Adaptive Medias, Inc.

CIK:0001428397|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Revenue	$ 173,087	$ 1,167,719
Cost of revenue	117,523	970,359
Gross Profit	55,564	197,360
Operating expenses:
Legal and professional fees	64,373	353,419
Research and development		156,972
General and administrative expenses	711,022	1,752,127
Selling expenses	25,506	275,187
Depreciation and amortization	44,738	655,562
Stock compensation expense	2,015,906	3,941,118
Total operating expenses	2,861,545	7,134,385
Loss from operations	(2,805,981)	(6,937,025)
Other income (expense):
Interest expense	(570,857)	(25,577)
Gain (loss) on extinguishment of debt	(444,597)
Excess fair market value of derivative liabilities	(2,684,803)
Change in fair value of derivative liability	834,266
Other income	42,000	3,942
Total other income (expense)	(2,823,991)	(21,635)
Net loss	$ (5,629,972)	$ (6,958,660)
Basic and dilutive loss per common share	$ (0.21)	$ (0.50)
Weighted average number of common shares outstanding - basic and diluted	26,808,484	13,906,033

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (5,629,972)	$ (6,958,660)
Adjustments to reconcile from net loss to net cash used in operating activities:
Depreciation and amortization	44,738	655,562
Allowance for bad debts	93,542	72,847
Stock compensation for services and options expense	2,015,905	577,633
Amortization of debt discount	523,095
Change in fair value of derivative liability	1,850,537
Changes in operating assets and liabilities
Accounts receivable	394,835	369,014
Prepaid expenses		18,081
Deposits		24,050
Accounts payable and accrued expenses	148,299	3,295,788
Net cash used in operating activities	(559,021)	(1,945,685)
Cash flows from investing activities:
Purchases of property and equipment		(4,860)
Purchases and development of intangibles		(95,788)
Net cash used in investing activities		(100,648)
Cash flows from financing activities:
Proceeds from notes payable	562,400
Repayments of notes payable	(3,043)
Net cash provided by financing activities	559,357
Net increase (decrease) in cash	336	(2,046,333)
Cash, beginning of period	359	2,255,784
Cash, end of period	695	209,451
Cash paid during the period for:
Interest	29,906	19,708
Income taxes
Supplemental disclosure of non-cash investing and financing activities:
Issuance of common stock for repayment of convertible note payable	127,472
Issuance of common stock in connection with issuance of convertible note payable	55,500
Issuance of common stock for repayment of convertible note payable accrued interest	8,800
Issuance of common stock in connection with settlement of debt	$ 475,127

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current Assets
Cash	$ 695	$ 359
Accounts receivable, net	253,817	742,194
Prepaid expenses	740,000	845,000
Total Current Assets	994,512	1,587,553
Furniture and fixtures, net	38,430	46,132
Intangible assets, net	258,370	295,405
Deposits	17,114	17,114
Total Assets	1,308,426	1,946,204
Current Liabilities
Accounts payable and accrued expenses	4,773,216	4,624,916
Convertible note payable, net	577,021	675,172
Related party note payable		46,795
Derivative liability	3,892,315	1,481,278
Total Liabilities	9,242,552	6,828,161
Stockholders' Deficit
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none outstanding
Common stock, $0.001 par value, 300,000,000 shares authorized; 29,952,134 and 22,923,526 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	29,952	22,924
Additional paid-in capital	55,966,560	53,395,785
Accumulated deficit	(63,930,638)	(58,300,666)
Total Stockholders' Deficit	(7,934,126)	(4,881,957)
Total Liabilities and Stockholders' Deficit	$ 1,308,426	$ 1,946,204