FOCUS GOLD Corp

CIK:0001360564|SEC Filings

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (USD $)	Aug. 31, 2014	Aug. 31, 2013	Aug. 31, 2014	Aug. 31, 2013
Income Statement
Revenues	$ 99,659	$ 0	$ 158,450	$ 0
General & Administrative
Consulting fees	80,000	0	125,000	0
Payroll expenses	172,192	0	307,881	0
General & administrative expenses	45,028	196,299	126,722	395,313
Total Operating Expenses	297,220	196,299	559,603	395,313
Other income (expense)
Interest income	0	0	0	0
Amortization of debt discount	(36,826)	(83,014)	(81,480)	(244,892)
Interest and financial fees	(164,159)	(231,702)	(315,884)	(318,952)
Change in derivitive liabilities	(116,589)	2,034,252	5,118,615	443,880
Total Other Income (Expenses)	(317,574)	1,719,536	4,721,251	(119,964)
Net Income (Loss), continuing operations	(515,136)	1,523,237	4,320,098	(515,278)
Minority interest adjustment	105,481	0	157,901	0
Net income (loss)	(409,654)	1,523,237	4,477,999	(515,278)
Preferred Share Dividends	0	2,774	0	5,551
Net Income (Loss) Attributable to Focus Gold Common Stockholders	$ (409,654)	$ 1,520,463	$ 4,477,999	$ (520,829)
Basic Net Loss Per Share	$ 0.000	$ 0.030	$ 0.004	$ (0.016)
Weighted average number of shares outstanding during the period - basic	1,578,027,552	46,366,652	1,209,971,440	32,595,285
Diluted Net Loss Per Share	$ 0.01	$ 0.01	$ 0.00	$ (0.02)
Weighted average number of shares outstanding during the period - diluted	1,349,708,024	32,595,285	1,349,708,024	32,595,285

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)	6 Months Ended
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)	Aug. 31, 2014	Aug. 31, 2013
Statement of Cash Flows
Net Income (Loss), continuing operations	$ 4,320,098	$ (515,278)
Increase in Amortization of debt discount	81,480	244,892
Non-cash interest and financial fees	315,884	314,944
Gain on derivitive liabilities	(5,118,615)	(443,880)
Common stock issued for services	0	2,262
Increase in accounts receivables	848	0
Decrease/(Increase) in prepaid expenses	(12,804)	(10,000)
Increase in accounts payable and accrued expenses	129,872	46,092
(Decrease)/Increase in accounts payable and accrued expenses - related	0	41,907
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(283,236)	(319,061)
Redemption of preferred stock	0	(40,000)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	0	(40,000)
Bank overdraft	998	0
Proceeds from the sale of common stock	0	100,000
Proceeds from subscription receivable	12,900	0
Proceeds from third party	92,080	0
Proceeds from notes payable	142,500	65,000
Proceeds from note receivable	0	193,602
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	248,478	358,602
Increase (Decrease) in cash and cash equivalents	(34,758)	(459)
Cash , at Carrying Value, Beginning Balance	34,758	1,237
Cash, at Carrying Value, Ending Balance	0	778
Interest	0	0
Income taxes, net	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)

Aug. 31, 2014

Feb. 28, 2014

Current Assets

Cash

$ 0

$ 34,758

Receivables

130

978

Due from third party

500

10,700

Deferred loan costs

6,023

Prepaid expenses

13,000

196

Total Current Assets

19,653

46,632

Total Assets

19,653

46,632

Current Liabilities

Accounts payable and accrued liabilities

1,241,497

998,744

Bank overdraft

998

Convertible Notes payable-Current

786,700

^[1]

635,155

Derivative liability

1,073,582

6,475,564

Due to third party

92,280

200

Payroll liabilities

253

Total Current Liabilities

3,195,310

8,109,679

Non-current Liabilities

Convertible Notes payable-Non-Current

21,778

3,597

Notes Payable-Long-term

510,000

^[1]

510,000

Total Liabilities

3,727,088

8,623,276

Stockholder's Equity (Deficit)

Common stock

178,272

^[2]

67,205

Additional paid in capital

20,009,194

19,651,040

Preferred Stock

^[3]

Accumulated deficit

(23,800,680)

(28,278,679)

Subscription receivable

(12,900)

Minority interest

(94,231)

(3,320)

Total Stockholders' Equity (Deficit)

(3,707,435)

(8,576,644)

Total Liabilities and Stockholders' Equity (Deficit)

$ 19,653

$ 46,631

[1]	Net of debt discount
[2]	$0.0001 par value, authorized 2,000,000,000 shares, 1,469,662,487 shares issued and outstanding as of May 31, 2014 and 672,046,891 shares issued and outstanding as of February 28, 2014
[3]	$0.00001 par value, authorized shares 100,000,000 shares Series C, 1,000,000 authorized and outstanding as of May 31, 2014 and February 28, 2014