Note 2 Restatement

3 Months Ended

Jul. 31, 2021

Note 2 Restatement

On January 28, 2021, our majority shareholder at the time, Next Meats Co., Ltd., along with our Board of Directors, took action to ratify, affirm, and approve the issuance of 452,352,298 shares of the Company's restricted common stock to Next Meats Co., Ltd. The shares were originally accounted for based on the fair market value closing price per share of common stock based on the open market at the time. However, the Company has now determined that the subject valuation analysis was not credible resulting in the subject value conclusion to not be meaningful given the issuance should have been accounted for as a common control transaction. As such, it is the Company’s belief that the open market value of its common shares did not, at that time, reflect the true value of the shares.

The share valuation has been adjusted and is, in the Company’s belief, now corrected and accounted for as a common control transaction, with our now wholly owned subsidiary, at a valuation of $0. The $452,352 increase in the resulting par value of common shares on the Company's balance sheet has been offset by a corresponding decrease in additional paid in capital in the equity portion of the Company's balance sheet.


	July 31,				Effect of Change
	As Previously Reported 2021		Restated 2021		Effect of Change
BALANCE SHEET
Total Assets		187,500		187,500		-
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Accrued expenses		5,800		5,800		-
Total Current Liabilities		5,800		5,800		-
Total Liabilities		5,800		5,800		-

Preferred Stock		-		-		-
Common Stock		500,000		500,000		-
Additional paid-in capital		5,880,316,515		(263,359)		(5,880,579,874)
Accumulated deficit		(5,880,634,815)		(54,941)		5,880,579,874
Total Liabilities and Stockholders’ Deficit		187,500		187,500		-

Next Meats Holdings, Inc. 10-Q/A