Rainbow Coral Corp.

CIK:0001499790|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
REVENUE	$ 28,040	$ 28,182	$ 84,387	$ 99,503
COST OF GOODS SOLD	9,183	10,592	34,097	48,327
GROSS PROFIT	$ 18,857	17,590	50,290	51,176
OPERATING EXPENSES
Expenses related to joint ventures and business development activities		10,000	15,000	70,000
General and administrative expenses	$ 157,049	137,213	583,814	408,144
Total operating expenses	157,049	147,213	598,814	478,144
LOSS FROM OPERATIONS	(138,192)	(129,623)	(548,524)	(426,968)
OTHER INCOME (EXPENSE)
Interest expense	(41,566)	(121,858)	(127,988)	(360,550)
Total other income (expense)	(41,566)	(121,858)	(127,988)	(360,550)
NET LOSS	$ (179,758)	$ (251,481)	$ (676,512)	$ (787,518)
NET LOSS PER COMMON SHARE - Basic and diluted (in dollars per share)	$ (0.02)	$ (0.77)	$ (0.09)	$ (2.71)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic and diluted (in shares)	10,260,906	325,418	7,183,130	290,241

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (676,512)	$ (787,518)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of discount on convertible note payable	95,517	343,385
Depreciation	1,678	$ 3,780
Preferred stock issued for control	140,000
Changes in operating assets and liabilities:
Inventory	(1,597)	$ (3,073)
Prepaid expenses	1,095	$ 491
Security deposits	(350)
Accounts payable and accrued liabilities	(44,802)	$ 128,616
Accrued interest payable	30,141	17,165
NET CASH USED IN OPERATING ACTIVITIES	(454,830)	(297,154)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from advances	423,909	237,187
Proceeds from related party advances	$ 35,791	21,926
Proceeds from issuance of notes payable		$ 3,930
Repayments of notes payable	$ (8,962)
Bank overdraft	284
NET CASH PROVIDED BY FINANCING ACTIVITIES	451,022	$ 263,043
NET DECREASE IN CASH	(3,808)	(34,111)
CASH, at the beginning of the period	5,180	65,373
CASH, at the end of the period	1,372	$ 31,262
Cash paid during the period for:
Interest	$ (2,330)
Taxes
Noncash investing and financing transaction:
Refinance of accounts payable into convertible notes payable		$ 125,059
Refinance of advances into convertible notes payable	$ 423,909	386,640
Beneficial conversion discount on convertible note payable	423,909	360,299
Conversion of convertible notes payable.	$ 199,959	$ 369,322

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 1,372	$ 5,180
Prepaid expenses		1,095
Inventory	$ 2,736	1,139
Total current assets	4,108	7,414
Fixed assets net of accumulated depreciation of $4,473 and $2,795, respectively	2,236	$ 3,914
Security deposits	350
TOTAL ASSETS	6,694	$ 11,328
CURRENT LIABILITIES
Accounts payable and accrued expenses	229,882	$ 274,684
Bank overdraft	284
Related party advances payable	201,005	$ 165,214
Current portion of convertible notes payable, net of discount of $116,664 and $0, respectively.	59,865
Short-term notes payable	844	$ 13,734
Current portion of long-term notes payable	13,079
Current portion of accrued interest payable	17,574
Total current liabilities	522,533	$ 453,632
Convertible notes payable, net of discount of $449,371 and $237,643, respectively	14,173	164,238
Notes payable	28,201	37,352
Accrued interest payable	12,452	14,127
TOTAL LIABILITIES	$ 577,359	$ 669,349
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' DEFICIT
Common Stock, $0.001 par value; 480,000,000 shares authorized; 10,440,782 shares and 342,106 shares issued and outstanding at December 31, 2015 and March 31, 2015, respectively	$ 10,441	$ 342
Preferred Stock, $0.001 stated value; 20,000,000 shares authorized; 1,000,000 and 0 shares issued and outstanding at December 31, 2015 and March 31, 2015, respectively	1,000
Additional paid-in capital	4,017,194	$ 3,264,425
Accumulated deficit	(4,599,300)	(3,922,788)
Total stockholders' deficit	(570,665)	(658,021)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 6,694	$ 11,328