Mix 1 Life 10-Q 20 Jul 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	May 31, 2016	Jul. 20, 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	May 31, 2016
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		15,001,907
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,016

BALANCE SHEETS

BALANCE SHEETS - USD ($)	May 31, 2016	Aug. 31, 2015
Current Assets:
Cash and cash equivalents		$ 434
Accounts receivable	$ 64,149	279,702
Inventory, lower of cost or market, principally first-in, first-out
Finished product	14,253	380,752
Raw materials	165,624	91,835
Other current Assets		37,883
Total Current Assets	244,026	790,606
Fixtures and Equipment, net of accumulated depreciation of $26,834 at May 31, 2016 and $9,826 at August 31, 2015	129,524	139,394
Ingredient Specifications, Branding, and Other Intangible Assets, net of accumulated amortization and impairment of $11,311,600 at May 31, 2016, and $10,093,574 at August 31, 2015	20,591,498	21,809,524
Other Assets	8,397	16,319
TOTAL ASSETS	20,973,445	22,755,843
Current Liabilities:
Cash overdraft	15,160	2,035
Accounts payable and accrued liabilities	1,085,199	1,672,858
Accounts payable - related parties		858,496
Notes payable - premium finance		8,507
Notes payable - related parties	1,090,780
Notes Payable - other	907,022	442,404
12% Senior Secured Convertible debenture	1,885,001
7.5% Senior secured convertible debentures	2,310,000
Other Convertible Notes	68,250
Total Current Liabilities	7,361,412	2,984,300
12% Senior Secured Convertible Debentures		1,885,001
7.5% Senior Secured Convertible Debentures		2,310,000
Derivative Liability	801,462	4,063,246
Total Liabilities	8,162,874	11,242,547
Shareholders' Equity:
Common Stock, $0.001 par value, 100,000,000 shares authorized 17,551,440 and 13,163,070 shares issued and outstanding at May 31, 2016 and August 31, 2015 respectively	17,551	13,163
Additional paid-in-capital	34,210,885	31,293,189
Accumulated (deficit)	(21,417,865)	(19,793,056)
Total Shareholders' Equity	12,810,571	11,513,296
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 20,973,445	$ 22,755,843

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - USD ($)	May 31, 2016	Aug. 31, 2015
Current Assets:
Fixtures and Equipment, net of accumulated depreciation	$ 26,834	$ 9,826
Ingredient Specifications, Branding, and Other Intangible Assets, net of accumulated amortization	$ 11,311,600	$ 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	17,551,440	13,163,070
Common stock, shares outstanding	17,551,440	13,163,070

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Statements Of Operations
Gross Sales	$ 252,378	$ 777,339	$ 1,093,231	$ 1,526,570
Customer incentives, discounts, returns, and allowances	(137,195)	(288,936)	(481,266)	(291,317)
Net sales	115,183	488,403	611,965	1,235,253
Costs of goods sold	54,015	434,807	521,510	1,092,514
Gross Margin	61,168	53,596	90,455	142,739
Operating Expenses
Selling and marketing	23,081	410,058	31,883	779,191
Corporate general and administrative	948,940	600,573	2,610,564	1,564,170
Depreciation and amortization expense	411,592	433,194	1,235,033	1,293,032
Total operating expenses	1,383,613	1,443,825	3,877,480	3,636,393
Loss from Operations	(1,322,445)	(1,390,229)	(3,787,025)	(3,493,654)
Other Income (Expenses)
Interest expense	(357,455)	(215,204)	(1,099,568)	(524,376)
Derivative expense	4,724,600		3,261,784
Profit (Loss) before income taxes	3,044,700	(1,605,433)	(1,624,809)	(4,018,030)
Provision for Income Taxes
Net Profit (Loss)	$ 3,044,700	$ (1,605,433)	$ (1,624,809)	$ (4,018,030)
Basic and fully diluted:
Weighted average number of shares outstanding	15,052,001	12,579,388	13,891,162	11,729,209
Profit (Loss) per share	$ 0.20	$ (0.13)	$ (0.12)	$ (0.34)

STATEMENTS OF CASH FLOW (Unaudi

STATEMENTS OF CASH FLOW (Unaudited) - USD ($)	9 Months Ended
	May 31, 2016	May 31, 2015
Cash flows from operating activities:
Net (loss)	$ (1,624,809)	$ (4,018,030)
Adjustments to reconcile net (loss) to net cash used in operating activities:
Common stock issued for services	62,500	21,555
Common stock issued for interest - related parties	340,000	152,707
Common stock issued for officers' and directors' fees	119,508	52,500
Common stock issued for interest	389,786	74,522
Common stock issued for royalty payment	500,000
Common stock issued for payroll bonus shares	205,080
Penalty interest shares	162,500
Common stock issued for accounts payable - related party	30,000
Common stock issued for accrued payroll - related party	972,500
Warrant issued, recorded as interest expense	5,637	396,690
Derivative expense	(3,261,784)
Depreciation and Amortization	1,235,033	1,293,032
Amortization of debt discount	252,916
Changes in Current Assets and Liabilities
Cash overdraft	13,125	10,440
Inventory	292,710	234,388
Accounts receivable	215,553	(751,229)
Other current assets	45,805	(113,176)
Accounts payable and accrued liabilities	(587,659)	(403,180)
Accounts payable - related parties	172,512	127,565
Notes receivable		(129,900)
Net cash (used) by operating activities	(459,087)	(3,052,116)
Cash flows from investing activities:
Purchase of Fixtures and Equipment	(7,139)	(126,869)
Net cash (used) by investing activities	(7,139)	(126,869)
Cash flows from financing activities
Convertible note proceeds	93,225	1,355,001
Promissory Note proceeds		250,000
Notes payable proceeds, net of debt discount	518,718
Sale of common stock		1,490,250
Note payable payment	(146,151)	(7,425)
Net cash provided by financing activities	465,792	3,087,826
Net increase (decrease) in cash and cash equivalents	(434)	(91,159)
Cash and cash equivalents, beginning of year	434	91,794
Cash and cash equivalents, end of year		635
Cash paid during the year for:
Interest	90,095	47,842
Income Taxes
Non-cash investing and financing activities:
Accounts payable transferred to note payable - related party	(1,326,008)
Decrease in accounts payable - related party	1,326,008
Common stock issued for debt discount	178,750
Debt Discount	(178,750)
Total

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	9 Months Ended
	May 31, 2016
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. There 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.

Subsequent Events

Subsequent Events	9 Months Ended
	May 31, 2016
Notes to Financial Statements
Note 2 - Subsequent Events	In the month of June 2016, the Company sold 1,000,000 shares of common stock in private placements at $0.25 per share. 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.