Aina Le'a Inc.

CIK:0001554923|SEC Filings

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
Statements of Operations (Unaudited) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Operating Expenses
General and administrative	$ 495,255	$ 629,542	$ 2,293,481	$ 1,486,825
Operating loss	(495,255)	(629,542)	(2,293,481)	(1,486,825)
Interest income (expense), net	(2,527,753)	(159,385)	(4,717,404)	(441,441)
Other income (expense), net	151,506	(16,916)	168,442	69,640
Loss before income taxes	(2,871,502)	(805,843)	(6,842,443)	(1,858,626)
Provision for income taxes
Net loss	$ (2,871,502)	$ (805,843)	$ (6,842,443)	$ (1,858,626)
Basic and diluted net loss per share (usd per share)	$ (0.32)	$ (0.09)	$ (0.75)	$ (0.20)
Weighted average number of shares used in calculating basic and diluted loss per share	9,108,056	9,084,056	9,108,056	9,090,940

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
Statements of Cash Flows (Unaudited) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Cash flows used in operating activities:
Net loss	$ (6,842,443)	$ (1,858,626)
Adjustments to reconcile net loss to net cash used in operating activities:
Initial public offering expense	929,349
Non-cash interest expense	3,728,359	405,290
Unrealized foreign exchange (gain) loss	(170,296)	(69,640)
Investment loss	1,854
Changes in assets and liabilities:
Real estate project in development	(1,224,042)	(14,189,652)
Prepaid expenses	(77,848)	(464,290)
Deposits and other assets		66,427
Accounts payable	217,748	(112,296)
Other liabilities	209,813	138,381
Net cash used in operating activities	(3,227,506)	(16,084,406)
Cash flows from financing activities:
Loan fees paid	(7,478)	(307,198)
Net proceeds from advances and notes payable from related parties	85,461	54,273
Repayment of notes payable	(265,573)	(556,814)
Arbitration award to contractor		(2,022,000)
Proceeds from notes payable	2,561,055	10,945,666
Fees paid for initial public offering		(477,810)
Fees paid for issuance of common stock		(1,405,379)
Net cash provided by financing activities	2,373,465	6,230,738
Net increase (decrease) in cash and restricted cash	(854,041)	(9,853,667)
Cash and restricted cash, beginning of period	2,908,155	12,359,233
Cash and restricted cash, end of period	2,054,114	2,505,565
Supplemental Disclosures:
Interest paid, cash	968,459	2,240
Income taxes paid
Non-cash transactions
Interest capitalized, net	2,513,699	2,523,407
Increase (decrease) in accounts payable for real estate project in development	(11,470)	(275,977)
Insurance financed by note payable	65,091	188,012
Debt discount applied to notes payable from share transfer	137,500
Increase (decrease) in accounts payable for initial public offering costs		22,281
Other assets related to the assumption of debt	$ 500,000	$ 1,150,000

Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2016	Mar. 31, 2016
Assets
Cash and cash equivalents	$ 54,114	$ 823,155
Restricted cash		85,000
Prepaid expenses	172,483	1,068,732
Total current assets	226,597	1,976,887
Real estate project in development	67,571,127	63,844,856
Restricted cash, non-current	2,000,000	2,000,000
Deposits	46,935	46,935
Other assets	1,148,146	650,162
Total assets	70,992,805	68,518,840
Liabilities and shareholders' deficit
Accounts payable	3,300,346	3,201,404
Related party note and advances payable	5,550,457	5,196,296
Short-term debt, Principal	30,303,691	20,566,492
Less unamortized discount and debt issuance costs	306,038	954,013
Total Short-term debt	29,997,653	19,612,479
Current portion - contracts payable to land trust	26,171,600	26,171,600
Other liabilities	3,487,911	636,597
Total current liabilities	68,507,967	54,818,376
Long-term debt, Principal (Note 9)	1,000,000	7,863,125
Less unamortized discount and debt issuance costs	2,377	614,334
Long Term Debt	997,623	7,248,791
Contracts payable to land trust, net of current portion	14,779,059	13,038,574
Total long-term liabilities	15,776,682	20,287,365
Total liabilities	84,284,649	75,105,741
Shareholders' deficit
Preferred Stock, $.001 par value; authorized 10,000,000 shares; none issued and outstanding at December 31 and March 31, 2016
Common stock, $.001 par value; authorized 50,000,000 shares; 9,108,056 issued and outstanding at December 31 and March 31, 2016	9,108	9,108
Additional paid in capital	32,055,760	31,918,260
Accumulated deficit	(45,356,712)	(38,514,269)
Total shareholders' deficit	(13,291,844)	(6,586,901)
Total liabilities and shareholders' deficit	$ 70,992,805	$ 68,518,840