Mix 1 Life 10-Q 19 Jan 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Nov. 30, 2015	Jan. 15, 2016
Document And Entity Information
Entity Registrant Name	MIX 1 LIFE, INC.
Entity Central Index Key	1,501,112
Document Type	10-Q
Document Period End Date	Nov. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--08-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		13,288,799
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Nov. 30, 2015	Aug. 31, 2015
Current Assets:
Cash and cash equivalents	$ 66,617	$ 434
Accounts receivable	199,370	279,702
Inventory, lower of cost or market, principally first-in, first-out - Finished product	257,014	380,752
Inventory, lower of cost or market, principally first-in, first-out - Raw materials	91,619	91,835
Other current assets	114,606	37,883
Total Current Assets	729,226	790,606
Fixtures and Equipment, net of accumulated depreciation of $15,155 at November 30, 2015 and $9,826 at August 31, 2015	141,203	139,394
Ingredient Specifications, Branding, and Other Intangible Assets, net of accumulated amortization and impairment of $10,499,583 at November 30, 2015, and $10,093,574 at August 31, 2015	21,403,515	21,809,524
Other Assets	8,396	16,319
TOTAL ASSETS	$ 22,282,340	22,755,843
Current Liabilities:
Cash overdraft		2,035
Accounts payable and accrued liabilities	$ 981,914	1,672,858
Accounts payable - related parties	1,480,532	858,496
Notes payable - premium finance	8,507	8,507
Notes Payable - other	674,903	$ 442,404
12% Senior Secured Convertible debenture - Current	750,000
Total Current Liabilities	3,895,856	$ 2,984,300
12% Senior Secured Convertible Debenture - net of current maturity of $750,000	1,135,001	1,885,001
7.5% Senior Secured Convertible Debentures	2,310,000	2,310,000
Derivative Liability	3,003,000	4,063,246
Total Liabilities	10,343,857	11,242,547
Shareholders' Equity:
Common Stock, $0.001 par value, 100,000,000 shares authorized 13,427,070 and 13,163,070 shares issued and outstanding at November 30, 2015 and August 31, 2015 respectively	13,427	13,163
Additional paid-in-capital	31,988,191	31,293,189
Accumulated (deficit)	(20,063,135)	(19,793,056)
Total Shareholders' Equity	11,938,483	11,513,296
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 22,282,340	$ 22,755,843

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - USD ($)	Nov. 30, 2015	Aug. 31, 2015
Current Assets:
Fixtures and Equipment, net of accumulated depreciation	$ 15,155	$ 9,826
Ingredient Specifications, Branding, and Other Intangible Assets, net of accumulated amortization and impairment	$ 10,499,583	$ 10,093,574
Stockholders' Equity
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	13,427,070	13,163,070
Common stock, shares outstanding	13,427,070	13,163,070

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Statements Of Operations
Gross Sales	$ 398,941	$ 242,476
Customer incentives, discounts, returns, and allowances	(134,100)
Net sales	264,841	$ 242,476
Costs of goods sold	231,308	212,040
Gross Margin	33,533	30,436
Operating Expenses
Selling and marketing	24,884	44,316
Corporate general and administrative	711,517	488,226
Depreciation and amortization expense	411,338	429,850
Total operating expenses	1,147,739	962,392
Loss from Operations	(1,114,206)	(931,956)
Other Income (Expenses)
Interest expense	(216,119)	$ (93,888)
Derivative expense	1,060,246
Loss before Income Taxes	$ (270,079)	$ (1,025,844)
Provision for Income Taxes
Net (Loss)	$ (270,079)	$ (1,025,844)
Basic and fully diluted:
Weighted average number of shares outstanding	13,165,963	11,154,682
(Loss) per share	$ (0.02)	$ (0.09)

STATEMENTS OF CASH FLOW (Unaudi

STATEMENTS OF CASH FLOW (Unaudited) - USD ($)	3 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Cash flows from operating activities:
Net (loss)	$ (270,079)	$ (1,025,844)
Adjustments to reconcile net (loss) to net cash used in operating activities:
Common stock issued for services		29,655
Common stock issued for services - related parties		78,601
Common stock issued for officers' and directors' fees	$ 12,503	17,504
Common stock issued for interest	77,763	$ 2,502
Common stock issued for royalty payment	$ 500,000
Warrant issued, recorded as interest expense		$ 74,920
Derivative expense	$ (1,060,246)
Depreciation and Amortization	411,338	$ 429,850
Amortization of debt discount	120,000
Changes in Current Assets and Liabilities
Cash overdraft	(2,035)
Inventory	123,954	$ 119,505
Accounts receivable	80,332	(241,164)
Other current assets	(68,800)	(23,732)
Accounts payable and accrued liabilities	(690,944)	(106,563)
Accounts payable - related parties	$ 622,036	(85,580)
Notes receivable		(234,900)
Net cash (used) in by operating activities	$ (144,178)	$ (965,246)
Cash flows from investing activities:
Purchase of Fixtures and Equipment	(7,139)
Net cash provided by (used in) investing activities	$ (7,139)
Cash flows from financing activities
Convertible note proceeds		$ 250,000
Notes payable proceeds, net of debt discount	$ 217,500
Sale of common stock		$ 679,750
Note payable payment		(9,625)
Net cash provided by financing activities	$ 217,500	920,125
Net increase in cash and cash equivalents	66,183	(45,121)
Cash and cash equivalents, beginning of year	434	91,794
Cash and cash equivalents, end of year	66,617	46,673
Cash paid during the year for:
Interest	$ 11,257	$ 16,466
Income Taxes
Non-cash investing and financing activities:
Common stock issued for debt discount	$ 105,000
Debt Discount	$ (105,000)

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	3 Months Ended
	Nov. 30, 2015
Notes to Financial Statements
Note 1 - Description of Business and Summary of Significant Accounting Policies	Mix 1 Life, Inc. (“the Company” or “Mix 1”) was incorporated under the laws of the State of Nevada, U.S. on June 10, 2009. Mix 1 products are designed for consumers looking for better options for on-the-go energy and natural products that provide the required nutrients for consumers' daily needs. We believe that our products will be able to reach the mainstream consumer market because of the broad range of occasions for consumers to drink our beverages, such as an energy enhancer, after a workout to restore the body, as meal replacements for breakfast, lunch or dinner, as snacks or meal supplements, as energy boosts to get through the workday, or for no occasion at all. Mix 1's products exist in high growth categories and leverage the consumer demand for health, nutrition and functional ingredients. The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report filed with the SEC on its 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for our interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for the year ended August 31, 2015, as reported in the Form 10-K, have been omitted. These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has limited cash and, as yet, has not generated sufficient revenues to finance operations, raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand, sales, loans from investors and/or issuance of common shares.

Notes Payable

Notes Payable	3 Months Ended
	Nov. 30, 2015
Notes to Financial Statements
Note 2 - Notes Payable	During the quarter the Company entered into three separate note payable agreements for $75,000 each, net of debt discount of $7,500. Each note contains annual interest rate of 12%. Two of the notes are due in 2 months and the third is due in 12 months.

Subsequent Events

Subsequent Events	3 Months Ended
	Nov. 30, 2015
Notes to Financial Statements
Note 3 - Subsequent Events	We have evaluated events and transactions after the balance sheet date to the date these financial statements were released for filing. Except as stated above, we did not have any material subsequent events that would require disclosure in these financial statements.