Luve Sports Inc.

CIK:0001497421|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Income Statement
Revenues, net	$ 24,333	$ 23,868	$ 49,773	$ 153,526
Cost of sales	(15,722)	(12,011)	(30,940)	(106,661)
Gross profit	8,611	11,857	18,833	46,865
Operating expenses
Depreciation expense	298	257	589	541
General and administrative expenses	9,119	48,223	17,390	74,283
Salaries and wages	15,372	14,546	29,191	25,576
Consulting services	6,196	2,356	9,120	2,356
Professional services	32,815	1,314	51,615	1,714
Travel and entertainment	3,947	6,148	6,844	13,726
Total operating expenses	67,747	72,844	114,749	118,196
Loss before other expenses	(59,136)	(60,987)	(95,916)	(71,331)
Other income (expenses)
Taxes		(455)		(455)
Total other income (expense)		(455)		(455)
Net loss	(59,136)	(61,442)	(95,916)	(71,786)
Other comprehensive gain (loss)
Foreign exchange adjustment	33,353	(38,708)	1,393	(12,188)
Comprehensive loss	$ (25,783)	$ (100,150)	$ (94,523)	$ (83,974)
Net loss per common share - basic	$ 0.00	$ 0.00	$ 0.00	$ (0.01)
Weighted average common shares outstanding - basic	43,166,901	12,600,000	42,863,034	12,600,000

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
Consolidated Statements of Cash Flows (USD $)	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities
Net loss	$ (95,916)	$ (71,786)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	589	541
Shares issued for consulting services	3,334
Changes in operating assets and liabilities:
Increase in accounts receivable	(3,193)	(7,399)
Decrease in inventory	30,820	83,024
Decrease in accounts payable	(103,573)
Increase in accrued expenses	6,574	(1,727)
Net cash (used in) provided by operating activities	(161,365)	2,653
Cash flows from financing activities
Proceeds from notes payable	30,655
Proceeds from notes payable - related party	109,394	4,209
Donated capital	16,074
Net cash provided by financing activities	156,123	4,209
Effect of exchange rate changes on cash	1,278	(18,464)
Net decrease in cash	(3,964)	(11,602)
Cash - beginning of year	8,557	24,026
Cash - end of year	4,593	12,424
Supplemental cash flow information
Interest paid
Income taxes paid		16,774
Non cash change in investing and financing activities
Shares issued for prepaid expense	$ 6,667

Consolidated Balance Sheets (USD $)	Jun. 30, 2013	Dec. 31, 2012
Current assets
Cash	$ 4,593	$ 8,557
Prepaid expenses	7,512	846
Accounts receivable	28,503	25,310
Inventory	132,537	163,357
Total current assets	173,145	198,070
Fixed assets, net	4,046	4,519
Total assets	177,191	202,589
Current liabilities
Accounts payable	99,743	203,316
Accrued expenses	21,069	14,495
Note payable	133,947	103,292
Notes payable - related party	558,138	448,744
Total current liabilities	812,897	769,847
Total Liabilities	812,897	769,847
Stockholders' deficit
Preferred stock value
Common stock value	432	422
Additional paid-in capital	29,999	3,934
Accumulated other comprehensive income	15,702	14,309
Accumulated deficit	(681,839)	(585,923)
Total stockholders' deficit	(635,706)	(567,258)
Total liabilities and stockholders' deficit	$ 177,191	$ 202,589