INDEPENDENT AUDITORS’ REPORT

To the Shareholders and Board of Directors of Cielo Corporation

Adverse Opinion
We have audited the financial statements of Cielo Waste Solutions Corp., which
comprise the financial statements as of September 30,2021, as well as financial notes
statements, as well as an overview of key accounting policies and other information
explanatory information.
In our opinion, the accompanying financial statements present the Company's financial
position, financial performance for the year ended September 30, 2021, in all material
respects, in accordance with International Financial Reporting Standards (IFRS) issued
by the International Accounting Standards Board (IASB).
Basis for Opinion
We followed generally accepted auditing standards when conducting our audit. Our
responsibilities under those standards are detailed in the section of our auditors' report
titled "Auditors' Responsibilities for the Audit of the Financial Statements."
We are independent of the Company in accordance with the ethical requirements that
are relevant to our audit of the financial statements and we have fulfilled our other
responsibilities in line with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Responsibilities of Management and Those Charged with Governance for the Financial
Statements.
Management is responsible for the preparation and fair presentation of the financial
statements in accordance with PFRSs, and for such internal control as Management
determines is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the
company’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless
Management either intends to liquidate Cielo Corp. or to cease operations, or has no
realistic alternative but to do so.
Those charged with governance are responsible for overseeing Cielo Corporation’s
financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted will always
detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis
of these financial statements. As part of an audit, we exercise professional judgment
and maintain professional skepticism throughout the audit.

COMMISSION ON AUDIT

REIGN ROUISE V. GAGALAC

Supervising Auditor
February 4, 2022
 CIELO CORPORATION
STATEMENT OF COMPREHENSIVE INCOME
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021

Sales 3,728,200
Sales Return and Allowances 47,600
Net Sales 3,680,600
Less: COGS 2,120,500
Gross Profit 1,560,100

Expenses:
Advertising Expenses 96,100
Sales Salaries 288,500
Commission Expense 152,000
Miscellaneous Selling Expense 29,900
Rent expense 120,000
Office Salaries 197,200 790,000
Light and Water 15,000
Insurance Expense 6,600
Taxes and Licenses 47,800
Depreciation Expense 61,300
Doubtful Accounts Expense 15,650
General Expenses 163,400 1,193,450
Operating Profit 366,650

Other Income and Expense

Gain on Sale 6,000
Interest Income 9,100
Income Expense 30,200 15,100
Income Before Income Tax 351,550
Income Tax 105,465
Net Income 246,085
 CIELO CORPORATION
STATEMENT OF FINANCIAL POSITION
AS OF SEPTEMBER 30, 2021
ASSET
CURRENT ASSET

Cash 210,000
Accounts Receivable 903,450
Notes Receivable 115,000
Discount On Notes Payable 11,000
Merchandise Inventory 621,200
Prepaid Insurance 4,200
Prepaid Rent 10,000
TOTAL CURRENT ASSETS 1,914,850

Noncurrent Assets
Furniture And Equipment 613,000
Less: Accumulated Depreciation 237,800
3375,200
TOTAL ASSETS
2,290,050
LIABILITIES AND EQUITY

Accounts Payable 586,000

Notes Payable 100,000
Ordinary Shares Capital 1,000,000
Retained Earnings 252,500
Income Tax Payable 105,465
Profit 246,085

TOTAL LIABILITIES AND EQUITY 2,290,050