Restatement (Tables)

6 Months Ended

Jun. 30, 2023

Restatement

Schedule of Condensed Financial Statements

		Previously										As
		As of June 30, 2023
		Previously										As
		Reported				Restatement						Restated
ASSETS
Current Assets:
Cash		$	58,318			$	-						58,318
Accounts receivables, net			414,062				-						414,062
Holdback receivables			2,326,500				(1,043,991	)		(a)			-
							(1,282,509	)		(b)
Inventories			2,557,125				(2,091,361	)		(c)			465,764
Prepaid expenses			2,514				63,182			(d)			65,696
Total current assets			5,358,519				(4,354,679	)					1,003,840

Non-Current Assets:
Property and equipment, net			31,642				-						31,642
Other assets			74,167				(63,182	)		(d)			10,985
Operating lease right-of-use asset			22,931				-						22,931
Total non-current assets			128,740				(63,182	)					65,558

Total assets		$	5,487,259			$	(4,417,861	)				$	1,069,398

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable and accrued expenses			6,761,231				659,712			(e)			7,420,943
Accrued interest			797,902				-						797,902
Royalty payable			1,494,228				-						1,494,228
Refunds and chargeback payable			316,998				-						316,998
Note payable			35,000				-						35,000
Convertible note payables			9,675,000				-						9,675,000
Notes payable to shareholder			4,862,028				-						4,862,028
Notes payable to related parties			169,400				-						169,400
Notes payable			169,400				-						169,400
Current portion of operating lease liabilities			23,222				-						23,222
Total current liabilities			24,135,009				659,712						24,794,721

Total liabilities			24,135,009				659,712						24,794,721

Commitments and contingencies			-				-						-

Stockholders’ deficit
Preferred Stock A			50				-						50
Common Stock			399				-						399
Additional paid-in-capital			3,158,803				1,634,265			(f)			4,793,068
Accumulated deficit			(21,807,002	)			(10,743,181	)		(g)			(28,518,840	)
			-				4,031,343			(h)
Total stockholders’ deficit			(18,647,750	)			(5,077,573	)					(23,725,323	)

Total liabilities and stockholders’ deficit		$	5,487,259			$	(4,417,861	)				$	1,069,398

Limitless X Holdings, Inc.

Consolidated Statements of Operations

Six Months Ended June 30, 2023

		Previously										As
		Six Months Ended June 30, 2023
		Previously										As
		Reported				Restatement						Restated
Net Revenue
Product sales		$	12,846,527			$	-					$	12,846,527
Service revenue			2,797,004				(2,797,004	)		(aa)			-
Rentals			15,000				-						15,000
Total net revenue			15,658,531				(2,797,004	)					12,861,527

Cost of Revenue
Cost of revenue			3,072,851				2,521,949			(bb)			5,569,921
							(24,879	)		(cc)
Total cost of sales			3,072,851				2,497,070						5,569,921

Gross profit			12,585,680				(5,294,074	)					7,291,606

Operating expenses:
General and administrative			1,380,925				1,282,509			(b)			2,388,408
							(1,305	)		(dd)
							(273,721	)		(ee)
Royalty fees			379,825				(379,825	)		(bb)			-
Merchant fees			1,057,278				(1,057,278	)		(bb)			-
Transaction fees			1,084,846				(1,084,846	)		(bb)			-
Advertising and marketing			16,651,676				(2,797,004	)		(aa)			8,980,440
							(4,874,232	)		(gg)
Professional fees			1,261,137				(141,569	)		(dd)			1,119,568
Salaries and compensation			2,071,845				-						2,071,845
Total operating expenses			23,887,532				(9,327,271	)					14,560,261

Loss from operations			(11,301,852	)			4,033,197						(7,268,655	)

Other income (expense)
Interest expense			(455,760	)			-						(455,760	)
Other expense			(30,000	)			-						(30,000	)
Total other income (expense), net			(485,760	)			-						(485,760	)

Net loss from continuing operations			(11,787,612	)			4,033,197						(7,754,415	)

Gain (Loss) from discontinued operations			-				(1,854	)		(dd)			(1,854	)

Gain (Loss) from deconslidation of subsidiary			-				-						-

Loss before income tax provision			(11,787,612	)			4,031,343						(7,756,269	)

Income tax provision			48				-						48

Net loss		$	(11,787,660	)		$	4,031,343					$	(7,756,317	)

Limitless X Holdings, Inc.

Consolidated Statements of Operations

Three Months Ended June 30, 2023

		Previously										As
		Three Months Ended June 30, 2023
		Previously										As
		Reported				Restatement						Restated
Net Revenue
Product sales		$	6,283,490			$	-					$	6,283,490
Service revenue			2,505,240				(2,505,240	)		(aaa)			-
Total net revenue			8,788,730				(2,505,240	)					6,283,490

Cost of Revenue
Cost of revenue			1,842,957				1,112,859			(bbb)			2,932,153
							(23,663	)		(ccc)
Total cost of sales			1,842,957				1,089,196						2,932,153

Gross profit			6,945,773				(3,594,436	)					3,351,337

Operating expenses:
General and administrative			685,306				1,282,509			(b)			1,784,933
							(515	)		(ddd)
							(182,367	)		(ccc)
Royalty fees			95,197				(95,197	)		(bbb)			-
Merchant fees			344,084				(344,084	)		(bbb)			-
Transaction fees			673,578				(673,578	)		(bbb)			-
Advertising and marketing			6,596,172				(2,505,240	)		(aaa)			4,090,932
Professional fees			580,960				-						580,960
Salaries and compensation			735,918				-						735,918
Total operating expenses			9,711,215				(2,518,472	)					7,192,743

Loss from operations			(2,765,442	)			(1,075,964	)					(3,841,406	)

Other income (expense)
Interest expense			(230,133	)			-						(230,133	)
Total other income (expense), net			(230,133	)			-						(230,133	)

Net loss from continuing operations			(2,995,575	)			(1,075,964	)					(4,071,539	)

Gain (Loss) from discontinued operations			-				(515	)		(ddd)			(515	)

Gain (Loss) from deconslidation of subsidiary			-				-						-

Loss before income tax provision			(2,995,575	)			(1,076,479	)					(4,072,054	)

Income tax provision			-				-						-

Net loss		$	(2,995,575	)		$	(1,076,479	)				$	(4,072,054	)

Limitless X Holdings, Inc.

Consolidated Statements of Cash Flows

Six Months Ended June 30, 2023

		Reported				Restatement						Restated
		Six Months Ended June 30, 2023
		Previously										As
		Reported				Restatement						Restated

Cash flows from operating activities:
Net loss		$	(11,787,660	)		$	4,033,197					$	(7,754,463	)
Income (loss) from discontinued operations			-				(1,854	)		(dd)			(1,854	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation			2,218				-						2,218
Vybe deconsolidation from equity			141,020				(141,020	)		(A)			-
Gain from deconsolidation of Vybe			51,626				(51,626	)		(B)			-
Changes in assets and liabilities:
Accounts receivables and holdback receivables, net			(800,858	)			804,401			(C)			3,543
Inventories			1,298,821				(855,276	)		(C)			443,545
Prepaid expenses			(2,514	)			(63,182	)		(C)			(65,696	)
Other assets			4,798				63,182			(C)			67,980
Accounts payable and accrued expenses			5,122,154				(4,890,048	)		(C)			232,106
Royalty payable			379,825				-						379,825
Refunds and chargeback payable			(15,220	)			-						(15,220	)
Net cash used in operating activities from continuing operations			(5,605,790	)			(1,102,226	)					(6,708,016	)
Net cash provided by operating activities from discontinued operations			-				8,256			(l)			8,256
Net cash used in operating activities			(5,605,790	)			(1,093,970	)					(6,699,760	)

Cash flows from investing activities:
Purchases of equipment			(1,604	)			-						(1,604	)
Net cash used in financing activities			(1,604	)			-						(1,604	)

Cash flows from financing activities:
Proceeds from convertible debt			500,000				-						500,000
Proceeds from borrowings from shareholder			400,000				-						400,000
Settlement of debt			(1,077,611	)			1,077,611			(B)			-
Proceeds from (Payments to) borrowings from related parties			-				57,466			(C)			57,466
Net cash provided by financing activities			(177,611	)			1,135,077						957,466

Net increase(decrease) in cash			(5,785,005	)			41,107						(5,743,898	)

Cash – beginning of period			5,843,323				(41,107	)		(D)			5,802,216

Cash – end of period		$	58,318			$	-					$	58,318