SearchCore, Inc.

CIK:0001281198|SEC Filings

Condensed Consolidated Statements of Operations (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUE
Sales	$ 72,725	$ 351,543	$ 1,327,538	$ 401,916
Total revenue	72,725	351,543	1,327,538	401,916
OPERATING EXPENSES
Cost of sales	231,674	276,523	1,238,359	301,770
Selling, general and administrative expenses	302,054	664,248	2,101,210	1,234,192
Total operating expenses	533,728	940,771	3,339,569	1,535,962
Operating Loss	(461,003)	$ (589,228)	(2,012,031)	(1,134,046)
Other Income (Expense)
Other income	8,238		8,238	847,351
Interest income	2,377	$ 5,173	23,321	13,522
Interest expense	(133,877)	(76,268)	(406,581)	(164,837)
Total other income (expense)	(123,262)	(71,095)	(375,022)	696,036
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	$ (584,265)	(660,323)	$ (2,387,053)	(438,010)
Provision for Income Taxes		(97,000)		(257,000)
INCOME (LOSS) FROM CONTINUING OPERATIONS	$ (584,265)	(563,323)	$ (2,387,053)	(181,010)
Loss from discontinued operations, net of zero provision and $3,000 tax benefit for the nine months ended September 30, 2015 and 2014, respectively, and net of zero tax provision and $2,000 tax benefit for the three months ended September 30, 2015 and 2014, respectively.	(5,394)	(45,083)	(16,336)	(343,686)
NET INCOME (LOSS)	$ (589,659)	$ (608,406)	$ (2,403,389)	$ (524,696)
Income (loss) per share, Basic and Diluted
Income (loss) from continuing operations	$ (0.01)	$ (0.01)	$ (0.04)	$ (0.00)
Income (loss) from discontinued operations		(0.00)		(0.01)
Total income (loss) per share	$ (0.01)	$ (0.01)	$ (0.04)	$ (0.01)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	71,982,254	45,897,576	61,174,751	44,041,849

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Cash flows from operating activities:
Net loss	$ (589,659)	$ (608,406)	$ (2,403,389)	$ (524,696)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation			9,994	3,889	$ 5,900
Amortization			4,623	1,541
Stock-based compensation			$ 818,440	717,200
Gain on sale of ManufacturedHomes.com				$ (847,351)
Shares issued in satisfaction of debt			$ 151,055
Changes in operating assets and liabilities:
Accounts receivable				$ (21,666)
Inventories			$ 28,127	29,533
Prepaid expenses and deposits			69,905	(293,924)
Other assets & note receivables			389,315	904,676
Accounts payable and accrued liabilities			137,633	(397,760)
Net cash used in operating activities			(794,297)	(428,558)
Cash flows used in investing activities:
Purchases of property and equipment			(31,646)	(21,136)
Net cash used in investing activities			(31,646)	(21,136)
Cash flows provided by financing activities:
Payments on note payable			(528,638)	(390,880)
Proceeds from note payable			889,385	822,500
Proceeds from note payable - related party			56,865	41,497
Net cash provided by financing activities			417,612	473,117
Net decrease in cash and cash equivalents			(408,331)	23,423
Cash and cash equivalents at beginning of period			410,828	93,152	93,152
Cash and cash equivalents at end of period	$ 2,497	$ 116,575	2,497	116,575	$ 410,828
Non-cash investing and financing activity:
Shares issued pursuant to stock based compensation			818,440	695,000
Shares issued pursuant to conversion of debt			$ 151,055	59,000
Shares issued as additional interest expense				$ 22,200

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 2,497	$ 410,828
Inventory	1,932,910	1,201,693
Note receivables	84,083	450,758
Other current assets	431,672	410,094
TOTAL CURRENT ASSETS	2,451,162	2,473,373
Property and equipment, net	76,086	54,434
Intangible assets:
Domain names	84,363	84,363
Advertising rights	53,937	58,560
Note receivables noncurrent	878,659	968,924
Other assets	78,100	3,100
TOTAL ASSETS	3,622,307	3,642,754
CURRENT LIABILITIES
Accounts payable	337,369	282,220
Accrued liabilities	1,573,642	1,430,891
Note payable	1,686,517	$ 929,332
Notes payable - related party	56,865
Current liabilities - discontinued operations	245,442	$ 240,102
TOTAL CURRENT LIABILITIES	3,899,835	2,882,545
LONG TERM LIABILITIES
Other accrued liabilities	118,750	118,750
Flooring Credit Line	1,889,568	1,219,241
Note payable	130,309	404,479
Note payable - related party	161,250	161,250
TOTAL LONG TERM LIABILITIES	2,299,877	1,903,720
TOTAL LIABILITIES	$ 6,199,712	$ 4,786,265
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value: 20,000,000 shares authorized; zero shares issued and outstanding at September 30, 2015; zero shares issued and outstanding at December 31, 2014;
Common stock, $0.001 par value: 300,000,000 shares authorized; 77,185,304 shares issued and outstanding at September 30, 2015, 50,677,105 shares issued and outstanding at December 31, 2014,	$ 77,185	$ 50,677
Paid-in capital	(8,945,457)	(9,888,444)
Retained earnings	6,290,867	8,694,256
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	(2,577,405)	(1,143,511)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,622,307	$ 3,642,754