MSPC LETS LOOK AT ALL THE LOSSES AND LIABILITIES:
Other Income (Expense)
We recorded interest expense of $12,321,666 in FY 2015, as compared to $369,609 in FY 2014. This expense increased in FY 2015 due to interest incurred on promissory convertible notes and the excess of derivative liability over the face amount of the notes. We also recorded a gain on change in fair value of derivative of $749,974 in FY 2015, which resulted from the valuation of derivatives at December 31, 2015, as compared to a loss on change in fair value of derivative incurred in FY 2014, which resulted from the valuation of derivatives at December 31, 2015, as well as a gain on extinguishment of debt of $1,882,323, which resulted from convertible notes converted during FY 2015, as compared to a loss extinguishment of debt of $124,753, which resulted from convertible notes converted during FY 2014.[
Net Loss
Our net loss for FY 2015 was $10,194,726, compared with $3,572,349 for FY 2014.
Net Loss Attributable to Common Stockholders
Net loss applicable to common stockholders for FY 2015, was $10,526,768, compared to $3,572,349 for FY 2014.
LIQUIDITY AND CAPITAL RESOURCES
At December 31, 2015, we had total current assets $245,903, of which $58,668 was in cash, and at December 31, 2014, we had total current assets of $39,010, none of which was cash. On those dates, we had total stockholder deficits of $7,628,426 and $2,882,392, respectively.
METROSPACES, INC.
Consolidated Balance Sheets
December 31, December 31,
2015 2014
ASSETS
Current Assets
Cash and cash equivalents 58,668 —
Accounts receivable 1,033 —
Inventory 11,223 —
Prepaid and other current assets 174,979 39,010
Total Current Assets 245,903 39,010
Advance payment for real property 369,891 369,991
Investment in non-consolidated subsidiary 159,910 150,000
Property and equipment, net 4,456,832 —
Goodwill — —
TOTAL ASSETS 5,232,536 559,001
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Bank overdraft payable — 166
Accounts payable 71,440 —
Accrued expenses 608,184 68,750
Accrued interest 74,312 52,013
Sales deposit 34,046 34,046
Long term debt related party — 400,000
Notes payable - related parties 16,990 166,590
Current portion of convertible notes payable, net of discount of $77,992 and $12,365 90,032 64,528
Note payable 10,000 10,000
Derivative liability 11,904,682 2,645,300
Total Current Liabilities 12,809,686 3,441,393
Convertible notes payable, net discount of $100,406 and $0 51,276 —
TOTAL LIABILITIES 12,860,962 3,441,393
Stockholders' Deficit
Preferred stock, $0.000001 par value, 8,000,000 shares authorized — —
Series B Preferred Stock, $0.000001 par value, 2,000,000 shares authorized, 1,200,000 shares issued 1 —
Series C Preferred Stock, $0.000001 par value, 100,000 shares authorized, 45,354 shares issued 0 —
Series D Preferred Stock, $0.000001 par value, 400,000 shares authorized, 0 shares issued — —
Common Stock, $0.000001 par value, 10,000,000,000 shares authorized 1,784,461,982 and 846,745 shares issued and outstanding 1,785 847
Additional paid in capital 6,747,974 1,160,693
Accumulated other comprehensive loss (139,528 ) —
Accumulated deficit (14,238,658 ) (4,043,932 )
Total Stockholders' Deficit (7,628,426 ) (2,882,392 )
AI
