PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
Pervasip Corp. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
ASSETS August 31, 2016 November 30, 2015
Current assets:
Cash and cash equivalents $ 1,426 $ 8,978
Accounts receivable, net of allowance of $98,739 in 2015 — 7,183
Inventory 25,000 127,650
Restricted securities 40,000 220,000
Prepaid expenses and other current assets 1,814 365,726
Total current assets 68,240 425,726
Equipment and leasehold improvements, net — 18,817
Restricted cash 22,528 60,000
Total assets $ 90,768 $ 444,543
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Current portion of long-term debt, net of discounts of $459,300 and $491,027 at August 31, 2016 and November 30, 2015, respectively $ 2,921,932 $ 2,932,018
Accounts payable and other accrued liabilities 1,903,814 1,622,649
Accounts payable and other accrued liabilities – related party 654,847 431,313
Due to Pension Benefit Guaranty Corporation 2,184,727 2,104,410
Deposits payable 147,889 147,890
Sales tax payable 5,929 28,665
Related party debt 1,575,014 1,178,311
Derivative liabilities 527,685 692,212
Total current liabilities 9,921,836 9,137,468
Long-term debt less current portion 448,649 409,614
Total liabilities 10,370,485 9,547,082
Redeemable preferred stock Series I, $0.00001 par value; 55,000 shares authorized; 27,500 and 0 shares issued and outstanding, redemption amount of $275,000 119,636 710
Redeemable preferred stock Series D, $0.00001 par value; 51 shares authorized; 51 shares issued and outstanding, redemption amount of $51 — —
Stockholders’ deficit:
Preferred stock, $0.00001 par value; 144,949 shares authorized — —
Convertible preferred stock, $0.00001 par value; 20,800,010 authorized
Series E: 10 shares issued and outstanding, respectively — —
Series F: 10,000,000 shares issued and outstanding, respectively 100 100
Series G: 10,000,000 shares issued and outstanding, respectively 100 100
Series H: 100,000 and 600,000 shares issued and outstanding, respectively 1 6
Series I: 7,500 and 0 shares issued and outstanding
Series J: 51 and 0 shares issued and outstanding
Common stock, $0.00001 par value; 8,978,999,990 shares authorized, 3,778,005,709 and 3,652,005,709 shares issued and outstanding in 2016 and 2015, respectively 37,780 36,520
Capital in excess of par value 42,155,379 42,448,241
Accumulated deficit (52,577,053 ) (51,379,820 )
Total Pervasip Corp. stockholder’s deficit (10,383,693 ) (8,894,853 )
Noncontrolling interest in subsidiaries (15,660 ) (208,396 )
Total stockholders’ deficit (10,399,353 ) (9,103,848 )
Total liabilities and stockholders’ deficit $ 90,768 $ 444,543
See accompanying notes to the unaudited condensed consolidated financial statements.
