PrismOne Group, Inc.

CIK:0001420216|SEC Filings

Statements of Operations (USD $)	3 Months Ended		9 Months Ended
Statements of Operations (USD $)	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Income Statement [Abstract]
REVENUES	$ 254,690	$ 257,128	$ 531,886	$ 487,757
COST OF GOODS SOLD	89,444	73,832	188,604	156,855
GROSS PROFIT	165,246	183,296	343,282	330,902
OPERATING EXPENSES
General and administrative	63,015	55,297	155,969	125,639
Professional fees	19,099		68,717
Management fees -related party		47,250	94,500	141,750
Payroll expenses	103,742	100,657	323,030	278,051
Licenses and permits -related party		30,000	30,000	90,000
Total Operating Expenses	185,856	233,204	672,216	635,440
INCOME (LOSS) FROM OPERATIONS	(20,610)	(49,908)	(328,934)	(304,538)
OTHER EXPENSES
Other income(expense)	38		38
Interest expense	(17,217)	(9,050)	(48,814)	(24,602)
Realized gain/(loss) on investment	100		(1,350)
Total Other Expenses	(17,079)	(9,050)	(50,126)	(24,602)
NET INCOME(LOSS)	(37,689)	(58,958)	(379,060)	(329,140)
Comprehensive loss:
Unrealized loss in equity securities held		(8,550)		(30,000)
Total comprehensive loss	$ (37,689)	$ (67,508)	$ (379,060)	$ (359,140)
Net loss per common share:
Basic and fully diluted	$ 0.00	$ 0.00	$ 0.02	$ 0.02
Weighted average common shares outstanding:
Basic and fully diluted	22,731,503	22,731,503	22,731,503	22,731,503

Statements of Cash Flows (USD $)	9 Months Ended
Statements of Cash Flows (USD $)	Sep. 30, 2011	Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (379,060)	$ (166,361)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	26,145	5,467
Donated services	124,500	47,250
Realized loss on investment	1,350
Changes in operating assets and liabilities
Change in accounts receivable	(55,163)	5,006
Change in accounts receivable - related party		(4,747)
Change in prepaid expenses	(12,194)
Change in other assets	(2,006)
Change in deferred revenue	2,830
Change in accounts payable and accrued expenses	67,749	94,823
Net cash used in operating activities	(225,849)	(18,562)
CASH FLOWS FROM INVESTING ACTIVITIES
Equipment	(71,567)
Net cash used in investing activities	(71,567)
CASH FLOWS FROM FINANCING ACTIVITIES
Change in bank overdraft	(4,275)	(4,172)
Payments for capital lease obligation	(5,398)	(4,893)
Proceeds from notes payable related party	337,719	30,575
Payments for notes payable related party	(25,851)
Net cash provided by financing activities	302,195	21,510
NET INCREASE (DECREASE) IN CASH	4,779	2,948
CASH AT BEGINNING OF PERIOD	23	1,077
CASH AT END OF PERIOD	4,802	4,025
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION CASH PAID FOR:
Interest		564
Income Taxes
NON CASH
Unrealized loss on equities held		15,000
Dividends Payable	$ 40,911

Balance Sheets (USD $)	Sep. 30, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash	$ 4,802	$ 23
Accounts receivable, net of allowance for doubtful accounts of $65,432 and $65,769 as of September 30, 2011 and December 31, 2010, respectively	74,730	19,567
Investment in equity securities	650	2,000
Prepaid expenses	12,194
Total current assets	92,376	21,590
Fixed assets, net	186,885	141,463
Deposits, other	2,006
Total long term assets	188,891	141,463
TOTAL ASSETS	281,267	163,053
CURRENT LIABILITIES
Bank overdrafts		4,275
Accounts payable and accrued expenses	395,565	327,816
Capital lease - current portion	42,307	30,705
Preferred dividends accrued - related party	125,711	84,800
Deferred revenue	14,020	11,190
Due to related party	519,646	207,778
Total current liabilities	1,097,249	666,563
Capital lease	2,995	19,996
Total long term liabilities	2,995	19,996
TOTAL LIABILITIES	1,100,244	686,559
STOCKHOLDERS' DEFICIT
Preferred stock, $0.001 par value 10,000,000 shares authorized; issued and outstanding 274,000	274	274
Common stock, $0.001 par value 90,000,000 shares authorized; issued and outstanding 22,731,503	22,732	22,732
Additional paid in capital	1,249,270	1,165,681
Accumulated other comprehensive loss	0	0
Accumulated deficit	(2,091,253)	(1,712,193)
Total stockholders' deficit	(818,977)	(523,506)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 281,267	$ 163,053