ML Capital Group, Inc.

CIK:0001527698|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues
Consulting revenue - related party		$ 1,125us-gaap_Revenues
Product sales	24,811us-gaap_SalesRevenueNet
Cost of goods sold	(22,017)us-gaap_CostOfGoodsAndServicesSold
Gross Profit	2,794us-gaap_GrossProfit	1,125us-gaap_GrossProfit
EXPENSES:
Compensation	107,128us-gaap_SalariesAndWages	20,007us-gaap_SalariesAndWages
Professional fees	42,762us-gaap_ProfessionalFees	301,933us-gaap_ProfessionalFees
General and administrative expenses	46,381us-gaap_GeneralAndAdministrativeExpense	23,743us-gaap_GeneralAndAdministrativeExpense
Total operating expenses	196,271us-gaap_OperatingExpenses	345,683us-gaap_OperatingExpenses
Operating loss	(193,477)us-gaap_OperatingIncomeLoss	(344,558)us-gaap_OperatingIncomeLoss
Other income (expense):
Amortization of debt discounts	(182,160)
Derivative liability expense	(10,855)us-gaap_GainLossOnSaleOfDerivatives	(18,530)us-gaap_GainLossOnSaleOfDerivatives
Interest expense	(11,280)us-gaap_InterestExpense	(18,404)us-gaap_InterestExpense
Gain on accounts payable forgiveness		524us-gaap_GainsLossesOnRecourseDebt
Total other expense	(204,295)us-gaap_NonoperatingIncomeExpense	(36,410)us-gaap_NonoperatingIncomeExpense
Net loss	$ (397,772)us-gaap_NetIncomeLoss	$ (380,968)us-gaap_NetIncomeLoss
Net loss per share	$ (1.72)us-gaap_EarningsPerShareBasicAndDiluted	$ (19.69)us-gaap_EarningsPerShareBasicAndDiluted
Weighted average number of common shares outstanding: Basic and diluted	230,696	19,344

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	$ (397,772)us-gaap_NetIncomeLoss	$ (380,968)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation	67,140us-gaap_ShareBasedCompensation	304,191us-gaap_ShareBasedCompensation
Amortization of discount on convertible notes	182,160	14,791
Amortization of deferred financing fees	6,454
Loss from derivative liability	2,432	18,530
Depreciation	2,101us-gaap_Depreciation
Changes in operating assets and liabilities
Inventory	(1,941)us-gaap_IncreaseDecreaseInInventories
Accounts payable and accrued expenses	19,706	(3,190)
Prepaid expenses	12,324	(7,905)
Deferred revenue		(1,125)
Net cash used in operating activities	(107,396)	(55,676)
Cash flows from financing activities:
Bank overdraft		(93)
Common stock sold for cash		20,000us-gaap_DividendsCommonStockCash
Proceeds from convertible note	100,000us-gaap_ProceedsFromConvertibleDebt	50,000us-gaap_ProceedsFromConvertibleDebt
Payment of debt issuance costs		(725)us-gaap_PaymentsOfDebtIssuanceCosts
Repayment of advances from related parties		(6,556)us-gaap_RepaymentsOfRelatedPartyDebt
Proceeds from promissory note	5,000MLCG_ProceedsFromPromissoryNote
Net cash provided by financing activities	105,000	62,626
Net increase (decrease) in cash and cash equivalents	(2,396)	6,950
Cash and cash equivalents, beginning	13,032us-gaap_Cash
Cash and cash equivalents, ending	10,636us-gaap_Cash	6,950us-gaap_Cash
Supplemental disclosure of cash flow information:
Cash paid for Interest
Cash paid for Income taxes
Non-cash investing and financing activities:
Cancellation of common stock		200MLCG_CancellationOfCommonStock
Reclassification of derivative liabilities	73,203	22,734
Convertible debt and accrued interest converted to common stock	$ 73,605	$ 7,500

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 10,636	$ 13,032
Inventory	14,455us-gaap_InventoryNet	12,514us-gaap_InventoryNet
Prepaid expenses		12,324us-gaap_PrepaidExpenseCurrent
Deferred debt issuance cost	22,854us-gaap_DeferredFinanceCostsNet	4,308us-gaap_DeferredFinanceCostsNet
Total Current Assets	47,945us-gaap_AssetsCurrent	42,178us-gaap_AssetsCurrent
Property and Equipment, net	2,286us-gaap_PropertyPlantAndEquipmentNet	4,387us-gaap_PropertyPlantAndEquipmentNet
Total Assets	50,231us-gaap_Assets	46,565us-gaap_Assets
Current liabilities:
Cash overdraft
Bank overdraft
Accounts payable and accrued expense	25,547	14,859
Convertible notes payable, net of discount $120,713 and $165,361, respectively	369,540us-gaap_ConvertibleNotesPayable	264,125us-gaap_ConvertibleNotesPayable
Derivative liability	753,871us-gaap_DerivativeLiabilitiesCurrent	689,936us-gaap_DerivativeLiabilitiesCurrent
Promissory note	5,000MLCG_PromissoryNote
Deferred revenue
Total current liabilities	1,153,958us-gaap_LiabilitiesCurrent	968,920us-gaap_LiabilitiesCurrent
Total Liabilities	1,153,958us-gaap_CommitmentsAndContingencies	968,920us-gaap_CommitmentsAndContingencies
Stockholders' Defecit
Common stock, $.0001 par value; 7,000,000,000 shares authorized; 335,554 (2015) and 81,563 (2014) shares issued and outstanding, respectivly	34us-gaap_CommonStockValue	8us-gaap_CommonStockValue
Prefered Stock, $.0001 par value; 10,000,000 shares authorized; 1,000,000 (2015) and 0 (2014) shares issued and outstanding, respectivly	10us-gaap_PreferredStockValue
Additional paid in capital	3,844,281us-gaap_AdditionalPaidInCapital	3,653,692us-gaap_AdditionalPaidInCapital
Deferred stock compensation		(25,775)us-gaap_DeferredCompensationEquity
Accumulated deficit	(4,948,052)	(4,550,280)
Total stockholders' deficit	(1,103,727)us-gaap_StockholdersEquity	(922,355)us-gaap_StockholdersEquity
Total liabilities and stockholders' deficit	$ 50,231	$ 46,565