WAY COOL IMPORTS INC

CIK:0001387135|SEC Filings

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net Sales	$ 174	$ 14,656	$ 29,443	$ 44,828
Cost of Sales	6	1,856	2,717	6,801
Gross Profit	168	12,800	26,726	38,027
Operating Expenses
Research and development	141,891	295,597	528,283	867,781
Selling, marketing and advertising		5,205	2,203	22,029
General and administrative	256,580	483,537	980,999	3,075,570
Total operating expenses	398,471	784,339	1,511,485	3,965,380
Loss from Operations	(398,303)	(771,539)	(1,484,759)	(3,927,353)
Other Income (Expense)
Interest expense, net	(165,301)	(108,271)	(550,021)	(329,135)
Interest expense - amortization of note discounts	(59,902)	(174,860)	(1,153,248)	(478,106)
Change in fair value of derivative liabilities	19,880		271,996	656,061
Gain from disposal of assets			30,385
Gain from debt extinguishment				161,667
Other loss		(3,092)		(3,042)
Total other income (expense), net	(205,323)	(286,223)	(1,400,888)	7,445
Loss Before Provision for Income Taxes	(603,626)	(1,057,762)	(2,885,647)	(3,919,908)
Provision for Income Taxes			800	800
Net Loss	$ (603,626)	$ (1,057,762)	$ (2,886,447)	$ (3,920,708)
Basic and Diluted Loss Per Common Share	$ (0.01)	$ (0.05)	$ (0.05)	$ (0.17)
Basic and Diluted Weighted-Average Common Shares Outstanding	114,667,100	22,653,184	53,043,407	22,538,793

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (2,886,447)	$ (3,920,708)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	268,326	295,765
Stock based compensation expense	37,687	461,524
Change in fair value of derivative liabilities	(271,996)	(656,061)
Gain from debt extinguishment		(161,667)
Non-cash interest added to debt principal	168,438
Stock issued for services	110,500	1,059,005
Gain on disposal of fixed assets	(30,385)
Debt discount amortization	1,153,248	478,106
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	25,823	(47,495)
Accounts payable	384,745	239,801
Accrued expenses	675,323	995,401
Net cash used in operating activities	(364,738)	(1,256,329)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for development of patents	(130)	(8,433)
Purchase of property and equipment		(14,126)
Cash received from disposal of equipment	30,385
Net cash provided by (used in) investing activities	30,255	(22,559)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuances of convertible notes payable	116,000	625,000
Proceeds from issuance of notes payable	76,000	585,000
Principal payments of notes payable	(36,321)	(307,099)
Common stock buy back		(19,400)
Net cash provided by financing activities	155,679	883,501
NET DECREASE IN CASH	(178,804)	(395,387)
CASH - beginning of period	180,805	398,570
CASH - end of period	2,001	3,183
ADDITIONAL CASH FLOW INFORMATION
Interest paid	11,910	133,318
Income taxes paid	800	800
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Issuance of common stock in connection with services rendered	111,000	1,327,000
Issuance of common stock in convertible notes payable and related accrued interest	627,701
Derivative liability with convertible debt	547,955
Issuance of warrants to purchase common stock with relative fair value in connection with issuance of notes payable		403,000
Issuance of warrants to purchase common stock with relative fair value connection with services rendered		80,000
Beneficial conversion feature of convertible notes payable		351,000
Converted principal amount		710,000
Conversion of accrued interest to convertible notes payable		$ 72,000

Condensed Balance Sheets - USD ($)	Mar. 31, 2017	Jun. 30, 2016
Current Assets
Cash	$ 2,001	$ 180,805
Prepaid expenses and other current assets	17,291	43,114
Total current assets	19,292	223,919
Property and equipment, net	723,355	985,231
Patents, net	89,131	95,451
Other assets	24,578	24,578
Total assets	856,356	1,329,179
Current Liabilities
Accounts payable	686,669	301,923
Accrued expenses	2,074,096	1,456,235
Notes payable, net of discount	487,765	686,525
Notes payable, related party		108,762
Convertible notes payable, net of discount	1,676,259	909,878
Convertible notes payable, related party, net of discount		105,074
Derivative liabilities	283,346	7,387
Total current liabilities	5,208,135	3,575,784
Total Liabilities	5,208,135	3,575,784
Stockholders' Deficit
Undesignated preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued or outstanding
Common stock, $0.001 par value, 500,000,000 shares authorized, 205,765,428 and 22,728,437 shares issued and outstanding as of March 31, 2017 and June 30, 2016, respectively	205,765	22,728
Additional paid-in capital	44,807,625	44,209,388
Accumulated deficit	(49,365,169)	(46,478,721)
Total stockholders' deficit	(4,351,779)	(2,246,605)
Total liabilities and stockholders' deficit	$ 856,356	$ 1,329,179