GARB OIL & POWER CORP

CIK:0000798371|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
OPERATING EXPENSES
Selling, general and administrative	$ 156,164	$ 133,171	$ 259,316	$ 331,504
Total operating expenses	156,164	133,171	259,316	331,504
LOSS FROM OPERATIONS	(156,164)	(133,171)	(259,316)	(331,504)
OTHER INCOME (EXPENSE)
(Loss) on write-off of subscription receivable		(403,815)		(403,815)
Gain on write-off of debt	104,315		104,315
Loss on derivative liability valuation	(319,449)	(187,153)	(253,262)	(416,278)
Interest Expense	(455,568)	(309,760)	(884,316)	(495,984)
Interest expense - related party	(8,999)		(17,906)
Total Other Income (Expense)	(679,701)	(900,728)	(1,051,169)	(1,316,077)
LOSS BEFORE INCOME TAXES	(835,865)	(1,033,899)	(1,310,485)	(1,647,581)
PROVISION (BENEFIT) FOR INCOME TAXES
NET LOSS	$ (835,865)	$ (1,033,899)	$ (1,310,485)	$ (1,647,581)
BASIC AND DILUTED LOSS PER COMMON SHARE ATTRIBUTABLE TO GARB OIL & POWER SHAREHOLDERS	$ 0	$ 0	$ 0	$ 0
WEIGHTED AVERAGE OF COMMON SHARES OUTSTANDING	47,497,578,456	47,497,578,456	47,497,578,456	47,497,578,456

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net loss	$ (1,310,485)	$ (1,647,581)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	15,164	14,429
Loss on subscription receivable write-off		403,815
(Gain) on debt write-off	(104,315)
Debt issued for interest expense	560,500	100,751
Amortization of Debt Discount	8,195	55,968
Loss on derivative liability valuation	253,262	416,278
Accretion of present value of capital lease	62,745	39,770
Loan Fees		36,000
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	204,948	340,133
Accrued interest	204,683	119,665
Related party payable	(2,500)	1,833
Related party accrued interest	17,907	47,460
Wages and payroll taxes payable	66,500	66,500
Net cash used in operating activities	(23,396)	(4,979)
Cash flows from financing activities:
Proceeds from notes payable	40,000	5,040
Payments on capital lease	(14,000)
Net cash provided by financing activities	26,000	5,040
Net increase (decrease) in cash	2,604	61
Cash at beginning of period	3	196
Cash at end of period	2,607	257
Supplemental disclosures of cash flow information:
Interest
Income taxes
Non-cash financing activities:
Accrued interest reclassified to note principal	10,172	7,521
Debt discount	40,000	5,040
Adjustment to net present value for capital lease		$ 85,913

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash	$ 2,607	$ 3
Receivables, net
Total current assets	2,607	3
Property and equipment, net	1,127,133	1,142,297
Total assets	1,129,740	1,142,300
Current liabilities:
Accounts payable and accrued expenses	1,917,632	1,712,684
Related party payable	9,620	12,120
Notes payable, net	2,482,987	1,960,965
Derivative liability	4,085,176	3,787,124
Notes payable - related party, net	189,320	185,475
Derivative liability - related party	52,976	57,766
Capital lease payable	1,341,094	1,292,349
Accrued interest	1,980,895	1,833,854
Accrued interest - related party	76,408	62,346
Wage and payroll taxes payable	454,471	387,971
Total current liabilities	12,590,579	11,292,654
Total liabilities	12,590,579	11,292,654
Mezzanine Equity:
Total mezzanine equity	26,629,433	26,629,433
Stockholders' Deficit:
Common stock as of June 30, 2016; (no par value) 50,000,000,000 shares authorized, 47,497,578,456 shares outstanding at June 30, 2016 and 47,497,578,456 shares outstanding at December 31, 2015	(13,723,527)	(13,723,527)
Accumulated Deficit	(24,366,745)	(23,056,260)
Total stockholders' deficit	(38,090,272)	(36,779,787)
Total liabilities, mezzanine equity and stockholders' deficit	1,129,740	1,142,300
Preferred Class A
Mezzanine Equity:
Preferred Stock
Preferred Stock additional paid in capital	1,486,010	1,486,010
Preferred Class B
Mezzanine Equity:
Preferred Stock	11,049,795	11,049,795
Preferred Stock additional paid in capital	$ 14,093,628	$ 14,093,628