Solar Park Initiatives, Inc.

CIK:0001451565|SEC Filings

STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended		21 Months Ended
STATEMENTS OF OPERATIONS (USD $)	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011
Revenues	$ 39,000		$ 39,000	$ 39,000	$ 39,000
Cost of sales	15,467		15,467		15,467
Gross profit	23,533		23,533		23,533
Operating expenses
Selling, general and administrative	329,004	481,152	782,852	481,152	1,933,988
Total operating expenses	329,004	481,152	782,852	481,152	1,933,988
Loss from operations	(305,471)	(481,152)	(759,319)	(481,152)	(1,910,455)
Other income (expense)
Interest expense	(53,995)		(68,461)		(68,461)
Total other income (expense)	(53,995)		(68,461)		(68,461)
Loss before provision for income taxes	(359,466)	(481,152)	(827,780)	(481,152)	(1,978,916)
Provision for income taxes
Net loss	$ (359,466)	$ (481,152)	$ (827,780)	$ (481,152)	$ (1,978,916)
Net loss per share - basic and diluted (in dollars per share)	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.03)	$ (0.05)
Weighted average shares outstanding - basic and diluted (in shares)	60,781,019	53,137,500	62,192,578	32,470,470	40,105,815

STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended		21 Months Ended
STATEMENTS OF CASH FLOWS (USD $)	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (827,780)	$ (481,152)	$ (1,978,916)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization	44,764		45,610
Stock based compensation	457,136	18,639	1,020,762
Accretion of discount on convertible debt	54,576		54,576
Changes in operating assets and liabilities:
Accounts receivable	(12,000)		(12,000)
Prepaid expenses and other current assets	(12,500)		(12,500)
Wages payable	42,041	39,807	144,577
Accounts payable	85,409		143,032
Due to/from related parties	(127,449)		(95,247)
Accrued expenses	26,905		32,803
Net cash used by operating activities	(268,898)	(422,706)	(657,051)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of website assets			(10,152)
Purchase of other assets	(10,000)		(10,000)
Purchase of property and equipment	(4,414)		(4,414)
Net cash used by investing activities	(14,414)		(24,566)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from private placements		100,500	300,500
Proceeds from notes payable - related party		112,963	112,963
Principal payments on notes payable - related party			(15,000)
Proceeds from notes payable	10,000		10,000
Proceeds from convertible debt	284,000		284,000
Net cash provided by financing activities	294,000	213,463	692,463
Net increase (decrease) in cash and cash equivalents	10,688	(209,243)	10,846
Cash and cash equivalents at beginning of period	158
CASH AND CASH EQUIVALENTS AT END OF PERIOD	10,846	(209,243)	10,846
SUPPLEMENTAL DISCLOSURES
Interest paid
Taxes paid
SCHEDULE OF NON-CASH FINANCING ACTIVITIES
Capital contribution in the form of debt extinguishment			175,496
Stock payable for deferred compensation			1,754
Options granted for other assets and services			40,203
Beneficial conversion feature on convertibel debt	79,004		79,004
Debt assumed for acquisition of assets (including accounts payable of $24,756)	190,000		190,000
Stock issued for accounts payable	50,000		50,000
Stock issued for deferred compensation	$ 555,376		$ 555,376

BALANCE SHEETS (USD $)	Jun. 30, 2011	Sep. 30, 2010
Current assets
Cash	$ 10,846	$ 158
Accounts receivable	12,000
Prepaid expenses	12,500
Total current assets	35,346	158
Other assets	198,203	40,203
Fixed assets, net	10,956	9,306
Total assets	244,505	49,667
Current liabilities
Accounts payable	93,032	57,623
Wages payable	67,041	25,000
Convertible debt, net	259,572
Current portion of related party debt	5,870	32,202
Note payable	10,000
Accrued expenses	32,803	5,898
Total current liabilities	468,318	120,723
Long-term liabilities
Long-term debt due to related party	88,883
Total liabilities	557,201	120,723
Commitments and contingencies
Stockholders' deficit
Common stock, $0.001 par; 100,000,000 authorized 60,781,019 and 61,605,000 issued, respectively 60,781,019 and 60,905,000 outstanding, respectively	60,780	60,905
Paid-in capital	1,996,613	1,220,491
Common stock payable		1,754
Deferred compensation	(391,427)	(203,325)
Accumulated deficit	(1,978,661)	(1,150,881)
Total stockholders' deficit	(312,695)	(71,056)
Total liabilities and stockholders' deficit	$ 244,506	$ 49,667