LIPIDVIRO TECH INC

CIK:0000006732|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Revenues - third parties	$ 122,868	$ 192,207	$ 227,016	$ 306,643
Revenues - related parties	11,340	4,678	11,340	13,323
Total Revenues	134,208	196,885	238,356	319,966
Cost of goods sold	97,578	135,889	163,822	227,286
Gross profit	36,630	60,996	74,534	92,680
Operating expenses
Selling, general and administrative expenses	145,910	201,823	270,970	465,697
Net loss from operations	(109,280)	(140,827)	(196,436)	(373,017)
Other income		1,139		1,139
Interest expense	(13,444)	(207,711)	(39,679)	(374,886)
Loss on debt extinguishment		(9,047)		(43,925)
Derivative gain (loss)	935,344	180,625	1,540,131	470,136
Net income (loss)	$ 812,620	$ (175,821)	$ 1,304,016	$ (320,553)
Net income (loss) per share - Basic	$ 0.02	$ (0.01)	$ 0.04	$ (0.01)
Net income (loss) per share - Diluted	$ 0.01	$ (0.01)	$ 0.02	$ (0.01)
Weighted average shares outstanding - Basic	36,094,706	25,511,265	36,094,706	25,393,498
Weighted average shares outstanding - Diluted	68,206,081	25,511,265	67,888,773	25,393,498

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 1,304,016	$ (320,553)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Stock compensation expense	21,750	90,000
Derivative gain	(1,540,131)	(470,136)
Loss on debt extinguishment		43,925
Bad debt expense	11,003
Amortization of debt discounts and deferred financing costs	2,090	293,856
Depreciation expense	279	280
Changes in operating assets and liabilities
Accounts receivable	(11,763)	(19,460)
Inventory	1,643	(3,176)
Prepaid expenses	1,500	16,500
Accounts payable	69,632	166,963
Accounts payable - related party	55,341	(66,122)
Accrued expenses	122,774	112,385
Customer deposits	(8,632)	36,566
Net cash provided by (used in) operating activities	29,502	(118,972)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash provided by (used in) investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term debt		16,176
Payments of short-term debt	(10,329)	(14,461)
Payments of short-term debt - related parties	(8,000)	(10,000)
Proceeds from convertible debt		81,000
Payments of convertible debt	(3,122)
Net cash provided by (used in) financing activities	(21,451)	72,715
NET INCREASE (DECREASE) IN CASH	8,051	(46,257)
CASH AT BEGINNING OF YEAR	16,674	8,224
CASH AT END OF PERIOD	24,725	(38,033)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	14,815	11,926
Income taxes paid
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVTIES
Debt discount resulting from derivative liability		$ 270,116
Reclassification of derivative warrants to equity	$ (477,772)

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash	$ 24,725	$ 16,674
Accounts receivable, net of allowance of doubtful accounts of $11,003 and $0	88,910	88,150
Inventories	31,705	33,348
Other current assets		1,500
Total current assets	145,340	139,672
Property and equipment, net	559	838
Total assets	145,899	140,510
Current Liabilities:
Accounts payable	718,615	648,983
Accounts payable - related party	166,699	111,358
Accrued expenses	221,877	99,103
Customer deposits	20,920	29,552
Short term debt	47,515	57,844
Short-term debt - related parties	331,500	339,500
Derivative liability		2,017,903
Total current liabilities	1,507,126	3,304,243
Long-term convertible debt, net of discount of $0 and $2,090	520,001	521,033
Stockholders' deficit
Common stock, $0.001 par value; 150,000,000 shares authorized; 36,412,014 and 35,662,014 shares issued and outstanding	36,412	35,662
Additional paid-in capital	788,664	289,892
Accumulated deficit	(2,706,304)	(4,010,320)
Total stockholders' deficit	(1,881,228)	(3,684,766)
Total liabilities and stockholders' deficit	$ 145,899	$ 140,510