FASTFUNDS FINANCIAL CORP

CIK:0000779956|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statements of Operations
Revenue, net	$ 132,917	$ 194,295	$ 308,003	$ 402,270
Operating expenses:
Cost of Sales	74,112	121,634	166,686	260,539
Processing fees	5,426	5,889	10,875	11,833
Other	165	389	165	737
Total operating expenses	79,703	127,912	177,726	273,109
Gross profit	53,214	66,383	130,277	129,161
Selling, general and administrative	140,962	127,389	278,733	354,709
Loss from operations	(87,748)	(61,006)	(148,456)	(225,548)
Other expense:
Interest expense	(190,442)	(304,907)	(583,139)	(496,221)
Derivative liability income (expense)	(209,347)	(63,618)	(388,348)	(75,768)
Loss on equity method investment			(7,473)
Gain from sale of long-term asset			185,425
Total other expense	(399,789)	(368,525)	(793,535)	(571,989)
Net loss	(487,537)	(429,531)	(941,991)	(797,537)
(Plus) less net (gain) loss attributable to non controlling interest	(3,680)	(2,088)	(196)	5,205
Net loss attributable to common stockholders	$ (491,217)	$ (431,619)	$ (942,187)	$ (792,332)
Net loss per share	$ 0.00	$ 0.00	$ 0.00	$ (0.01)
Weighted average number of common shares outstanding Basic and diluted	4,437,016,421	191,045,766	4,193,836,166	104,966,405

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Statements of Cash Flows
Cash flows from operating activities:
Net loss	$ (941,991)	$ (797,537)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization on fixed assets	408	340
Loss attributable to equity method investment	7,473
Amortization of discount on convertible note	185,240	226,292
Initial derivative liability expense on convertible debentures	388,348	75,768
Issuance of warrants for services		45,000
Amortization of deferred financing costs	25,898	9,857
Gain from sale of long-term asset	(185,425)
Decrease (increase) in assets:
Accounts receivable	22,879	84,298
Other current assets		7,053
Increase in liabilities:
Accounts payable and accrued expenses	248,680	87,161
Net cash used in operating activities	(248,490)	(261,768)
Cash flows from investing activities:
Investment in unconsolidated subsidiary		(222,000)
Proceeds from Sale of Non-Marketable Securities	275,000
Net cash used in investing activities	275,000	(222,000)
Cash flows from financing activities:
Borrowings on convertible notes, net	116,764	524,000
Repayments on convertible notes, net		(7,500)
Borrowings on notes and loans payable, related	4,300	27,500
Borrowings on notes and loans payable, other	96,350	93,500
Repayments on notes and loans payable, related	(9,950)	(77,336)
Repayments on notes and loans payable, other	(237,838)	(41,994)
Net cash provided by financing activities	(30,374)	518,170
Net increase (decrease) in cash and cash equivalents	(3,864)	34,402
Cash and cash equivalents, beginning	9,221	3,367
Cash and cash equivalents, ending	5,357	37,769
Supplemental disclosure of cash flow information:
Cash paid for interest	10,657	225
Cash paid for income taxes
Schedule of Non-Cash Investing and Financing Activities:
Reclass of derivative liability to equity upon conversion of convertible debt	211,663	232,242
Conversion of convertible debentures and accrued interest to common stock	$ 83,702	$ 216,196

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current liabilities:
Convertible promissory notes (Note 7), including related parties of $17,617 (2016) and $23,267 (2015)	$ 2,150,111	$ 2,204,561
Balance Sheets
Current assets:
Cash and cash equivalents	5,357	9,221
Accounts receivable	82,834	105,712
Deferred financing costs		11,322
Other current assets		200
Total current assets	88,191	126,455
Fixed assets, net	1,687	2,095
Investment in unconsolidated investee (Note 5)	159,437	166,910
Other assets	28,323	28,123
Goodwill	85,362	85,362
Long term investments (Note 4)		89,575
Total other assets	274,809	372,065
Total assets	363,000	498,520
Current liabilities:
Bank Overdraft	5,713
Accounts payable	714,865	724,909
License fee payable	250,000	250,000
Due to related party	75,000	75,000
Accrued expenses, including related parties $47,393 (2016) and $43,522 (2015) (Note 6)	4,556,828	4,303,883
Notes Payable	60,000	60,000
Subsidiary notes payable	20,000	66,028
Convertible promissory notes (Note 7), including related parties of $17,617 (2016) and $23,267 (2015)	2,150,111	2,204,561
Litigation contingency (Note 8)	2,484,922	2,484,922
Convertible debentures payable, net	1,111,844	1,050,135
Derivative liabilities (Note 7)	1,651,809	1,359,843
Total current liabilities	13,081,092	12,579,281
Commitments and contingencies (Note 8)
Stockholders' deficiency (Note 10):
Preferred stock, $0.001 par value; 5,000,000 shares authorized; Class A preferred stock, $0.001 par value; 1,000,000 shares authorized; 819,000 shares issued and outstanding; Class B preferred stock, $0.001 par value; 2,000,000 shares authorized; 1,791,667 shares issued and outstanding; Class C preferred stock, $0.001 par value; 1,000 shares authorized; 1,000 shares issued and outstanding (2014)	2,612	2,612
Common stock, $0.001 par value; 9,000,000,000 shares authorized; 4,907,338,322 (2016) and 2,824,852,274 (2015) shares issued and outstanding	4,907,338	2,824,853
Additional paid-in capital	13,098,681	14,876,506
Treasury stock, 50,000 shares of common stock
Accumulated deficit	(30,755,804)	(29,813,617)
Total stockholders' deficit	(12,747,173)	(12,109,646)
Less noncontrolling interest	29,081	28,885
Total deficit	(12,718,092)	(12,080,761)
Total liabilities and stockholders' deficit	$ 363,000	$ 498,520