ON-AIR IMPACT, INC.

CIK:0001493174|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Income Statement [Abstract]
Revenues	$ 21,160	$ 4,836	$ 67,021	$ 14,223
Cost of revenues	(5,320)	(954)	(22,621)	(7,650)
Gross Profit	15,840	3,882	44,400	6,573
Operating Expenses:
General and administrative	71,448	53,879	263,093	348,546
Professional fees	138,053	102,714	447,400	360,870
Research and development	2,532		8,186
Total Operating Expenses	212,033	156,593	718,679	709,416
Loss from Operations	(196,193)	(152,711)	(674,279)	(702,843)
Other Income (Expenses):
Interest expense	(1,264,596)	(208,822)	(1,839,938)	(435,263)
Gain on settlement of debt	4,931		21,467
Loss on settlement of related party debt	(274,895)		(274,895)
Change in fair value of derivative liabilities	946,324	79,207	244,479	98,436
Net Loss	$ (784,429)	$ (282,326)	$ (2,523,166)	$ (1,039,670)
Loss Per Common Share – Basic and Diluted		$ (15.94)	$ (0.03)	$ (79.09)
Weighted-average Common Shares Outstanding – Basic and Diluted	165,904,460	17,708	88,959,690	13,146

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Cash Flows from Operating Activities
Net loss	$ (2,523,166)	$ (1,039,670)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt discount	473,341	101,971
Interest expense on derivative liability that exceeds notes payable	1,323,824	287,924
Change in fair value of derivative liabilities	(244,479)	(98,436)
Loss on settlement of debt	(21,467)
Loss on settlement of related party debt	274,895
Shares issued for fees upon conversion of convertible debt	2,500
Stock-based compensation		252,260
Changes in operating assets and liabilities:
Accounts receivable	(1,346)
Inventory	(9,864)	(6,388)
Prepaid expenses	29,700	(1,729)
Accounts payable	43,074	106,732
Accrued liabilities	155,501	163,300
Net Cash Used in Operating Activities	(497,487)	(234,036)
Cash Flows from Financing Activities
Advances from related party, net	34,001	47,815
Proceeds from notes payable	55,100	48,250
Payment of notes payable		(41,068)
Proceeds from convertible notes payable	515,750	189,000
Net Cash Provided by Financing Activities	604,851	243,997
Change in Cash	107,364	9,961
Cash - Beginning of Period	3,357	4,220
Cash - End of Period	110,721	14,181
Supplemental Disclosures of Cash Flow Information:
Interest paid		332
Income taxes paid
Non-Cash Investing and Financing Activities:
Shares issued to settle convertible debt and accrued interest	$ 1,634,906	$ 123,484
Conversion of preferred stock to common stock	12,165
Recognition of derivative liabilities from embedded conversion feature	$ 392,000
Reclassification of notes payable and accrued interest to convertible notes payable	$ 245,963

Consolidated Balance Sheets (Unaudited) - USD ($)	Feb. 28, 2018	May 31, 2017
Current Assets
Cash	$ 110,721	$ 3,357
Accounts receivable, net of allowance of $2,600 and $379, respectively	8,313	6,967
Inventory	13,120	3,256
Prepaid expenses		29,700
Total Assets	132,154	43,280
Current Liabilities
Accounts payable	302,023	258,949
Accrued liabilities	557,625	447,140
Due to related parties	119,466	93,598
Notes payable	119,528	300,666
Convertible notes payable, net of discount	562,411	86,137
Derivative liabilities	704,948	596,743
Total Liabilities	2,366,001	1,783,233
Stockholders' Deficit
Common Stock 1,950,000,000 shares authorized, $0.0001 par value; 221,555,127 shares and 48,075,065 issued and outstanding, respectively	22,156	4,808
Additional paid-in capital	2,829,395	817,879
Accumulated deficit	(5,086,527)	(2,563,361)
Total Stockholders' Deficit	(2,233,847)	(1,739,953)
Total Liabilities and Stockholders' Deficit	132,154	43,280
Series A Redeemable and Convertible Preferred Stock [Member]
Stockholders' Deficit
Preferred Stock 50,000,000 shares authorized, $0.0001 par value;	136	160
Series B Preferred Stock [Member]
Stockholders' Deficit
Preferred Stock 50,000,000 shares authorized, $0.0001 par value;	20	20
Series C Redeemable and Convertible Preferred Stock [Member]
Stockholders' Deficit
Preferred Stock 50,000,000 shares authorized, $0.0001 par value;	470	470
Series D Convertible Preferred Stock [Member]
Stockholders' Deficit
Preferred Stock 50,000,000 shares authorized, $0.0001 par value;	$ 503	$ 71