Aquarius Cannabis Inc. /NV/

CIK:0001624203|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Revenues - related party
Cost of goods sold
Gross Profit
Operating expenses:
Sales and marketing	$ 61,903	$ 52,414
Research and development	23,405	15,552
General and administrative	606,199	153,866
General and administrative, related parties	23,556	76,810
Total operating expenses	715,063	298,642
Operating loss	$ (715,063)	(298,642)
Other income (expense):
Interest income		82
Interest expense	$ (55,798)	(26,650)
Interest expense, related party	(1,997)	(1,000)
Amortization of debt discount	$ (6,589)	(2,043)
Other income		5,020
Total other income (expense)	$ (64,384)	(24,591)
Net loss	$ (779,447)	$ (323,233)
Net Income (loss) per common share: Basic and Diluted	$ (0.03)	$ (0.02)
Weighted-average common shares outstanding: Basic and Diluted	27,001,222	21,044,896

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities:
Net loss	$ (779,447)	$ (323,233)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt discount, convertible notes	6,589	2,043
Equity-based compensation expense	$ 462,140	72,265
Convertible notes payable issued for services		18,000
Depreciation	$ 870	$ 871
Changes in operating assets and liabilities:
Increase in Accounts receivable - related party	10,313
Increase in Prepaid expenses and deposits	$ (4,338)	$ (7,317)
Decrease in Prepaid expenses, related parties		1,500
Increase / (Decrease) in Accounts payable and accrued expenses	$ (25,006)	$ 41,060
Increase in Accrued liabilities	59,293
Increase in Accrued interest notes payable	32,441
Due to related parties	(16,725)	$ 24,475
Net cash (used in) operating activities	$ (253,870)	(170,336)
Investing activities:
Cash acquired in reverse capitalization		(15,000)
Net cash used in investing activities		$ (15,000)
Financing activities:
Proceeds from line of credit	$ 190,000
Proceeds from issuance of convertible notes payable		$ 100,000
Net cash provided by financing activities	$ 190,000	100,000
Net (decrease) increase in cash	(63,870)	(85,336)
Cash and cash equivalents, beginning of period	105,833	100,355
Cash and cash equivalents, end of period	$ 41,963	$ 15,019
Supplemental disclosure of cash flow information
Cash paid for interest
Cash paid for taxes
Supplemental disclosure of non-cash financing activities:
Convertible note payable issued for services		$ 18,000
Equity interest issued for services		$ 72,265

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 41,963	$ 105,833
Accounts receivable, related party		$ 10,313
Inventory
Prepaid expenses and deposits	$ 13,927	$ 9,589
Prepaid expenses, related parties
Total current assets	$ 55,890	$ 125,735
Fixed assets, net of accumulated depreciation of $5,004 and $4,134 respectively	12,402	13,272
Total assets	68,292	139,007
Current liabilities:
Accounts payable	57,207	82,213
Accrued liabilities	55,462	16,872
Accrued interest - convertible notes payable	190,066	157,625
Deferred revenue	5,000	5,000
Due to related parties	20,703	16,725
Line of credit, net of debt discount	582,695	388,172
Notes payable	50,000	50,000
Notes payable, related party	200,000	200,000
Convertible note payable	28,000	28,000
Total current liabilities	1,189,133	944,607
Long term liabilities:
Convertible notes payable, net of debt discount	983,861	981,795
Convertible notes payable, related party	50,000	50,000
Total liabilities	2,222,994	1,976,402
Stockholders' deficit:
Preferred Stock	200	200
Common Stock, par value $0.0001; authorized shares 200,000,000; issued and outstanding shares 27,269,436 and 26,739,002, respectively	2,728	2,675
Additional paid in capital	$ 3,246,066	$ 2,783,979
Less: stock subscriptions receivable
Accumulated deficit	$ (5,403,716)	$ (4,624,269)
Total stockholders' deficit	(2,154,702)	(1,837,395)
Total liabilities and stockholders' deficit	68,292	139,007
Preferred Stock - Series B [Member]
Stockholders' deficit:
Preferred Stock	$ 20	$ 20