SMOKY MARKET FOODS INC

CIK:0001370544|SEC Filings

Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
Statements of Operations (Unaudited) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Sales
Wholesale			$ 4,343	$ 3,071
Internet	60		60	151
Total Sales	60		4,403	3,222
Cost of Sales
Wholesale and internet	100		1,632
Total Cost of Sales	100		1,632
Gross Profit (loss)	(40)		2,771	3,222
General & Administrative Expenses
Salaries, wages & benefits	48,481	46,000	157,172	138,000
Professional fees	36,568	10,579	136,410	12,033
Depreciation and amortization	14,860	14,860	44,581	77,162
Marketing	1,626	430	1,626	430
Rent	1,674	900	3,474	3,743
Other	212,032	4,170	223,756	14,897
Total General and Administrative Expenses	315,241	76,939	567,019	246,265
Operating Loss	(315,281)	(76,939)	(564,248)	(243,043)
Other Income (Expense)
Gain (loss) on derivatives	201,270		201,270
Interest expense	(76,891)	(65,375)	(211,203)	(196,357)
Other (Income) Expense - Net	124,379	(65,375)	(9,933)	(196,357)
Loss before Income Taxes	(190,902)	(142,314)	(574,181)	(439,400)
Income Taxes
Net Income (Loss)	$ (190,902)	$ (142,314)	$ (574,181)	$ (439,400)
Earnings (Loss) per Share:
Basic and Diluted	$ (0.001)	$ (0.001)	$ (0.004)	$ (0.003)
Weighted Average Number of Shares	168,566,509	157,849,764	161,064,788	149,925,193

Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
Statements of Cash Flows (Unaudited) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Cash Flows from Operating Activities
Net Income (Loss)	$ (190,902)	$ (142,314)	$ (574,181)	$ (439,400)	$ (296,635)
(Gain) loss on derivatives	(201,270)		(201,270)
Depreciation and amortization	14,860	14,860	44,581	77,162
Stock-based compensation	198,773	600	198,773	2,516
Current year interest capitalized as debt	47,517	65,233	181,772	195,058
Adjustments to reconcile net loss to cash used in operating activities:
Increase (decrease) in accounts payable	(32,348)	11,248	(23,194)	15,972
Increase (decrease) in due to employees	22,275	46,000	120,612	138,000
Net Cash Provided (Used) by Operating Activities	(141,095)	(4,373)	(252,907)	(9,677)
Cash Flows from Investing Activities
None
Net Cash Provided (Used) by Investing Activities
Cash Flows from Financing Activities
Proceeds from issuances of common stock	340,000		340,000
Principal payments on convertible debt	(57,800)		(57,800)
Proceeds from convertible note		5,000		5,000
Proceeds from (payments on) short term advances - net	(78,500)	(1,400)	40,350	5,105
Net Cash Provided (Used) by Financing Activities	203,700	3,600	322,550	10,105
Net Increase (Decrease) in Cash	62,605	(773)	69,643	428
Cash, Beginning of Period	8,166	1,581	1,128	380	380
Cash, End of Period	$ 70,771	$ 808	$ 70,771	$ 808	$ 1,128

Balance Sheets (Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current Assets
Cash	$ 70,771	$ 1,128
Total Assets	70,771	1,128
Current Liabilities
Accounts payable	502,783	538,677
Accounts payable - related parties	199,338	186,638
Accrued payroll costs	1,095,921	975,309
Short-term advances	90,655	108,805
Derivative liability		201,270
Convertible debt, including accrued interest, less amortized discount		68,695
Total Current Liabilities	1,888,697	2,079,394
Long-term Liabilities
Convertible debt to a related party, less amortized discount	212,560	209,512
Promissory notes payable to a related party, including accrued interest, less amortized discount	3,310,931	3,076,731
Total Long-term Liabilities	3,523,491	3,286,243
Total Liabilities	5,412,188	5,365,637
Stockholders' Equity (Deficit)
Preferred Stock, par value $.001, 10,000,000 shares authorized; no shares issued and outstanding
Common Stock, par value $.001, 200,000,000 shares authorized: 190,000,000 and 157,849,844 shares outstanding at September 30, 2014 and December 31, 2013, respectively	190,000	157,850
Other paid-in capital	8,791,432	8,226,309
Accumulated deficit	(14,322,849)	(13,748,668)
Total Stockholders' Equity (Deficit)	(5,341,417)	(5,364,509)
Total Liabilities and Stockholders' Equity (Deficit)	$ 70,771	$ 1,128