Independent Film Development CORP

CIK:0001425883|SEC Filings

Statements Of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
Statements Of Operations (Unaudited) - USD ($)	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Revenue	$ 58,406		$ 101,327
Cost of sales	34,087		54,556
Gross margin	24,319		46,771
Operating Expenses:
Officer compensation	32,500	142,000	105,000	373,001
Professional fees	20,558	6,445	33,033	30,281
General and administrative	193,713	13,067	447,004	27,887
Total operating expenses	246,771	161,512	585,037	431,169
Loss from operations	(222,452)	(161,512)	(538,266)	(431,169)
Other income and (expense):
Gain (loss) on derivative liability	(54,475)	10,285	(49,964)	(12,503)
Gain on extinguishment of debt		45,000		45,000
Gain (loss) on settlement of debt		134,250		(2,973,250)
Penalty expense				31,875
Interest expense	165,867	48,308	285,599	144,543
Total other income (expense)	(220,342)	141,227	(335,563)	(3,117,171)
Net loss	$ (442,794)	$ (20,285)	$ (873,829)	$ (3,548,340)
Loss per share:
Basic	$ (0.00)	$ (0.03)	$ 0.00	$ (11.76)
Weighted average shares:
Outstanding basic	323,474,377	711,906	302,437,122	301,664

Statements Of Cash Flows (Unaudited) - USD ($)	9 Months Ended
Statements Of Cash Flows (Unaudited) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net loss	$ (873,829)	$ (3,548,340)
Adjustments to reconcile net (loss) to total cash used in operations:
Preferred stock for compensation		167,676
Common stock issued for compensation		2,000
Convertible note issued for compensation	217,500
Loss on derivative issuance	150,124
(Gain) loss on derivative liability	76,018	12,503
Loss on extinguishment of debt		2,973,250
(Gain) from settlement of accounts payable		45,000
Debt discount amortization	107,008	115,979
Depreciation expense	2,084
Change in assets and liabilities:
Other assets	9,630	(33,375)
Inventory	4,750
Accounts payable & accruals	86,676	31,295
Increase in accrued compensation	25,731	147,276
Net cash used in operating activities	(223,068)	(109,986)
Cash flows from (used in) investing activities:
Cash paid for investment		2,500
Purchase of fixed assets	12,500
Net cash used by investing activities	(12,500)	(2,500)
Cash flows from financing activities:
Cash received from convertible notes	170,150
Payment on convertible notes		7,585
Cash received from notes payable		35,125
Cash received from loans payable, related party	90,331
Proceeds from the sale of common stock		3,000
Net cash provided by financing activities	260,481	30,540
Net increase (decrease) in cash	24,913	(81,946)
Cash at beginning of period	80	81,980
Cash at end of period	24,993	34
Supplemental disclosure of non-cash activities
Common stock issued for accounts payable and accrued interest		39,688
Debt discount on convertible notes payable		23,625
Common stock issued for conversion of debt	16,978	52,855
Settlement of derivative liability	16,844	58,800
Preferred stock issued for accrued salary		101,250
Issuance of derivative on convertible note	$ 423,546

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Sep. 30, 2015
ASSETS
Cash	$ 24,993	$ 80
Inventory	4,750
Total Current Assets	29,743	80
Security deposit	9,630
Fixed assets, net of accumulated depreciation of $2,084	10,416
Total Assets	49,789	80
Current Liabilities:
Accounts payable and other accruals	151,471	115,677
Deferred rent expense	28,842
Accrued officer compensation - related party	746,606	720,875
Accrued interest and penalties	373,325	351,874
Loans payable	54,244	38,493
Loans payable - related party	103,018	12,687
Derivative liability	583,868	127,202
Convertible notes payable, net of discount of $194,051 and $27,637, respectively	218,216	9,628
Convertible notes payable in default	154,995	168,430
Total Liabilities	2,414,585	1,544,866
Stockholders' Equity (Deficit):
Preferred Stock, $0.0001 par value, 4,980,000 shares authorized, none issued and outstanding; Series A Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 5,000,000 and 5,000,000 issued and outstanding, respectively; Series AA Preferred Stock, $0.0001 par value, 10 shares authorized, 10 and 10 issued and outstanding, respectively; Series B Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 83,268 and 57,298 issued and outstanding, respectively	510	508
Common stock, $0.00001 par value, 6,000,000,000 shares authorized, 323,474,377 and 67,398,079 issued and outstanding, respectively	3,234	674
Additional paid in capital	10,520,016	10,400,286
Common stock payable	38,000	61,470
Series B Preferred Stock payable		45,000
Accumulated deficit	(12,926,556)	(12,052,724)
Total Stockholders' Equity (Deficit)	(2,364,796)	(1,544,786)
Total Liabilities and Stockholders' Equity (Deficit)	49,789	80
Series A Preferred Stock [Member]
Stockholders' Equity (Deficit):
Preferred Stock, $0.0001 par value, 4,980,000 shares authorized, none issued and outstanding; Series A Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 5,000,000 and 5,000,000 issued and outstanding, respectively; Series AA Preferred Stock, $0.0001 par value, 10 shares authorized, 10 and 10 issued and outstanding, respectively; Series B Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 83,268 and 57,298 issued and outstanding, respectively	500	500
Total Stockholders' Equity (Deficit)	500	500
Total Liabilities and Stockholders' Equity (Deficit)	500	500
Series AA Preferred Stock [Member]
Stockholders' Equity (Deficit):
Preferred Stock, $0.0001 par value, 4,980,000 shares authorized, none issued and outstanding; Series A Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 5,000,000 and 5,000,000 issued and outstanding, respectively; Series AA Preferred Stock, $0.0001 par value, 10 shares authorized, 10 and 10 issued and outstanding, respectively; Series B Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 83,268 and 57,298 issued and outstanding, respectively
Total Stockholders' Equity (Deficit)
Total Liabilities and Stockholders' Equity (Deficit)
Series B Preferred Stock [Member]
Stockholders' Equity (Deficit):
Preferred Stock, $0.0001 par value, 4,980,000 shares authorized, none issued and outstanding; Series A Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 5,000,000 and 5,000,000 issued and outstanding, respectively; Series AA Preferred Stock, $0.0001 par value, 10 shares authorized, 10 and 10 issued and outstanding, respectively; Series B Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 83,268 and 57,298 issued and outstanding, respectively	8	6
Total Stockholders' Equity (Deficit)	8	6
Total Liabilities and Stockholders' Equity (Deficit)	8	6
Series F Preferred Stock [Member]
Stockholders' Equity (Deficit):
Preferred Stock, $0.0001 par value, 4,980,000 shares authorized, none issued and outstanding; Series A Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 5,000,000 and 5,000,000 issued and outstanding, respectively; Series AA Preferred Stock, $0.0001 par value, 10 shares authorized, 10 and 10 issued and outstanding, respectively; Series B Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 83,268 and 57,298 issued and outstanding, respectively	2	2
Total Stockholders' Equity (Deficit)	2	2
Total Liabilities and Stockholders' Equity (Deficit)	$ 2	$ 2