Diamond Technology Enterprises Inc.

CIK:0001590743|SEC Filings

CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
REVENUE:
Sales	$ 119,500
Cost of sales	125,818	$ 51,725
Gross loss	(6,318)	(51,725)
OPERATING EXPENSES:
Selling, general and administrative expenses	175,883	187,721
Depreciation	4,167	4,264
Total operating expenses	180,050	191,985
Loss from Operations	(186,368)	(243,710)
Other expenses:
Interest expense	(10,469)	(6,005)
Loss before income taxes	$ (196,838)	$ (249,715)
Income taxes (benefit)
Net loss	$ (196,838)	$ (249,715)
Loss per common share, basic and diluted	$ (0.00)	$ (0.00)
Weighted average number of common shares outstanding, basic and diluted	68,815,000	68,684,565

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (196,838)	$ (249,715)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	46,977	46,989
Operating expenses incurred by related party on behalf of Company	10,228	$ 4,354
Changes in operating assets and liabilities:
Inventory	(112,657)
Prepaid expenses and supplies	(6,089)	$ 151
Accounts payable and accrued expenses	107,806	80,135
Deferred rent	(24)	303
Net cash used in operating activities	$ (150,597)	(117,783)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(14,890)
Net cash used in investing activities		$ (14,890)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable	$ 1,500
Proceeds from related party notes payable	48,841	$ 103,400
Net cash provided by financing activities	50,341	103,400
Net increase in cash	(100,256)	(29,273)
Cash, beginning of period	102,181	38,777
Cash, end of period	$ 1,925	$ 9,504
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid
Income taxes paid
Non-cash investing and financing activities:
Common stock to be issued to acquire property and equipment		$ 200,000
Equipment contributed by founders		$ 12,000

CONDENSED BALANCE SHEETS (Unaudited) - USD ($)	Oct. 31, 2015	Jul. 31, 2015
Current assets:
Cash	$ 1,925	$ 102,181
Inventory	219,217	106,560
Prepaid supplies and expenses	8,408	2,319
Total current assets	229,550	211,060
Property and equipment, net	663,650	710,627
Deposits	23,262	23,262
Total assets	916,462	944,949
Current liabilities:
Accounts payable and accrued expenses, $724,097 and $629,922 related party	847,915	740,109
Notes payable, short term portion	59,687	58,187
Joint venture obligation (Note 3)	250,000	250,000
Advances, related party	29,174	18,946
Total current liabilities	1,186,776	1,067,242
Long term liabilities
Deferred rent, long term	12,400	12,424
Notes payable, long term portion	136,376	136,376
Notes payable-related party, long term portion	741,788	692,947
Total long term liabilities	890,564	841,747
Total liabilities	2,077,340	1,908,989
Stockholders' equity:
Common stock, $0.0001 par value; 240,000,000 shares authorized, 69,575,000 shares issued and 68,815,000 shares outstanding as of October 31, 2015 and July 31, 2015	6,958	6,958
Common stock subscription	400	400
Additional paid in capital	1,778,511	1,778,511
Treasury stock (760,000 shares)	(76)	(76)
Accumulated deficit	(2,946,771)	(2,749,933)
Total stockholders' (deficit) equity	(1,160,878)	(964,040)
Total liabilities and stockholders' (deficit) equity	916,462	944,949
Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized Series A Convertible Preferred stock, 1,000,000 shares designated, 1,000,000 shares issued and outstanding as of October 31, 2015 and July 31, 2015	$ 100	$ 100