CORONADO EXPLORATIONS LTD

CIK:0001084031|SEC Filings

Consolidated Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Sales	$ 50,430	$ 135,665	$ 151,567	$ 431,287
Leasing and licensing fees	6,000	6,000	18,000	18,000
Total revenues	56,430	141,665	169,567	449,287
Cost of sales	20,350	53,719	65,025	162,559
Gross profit	36,080	87,946	104,542	286,728
Operating expenses:
General and administrative	238,573	368,332	751,179	1,402,327
Sales and marketing	253,002	299,516	917,422	972,035
Research and development	40,041	37,200	141,249	230,379
Total operating expenses	531,616	705,048	1,809,850	2,604,741
Loss from operations	(495,536)	(617,102)	(1,705,308)	(2,318,013)
Other income (expense):
Interest income	47	136	142	526
Interest expense	(147,152)	(11,451)	(282,368)	(33,585)
Total other income (expense)	(147,105)	(11,315)	(282,226)	(33,059)
Net loss	$ (642,641)	$ (628,417)	$ (1,987,534)	$ (2,351,072)
Net loss per share, basic and diluted	$ (0.00)	$ (0.00)	$ (0.01)	$ (0.01)
Weighted average shares outstanding, basic and diluted	320,571,243	304,164,263	316,891,194	295,931,399

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (1,987,534)	$ (2,351,072)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	69,161	67,932
Stock-based compensation expense	5,108	454,543
Interest accreted on convertible debentures	158,937
Write-off of accounts receivable	6,610
Changes in operating assets and liabilities:
Accounts receivable	2,267	(32,030)
Inventory	(21,722)	(57,460)
Prepaid expenses and other	(50,504)	(12,536)
Other receivable		111,200
Accounts payable	331,565	295,494
Accrued expenses	147,953	(193,103)
Net cash used in operating activities	(1,338,159)	(1,717,032)
Cash flows used in investing activity:
Purchase of equipment	(27,738)	(21,852)
Cash flows from financing activities:
Proceeds from issuance of convertible debentures	603,500
Proceeds from sale of common stock, net of offering costs	137,500	1,913,950
Proceeds from issuance of note payable	24,650
Repayment of note payable	(8,716)	(46,546)
Net cash provided by financing activities	756,934	1,867,404
(Decrease) increase in cash	(608,963)	128,520
Cash - beginning of period	838,107	371,292
Cash - end of period	229,144	499,812
Supplemental disclosure of cash flow information:
Cash paid for interest	2,218	2,593
Cash paid for income taxes	650	900
Issuance of 171,428 shares of common stock as payment of director fees		12,000
Parts and materials inventory used in production equipment		55,951
Issuance of 1,055,303 shares of common stock as payment of offering costs related to private placements		56,000
Issuance of warrants to purchase 1,450,303 shares of common stock as payment of offering costs related to private placements		$ 47,100

Consolidated Condensed Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash	$ 229,144	$ 838,107
Accounts receivable, net	26,575	36,223
Prepaid expenses and other	65,452	14,948
Inventory	124,942	103,220
Total current assets	446,113	992,498
Property and equipment, net	204,198	245,621
Total assets	650,311	1,238,119
Current liabilities:
Accounts payable	540,568	209,774
Accrued expenses	339,146	199,893
Customer deposits	2,000	2,000
Convertible debentures	411,035	501,125
Note payable	15,935
Total current liabilities	1,308,684	912,792
Convertible debentures	1,346,236	788,501
Total liabilities	2,654,920	1,701,293
Commitments and contingencies
Stockholders’ deficiency:
Common stock, $.001 par value; 600,000,000 shares authorized; 320,571,243 and 311,404,576 shares, respectively, issued and outstanding	320,571	311,405
Additional paid-in capital	24,441,941	24,005,008
Accumulated deficit	(26,767,121)	(24,779,587)
Total stockholders’ deficiency	(2,004,609)	(463,174)
Total liabilities and stockholders’ deficiency	$ 650,311	$ 1,238,119