Provision Holding, Inc.

CIK:0001335493|SEC Filings

Condendsed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
REVENUES
Advertising revenues		$ 185,317		$ 344,017
Hardware revenues	17,223		32,973	110,195
Hardware revenues - related party				1,196,552
Software revenues - related party				66,456
TOTAL REVENUES	17,223	185,317	32,973	1,717,220
COST OF REVENUES	38,858	55,272	294,971	1,896,255
GROSS (LOSS) PROFIT	(21,635)	130,045	(261,998)	(179,035)
EXPENSES
General and administrative	621,486	833,681	2,317,285	2,350,220
Research and development	31,037	37,934	120,148	257,838
TOTAL OPERATING EXPENSES	652,523	871,615	2,437,433	2,608,058
LOSS FROM OPERATIONS	(674,158)	(741,570)	(2,699,431)	(2,787,093)
OTHER INCOME (EXPENSE)
Change in fair value of warrant and derivative liability	28,919	(18,584)	189,689	43,834
Debt modification expense			(40,000)
Gain on debt extinguishment	(10,267)		(10,267)
Loss on settlement of debt				(48,000)
Gain on settlement	4,189,808		4,189,808
Gain on sale of fixed assets	410,605		410,605
Amortization of debt and warrant discount and financing costs	(795,189)	(690,998)	(2,041,466)	(1,608,708)
Interest expense	(252,922)	(204,120)	(917,886)	(756,442)
TOTAL OTHER INCOME (EXPENSE)	3,591,488	(913,702)	1,801,107	(2,369,316)
INCOME (LOSS) BEFORE INCOME TAXES	2,917,330	(1,655,272)	(898,414)	(5,156,409)
Income tax expense
NET INCOME (LOSS)	$ 2,917,330	$ (1,655,272)	$ (898,414)	$ (5,156,409)
NET INCOME (LOSS) PER COMMON SHARE
Basic and diluted	$ 0.20	$ (0.02)	$ (0.01)	$ (0.05)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic and diluted	146,861,920	106,217,807	141,310,545	99,364,166

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (898,414)	$ (5,156,409)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on the sale of fixed assets	(410,605)
Gain on settlement	(4,189,808)
Gain on debt extinguishment	(10,267)
Non-cash compensation	110,000	424,390
Loss on debt settlement		48,000
Debt modification expense	40,000
Depreciation expense	36,640	6,875
Inventory reserve	130,000
Amortization	1,872	1,872
Amortization of prepaid financing cost	327,729	622,329
Amortization of prepaid expenses		396,529
Amortization of debt discount	1,258,647	669,136
Amortization of warrant discount	95,433	212,910
Fair value of options expense	554,184	4,496
Fair value of warrants expense	530	30,626
Change in the fair value of warrant and derivative liability	(189,689)	(43,834)
Non-cash interest expense	359,657	104,334
Non-cash interest expenses paid by promissory noteholder on behalf of the Company	87,485
Changes in operating assets and liabilities:
Accounts receivable	(6,700)	(12,000)
Inventory	(498,545)	1,307,377
Prepaid expenses	(100,000)
Accounts payable and accrued liabilities	991,650	(188,771)
Preferred stock liability	10	(100)
Payroll taxes, interest and penalties	169,937	32,110
Accrued interest	588,221	234,520
Unearned revenue		(1,362,009)
NET CASH USED IN OPERATING ACTIVITIES	(1,552,033)	(2,667,619)
CASH FLOWS FROM INVESTING ACTIVITIES:
NET CASH USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from convertible notes payable, net of fees	882,801	355,000
Payments on debt settlement		(16,795)
Payments on promissory notes	(5,000)	61,500
Proceeds from promissory notes, net of fees	103,495
Proceeds from the sale of common stock, net of fees	260,000	730,000
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	1,241,296	1,129,705
NET DECREASE IN CASH AND CASH EQUIVALENTS	(310,737)	(1,537,914)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	310,749	2,175,543
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	12	637,629
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	146,232	521,923
Taxes paid
SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Issuance of shares of common stock for debt and accrued interest conversion	229,410	1,555,581
Fair value of warrant issued for debt discount and deferred financing cost	264,446
Common stock to be issued now issued	26,250	254,166
Derivative liability reclass into additional paid in capital upon notes conversion	120,495	125,710
Payment of promissory note with issuance of promissory note	500,000
Derivative liability reclass into additional paid in capital upon notes repayment	219,672
Initial warrant and derivative liability and debt discount at the issuance of notes	735,755	409,240
Debt discount on promissory note issuance	50,000	61,500
Convertible note reclassified into promissory notes	15,000
Proceeds from promissory notes directly paid to convertible notes, accrued payable and expenses on behalf of the Company	329,020
Proceeds from convertible notes directly paid to accounts payable and expenses on behalf of the Company	76,000
Debt discount on modified convertible note	80,000
Shares issued in conjunction with convertible note issuance accounted as debt discount on shares	17,500
Shares issued in conjunction with cashless warrant exercise		$ 159

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2018	Jun. 30, 2017
CURRENT ASSETS
Cash	$ 12	$ 310,749
Accounts receivable	6,700
Inventory, net	2,151,290	2,201,759
Prepaid expenses	296,240	196,240
Other current assets	3,000	3,000
TOTAL CURRENT ASSETS	2,457,242	2,711,748
PROPERTY AND EQUIPMENT, net of accumulated depreciation	2,942,749	17,569
INTANGIBLES, net of accumulated amortization	168,357	170,229
TOTAL ASSETS	5,568,348	2,899,546
CURRENT LIABILITIES
Accounts payable and accrued expenses	3,680,094	2,753,444
Payroll taxes, interest and penalties	833,777	663,840
Accrued interest	3,128,035	2,557,435
Unearned revenue		2,057,607
Warrants and Derivative liability	973,864	408,286
Current portion of convertible debt, net of unamortized debt discount of $468,955 and $660,141 and net of unamortized warrant discount of $6,110 and $79,783 and net of financing costs of $125,561 and $322,229, respectively	8,124,415	7,216,032
Notes payable, net of unamortized debt discount of $-0- and $74,821, respectively	865,000	220,179
Nonconvertible Series B Preferred Stock, related party	10
TOTAL CURRENT LIABILITIES	17,605,195	15,876,823
Convertible debt, net of current portion, net of unamortized debt discount of $121,378 and $-0- and net of unamortized share discount of $16,015 and $-0, respectively	12,607
TOTAL LIABILITIES	17,617,802	15,876,823
STOCKHOLDERS' DEFICIT
Common stock, par value $0.001 per share Authorized -400,000,000 shares - issued and outstanding - 152,671,220 and 134,431,613, respectively	152,672	134,432
Common stock to be issued for services and cash, par value $0.001 per share, 2,165,789 and 475,000, respectively	93,000	34,250
Additional paid-in capital	30,736,678	28,987,431
Less receivable for stock	(50,000)	(50,000)
Accumulated deficit	(42,981,804)	(42,083,390)
TOTAL STOCKHOLDERS' DEFICIT	(12,049,454)	(12,977,277)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	5,568,348	2,899,546
Series A preferred stock
STOCKHOLDERS' DEFICIT
Preferred stock value
Series B preferred stock
STOCKHOLDERS' DEFICIT
Preferred stock value