HD View 360 Inc.

CIK:0001651716|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
SALES:
Product sales	$ 51,024	$ 115,961	$ 199,291	$ 370,191
Installation sales	81,957	110,603	242,836	401,853
Total sales	132,981	226,564	442,127	772,044
COST OF SALES:
Cost of product	82,788	81,784	204,337	259,824
Cost of installation	66,816	121,143	203,442	295,113
Total cost of sales	149,604	202,927	407,779	554,937
Gross profit	(16,623)	23,637	34,348	217,107
OPERATING EXPENSES:
General and administrative expenses	113,951	79,315	304,297	205,470
Depreciation expense	1,862	4,077	5,586	10,631
Professional fees	41,434	12,304	92,386	68,302
Total operating expenses	157,247	95,696	402,269	284,403
(LOSS) INCOME FROM OPERATIONS	(173,870)	(72,059)	(367,921)	(67,296)
OTHER INCOME AND (EXPENSE)
Interest expense	0	0	0	(397)
Interest income	13	56	72	178
Other income	595	633	1,524	2,730
Other expense	0	(469)	0	(469)
Bad debt expense	(3,445)	0	(3,445)	0
Total other income	(2,837)	220	(1,849)	2,042
Net (loss) income before income taxes	(176,707)	(71,839)	(369,770)	(65,254)
Income tax benefit	(9,769)	(10,456)	(9,769)	(10,456)
Net (loss) income	(166,938)	(61,383)	(360,001)	(54,798)
Non controlling interest in net income of consolidated subsidiary	(789)	(35)	(1,822)	(35)
Net (loss) attributable to HD View 360	$ (166,149)	$ (61,348)	$ (361,823)	$ (54,763)
(Loss) income per weighted average common share - basic and diluted	$ (.02)	$ (.01)	$ (.04)	$ (.01)
Number of weighted average common shares outstanding - basic and diluted	9,967,549	9,332,631	9,683,391	9,328,704

Condensed Consolidated Statements of Changes in Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (360,001)	$ (54,798)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Non controlling interest in net income of consolidated subsidiary	1,822	35
Depreciation	5,586	10,631
Bad debt expense	3,445	0
Inventory valuation reserve expense	0	7,640
Loss on disposal of fixed asset	0	469
Changes in operating assets and liabilities:
Decrease in accounts receivable	2,191	0
Increase in income taxes receivable	(10,016)	(63,837)
Decrease (increase) in prepaid expenses and other assets	3,140	(9,840)
Increase in accounts payable and accrued expenses	82,161	20,348
(Decrease) increase in deferred rent	(3,445)	8,040
Net cash used in operating activities	(276,939)	(81,277)
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property and equipment	(115,631)	(31,755)
Increase in intangible asset	(81,296)	0
Net cash used in investing activities	(196,927)	(31,755)
CASH FLOW FROM FINANCING ACTIVITIES:
Common stock issued for cash	310,999	28,500
Principal payments on capital lease obligation	0	(2,506)
Net cash provided by financing activities	310,999	25,994
Net decrease in cash	(162,867)	(87,038)
CASH, beginning of period	258,778	292,010
CASH, end of period	95,911	204,972
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid in cash	0	397
Income taxes paid in cash	247	50,000
Non-Cash Investing and Financing Activities:
Common stock issued for receivable	$ 100,000	$ 0

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Current Assets:
Cash	$ 95,911	$ 258,778
Accounts receivable	896	6,532
Stock subscription receivable	100,000	0
Income tax refund receivable	52,321	42,305
Inventory, net of reserve of $10,390 as of September 30, 2017 and December 31, 2016,	0	0
Prepaid expenses and other current assets	9,138	12,278
Total current assets	258,266	319,893
PROPERTIES AND EQUIPMENT
Furniture, fixtures and equipment	166,374	50,743
Leasehold improvements	11,097	11,097
Total Property and Equipment	177,471	61,840
Less accumulated depreciation	(24,517)	(18,931)
Property and equipment, net	152,954	42,909
OTHER ASSETS
Intangible Assets	6,296	0
Intangible assets under development	75,000	0
Total Other Assets	81,296	0
Total Assets	492,516	362,802
Current liabilities:
Accounts payable and accrued expenses	137,085	54,924
Deferred rent	3,446	6,891
Total Current Liabilities	140,531	61,815
Total Liabilities	140,531	61,815
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value, authorized 10,000,000 shares; 0 issued and outstanding	0	0
Common stock, $0.001 par value, authorized 90,000,000 shares; 10,203,962 and 9,532,631 issued and outstanding shares at September 30, 2017 and December 31, 2016, respectively	10,204	9,533
Additional paid-in capital	785,374	375,046
Accumulated deficit	(457,541)	(95,718)
Non-controlling interest in consolidated subsidiary	13,948	12,126
Total stockholders' equity	351,985	300,987
Total Liabilities and Stockholders' Equity	$ 492,516	$ 362,802