LIFESTYLE MEDICAL NETWORK, INC.

CIK:0001307140|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Management fees-related party				$ 242,894
Management fees	215,561	1,004,905	963,039	3,271,704
Total revenues	215,561	1,004,905	963,039	3,514,598
Costs and expenses:
Cost of revenue related to management fees	248,736	895,817	805,692	2,677,906
Cost of revenue-related party management fees		75,452		502,995
Selling, general and administrative expenses	109,622	382,416	396,404	745,979
Total Costs and expenses	358,358	1,353,685	1,202,096	3,926,880
Loss from operations	(142,797)	(348,780)	(239,057)	(412,282)
Other income (expense):
Gain on extinguishment of debt				221,500
Interest expense	(64,106)	(132,917)	(229,463)	(779,611)
Total Other income (expense)	(64,106)	(132,917)	(229,463)	(558,111)
Net loss	(206,903)	(481,697)	(468,520)	(970,393)
Income attributable to non-controlling interests	9,354		92,765
Provision for income taxes
Net loss attributable to common shareholders	$ (216,257)	$ (481,697)	$ (561,285)	$ (970,393)
Loss per common share-basic and diluted	$ (0.01)	$ (0.01)	$ (0.02)	$ (0.03)
Weighted average common shares outstanding
- basic and diluted	35,583,074	35,254,895	35,583,074	34,741,615

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net loss	$ (468,520)	$ (970,393)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	17,036	21,723
Stock-based compensation		57,500
(Gain) on extinguisment of debt		(221,500)
Warrant expenses	16,500	399,250
Amortization of debt discount	36,645	505,753
Changes in operating assets and liabilities:
Accounts receivable	187,963	(104,129)
Accounts receivable-related party		33,160
Prepaid expenses	26,667	38,906
Accounts payable-related party		(46,015)
Accounts payable and accrued expenses	171,550	179,209
Net Cash Provided by (Used In) Operating Activities	(12,159)	(106,536)
Cash flows from investing activities:
Purchase of equipment		(2,214)
Repayment of loans		12,701
Loan receivable	(10,033)	(14,000)
Net Cash Used In Investing Activities	(10,033)	(3,513)
Cash flows from financing activities:
Proceeds from convertible debt	50,000	139,000
Proceeds from promissory note	59,500
Repayments to non-controlling interests	(100,500)	(8,000)
Proceeds from non-controlling interests	16,000	16,000
Repayments of promissory notes	(11,000)	(39,000)
Net Cash Provided by Financing Activities	14,000	108,000
Net change in cash	(8,192)	(2,049)
Cash and cash equivalents - Beginning of period	9,827	48,376
Cash and cash equivalents - End of period	1,635	46,327
Supplemental Information;
Cash paid for interest
Cash paid for income taxes
Non-cash Investing and Financing Activities:
Issuance of warrants for prepaid services		193,000
Cashless conversion of warrants		1,374
Discount on convertible debt for Beneficial Conversion Feature and warrants		$ 125,000

Consolidated Balance Sheets - USD ($)	Sep. 30, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 1,635	$ 9,827
Accounts receivable	44,000	231,963
Loan receivable	10,833	800
Prepaid expenses		26,667
Total Current Assets	56,468	269,257
Property, plant and equipment - net	25,380	42,416
Other assets	1,194	1,194
TOTAL ASSETS	83,042	312,867
CURRENT LIABILITIES:
Accounts payable and accrued expenses	710,287	538,737
Notes payable	363,500	315,000
Current portion of convertible notes payable, net of $-0- and $36,644 debt discount	1,916,081	1,829,436
Total Current Liabilities	2,989,868	2,683,173
Commitments and Contingencies
STOCKHOLDERS' DEFICIENCY:
Common stock, $.001 par value, 200,000,000 shares authorized; 35,583,074 and 35,583,074 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	35,583	35,583
Additional paid-in-capital	11,496,023	11,479,523
Accumulated deficit	(14,454,697)	(13,893,412)
Total LifeStyle Medical Network Stockholders' Deficiency	(2,923,091)	(2,378,306)
Non-controlling interest	16,265	8,000
Total Stockholders' Deficiency	(2,906,826)	(2,370,306)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY	$ 83,042	$ 312,867