Med One Oak, Inc.

CIK:0001111473|SEC Filings

CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		6 Months Ended
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues
Services revenue	$ 310,792		$ 468,470
Services revenue - related party	86,264	184,262	144,755	361,230
Total revenues	397,056	184,262	613,225	361,230
Direct cost of revenues
Cost of services	296,400		446,790
Cost of services - related party	83,752	178,896	140,540	350,709
Total direct cost of revenues	380,152	178,896	587,330	350,709
Operating expenses
General and administrative expenses	44,817	32,173	83,663	173,567
Loss from operations	(27,913)	(26,807)	(57,768)	(163,046)
Other income (expenses)
Interest expense		(695)		(835)
Interest expense - related party	(5,274)	(614)	(9,358)	(1,126)
Total other expenses	(5,274)	(1,309)	(9,358)	(1,961)
Loss before income tax expense	(33,187)	(28,116)	(67,126)	(165,007)
Income tax expense
Net loss	$ (33,187)	$ (28,116)	$ (67,126)	$ (165,007)
Basic and diluted net loss per common share	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.08)
Basic and diluted weighted average common shares outstanding, including common shares subject to rescission rights	2,609,911	2,209,911	2,609,911	2,194,421

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	Jun. 30, 2014	Jun. 30, 2013
OPERATING ACTIVITIES:
Net loss	$ (67,126)	$ (165,007)
Adjustments to reconcile net loss to net cash provided by (used in) operations:
Stock based compensation	3,417	8,000
Non-cash charges to operations, net	493,077	19,764
Changes in operating assets and liabilities:
Accounts receivable	17,512
Unbilled accounts receivable	(99,240)
Prepaid expense		15,000
Accounts payable and accrued liabilities	85,697	99,106
Net cash provided by (used in) operations	433,337	(23,137)
FINANCING ACTIVITIES:
Proceeds from note payable to related party	19,000	49,800
Repayment of note payable to related party	(451,476)	(22,010)
Net cash (used in) provided by financing activities	(432,476)	27,790
Increase in cash and cash equivalents	861	4,653
Cash and cash equivalents, beginning of period	84
Cash and cash equivalents, end of period	945	4,653
Supplemental disclosures of cash flow information:
Interest paid		748
Income taxes paid
Non-cash items:
Common stock issued to satisfy payable to related party		125,225
Insurance paid with premium financing obligation		40,000
Shares issued to executives	$ 400	$ 800

CONDENSED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
ASSETS
Cash	$ 945	$ 84
Receivables from clients, net	215,541	242,646
Receivables from related party, net	38,420	28,827
Unbilled receivables	77,518	6,297
Unbilled receivables from related party	30,879	2,860
Prepaid expenses	2,825	2,825
Total current assets	366,128	283,539
Total assets	366,128	283,539
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts payable	4,750	4,181
Accrued liabilities	113,767	28,639
Note payable to related party, current portion	517,353
Total current liabilities	635,870	32,820
Note payable to related party, less current portion		456,752
Total liabilities	635,870	489,572
Common stock subject to rescission rights, $0.001 par value 216 common shares issued and outstanding	40,500	40,500
Shareholders' deficit:
Preferred stock: $0.001 par value; 10,000,000 shares authorized; none issued and outstanding as of June 30, 2014 and March 31, 2014
Common stock: $0.001 par value; 150,000,000 shares authorized; 2,609,911 and 2,209,911 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively (includes shares subject to rescission rights)	2,610	2,210
Additional paid in capital	1,915,524	1,912,507
Accumulated deficit	(2,228,376)	(2,161,250)
Total shareholders' deficit	(310,242)	(246,533)
Total liabilities and shareholders' deficit	$ 366,128	$ 283,539