Oxford City Football Club, Inc.

CIK:0001414295|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Sales	$ 136,343	$ 122,777
Cost of sales	20,731	14,757
Gross profit	115,612	108,020
Operating expenses:
General and administrative	$ 227,539	341,063
Amortization		8,437
Depreciation	$ 3,791	$ 3,127
Advertising	6,492
Event expenses	10,923
Salaries and wages	69,263	$ 38,155
Officer compensation	1,109,589	1,511,500
Professional fees	43,397	$ 76,628
Stock-based fees	3,580,000
Total operating expenses	5,050,994	$ 1,978,910
Other income (loss):
Interest expense	(33,633)
Loss on extinguishment of debt	(5,343,944)
Amortization on debt discount	(550,495)
Total other income (loss)	(5,928,072)
Loss before income taxes	$ (10,863,454)	$ (1,870,890)
Provision for income taxes
Net loss	$ (10,863,454)	$ (1,870,890)
Net income attributable to non-controlling interest	63,520	7,597
Net loss attributable to Oxford City Football Club, Inc. shareholders'	(10,799,934)	(1,863,293)
Other comprehensive income Foreign exchange translation adjustment	4,527	7,216
Comprehensive loss	(10,795,407)	(1,856,077)
Comprehensive income attributable to non-controlling interest	(2,264)	(3,608)
Comprehensive loss attributable to Oxford City Football Club, Inc. shareholders'	$ (10,797,671)	$ (1,859,685)
Net loss per common share (basic and fully diluted)	$ (200.43)	$ (240.51)
Weighted average number of shares outstanding (basic and fully diluted)	54,201	7,779

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (10,863,454)	$ (1,870,890)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	$ 3,791	3,127
Amortization		$ 8,437
Bad debt expense
Stock-based fees	$ 3,580,000
Interest expense	33,633
Loss on extinguishment of debt	5,343,944
Amortization on debt discount	550,495
Changes in operating assets and liabilities:
Increase in accounts receivable	$ (22,321)	$ (1,666)
Decrease in advances due from Academy of Healing Art, Message and Facial Skin Care, Inc.		74,040
Decrease (increase) in inventory	$ 2,284	(835)
Decrease in prepaid expense	1,132	9,612
Increase in officer compensation payable	1,003,815	1,346,500
Decrease accounts payable and accrued liabilities	(52,108)	$ (201,797)
Decrease in deferred revenue	(5,685)
Increase (decrease) in due to related parties	2,634	$ (2,400)
Net cash used in operating activities	$ (421,840)	(635,872)
Cash flows from investing activities:
Purchase of fixed assets		(5,249)
Oxford City Football club membership		$ (25,000)
Major Soccer Arena League membership	$ (4,000)
Investment in joint venture		$ (100,000)
Net cash used in investing activities	$ (4,000)	(130,249)
Cash flows from financing activities:
Proceeds from issuance of common stock	20,000	$ 233,546
Payments to related party	(1,704)
Promissory notes	298,800
Payments to non-controlling interest	(58,047)	$ (116,201)
Net cash provided by financing activities	259,049	117,345
Foreign exchange loss	(4,340)	(7,233)
Net change in cash	(171,131)	(656,009)
Cash, beginning of period	172,653	1,259,359
Cash, end of period	$ 1,522	$ 603,350
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest
Cash paid for taxes
Non-cash investing and financing activities:
Stock issued for promissory notes and accrued interest	$ 8,060,000
Derecognition of long-term debt		$ 732,758
Derecognition of property, plant and equipment		$ 883,086
Promissory note issued for consulting services	$ 1,580,000

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Current assets:
Cash	$ 1,522	$ 172,653
Accounts receivable	28,551	14,070
Inventory	10,607	13,286
Prepaid expenses	18,227	19,359
Total current assets	58,907	219,368
Property and equipment, net	59,938	65,208
Premier Arena Soccer League membership, deposit	14,000	10,000
Online course development	128,000	128,000
Total assets	260,845	422,576
Current liabilities
Accounts payable and accrued liabilities	114,970	176,722
Officer compensation payable	3,815	8,132,337
Deferred revenue	283	5,968
Deposits	10,000	10,000
Loan payable	24,842	27,495
Due to related parties	249,717	256,340
Total current liabilities	$ 403,627	8,608,862
Promissory note (net of discount $0 and $2,351,872, respectively) - related party		248,128
Total liabilities	$ 403,627	$ 8,856,990
Deficit:
Preferred stock value
Common stock: $0.0001 par value; authorized 500,000,000 shares; issued and outstanding: 1,670,382 and 51,072, respectively	$ 167	$ 5
Additional paid-in capital	31,235,145	14,027,970
Stock payable	2,298,641	288,641
Shares subscription receivable	(30,000)	(20,000)
Treasury Stock	(1,338)	(1,338)
Accumulated other comprehensive loss	(91,042)	(95,569)
Accumulated deficit	(32,355,514)	(21,555,578)
Total stockholders' equity (deficit)	1,056,059	(7,355,869)
Non-controlling interest	(1,198,841)	(1,078,545)
Total deficit	(142,782)	(8,434,414)
Total liabilities and deficit	$ 260,845	$ 422,576
Series A Convertible Preferred Stock [Member]
Deficit:
Preferred stock value
Series B Convertible Preferred Stock [Member]
Deficit:
Preferred stock value