v3.4.0.3

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING EXPENSES
Selling, general and administrative	$ 103,152	$ 198,333
Total operating expenses	103,152	198,333
LOSS FROM OPERATIONS	(103,152)	(198,333)
Investment Income, Nonoperating
Gain (loss) on derivative liability	66,187	(229,125)
Interest Expense	(437,655)	(186,224)
Total Other Income (Expense)	(371,468)	(415,349)
LOSS BEFORE INCOME TAXES	(474,620)	(613,682)
NET LOSS	$ (474,620)	$ (613,682)
Earnings Per Share
BASIC AND DILUTED LOSS PER COMMON SHARE ATTTRIBUTABLE TO GARB OIL & POWER SHAREHOLDERS	$ (0.00)	$ (0.00)
WEIGHTED AVERAGE OF COMMON SHARES OUTSTANDING	47,497,578,456	47,497,578,456

Represents the monetary amount of Gain (loss) on derivative liability, during the indicated time period.

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The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of earnings or loss from continuing operations before income taxes that is attributable to domestic operations.

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Amount of the cost of borrowed funds accounted for as interest expense.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).

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Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.

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The net result for the period of deducting operating expenses from operating revenues.

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The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

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Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

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GARB OIL & POWER CORP 10-Q