Mr. Amazing Loans Corp

CIK:0001627811|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUES
Interest revenue	$ 226,207	$ 381,548
Other revenue	26,413	12,794
TOTAL REVENUES	252,620	394,342
OPERATING EXPENSES
Salaries and compensation	338,517	412,099
Other operating expenses	110,685	146,287
Provision for credit losses	112,330	204,668
Advertising	900	1,240
Rent	17,566	17,988
Public company and corporate finance expenses	251,571	654,089
Depreciation and amortization	1,233	1,425
TOTAL OPERATING EXPENSES	832,802	1,437,796
LOSS FROM OPERATIONS	(580,182)	(1,043,454)
OTHER INCOME (EXPENSE)
Loss on sale of marketable securities		(194)
Miscellaneous income		63
TOTAL OTHER INCOME (EXPENSE)		(131)
NET LOSS	(580,182)	(1,043,585)
Net loss attributable to common stockholders	(580,182)	(1,043,585)
CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
Unrealized loss on marketable securities		(194)
Less: Reclassified adjustment for losses included in net loss		194
Comprehensive loss attributable to common stockholders	$ (580,182)	$ (1,043,585)
Net loss attributable to common stock per share, basic and diluted	$ (0.03)	$ (0.06)
Weighted average number of common shares outstanding, basic and diluted	17,226,283	17,463,449

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (580,182)	$ (1,043,585)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for credit losses	112,330	204,668
Depreciation and amortization	1,233	1,425
Loss on marketable securities sold		194
Changes in assets - (increase) decrease:
Other receivables	13,955	21,792
Prepaid expenses	7,929	12,051
Changes in liabilities - increase (decrease):
Accounts payable and accrued expenses	98,739	276,751
Loans receivable originated	(75,000)	(290,000)
Loans receivable repaid	396,436	473,799
NET CASH USED IN OPERATING ACTIVITIES	(24,560)	(342,905)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of marketable securities		(2,092)
Sale of marketable securities		1,898
NET CASH USED IN INVESTING ACTIVITIES		(194)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(24,560)	(343,099)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	365,934	704,006
CASH AND CASH EQUIVALENTS, END OF YEAR	341,374	360,907
Supplemental disclosures:
Interest paid in cash
Income taxes paid in cash

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 341,374	$ 365,934
Loans receivable, net, note 2	2,740,808	3,174,574
Other receivables	54,039	67,994
Prepaid expenses	7,323	15,252
Property and equipment, net, note 3	6,621	7,854
Security deposits	11,234	11,234
TOTAL ASSETS	3,161,399	3,642,842
LIABILITIES
Accounts payable and accrued expenses	101,126	2,387
TOTAL LIABILITIES	101,126	2,387
COMMITMENTS AND CONTINGENCIES, note 7
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value; 50,000,000 shares authorized, 360,000 and 360,000 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively, note 5	360	360
Common stock, $0.001 par value; 300,000,000 shares authorized, 17,226,283 and 17,226,283 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively, note 5	2,240,694	2,240,694
Additional paid-in capital	34,378,814	34,378,814
Accumulated deficit	(33,559,595)	(32,979,413)
TOTAL STOCKHOLDERS' EQUITY	3,060,273	3,640,455
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,161,399	$ 3,642,842