MEDIZONE INTERNATIONAL INC

CIK:0000753772|SEC Filings

Consolidated Statements of Comprehensive Loss - USD ($)	12 Months Ended
Consolidated Statements of Comprehensive Loss - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Revenues	$ 0	$ 237,000
Operating expenses:
Cost of revenues	0	203,460
General and administrative	1,909,046	2,068,391
Research and development	257,312	501,734
Depreciation and amortization	52,442	56,311
Total operating expenses	2,218,800	2,829,896
Loss from operations	(2,218,800)	(2,592,896)
Gain (loss) on warrant liability	294,655	(47,212)
Interest expense	(89,685)	(33,850)
Interest income	31	122
Net loss	(2,013,799)	(2,673,836)
Other comprehensive loss:
Loss on foreign currency translation	(6,821)	(11,075)
Total comprehensive loss	$ (2,020,620)	$ (2,684,911)
Basic and diluted net loss per common share (in Dollars per share)	$ (0.01)	$ (0.01)
Weighted average number of common shares outstanding (in Shares)	400,207,813	375,118,494

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net loss	$ (2,013,799)	$ (2,673,836)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	565,651	0
Stock issued for compensation	228,000	0
Depreciation and amortization	52,442	56,311
Fair value of warrants issued for services	33,960	937,951
Stock issued for services	17,500	48,000
Change in warrant liability	(294,655)	47,212
Changes in operating assets and liabilities:
Inventory	(180,484)	168,250
Prepaid expenses	96,503	17,075
Lease deposits	1,449	0
Accounts payable and accounts payable – related parties	218,318	(36,389)
Accrued expenses and accrued expenses – related parties	279,435	37,787
Net cash used in operating activities	(995,680)	(1,397,639)
Cash flows from investing activities:
Expenditures for trademark and patents	(18,613)	(31,255)
Net cash used in investing activities	(18,613)	(31,255)
Cash flows from financing activities:
Principal payments on notes payable	(22,553)	(66,819)
Issuance of common stock for cash	675,000	1,160,000
Net cash provided by financing activities	652,447	1,093,181
Effects of foreign currency exchanges rates on cash	(6,821)	(11,075)
Net decrease in cash	(368,667)	(346,788)
Cash as of beginning of the year	398,290	745,078
Cash as of end of the year	29,623	398,290
Supplemental disclosure of cash flow information:
Cash paid for interest	5,728	12,956
Supplemental disclosure of non-cash financing activities:
Financing of insurance premiums	38,141	66,755
Settlement of accounts payable and accrued expenses with notes payable – related party	$ 0	$ 1,617,881

Consolidated Balance Sheets - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash	$ 29,623	$ 398,290
Inventory	290,057	109,573
Prepaid expenses	23,303	81,666
Total current assets	342,983	589,529
Other assets:
Trademark and patents, net	117,616	151,444
Lease deposit	2,823	4,272
Total other assets	120,439	155,716
Total assets	463,422	745,245
Current liabilities:
Accounts payable	637,557	459,654
Accounts payable – related parties	40,415	0
Accrued expenses	630,899	592,621
Accrued expenses – related parties	780,044	538,887
Other payables	224,852	224,852
Notes payable	362,223	297,332
Notes payable – related parties	1,643,578	1,617,881
Warrant liability	690,508	985,163
Total current liabilities	5,010,076	4,716,390
Notes payable, net of current portion	0	75,000
Total liabilities	5,010,076	4,791,390
Commitments and contingencies (Notes 5,6,10 and 12)
Stockholders’ deficit:
Preferred stock, $0.00001 par value: 50,000,000 authorized; no shares outstanding	0	0
Common stock, $0.001 par value: 500,000,000 authorized; 408,317,402 and 393,934,068 shares issued and outstanding, respectively	408,317	393,934
Additional paid-in capital	35,185,874	33,680,146
Accumulated other comprehensive loss	(54,864)	(48,043)
Accumulated deficit	(40,085,981)	(38,072,182)
Total stockholders’ deficit	(4,546,654)	(4,046,145)
Total liabilities and stockholders’ deficit	$ 463,422	$ 745,245