Per last 10q RESULTS OF OPERATIONS FOR THE THRE
Post# of 1782
Posted On: 07/31/2016 5:46:05 PM
Per last 10q
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2016 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2015
Revenues
During the three months ended March 31, 2016 and 2015, we generated $ -0- and $ -0-, respectively.
Expenses
For the three months ended March 31, 2016 and 2015, expenses were $83,803 and $46,559, respectively. All of the increase was due to increased Consulting and Professional Fees.
Legal and Accounting
For the three months ended March 31, 2016 and 2015 professional fees were $24,560 and $775, respectively. The increase is due to legal fees associated with the issuance of notes and legal fees in connection with the licensing agreement and consulting agreements signed during the quarter as well as increased audit, accounting & bookkeeping and professional fees associated with derivative valuations.
Other Income/(Expense)
For the three months ended March 31, 2016 and 2015, other expenses were $251,978 and $336, respectively. The reason for the increase is primarily due to the recognition of the fair-value adjustment on the carrying value of our derivative liabilities, the amortization of discount on the notes, and amortization of deferred financing costs and the interest expense on notes payable.
Net Income/(Loss)
For the three months ended March 31, 2016 and 2015 the company had a net loss of $334,614 and $46,895. The increased net loss was due to the increased expenses and increased other expenses as described above.
Liquidity and Capital Resources
Since incorporation, we have financed our operations through the private placement of our common stock to selected investors and periodic borrowings from our stockholders. At March 31, 2016 and December 31, 2015, our principal sources of liquidity included cash of $203,353 and $156,958, respectively.
As of March 31, 2016, we did not have any significant commitments for capital expenditures.
If we do not generate sufficient cash flow to support our operations over the next twelve (12) months, in order to continue as a going concern we may need to raise additional capital by issuing capital stock in exchange for cash. There are no formal or informal agreements to attain such financing. The Company’s ability to obtain additional capital on acceptable terms is subject to a variety of uncertainties, including: investors’ perception of, and demand for, securities of companies in our industry; conditions of the U.S. and other capital markets in which we may seek to raise funds; future results of operations, financial condition and cash flow. Therefore, the Company’s management cannot assure that financing will be available in amounts or on terms acceptable to the Company, or if at all. Any failure by the Company’s management to raise additional funds on terms favorable to the Company could have a material adverse effect on the Company’s liquidity and financial condition.
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2016 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2015
Revenues
During the three months ended March 31, 2016 and 2015, we generated $ -0- and $ -0-, respectively.
Expenses
For the three months ended March 31, 2016 and 2015, expenses were $83,803 and $46,559, respectively. All of the increase was due to increased Consulting and Professional Fees.
Legal and Accounting
For the three months ended March 31, 2016 and 2015 professional fees were $24,560 and $775, respectively. The increase is due to legal fees associated with the issuance of notes and legal fees in connection with the licensing agreement and consulting agreements signed during the quarter as well as increased audit, accounting & bookkeeping and professional fees associated with derivative valuations.
Other Income/(Expense)
For the three months ended March 31, 2016 and 2015, other expenses were $251,978 and $336, respectively. The reason for the increase is primarily due to the recognition of the fair-value adjustment on the carrying value of our derivative liabilities, the amortization of discount on the notes, and amortization of deferred financing costs and the interest expense on notes payable.
Net Income/(Loss)
For the three months ended March 31, 2016 and 2015 the company had a net loss of $334,614 and $46,895. The increased net loss was due to the increased expenses and increased other expenses as described above.
Liquidity and Capital Resources
Since incorporation, we have financed our operations through the private placement of our common stock to selected investors and periodic borrowings from our stockholders. At March 31, 2016 and December 31, 2015, our principal sources of liquidity included cash of $203,353 and $156,958, respectively.
As of March 31, 2016, we did not have any significant commitments for capital expenditures.
If we do not generate sufficient cash flow to support our operations over the next twelve (12) months, in order to continue as a going concern we may need to raise additional capital by issuing capital stock in exchange for cash. There are no formal or informal agreements to attain such financing. The Company’s ability to obtain additional capital on acceptable terms is subject to a variety of uncertainties, including: investors’ perception of, and demand for, securities of companies in our industry; conditions of the U.S. and other capital markets in which we may seek to raise funds; future results of operations, financial condition and cash flow. Therefore, the Company’s management cannot assure that financing will be available in amounts or on terms acceptable to the Company, or if at all. Any failure by the Company’s management to raise additional funds on terms favorable to the Company could have a material adverse effect on the Company’s liquidity and financial condition.
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