Green PolkaDot Box Inc

CIK:0001159464|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
SALES
Merchandise sales, net of discounts	$ 192,133	$ 0
Membership revenue - annual and club	11,908	0
Membership revenue - founding trust memberships	184,632	0
Other	12,745	0
Total Sales	401,418	0
COST OF SALES
Beginning inventory	521,609	0
Purchases	202,409	0
Supplies	60,606	635
Shipping and freight	75,108	0
Ending inventory	(409,898)	0
Total cost of sales	449,834	635
GROSS PROFIT (LOSS)	(48,416)	(635)
OPERATING EXPENSES
Wages and professional fees	627,987	247,110
Development costs	0	85,586
Advertising, promotion and marketing costs	7,828	17,987
Warehouse expenses and supplies	61,938	0
Rent expenses	12,271	32,004
Depreciation and amortization	20,491	13,620
General and administrative	242,367	6,835
Total operating expenses	972,882	403,142
NON-OPERATING INCOME (EXPENSE)
Loss on disposition of fixed assets	(80,015)	0
Interest income (expense)	(9,544)	(58,372)
Amortization of debt discount	(230,622)	0
Total non-operating income (expense)	(320,181)	(58,372)
NET (LOSS)	$ (1,341,479)	$ (462,149)
NET (LOSS) PER SHARE	$ (0.30)	$ 0
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	4,438,520	0

CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)	$ (1,341,479)	$ (78,400)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:
Depreciation and amortization	20,491	6,445
Amortization of debt discount	230,622	0
Loss on sale of fixed assets	80,016	0
Stock issued for services	17,420	0
Stock based compensation	3,729	0
Provision for obsolete inventory	8,000	0
Change in assets and liabilities
(Increase) decrease in inventory	111,711	(2,458)
Increase in deferred revenue from membership fees	(152,366)	0
Increase (decrease) in accounts payable and accrued expenses	433,997	(227,381)
Total adjustments	753,620	(223,394)
Net cash (used in) operating activities	(587,859)	(301,794)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(12,400)	0
Net cash paid in reverse acquisition	(282,450)	0
Net cash (used in) investing activities	(294,850)	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Common stock issued for cash	672,000	0
Payments under capital lease	(919)	0
Proceeds received from LLC Units	0	330,000
Proceeds received from convertible notes	315,000	0
Net cash provided by financing activities	986,081	330,000
NET INCREASE IN CASH AND CASH EQUIVALENTS	103,372	28,206
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	391,437	510
CASH AND CASH EQUIVALENTS - END OF PERIOD	494,809	28,716
CASH PAID DURING THE PERIOD FOR:
Interest	0	0
SUPPLEMENTAL DISCLOSURE OF NONCASH ACTIVITIES:
Common shares issued in conversion of convertible notes	715,000	0
Increase in deferred costs for reward point liability	109,706	0
Fixed assets acquired for founding trust memberships	$ 5,000	$ 0

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash	$ 494,809	$ 391,437
Inventory	401,898	521,609
Security deposits	10,994	10,994
Total current assets	907,701	924,040
Fixed assets, net	263,574	346,681
Deferred costs, net	602,729	493,023
TOTAL ASSETS	1,774,004	1,763,744
CURRENT LIABILITIES
Accounts payable and accrued expenses	735,827	301,830
Convertible notes payable, net of discount of $222,221 at December 31, 2011	0	177,778
Loan payable - other	50,000	50,000
Reward point liability	602,729	493,023
Deferred revenue - founding trust members	1,469,702	1,626,910
Deferred revenue - annual and club membership	38,396	28,554
Current portion of obligation under capital lease	3,790	3,745
Total current liabilities	2,900,444	2,681,840
Obligation under capital lease, net of current portion	15,944	16,908
TOTAL LIABILITIES	2,916,388	2,698,748
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, par value $.001 per share; Authorized 100,000,000 shares; Issued and outstanding,10,563,294 shares at March 31, 2012	10,533	0
Additional paid in capital	4,991,943	0
Members equity	0	3,868,377
Accumulated deficit	(6,144,860)	(4,803,381)
Total stockholders' equity (deficit)	(1,142,384)	(935,004)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 1,774,004	$ 1,763,744