Cono Italiano, Inc.

CIK:0001307701|SEC Filings

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended		91 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Income Statement [Abstract]
Sales	$ 3,964	$ 45,106	$ 29,972	$ 106,532	$ 186,951
Impairment of Inventory	15,850		15,850		15,850
Cost of Sales	1,582	67,904	29,958	114,382	156,994
Gross Profit (Loss)	(13,468)	(22,798)	(15,836)	(7,850)	14,107
Expenses
Selling and Direct	730	14,659	85,216	54,061	597,423
Compensation Expense	56,250	56,250	168,750	168,750	813,755
General and Administrative	33,483	54,717	219,357	211,024	1,810,746
Interest Expense	25,586	14,139	73,231	36,014	191,445
Loss on Impairment of License Right					130,505
Loss (Gain) on Derivative Liability	(4,065)		(14,781)		20,812
Gain on Disposal of Assets					(464)
Total Expenses	111,984	139,765	531,773	469,849	3,564,222
Net Loss for the Period	$ (125,452)	$ (162,563)	$ (547,609)	$ (477,699)	$ (3,550,115)
Loss per Share - Basic and Diluted	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Weighted Average Common Shares Outstanding	110,002,165	102,833,087	109,769,446	101,770,048

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended		91 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Cash Flows from Operating Activities
Net Loss for the Period	$ (547,609)	$ (477,699)	$ (3,550,115)
Adjustments to Reconcile Net Loss for the Period to Net Cash Flows Used in Operating Activities:
Amortization of Deferred Note Payable Issuance Costs	6,521	22,823	58,619
Amortization of Debt Discount	2,193	7,674	13,156
Bad Debt Expense	16,937		19,377
Depreciation	15,288	43,530	125,512
Amortization of Deferred Equity Financing Costs	84,591		84,591
Common Stock Issued in Exchange for Services	60,000	36,000	1,001,823
Expense to Prior Owners			350,520
Impairment of Inventory	15,850		15,850
Imputed Interest on Officer's Loan	51,866		51,866
Loss on Impairment of License Right			130,505
Gain on Disposal of Assets			(464)
Loss (Gain) on Derivative Liability	(14,781)		20,812
Common Stock Issued in Lieu of Rent Expense			36,000
Changes in Assets and Liabilities:
Accounts Receivable	(2,015)	(18,522)	(6,920)
Prepaid Expenses	46,000		27,328
Packaging Inventory	(15,850)		(15,850)
Accounts Payable	17,481	32,821	(6,977)
Accrued Expenses	11,173	6,007	80,288
Accrued Compensation - Officers	172,666	168,750	397,666
Accrued Legal Expense	31,500	13,301	168,605
Accrued Interest	15,257	27,879	121,880
Deferred Revenues			75,818
Net Cash Flows Used In Operating Activities	(32,932)	(137,436)	(800,111)
Cash Flows from Investing Activities
Proceeds from Sale of Asset			5,000
Acquisition of Cash in Reorganization			916
Purchase of Property and Equipment		(83,259)	(267,300)
Net Cash Flows Used In Investing Activities		(83,259)	(261,384)
Cash Flows from Financing Activities
Bank Overdraft		(3,348)
Cash Proceeds from Issuance of Debt		27,698	250,000
Repayment of Debt		(13,780)
Cash Proceeds from Convertible Note Payable		250,000	27,698
Cash Paid for Deferred Equity Financing Costs			(27,698)
Cash Paid for Issuance of Deferred Note Payable		(34,125)	(34,125)
Cash Proceeds from Sale of Stock		75,000	339,870
Cash Received (Paid to) from Related Party - Net		(30,000)	48,063
Due to Officer - Net	4,400	42,342	459,717
Net Cash Flows Used In Financing Activities	4,400	313,787	1,063,525
Net Change in Cash and Cash Equivalents	(28,532)	93,092	2,030
Cash and Cash Equivalents - Beginning of Period	30,562
Cash and Cash Equivalents - End of Period	2,030	93,092	2,030
Supplemental Non-Cash Investing and Financing Activities:
Acquisition of Accounts Payable in Reorganization			210,132
Acquisition of Notes Payable in Reorganization			47,988
Accrued Interest Forgiven by Officer	63,750		63,750
Common Stock Issued to Relieve Stock Payable Liability	16,735		16,735
Deemed Distribution			312,000
Expenses Paid by Related Party		5,000	5,000
Common Stock Issued (Retired) for Prepaid Expenses			105,828
Common Stock Issued to Relieve Accounts Payable			3,500
Common Stock Issued for Note Payable Conversion			202,547
Common Stock Issued for Related Party Payable			70,000
Cash Paid During the Period for:
Interest
Income Taxes

Consolidated Balance Sheets (Unaudited) (USD $)	Sep. 30, 2013	Dec. 31, 2012
ASSETS
Cash and Cash Equivalents	$ 2,030	$ 30,562
Accounts Receivable, Net of Allowance for Doubtful Accounts of $-0- and $2,440, respectively	4,480	2,465
Due from Related Party		16,937
Prepaid Expenses		46,000
Deferred Equity Financing Costs		84,591
Deferred Note Payable Issuance Costs - Net of Accumulated Amortization		6,521
Total Current Assets	6,510	187,076
Property and Equipment - Net of Accumulated Depreciation of $111,299 and $96,010, respectively	152,249	167,537
Other Assets
Equipment Deposit	20,000	20,000
Total Assets	178,759	374,613
Liabilities
Accounts Payable	152,989	135,508
Accrued Expenses	155,141	145,446
Accrued Legal Expense	230,769	199,269
Accrued Interest - Officer		59,834
Accrued Compensation - Officers	393,750	225,000
Convertible Notes Payable, Net of Unamortized Discount of $-0- and $2,193, respectively	297,988	295,795
Due to Officer	771,717	767,317
Derivative Liability	20,811	35,592
Total Current Liabilities	2,023,165	1,863,761
Stockholders' Deficit
Common Stock - $.001 Par; 150,000,000 Shares Authorized, 110,002,165 and 107,233,087 Shares Issued and Outstanding	110,002	107,233
Additional Paid-In-Capital	1,595,707	1,406,125
Deficit Accumulated During Development Stage	(3,550,115)	(3,002,506)
Total Stockholders' Deficit	(1,844,406)	(1,489,148)
Total Liabilities and Stockholders' Deficit	$ 178,759	$ 374,613