Domark International Inc.

CIK:0001365160|SEC Filings

Consolidated Statement Of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Consolidated Statement Of Operations
Sales
Cost of sales
Gross profit
Operating expenses:
General and administrative	$ (658,858)	$ 27,563	$ (417,052)	$ 269,369
Stock-based compensation - consultants	$ 1,270,380	$ 24,003	$ 1,326,000	$ 79,623
Stock-based compensation - Salaries and wages
Depreciation and amortization expense	$ (62,140)	$ 55,360	$ 44,580	$ 162,080
Total operating expenses	549,382	106,926	953,528	511,072
Loss from operations	$ (549,382)	$ (106,926)	$ (953,528)	$ (511,072)
Other income (expense):
Other income
Revaluation of derivative liability for convertible notes	$ (284,989)	$ 101,879	$ (952,170)	$ (565,302)
Interest expense	122,741	(441,262)	(221,489)	(785,492)
Total other income (expense)	(162,248)	(339,383)	(1,173,659)	(1,350,794)
Net Loss	(711,630)	(446,309)	(2,127,187)	(1,861,866)
Statement of Comprehensive Income: Net income (loss)	(711,630)	(446,309)	(2,127,187)	(1,861,866)
Other Comprehensive Loss
Foreign currency adjustment	18,689	(14,213)	(5,000)	(37,902)
Total Other Comprehensive Loss	18,689	(14,213)	(5,000)	(37,902)
Total comprehensive loss	$ (692,941)	$ (460,522)	$ (2,132,187)	$ (1,899,768)
Net loss per common shares, basic and diluted	$ 0.29	$ 0.00	$ (0.27)	$ 0.00
Weighted average common shares outstanding	8,455,999	7,743,117,000	7,775,110	6,582,115,000

Consolidated Statements Of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (2,127,187)	$ (1,861,866)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	44,580	162,080
Common stock issued as compensation - consultants	$ 1,326,000	$ 79,623
Common stock issued as compensation
Non cash interest expense	$ 221,489	$ 785,492
Loss (gain) on derivative valuation	952,170	$ 565,302
Effect of reverse stock split	177,106
Changes in operating assets and liabilities:
Prepaid expenses	(40,703)
Accounts payable and accrued expenses	(629,895)	$ (4,830)
Accounts payable - related party	(62,935)	7,644
Net cash used in operating activities	$ (139,375)	$ (266,555)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for investments
Cash paid for loan receivable from consultant
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from convertible notes payable	$ 144,375	$ 180,829
Proceeds from loans payable to consultants and stockholders		$ 123,103
Payments made on loans payables to consultants & stockholders
Net cash provided by financing activities	$ 144,375	$ 303,932
Other Comprehensive income (loss) effect of exchange rate changes on cash	(5,000)	(37,902)
Net increase (decrease) in cash and cash equivalents	0	(525)
CASH BALANCE BEGINNING OF PERIOD	(22)	460
CASH BALANCE END OF PERIOD	(22)	(65)
Cash paid for interest	0	20,424
Cash paid for taxes	$ 0	0
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Shares issued for settlement of loans payable to consultants and stockholders		65,102
Shares issued for settlement of convertible notes payable	$ 27,197	$ 487,998

Consolidated Balance Sheets - USD ($)	Feb. 29, 2016	May. 31, 2015
CURRENT ASSETS
Cash and cash equivalents
Loan receivable from consultant		$ 36,203
Prepaid expenses		4,500
TOTAL CURRENT ASSETS		40,703
INVESTMENTS	$ 1,144,166	1,144,166
OTHER ASSETS
Patents, net of accumulated amortization of $21,105 and $13,605, respectively	49,397	56,897
Licenses, net of accumulated amortization of $305,418 and $268,338 respectively	4,582	41,662
TOTAL OTHER ASSETS	53,979	98,559
TOTAL ASSETS	1,198,145	1,283,428
CURRENT LIABILITIES
Amounts payable to Bank	22	115
Note payable to bank	198,000	198,000
Accounts payable and accrued expenses	225,767	855,665
Amounts due under Licensing Agreement with Wazzamba SA	224,924	224,924
Loans payable to consultants and stockholders	126,993	189,928
Convertible notes payable (net of unamortized discounts of $7 and $674,886 respectively)	759,276	580,956
Derivative liability for convertible notes payable	3,516,450	2,564,280
TOTAL CURRENT LIABILITIES AND TOTAL LIABILITIES	5,051,432	4,613,868
STOCKHOLDERS' DEFICIT
Preferred stock, $0.001 par value, authorized 10,000,000 shares: Series A convertible preferred stock - issued and outstanding 50,000 shares as of February 29, 2016 and May 31, 2015	50	$ 50
Preferred stock, $0.001 par value, authorized 2,000,000 shares: Series B convertible preferred stock - issued and outstanding 1,950,000 shares as of February 29, 2016 and "0" as of May 31, 2015	1,950
Common stock, $0.001 par value, authorized 130,000,000 shares: 8,765,022 and 8,805,932,169 shares issued, and 8,765,022 and 8,681,112,367 shares outstanding, as of February 29, 2016 and May 31, 2015	8,765	$ 8,805,932
Less: Treasury stock 20,803 shares as of February 29, 2016 and 124,819,802 as of May 31, 2015	(21)	(124,820)
Common stock payable	858,000	858,000
Additional paid-in capital	46,494,400	36,219,642
Accumulated other comprehensive income (loss)	(131,453)	(126,453)
Accumulated deficit	(51,084,978)	(48,962,791)
TOTAL STOCKHOLDERS' DEFICIT	(3,853,287)	(3,330,440)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 1,198,145	$ 1,283,428