from Deposits for future subscriptions (100,000.00) 100,000.00
NET CASH GENERATED FROM FINANCE (1,100,000.00) 1,100,000.00

NET CHANGE IN CASH AND CASH EQUIVALENTS 9,066,920.58 1,100,000.00

ADJUSMENT IN CASH 100,000.00 (100,000.00)
CASH, BEG. 1,000,000.00
CASH, ENDING BALANCE 10,166,920.58 1,000,000.00

Statement of Changes in Equity

For the year December 31, 2020

CAPITAL STOCK
Beginning Balance of the Year
Additional Issuance of shares of stocks - 1,000,000.00
BALANCE AT END OF THE YEAR - 1,000,000.00

RETAINED EARNINGS
Beginning Balance of the Year (91,455.00)
Cash Dividends
Net Income (Loss) 10,258,375.58 (91,455.00)
BALANCE AT END OF THE YEAR 10,166,920.58 (91,455.00)

TOTAL EQUITY 10,166,920.58 908,545.00

Schedule of Taxes and Licenses

Particulars Amount Amount
BIR - Annual Registration Fee 500.00
Cedula
Documentary Stamp 10,000.00
Mayor's permit 74,005.00
SEC - Registration Fee 2,150.00
Total - 86,155.00

Output VAT Net Revenue Output Vat

Taxable Revenue 11,902,449.13 1,428,293.90
Input VAT Net Purchases Input Tax
Domestic Purchases of Goods Other than Capital Goods -

PPE
Building - -
Furnitures & Fixtures - -
Vehicles - - -
- - -
- - -
1702Q
4th QTR 3rd QTR
Sales 3,225,888.49 2,710,521.43
Decuctions 2,504,934.38
Taxable Income 3,225,888.49 205,587.05
ADD: Tax.Inc.(Prev. Qtr) 458,380.46
Taxable Income to date 3,225,888.49 663,967.51
Tax rate - 0.30
Income Tax - 199,190.25
Tax Payments:
(Prev.Qtr of the same Tax Yr other than MCIT) 18,193.35
Creditable Withholding Tax for the previous Qtr) 119,320.79
Creditable Withholding Tax for this Qtr) 54,210.43
Total Tax Credits/Payments - 191,724.57
Tax Payable/(Overpayment) - 7,465.68

2307
1st 57,770.15
2nd 61,550.64
3rd 54,210.43
4th 64,517.77
238,048.99 -
2nd QTR 1ST QTR TOTAL Prev.QTRs PAID
3,077,531.93 2,888,507.28 11,902,449.13 25,659.03
2,841,000.90 2,666,657.85 8,012,593.13 25,659.03
236,531.03 221,849.43 3,889,856.00 0.00
221,849.43 680,229.89
458,380.46 221,849.43 4,570,085.89
0.30 0.30 0.90
137,514.14 66,554.83 403,259.22
0.00
8,784.68 26,978.03
57,770.15 177,090.94
61,550.64 57,770.15 173,531.22
128,105.47 57,770.15 377,600.19
9,408.67 8,784.68 25,659.03
VERTAM FARMS OPC
CASH DISBURSEMENT
FOR THE YEAR 2020

MONTH

Backhoe &
Bouldozer
JANUARY Depreciation Mechanic Diesel Gas (LPG) Hardwares

Totals - - - - -

MONTH
Backhoe &
Bouldozer
FEBRUARY Depreciation Mechanic Diesel Gas (LPG) Hardwares

Totals - - - - -

MONTH

Backhoe &
Bouldozer
MARCH Depreciation Mechanic Diesel Gas (LPG) Hardwares
83,240.00

Totals - - 83,240.00 - -

MONTH

Backhoe &
Bouldozer
APRIL Depreciation Mechanic Diesel Gas (LPG) Hardwares

No Transaction

Totals - - - - -

MONTH
 Backhoe &
Bouldozer
MAY Depreciation Mechanic Diesel Gas (LPG) Hardwares

No Transaction

Totals - - - - -

MONTH

Backhoe &
Bouldozer
JUNE Depreciation Mechanic Diesel Gas (LPG) Hardwares

No Transaction

Totals - - - - -

MONTH

Backhoe &
Bouldozer
JULY Depreciation Mechanic Diesel Gas (LPG) Hardwares

Totals - - - - -

MONTH

Backhoe &
Bouldozer
AUGUST Depreciation Mechanic Diesel Gas (LPG) Hardwares

Totals - - - - -

MONTH

Backhoe &
Bouldozer
SEPTEMBER Depreciation Mechanic Diesel Gas (LPG) Hardwares

Totals - - - - -
 MONTH

Backhoe &
Bouldozer
OCTOBER Depreciation Mechanic Diesel Gas (LPG) Hardwares

Totals - - - - -

MONTH

Backhoe &
Bouldozer
NOVEMBER Depreciation Mechanic Diesel Gas (LPG) Hardwares

Totals - - - - -

MONTH

Backhoe &
Bouldozer
DECEMBER Depreciation Mechanic Diesel Gas (LPG) Hardwares

Totals - - - - -

SUMMARY Backhoe &

Bouldozer
Depreciation Mechanic Diesel Gas (LPG) Hardwares

- - 83,240.00 - -

TOTAL EXPEN
Exp - - 83,240.00 -
WP

- (83,240.00) - -
 DISTRIBUTATIVE COST
Farm
Laborers (Harvester Maintainance Representation (Foods
& Construction (Poultry and Salaries &
Workers) Cleaning) Beverages/Groceries) Kubota Machine Allowances

- - - - -

DISTRIBUTATIVE COST
Laborers Farm Representation
(Harvester & Maintainance (Foods and
Construction (Poultry Beverages/Groceri Salaries &
Workers) Cleaning) es) Kubota Machine Allowances

- - - - -

DISTRIBUTATIVE COST

Laborers Farm Representation

(Harvester & Maintainance (Foods and
Construction (Poultry Beverages/Groceri Salaries &
Workers) Cleaning) es) Kubota Machine Allowances
80,000.00 250,000.00 97,539.00
48,000.00
125,960.00
159,880.00
151,640.00
163,200.00
80,000.00 898,680.00 - - 97,539.00

DISTRIBUTATIVE COST

Laborers Farm Representation

(Harvester & Maintainance (Foods and
Construction (Poultry Beverages/Groceri Salaries &
Workers) Cleaning) es) Kubota Machine Allowances

- - - - -

DISTRIBUTATIVE COST
 Laborers Farm Representation
(Harvester & Maintainance (Foods and
Construction (Poultry Beverages/Groceri Salaries &
Workers) Cleaning) es) Kubota Machine Allowances

- - - - -

DISTRIBUTATIVE COST

Laborers Farm Representation

(Harvester & Maintainance (Foods and
Construction (Poultry Beverages/Groceri Salaries &
Workers) Cleaning) es) Kubota Machine Allowances

- - - - -

DISTRIBUTATIVE COST

Farm Representation
Laborers (Harvester Maintainance (Foods and
& Construction (Poultry Beverages/Groceries Salaries &
Workers) Cleaning) ) Kubota Machine Allowances

- - - - -

DISTRIBUTATIVE COST

Farm Representation
Laborers (Harvester Maintainance (Foods and
& Construction (Poultry Beverages/Groceries Salaries &
Workers) Cleaning) ) Kubota Machine Allowances

- - - - -

DISTRIBUTATIVE COST

Laborers Farm Representation

(Harvester & Maintainance (Foods and
Construction (Poultry Beverages/Groceri Salaries &
Workers) Cleaning) es) Kubota Machine Allowances

- - - - -
 DISTRIBUTATIVE COST

Laborers Farm Representation

(Harvester & Maintainance (Foods and
Construction (Poultry Beverages/Groceri Salaries &
Workers) Cleaning) es) Kubota Machine Allowances

- - - - -

DISTRIBUTATIVE COST

Laborers Farm Representation

(Harvester & Maintainance (Foods and
Construction (Poultry Beverages/Groceri Salaries &
Workers) Cleaning) es) Kubota Machine Allowances

- - - - -

DISTRIBUTATIVE COST

Laborers Farm Representation

(Harvester & Maintainance (Foods and
Construction (Poultry Beverages/Groceri Salaries &
Workers) Cleaning) es) Kubota Machine Allowances

- - - - -

Laborers Farm Representation

(Harvester & Maintainance (Foods and
Construction (Poultry Beverages/Groceri Salaries &
Workers) Cleaning) es) Kubota Machine Allowances

80,000.00 898,680.00 - - 97,539.00

80,000.00 - - 97,539.00

(80,000.00) (898,680.00) - - (97,539.00)

 ADMINISTRATIVE EXPENSES
Transportation Government
(Toll Gate Wages of Poultry Communication, Contributions (SSS, Operational
Fees/Travel) Workers Light & Water PH, HDMF) Supplies

- - - - -

ADMINISTRATIVE EXPENSES
Transportation Government
(Toll Gate Wages of Poultry Communication, Contributions (SSS, Operational
Fees/Travel) Workers Light & Water PH, HDMF) Supplies

- - - - -

ADMINISTRATIVE EXPENSES

Transportation Government
(Toll Gate Wages of Poultry Communication, Contributions (SSS, Operational
Fees/Travel) Workers Light & Water PH, HDMF) Supplies
200,000.00 204,614.55
80,000.00

- 280,000.00 204,614.55 - -

ADMINISTRATIVE EXPENSES

Transportation Government
(Toll Gate Wages of Poultry Communication, Contributions (SSS, Operational
Fees/Travel) Workers Light & Water PH, HDMF) Supplies

- - - - -

ADMINISTRATIVE EXPENSES
 Transportation Government
(Toll Gate Wages of Poultry Communication, Contributions (SSS, Operational
Fees/Travel) Workers Light & Water PH, HDMF) Supplies

- - - - -

ADMINISTRATIVE EXPENSES

Transportation Government
(Toll Gate Wages of Poultry Communication, Contributions (SSS, Operational
Fees/Travel) Workers Light & Water PH, HDMF) Supplies

- - - - -

ADMINISTRATIVE EXPENSES

Government
Transportation (Toll Wages of Poultry Communication, Contributions (SSS, Operational
Gate Fees/Travel) Workers Light & Water PH, HDMF) Supplies

- - - - -

ADMINISTRATIVE EXPENSES

Government
Transportation (Toll Wages of Poultry Communication, Contributions (SSS, Operational
Gate Fees/Travel) Workers Light & Water PH, HDMF) Supplies

- - - - -

ADMINISTRATIVE EXPENSES

Transportation Government
(Toll Gate Wages of Poultry Communication, Contributions (SSS, Operational
Fees/Travel) Workers Light & Water PH, HDMF) Supplies

- - - - -
 ADMINISTRATIVE EXPENSES

Transportation Government
(Toll Gate Wages of Poultry Communication, Contributions (SSS, Operational
Fees/Travel) Workers Light & Water PH, HDMF) Supplies

- - - - -

ADMINISTRATIVE EXPENSES

Transportation Government
(Toll Gate Wages of Poultry Communication, Contributions (SSS, Operational
Fees/Travel) Workers Light & Water PH, HDMF) Supplies

- - - - -

ADMINISTRATIVE EXPENSES

Transportation Government
(Toll Gate Wages of Poultry Communication, Contributions (SSS, Operational
Fees/Travel) Workers Light & Water PH, HDMF) Supplies

- - - - -

ADMINISTRATIVE EXPENSES

Transportation Government
(Toll Gate Wages of Poultry Communication, Contributions (SSS, Operational
Fees/Travel) Workers Light & Water PH, HDMF) Supplies

- 280,000.00
204,614.55 - -

- 280,000.00 204,614.55 - -

- (280,000.00) - - -
NSES TOTAL

Taxes & Licenses Misc. Expenses

-
-
-
- - -

NSES TOTAL

Taxes & Licenses Misc. Expenses

-
-
-
- - -

NSES TOTAL

Taxes & Licenses Misc. Expenses

915,393.55
128,000.00
125,960.00
159,880.00
151,640.00
163,200.00
- - 1,644,073.55

NSES TOTAL

Taxes & Licenses Misc. Expenses

-
-
-
- - -

NSES TOTAL
 Taxes & Licenses Misc. Expenses
-
-
-
- - -

NSES TOTAL

Taxes & Licenses Misc. Expenses

-
-
-
- - -

NSES TOTAL

Taxes & Licenses Misc. Expenses

-
-
-
- - -

NSES TOTAL

Taxes & Licenses Misc. Expenses

-
-
-
- - -

NSES TOTAL

Taxes & Licenses Misc. Expenses

-
-
-
- - -
NSES TOTAL

Taxes & Licenses Misc. Expenses

-
-
-
- - -

NSES TOTAL

Taxes & Licenses Misc. Expenses

-
-
-
- - -

NSES TOTAL

Taxes & Licenses Misc. Expenses

-
-
-
- - -

NSES

Taxes & Licenses Misc. Expenses

-
1,439,459.00 DE
- 204,614.55 DE
- - AE
1,644,073.55 TOTAL
- - 745,393.55
-
745,393.55
-
- - (1,439,459.00)
VERTAM FARMS OPC
STATEMENT OF FINANCIAL POSITION
As of December 31, 2020
(Amounts in Philippine Pesos)

A S S E T S Notes 2020 2019

CURRENT ASSETS
Cash and cash equivalents 4 1,000,000.00
Prepayments 5 5,000.00

Total Current Assets 1,005,000.00

OTHER NON-CURRENT ASSETS

Miscellaneous deposits 6 50,000.00

Total Non-Current Assets 50,000.00

TOTAL ASSETS 1,055,000.00

LIABILITIES AND EQUITY

CURRENT LIABILITIES
Trade and other payables -
Advances from stockholder 7 46,455.00

Total Current Liabilities 46,455.00

NON-CURRENT LIABILITIES
Deposits for future subscription 8 100,000.00

Total Non-Current Liabilities 100,000.00

EQUITY
Capital Stock 9 1,000,000.00
Retained Earnings 10 (91,455.00)

Total Equity 10 908,545.00

TOTAL LIABILITIES AND EQUITY 1,055,000.00

(See Notes to Financial Statements)
0.00
VERTAM FARMS OPC
STATEMENT OF INCOME
For The Year Ended December 31, 2020

Notes 2020 2019

REVENUES -

ADMINISTRATIVE EXPENSES 11 91,455.00

OPERATING PROFIT(LOSS) (91,455.00)

TAX EXPENSE -

NET INCOME(LOSS) (91,455.00)

(See Notes to Financial Statements)

VERTAM FARMS OPC

STATEMENT OF CASH FLOWS
For The Year Ended December 31, 2020
(Amounts in Philippines Pesos)

2020 2019
CASH FLOW FROM OPERATING ACTIVITIES

Income (loss) before tax 12 (91,455.00)

Adjustments
Depreciation 0.00
Total (91,455.00)

Operating Income (loss) before capital changes

(Increase) Decrease in prepayments (5,000.00)
Increase (Decrease) in trade and other payables
Increase (Decrease) in advances from stockholder 46,455.00

Net Cash From Operating Activities -50,000.00

CASH FLOWS FROM INVESTING ACTIVITIES

Miscellaneous deposits (50,000.00)
 Net Cash Used in Investing Activities (50,000.00)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuance of shares of stocks 1,000,000.00
Proceeds from deposits for future subscriptions 100,000.00

NET INCREASE (DECREASE) IN CASH AND

CASH EQUIVALENTS 1,000,000.00

CASH AND CASH EQUIVALENTS AT THE

BEGINNING OF THE YEAR 0.00

CASH AND CASH EQUIVALENTS AT THE

END OF THE YEAR 1,000,000.00

VERTAM FARMS OPC

Statement of Changes In Equity
For The Year Ended December 31, 2020

2020 2019
CAPITAL STOCK
Balance beginning of the year -
Additional issuance of shares of stocks 9 1,000,000.00

Balance at end of the year 1,000,000.00

RETAINED EARNINGS
Balance Beginning of the year -
Cash dividends
Net income (loss) (91,455.00)

Balance at end of the year (91,455.00)

TOTAL EQUITY 908,545.00

(See Notes to Financial Statements)