Gen 2 Technologies Inc.

CIK:0001532926|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Operating expenses:
Selling, general and administrative expenses	$ 104,794	$ 685,269	$ 397,772	$ 709,527
Depreciation and amortization		27,150		54,826
Total operating expense	104,794	712,945	397,772	764,353
Loss from operations	(104,794)	(712,945)	(397,772)	(764,353)
Other income (expense)
Other income (expense)	10,000		10,000
Change in fair value of derivative liabilities	5,722		1,957,554
Currency	1,033		1,034
Interest expense	(15,835)	(1,457)	(111,492)	(2,914)
Total other income (expense)	920	(1,457)	1,857,096	(2,914)
Net income (loss)	$ (103,872)	$ (714,402)	$ 1,459,324	$ (767,267)
Net loss per common share basic	$ (0.00)	$ (0.01)	$ 0.02	$ (0.02)
Net loss per common share diluted	$ (0.00)	$ (0.01)	$ 0.00	$ (0.02)
Weighted average number of common shares outstanding: basic	59,117,385	48,202,765	59,004,965	48,039,722
Weighted average number of common shares outstanding: diluted	59,117,385	48,202,765	225,906,190	48,039,722

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Cash Flows From Operating Activities:
Net income (loss)	$ 1,459,324	$ (767,267)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization		54,826
Amortization of debt discount	116,112
Gain on derivative liabilities	(1,957,554)
Stock based compensation	237,630	660,000
Legal fees related to debt conversion	1,500
Changes in operating assets and liabilities:
Increase in inventory		(99,192)
Increase in accounts payable and accrued expense	(77,658)	11,190
Prepaid expense	2,000	(7,000)
Deferred revenue	(10,000)
Increase in accrued compensation - related party	224,540	13,440
Net cash used in operating activities	(4,106)	(134,003)
Cash Flows From Financing Activities:
Proceeds from notes payable - related party	4,750	131,150
Repayments of notes - related parties	(26,000)	(150)
Proceeds from notes payable	26,000
Net cash (used in) provided by financing activities	4,750	131,025
Net change in cash	644	(2,978)
Cash at beginning of period	32,860	4,612
Cash at end of period	33,504	1,634
SUPPLEMENT DISCLOSURE
Interest paid
Income taxes paid
NON-CASH TRANSACTIONS
Common stock issued for intangible assets		1,600,000
Common stock issued for debt conversion	72,666
New derivatives charged to debt discount	66,000
Reclass derivative to equity due to conversion of debt	$ 317,019

CONSOLIDATED BALANCE SHEETS - USD ($)	Oct. 31, 2017	Apr. 30, 2017
Current assets
Cash and cash equivalents	$ 33,504	$ 32,860
Advance receivable		2,000
Total current assets	33,504	34,860
Total assets	33,504	34,860
Current liabilities
Accounts payable and accrued expense	106,308	55,626
Accrued compensation - related party	224,540	125,340
Convertible notes payable - related party	7,089	7,089
Convertible notes payable - net of discounts	229,298	292,433
Short term debt - related party	46,815	75,690
Short term debt - net of discount	152,053	126,095
Derivative liabilities	285,312	2,444,137
Deferred revenue - related party		10,000
Total current liabilities	1,051,415	3,139,410
Stockholders' deficit
Common stock, par value $0.001, 100,000,000 shares authorized, 69,495,793 and 50,383,200 issued and outstanding as of October 31, 2017, and April 30, 2017 respectively	69,496	50,383
Additional paid-in capital	(1,178,330)	(1,786,532)
Retained earnings (accumulated deficit)	90,923	(1,368,401)
Total stockholders' (deficit)	(1,017,911)	(3,104,550)
Total liabilities and stockholders' equity (deficit)	33,504	34,860
Series A Preferred Stock [Member]
Stockholders' deficit
Preferred shares