CrowdGather, Inc.

CIK:0001328670|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Apr. 30, 2016	Apr. 30, 2015
Revenue	$ 441,000	$ 656,000
Cost of revenue	2,000	34,000
Gross profit	439,000	622,000
Operating expenses
Payroll and related expenses	390,000	431,000
Stock based compensation	59,000	299,000
General and administrative	733,000	1,985,000
Legal settlements, net	15,000	50,000
Total operating expenses	1,197,000	2,765,000
Loss from operations	(758,000)	(2,143,000)
Other income (expense), net
Impairment (expense) of intangible assets	(1,021,000)
Stated interest and issuance (expense)	(323,000)	(95,000)
Amortization of debt discount and interest in excess of debt discount (expense)	(2,257,000)	(742,000)
Gain on extinguishment of notes payable	12,000	41,000
Fair value adjustment for derivative liabilities	908,000	73,000
Total Other income (expense), net	(2,681,000)	(723,000)
Net loss from continuing operations before provision for income taxes	(3,439,000)	(2,866,000)
Provision for income taxes	1,000	2,000
Net loss from continuing operations	(3,440,000)	(2,868,000)
Discontinued operations
Loss from discontinued operations of Plaor, Inc.	(877,000)	(4,362,000)
Loss on sale/impairment of note receivable	(731,000)	0
Net loss from discontinued operations	(1,608,000)	(4,362,000)
Net Loss	$ (5,048,000)	$ (7,230,000)
Weighted average shares outstanding- basic and diluted (in Shares)	118,987,173	114,068,425
Net loss per share - basic and diluted
Continuing operations (in Dollars per share)	$ (0.03)	$ (0.03)
Discontinued operations (in Dollars per share)	(0.01)	(0.04)
Net (in dollars per shares)	$ (0.04)	$ (0.07)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Apr. 30, 2016	Apr. 30, 2015
Cash flows from operating activities:
Net (loss)	$ (3,440,000)	$ (2,868,000)
Loss from discontinued operations	(1,608,000)	(4,362,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Write-off of intangible	1,021,000	0
Write-off of note receivable	731,000	0
Write-off of OCI	0	29,000
Write-off of inventory	0	31,000
Depreciation expense	14,000	99,000
Stock based comp	59,000	299,000
Derivative liability in excess of debt discount	1,567,000	295,000
Amortization of debt discount	361,000	211,000
Gain on extinguishment of debt	(12,000)	(41,000)
Change in derivative liability	(908,000)	(73,000)
Write-off of investment	0	21,000
Changes in operating assets and liabilities:
Accounts receivable	38,000	64,000
Prepaids and other current assets	(14,000)	10,000
Accounts payable	162,000	104,000
Cash from discontinued operations	(802,000)	3,046,000
Net cash used in operating activities	(2,831,000)	(3,135,000)
Cash flows from investing activities:
Purchases of property, plant and equipment	(1,000)	0
Cash from discontinued operations	3,409,000	1,291,000
Net cash provided by investing activities	3,408,000	1,291,000
Cash flows from financing activities:
Proceeds from related party notes	30,000	295,000
Repayment of related party notes	(6,000)	0
Proceeds from convertible notes payable	554,000	614,000
Payments on convertible notes	(734,000)	(214,000)
Net proceeds from Conventional notes payable	758,000	0
Payments on Conventional notes payable	(5,000)	0
Cash from discontinued ops	(1,221,000)	686,000
Net cash (used in) provided by financing activities	(624,000)	1,381,000
Net increase (decrease) in cash	(47,000)	(463,000)
Cash, beginning of period	83,000	546,000
Cash, end of period	36,000	83,000
Cash paid for:
Income taxes	800	800
Interest	0	0
Non-cash transactions:
Conversion of preferred stock into notes payable	0	1,000,000
Note payable issued for intangible asset	0	5,000
Stock issued for intangible assets	0	6,078,000
Debt discount	566,000	656,000
Conversion of convertible debt into common stock	15,000	0
Exercise of derivative liability for common stock	$ 131,000	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)	Apr. 30, 2016	Apr. 30, 2015
Current assets
Cash	$ 36,000	$ 83,000
Accounts receivable	29,000	67,000
Prepaid expenses and deposits	61,000	47,000
Total current assets	126,000	197,000
Property and equipment, net of accumulated depreciation of $614,000 and $600,000 respectively	11,000	24,000
Intangible and other assets	3,195,000	4,216,000
Total assets associated with continuing operations	3,332,000	4,437,000
Goodwill		1,450,000
Property and equipment, net of accumulated of $0 and $27,000 respectively	0	13,000
Other current assets	0	146,000
Intangible and other assets, net of accumulated amortization of $0 and $779,000 respectively	0	2,809,000
Total assets associated with discontinued operations	0	4,418,000
Total assets	3,332,000	8,855,000
Current liabilities
Accounts payable	217,000	100,000
Accrued vacation	34,000	29,000
Other accrued liabilities	184,000	175,000
Convertible notes payable - net of debt discount of $312,000 and $390,000 respectively	239,000	111,000
Notes payable to related parties	319,000	295,000
Notes payable	758,000	5,000
Derivative liabilities	943,000	688,000
Total current liabilities	2,694,000	1,403,000
Liabilities associated with discontinued operations
Assigned notes payable disposed of in sale of Plaor, Inc - net of debt discount of $0 and $330,000 respectively	0	1,221,000
Deferred revenue, net of deferred platform fees	0	379,000
Total other liabilities		701,000
Total liabilities associated with discontinued operations	0	2,301,000
Stockholders’ equity
Preferred stock, $0.001 par, 25,000,000 shares authorized, no shares outstanding	0	0
Common stock, $0.001 par value, 975,000,000 shares authorized, 121,536,394 and 117,283,330 issued and outstanding, respectively	122,000	117,000
Additional paid-in capital	37,066,000	36,536,000
Accumulated deficit	(36,550,000)	(31,502,000)
Total stockholders’ equity	638,000	5,151,000
Total liabilities and stockholders’ equity	$ 3,332,000	$ 8,855,000