Discount Coupons Corp

CIK:0001519450|SEC Filings

Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended		49 Months Ended
Statements of Operations (Unaudited) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014
Revenues:
Coupon revenues	$ 10,747	$ 9,025	$ 20,699	$ 32,214	$ 278,863
Service revenues	28,935		114,679		145,521
Sales refunds				(20,000)	(20,000)
Total revenue	39,682	9,025	135,378	12,214	404,384
Cost of sales			(200)		(28,119)
Gross profit	39,682	9,025	135,178	12,214	376,265
Operating expenses:
Research and development					86,356
Professional fees	443,759	2,110,567	1,883,537	2,905,750	6,188,389
Selling	32,674	18,072	105,696	250,898	1,427,288
General and administrative	94,051	59,100	382,668	395,260	1,751,730
Total expenses	570,484	2,187,739	2,371,901	3,551,908	9,453,763
Net operating (loss)	(530,802)	(2,178,714)	(2,236,723)	(3,539,694)	(9,077,498)
Other income (expense):
Interest expense	(576,038)	(108,236)	(807,809)	(257,895)	(1,316,870)
Loss on extinguishment of debt		(662,958)		(662,958)	(662,958)
Inducement expense			(49,370)		(49,370)
Forgiveness of accrued interest	120	76,419	6,637	76,419	83,055
Total other income (expense)	(575,918)	(694,775)	(850,542)	(844,434)	(1,946,143)
Net (loss)	$ (1,106,720)	$ (2,873,489)	$ (3,087,265)	$ (4,384,128)	$ (11,023,641)
Net loss per share, basic and fully diluted	$ (0.04)	$ (0.16)	$ (0.12)	$ (0.33)
Weighted average number of common shares outstanding, basic and fully diluted	28,456,192	17,700,408	26,735,729	13,363,563

Restatement of Financial Statements (Statement of Cash Flow) (Details 1) (USD $)

3 Months Ended

9 Months Ended

49 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Previously Reported

Sep. 30, 2013

Restatement Adjustments

Cash flows from operating activities:

Net loss

$ (2,873,489)

$ (3,087,265)

$ (4,384,128)

$ (11,023,641)

$ (2,790,664)

$ (1,593,464)

Adjustment to reconcile net loss to net cash used for operating activities:

Depreciation and amortization

17,185

9,910

56,516

9,285

625

Stock based compensation

901,119

2,344,737

817,550

83,569

Stock, options and warrants issued for services

1,910,500

2,155,304

4,462,781

(2,497,750)

342,446

Stock issued in lieu of refund

20,000

Interest expense

108,236

807,809

257,895

1,316,870

(79,075)

^[1]

(178,820)

^[1]

Loss on extinguishment of debt

(662,958)

662,958

Forgiveness of accrued interest

(76,419)

(6,637)

(76,419)

(83,055)

^[2]

76,419

^[2]

Changes in operating assets and liabilities:

Deposits and prepaid expenses

(25,156)

(6,600)

(41,505)

(1,162,847)

1,156,247

Accounts payable and accrued expenses

(17,480)

90,514

373,696

90,514

Net cash used for operating activities

(360,033)

(413,837)

(1,946,355)

(483,793)

69,956

Cash flows from investing activities

Net cash received in asset acquisition

2,754

45,233

47,987

45,233

Purchases of computer equipment and software

37,150

(6,474)

6,474

Net cash provided by investing activities

2,754

45,233

10,837

38,759

6,474

Cash flows from financing activities

Proceeds from sale of common stock

7,500

196,000

839,111

196,000

Payments of accrued interest with common stock

76,430

(76,430)

Net proceeds from borrowings on notes payable

363,500

175,750

1,126,500

175,750

Principal payments on notes payable

(10,000)

Net cash used for financing activities

365,000

361,750

1,948,411

438,180

(76,430)

Net increase (decrease) in cash

7,721

(6,854)

12,893

(6,854)

Cash, beginning of period

5,172

84,187

Cash, end of period

$ 77,333

$ 12,893

$ 77,333

$ 12,893

$ 77,333

[1]	The restatement adjustment to interest expense relates to the amortization of debt discount arising from warrants issued in connection with a bridge loan financing and common stock issued in connection with a note purchase agreement. The warrants and common stock were revalued.
[2]	The restatement adjustments to loss on extinguishment of debt and forgiveness of accrued interest related to loans that were modified that were not previously accounted for properly. These modifications are described in Note 7.

Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current assets
Cash	$ 12,893	$ 5,172
Accounts receivable	11,726
Deposits and prepaids	41,505	16,349
Total current assets	66,124	21,521
Property and intangible assets, net of accumulated depreciation	73,936	31,821
Goodwill	421,187	374,241
Total assets	561,247	427,583
Current liabilities
Accounts payable	237,222	249,773
Accrued expenses	211,530	216,459
Unearned revenue	3,367
Convertible bridge loans	116,000	119,000
Convertible notes payable	257,000	190,000
Total current liabilities	825,119	775,232
Stockholders' equity (deficit)
Preferred stock, $0.00001 par value, 2,000,000 shares authorized; no shares issued and outstanding
Common stock, $0.00001 par value; 50,000,000 shares authorized, 30,998,997 and 21,586,804 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	310	217
Additional paid-in capital	10,759,459	7,588,510
Deficit accumulated during the development stage	(11,023,641)	(7,936,376)
Total stockholders' equity (deficit)	(263,872)	(347,649)
Total liabilities and stockholders' equity (deficit)	$ 561,247	$ 427,583