v3.5.0.2

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

Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.

MIX 1 LIFE, INC. 10-Q