Bizzingo, Inc.

CIK:0001359504|SEC Filings

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		41 Months Ended
	Aug. 31, 2012	Aug. 31, 2011	Aug. 31, 2012
Income Statement [Abstract]
Revenue
General and Administrative expenses	1,136,327	526,185	13,726,274
Operating loss	(1,136,327)	(526,185)	(13,726,274)
Other Income (Expense)
Impairment of IP music database and Computer code			(8,440,989)
Interest expense	(12,908)	(60,165)	(968,398)
Derivative expense			(340,437)
Change in fair value of derivative expense			155,454
Gain on forgiveness of debt		66,624	360,630
Gain (Loss) on settlement of debt	94,797		(5,652,286)
Net loss	$ (1,054,438)	$ (519,726)	$ (28,612,300)
Loss per share – basic and diluted	$ (0.01)	$ (0.01)
Weighted average number of common shares outstanding - basic and diluted	101,624,177	70,713,237

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended		41 Months Ended
	Aug. 31, 2012	Aug. 31, 2011	Aug. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss for the year	$ (1,054,438)	$ (519,726)	$ (28,612,300)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment of IP music database and computer code			8,440,989
Loss on business acquisition			(44,361)
Loss on settlement of debt	(94,797)		5,652,286
Gain on forgiveness of debt		(66,624)	(360,630)
Stock based compensation	505,047		6,941,345
Accretion of debt discount			1,827,314
Derivative expense			340,437
Change in fair value of derivative liabilities			(155,454)
(Increase) Decrease in:
Advances	6,250		6,250
Prepaid expenses and other assets	5,000	10,000	(12,000)
Accounts payable and accrued expenses	406,322	(45,306)	996,140
Capitalized interest			121,147
Accrued interest payable - other	11,988	60,165	243,290
Net cash provided by operating activities	(214,628)	(494,867)	(4,615,547)
Cash flows from (used in) investing activities
Purchase of Capital Assets			(75,000)
Net cash (used) provided by investing activities			(75,000)
Cash flows from (used in) financing activities
Proceeds from issuance of notes	150,921	495,000	2,305,921
Proceeds from issuance of convertible notes	(29,175)		245,825
Repayment of notes			(281,000)
Proceeds from memberholder loan			2,046
Shares issued (subscribed) for cash	90,000		2,488,102
Stock issuance costs			(56,125)
Net cash (used) provided by financing activities	211,746	495,000	4,704,769
Increase in cash and cash equivalents	(2,882)	133	14,222
Cash and cash equivalents, beginning of year	17,104	4,101
Cash and cash equivalents , end of period	14,222	4,234	14,222
Cash and cash equivalents represented by:
Cash	$ 14,222	$ 4,234	$ 14,222

Consolidated Balance Sheets (Unaudited) (USD $)	Aug. 31, 2012	May 31, 2012
Assets:
Cash	$ 14,222	$ 17,104
Prepaids	12,000	17,000
Total Current Assets	26,222	34,104
Total Assets	26,222	34,104
Liabilities:
Accounts payable	996,140	589,818
Advance payable	6,250
Interest payable	231,097	219,111
Memberholder loan	2,046	2,046
Convertible notes payable - net	103,770	82,945
Stock issuance liabilty	150,000	1,507,191
Notes payable	358,400	150,000
Derivative liability - convertible notes payable	173,666	173,666
Total Current Liabilities	2,021,369	2,724,777
Derivative liability -warrants	159,470	159,470
Total Long-Term Liabilities	159,470	159,470
Total Liabilities	2,180,839	2,884,247
Stockholders' Deficit
Preferred stock, $0.001 par value,100,000,000 shares authorized, none issued and outstanding
Common stock, $0.001 par value, 525,000,000 shares authorized, 91,714,692 and 73,241,376 shares issued and outstanding, respectively	112,435	91,715
Additional paid in capital	26,345,248	24,616,004
Deficit accumulated during development stage	(28,612,300)	(27,557,862)
Total Stockholders' Deficit	(2,154,617)	(2,850,143)
Total Liabilities and Stockholders' Deficit	$ 26,222	$ 34,104