MILLENNIUM HEALTHCARE INC.

CIK:0001582054|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
REVENUE	$ 753,391	$ 8,340,831
OPERATING EXPENSES
Selling, general and administrative	18,683,638	29,424,426
Bad debt expense	5,516,027	3,229,222
Total operating expenses	24,199,665	32,653,648
NET LOSS BEFORE OTHER INCOME (EXPENSE) AND PREFERRED STOCK DIVIDENDS	(23,446,274)	(24,312,817)
OTHER INCOME (EXPENSE)
Interest expense	(5,909,198)	(3,075,633)
Loss on disposal of assets	(788,782)	0
Loss on extinguishment of debt	(10,824,365)	0
Gain on change in fair value of derivative liability	846,294	3,030,743
Total other income (expense)	(16,676,051)	(44,890)
NET (LOSS) BEFORE PREFERRED STOCK DIVIDNEDS	(40,122,325)	(24,357,707)
Preferred stock dividends	0	(127,902)
NET (LOSS)	$ (40,122,325)	$ (24,485,609)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC & DILUTED	318,753,533	82,207,894
NET (LOSS) PER SHARE - BASIC & DILUTED	$ (0.13)	$ (0.30)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (40,122,325)	$ (24,357,707)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	179,762	172,017
Non-cash interest	5,909,198	718,937
(Gain) loss on extinguishment of debt	10,824,365	0
(Gain) on change in fair value of derivative	(846,294)	(3,030,743)
(Gain) loss on disposal of fixed assets	788,782	0
Preferred stock dividend	0	127,902
Amortization of deferred compensation	4,216,178	1,335,450
Share based compensation	4,857,019	22,548,665
Provisions for doubtful accounts	5,516,027	3,229,222
Change in operating assets and liabilities
Prepaid expenses	562,813	(269,492)
Accounts receivable	(422,223)	(7,561,442)
Inventory	32,600	720,963
Accounts payable and accrued expenses	6,306,701	530,680
Total adjustments	37,924,928	18,522,159
Net cash used in operating activities	(2,197,397)	(5,835,548)
CASH FLOWS FROM INVESTING ACTIVITIES:
Security deposits	0	(296,332)
Acquisition of fixed assets	(40,594)	(835,890)
Net cash used in investing activities	(40,594)	(1,132,222)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of preferred and common stock for cash (including liability for shares to be issued)	602,866	6,229,500
Preferred dividends paid	0	(101,448)
Proceeds received from notes payable	1,743,250	4,188,218
Repayments of notes payable	(204,000)	(3,351,420)
Net cash provided by financing activities	2,142,116	6,964,850
NET DECREASE IN CASH	(95,875)	(2,920)
CASH - BEGINNING OF YEAR	112,725	115,645
CASH - END OF YEAR	16,850	112,725
Cash paid during the period for:
Interest	0	0
Taxes	0	0
NON-CASH SUPPLEMENTAL INFORMATION:
Issuance of common stock for liability of stock to be issued	11,235,863	3,802,550
Issuance of preferred stock for liability of stock to be issued	0	2,269,500
Cancellation of preferred stock for liability of stock to be issued, net	2,662,120	0
Derivative liability issued for debt discount	0	385,350
Exchange of notes payable	250,000	0
Conversion of notes payable into equity	1,435,194	0
Deferred compensation paid through issuance of common stock and liability to issue common stock	$ 2,166,921	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash	$ 16,850	$ 112,725
Accounts receivable, net of allowance for doubtful accounts of $8,510,912 and $3,000,000 at December 31, 2015 and December 31, 2014, respectively	99,830	5,193,634
Inventory	67,400	100,000
Prepaid expenses	54,542	617,355
Total current assets	238,622	6,023,714
Fixed assets, net	286,092	789,950
OTHER ASSETS
Security deposits	0	375,595
Intangible assets, net	27,416	54,833
Total other assets	27,416	430,428
TOTAL ASSETS	552,130	7,244,092
CURRENT LIABILITIES
Accounts payable and accrued expenses	7,585,449	1,278,748
Current portion of notes payable, net of debt discounts of $146,667 and $220,878, and original issue discounts of $103,400 and $106,504, respectively	3,393,457	2,862,836
Derivative liability	1,609	1,061,476
Liability for common stock to be issued	23,655,904	640,100
Liability for preferred stock to be issued	441,680	3,103,800
Total current liabilities	35,078,099	8,946,960
Preferred stock	0	337,500
Notes payable, net of debt discounts of $209,726 and $-0-, and original issue discounts of $14,068 and $-0-, respectively, net of current portion	184,458	350,000
TOTAL LIABILITIES	35,262,557	9,634,460
STOCKHOLDERS' (DEFICIT)
Preferred stock	0	0
Common stock, $0.0001 par value, 10,950,000,000 and 200,000,000 shares authorized, respectively, 728,040,377 and 128,828,942 shares issued and outstanding, respectively	72,804	12,883
Additional paid in capital	85,811,121	77,427,977
Deferred compensation	(4,093,866)	(3,453,027)
Accumulated deficit	(116,500,586)	(76,378,261)
Total stockholders' deficit	(34,710,427)	(2,390,368)
Total Liabilities and Stockholders' Deficit	552,130	7,244,092
Series A Preferred Stock [Member]
STOCKHOLDERS' (DEFICIT)
Preferred stock	100	60
Total stockholders' deficit	100	60
Series B Preferred Stock [Member]
STOCKHOLDERS' (DEFICIT)
Preferred stock	0	0
Total stockholders' deficit	0	0
Series D Preferred Stock [Member]
STOCKHOLDERS' (DEFICIT)
Preferred stock	0	0
Total stockholders' deficit	0	0
Series E Preferred Stock [Member]
STOCKHOLDERS' (DEFICIT)
Preferred stock	0	0
Total stockholders' deficit	0	0
Series F Preferred Stock [Member]
STOCKHOLDERS' (DEFICIT)
Preferred stock	0	0
Total stockholders' deficit	0	0
Series G Preferred Stock [Member]
STOCKHOLDERS' (DEFICIT)
Preferred stock	0	0
Total stockholders' deficit	$ 0	$ 0