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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Net Savings Link Inc (PK) | USOTC:NSAV | 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% | 0.006572 | 0.0067 | 0.0068 | 0.00 | 12:14:55 |
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[X]
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QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED May 31, 2014
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OR
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Large Accelerated Filer
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[ ]
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Accelerated Filer
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Non-accelerated Filer
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[ ]
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Smaller Reporting Company
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[X]
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(Do not check if smaller reporting company)
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Page
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FINANCIAL STATEMENTS
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3
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3
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4
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5
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6
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
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11
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QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
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13
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CONTROLS AND PROCEDURES.
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13
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RISK FACTORS.
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13
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UNREGISTERED SALE OF EQUITY SECURITIES.
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13
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OTHER INFORMATION.
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14
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EXHIBITS.
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14
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15
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16
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May 31,
2014
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November 30,
2013
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ASSETS
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Current assets
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Cash
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$
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598
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$
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2,800
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Other current assets
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399
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1,532
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Total Current Assets
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997
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4,332
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Property and equipment, net of accumulated depreciation of $37,672 and
$32,444, respectively
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-
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5,228
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||||||
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TOTAL ASSETS
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$
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997
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$
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9,560
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current Liabilities:
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||||||||
Accounts payable and accrued liabilities
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$
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56,102
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$
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36,362
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Due to related parties
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-
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317,755
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Derivative liabilities
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483,293
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90,699
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Convertible notes payable, net of debt discount of $7,740 and $0,
respectively
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115,445
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115,693
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Total Current Liabilities
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654,840
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560,509
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STOCKHOLDERS' EQUITY(DEFICIT)
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Series A Preferred Stock, $0.0001 par value, 100,000,000 shares authorized,
1,500,000 and 1,500,000 shares issued and outstanding, respectively
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15
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15
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Common stock, $0.001 par value, 1,000,000,000 shares authorized,
172,263,131 and 108,591,412 shares issued and outstanding, respectively
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172,263
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108,591
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Additional paid-in capital
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4,143,671
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3,710,954
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Accumulated deficit
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(4,969,792
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)
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(4,370,509
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)
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Total Stockholders' Equity (deficit)
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(653,843
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)
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(550,949
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)
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
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$
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997
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$
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9,560
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Three Months Ended
May 31
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Six Months Ended
May 31,
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||||||||||||||
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2014
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2013
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2014
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2013
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REVENUES
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$
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-
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$
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11,126
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$
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-
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$
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17,192
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OPERATING EXPENSES
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Depreciation and amortization expense
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-
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7,067
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5,228
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14,135
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General and administrative
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69,031
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118,433
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138,779
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187,186
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Total Operating Expenses
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69,031
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125,500
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144,007
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201,321
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||||||||||||
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OPERATING LOSS
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(69,031
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)
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(114,374
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)
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(144,007
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)
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(184,129
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)
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OTHER INCOME (EXPENSE)
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Loss on derivative
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(293,472
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)
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(26,588
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)
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(389,913
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)
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(75,146
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)
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Interest expense
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(33,214
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)
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(8,119
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)
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(65,363
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)
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(66,678
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)
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||||||||
Total Other Income (Expense)
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(326,686
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)
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(34,707
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)
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(455,276
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)
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(141,824
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)
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NET LOSS
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$
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(395,717
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)
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$
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(149,081
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)
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$
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(599,283
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)
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$
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(325,953
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)
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BASIC NET LOSS PER COMMON SHARE
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$
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(0.00
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)
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$
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(0.00
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)
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$
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(0.00
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)
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$
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(0.01
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)
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||||
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BASIC WEIGHTED AVERAGE NUMBER
OF COMMON SHARES OUTSTANDING
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165,680,611
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55,884,567
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149,546,677
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47,220,019
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For the Six months Ended
May 31,
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|||||||
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2014
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2013
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||||||
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CASH FLOWS FROM OPERATING ACTIVITIES
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Net loss
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$
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(599,283
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)
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$
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(325,953
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)
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Items to reconcile net loss to net cash used in operating activities:
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||||||||
Depreciation and amortization
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5,228
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14,135
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Debt discount amortization
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54,367
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58,119
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Debt offering cost amortization
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1,638
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2,204
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Loss on derivative
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389,913
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75,146
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Changes in operating assets and liabilities
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||||||||
Decrease in current assets
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-
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880
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||||||
Increase (decrease) in accounts payable and accrued liabilities
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50,440
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19,481
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Increase in related party accounts payable
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96,000
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96,000
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Net Cash Used in Operating Activities
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(1,697
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)
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(59,988
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)
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CASH FLOWS FROM FINANCING ACTIVITIES
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Proceeds from convertible notes payable
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-
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53,400
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Cash paid for debt offering costs
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(505
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(2,500
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Net Cash Provided by Financing Activities
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(505
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)
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50,900
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INCREASE (DECREASE) IN CASH
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(2,202
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)
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(9,088
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)
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CASH AT BEGINNING OF PERIOD
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2,800
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18,131
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CASH AT END OF PERIOD
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$
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598
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$
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9,043
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CASH PAID FOR:
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Interest
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$
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-
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$
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-
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Income taxes
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$
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-
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$
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-
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NON-CASH FINANCING ACTIVITIES:
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Common stock issued for convertible notes and accrued interest
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$
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27,815
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$
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95,683
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Discount on convertible notes payable from derivative instrument
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$
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57,500
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$
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50,000
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Settlement of derivative liability to additional paid-in capital
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$
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54,819
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$
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136,930
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Contribution of wages payable to additional paid-in capital
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$
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413,755
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$
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-
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Payment of accounts payable through third party convertible notes
payable
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$
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28,700
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$ |
-
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Derivative liabilities November 30, 2013
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$
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90,699
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Addition of new derivative
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57,500
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Reclassification of derivative liability to additional paid-in capital due to
promissory note conversions
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(54,819
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)
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Losses on change in fair value
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389,913
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Balance at May 31, 2014
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$
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483,293
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Excess of fair value of conversion option derivative liabilities over the related
notes payable
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$
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252,307
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Losses on change in fair value
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137,606
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Loss on derivative liabilities
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$
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389,913
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Level 1
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Level 2
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Level 3
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Total
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||||||||||||
Assets
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||||||||||||
None
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$
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-
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$
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-
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$
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-
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$
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-
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||||||||
Liabilities
|
||||||||||||||||
Derivative financial instruments
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$
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-
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$
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-
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$
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483,293
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$
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483,293
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Level 1
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Level 2
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Level 3
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Total
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||||||||||||
Assets
|
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||||||||||||
None
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$
|
-
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$
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-
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$
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-
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$
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-
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||||||||
Liabilities
|
||||||||||||||||
Derivative financial instruments
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$
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-
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$
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-
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$
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90,699
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$
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90,699
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•
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On June 2, 2014, the Company entered into a $21,500 convertible note agreement with Asher Enterprises, Inc with an annual interest rate of 8% and due on March 4, 2015.
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•
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On June 2, 2014, the Company granted Asher Enterprises, Inc 86 million warrant at an exercise price per share equal to $0.00025.
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•
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On June 16, 2014 and June 19, 2014, Asher Enterprises, Inc converted an amount of $1,970 and $2,622 of convertible debt into 8,567,391 and 7,711,765 number of common stock.
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•
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On June 18, 2014, the Company entered into an agreement with Global Distribution Inc. a New York corporation ("GDI"); David Saltrelli and Peter Schuster, holders of all of the issued and outstanding shares of Series A preferred stock; and, Steven Baritz, the sole shareholder of GDI, wherein Steven Baritz acquired all of the issued and outstanding shares of Series A preferred stock (1,500,000 shares) from David Saltrelli and Peter Schuster in exchange for Baritz transferring all of the issued and outstanding shares of common stock of GDI to us. Each share of Series A preferred stock has 1,000 votes. The aforementioned shares of Series A preferred stock represented approximately 66.18% of our voting power. Upon completion of the aforementioned transaction, the David Saltrelli and Peter Schuster, will continue to own 7,200,000 shares of our common stock and in the event of any action which causes a reduction in said shares, the Company will issue additional shares of common stock to David Saltrelli and Peter Schuster in order to maintain their ownership in 7,200,000 shares of the common stock.
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•
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On June 18, 2014, Steven Baritz was appointed to the board of directors and appointed president, principal executive officer, secretary, treasurer, principal financial officer, and principal accounting officer. Thereafter, David Saltrelli, Peter Schuster, and Jon Wallen resigned as officers and directors. The Company has not entered into any compensation arrangements with Mr. Baritz with respect to his employment with the Company.
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May 31,
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November 30,
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2014
|
|
2013
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Current Assets
|
$
|
997
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$
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4,332
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Current Liabilities
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654,840
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560,509
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Working Capital (Deficit)
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$
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(653,843)
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$
|
(556,177)
|
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Six months ended
|
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Six months ended
|
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May 31, 2014
|
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May 31, 2013
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Cash Flows Used in Operating Activities
|
$
|
(1,697)
|
$
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(59,988)
|
Cash Flows Used in Investing Activities
|
|
-
|
|
-
|
Cash Flows Provided by Financing Activities
|
|
(505)
|
|
50,900
|
Net Increase (Decrease) in Cash During Period
|
$
|
(2,202)
|
$
|
(9,088)
|
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NET SAVINGS LINK INC.
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(the "Registrant")
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BY:
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STEVEN BARITZ
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Steven Baritz
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President, Principal Executive Officer, Principal Accounting Officer and a member of the Board of Directors
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1 Year Net Savings Link (PK) Chart |
1 Month Net Savings Link (PK) Chart |
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