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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Joey New York Inc (CE) | USOTC:JOEY | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0003 | 0.00 | 01:00:00 |
Nevada
|
|
68-0682410
|
(State or other jurisdiction of
incorporation or organization)
|
|
(IRS Employer
Identification No.)
|
Large accelerated filer
☐
|
|
Accelerated filer
☐
|
Non-accelerated filer
☐
|
|
Smaller reporting company
☒
|
(Do not check if smaller reporting company)
|
Emerging growth company
☐
|
Page
|
|
Financial Statements (Unaudited):
|
|
Consolidated Balance Sheets
|
4 |
Consolidated Statements of Operations
|
5 |
Consolidated Statements of Stockholders' Deficit | 6 |
Consolidated Statements of Cash Flows
|
7 |
Notes to Unaudited Consolidated Financial Statements
|
8 |
|
May 31,
2017
|
February 28, 2017
|
||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
126,306
|
$
|
25
|
||||
Accounts receivable, net
|
-
|
275
|
||||||
Inventory
|
85,568
|
143,826
|
||||||
Total current assets
|
211,874
|
144,126
|
||||||
Property and equipment, net
|
25,014
|
18,877
|
||||||
Deposits
|
3,000
|
-
|
||||||
Total assets
|
$
|
239,888
|
$
|
163,003
|
||||
|
||||||||
Liabilities and stockholders' deficit
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
461,354
|
$
|
458,214
|
||||
Accrued liabilities
|
638,109
|
709,564
|
||||||
Shareholder advances – related party
|
663,042
|
579,580
|
||||||
Note payable
|
150,000
|
-
|
||||||
Notes payable – related party
|
3,000,000
|
3,000,000
|
||||||
Current portion of derivative liabilities
|
1,009,238
|
-
|
||||||
Current maturities of convertible debt
|
100,232
|
-
|
||||||
Total current liabilities
|
6,021,975
|
4,747,359
|
||||||
Derivative liability
|
181,799
|
303,308
|
||||||
Convertible note payable, net
|
10,868
|
18,955
|
||||||
Total liabilities
|
6,214,642
|
5,069,621
|
||||||
|
||||||||
Commitments and Contingencies
|
||||||||
|
||||||||
Stockholder's deficit
|
||||||||
Common stock, $0.001 par value; 500,000,000 shares
authorized; 28,270,352 and 28,045,352 shares issued and
outstanding
|
28,270
|
28,045
|
||||||
Additional paid in capital
|
(1,864,049
|
)
|
(2,266,265
|
)
|
||||
Accumulated deficit
|
(4,138,975
|
)
|
(2,668,398
|
)
|
||||
Total stockholder's deficit
|
(5,974,754
|
)
|
(4,906,618
|
)
|
||||
Total liabilities and stockholder's equit
y
|
$
|
239,888
|
$
|
163,003
|
|
May 31,
2017
|
May 31,
2016
|
||||||
Revenues
|
$
|
142,409
|
$
|
143
|
||||
Cost of sales
|
70,448
|
43
|
||||||
|
||||||||
Gross margin
|
71,961
|
100
|
||||||
|
||||||||
Operating expenses
|
564,111
|
44,482
|
||||||
|
||||||||
Loss from operations
|
(492,150
|
)
|
(44,382
|
)
|
||||
|
||||||||
Other (expense)
|
||||||||
Interest expense
|
(47,733
|
)
|
(44,114
|
)
|
||||
Debt discount amortization
|
(128,203
|
)
|
-
|
|||||
Derivative interest expense
|
(802,491
|
)
|
-
|
|||||
Total other income expense
|
(978,427
|
)
|
(44,114
|
)
|
||||
Loss before income taxes
|
(1,470,577
|
)
|
(88,496
|
)
|
||||
|
||||||||
Provision (benefit) for income taxes
|
-
|
-
|
||||||
|
||||||||
Net loss
|
$
|
(1,470,577
|
)
|
$
|
(88,495
|
)
|
||
Basic and diluted loss per share
|
$
|
(0.05
|
)
|
$
|
(247.89
|
)
|
||
Weighted average shares outstanding
|
28,515,352
|
357
|
Common
|
||||||||||||||||||||
Description
|
Shares
|
Amount
|
Additional Paid-In Capital
|
Accumulated Deficit
|
Total Shareholders Deficit
|
|||||||||||||||
Balance February 28, 2017
|
28,045,352
|
$
|
28,045
|
$
|
(2,266,265
|
)
|
$
|
(2,668,398
|
)
|
$
|
(4,906,618
|
)
|
||||||||
Stock issued for services
|
100,000
|
100
|
120,900
|
-
|
121,000
|
|||||||||||||||
Stock issuance associated with notes
|
125,000
|
125
|
166,625
|
-
|
166,750
|
|||||||||||||||
Convertible notes issuance
|
-
|
-
|
114,691
|
-
|
114,691
|
|||||||||||||||
Net loss
|
-
|
-
|
-
|
(1,470,577
|
)
|
(1,470,577
|
)
|
|||||||||||||
Balance May 31, 2017
|
28,270,352
|
$
|
28,270
|
$
|
(1,864,049
|
)
|
$
|
(4,138,975
|
)
|
$
|
(5,974,754
|
)
|
Cash flows from operating activities
|
May 31,
2017
|
May 31,
2016
|
||||||
Net loss attributable to shareholders of Joey New York
|
$
|
(1,470,577
|
)
|
$
|
(88,495
|
)
|
||
Adjustments to reconcile net income to net cash provided
|
||||||||
by operating activities:
|
||||||||
Depreciation and amortization
|
1,941
|
462
|
||||||
Amortization of debt discount
|
128,203
|
|||||||
Changes in operating assets and liabilities:
|
||||||||
Share based compensation
|
120,900
|
|||||||
Derivability liability
|
887,729
|
|||||||
Convertible note payables
|
(75,877
|
)
|
||||||
Accounts receivable
|
275
|
(143
|
)
|
|||||
Inventory
|
58,258
|
43
|
||||||
Accounts payable
|
3,140
|
(42,613
|
)
|
|||||
Accrued expenses
|
12,007
|
77,451
|
||||||
Net cash used in operating activities
|
(334,001
|
)
|
(53,296
|
)
|
||||
Cash flows from investing activities
|
||||||||
Purchases of property and equipment
|
(8,078
|
)
|
(2,475
|
)
|
||||
Deposits
|
(3,000
|
)
|
-
|
|||||
Net cash used in investing activities
|
(11,078
|
)
|
(2,475
|
)
|
||||
Cash flows from financing activities
|
||||||||
Proceeds from the sale of common stock
|
216,725
|
39,000
|
||||||
Proceeds from note payables
|
150,000
|
11,250
|
||||||
Proceeds from convertible note payables
|
104,635
|
-
|
||||||
Net cash from financing activities
|
471,360
|
50,250
|
||||||
Net change in cash and cash equivalents
|
126,281
|
(5,521
|
)
|
|||||
Cash and cash equivalents, beginning of period
|
25
|
7,903
|
||||||
Cash and cash equivalents, end of period
|
$
|
126,306
|
$
|
2,382
|
||||
Supplemental disclosure of cash flow information
|
||||||||
Interest paid
|
$
|
-
|
$
|
2,631
|
||||
Income taxes paid
|
$
|
-
|
$
|
-
|
||||
Supplemental disclosures of non-cash transitions:
|
||||||||
Stock subscription receivable
|
$
|
-
|
$
|
1,000
|
Description
|
May 31,
2017
|
February 28, 2017
|
||||||
Property and equipment
|
$
|
38,647
|
$
|
30,568
|
||||
Less accumulated depreciation
|
13,633
|
11,692
|
||||||
Property and equipment, net
|
$
|
25,014
|
$
|
18,877
|
Description
|
5/31/2017
|
2/28/2017
|
||||||
Peak One Opportunity Fund matures January 11, 2020 bears interest at 0% coupon, default rate 18%, convertible at $1.35 prior 180 days and lesser of $1.35 or 65% of the second lowest closing price prior 20 Days trading days. The Company is in default of this agreement.
|
$
|
85,000
|
$
|
-
|
||||
EMA Financial. LLC matures February 2, 2018 bears interest at 0% coupon rate, default rate 24%, convertible at the lower of closing price prior closing date and 65% of the average lowest two sales price during 20days prior closing date or the closing bid price whichever is lower. The Company is in default of this agreement.
|
90,000
|
-
|
||||||
Auctus Fund matures November 2, 2017 bears interest at 0% coupon rate, default rate 24%, convertible at the lesser of 65% multiple average of two lowest trading price prior the note issued date or variable conversion price 65% multiple the average two lowest trading price during 20 days prior to the conversion date. The Company is in default of this agreement.
|
90,000
|
-
|
||||||
JSJ matures on January 24, 2018 bears interest at 12% coupon rate, default rate 18%, convertible at 65% multiple average 2 lowest trading prices during previous 20 days prior conversion (after 180 days). The Company is in default of this agreement.
|
75,000
|
-
|
||||||
EMA Financial matures on May 3, 2018 bears interest at 0% coupon rate, default rate 24%, convertible at the lower of the current market price and 65% of Average of 2 lowest sales price for 20 days prior to conversion. The Company is in default of this agreement.
|
159,000
|
-
|
||||||
Tangiers Global matures on January 24, 2018 bears interest at 10% coupon rate, default rate 20%, convertible at $ 1 per share. The Company is in default of this agreement.
|
137,500
|
-
|
Description
|
5/31/2017
|
2/28/2017
|
||||||
Auctus Fund matures February 5, 2018 bears interest at 0% coupon rate, default rate 24%, convertible at the lesser of 65% multiple average of two lowest trading price prior the note issued date or variable conversion price 65% multiple the average two lowest trading price during 20 days prior to the conversion date. The Company is in default of this agreement.
|
151,600
|
-
|
||||||
Convertible note payable dated January 11, 2017 maturing January 11, 2020 bearing interest at -% with a default rate of 18%, convertible into common stock at $1.35 per share the first 180 days and at the lesser of $1.35 per share or 65% of the second lowest closing price for the prior 20 trading days
|
-
|
85,000
|
||||||
Convertible note payable dated February 1, 2017 February 11, 2018 bearing interest at -% with a default rate of 24%, convertible into common stock at $ the lower of closing price prior closing date and 65% of the average lowest two sales price during 20days prior closing date or the closing bid price whichever is lower
|
-
|
90,000
|
||||||
Convertible note payable dated January 11, 2017 maturing January 11, 2020 bearing interest at -% with a default rate of 24%, convertible at the lesser of 65% multiple average of two lowest trading price prior the note issued date or variable conversion price 65% multiple the average two lowest trading price during 20 days prior to the conversion date
|
-
|
90,000
|
||||||
Total
|
$
|
788,100
|
$
|
265,000
|
||||
Less: debt discount
|
(777,750
|
)
|
(265,000
|
)
|
||||
Less: debt issue cost
|
(37,900
|
)
|
-
|
|||||
Less: conversions
|
-
|
-
|
||||||
Add: amortization of debt discount
|
138,649
|
18,955
|
||||||
Balance of convertible debt, net
|
111,099
|
18,955
|
||||||
Less: current portion
|
100,232
|
15,229
|
||||||
Long-term convertible debt, net
|
$
|
10,868
|
$
|
3,726
|
Description
|
Amount
|
|||
Derivative liabilities - February 28, 2017
|
$
|
303,308
|
||
Add fair value at the commitment date for convertible notes issued during the current quarter
|
410,343
|
|||
Less derivatives due to conversion
|
-
|
|||
Fair value mark to market adjustment for derivatives
|
477,386
|
|||
Derivative liabilities - May 31, 2017
|
1,191,037
|
|||
Less: current portion
|
1,009,238
|
|||
Long-term derivative liabilities
|
$
|
181,799
|
Description
|
Amount
|
|||
Debt discount - February 28, 2017
|
246,045
|
|||
Additional Debt discount
|
$
|
559,159
|
||
Accumulated amortization of debt discount
|
(128,203
|
)
|
||
Debt discount - net
|
677,001
|
|||
Current Debt discount - net
|
602,868
|
|||
Non-current debt discount - net
|
$
|
74,132
|
Description
|
Input
|
|||
Stock price
|
$
|
0.01
|
||
Exercise price
|
$
|
0.01
|
||
Term
|
10 years
|
|||
Discount rate
|
2.28
|
%
|
||
Volatility
|
100
|
%
|
Description
|
Number of Warrants
|
Weighted Average Exercise Price
|
Weighted Average Remaining Contractual Life
(in Years)
|
|||||||||
Balance, Feb 28, 2017
|
-
|
$
|
-
|
-
|
||||||||
Granted
|
201,342
|
1.27
|
5.00
|
|||||||||
Exercised
|
-
|
-
|
-
|
|||||||||
Canceled/Forfeited
|
-
|
-
|
-
|
|||||||||
Balance, May 31, 2017
|
201,342
|
$
|
1.27
|
5.00
|
Description
|
LABB
|
RAR
|
Total
|
|||||||||
Revenue
|
$
|
142,684
|
$
|
(275
|
)
|
$
|
142,409
|
|||||
Cost of revenue
|
70,448
|
-
|
70,448
|
|||||||||
General and administrative expenses
|
261,116
|
165,421
|
426,537
|
|||||||||
Other expense
|
-
|
978,427
|
978,427
|
|||||||||
Net loss
|
$
|
(188,880
|
)
|
$
|
(1,144,124
|
)
|
$
|
(1,333,004
|
)
|
Description
|
LABB
|
RAR
|
Total
|
|||||||||
Asset
|
$
|
113,884
|
$
|
634,054
|
$
|
747,938
|
||||||
Liability
|
699,137
|
6,012,542
|
6,711,679
|
|||||||||
Equity
|
$
|
585,253
|
$
|
5,378,489
|
$
|
5,963,742
|
Description
|
Number of Warrants
|
Weighted Average Exercise Price
|
Weighted Average Remaining Contractual Life
(in Years)
|
|||||||||
Balance, Feb 28, 2017
|
-
|
$
|
-
|
-
|
||||||||
Granted
|
201,342
|
1.27
|
5.00
|
|||||||||
Exercised
|
-
|
-
|
-
|
|||||||||
Canceled/Forfeited
|
-
|
-
|
-
|
|||||||||
Balance, May 31, 2017
|
201,342
|
$
|
1.27
|
5.00
|
Number
|
Description
|
|
|
31.1
|
Certification of Principal Executive Officer, pursuant to SEC Rules 13a-14(a) and 15d-14(a), adopted pursuant Section 302 of the Sarbanes Oxley Act of 2002
|
|
|
31.2
|
Certification of Principal Financial Officer, pursuant to SEC Rules 13a-14(a) and 15d-14(a), adopted pursuant Section 302 of the Sarbanes Oxley Act of 2002
|
|
|
32.1
|
Certification of Chief Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
32.2
|
Certification of Chief Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
101.INS
|
XBRL Instance Document
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
101. DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Joey New York, Inc.
|
|
|
|
|
|
|
Date: August 3, 2017
|
By:
|
/s/ Joey Chancis
|
|
|
|
Joey Chancis, CEO
|
|
|
|
Principal Executive Officer
|
|
|
|
|
|
Date: August 3, 2017
|
By:
|
/s/ Richard Roer
|
|
|
|
Richard Roer, President
|
|
|
|
Principal Financial Officer
|
|
1 Year Joey New York (CE) Chart |
1 Month Joey New York (CE) Chart |
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