NextPlat Corp Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2015

Carrying amount of the major classes of liabilities

	December 31, 2015			December 31, 2014
Assets of discontinued operations	$			$	-
Liabilities
Accounts payables and accrued expenses	$	(112,397	)	$	-
Liabilities of discontinued operations	$	(112,397	)	$	-

Estimated useful life of property and equipment

	Years
Office furniture and fixtures	4
Computer equipment	4
Appliques	10
Website development	4

Reconciliation of the derivative liability measured at fair value

	Conversion feature derivative liability		Warrant liability			Total
Balance at January 1, 2015		-
Recapitalization on February 19, 2015		-		4,936			4,936
Convertible notes payable - December 28, 2015		550,001		-			550,001
Change in fair value included in earnings		64,035		(581	)		63,454
Balance at December 31, 2015	$	614,036	$	4,355		$	618,391

Dilutive securities

Net income (loss) per common share is calculated in accordance with ASC Topic 260: Earnings per Share (“ASC 260”). Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. The computation of diluted net loss per share does not include dilutive common stock equivalents in the weighted average shares outstanding as they would be anti-dilutive. In periods where the Company has a net loss, all dilutive securities are excluded.

The following are dilutive common stock equivalents during the year ended:

	December 31, 2015		December 31, 2014
Convertible preferred stock		214,157,174		90,000,000
Stock Options		2,850,000		-
Stock Warrants		5,000		-
Total		217,012,174		90,000,000