Entia Biosciences, Inc.

CIK:0001408299|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
REVENUES	$ 265,466	$ 346,910
COST OF GOODS SOLD	91,499	131,007
GROSS PROFIT	173,967	215,903
OPERATING EXPENSES
Advertising and promotion	90,143	127,127
Professional fees	222,203	231,125
Consulting fees	68,965	344,112
Impairment of licenses	49,895	110,000
Loss on litigation	93,074	0
General and administrative	960,035	1,429,495
Total Operating Expenses	1,484,315	2,241,859
LOSS FROM OPERATIONS	(1,310,348)	(2,025,956)
OTHER INCOME (EXPENSES)
Interest expense	(83,512)	(149,284)
Other expense	(6,630)	(35,895)
Loss on settlement/conversion of notes payable	0	(32,500)
Loss on write-off of debt discount	0	(23,321)
Gain on extinguishment of debt	4,708	0
Gain on settlement of accounts payable	0	6,906
NET LOSS	$ (1,395,782)	$ (2,260,050)
NET LOSS PER COMMON SHARE - BASIC AND DILUTED: (in Dollars per share)	$ (0.05)	$ (0.09)
Weighted common shares outstanding - basic and diluted (in Shares)	28,136,527	24,289,381

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS USED IN OPERATING ACTIVITIES:
Net loss	$ (1,395,782)	$ (2,260,050)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation/amortization	17,697	31,996
Gain on settlement of accounts payable	0	(6,906)
Impairment of licenses	49,895	110,000
Gain on extinguishment of debt	(4,708)	0
Loss on write-off of debt discount	0	23,321
Amortization of discount on convertible notes	25,514	113,937
Loss on conversion of notes payable	0	32,500
Stock-based compensation	110,013	589,616
Changes in operating assets and liabilities:
Accounts receivable	(875)	236,684
Inventory	25,564	53
Prepaid expenses	44,643	38,507
Accounts payable and accrued expenses	412,941	553,777
NET CASH USED IN OPERATING ACTIVITIES	(715,098)	(536,565)
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchase of property and equipment	0	(8,051)
Acquisition of patents	(7,117)	(13,235)
NET CASH USED IN INVESTING ACTIVITIES	(7,117)	(21,286)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	0	560,173
Proceeds from convertible notes payable and notes payable	829,400	100,000
Payment on convertible notes payable and notes payable	(55,268)	0
Payment on notes payable	0	(177,651)
NET CASH PROVIDED BY FINANCING ACTIVITIES	774,132	482,522
NET CHANGE IN CASH	51,917	(75,329)
Cash at beginning of period	24,133	99,462
Cash at end of period	76,050	24,133
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Interest paid	6,749	37,834
SUPPLEMENTAL DISCLOSURE OF NONCASH FLOWS FINANCING AND INVESTING ACTIVITIES:
Stock issued for accounts payable	0	130,608
Common stock issued for services	9,150	122,493
Warrants issued in connection with convertible notes payable	110,393	10,000
Covnersion of Convertible Notes Payable and Acrrued Interest [Member]
SUPPLEMENTAL DISCLOSURE OF NONCASH FLOWS FINANCING AND INVESTING ACTIVITIES:
Conversion of convertible notes payable, accounts payable and accrued interest to preferred and common stock	$ 0	$ 321,707

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Current Assets:
Cash	$ 76,050	$ 24,133
Accounts receivable, net	7,973	7,098
Inventory, net	69,759	40,323
Prepaid expenses	80,565	56,782
Total Current Assets	234,347	128,336
Property and Equipment, net	18,285	32,686
Patents and Licenses, net	186,509	232,584
Long-Term Inventory	0	55,000
Total Assets	439,141	448,606
Current Liabilities:
Accounts payable and accrued expenses	1,359,702	960,557
Line of credit	59,945	58,195
Short-term notes payable, related-party	10,000.00	0
Short-term convertible notes payable, net of discount	605,436	181,981
Short-term convertible notes payable, net of discount, related party	8,322	0
Notes payable	62,219	39,061
Total Current Liabilities	2,105,624	1,239,794
Long Term Liabilities:
Convertible notes payable, net of discount and current portion-related party	24,028	0
Convertible notes payable, net of discount	276,050	0
Total Long Term Liabilities	300,078	0
Total Liabilities	2,405,702	1,239,794
Stockholders' Equity (Deficit):
Preferred stock, $0.001 par value, 5,000,000 shares authorized, Series A preferred stock, 350,000 shares designated, 188,563 and 191,307 shares issued and outstanding, respectively, aggregate liquidation value of $942,815 and $956,535 respectively	188	191
Common stock, $0.001 par value, 150,000,000 shares authorized, 28,149,777 and 28,107,337 shares issued and outstanding, respectively	28,150	28,108
Additional paid-in capital	12,486,728	12,309,450
Deferred compensation	(8,853)	(51,945)
Accumulated deficit	(14,472,774)	(13,076,992)
Total Stockholders' Equity (Deficit)	(1,966,561)	(791,188)
Total Liabilities and Stockholders' Equity (Deficit)	$ 439,141	$ 448,606