SpeedSport Branding, Inc.

[1]	Includes $2,953 and $0 of non-cash compensation for the three months ended March 31, 2015 and 2014
[2]	Includes $524,831 and $0 of non-cash compensation for the three months ended March 31, 2015 and 2014

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,264,736)	$ (102,107)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Provision for bad debts	37,093
Fair value of options issued in exchange for services	17,774
Depreciation and amortization	105,451	16,096
Officer compensation from conversion of loan receivable, stockholder		13,770
Deferred compensation	510,010
(Increase) decrease in assets, net of effect of variable interest entity:
Accounts receivable	36,572	(11,397)
Costs and estimated earnings in excess of billings	(50,833)
Prepaid expenses	100,615
Deposits	1,000	(600)
Increase in liabilities, net of effect of variable interest entity:
Accounts payable and accrued expenses	82,141	32,625
Deferred revenue	(44,388)	27,378
Net cash provided by (used in) operating activities	(469,301)	(24,235)
CASH FLOWS FROM INVESTING ACTIVITIES
Due from stockholders		200
Purchase of equipment	(18,598)	(71,781)
Purchase of patents and trademarks	(13,078)
Net cash used in investing activities	(31,676)	(71,581)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of notes payable - stockholders	(60,000)
Repayments of obligations under capital leases	(57,773)	(15,528)
Proceeds from notes payable - stockholders		158,800
Proceeds from line of credit - stockholder	625,000
Net cash provided by financing activities	507,227	143,272
NET INCREASE (DECREASE) IN CASH	6,250	47,456
CASH - BEGINNING OF PERIOD	11,340	54,394
CASH - END OF PERIOD	$ 17,590	$ 101,850
Cash paid during the year for:
Income taxes
Interest	$ 16,512	$ 3,484
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Obligations under capital leases for assets under capital leases		$ 67,995
Forfeited shares of common stock	12,133
Accrued dividends on preferred stock	$ 10,000

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash	$ 17,590	$ 11,340
Accounts receivable net of allowance for doubtful accounts of $37,093 and $0	70,285	143,950
Costs and estimated earnings in excess of billings	50,833
Prepaid expenses	6,203	106,818
TOTAL CURRENT ASSETS	144,911	262,108
PROPERTY AND EQUIPMENT
Equipment	171,036	171,036
Furniture and fixtures	19,807	19,807
Leasehold Improvements	194,435	194,435
Assets under capital lease	887,729	869,131
PROPERTY AND EQUIPMENT, GROSS	1,273,007	1,254,409
Less: accumulated depreciation	363,444	258,177
PROPERTY AND EQUIPMENT, NET	909,563	996,232
OTHER ASSETS
Deposit	37,394	38,394
Patents and trademarks, net of amortization of $461 and $277	33,787	20,893
TOTAL OTHER ASSETS	71,181	59,287
TOTAL ASSETS	1,125,655	1,317,627
CURRENT LIABILITIES
Accounts payable and accrued expenses	1,024,501	932,360
Deferred revenue	75,775	120,163
Obligations under capital leases	242,525	237,512
Notes payable - stockholders	158,800	$ 218,800
Line of credit - stockholders	175,000
TOTAL CURRENT LIABILITIES	1,676,601	$ 1,508,835
LONG-TERM LIABILITIES
Notes payable - stockholders	750,000	750,000
Line of credit - stockholder	750,000	300,000
Obligations under capital leases, net of current portion	324,977	387,763
TOTAL LONG-TERM LIABILITIES	$ 1,824,977	$ 1,437,763
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' DEFICIT
Convertible preferred stock, $.001 par value, 10,000,000 shares authorized, 500,000 issued and outstanding at March 31, 2015 and December 31, 2014	$ 500	$ 500
Common stock, $.001 par value; 200,000,000 shares authorized, 64,564,704 shares issued and outstanding at March 31, 2015 and 64,564,704 shares issued and outstanding at December 31, 2014	64,565	65,165
Additional paid in capital	6,692,816	6,686,575
Deferred compensation	(4,623,576)	(5,145,719)
Accumulated deficit	(1,640,839)	(1,605,731)
STOCKHOLDERS' EQUITY BEFORE NON CONTROLLING INTEREST	493,466	790
Non controlling interest in variable interest entities	(2,869,389)	(1,629,761)
TOTAL STOCKHOLDERS' DEFICIT	(2,375,923)	(1,628,971)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 1,125,655	$ 1,317,627