SOUTHSIDE RHYTHM FEST

AUDITED FINANCIAL STATEMENTS

For the Four (4) Months Period Ended August 7, 2023
 SOUTHSIDE RHYTHM FEST
STATEMENTS OF FINANCIAL POSITION
As of August 7, 2023
(Amounts in Philippine Pesos)

Notes 2023

ASSETS

Current Assets
Cash 1 789,527.64
Receivables 2 1,200,430.72

TOTAL ASSETS 1,989,958.36

LAIBILITIES AND ORGANIZERS’ EQUITY

Current Liabilities
Accounts payables 3 962,430.00
Short-term loan payable 4 2,600,000.00

Total Liabilities 3,562,430.00

Organizers’ Equity
Organizers’ contribution 5 50,000.00
Loss (1,662,471.64)

Total Organizers’ Equity (1,572,471.64)

TOTAL LIABILITIES AND ORGANIZERS’ EQUITY 1,989,958.36

See accompanying Notes to Financial Statements.

 SOUTHSIDE RHYTHM FEST
STATEMENTS OF COMPREHENSIVE INCOME
For the Four (4) Months Period Ended August 7, 2023
(Amounts in Philippine Pesos)

Notes 2023

Revenue
Ticket sales 6 2,610,485.72
Sponsorship 6 1,810,767.85
Liquor sales 6 259,215.00
Food concessions 6 198,500.00
Other income 9 679.08
Total Revenue and Other Income 4,879,647.65

Cost of services 7 (4,772,915.00)

Cost of sales 8 (162,916.00)
Marketing and operating expenses 10 (1,425,021.62)
Finance cost 11 (141,266.67)
Total Cost and Expenses (6,502,119.29)

NET LOSS (1,662,471.64)

See accompanying Notes to Financial Statements.

 SOUTHSIDE RHYTHM FEST
STATEMENTS OF COMPREHENSIVE INCOME (CASH BASIS)
For the Four (4) Months Period Ended August 7, 2023
(Amounts in Philippine Pesos)

Notes 2023

Revenue
Ticket sales 6 2,610,485.72
Sponsorship 6 1,810,767.85
Liquor sales 6 259,215.00
Food concessions 6 148,500.00
Other income 9 679.08
Total Revenue and Other Income 4,829,647.65

Total Expenses:
Artists and hosts talent fees (3,000,000.00)
Marketing expense (750,774.97)
Venue set-up (525,000.00)
Artists transportation and accommodation (157,110.00)
Manpower (185,625.00)
Food and meals services (167,010.00)
Taxes and licenses (43,135.00)
Insurance (59,232.50)
Website fee (23,000.00)
Representation – meals during meetings (22,742.96)
Ticket refunds (20,150.00)
Replenishment of petty cash fund (18,285.67)
Various reimbursement for the team (44,297.19)
Sash for 100 Cebu Prettiest (3,500.00)
Miscellaneous expense for transportation of Mr. Lepatan (5,000.00)
Finance cost (52,000.00)
Others
Miscellaneous (100,000.00)
Revolving fund (50,000.00)
Operating fund establish for the event day (30,000.00)
Petty Cash fund (10,000.00)
Total Cost and Expenses (5,266,863.29)

NET LOSS (437,215.64)

See accompanying Notes to Financial Statements.

 SOUTHSIDE RHYTHM FEST
STATEMENTS OF CHANGES IN ORGANIZERS’ EQUITY
For the Four (4) Months Period Ended August 7, 2023
(Amounts in Philippine Pesos)

Notes 2023

Contribution made by Mr. King 5 50,000.00

Loss for the period (1,615,239.49)

Balance at August 7, 2023 (1,565,239.49)

See accompanying Notes to Financial Statements.

 SOUTHSIDE RHYTHM FEST
STATEMENTS OF CASH FLOWS
For the Four (4) Months Period Ended August 7, 2023
(Amounts in Philippine Pesos)

Notes 2023

CASH FLOWS FROM OPERATING ACTIVITIES

Net Loss (1,662,471.64)
Adjustments for:
Finance costs 11 141,266.67
Interest income 1, 9 (79.08)
Loss before Income Tax (1,421,284.05)
Changes in operating asset and liability
Increase in receivables 2 (1,200,430.72)
Increase in payables 3 962,430.00
Cash used from operation activities (1,719,284.77)
Interest income received 1, 9 79.08
Net cash used by operating activities (1,719,205.69)

CASH FLOW FROM FINANCING ACTIVITIES -

Loans obtained from borrowings 4 2,600,000.00
Receipt of payment of the advances of Mr. Lepatan 218,000.00
Advances extended to Mr. Lepatan (218,000.00)
Payment of interest and other charges 11 (141,266.67)
Organizer contribution 5 50,000.00
Cash provided by financing activities 2,508,733.33

NET INCREASE IN CASH 1 789,527.64

CASH BALANCE, BEGINNING -

CASH BALANCE, AUGUST 7, 2023 789,527.64

See accompanying Notes to Financial Statements.