UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For quarterly period ended ~~March~~June 3130, 2016

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to___________

Commission file number 001-33933

MULTIMEDIA PLATFORMS, INC. ~~(Exact name of registrant as specified in its charter)~~

(Exact name of registrant as specified in its charter)

Nevada		88-0319470
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

2000 E Oakland Blvd. Suite 106 & 107 Fort Lauderdale, FL		33306
(Address of principal executive offices)		(Zip Code)

(954) 440-4678

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨o Accelerated filer ¨o Non-accelerated filer ¨o Smaller reporting company x (Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in 12b-2 of the Exchange Act.) Yes o No x

~~MULTIMEDIA~~Indicate ~~PLATFORMS~~the number of shares outstanding of each of the issuer's classes of common stock, ~~INC~~as of the latest practicable date: 71,188,923 shares of common stock, par value $0.001, were outstanding on August 19, 2016.

Multimedia Platforms, Inc.

FORM 10-Q

TABLE OF CONTENTS

		PAGE
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements		3
	Condensed Consolidated Balance Sheets as of March 31, 2016 (Unaudited) and December 31, 2015 (audited)		3
	Condensed Consolidated Balance Sheets as of June 30, 2016 (Unaudited) and December 31, 2015		3
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2016 and 2015 (Unaudited)		4
	Condensed Consolidated Statements of Operations (Unaudited) for the Three And Six Months Ended June 30, 2016 and 2015		4
	Condensed Consolidated Statement of Stockholders' Equity for the Three Months Ended March 31, 2016 and year ended December 31, 2015 (Unaudited)		5
	Condensed Consolidated Statement of Stockholders' Equity for the Six Months Ended June 30, 2016 (Unaudited) and year ended December 31, 2015		5
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2016 and 2015 (Unaudited)		6
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2016 and 2015 (Unaudited)		6
	Notes to Condensed Consolidated Financial Statements		7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		3432
Item 4.	Controls and Procedures		42
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		39
Item 4.	Controls and Procedures		39
PART II - OTHER INFORMATION
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.		43
Item 1.	Legal Proceedings		40
Item 6.	Exhibits		44
Item 1A.	Risk Factors		40
Signatures			45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		40
Item 3.	Defaults Upon Senior Securities		41
Item 4.	Mine Safety Disclosures		41
Item 5.	Other Information		41
Item 6.	Exhibits		42
Signatures			43

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Multimedia Platforms, Inc.
Consolidated Balance Sheets
March 31, December 31,
2016 2015
(Unaudited)
ASSETS
Current assets
Cash $ 132,962 $ 68,153
Accounts receivable, net of allowance of $25,000 and $0 272,876 332,533
Other current assets 8,549 35,923
Deferred financing costs 620,000 620,000
Total current assets 1,034,387 1,056,609
Property and equipment, net of accumulated depreciation of $7,564 35,269 38,233
Other assets
Goodwill 6,734,197 6,734,197
Intangibles, net of amortization of $152,288 541,353 520,657
Total other assets 7,275,550 7,254,854
Deposits 9,120 9,120
Total assets $ 8,354,326 $ 8,358,816
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable & accrued expenses $ 1,390,071 $ 986,692
Deferred revenue - 12,500
Convertible promissory notes, net of discount of $1,357,433 and $1,310,854 1,583,567 790,146
Notes - related party, net of discount of $60,311 and 124,766 539,689 375,234
Promissory notes, net of discount of $135,165 and $0 223,835 170,000
Loans 179,300 14,729
Due to related parties 493,232 320,002
Accrued interest payable 125,098 39,424
Convertible notes conversion derivative liability 12,403 236,594
Warrant liability 118,559 214,728
Total current liabilities 4,665,754 3,160,049
Long-term liabilities
Convertible promissory notes, net of discount of $0 and $580,115 - 209,885
Loan 31,297 35,681
Total long-term liabilities 31,297 245,566
Total liabilities 4,697,051 3,405,615
Commitments and contingencies
Stockholders' equity
Series A Preferred stock, $0.001 par value 40,000,000 shares authorized; issued and outstanding 17,999,995 at March 31, 2016 and December 31, 2015. 18,000 18,000
Series B Preferred stock, $0.001 par value 4,000,000 shares authorized; issued and outstanding 1,435,598 at March 31, 2016 and December 31, 2015. 1,436 1,436
Common stock, $0.001 par value 300,000,000 shares authorized; issued and outstanding 65,888,923 and 52,268,504 at March 31, 2016 and December 31, 2015, respectively. 65,888 52,268
Additional-paid-in-capital 13,272,388 9,585,248
Common stock payable 875,000 4,230,000
Deferred compensation (767,813 ) (921,375 )
Accumulated (deficit) (9,807,624 ) (8,012,376 )
Total stockholders' equity 3,657,275 4,953,201
Total liabilities and stockholders' equity $ 8,354,326 $ 8,358,816

Multimedia Platforms, Inc.
Condensed Consolidated Balance Sheets

June 30,

December 31,

2016

2015

(Unaudited)

ASSETS
Current assets

Cash

$ 113,384

$ 68,153

Accounts receivable, net of allowance of $45,000 and $0

193,159

332,533

Other current assets

8,549

35,923

Deferred financing costs

100,000

620,000

Total current assets

415,092

1,056,609

Property and equipment, net of accumulated depreciation of $10,528 and $4,600

32,305

38,233

Other assets

Goodwill

6,734,197

6,734,197

Intangibles, net of amortization of $224,470 and $83,333

520,471

520,657

Deposits

9,120

9,120

Total other assets

7,263,788

7,263,974

Total assets

7,711,185

8,358,816

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities

Accounts payable & accrued expenses

1,965,832

986,692

Deferred revenue

-

12,500

Convertible promissory notes, net of discount of $859,359 and $1,310,854

2,151,641

790,146

Notes - related party, net of discount of $5,275 and $124,766

594,725

375,234

Promissory notes, net of discount of $35,165 and $0

323,835

170,000

Loans

116,242

14,729

Due to related parties

497,513

320,002

Accrued interest payable

205,855

39,424

Convertible notes conversion derivative liability

-

236,594

Warrant liability

77,686

214,728

Total current liabilities

5,933,329

3,160,049

Long-term liabilities

Convertible promissory notes, net of discount of $0 and $580,115

-

209,885

Loan

27,850

35,681

Total long-term liabilities

27,850

245,566

Total liabilities

5,961,179

3,405,615

Commitments and contingencies

Stockholders' equity

Series A Preferred stock, $0.001 par value 40,000,000 shares authorized; issued and outstanding 17,999,995 at June 30, 2016 and December 31, 2015.

18,000

18,000

Series B Preferred stock, $0.001 par value 4,000,000 shares authorized; issued and outstanding 1,435,598 at June 30, 2016 and December 31, 2015.

1,436

1,436

Common stock, $0.001 par value 300,000,000 shares authorized; issued and outstanding 71,188,923 and 52,268,504 at June 30, 2016 and December 31, 2015, respectively.

71,188

52,268

Additional-paid-in-capital

13,465,556

9,585,248

Common stock payable

905,000

4,230,000

Deferred compensation

-

(921,375 )
Accumulated (deficit)

(12,711,174 )

(8,012,376 )
Total stockholders' equity

1,750,006

4,953,201

Total liabilities and stockholders' equity

$ 7,711,185

$ 8,358,816

(The accompanying notes are an integral part of these condensed consolidated financial statements)

3
Table of Contents

Multimedia Platforms, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
For the Three and Six Months Ended June 30, 2016 and 2015

Three Months Ended

Six Months Ended

June 30,

June 30,

2016

2015

2016

2015

Income

Net revenue

$ 754,513

$ 232,441

$ 1,459,168

$ 422,526

Cost of revenue

568,065

161,959

1,254,544

262,384

Gross profit

186,448

70,482

204,624

160,142

Operating expenses

General and administrative

1,495,875

818,350

2,231,515

1,984,866

Sales and marketing

247,664

176,486

542,601

296,963

Services - related party

595,405

-

849,736

-

Goodwill impairment

-

-

-

2,729,834

Total operating expenses

2,338,944

994,836

3,623,852

5,011,663

Loss from operations

(2,152,496 )

(924,354 )

(3,419,228 )

(4,851,521 )

Other Income and (Expense)

Interest expense

(101,219 )

(46,266 )

(240,978 )

(72,477 )
Accretion of debt discount

(709,910 )

(148,833 )

(1,419,028 )

(159,118 )
Change in fair value of convertible notes conversion derivative liability

12,403

(2,935,709 )

236,594

(4,191,170 )
Change in fair value of warrant liability

47,673

(2,825,003 )

143,842

(4,200,004 )
Total non-operating income (expense)

(751,053 )

(5,955,811 )

(1,279,570 )

(8,622,769 )
Earnings before income taxes

(2,903,549 )

(6,880,165 )

(4,698,798 )

(13,474,290 )
Provision for income taxes

-

-

-

-

Net loss

$ (2,903,549 )

$ (6,880,165 )

$ (4,698,798 )

$ (13,474,290 )

Net (loss) per common share basic

$ (0.04 )

$ (0.19 )

$ (0.07 )

$ (0.39 )
Weighted average common shares outstanding basic

72,714,860

35,798,817

70,544,907

34,134,789

(The accompanying notes are an integral part of these condensed consolidated financial statements)

4
Table of Contents



Multimedia Platforms, Inc.
Condensed Consolidated Statement of Stockholders' Equity
For the Six Months Ended June 30, 2016 and Year Ended December 31, 2015

Additional

Total

Preferred Stock Series A

Preferred Stock Series B

Common Stock

paid-in

Deferred

Accumulated

Stockholders'

Shares

Amount

Shares

Amount

Shares

Amount

Payable

Capital

Compensation

Deficit

Equity

Balance, December 31, 2014

-

-

-

-

30,748,969

30,749

-

495,298

-

(370,116 )

155,931



Shares issued in Merger

27,212,694

27,213

4,000,000

4,000

1,502,477

1,502

-

(610,908 )

-

-

(578,193 )
Conversion of Series A preferred stock to common stock

(9,212,699 )

(9,213 )

-

-

9,212,699

9,213

-

-

-

-

-

Conversion of Series B preferred stock to common stock

-

-

(2,564,402 )

(2,564 )

2,564,402

2,564

-

-

-

-

-

Funds reclassified to equity from liabilities for Merger shares issued

-

-

-

-

-

-

-

138,874

-

-

138,874

Shares issued for Columbia Funmap, Inc. acquisition

-

-

-

-

2,252,250

2,252

-

3,455,236

-

-

3,457,488

Shares issued for RND Enterprises, Inc. asset purchase

-

-

-

-

2,750,000

2,750

-

1,097,250

-

-

1,100,000

14.4 million shares to be issued for New Frontiers Media, LLC purchase

-

-

-

-

-

-

4,230,000

-

-

-

4,230,000

Shares issued in exchange for services

-

-

-

-

2,384,457

2,385

-

2,282,855

-

-

2,285,240

Common stock issued for financing services

-

-

-

-

500,000

500

-

594,500

-

-

595,000

Common stock issued in exchange for 9% Convertible Note accrued interest

-

-

-

-

353,250

353

-

105,622

-

-

105,975

Issuance of 4,500,000 warrants for fair value of services

-

-

-

-

-

-

-

1,228,500

(921,375 )

-

307,125

Discount on convertible promissory note due to detachable warrants

-

-

-

-

-

-

-

733,785

-

-

733,785

Discount on convertible promissory note due to beneficial conversion feature

-

-

-

-

-

-

-

64,236

-

-

64,236

Net Income (Loss)

-

-

-

-

-

-

-

-

-

(7,642,260 )

(7,642,260 )
Balance, December 31, 2015

17,999,995

18,000

1,435,598

1,436

52,268,504

52,268

4,230,000

9,585,248

(921,375 )

(8,012,376 )

4,953,201



14.4 million shares to be issued for New Frontiers Media, LLC purchase

-

-

-

-

11,400,000

11,400

(3,420,000 )

3,408,600

-

-

-

Shares issued in exchange for services

-

-

-

-

5,520,419

5,520

45,000

130,480

-

-

181,000

Discount on convertible promissory notes due to issuance of common stock

-

-

-

-

2,000,000

2,000

50,000

178,000

-

-

230,000

Stock compensation recognized on warrants issued in exchange for services

-

-

-

-

-

-

-

108,936

921,375

-

1,030,311

Discount on convertible promissory note due to detachable warrants

-

-

-

-

-

-

-

16,292

-

-

16,292

Discount on convertible promissory note due to beneficial conversion feature

-

-

-

-

-

-

-

38,000

-

-

38,000

Net Income (Loss)

-

-

-

-

-

-

-

-

-

(4,698,798 )

(4,698,798 )
Balance, June 30, 2016 (Unaudited)

17,999,995

$ 18,000

1,435,598

$ 1,436

71,188,923

$ 71,188

$ 905,000

$ 13,465,556

$ -

$ (12,711,174 ) $ 1,750,006

(The accompanying notes are an integral part of these consolidated financial statements)

3 5Table of Contents

Multimedia Platforms, Inc.
Consolidated Statements of Operations (Unaudited)
For the Three Months Ended March 31, 2016 and 2015
	Three Months Ended
	March 31,
	2016			2015
Income
Net revenue	$	704,655		$	189,635
Cost of revenue		686,478			116,976
Gross profit		18,177			72,659
Operating expenses
General and administrative		758,197			1,209,955
Sales and marketing		272,380			60,037
Services - related party		254,331			-
Goodwill impairment		-			2,729,834
Total operating expenses		1,284,908			3,999,826
Loss from operations		(1,266,731	)		(3,927,167	)
Other Income and (Expense)
Interest expense		(139,759	)		(26,211	)
Accretion of debt discount		(709,118	)		(10,285	)
Change in fair value of convertible notes conversion derivative liability		224,191			(1,255,461	)
Change in fair value of warrant liability		96,169			(1,375,001	)
Total non-operating income (expense)		(528,517	)		(2,666,958	)
Earnings before income taxes		(1,795,248	)		(6,594,125	)
Provision for income taxes		-			-
Net loss	$	(1,795,248	)	$	(6,594,125	)
Net (loss) per common share basic	$	(0.03	)	$	(0.20	)
Weighted average common shares outstanding basic		68,302,939			32,482,799

Multimedia Platforms, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
For the Six Months Ended June 30, 2016 and 2015

(The accompanying notes are an integral part of these consolidated financial statements)

	Six Months Ended
	June 30,
	2016			2015
Cash flows from operating activities:
Net loss	$	(4,698,798	)	$	(13,474,290	)
Adjustments to reconcile net loss to net cash provided (used in) operating activities:
Depreciation and amortization		149,765			50
Allowance for doubtful accounts		45,000			-
Share based compensation expense		1,706,311			1,153,240
Impairment of goodwill		-			2,729,834
Accretion of debt discount		1,419,028			159,118
Change in fair value of convertible notes conversion derivative liability		(236,594	)		4,191,170
Change in fair value of warrant liability		(143,842	)		4,200,004
Penalty interest		20,000			-
Changes in assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable		94,374			41,038
(Increase) decrease in other current assets		52,374			(20,085	)
Increase (decrease) in accounts payable and accrued expenses		1,005,388			16,629
Increase (decrease) in related party payables		177,511			17,014
Increase (decrease) in deferred revenue		-			(1,889	)
Increase (decrease) in accrued interest		166,431			72,477
Net cash provided by (used) in operating activities		(243,052	)		(915,690	)

Cash flows from investing activities:
Capital expenditures		(143,651	)		(15,538	)
Cash paid for asset purchase		-			(200,000	)
Cash from acquisitions		-			19,208
Net cash provided by (used) in investing activities		(143,651	)		(196,330	)

Cash flows from financing activities:
Proceeds from convertible promissory notes		238,000			1,575,000
Proceeds from related party convertible promissory notes		50,000			-
Proceeds from promissory notes		50,000			-
Proceeds from loans		175,000			-
Payments on loans		(81,066	)		(5,152	)
Net cash provided by (Used) in financing activities		431,934			1,569,848

Increase (decrease) in cash		45,231			457,828
Cash and cash equivalents at beginning of period		68,153			9,232

Cash and cash equivalents at end of period	$	113,384		$	467,060

Supplemental disclosures of cash flow information
Cash paid during the year for:
Taxes paid	$	-		$	-
Interest paid	$	-		$	-

Non-cash operating activities:
Value of 520,419 shares of common stock issued in exchange for services	$	36,000		$	1,153,240
5,000,000 Common shares issued for prepaid financial advisory fees	$	100,000		$	-
Debt discount recorded for value of common stock issued	$	230,000		$	-

4(The accompanying notes are an integral part of these condensed consolidated financial statements)

~~Multimedia~~6 ~~Platforms,~~Table ~~Inc.~~of Contents

Consolidated Statement of Stockholders' Equity

																				Additional									Total
	Preferred Stock Series A						Preferred Stock Series B						Common Stock							paid-in			Deferred			Accumulated			Stockholders'
	Shares			Amount			Shares			Amount			Shares		Amount		Payable			Capital			Compensation			Deficit			Equity
Balance, December 31, 2014		-			-			-			-			30,748,969		30,749		-			495,298			-			(370,116	)		155,931
Shares issued in Merger		27,212,694			27,213			4,000,000			4,000			1,502,477		1,502		-			(610,908	)		-			-			(578,193	)
Conversion of Series A preferred stock to common stock		(9,212,699	)		(9,213	)		-			-			9,212,699		9,213		-			-			-			-			-
Conversion of Series B preferred stock to common stock		-			-			(2,564,402	)		(2,564	)		2,564,402		2,564		-			-			-			-			-
Funds reclassified to equity from liabilities for Merger shares issued		-			-			-			-			-		-		-			138,874			-			-			138,874
Shares issued for Columbia Funmap, Inc. acquisition		-			-			-			-			2,252,250		2,252		-			3,455,236			-			-			3,457,488
Shares issued for RND Enterprises, Inc. asset purchase		-			-			-			-			2,750,000		2,750		-			1,097,250			-			-			1,100,000
14.4 million shares to be issued for New Frontiers Media, LLC purchase		-			-			-			-			-		-		4,230,000			-			-			-			4,230,000
Shares issued in exchange for services		-			-			-			-			2,384,457		2,385		-			2,282,855			-			-			2,285,240
Common stock issued for financing services		-			-			-			-			500,000		500		-			594,500			-			-			595,000
Common stock issued in exchange for 9% Convertible Note accrued interest		-			-			-			-			353,250		353		-			105,622			-			-			105,975
Issuance of 4,500,000 warrants for fair value of services		-			-			-			-			-		-		-			1,228,500			(921,375	)		-			307,125
Discount on convertible promissory note due to detachable warrants		-			-			-			-			-		-		-			733,785			-			-			733,785
Discount on convertible promissory note due to beneficial conversion feature		-			-			-			-			-		-		-			64,236			-			-			64,236
Net Income (Loss)		-			-			-			-			-		-		-			-			-			(7,642,260	)		(7,642,260	)
Balance, December 31, 2015		17,999,995			18,000			1,435,598			1,436			52,268,504		52,268		4,230,000			9,585,248			(921,375	)		(8,012,376	)		4,953,201
14.4 million shares to be issued for New Frontiers Media, LLC purchase		-			-			-			-			11,400,000		11,400		(3,420,000	)		3,408,600			-			-			-
Shares issued in exchange for services		-			-			-			-			220,419		220		15,000			29,780			-			-			45,000
Discount on convertible promissory notes due issuance of common stock		-			-			-			-			2,000,000		2,000		50,000			178,000			-			-			230,000
Stock compensation recognized on warrants issued in exchange for services		-			-			-			-			-		-		-			54,468			153,562			-			208,030
Discount on convertible promissory note due to detachable warrants		-			-			-			-			-		-		-			16,292			-			-			16,292
Net Income (Loss)		-			-			-			-			-		-		-			-			-			(1,795,248	)		(1,795,248	)
Balance, March31, 2016 (Unaudited)		17,999,995		$	18,000			1,435,598		$	1,436			65,888,923	$	65,888	$	875,000		$	13,272,388		$	(767,813	)	$	(9,807,624	)	$	3,657,275

(The accompanying notesare anintegral partof theseconsolidated financial statements)

Multimedia Platforms, Inc.
Consolidated Statements of Cash Flows (Unaudited)
For the Three Months Ended March 31, 2016 and 2015
	Three Months Ended
	March 31,
	2016			2015
Cash flows from operating activities:
Net loss	$	(1,795,248	)	$	(6,594,125	)
Adjustments to reconcile net loss to net cash provided (used in) operating activities:
Depreciation and amortization		71,919			874
Share based compensation expense		253,031			972,049
Impairment of goodwill		-			2,729,834
Accretion of debt discount		709,118			10,285
Change in fair value of convertible notes conversion derivative liability		(224,191	)		1,255,461
Change in fair value of warrant liability		(96,169	)		1,375,001
Changes in assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable		59,657			(1,783	)
(Increase) decrease in other current assets		(44,472	)		(1,388	)
Increase (decrease) in accounts payable and accrued expenses		541,030			(14,610	)
Increase (decrease) in related party payables		173,230			7,500
Increase (decrease) in deferred revenue		-			(1,889	)
Increase (decrease) in accrued interest		85,674			26,211
Net cash provided by (used) in operating activities		(266,421	)		(236,580	)
Cash flows from investing activities:
Capital expenditures		(89,651	)		(26,203	)
Cash from acquisitions		-			19,208
Net cash provided by (used) in investing activities		(89,651	)		(6,995	)
Cash flows from financing activities:
Proceeds from convertible promissory notes		200,000			550,000
Proceeds from related party convertible promissory notes		50,000			-
Proceeds from promissory notes		50,000			-
Proceeds from auto loan		-			22,203
Payments of auto loan		-			(617	)
Proceeds from loans		125,000			-
Payments on loans		(4,119	)		(1,280	)
Net cash provided by (Used) in financing activities		420,881			570,306
Increase (decrease) in cash		64,809			326,731
Cash and cash equivalents at beginning of period		68,153			9,232
Cash and cash equivalents at end of period	$	132,962		$	335,963
Supplemental disclosures of cash flow information
Cash paid during the year for:
Taxes paid	$	-		$	-
Interest paid	$	-		$	-
Non-cash operating activities:
Value of common stock issued in exchange for services	$	253,031		$	972,049
Debt discount recorded for value of commo stock issued	$	230,000		$	-

(The accompanying notes are an integral part of these consolidated financial statements)

MULTIMEDIA PLATFORMS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED ~~MARCH~~JUNE 3130, 2016 AND 2015

NOTE 1 – ORGANIZATION AND GOING CONCERN

Organization

Our company's name is Multimedia Platforms, Inc. (the "Company"). The Company was incorporated on April 3, 1996 in the State of Nevada as Jubilee Trading Corp. On March 3, 2002, the Company changed its name to PorFavor Corp. From inception until March 2010, we operated as a broker of structural wood materials. On February 4, 2011, The Company acquired ExploreAnywhere Inc. and changed its name to the same. On December 24, 2013, the Company changed its name to Sports Media Entertainment Corp. in anticipation of a future merger.

On January 9, 2015, Multimedia Platforms, Inc. (the "Registrant" and "Legal Acquirer") entered, and on February 2, 2015, closed, a Share Exchange Agreement (the "Merger"), between and among the Company and Multimedia Platforms, LLC, a Florida Limited Liability Corporation ("MMP LLC") ("Accounting Acquirer"), all the members of MMP LLC (the "Members"), Harrison Holdings, LLC and Amalfi Coast Capital (collectively, the "Debt Holders"). Pursuant to the Merger, the Registrant was (i) to issue to the Debt Holders a total of 4,000,000 shares of Series B Convertible Preferred stock in exchange for all the indebtedness of the Company totaling approximately $688,138 as of December 31, 2014; (ii) to issue 21,320,832 shares of restricted common stock; and (iii) to issue 34,390,199 shares of Series A Convertible Preferred stock (collectively, the "Merger Shares") to the Members in exchange for 100% of the Members interest in MMP LLC. The Merger Shares were adjusted such that 30,748,969 shares of restricted common stock, 27,212,694 shares of Series A Convertible Preferred stock and 4,000,000 shares of Series B Convertible Preferred stock were ultimately issued. The share issuances represented approximately 97.6% of the total issued and outstanding shares of preferred and common stock of the Registrant post-closing. As a result, the Company (i) became the 100% parent of MMP LLC; (ii) assumed the operations of MMP LLC; (iii) changed its name from Sports Media Entertainment Corp. to Multimedia Platforms, Inc.; and (iv) experienced a change in control.

The terms and conditions of the Merger gave rise to reverse merger accounting whereby MMP LLC was deemed the acquirer for accounting purposes. Consequently, the assets and liabilities and the historical operations of MMP LLC prior to the Merger are reflected in the financial statements and have been recorded at the historical cost basis of MMP LLC. Our financial statements include the assets and liabilities of both the Company and MMP LLC.

On January 16, 2015, the Company, with the approval of its board of directors and its majority shareholders by written consent in lieu of a meeting, filed a Certificate of Amendment and Certificate of Change (collectively, the "Amendments") with the Secretary of State of Nevada. As a result of the Amendments, the Company (i) changed its name to Multi Media Platforms, Inc., (ii) authorized a 1:30 (one-for-thirty) reverse-split of its issued and authorized common shares, (iii) authorized 40,000,000 Series A Preferred Stock, par value $0.001, and (iv) authorized 4,000,000 Series B Preferred Stock, par value $0.001.

On February 27, 2015, the Company completed the acquisition of Columbia Funmap, Inc., a New Jersey Corporation ("Funmap"). The purchase price reflects an enterprise value of approximately $3,479,834, including assumed indebtedness, and was funded from the issuance of 2,252,250 shares of restricted common stock and a $10,000 note. The acquisition of Funmap will allow the Company to gain a distribution foothold in 35 metropolitan areas in North America and acquire control of a respected and vital travel tool for ~~GLBT~~LGBT travelers, including the website www.gayosphere.com.

On June 17, 2015, the Company entered into an asset purchase agreement (the "Asset Purchase Agreement") with RND Enterprises, Inc. ("RND"), a New York company, pursuant to which the Company purchased substantially all of the assets of RND from its sole shareholder for a purchase price of $1,000,000, consisting of $200,000 in cash and $800,000 in restricted shares of common stock. Immediately prior to the transaction, the 5% shareholder of RND transferred all his interests in RND to Mr. Moyal for nominal amount. In consideration, the Company agreed to pay to the minority shareholder $30,000 in cash and issue 750,000 shares of common stock valued at $0.40 per share. In aggregate, the Company completed the acquisition transaction for an amount equal to $1,330,000, consisting of $230,000 in cash payable at closing and $1,100,000 in restricted shares of the Company's common stock, valued at $0.40 per share for a total of 2,750,000 shares. The transaction was closed on June 17, 2015. RND is engaged in the business of publishing an LGBT culture magazine known as Next Magazine.

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On September 8, 2015, the Company entered into a membership interest purchase agreement, dated as of September 8, 2015, with Mr. Michael A. Turner, the sole member of New Frontiers Media Holdings, LLC, ("Frontiers Media"), to purchase 100% of the membership interests of Frontiers Media. The purchase price reflects an enterprise value of approximately $4,730,000, including the issuance of an aggregate of 14,400,000 shares of the Company's common stock, of which 3,000,000 shares of common stock shall be placed in escrow to be released upon achieving certain milestones, $500,000 in cash, consisting of $250,000 payable at the closing date and the remaining $250,000 in the form of a Promissory Note payable at the earlier of March 31, 2016 or the closing of an underwritten offering of not less than $3,000,000, and assumed assets and liabilities. The transaction was closed on September 8, 2015. Frontiers Media is active in live events, digital, mobile, streaming video, print and outdoor signage, and is best known as the publisher of the gay lifestyle magazine, Frontiers.

Going Concern

The Company's financial statements are prepared using accounting principles generally accepted in the United States of America and applicable to a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

During the ~~three~~six months ended ~~March~~June 3130, 2016, the Company recognized net revenue of $~~704~~1,~~655~~459,168 and a net loss of $14,~~795~~698,~~248~~798 and had negative working capital of $5,~~660~~518,~~806~~237 as of ~~March~~June 3130, 2016.

In view of these conditions, the ability of the Company to continue as a going concern is in doubt and dependent upon achieving a profitable level of operations and on the ability of the Company to obtain necessary financing to fund ongoing operations. Historically, the Company has relied upon internally generated funds and funds from the sale of shares of stock, issuance of promissory notes and loans from its shareholders and private investors to finance its operations and growth. Management is planning to raise necessary additional funds for working capital through loans and/or additional sales of its common stock. However, there is no assurance that the Company will be successful in raising additional capital or that such additional funds will be available on acceptable terms, if at all. Should the Company be unable to raise this amount of capital its operating plans will be limited to the amount of capital that it can access. These financial statements do not give effect to any adjustments which will be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying financial statements.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The unaudited financial statements of Multimedia platforms, Inc. as of ~~March~~June 3130, 2016, and for the three and six months ended ~~March~~June 3130, 2016 and 2015, have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and include the Company's wholly-owned subsidiaries. Accordingly, they do not include all of the disclosures required by accounting principles generally accepted in the United States for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2015, as filed with the Securities and Exchange Commission as part of the Company's Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the interim financial information have been included. The Company did not record an income tax provision during the periods presented due to net taxable losses. The results of operations for any interim period are not necessarily indicative of the results of operations for the entire year.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Columbia Funmap, Inc., New Frontiers Media Holdings, LLC and Multimedia Platforms, LLC. All intercompany transactions and balances have been eliminated in consolidation. As of ~~March~~June 3130, 2016, the Company has a 100% interest in Columbia Funmap, Inc., 100% interest in New Frontiers Media Holdings, LLC and 100% interest in Multimedia Platforms, LLC. The results of each of these entities are consolidated with the Company's results from and after their respective acquisition dates based on guidance from the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") No. 810, "Consolidation" ("ASC 810").

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Accounting estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates.

Cash and cash equivalents

The Company maintains cash balances at two financial institutions. The Company considers all highly liquid instruments purchased with an original maturity of three months or less and money market accounts to be cash equivalents.

Accounts receivable

Accounts receivable represent receivables from customers for the sale of advertising, website listings, sponsorships and events. Our receivables are recorded as invoiced and represent claims that will be settled in cash. Our collection policy is that payment is due at time of advertising printing. NoThe ~~allowance~~Company ~~for~~has ~~doubtful~~recorded ~~accounts~~a ~~are~~$45,000 ~~considered~~allowance ~~necessary to be established~~ for ~~amounts~~doubtful ~~that may not be recoverable as our collection history is good and write-offs have been minimal~~accounts.

Property, plant, and equipment

Fixed assets are carried at cost, less accumulated depreciation and amortization. Major improvements are capitalized, while repair and maintenance are expensed when incurred. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period.

For federal income tax purposes, depreciation is computed under the modified accelerated cost recovery system. Depreciation for financial statement purposes is computed on a straight-line basis over estimated useful lives of the related assets. The estimated useful lives of depreciable assets are:

		EstimatedUseful Lives
		Estimated
Office Equipment		3-5 years
		Useful Lives
Furniture & equipment		5 - 7 years
Office Equipment		3 - 5 years
Furniture & equipment		5 - 7 years

Long-lived assets

The Company accounts for long-lived assets at cost. Other long-lived assets consist principally of property and equipment and identifiable intangible assets with finite useful lives (subject to amortization and depreciation). The Company may impair these assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. The Company assesses the recoverability of long-lived assets using an assessment of the estimated undiscounted future cash flows related to such assets. In the event that assets are found to be carried at amounts which are in excess of estimated gross future cash flows, the assets will be adjusted for impairment to a level commensurate with fair value determined using a discounted cash flow analysis of the underlying assets.

Goodwill

We evaluate goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicates the carrying value may not be recoverable. We test goodwill for impairment by first comparing the book value of net assets to the fair value of the reporting units. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more likely than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value. We estimate the fair value of the reporting units using discounted cash flows. Forecasts of future cash flows are based on our best estimate of future net sales and operating expenses and general economic conditions.

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Revenue Recognition

Revenues are recognized when persuasive evidence of an arrangement exists, the fees are fixed or determinable, the product or service has been delivered and collectability is reasonably assured. We consider the terms of each arrangement to determine the appropriate accounting treatment.

Advertising Revenues

10Advertising revenues are recognized at the magazine cover date, net of agency commissions and discounts. Advertising revenues from websites are recognized as impressions are delivered or as the services are performed. Customer payments received in advance of the performance of advertising services are recorded as deferred revenue in the Balance Sheets.

Concentrations of credit risk

The Company performs ongoing credit evaluations of its customers. During the three and six months ended ~~March~~June 3130, 2016 and 2015, no customer accounted greater than 10% of revenue.

As of ~~March~~June 3130, 2016, ~~one~~no customer accounted for ~~12%~~greater ~~of accounts receivable. No other customers accounted for more~~ than 10% of accounts receivable.

Derivatives - Warrant Liability

The Company accounts for the common stock warrants issued and still outstanding as of ~~March~~June 3130, 2016 in connection with our 9% Convertible Notes (7,633,342 warrants) and Firstfire note (~~176~~576,000 warrants) in accordance with the guidance contained in ASC 815-40-15-7F, "Contracts in Entity's Own Equity". Under that provision the warrants were determined to be ineligible for equity classification due to provisions that may result in an adjustment to their conversion or exercise prices via a down-round feature and must be recorded as a liability. Accordingly, the Company classifies the warrant instrument as a liability at its fair value and adjusts the instrument to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company's statements of operations. The fair value of the warrants issued by the Company in connection with the 9% Convertible Notes and Firstfire note has been estimated using a Monte Carlo simulation.

The warrant derivative liability balance was $~~118~~77,~~559~~686 as of ~~March~~June 3130, 2016.

During the three and six months ended ~~March~~June 3130, 2016, the Company recognized a gain of $9647,~~169~~673 and $143,842, respectively, in the fair value of warrant related derivatives compared to a loss of $2,825,003 and $4,200,004 during the three and six months ended June 30, 2015, respectively. Subsequent changes to the fair value of the derivative liabilities will continue to require adjustments to their carrying value that will be recorded as other income (in the event that their value decreases) or as other expense (in the event that their value increases). In general (all other factors being equal), the Company will record income when the market value of the Company's common stock decreases and will record expense when the value of the Company's stock increases. The Company's derivative liability has been measured at fair value at ~~March~~June 3130, 2016 using a Monte-Carlo Simulation. Inputs into the model require estimates, including such items as estimated volatility of the Company's stock, estimated probabilities of additional financing, risk-free interest rate, dilution and the estimated life of the financial instruments being fair valued. In addition, since the conversion price contains an anti-dilution adjustment, the probability that the Conversion Price of the warrants would decrease as the share price decreased was also incorporated into the valuation calculation.

Derivatives - Bifurcated Conversion Option in Convertible Notes

The Company does not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. However, the Company has issued Convertible Notes with features that are either (i) not afforded equity classification, (ii) embody risks not clearly and closely related to host contracts, or (iii) may be net-cash settled by the counterparty. As required by ASC 815, Accounting for Derivative Financial Instruments and Hedging Activities, in certain instances, these instruments are required to be carried as derivative liabilities, at fair value, in our financial statements.

~~The~~10 ~~convertible~~Table ~~notes conversion derivative liability was $12,403 as~~ of ~~March 31, 2016~~Contents

11The convertible notes conversion derivative liability was $0 as of June 30, 2016

During the three and six months ended June 30, 2016, the Company recognized a gain of $12,403 and $236,594, respectively, in the fair value of bifurcated conversion option related derivatives compared to a loss of $2,935,709 and $4,191,170 during the three and six months ended June 30, 2015, respectively. The 9% Convertible Notes and Firstfire note issued during year ended December 31, 2015 are subject to anti-dilution adjustments that allow for the reduction in the Conversion Price, as defined in the agreement, in the event the Company subsequently issues equity securities including Common Stock or any security convertible or exchangeable for shares of Common Stock for a price less than the current conversion price. The Company bifurcated and accounted for the conversion option in accordance with ASC 815 as a derivative liability, since this conversion feature is not considered to be indexed to the Company's own stock. The Company's derivative liability has been measured at fair value at June 30, 2016 using a Monte-Carlo Simulation.

Fair Value of Financial Instruments

We adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include:

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Disclosures about fair value of financial instruments, requires disclosure of the fair value information, whether or not recognized in the balance sheet, where it is practicable to estimate that value. As of ~~March~~June 3130, 2016, the carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other current assets and liabilities approximate fair value due to relatively short periods to maturity. The fair value of derivative liabilities is estimated using option pricing models that are based on the individual characteristics of our warrants, common stock, and derivative liability on the valuation date as well as assumptions for volatility, remaining expected life, risk-free interest rate, and in some cases, credit spread. The derivative liabilities are the only Level 3 fair value measures.

At ~~March~~June 3130, 2016, the estimated Level 3 fair values of the liabilities measured on a recurring basis are as follows:

Fair Value Measurements at March 31, 2016

Fair Value Measurements at June 30, 2016

Carrying

(Level 1)

(Level 2)

(Level 3)

Assets

Total assets measured at fair value

Liabilities

Derivative liability – convertible notes

~~12,403~~-

Derivative liability - warrants

~~118~~77,~~559~~686

Total liabilities measured at fair value

~~130~~77,~~962~~686

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The following tables present the activity for Level 3 liabilities for the ~~year~~six months ended ~~March~~June 3130, 2016:

Fair Value Measurements Using Level 3 Inputs

	Warrant Derivative Liability			Note ConversionDerivative Liability			Total
Balance – December 31, 2015	$	236,594		$	214,728		$	451,322
Additions during the period		-			-6,800			-6,800
Total unrealized (gains) or losses included in net loss		(96236,~~169~~594	)		(~~224~~143,~~191~~842	)		(~~320~~380,~~360~~436	)
Balance – March 31, 2016	$	118,559		$	12,403		$	130,962
Balance – June 30, 2016	$	-		$	77,686		$	77,686

Cost of Revenues

Costs of revenues primarily relate to production (e.g., paper, printing and distribution) and editorial costs. Production costs directly related to publications are expensed in the period that revenue is recognized for a publication (e.g., on the cover date of a magazine). Staff costs recognized as costs of revenues are expensed as incurred.

Advertising Costs

Advertising costs are expensed as incurred. Advertising expense to third parties for the three months ended ~~March~~June 3130, 2016 and 2015 were $2,638 and $1,~~494~~487, respectively. Advertising expense to third parties for the six months ended June 30, 2016 and 2015 were $~~510~~4,132 and $1,997, respectively.

Shipping and Handling

Costs incurred for shipping and handling are reflected in Costs of revenues in the Statements of Operations.

Stock-Based Compensation

The Company accounts for all compensation related to stock, options or warrants using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. We use the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. In calculating this fair value, there are certain assumptions that we use consisting of the expected life of the option, risk-free interest rate, dividend yield, volatility and forfeiture rate. The use of a different estimate for any one of these components could have a material impact on the amount of calculated compensation expense.

13We periodically issue restricted common stock as compensation. Pursuant to ASC 505-50-30-6 issuances are valued using the market price of the stock or value of the services rendered on the date of the related agreement, whichever is more readily determinable.

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Income Taxes

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Classification of Interest and Penalties

Net Income (Loss) Per Share

The computation of basic earnings per share ("EPS") is based on the weighted average number of shares that were outstanding during the period, including shares of common stock that are issuable at the end of the reporting period. The computation of diluted EPS is based on the number of basic weighted-average shares outstanding plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common shares outstanding using the treasury stock method. The computation of diluted net income per share does not assume conversion, exercise or contingent issuance of securities that would have an antidilutive effect on earnings per share. Therefore, when calculating EPS, if the Company experienced a loss, there is no inclusion of dilutive securities as their inclusion in the EPS calculation is antidilutive. Furthermore, options and warrants will have a dilutive effect under the treasury stock method only when the average market price of the common stock during the period exceeds the exercise price of the options or warrants (they are in the money).

Following is the computation of basic and diluted net loss per share for the three and six months ended ~~March~~June 3130, 2016 and 2015:

	Three Months Ended
	June 30,						June 30,
	March 31,
	2016			2015			2016			2015
	2016			2015
Basic and Diluted EPS Computation
Basic and Diluted EPS Computation
Numerator:
Numerator:
Loss available to common stockholders'	$	(2,903,549	)	$	(6,880,165	)	$	(4,698,798	)	$	(13,474,290	)
Loss available to common stockholders'	$	(1,795,248	)	$	(6,594,125	)
Denominator:
Denominator:
Weighted average number of common shares outstanding		72,714,860			35,798,817			70,544,907			34,134,789
Weighted average number of common shares outstanding		67,987,870			32,482,799
Basic and diluted EPS	$	(0.04	)	$	(0.19	)	$	(0.07	)	$	(0.39	)
Basic and diluted EPS	$	(0.03	)	$	(0.20	)

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Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive are as follows (in common stock equivalent shares):

Series A preferred stock	17,999,995	-27,212,694	17,999,995	27,212,694
Series B preferred stock	1,435,598	-4,000,000	1,435,598	4,000,000
Convertible promissory notes	1014,~~044~~850,~~187~~818	-5,491,591	14,850,818	5,491,591
Common stock purchase warrants	17,~~151~~551,009	-6,050,002	17,551,009	6,050,002

Recent Accounting Pronouncements

In September 2015, the FASB issued Accounting Standards Update ("ASU") 2015-16, Business Combinations (Topic 805). This ASU eliminates the requirement for retrospective application of measurement period adjustments relating to provisional amounts recorded in a business combination as of the acquisition date. The amendments in this update require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. For public business entities, the amendments will be effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company does not expect this accounting update to have a material effect on its consolidated financial statements in future periods, although that could change.

In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40). This ASU provides guidance about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the software license element of the arrangement should be accounted for consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the arrangement should be accounted for as a service contract. For public business entities, the amendments will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted.

In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU requires retrospective adoption and will be effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years. We expect the adoption of this guidance will not have a material impact on our financial statements.

In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis", which amends the consolidation requirements in ASC 810 and significantly changes the consolidation analysis required under U.S. GAAP relating to whether or not to consolidate certain legal entities. Early adoption is permitted. The Company's effective date for adoption is January 1, 2016. The Company does not expect this accounting update to have a material effect on its consolidated financial statements in future periods, although that could change.

In January 2015, the FASB issued ASU 2015-01, "Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items", which eliminates the concept from U.S. GAAP the concept of an extraordinary item. Under the ASU, an entity will no longer (1) segregate an extraordinary item from the results of ordinary operations; (2) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; or (3) disclose income taxes and earnings-per-share data applicable to an extraordinary item. Early adoption is permitted. The Company's effective date for adoption is January 1, 2016. The Company does not expect this accounting update to have a material effect on its consolidated financial statements in future periods, although that could change.

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, to clarify the principles used to recognize revenue for all entities. In March 2016, the FASB issued ASU 2016-08 to further clarify the implementation guidance on principal versus agent considerations. The guidance is effective for annual and interim periods beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the impact, if any, that the adoption of this guidance will have on the Company's consolidated financial statements and related disclosures.

We review new accounting standards as issued. Although some of these accounting standards issued or effective after the end of our previous fiscal year may be applicable to us, we have not identified any standards that we believe merit further discussion. We believe that none of the new standards will have a significant impact on our financial statements.

~~NOTE~~14 3Table -of ~~FIXED ASSETS~~Contents

NOTE 3 - Fixed Assets

Fixed assets consisted of the following:

	March 31,			December 31,
	June 30,			December 31,
	2016			2015
Office equipment	$	24,599		$	24,599
Furniture and fixtures		18,234			18,234
Total fixed assets		42,833			42,833
Accumulated depreciation		(710,~~564~~528	)		(4,600	)
Fixed assets, net	$	3532,~~269~~305		$	38,233

During the three months ended ~~March~~June 3130, 2016 and 2015, the Company recognized $2,964 and $~~874~~50, respectively, in depreciation expense. During the six months ended June 30, 2016 and 2015, the Company recognized $5,928 and $50, respectively, in depreciation expense.

NOTE 4 – INTANGIBLE ASSETS

The components of intangible assets consisted of the following:

	Estimated Useful Life			March 31,				December 31,
	EstimatedUseful Life		June 30,				December 31,
	(Years)		2016	~~2016~~			2015	~~2015~~
Customer lists	2	2	$	$500,000	~~500,000~~		$	$500,000	~~500,000~~
Website development	5	5		247,641	~~193,641~~			103,990	~~103,990~~
Accumulated amortization				(227,170	~~(152,288~~)	)		(83,333	~~(83,333~~)	)
Intangible assets, net			$	$520,471	~~541,353~~		$	$520,657	~~520,657~~

During 2015 and the ~~three~~six months ended ~~March~~June 3130, 2016, the Company began development of WiRLD.com and capitalized $103,990 and $89143,651, respectively, pursuant to ASC 350-50, Intangibles – Goodwill and Other. Also, during 2015, the Company allocated $500,000 to customer lists as a result of the acquisition of Frontiers Media Holdings, LLC on September 8, 2015. The Company recognized amortization expense of $6874,~~954~~882 and $143,837 during the three and six months ended ~~March~~June 3130, 2016, respectively.

The estimated future aggregated amortization expense for intangible assets owned as of ~~March~~June 3130, 2016 consisted of the following:

	Amortization Expense
2016		~~216~~149,~~546~~764
2017		~~205~~216,~~395~~195
2018		3849,~~729~~529
2019		3849,~~729~~528
2020		3849,~~729~~528
Thereafter		35,~~225~~927
		541,353
		520,471

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NOTE 5 – DEBT AND RELATED LIABILITIES

As of ~~March~~June 3130, 2016, the Company had the following debt and related liability balances:

As of March 31, 2016:

				Debt and Related Liabilities
				Current															Non Current
	Note Holder	Issue Date	Maturity Date	Convertible Promissory Notes			Notes - Related Party			Promissory Notes			Line of Credit		Due to Related Parties		Accrued Interest		Convertible Promissory Notes		Line of Credit

⁽¹⁾	9% Convertible promissory notes	Various	9/18/16 to 3/28/17	$	2,365,000		$	-		$	-		$	-	$	-	$	122,368	$	-	$	-
⁽¹⁾	Firstfire Global Opportunities Fund	12/15/2015	1/16/2017		196,000			-			-			-		-		4,869		-		-
⁽¹⁾	Lincoln Park Capital Fund, LLC	8/21/2015	12/31/2016		300,000			-			-			-		-		13,144		-		-
⁽¹⁾	Terry King	10/29/2015	10/29/2016		50,000			-			-			-		-		3,102		-		-
⁽¹⁾	Terry King	1/6/2016	1/6/2017		50,000			-			-			-		-		2,202		-		-
⁽²⁾	Mark Friedman	10/15/2015	2/12/2016		-			25,000			-			-		-		10,000		-		-
⁽²⁾	Lawerence Rutstein, Chairman	10/15/2015	2/12/2016		-			25,000			-			-		-		10,000		-		-
⁽¹⁾	Lawerence Rutstein, Chairman	11/6/2015	5/4/2016		-			250,000			-			-		-		10,785		-		-
⁽³⁾	Mark Friedman	2/18/2016	8/18/2016		-			25,000			-			-		-		729		-		-
⁽³⁾	Lawerence Rutstein, Chairman	2/18/2016	8/18/2016		-			25,000			-			-		-		729		-		-
⁽³⁾	$400,000 bridge note offering	2/18/2016	8/1/2016		-			-			200,000			-		-		6,560		-		-
⁽⁴⁾	Michael Turner	11/8/2015	3/31/2016		-			250,000			-			-		-		9,124		-		-
⁽⁵⁾	Various	11/6/2014 - 7/19/2015	3/31/2015 - 9/30/2015		-			-			159,000			-		-		11,325		-		-
⁽⁶⁾	Crown Bridge Partners, LLC	4/8/2016	4/8/2017		50,000			-			-			-		-		918		-		-
⁽⁷⁾	Santander bank line of credit				-			-			-			15,131		-		-		-		27,850
⁽⁸⁾	Complete Business Solutions				-			-			-			101,111		-		-		-		-
⁽⁹⁾	Various related parties				-			-			-			-		497,513		-		-		-
	Totals				3,011,000			600,000			359,000			116,242		497,513		205,855		-		27,850
	Debt discount				(859,359	)		(5,275	)		(35,165	)		-		-		-		-		-
	Balance			$	2,151,641		$	594,725		$	323,835		$	116,242	$	497,513	$	205,855	$	-	$	27,850

				Debt and Related Liabilities
				Current															Non Current
	Note Holder	IssueDate	MaturityDate	Convertible Promissory Notes			Notes - Related Party			Promissory Notes			Line of Credit		Due to Related Parties		Accrued Interest		Convertible Promissory Notes		Line of Credit
(1)	9% Convertible promissory notes	Various	9/18/16 to 3/28/17	$	2,365,000		$	-		$	-		$	-	$	-	$	69,174	$	-	$	-
(1)	Firstfire Global Opportunities Fund	12/15/2015	6/16/2016		176,000			-			-			-		-		2,594		-		-
(1)	Lincoln Park Capital Fund, LLC	8/21/2015	12/31/2016		300,000			-			-			-		-		9,288		-		-
(1)	Terry King	10/29/2015	10/29/2016		50,000			-			-			-		-		1,928		-		-
(2)	Mark Friedman	10/15/2015	2/12/2016		-			25,000			-			-		-		10,000		-		-
(2)	Lawerence Rutstein, Chairman	10/15/2015	2/12/2016		-			25,000			-			-		-		10,000		-		-
(1)	Lawerence Rutstein, Chairman	11/6/2015	5/4/2016		-			250,000			-			-		-		5,603		-		-
(3)	Mark Friedman	2/18/2016	8/18/2016		-			25,000			-			-		-		230		-		-
(3)	Lawerence Rutstein, Chairman	2/18/2016	8/18/2016		-			25,000			-			-		-		230		-		-
(3)	$400,000 bridge note offering	2/18/2016	8/1/2016		-			-			200,000			-		-		2,570		-		-
(4)	Michael Turner	11/8/2015	3/31/2016		-			250,000			-			-		-		6,319		-		-
(5)	Various	11/6/2014 - 7/19/2015	3/31/2015 - 9/30/2015		-			-			159,000			-		-		6,114		-		-
(1)	Terry King	1/6/2016	1/6/2017		50,000			-			-			-		-		1,048		-		-
(6)	Santander bank line of credit				-			-			-			14,994		-		-		-		31,297
(7)	Complete Business Solutions				-			-			-			164,306		-		-		-		-
(8)	Various related parties				-			-			-			-		493,232		-		-		-
	Totals				2,941,000			600,000			359,000			179,300		493,232		125,098		-		31,297
	Debt discount				(1,357,433	)		(60,311	)		(135,165	)		-		-		-		-		-
	Balance			$	1,583,567		$	539,689		$	223,835		$	179,300	$	493,232	$	125,098	$	-	$	31,297

_______________

^{(1) See disclosure below.(2) On October 15, 2015, Mark Friedman, Director and C. Lawrence Rutstein, Chairman, each loaned the Company $25,000 and received a promissory note with identical terms, including maturity date of 120 days on February 12, 2016 and one-time interest payment of $10,000 bringing the total due under each note to $35,000. No other consideration was exchanged under the promissory notes. The notes are in default as of the date of this current report.
⁽¹⁾ See disclosure below.

⁽²⁾ On October 15, 2015, Mark Friedman, Director and C. Lawrence Rutstein, Chairman, each loaned the Company $25,000 and received a promissory note with identical terms, including maturity date of 120 days on February 12, 2016 and one-time interest payment of $10,000 bringing the total due under each note to $35,000. No other consideration was exchanged under the promissory notes. The notes are in default as of the date of this current report.}

^{1816 Table of Contents}

^{(3) During the three months ended March 31, 2016, the Company initiated a private bridge note offering (the "Bridge Note Offering") for up to $400,000 consisting of an 8% promissory note (the "Bridge Note") and shares of common stock sold as units with each unit consisting of a $25,000 promissory note and 250,000 shares of common stock (the "Bridge Note OfferingUnits"). The notes are due and payable in six months or upon the receipt of no less than $2,000,000 of gross proceeds from a securities offering. Additionally, the promissory notes are secured by certain accounts receivable. The Company received $250,000 pursuant to the Bridge Note Offering. The Company allocated Bridge Note principal between the Bridge Note and the common stock based upon their relative fair values resulting in a debt discount of $230,000 which is being accreted over the six month term of the Bridge Notes. During the three and six months ended MarchJune 3130, 2016, the Company recognized $34,030988 and $8,018, respectively of interest expense. During the three and six months ended June 30, 2016, the Company recognized $74115,000 and $189,560, respectively of accretion related to the debt discount. The notes are in default as of the date of this current report.
(4) Promissory note with face amount of $250,000, interest of 4.5% and maturity of March 31, 2016 payable to Michael Turner, Director and President of Media Ventures Division pursuant to the purchase of New Frontiers Media, LLC on September 8, 2015,. The Note is currently in default. During the three and six months ended MarchJune 3130, 2016, the Company recognized $2,805 and $5,610, respectively, of interest expense with total accrued interest under this note totaling $69,319124. The Note is currently in default. see "NOTE 7 – BUSINESS COMBINATIONS" for additional information.
(5) Represents notes acquired with the acquisition of New Frontiers Media Holdings, LLC on September 8, 2015 (the "Frontiers Notes"). There are eight, unsecured promissory notes with principle balances ranging between $3,000 to $50,000 and bearing interest of 2% to 9%. The Frontiers Notes all matured by December 24, 2015 and are currently in default. During the three and six months ended MarchJune 3130, 2016, the Company recognized interest expense of $25,921211 and $8,132, respectively, with total accrued interest under these notes totaling $611,114325.
(6) RepresentsOn April 8, 2016, the Company and Crown Bridge Partners, LLC ("Crown") entered into a bank$50,000 loanConvertible acquiredPromissory withNote (the acquisition"Crown Note"). The Company received proceeds of Columbia$38,000 Funmapnet of a $5,000 Incoriginal issue discount and $7,000 of legal fees. onThe FebruaryCrown 27Note matures in one year, 2015bears interest of 8%, default interst of 22% and is convertible at any time into shares of common stock at a conversion price equal to 61% of the lowest trade price in the twenty trading days previous to the conversion. The loanintrinsic value of the beneficial conversion feature was establishedcomputed as the difference between the fair value of the common stock issuable upon conversion of the Crown Note and the total price to convert based on Decemberthe 13effective conversion price on the date of issuance. The calculated intrinsic value was $114,000. 2012As this amount resulted in a total debt discount that exceeds the originalCrown Note proceeds, the amount recorded for the beneficial conversion feature was limited to the principal amount of the Crown Note. The resulting $7550,000. Paymentsdiscount is being accreted over the 12 month term of principalthe Crown Note. During the three and interestsix aremonths dueended monthlyJune at30, a2016, variablethe Company recognized interest rateexpense currentlyof at$918 4%.and Paymentsdebt arediscount approximatelyaccretion of $211,600 per month370.
(7) WorkingRepresents capitala bank loan providedacquired bywith Completethe Businessacquisition Solutionsof Columbia Funmap, Inc. on February 27, 2015. The Companyloan receivedwas $125established on December 13,000 and2012 isin obligatedthe tooriginal repayamount of $17575,000. overPayments 180of businessprincipal daysand interest are due monthly at $972a variable interest rate currently at 4%.22 Payments are approximately $1,250 per daymonth.
(8) Non-interestWorking bearingcapital advancesloan provided by relatedComplete partiesBusiness used to cover operations and overhead costs not covered by revenuesSolutions. AsThe ofCompany Marchreceived 31, 2016, includes $227125,084000 to Alan Beck, shareholder and consultant,is $118,697obligated to TBGrepay Holdings Corporation owned, in part By Timothy Hart, former CFO and shareholder, $6175,595000 dueover to180 R3business Accountingdays ownedat by Timothy Hart, former CFO and shareholder, $122,500972.22 dueper to Michael Turner, shareholder and President of our digital media division and $18,356 due to Bobby Blairday.
(9) Non-interest bearing advances by related parties used to cover operations and overhead costs not covered by revenues. As of June 30, 2016, includes $337,000 to Alan Beck, shareholder and consultant and $160,000 due to Michael Turner, shareholder and President of our digital media division.}

9% Convertible Promissory Notes Financing of up to $2.5 million

From March 2015 to September 2015, the Company entered into certain securities purchase agreements (the "Agreements") with certain accredited investors (the "Investors"). Pursuant to the Agreements, the Company is conducting a private bridge note offering, up to $2,500,000, consisting of 9% Convertible Promissory Notes (the "9% Convertible Notes") which may be voluntarily converted into shares of the Company's common stock and four-year warrants (the "Company Warrant") to purchase shares of Company's common stock. The securities are sold as units, with each unit consisting of a 9% Convertible Note, in the principal amount of $50,000 and Company Warrant to purchase 166,667 shares of the common stock, pursuant to Section 4(a) (2) of the Securities Act of 1933, as amended (the "Securities Act") and Rule 506 of Regulation D ("Regulation D") and/or Regulation S ("Regulation S") as promulgated under the Securities Act.

1917 Table of Contents

The 9% Convertible Notes are due in 18 months and include interest at the rate of 9% per annum, due semi-annually. The initial interest payment is due in advance in cash or common stock (at the discretion of the Company) at $0.30 per share. Subsequent interest payments are payable at the discretion of the Investors in cash or common stock, with stock valued based on the 10 day VWAP for 10 days before the applicable interest due date. In the event of default, the 9% Convertible Notes interest rate shall increase to the lesser of fifteen percent (15%) or the highest rate permissible by law. The 9% Convertible Notes are convertible into common stock, at the Investor's option, at a price of $0.30 per share or 85% of the price common stock is sold at the next equity or convertible debt financing with gross proceeds to the Company of no less than $1,000,000 (the "Subsequent Financing"). Upon default the conversion price shall be permanently reduced to the lesser of $0.25 per share or the 10 day VWAP then in effect on the date of default.

At no time may the 9% Convertible Notes be converted into shares of our common stock if such conversion would result in the Investors and its affiliates owning an aggregate of shares of our common stock in excess of 9.99% of the then outstanding shares of our common stock, provided such percentage may increase or decrease upon not less than 61 days prior written notice from the Investor.

The Company Warrant has a four year term and an exercise price equal to the lesser of: (i) $0.75 or (ii) 85% of the price of the common stock (or common stock equivalents, or conversion price of debt instruments sold in such offering) sold at the Subsequent Financing. The Company Warrant includes the same ownership limitation described above in connection with the Company Note. The Company Warrant includes cashless exercise rights.

During the year ended December 31, 2015, the Company raised $2,365,000 from the issuance of 9% Convertible Notes and issued 7,633,342 of Company Warrants.

During the three months ended ~~March~~June 3130, 2016 and 2015, the Company recognized $53,194 and $46,~~110~~266, respectively, of interest expense. During the six months ended June 30, 2016 and 2015, the Company recognized $2699,~~211~~304 and $72,477, respectively, of interest expense. During the three months ended June 30, 2016 and 2015, the Company recognized $391,750 and $10148,~~285~~833, respectively, of debt discount accretion. During the six months ended June 30, 2016 and 2015, the Company recognized $783,500 and $159,118, respectively, of debt discount accretion.

Financing with Firstfire Global Opportunities Fund LLC

On December 15, 2015, the Company entered into a Securities Purchase Agreement with Firstfire Global Opportunities Fund LLC ("Firstfire"), for the sale of an unsecured, 5% convertible promissory note in the principle amount of $176,000 and 176,000 stock purchase warrants allowing Firstfire to purchase up to 176,000 shares of the Company's common stock at an exercise price of $0.40 for a period of five (5) years. On December 16, 2015, the Company received $150,000 net of a 10% original issue discount and legal fees and issued a convertible promissory note (the "Firstfire Note") in the amount of $176,000. The Firstfire Note iswas due in six ~~(6)~~ months on June 16, 2016 ("Firstfire Note Maturity Date"), accrues interest at the rate of 5% per annum and is convertible into shares of common stock as described below. In no event shall Firstfire effect a conversion if such conversion results in Firstfire beneficially owning in excess of 4.99% of the outstanding common stock of the Company. Under the terms of the Firstfire Note, the Company agreed to pay Firstfire as follows:

· if paid by the Maturity Date, the principal sum of $176,000.00 and interest at the rate of five percent (5%); · if $0.00 of principal is paid by the Firstfire Note Maturity Date, then the principle sum of the face amount will be increased by 50% or $88,000 to the purchase price of $264,000.00 to be paid, at the discretion of Firstfire, in the form of cash or conversion into Common Stock plus interest; or · if a portion of the principal is paid plus interest in cash by the Firstfire Note Maturity Date, the face amount of the purchase price of $264,000 will be reduced by the amount that is 150% of the amount paid in cash by the Firstfire Note Maturity Date.

The Firstfire Note is unsecured but is a senior obligation of the Company, with priority over all existing and future indebtedness (as defined in the Firstfire Note) of the Company, except that the Firstfire Note is treated pari passu with future indebtedness that is equal to, or exceeds, $250,000.00.

Under the terms of the Firstfire Note, Firstfire has the right to convert at any time beginning on the Firstfire Note Maturity Date. The conversion price is $0.30. If, prior to the repayment or conversion of the Firstfire Note, the Company consummates a registered or unregistered primary offering of its securities for capital raising purposes, Firstfire has the right to (x) demand full repayment as determined under the terms of the note or (y) convert any outstanding principal amount and interest into Common Stock at the closing of such primary offering at a conversion price equal to the $0.30. If an event of default (as defined in the Firstfire Note) occurs, the conversion price shall equal the lower of (A) $0.30 and (B) a 10% discount to the offering price to investors in the primary offering.

~~Under~~18 ~~the~~Table ~~terms~~ of the Firstfire Note, the Company may pre-pay the outstanding principal amount of the Firstfire Note plus accrued interest upon three (3) Trading Days prior written notice to Firstfire. If the Company exercises its right to prepay the Firstfire Note, the pre-payment amount will be equal to the sum of: (A) within 90 days of the Closing Date, 110% and (B) thereafter, 115%, multiplied by principal amount, plus accrued and default interest.Contents

AsUnder ~~additional consideration,~~ the ~~Company~~terms ~~granted~~of the Firstfire aNote, ~~warrant~~the toCompany ~~purchase~~may ~~176,000~~pre-pay ~~shares~~the ofoutstanding ~~our~~principal ~~common~~amount ~~stock~~of (the "Firstfire ~~Warrant").~~Note ~~The~~plus ~~Firstfire~~accrued ~~Warrant~~interest ~~has~~upon athree ~~five-year~~Trading ~~term~~Days ~~and~~prior anwritten ~~exercise~~notice ~~price equal~~ to ~~the lesser of: (i) $0~~Firstfire.40 orIf ~~(ii)~~ the ~~price~~Company ofexercises ~~our~~its ~~common~~right ~~stock~~to ~~(or~~prepay ~~common~~the ~~stock~~Firstfire ~~equivalents~~Note, orthe ~~conversion~~pre-payment ~~price~~amount ofwill ~~debt~~be ~~instruments~~equal ~~sold in such offering) sold and entitling any person~~ to ~~acquire~~the ~~shares~~sum of: ~~common stock at an effective price per share that is lower than the then exercise price~~ (~~currently $0.40~~A). ~~Such~~within ~~adjustment~~90 ~~shall~~days ~~be made whenever such common stock or other securities are issued. Pursuant to the terms~~ of the ~~Firstfire~~Closing ~~Warrant~~Date, no110% ~~adjustment~~and to(B) ~~the~~thereafter, ~~exercise~~115%, ~~price~~multiplied ~~will~~by beprincipal ~~made~~amount, inplus ~~respect~~accrued ofand andefault ~~"exempt issuance"~~interest.

As additional consideration, the Company granted Firstfire a warrant to purchase 176,000 shares of our common stock (the "Firstfire Warrant"). The Firstfire Warrant has a five-year term and an exercise price equal to the lesser of: (i) $0.40 or (ii) the price of our common stock (or common stock equivalents, or conversion price of debt instruments sold in such offering) sold and entitling any person to acquire shares of common stock at an effective price per share that is lower than the then exercise price. Such adjustment shall be made whenever such common stock or other securities are issued. Pursuant to the terms of the Firstfire Warrant, no adjustment to the exercise price will be made in respect of an "exempt issuance".

The Firstfire Warrant includes the same ownership limitation described above in connection with the Firstfire Note. The Firstfire Warrant includes cashless exercise rights if a registration statement covering the resale of the Firstfire Warrant shares is not available for the resale of such Firstfire Warrant shares.

~~The~~On June 16, 2016 Firstfire ~~Note~~and the Company entered into an Amendment and ~~Firstfire~~Waiver ~~Warrant~~Agreement ~~were~~(the ~~issued~~"FirstfireAmendment byNo. 1"). Pursuant the ~~Company~~Firstfire ~~under~~Amendment No. 1, the ~~exemption~~Firstfire ~~from~~Note ~~registration~~shall ~~afforded~~be byexchanged ~~Section~~for 4(a~~)(2)~~ new debenture with identical terms as Firstfire Note as described above except the principle amount of the ~~Securities~~new ~~Act~~debenture shall be increased by $20,000, asthe ~~amended~~maturity ~~and/or~~date ~~Regulation~~extended Dto ~~promulgated~~July ~~thereunder~~13, as2016 and the ~~securities~~new ~~were~~debenture ~~issued~~conversion price shall be amended to ~~accredited~~provide ~~investors~~that upon default by MMP, ~~without~~the aconversion ~~view~~price will be permanently reset to ~~distribution~~$0.02. Additionally, ~~and~~400,000 ~~were~~common ~~not~~stock purchase warrants (the "Firstfire Warrant No. 2") were issued ~~through~~with ~~any~~a ~~general~~five ~~solicitation~~year orlife ~~advertisement~~and $0.30 exercise price subject to adjustment for dilutive issuances with identical terms to the Firstfire Warrant.

~~Because~~The ~~the~~securities ~~economic~~purchased ~~characteristics~~by ~~and risks of the equitylinked conversion options contained in the~~ Firstfire ~~Note~~were ~~are~~issued ~~not~~by ~~clearly and closely related to a debt-type host,~~ the ~~conversion~~Company ~~features~~under ~~require classification and measurement as derivative financial instruments. Additionally, due to~~ the ~~down-round~~exemption ~~feature~~from ~~contained~~registration inafforded ~~the~~by ~~Firstfire~~Section ~~Warrant, it too is classified on the balance sheet as~~ 4(a ~~liability with both instruments revalued each period with changes in value recorded as other income~~ )(~~expense~~2). ~~The initial fair value~~ of the ~~Firstfire~~Securities ~~Note derivative liability was $289~~Act,~~291~~ ~~and~~as ~~determined~~amended ~~using Monte Carlo simulation with the following inputs: quoted market price - $0.70; conversion price - $0.30, volatility - 60%; term - 0.5 years;~~ and/or ~~risk-free~~Regulation ~~interest~~D ~~rate~~promulgated ~~- 1.50%~~thereunder, ~~resulting~~as ~~in a fair value per share of $0.49 multiplied by~~ the ~~586,667~~securities ~~shares~~were ~~that would be~~ issued ifto ~~the~~accredited ~~Firstfire Note was exercised on the issuance date. The Firstfire Warrant liability was $77~~investors,~~903~~ ~~and~~without ~~determined~~a ~~using~~view ~~Monte~~to ~~Carlo simulation with the following inputs: quoted market price - $0.70; conversion price - $0.40~~distribution, ~~volatility - 60%; term - 5 years;~~ and ~~risk-free~~were ~~interest~~not ~~rate - 1.50%, resulting in a fair value per share of $0.44 multiplied by the 176,000 shares that would be~~ issued ifthrough ~~the~~any ~~Firstfire~~general ~~Warrant~~solicitation ~~was~~or ~~exercised on the issuance date~~advertisement.

~~During~~Because the ~~three~~economic ~~months~~characteristics ~~ended~~and ~~March~~risks 31of the equitylinked conversion options contained in the Firstfire Note and Firstfire Amendment No. 1 are not clearly and closely related to a debt-type host, ~~2016~~the conversion features require classification and measurement as derivative financial instruments. Additionally, due to the ~~Company~~down-round ~~recognized~~feature $contained in the Firstfire Warrant and Firstfire Warrant No. 2,~~208~~ they too are classified on the balance sheet as a liability with all firstfire instruments revalued each period with changes in value recorded as other income (expense). The initial fair value of the Firstfire Amendment No 1. derivative liability was $0 and determined using Monte Carlo simulation with the following inputs: quoted market price - $0.02; conversion price - $0.30, volatility - 178%; term - 0.08 years; and risk-free interest ~~expense~~rate - 0.23%. The Firstfire Warrant No. 2liability was $6,800 and determined using Monte Carlo simulation with the following inputs: quoted market price - $870.02; conversion price - $0.30,~~043~~ volatility - 178%; term - 5 years; and risk-free interest rate - 1.10%, resulting in a fair value per share of ~~accretion~~$0.017 ~~related~~multiplied toby the ~~debt~~400,000 ~~discount~~shares that would be issued if the additional Firstfire Warrantswere exercised on the issuance date.

During the three and six months ended June 30, 2016, the Company recognized $2,275 and $4,483, respectively of interest expense. During the three and six months ended June 30, 2016, the Company recognized $80,452 and $167,495, respectively of accretion related to the debt discounts.

Derivative Liability related to the 9% Convertible Notes, Firstfire Note and Related Detachable Warrants

ASC Topic No. 815 - Derivatives and Hedging provides guidance on determining what types of instruments or embedded features in an instrument issued by a reporting entity can be considered indexed to its own stock for the purpose of evaluating the first criteria of the scope exception in the pronouncement on accounting for derivatives. These requirements can affect the accounting for warrants and convertible preferred instruments issued by the Company. As the conversion features within the 9% Convertible Notes, Firstfire Note and related detachable warrants issued in connection with said notes do not have fixed settlement provisions because their conversion and exercise prices may be lowered if the Company issues securities at lower prices in the future, the Company concluded that the instruments are not indexed to the Company's stock and are to be treated as derivative liabilities. The accounting treatment of derivative financial instruments requires that the Company record the initial fair value of the derivative first by allocating the fair value of the embedded derivative as a reduction to the face value of the debt recorded as a contra liability or debt discount to be accreted over the term of the note; and if the fair value of the embedded derivative exceeds the face value of the note, the excess embedded derivative fair value is expensed as other expense and the related liability increased. On each reporting date, the fair value of the embedded derivative is calculated with changes in value recorded to other expense. In determining the fair value of the derivative liabilities, the Company used a Monte Carlo simulation at ~~March~~June 3130, 2016.

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A summary of quantitative information with respect to valuation methodology and significant unobservable inputs used for the Company's 9% Convertible Notes, Firstfire Note and related warrant liabilities that are categorized within Level 3 of the fair value hierarchy as of ~~March~~June 3130, 2016 is as follows:

	March 31, 2016
	June 30,2016
Common stock issuable upon conversion of notes		8,~~717~~974,~~387~~664
Common stock issuable upon exercise of warrants		78,~~809~~209,342
Stock price	$	0.~~029~~0185
Volatility (Annual)		~~168~~178	%
Strike price	$0.75, 9% Convertible Note warrants; $0.40, Firstfire Note warrants; $0.30, ~~notes~~9% Convertible Notes
Risk-free rate	0.2118% to 0.8776%
Maturity date	3 - 5 years warrants; 0.208 – 01.685 years notes

The following table sets forth, by level within the fair value hierarchy, the Company's derivative liabilities that were accounted for at fair value on a recurring basis as of ~~March~~June 3130, 2016:

	Balance at December 31, 2015		Initial valuation of derivative liabilities upon issuance of new securities during the period		Increase (decrease) in fair value of derivative liabilities			Fair value of derivatives upon reclass to additional paid-in capital		Balance at ~~March~~June 3130, 2016
Warrants derivative liability	$	236,594	$	-	$	(~~224~~236,~~191~~594	)	$	-	$	~~12,403~~-
Convertible note conversion derivative liability		214,728		-6,800		(96143,~~169~~842	)		-		~~118~~77,~~559~~686
Total	$	451,322	$	-6,800	$	(~~320~~380,~~360~~436	)	$	-	$	~~130~~77,~~962~~686

Financing with Lincoln Park Capital Fund, LLC

On August 21, 2015, the Company issued a Senior Convertible Note (the "Senior Convertible Note") to Lincoln Park Capital Fund, LLC ("Lincoln Park") in the amount of $300,000. The Senior Convertible Note was issued pursuant to the terms of a Securities Purchase Agreement dated as of the same date. The Senior Convertible Note bears interest at the rate of 5% per annum (or 18% upon the occurrence of an event of default) and the principal and interest is due and payable in full on December 31, 2016. Interest may be paid in the Company's common stock if the Company meets certain conditions that would allow the issuance of the Company's common stock without any trading restrictions. The Senior Convertible Note included a $30,000 original issuance discount ("OID"). As a result, the net amount received in connection with the sale of the Senior Convertible Note was $270,000. The transaction was closed on August 24, 2015.

The Company has the right to prepay the Senior Convertible Note, pursuant to the terms thereof, at any time, provided it pays a prepayment amount of 120% of the then outstanding balance, accrued interest and interest payable from the date of prepayment to the Maturity Date. The Senior Convertible Note provides for customary events of default such as failing to timely make payments under the Senior Convertible Note when due and the occurrence of certain fundamental defaults, as described in the Senior Convertible Note.

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The principal amount of the Senior Convertible Note and all accrued interest is convertible at the option of Lincoln Park into shares of our common stock at any time. The conversion price of the Senior Convertible Note is $0.30, as adjusted for stock splits, stock dividends, stock combinations or other similar transactions as provided in the Note.

At no time may the Senior Convertible Note be converted into shares of our common stock if such conversion would result in Lincoln Park and its affiliates owning an aggregate of shares of our common stock in excess of 4.99% of the then outstanding shares of our common stock, provided such percentage may increase to 9.99% upon not less than 61 days prior written notice.

As additional consideration for the loan, the Company granted Lincoln Park a six-year warrant to purchase 1,000,000 shares of our common stock (the "Warrant") at an exercise price of $0.50 per share. The Warrant includes the same ownership limitation described above in connection with the Convertible Note. The Warrant includes cashless exercise rights.

The Senior Convertible Note and the Warrant were issued by the Company under the exemption from registration afforded by Section 4(a)(2) of the Securities Act, as amended and/or Regulation D promulgated thereunder, as the securities were issued to accredited investors, without a view to distribution, and were not issued through any general solicitation or advertisement.

The company determined that the Senior Convertible Note's conversion feature is indexed to the Company's stock, which is an input to a fair value measurement of a fixed-for-fixed option on equity shares. Thus, the conversion feature of the notes meets the scope exception under FASB ASC 815-40-15-7 and treatment under ASC 470-20 – Debt with Conversion and Other Options is appropriate. As a result, the Company first allocated Senior Convertible Note principal between the Senior Convertible Note, OID and the warrants based upon their relative fair values. The estimated fair value of the warrants was calculated using the Black-Scholes option pricing model and the following assumptions: market price of common stock - $0.30 per share; estimated volatility – 150%; 5-year risk free interest rate – 1.44%; expected dividend rate - 0% and expected life - 6 years. This resulted in allocating $137,695 to the warrants and $132,305 to the Senior Convertible Note and $30,000 to the OID. Next, the intrinsic value of the beneficial conversion feature (the "BCF") was computed as the difference between the fair value of the common stock issuable upon conversion of the Senior Convertible Note and the total price to convert based on the effective conversion price. The calculated intrinsic value was $1,667,695. As this amount resulted in a total debt discount that exceeds the Senior Convertible Note proceeds, the amount recorded for the BCF was limited to principal amount of the Senior Convertible Note. The resulting $300,000 discount is being accreted over the 16 month term of the Senior Convertible Note.

During the three and six months ended ~~March~~June 3130, 2016, the Company recognized $3,~~824~~856 and $5,206, respectively, of interest expense, and $54,819 and $109,638, respectively, of accretion related to the debt discount.

Financing with Terry King

On October 29, 2015, the Company issued a 9% Convertible Promissory Note (the "King Note") to Terry King ("Mr. King") in the amount of $50,000. The King Note was issued pursuant to the terms of a Note Purchase Agreement dated as of the same date. The King Note bears interest at the rate of 9% per annum (or 12% upon the occurrence of an event of default) and the principal and interest is due and payable in 12 months on October 29, 2016. The principal and all accrued interest is convertible at the option of Mr. King into shares of our common stock at any time at the conversion price of $0.40, as adjusted for stock splits, stock dividends, stock combinations or other similar transactions as provided in the King Note. At no time may the King Note be converted into shares of our common stock if such conversion would result in the Investors and its affiliates owning an aggregate of shares of our common stock in excess of 9.99% of the then outstanding shares of our common stock, provided such percentage may increase or decrease upon not less than 61 days prior written notice from the Investor.

As additional consideration for the loan, the Company granted Mr. King a four-year warrant to purchase 125,000 shares of our common stock (the "King Warrant") at an exercise price of $0.75 per share. The King Warrant includes the same ownership limitation described above in connection with the King Note. The King Warrant does not include cashless exercise rights.

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The company determined that the King Note's conversion feature is indexed to the Company's stock, which is an input to a fair value measurement of a fixed-for-fixed option on equity shares. Thus, the conversion feature of the King Note meets the scope exception under FASB ASC 815-40-15-7 and treatment under ASC 470-20 – Debt with Conversion and Other Options is appropriate. As a result, the Company first allocated King Note principal between the King Note and the King Warrants based upon their relative fair values. The estimated fair value of the King Warrants was calculated using the Black-Scholes option pricing model and the following assumptions: market price of common stock - $0.30 per share; estimated volatility – 150%; 5-year risk free interest rate – 1.53%; expected dividend rate - 0% and expected life - 4 years. This resulted in allocating $18,750 to the King Warrants and $31,250 to the King Note. Next, the intrinsic value of the BCF was computed as the difference between the fair value of the common stock issuable upon conversion of the King Note and the total price to convert based on the effective conversion price. The calculated intrinsic value was $100,000. As this amount resulted in a total debt discount that exceeds the King Note proceeds, the amount recorded for the BCF was limited to principal amount of the King Note. The resulting $50,000 discount is being accreted over the 12 month term of the King Note.

On January 6, 2016, the Company issued a 9% Convertible Promissory Note (the "King Note 2") to Mr. King in the amount of $50,000. The King Note 2 was issued pursuant to the terms of a Note Purchase Agreement dated as of the same date. The King Note 2 bears interest at the rate of 9% per annum (or 12% upon the occurrence of an event of default) and the principal and interest is due and payable in 12 months on ~~Janary~~January 6, 2017. The principal and all accrued interest is convertible at the option of Mr. King into shares of our common stock at any time at the conversion price of $0.40, as adjusted for stock splits, stock dividends, stock combinations or other similar transactions as provided in the King Note 2. At no time may the 9% Convertible Notes be converted into shares of our common stock if such conversion would result in the Investors and its affiliates owning an aggregate of shares of our common stock in excess of 9.99% of the then outstanding shares of our common stock, provided such percentage may increase or decrease upon not less than 61 days prior written notice from the Investor.

As additional consideration for the loan, the Company granted Mr. King a three-year warrant to purchase 166,667 shares of our common stock (the "King Warrant 2") at an exercise price of $0.40 per share. The King Warrant 2 includes the same ownership limitation described above in connection with the King Note 2. The King Warrant 2 does not include cashless exercise rights.

The company determined that the King Note 2 conversion feature is indexed to the Company's stock, which is an input to a fair value measurement of a fixed-for-fixed option on equity shares. Thus, the conversion feature of the King Note 2 meets the scope exception under FASB ASC 815-40-15-7 and treatment under ASC 470-20 – Debt with Conversion and Other Options is appropriate. As a result, Tthe Company first allocated King Note 2 principal between the King Note 2 and the King Warrant 2 based upon their relative fair values. The estimated fair value of the King Warrant 2 was calculated using the Black-Scholes option pricing model and the following assumptions: market price of common stock - $0.19 per share; estimated volatility – 158%; 3-year risk free interest rate – 1.26%; expected dividend rate - 0% and expected life - 3 years. This resulted in allocating $16,292 to the King Warrant 2 and $33,708 to the King Note 2. Next, the intrinsic value of the BCF was computed as the difference between the fair value of the common stock issuable upon conversion of the King Note 2 and the total price to convert based on the effective conversion price. The calculated intrinsic value was negative $9,958. As this amount resulted in a total debt discount that was less than the King Note 2 proceeds, the Company did not recognize any debt discount related to a BCF. The resulting $16,292 discount is being accreted over the 12 month term of the King Note 2.

The King Notes and King Warrants were issued by the Company under the exemption from registration afforded by Section 4(a)(2) of the Securities Act, as amended and/or Regulation D promulgated thereunder, as the securities were issued to accredited investors, without a view to distribution, and were not issued through any general solicitation or advertisement.

During the three and six months ended ~~March~~June 3130, 2016, the Company recognized $2,~~196~~328 and $4,524, respectively, of interest expense and $16,~~216~~483 and $32,699, respectively, of accretion related to the debt discount ~~related~~recorded tofor both King Notes.

Financing with C. Lawrence Rutstein, Chairman

On November 6, 2015, the Company issued an 8% Promissory Note (the "Rutstein Note") to C. Lawrence Rutstein, Chairman of the Board of the Company ("Mr. Rutstein ") in the amount of $250,000. The Rutstein Note was issued pursuant to the terms of a Promissory Note dated as of the same date. The Rutstein Note bears interest at the rate of 8% per annum and the principal and interest iswere due ~~and payable in 180 days~~ on May 4, 2016,. orThe ~~upon~~Rutstein ~~the~~Note ~~consummation~~is ofcurrently ain ~~financing with gross proceeds to the Company of no less than $1,000,000~~default.

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In consideration for the financing, the Company issued Mr. Rutstein a Common Stock Purchase Warrant (the "Rutstein Financing Warrant"), dated as of November 13, 2015, for 500,000 shares of the Company's common stock, which is exercisable in whole or in part, for an exercise price equal to $0.50 per share. The Rutstein Financing Warrant terminates four years from the date of issuance. The exercise price and number of shares of the Company's common stock issuable under the Rutstein Financing Warrant are subject to adjustments for stock dividends, splits, combinations and certain other events as set forth in the Rutstein Financing Warrant.

The Company allocated Rutstein Note principal between the Rutstein Note and the Rutstein Financing Warrant based upon their relative fair values. The estimated fair value of the Rutstein Financing Warrant was calculated using the Black-Scholes option pricing model and the following assumptions: market price of common stock - $1.15 per share; estimated volatility – 149%; 3-year risk free interest rate – 1.20%; expected dividend rate - 0% and expected life - 4 years. This resulted in allocating $169,459 to the Rutstein Financing Warrant and $80,541 to the Rutstein Note. The resulting $169,459 discount iswas ~~being~~ accreted over the six month term of the Rutstein Note.

During the three and six months ended ~~March~~June 3130, 2016, the Company recognized $5,~~080~~182 and $10,262, respectively, of interest expense and $8440,~~730~~036 and $124,766, respectively, of accretion related to the debt discount. ~~Additionally,~~The ~~the~~ Company repaid $2,500 of accrued interest during the six months ended June 30, 2016.

NOTE 6 – STOCKHOLDERS' EQUITY

Preferred and Common Stock

As of ~~March~~June 3130, 2016 and December 31, 2015, there were 6571,~~888~~188,923 and 52,268,504 shares of common stock outstanding, respectively. As of ~~March~~June 3130, 2016 and December 31, 2015 there were 17,999,995 shares of Series A Preferred Stock and 1,435,598 shares of Series B Preferred Stock outstanding; convertible into common stock at a ratio of one-for-one. Additionally, the Company has recorded in the equity section of its balance sheet $905,000 as common stock payable which relates to common stock to be issued related to the following: 1) 3,000,000 shares due in exchange for the purchase of New Frontiers Media Holdings, LLC; 2) 500,000 shares due as part of the Bridge Note Offering Units; and 3) 1,514,359 shares due in exchange for consulting services. All shares related to amounts recorded to common stock payable are reflected on an as-if issued basis for purposes of the weighted average share calculations reflected on the statement of operations. All share and per share amounts have been retrospectively restated to reflect the one-for-thirty reverse stock split affected January 16, 2015.

During the ~~three~~six months ended ~~March~~June 3130, 2016, the Company issued preferred stock and common stock as follows:

· Issued ~~220~~11,400,000 shares of restricted common stock pursuant to the 2015 purchase of New Frontiers Media Holdings, LLC valued at $3,420,000. · Issued 2,000,000 shares and became obligated to issue another 500,000 shares pursuant to the Bridge Note Offering. The shares issued were valued between $0.06 and $0.10 on the date of issuance and recorded as a $230,000 debt discount to the proceeds from the Bridge Notes. · Issued 520,419 shares of restricted common stock and recognized $3036,000 of stock compensation expense in exchange for services valued at the fair value of services performed. · Issued 25,000,000 shares ~~and~~to ~~became~~Maxim ~~obligated~~Group, LLC as placement agent pursuant to ~~issue~~an ~~another~~engagement ~~500~~agreement for the public offering of common stock. The shares were valued at $100,000 ~~shares~~and ~~pursuant~~capitalized toin deferred financing costs until the ~~Bridge~~closing ~~Note~~of ~~Offering~~an offering at which time the asset will be reclassified as a charge to equity.

Each share of Series A Preferred shall: (i) have a par value of $0.001 per share, (ii) rank on parity with the Company's common stock and any class of series of capital stock hereafter created, and (iii) be convertible into one share of common stock at the option of the holder until January 1, 2017 after which the right to convert to common stock ceases. Holders of the Series A Preferred are entitled to vote on all matters submitted to the Company's stockholders and are entitled to such number of votes as is equal to twice the number of shares of Series A Preferred stock such holder owns. The holders of Series A Preferred stock are not entitled to any dividends declared by the Company nor do such holders have any liquidation preferences or any other asset distribution rights as it relates to the Company.

Each share of Series B Preferred shall: (i) have a par value of $0.001 per share, (ii) rank on parity with the Company's common stock and any class of series of capital stock hereafter created, but not higher than the Series A Convertible Preferred Stock, and (iii) be convertible into one share of common stock at the option of the holder until January 1, 2017 after which the right to convert to common stock ceases. Holders of the Series B Preferred have no voting rights, are not entitled to any dividends declared by the Company or have any liquidation preferences or any other asset distribution rights as it relates to the Company.

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Common Stock Warrants

Each of the Company's warrants outstanding entitles the holder to purchase one share of the Company's common stock for each warrant share held. A summary of the Company's warrants outstanding and exercisable as of ~~March~~June 3130, 2016 and December 31, 2015 is as follows:

		Number of Warrants as of:	~~Number of Warrants as of:~~
			March 31, 2016			December 31, 2015			Exercise Price			Date of Issuance		Expiration Date
		June 30,2016			December 31,2015			ExercisePrice			Date ofIssuance		ExpirationDate
(1	)			7,633,342			7,633,342		$	0.75		2015		2020
(1)			7,633,342			7,633,342		$	0.75		2015		2020
(2	)			800,000			800,000		$	0.75		April 15, 2015		March 20, 2019
(2)			800,000			800,000		$	0.75		April 15, 2015		March 20, 2019
(3	)			1,500,000			1,500,000		$	0.30		June 30, 3015		June 30, 2020
(3)			1,500,000			1,500,000		$	0.30		June 30, 3015		June 30, 2020
(4	)			1,500,000			1,500,000		$	0.30		July 29, 2015		July 29, 2020
(4)			1,500,000			1,500,000		$	0.30		July 29, 2015		July 29, 2020
(4	)			1,500,000			1,500,000		$	0.30		July 29, 2015		July 29, 2020
(4)			1,500,000			1,500,000		$	0.30		July 29, 2015		July 29, 2020
(5	)			1,000,000			1,000,000		$	0.50		August 21, 2015		August 21, 2021
(5)			1,000,000			1,000,000		$	0.50		August 21, 2015		August 21, 2021
(6	)			125,000			125,000		$	0.75		October 29, 2015		October 29, 2019
(6)			125,000			125,000		$	0.75		October 29, 2015		October 29, 2019
(7	)			500,000			500,000		$	0.50		November 6, 2015		November 6, 2019
(7)			500,000			500,000		$	0.50		November 6, 2015		November 6, 2019
(8	)			1,750,000			1,750,000		$	0.50		November 18, 2015		November 18, 2021
(8)			1,750,000			1,750,000		$	0.50		November 18, 2015		November 18, 2021
(9	)			500,000			500,000		$	0.50		November 13, 2015		November 13, 2019
(9)			500,000			500,000		$	0.50		November 13, 2015		November 13, 2019
(10	)			176,000			176,000		$	0.30		December 15, 2015		December 15, 2020
(10)			176,000			176,000		$	0.30		December 15, 2015		December 15, 2020
(11	)			166,667			-		$	0.40		January 6, 2016		January 6, 2019
(10)			400,000			-		$	0.30		June 16, 2016		June 16, 2021
				17,151,009			16,984,342
(11)			166,667			-		$	0.40		January 6, 2016		January 6, 2019
			17,551,009			16,984,342

(1)	Issued to various parties pursuant to the securities purchase agreement and 9% Convertible Notes. These warrants are accounted for at fair value and remeasured at each reporting period as described under "NOTE 4 – DEBT and Related liabilities".
(2)	Issued pursuant to prior financings with fixed conversion price, no down-round protection and included in equity.

_______________

26 (1)Issued to various parties pursuant to the securities purchase agreement and 9% Convertible Notes. These warrants are accounted for at fair value and remeasured at each reporting period as described under "NOTE 5 – DEBT AND RELATED LIABILITIES". (2)Issued pursuant to prior financings with fixed conversion price, no down-round protection and included in equity. (3)The Company issued 1.5 million common stock purchase warrants to C. Lawrence Rutstein pursuant to a consulting agreement entered into on June 30, 2015. The consulting agreement has a term of 24 months with compensation solely in the form of 1.5 million warrants. The warrant includes Piggyback registration rights, cashless exercise, 5 year life, $0.30 exercise price. The warrants were evaluated for equity or liability accounting. Based on their terms, they are treated as equity. The fair value of the warrants was $0.271 as calculated using the Black-Scholes option pricing model and the following assumptions: market price of common stock - $.30 per share; estimated volatility - 147%; risk free interest rate - 1.63%; expected dividend rate - 0% and expected life - 5 years. Pursuant to ASC 505-50-25, Equity-based Payments to Non-Employees, the resulting total compensation expense of $406,500 was recorded as an increase to additional paid-in capital and deferred compensation and was being recognized ratably over the 24 month consulting term at $50,813 per quarter. During the quarter ended June 30, 2016, due to changes in personnel, the Company fully expensed the remaining $254,062. (4)The Company issued 3.0 million common stock purchase warrants, or 1.5 million each to Patrick Kolenik and Carry W Sucoff, pursuant to a consulting agreement entered into by each individual on July 29, 2015. The consulting agreements are identical and have a term of 24 months with compensation solely in the form of 1.5 million warrants each. Both warrants contain identical terms including Piggyback registration rights, cashless exercise, 5 year life and $0.30 exercise price. The warrants were evaluated for equity or liability accounting. Based on their terms, they are treated as equity. The fair value of the warrants was $0.274 as calculated using the Black-Scholes option pricing model and the following assumptions: market price of common stock - $.30 per share; estimated volatility - 152%; risk free interest rate - 1.62%; expected dividend rate - 0% and expected life - 5 years. Pursuant to ASC 505-50-25, Equity-based Payments to Non-Employees, the resulting total compensation expense of $822,000 was recorded as an increase to additional paid-in capital and deferred compensation and was being recognized ratably over the 24 month consulting term at $102,750 per quarter. During the quarter ended June 30, 2016, due to changes in personnel, the Company fully expensed the remaining $513,750.

^{(3) The Company issued 1.5 million common stock purchase warrants to C. Lawrence Rutstein pursuant to a consulting agreement entered into on June 30, 2015. The consulting agreement has a term of 24 months with compensation solely in the form of 1.5 million warrants. The warrant includes Piggyback registration rights, cashless exercise, 5 year life, $0.30 exercise price. The warrants were evaluated for equity or liability accounting. Based on their terms, they are treated as equity. The fair value of the warrants was $0.271 as calculated using the Black-Scholes option pricing model and the following assumptions: market price of common stock - $.30 per share; estimated volatility - 147%; risk free interest rate - 1.63%; expected dividend rate - 0% and expected life - 5 years. Pursuant to ASC 505-50-25, Equity-based Payments to Non-Employees, the resulting total compensation expense of $406,500 was recorded as an increase to additional paid-in capital and deferred compensation and will be recognized ratably over the 24 month consulting term, or $50,813 per quarter unless exercised within 24 months at which time the unamortized pro rata compensation expense will be recognized.
(4) The Company issued 3.0 million common stock purchase warrants, or 1.5 million each to Patrick Kolenik and Carry W Sucoff, pursuant to a consulting agreement entered into by each individual on July 29, 2015. The consulting agreements are identical and have a term of 24 months with compensation solely in the form of 1.5 million warrants each. Both warrants contain identical terms including Piggyback registration rights, cashless exercise, 5 year life, $0.30 exercise price and shares of warrant stock cannot be sold prior to February 1, 2016 unless any of the shares owned or controlled by Robert Blair or TBG Holdings, or any of their affiliates, are sold, or are included in a registration statement for resale during that period. The warrants were evaluated for equity or liability accounting. Based on their terms, they are treated as equity. The fair value of the warrants was $0.274 as calculated using the Black-Scholes option pricing model and the following assumptions: market price of common stock - $.30 per share; estimated volatility - 152%; risk free interest rate - 1.62%; expected dividend rate - 0% and expected life - 5 years. Pursuant to ASC 505-50-25, Equity-based Payments to Non-Employees, the resulting total compensation expense of $822,000 was recorded as an increase to additional paid-in capital and deferred compensation and will be recognized ratably over the 24 month consulting term, or $102,750 per quarter unless exercised within 24 months at which time the unamortized pro rata compensation expense will be recognized.
(5) Issued to Lincoln Park Capital Fund, LLC pursuant to that Senior Convertible Promissory Note dated August 21, 2015 as described under "NOTE 4 – DEBT and Related liabilities".
(6) Issued to Terry King pursuant to the King Note as described under "NOTE 4 – DEBT and Related liabilities".
(7) The Rutstein Financing Warrant Issued to Lawrence Rutstein, Chairman, pursuant to the Rutstein Note as described under "NOTE 4 – DEBT and Related liabilities".
(8) On November 18, 2015, the Company issued to C. Lawrence Rutstein, Chairman of the Board, a warrant to purchase 1,750,000 shares of common stock in consideration for his services as a member of the Company's board of directors. The warrant has an exercise price of $0.50 per share and becomes exercisable with respect to one-third (1/3) of the total shares subject to the warrant (approximately 583,333 shares of common stock) on each of the following dates (i) November 18, 2015, which is the date of issuance, (ii) first anniversary of the date of issuance, and (iii) the second anniversary of the date of issuance. If at any time while there are shares subject to the warrant that are outstanding the Company is sold to a third party, whether through a stock sale or a sale of substantially all of its assets or in one or more transactions, all shares subject to the warrant fully vest and become exercisable. The warrant terminates on the fourth (4th) anniversary of the applicable vesting date with respect to each tranche of shares subject to the warrant that vest as described above. The warrants were evaluated for equity or liability accounting. Based on their terms, they are treated as equity. The fair value of the warrants was $0.249 as calculated using the Black-Scholes option pricing model and the following assumptions: market price of common stock - $.30 per share; estimated volatility - 149%; risk free interest rate - 1.69%; expected dividend rate - 0% and expected life - 4 years. The resulting total compensation expense of $435,750 will be expenses according to the vesting schedule described above.
(9) On November 13, 2015, the Company issued to Mark Friedman, Director, warrants to purchase 500,000 shares of Common Stock on November 13, 2015, in consideration for services performed to date as a member of the Company's Board of Directors. The warrants have a term of 4 years and an exercise price of $0.40 per share. The warrants were evaluated for equity or liability accounting. Based on their terms, they are treated as equity. The fair value of the warrants was $0.254 as calculated using the Black-Scholes option pricing model and the following assumptions: market price of common stock - $.30 per share; estimated volatility - 149%; risk free interest rate - 1.67%; expected dividend rate - 0% and expected life - 4 years. The resulting total compensation expense of $127,000 was expensed on the date of issuance.
(10) The Firstfire Warrant Issued to Firstfire, pursuant to the Firstfire Note as described under "NOTE 4 – DEBT and Related liabilities".
(11) King Warrant 2 issued on January 6, 2016 in connection with the King Note 2 issued on the same date as described under "NOTE 4 – DEBT and Related liabilities".

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No warrants were exercised, expired, canceled or repriced during the three months ended March 31, 2016.

⁽⁵⁾	Issued to Lincoln Park Capital Fund, LLC pursuant to that Senior Convertible Promissory Note dated August 21, 2015 as described under "NOTE 5 – DEBT AND RELATED LIABILITIES".

⁽⁶⁾	Issued to Terry King pursuant to the King Note as described under "NOTE 5 – DEBT AND RELATED LIABILITIES".

⁽⁷⁾	The Rutstein Financing Warrant Issued to Lawrence Rutstein, Chairman, pursuant to the Rutstein Note as described under "NOTE 5 – DEBT AND RELATED LIABILITIES".

⁽⁸⁾	On November 18, 2015, the Company issued to C. Lawrence Rutstein, Chairman of the Board, a warrant to purchase 1,750,000 shares of common stock in consideration for his services as a member of the Company's board of directors. The warrant has an exercise price of $0.50 per share and becomes exercisable with respect to one-third (1/3) of the total shares subject to the warrant (approximately 583,333 shares of common stock) on each of the following dates (i) November 18, 2015, which is the date of issuance, (ii) first anniversary of the date of issuance, and (iii) the second anniversary of the date of issuance. If at any time while there are shares subject to the warrant that are outstanding the Company is sold to a third party, whether through a stock sale or a sale of substantially all of its assets or in one or more transactions, all shares subject to the warrant fully vest and become exercisable. The warrant terminates on the fourth (4th) anniversary of the applicable vesting date with respect to each tranche of shares subject to the warrant that vest as described above. The warrants were evaluated for equity or liability accounting. Based on their terms, they are treated as equity. The fair value of the warrants was $0.249 as calculated using the Black-Scholes option pricing model and the following assumptions: market price of common stock - $.30 per share; estimated volatility - 149%; risk free interest rate - 1.69%; expected dividend rate - 0% and expected life - 4 years. The resulting total compensation expense of $435,750 will be expensed according to the vesting schedule described above.

⁽⁹⁾	On November 13, 2015, the Company issued to Mark Friedman, Director, warrants to purchase 500,000 shares of Common Stock on November 13, 2015, in consideration for services performed to date as a member of the Company's Board of Directors. The warrants have a term of 4 years and an exercise price of $0.40 per share. The warrants were evaluated for equity or liability accounting. Based on their terms, they are treated as equity. The fair value of the warrants was $0.254 as calculated using the Black-Scholes option pricing model and the following assumptions: market price of common stock - $.30 per share; estimated volatility - 149%; risk free interest rate - 1.67%; expected dividend rate - 0% and expected life - 4 years. The resulting total compensation expense of $127,000 was expensed on the date of issuance.

⁽¹⁰⁾	The Firstfire Warrant and Firstfire Warrant No. 2 Issued to Firstfire, pursuant to the Firstfire Note and Firstfire Amendment No. 1 as described under "NOTE 5 – DEBT AND RELATED LIABILITIES".

⁽¹¹⁾	King Warrant 2 issued on January 6, 2016 in connection with the King Note 2 issued on the same date as described under "NOTE 5 – DEBT AND RELATED LIABILITIES".

27No warrants were exercised, expired, canceled or repriced during the six months ended June 30, 2016.

NOTE 7 – BUSINESS COMBINATIONS

The Company acquired three businesses during the year ended December 31, 2015. Business combinations are accounted for using the acquisition method, and the results of each of those acquired businesses are included in the consolidated financial statements beginning on the respective acquisition date. Acquisition method accounting requires, among other things, that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. Estimates of fair value included in the consolidated financial statements, in conformity with ASC No. 820, "Fair Value Measurements and Disclosures" ("ASC 820"), represent the Company's best estimates. The fair value of consideration transferred in business combinations is allocated to the tangible and intangible assets acquired and liabilities assumed at the acquisition date, with the remaining unallocated amount recorded as goodwill. The following estimates and assumptions are inherently subject to significant uncertainties and contingencies beyond the control of the Company. Accordingly, the Company cannot provide assurance that the estimates, assumptions, and values reflected in the valuations will be realized, and actual results could vary materially. The allocations of the acquisition price for recent acquisitions have been prepared on a preliminary basis, and changes to those allocations may occur as a result of final working capital adjustments and tax return filings. Acquired goodwill represents the premium the Company paid over the fair value of the net tangible and intangible assets acquired. The Company paid these premiums for a number of reasons, including growing the Company's merchant and customer base, acquiring assembled workforces, expanding its presence in national markets and expanding and advancing its product offerings. The goodwill from these business combinations is generally not deductible for tax purposes.

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Any changes to the initial estimates of the fair value of the assets and liabilities will be recorded as adjustments to those assets and liabilities and residual amounts will be allocated to goodwill. In accordance with ASC 805 "Business Combinations", if additional information is obtained about these assets and liabilities within the measurement period (not to exceed one year from the date of acquisition), including finalization of asset appraisals, the Company will refine its estimates of fair value to allocate the purchase price more accurately.

Columbia Funmap, Inc. Acquisition

On February 27, 2015, the Company entered into a Securities Purchase Agreement with, Columbia Funmap, Inc., a New Jersey Corporation, and Alan H. Beck, the President of Funmap for the purchase of 100% of common stock issued and outstanding of Funmap. The closing of the Securities Purchase Agreement occurred on February 27, 2015. The acquisition of Funmap will allow the Company to gain a distribution foothold in 35 metropolitan areas in North America and acquire control of a respected and vital travel tool for GLBT travelers, including the website www.gayosphere.com.

The table below summarizes the estimates of fair value of the Funmap assets acquired and liabilities assumed as of the acquisition date. The net enterprise value of Funmap was valued at $3,467,488 which represented both the restricted common stock and notes issued by the Company for its 100% interest. Upon closing, the final purchase price consisted of the assumption of $93,968 of liabilities, issuance of 2,160,000 shares of restricted common stock to Mr. Beck, repayment of related party debt of $87,888 by issuing 92,250 shares of restricted common stock to Mr. Beck, and a note to Mr. Beck totaling $10,000. Additionally, the Company entered into a consulting agreement with Mr. Beck under which Mr. Beck will act as a national sales manager. The agreement has a term of 36 months, provides compensation of $5,000 per month plus 15% of cash collected for print sales sold directly by Consultant; plus a 3% override on print sales of FunMaps™; plus 20% of collected online sales made by Consultant, personally.

The purchase price allocation is as follows:

Cash and cash equivalents		$	17,240
Accounts receivable			64,382
Accounts payable			(22,193	)
Loans			(3,000	)
Credit cards			(6,830	)
Line of credit			(61,945	)
Subtotal Funmap net liabilities assumed			(12,346	)
Amount of purchase price allocated to goodwill			3,479,834
Net assets acquired		$	3,467,488
Consideration paid:
2,160,000 shares of common stock	1)	$	3,369,600
92,250 shares of common stock issued for related party loans			87,888
Issuance of note			10,000
Total consideration		$	$3,467,488

~~________~~_______________

1)	The fair value of the 2,160,000 ordinary shares issued as part of the consideration paid for Funmap was determined on the basis of our stock price on the acquisition date.

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RND Enterprises Inc. Asset Purchase

On June 17, 2015, the Company entered into an asset purchase agreement (the "Asset Purchase Agreement") with RND Enterprises, Inc. ("RND"), a New York company, pursuant to which the Company purchased substantially all of the assets of RND from its sole shareholder Mr. David Moyal, for a purchase price of $1,000,000, consisting of $200,000 in cash and $800,000 in shares of common stock. Immediately prior to the transaction, the 5% shareholder of RND transferred all his interests in RND to Mr. Moyal for nominal amount. In consideration, the Company agreed to pay to the minority shareholder $30,000 in cash and issue 750,000 shares of common stock valued at $0.40 per share. In aggregate, the Company completed the acquisition transaction for an amount equal to $1,330,000, consisting of $230,000 in cash payable at closing and $1,100,000 in the restricted shares of the Company's common stock, valued at $0.40 per share for a total of 2,750,000 shares. The transaction closed on June 17, 2015. RND is engaged in the business of publishing an LGBT culture magazine known as Next Magazine. The Company accounted for the purchase using the acquisition method of accounting.

The table below summarizes the preliminary estimates of fair value of the RND assets acquired and liabilities assumed as of the acquisition date. The net enterprise value of the net assets purchased was valued at $1,330,000 which represented both the cash paid and restricted common stock issued by the Company.

29The purchase price allocation is as follows:

The preliminary purchase price allocation is as follows:

Assets		$	-
Liabilities
Amount of purchase price allocated to intangibles			1,330,000
Net assets acquired		$	1,330,000

Consideration paid:
2,750,000 shares of common stock	1)	$	1,100,000
Cash at closing			230,000
Total consideration		$	1,330,000

~~__________~~ _______________

1)	The fair value of the 2,750,000 common stock issued as part of the consideration paid was determined to be $0.40 per share which is consistent with the price paid per share of $0.30 included in our 9% Convertible Promissory Notes.

New Frontiers Media Holdings, ~~LLCAcquisition~~LLC Acquisition

On September 8, 2015, Multimedia Platforms, Inc. entered into that certain membership interest purchase agreement, dated as of September 8, 2015, with Mr. Michael A. Turner, the sole member of New Frontiers Media Holdings, LLC, a Delaware limited liability company, to purchase 100% of the membership interests of Frontiers Media (such agreement, together with all schedules, exhibits and attachments thereto, the "Purchase Agreement"). Pursuant to the Purchase Agreement, the Company paid the purchase price equal to $500,000 in cash, consisting of $250,000 payable at the closing date and the remaining $250,000 in the form of a promissory note accruing interest of 4.5% payable at the earlier of March 31, 2016 or the closing of an underwritten offering of not less than $3,000,000. In addition, Mr. Turner shall also receive an aggregate of 14,400,000 shares of the Company's common stock, of which 3,000,000 shares of common stock shall be placed in escrow to be released upon achieving certain milestones. The Shares are being issued pursuant to Section 4(a) (2) of the Securities Act of 1933, as amended.

Additionally, on September 8, 2015, the Board of Directors (the "Board") of the Company appointed Mr. Turner as a member of the Board and President of Media Ventures Division of the Company. Mr. Turner will also remain as the President and Chairman of Frontiers Media. Under the Employment Agreement, Mr. Turner is entitled to an annual salary of $150,000 until the Company completes the closing of any underwritten offering of $3,000,000 or more, in which case, Mr. Turner's annual salary will be increased to $250,000. Pursuant to the Employment Agreement, Mr. Turner is eligible for an annual bonus to be determined by the Board and to participate in any other incentive plans (cash or equity) and employee benefits subject to the applicable terms of such plans or arrangements.

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The table below summarizes the preliminary estimates of fair value of the Frontiers Media assets acquired and liabilities assumed as of the acquisition date. The net enterprise value of Frontiers Media was valued at $4,730,000 which represented both the restricted common stock and notes issued by the Company for its 100% interest. Due to the lack of liquidity and volume in our common stock and significant share issuance to Mr. Turner, the market price of our common stock is not an accurate gauge of its value. Thus, management has assessed the fair value based on recent issuances of convertible notes with a $0.30 conversion price.

The preliminary purchase price allocation is as follows:

Net tangible assets acquired and liabilities assumed:
Cash and cash equivalents		$	(21,396	)
Accounts receivable			144,954
Other assets			33,773
PP&E			26,000
Deposits			9,120
Client list			500,000
MMP advances			(19,004	)
Loans			(195,000	)
Accounts payable and accrued liabilities			(402,644	)
Subtotal Frontiers net liabilities assumed		$	75,803
Amount of purchase price allocated to goodwill			4,654,197
Net assets acquired		$	4,730,000

Consideration:
11,400,000 shares of common stock	1)	$	3,420,000
3,000,000 contingent shares	1)		810,000
Issuance of note			250,000
Cash paid			250,000
Total consideration		$	4,730,000

~~___________~~_______________

The fair value of the 11,400,000 ordinary shares issued as part of the consideration paid for Frontiers Media was determined on the basis of our convertible promissory notes $0.30 conversion price. The 3,000,000 contingent shares placed into escrow will be released to Mr. Turner upon achieving certain milestones. These shares were valued based on a 90% probability that the related milestones would be met.

Pro Forma Adjusted Summary

The results of operations for Funmap, RND and Frontiers Media have been included in the consolidated financial statements subsequent to their acquisition dates. Under the acquisition method of accounting, the total purchase price was allocated to the tangible and intangible assets acquired on the basis of their respective estimated fair values at the dates of acquisition. The valuation of the identifiable intangible assets and their useful lives acquired reflects management's estimates.

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The following schedule presents unaudited consolidated pro forma results of operations data as if the acquisitions had occurred on January 1, 2014. This information does not purport to be indicative of the actual results that would have occurred if the acquisition had actually been completed on the date indicated, nor is it necessarily indicative of the future operating results or the financial position of the combined company:

Three Months Ended March 31, 2016 2015 Net revenue $1,278,610 $763,590 Gross profit 318,518 373,000 Operating costs (1,613,102) (535,798)Stock compensation (253,031) (972,049)Impairment of goodwill - (2,729,834)Interest expense (140,158) (26,610)Accretion of debt discount (709,118) (10,285)Change in fair value of derivatives 320,360 (2,630,462)Net income (loss) $(2,076,531) $(6,532,038)

	Six Months Ended
	June 30,
	2016			2015
Net revenue	$	1,497,412		$	445,305
Gross profit		249,118			172,921
Operating costs		(1,917,541	)		(1,081,808	)
Stock compensation		(1,706,311	)		(1,153,240	)
Impairment of goodwill		-			(2,729,834	)
Interest expense		(240,978	)		(72,477	)
Accretion of debt discount		(1,419,028	)		(159,118	)
Change in fair value of derivatives		380,436			(8,391,174	)
Net income (loss)	$	(4,654,304	)	$	(13,414,730	)

All expenditures incurred in connection with the acquisitions were expensed and are included in selling, general and administrative expenses. The Company impaired $2,729,834 of goodwill related to the Funmap purchase during 2015, See "NOTE 8 – GOODWILL" for additional information.

NOTE 8 – GOODWILL

The following table sets forth the carry value of the Company's goodwill as of ~~March~~June 3130, 2016:

			During the Three Months Ended March 31, 2016
			During the Six Months Ended June 30, 2016
	Balance at December 31, 2015		Goodwill Recognized at time of Purchase		GoodwillImpaired		Balance at March 31, 2016
	Balance at December 31,2015		Good willRecognizedat time ofPurchase		GoodwillImpaired		Balance atJune 30,2016
Funmaps	$	750,000	$	-	$	-	$	750,000
Next		1,330,000		-		-		1,330,000
Frontiers Media		4,654,197		-		-		4,654,197
Total	$	6,734,197	$	-	$	-	$	6,734,197

In accordance with FASB ASC 350, "Intangibles – Goodwill and Other," we perform goodwill impairment testing at least annually, unless indicators of impairment exist in interim periods. The impairment test for goodwill uses a two-step approach. Step one compares the estimated fair value of a reporting unit with goodwill to its carrying value. If the carrying value exceeds the estimated fair value, step two must be performed. Step two compares the carrying value of the reporting unit to the fair value of all of the assets and liabilities of the reporting unit (including any unrecognized intangibles) as if the reporting unit was acquired in a business combination. If the carrying amount of a reporting unit's goodwill exceeds the implied fair value of its goodwill, an impairment loss is recognized in an amount equal to the excess.

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For purposes of reviewing impairment and the recoverability of goodwill, we must make various assumptions regarding estimated future cash flows and other factors in determining the fair values of the reporting unit. We perform an annual impairment review at the end of each fiscal year.

During 2015, we performed a goodwill impairment test and estimated the fair value of our Funmap, RND and Frontiers reporting units based on the income approach (also known as the discounted cash flow ("DCF") method, which utilizes the present value of cash flows to estimate fair value). The future cash flows for our Funmap reporting unit was projected based on our estimates of future revenues, operating income and other factors (such as working capital and capital expenditures). The discount rates used in our DCF method were based on a weighted-average cost of capital ("WACC") determined from relevant market comparisons, adjusted upward for specific reporting unit risks (primarily the uncertainty of achieving projected operating cash flows). A terminal value growth rate was applied to the final year of the projected period and reflected our estimate of stable, perpetual growth. We then calculated a present value of the cash flows for the reporting unit to arrive at an estimate of fair value under the income approach and then used the market approach to corroborate this value. We determined that the carry value of the Funmap reporting unit exceeded the fair value under the income and market approach. As a result we impaired $2,729,834 as of December 31, 2015. The RND and Frontiers reporting units' fair value was greater than their carry values.

NOTE 9 – RELATED PARTY TRANSACTIONS

A related party with respect to the Company is generally defined as any person (i) (and, if a natural person, inclusive of his or her immediate family) that holds 10% or more of the Company's securities, (ii) that is part of the Company's management, (iii) that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

~~Through~~During ~~TBG~~the ~~Holdings~~three ~~Corporation~~months ~~and~~ended R3June ~~Accounting~~30, ~~Timothy~~2016, ~~Hart~~Alan Beck, ~~the~~shareholder ~~Company's~~and ~~recently~~consultant ~~former~~advanced ~~Chief~~the ~~Financial~~Company ~~Officer~~$132,692 ~~provides accounting~~ and ~~other~~was ~~consulting~~repaid ~~related services to the Company~~$22,262. During the ~~three~~six months ended ~~March~~June 3130, 2016 ~~and 2015~~, ~~the company recognized expense related to these services of $47,675 and $0, respectively~~Mr. AtBeck ~~March~~advanced ~~31, 2016,~~ the Company ~~owed R3 Accounting and TBG Holdings Corporation~~ $24173,~~270~~692 and ~~$148,697,~~was ~~respectively,~~repaid ~~which is included on the balance sheet under "Due to related parties"~~$26,262.

During the three and six months ended ~~March~~June 3130, 2016, ~~Alan~~the ~~Beck,~~Company ~~shareholder~~recognized $37,500 and ~~consultant~~$75,000 ~~advanced~~of ~~the~~cash ~~Company~~compensation ~~$41~~expense for Michael Turner,~~000~~ ~~and~~President ~~was~~of ~~repaid~~Media $4Ventures Division,~~000~~ shareholder and former Director.

During the three and six months ended ~~March~~June 3130, 2016, the Company recognized $3730,~~500~~000 and $80,000 of cash compensation expense for ~~Michael~~Lawrence ~~Turner~~Rutstein, ~~President~~Chairman offor ~~Media~~consulting ~~Ventures Division, shareholder and former Director~~services.

During the three months ended March 31, 2016, the Company recognized $50,000 of cash compensation expense for Lawrence Rutstein, Chairman for consulting services.

NOTE 10 – SUBSEQUENT EVENTS

Management has reviewed material events subsequent to ~~March~~June 3130, 2016 and prior to the filing of financial statements in accordance with FASB ASC 855 "Subsequent Events".

11On July 18,~~400~~ 2016 Firstfire and the Company entered into a Second Amendment and Waiver Agreement (the "FirstfireAmendment No. 2"). Pursuant the Firstfire Amendment No. 2,~~000~~ ~~shares~~the toFirstfire Note shall be ~~issued~~exchanged for a new debenture with identical terms as ofFirstfire ~~September~~Note 30except the new debenture maturity date is extended to January 16, ~~2015~~2017 ~~pursuant~~and the new debenture conversion price shall be amended to provide that upon default by the ~~Frontiers~~Company, ~~purchase~~the ~~were~~conversion ~~issued~~price will be permanently reset to $0.02. The Company will make a $10,000 payment on ~~March~~7/22/2016 2and another $40,000 payment before 7/29/2016., 3thereafter MMP will make 4 payments of $5,000 on each 15th of the month (September, October, November, December) with the balance of the note being repaid on or before January 16 2017.Additionally, 300,000 ~~milestone~~common ~~shares~~stock ~~are~~purchase ~~still~~warrants in(the ~~escrow~~"Firstfire ~~pending~~Warrant ~~determination~~No. as3") were issued with a five year life and $0.03 exercise price subject to ~~their~~adjustment ~~issuance~~for ~~pursuant~~dilutive issuances with identical terms to the ~~Frontiers~~Firstfire ~~Purchase Agreement~~Warrant.

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On July 29, 2016, the Company entered into a Master Credit Facility Agreement (the "Credit Agreement") by and among the Company, Columbia Funmap, Inc., New Frontiers Media Holdings, LLC, (together with Columbia Funmap, the "Subsidiaries," and the Subsidiaries, together with the Company, the "Borrowers") and White Winston Select Asset Funds, LLC, as lender ("WW"). Pursuant to the Credit Agreement, WW agreed to loan the Borrowers the original principal amount of $1,750,000 (the "Loan"). An initial amount of $1,116,934 was funded by WW at the closing of the Credit Agreement. Any increase in the amount extended to the Borrowers shall be at the discretion of WW.

The amounts borrowed pursuant to the Credit Agreement are evidenced by a Secured Promissory Note (the "Secured Note") and the repayment of the Secured Note is secured by a first position security interest in substantially all of the Borrower's assets in favor of WW, as evidenced by a Security Agreement by and between the Borrowers and WW (the "Security Agreement"). The Secured Note is in the original principal amount of $1,750,000, is due and payable, along with interest thereon, on June 29, 2017, and bears interest at the rate of 10% per annum. Provided no Event of Default (as defined in the Credit Agreement) has occurred, until the first (1st) anniversary of the Loan transactions, all non-default interest accruing on the outstanding principal of up to $932,383.10 shall be added to the principal outstanding on the Secured Note at the end of each monthly payment period. Upon the occurrence of an Event of Default the interest rate shall increase 700 basis points, which increase shall take effect without the need for WW to notify the Borrower.

As additional security, the Company pledged its ownership interests in the Subsidiaries, pursuant to a Securities Pledge Agreement and Escrow Agreement entered into as of July 29, 2016.

As partial consideration for WW entering into and structuring the Credit Agreement, the Company issued to WW (i) a common stock purchase warrant to purchase up to 2,500,000 shares of the Company's common stock with an exercise price of $0.01 per share (the "Fixed Common Stock Purchase Warrant"), (ii) a common stock purchase warrant to purchase up to 2,500,000 shares of the Company's common stock with an exercise price of $0.03 per share ( the "Pro-Rata Common Stock Purchase Warrant"), and (iii) a common stock purchase warrant to purchase shares of the Company's common stock in such amount and at such price as is determined by the formulas set forth therein (the "Adjustable Common Stock Purchase Warrant").

Additionally, the Company shall pay to WW the following fees in connection with the Credit Agreement (i) a non-utilization fee commencing on the first anniversary of the date of the Secured Note accruing at the rate of one percent (1%) per annum on the average daily unborrowed portion of the Secured Note payable quarterly in arrears and (ii) a consulting fee for services provided to the Company not to exceed $5,000 per month unless an Event of Default has occurred or WW agrees to undertake specific tasks associated with the operations of the Company.

Pursuant to the Credit Agreement, an Event of Default includes, but is not limited to, the occurrence of any of the following: (i) the Borrower defaulting in making any payment when the payment shall become due under the Secured Note or any of the other Loan Documents (as defined in the Credit Agreement); (ii) the Borrower failing to comply with any term, covenant or agreement of the Credit Agreement or any other Loan Documents in accordance with the terms therein, which such failure continues for twenty days from the earlier of: (a) notice to WW or (b) the date on which the Borrower first became aware of non-compliance; and (iii) the commencement of proceedings under any bankruptcy or insolvency law by or against the Borrower or any other person primarily or secondarily liable under the Secured Note, or in respect thereof, including any person or entity who has pledged or granted to WW a security interest or other lien in property on behalf of the Borrower, or an inability of such person to pay its obligations when due.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

This quarterly report contains forward-looking statements including statements regarding our expectations, beliefs, intentions or future strategies that are signified by the words "expects," "anticipates," "intends," "believes" or similar language. These forward-looking statements involve risks, uncertainties and other factors. All forward-looking statements included in this quarterly report are based on information available to us on the date hereof and speak only as of the date hereof. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. The factors discussed elsewhere in this quarterly report are among those factors that in some cases have affected our results and could cause the actual results to differ materially from those projected in the forward-looking statements.

The following discussion should be read in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this quarterly report.

Overview

We are a multimedia platform publishing and technology company. We create, curate, aggregate and distribute compelling, advertiser-friendly content to the lesbian, gay, bisexual and transgender (LGBT) community. We integrate digital, mobile, streaming video, print and outdoor signage with social media and unique experiential events to deliver quality news, lifestyle and entertainment information of interest to both our customers and advertisers.

Currently, our print and online brands attract nearly 7.5 million readers, 4.8 million unique visitors annually and has over 200,000 social media followers, in three (3) of America's most populous LGBT markets: California, New York and Florida, and 40 cities across North America.

Our top brands include:

· Florida Agenda, a Florida-based weekly LGBT newspaper covering world, national and local news and events; · Frontiers, a bi-weekly gay lifestyle magazine established nearly 35-years ago that is circulated throughout California and Nevada, offering the latest in politics, news, fashion, fitness, entertainment and travel; ·~~Guy~~ ~~magazine~~Next (South Florida), a weekly entertainment and lifestyle full-color publication covering the burgeoning South Florida LGBT marketplace; ·~~FUNMAPS~~ WiRld City Guides, a 33-year-old LGBT travel and leisure publishing company, producing local and regional maps in 17 cities and distributing in 40 cities across North America; and · Next (New York) magazine, a weekly comprehensive lifestyle resource for all gay New Yorkers since 1993. · WiRLD.com, ~~launching~~launched in Beta mode during the first quarter of 2016, the first global digital media hub that will recognize and reward users for consuming our original and curated content, including news, entertainment, pop culture, lifestyle stories, social blogs, photos and premium video.

Our goal is to interweave digital, mobile and print to deliver the highest quality and most engaging news and entertainment information via a variety of platforms across all cultural, generational and preferred modality barriers to reach a potentially unprecedented audience.

Results of Operations

Three and Six Months Ended ~~March~~June 3130, 2016 Compared With the Three and Six Months Ended ~~March~~June 3130, 2015.

Revenue

Net revenue increased $~~515~~522,~~020~~072 to $~~704~~754,~~655~~513 during the three months ended ~~March~~June 3130, 2016 compared to $~~189~~232,~~635~~441 during the three months ended ~~March~~June 3130, 2015. Net revenue increased $1,036,642 to $1,459,168 during the six months ended June 30, 2016 compared to $422,526 during the six months ended June 30, 2015. Revenue increased due to expanded circulation, increased sales efforts and the inclusion of revenue from acquired businesses, Columbia FunMap, Inc., RND Enterprises, Inc. (i.e. Next Magazine) and New Frontiers Media Holdings, LLC.

~~Cost~~32 Table of ~~Sales and Gross Profit~~Contents

~~Cost of revenue increased $569,502 to $686,478 during the three months ended March 31, 2016 compared to $116,976 during the three months ended March 31, 2015.~~ Gross ~~profit~~Profit decreased $54,482 to $18,177 during the three months ended March 31, 2016 compared to $72,659 during the three months ended March 31, 2015. Gross margin decreased to 2.6% during the three months ended March 31, 2016 compared to 38.3% during the three months ended March 31, 2015. The decrease in gross margin is the result of increased production, distribution and ~~editorial~~Cost costs. The Company is currently reviewing its operations and making operational changes to more efficiently allocate resources and improve margins. Margins may fluctuate in the future due to potential changes in the mix of ~~products and services the company pursues.~~ Sales

Gross profit increased $115,966 to $186448 during the three months ended June 30, 2016 compared to $70,482 during the three months ended June 30, 2015. Gross profit increased $44,482 to $204,624 during the six months ended June 30, 2016 compared to $160,142 during the six months ended June 30, 2015. Gross margin decreased to 24.7% during the three months ended June 30, 2016 compared to 30.3% during the three months ended June 30, 2015. Gross margin decreased to 14.0% during the six months ended June 30, 2016 compared to 37.9% during the six months ended June 30, 2015. The decrease in gross margin is the result of increased production, distribution and editorial costs. The Company is currently reviewing its operations and making operational changes to more efficiently allocate resources and improve margins. Margins may fluctuate in the future due to potential changes in the mix of products and services the company pursues.

Operating Expenses

A summary of our operating expense for the three and six months ended ~~March~~June 3130, 2016 and 2015 follows:

Three Months Ended

March 31,

Increase /

June 30,

Increase /

2016

2015

(Decrease)

Operating expense

General and administrative

~~661~~608,~~822~~000

~~237~~494,~~906~~360

~~423~~113,~~916~~640

Sales and marketing

~~272~~247,~~380~~664

60194,~~037~~886

~~212~~52,~~343~~778

Services - related party

9730,~~675~~000

-124,400

97(94,~~675~~400

)

Stock compensation - related party

~~156~~565,~~656~~405

~~102,857~~-

53565,~~799~~405

Stock compensation

96887,~~375~~875

~~869~~181,~~192~~190

~~(772~~706,~~817~~685

)

Goodwill impairment

~~2,729,834~~-

~~(2,729,834~~-

)

Total operating expense

12,~~284~~338,~~908~~944

3994,~~999,826~~836

(21,~~714~~344,~~918~~108

)

	Six Months Ended
	June 30,				Increase /
	2016		2015		(Decrease)
Operating expense
General and administrative	$	1,247,265	$	707,226	$	540,039
Sales and marketing		542,601		296,963		245,638
Services - related party		127,675		124,400		3,275
Stock compensation - related party		722,061		102,857		619,204
Stock compensation		984,250		1,050,383		(66,133	)
Goodwill impairment		-		2,729,834		(2,729,834	)
Total operating expense	$	3,623,852	$	5,011,663	$	(1,387,811	)

General and administrative ("G&A") costs include costs related to personnel, professional fees, travel and entertainment, public company costs, insurance and other office related costs and exclude stock compensation costs. G&A costs increased during the three and six months ended ~~March~~June 3130, 2016 compared to the three and six months ended ~~March~~June 3130, 2015 due to increases in headcount and expanse of operations as a result of the our acquisitions and increased efforts to position the Company for future growth.

Sales and marketing ("S&M") costs include costs to promote and sell our products and exclude stock compensation costs. S&M costs increased during the three and six months ended ~~March~~June 3130, 2016 compared to the three and six months ended ~~March~~June 3130, 2015 primarily due to the build out of our website, increased public relations efforts and higher headcount compared to the prior year period.

Stock compensation ~~decreased~~inecreased asduring athe ~~result~~three months ended June 30, 2015 compared to the same period in the prior year due to the recognition of ~~less~~expense ~~stock~~associated ~~issued~~with the prior issuance of warrants in exchange for services as a result of personnel changes which necessitated immediate recognition of awards that were previously vesting over time.

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Other Income (Expense)

	Three Months Ended
	March 31,
	2016			2015
Other Income and (Expense)
Interest expense	$	(139,759	)	$	(26,211	)
Accretion of debt discount		(709,118	)		(10,285	)
Change in fair value of convertible notes conversion derivative liability		224,191			(1,255,461	)
Change in fair value of warrant liability		96,169			(1,375,001	)
Total other income and (expense)	$	(528,517	)	$	(2,666,958	)

All the elements of other expense relate to our convertible promissory notes and detachable warrants, including discounts recorded due to stock issued with debt, warrants issued with debt, beneficial conversion features contained in our convertible notes and derivative accounting for the 9% Convertible Promissory Notes and Firstfire Notes as a result of their specific terms. As of June 30, 2016, there remains $844,377 of debt discount to be amortized.

All the elements of other expense relate to our convertible promissory notes and detachable warrants.

Liquidity and Capital Resources

Second Amendment to Firstfire Note

On July 18, 2016 Firstfire and the Company entered into a Second Amendment and Waiver Agreement (the "FirstfireAmendment No. 2"). Pursuant the Firstfire Amendment No. 2, the Firstfire Note shall be exchanged for a new debenture with identical terms as Firstfire Note except the new debenture maturity date is extended to January 16, 2017 and the new debenture conversion price shall be amended to provide that upon default by the Company, the conversion price will be permanently reset to $0.02. The Company will make a $10,000 payment on 7/22/2016 and another $40,000 payment before 7/29/2016, thereafter MMP will make 4 payments of $5,000 on each 15th of the month (September, October, November, December) with the balance of the note being repaid on or before January 16 2017.Additionally, 300,000 common stock purchase warrants (the "Firstfire Warrant No. 3") were issued with a five year life and $0.03 exercise price subject to adjustment for dilutive issuances with identical terms to the Firstfire Warrant.

Our available working capital and capital requirements will depend upon numerous factors, including the efficient and timely integration of our acquisitions, increase in demand from advertisers for our publications, the establishment of collaborative arrangements with other organizations, and our ability to attract and retain key employees.

During the ~~three~~six months ended ~~March~~June 3130, 2016, because of our operating losses, we did not generate positive operating cash flows. As of ~~March~~June 3130, 2016 we had an accumulated deficit of $912,~~807~~711,~~624~~174, cash on hand of $~~132~~113,~~962~~384 and negative working capital of $5,~~660~~518,~~806~~237. As a result, we have significant short-term cash needs. These needs historically have been satisfied through proceeds from the sales of our securities and/or issuance of promissory notes. We are expecting to reduce the need for such short term financing as we build our revenues by growing our business and leveraging the synergies between our recent acquisitions. (See "Cash Requirements" below). In order to repay our obligations in full or in part when due, we will be required to raise significant capital from other sources. There is no assurance, however, that we will be successful in these efforts.

36Master Credit Facility

Effective July 29, 2016, Multimedia Platforms, Inc. (the "Company") entered into a Master Credit Facility Agreement (the "Credit Agreement") by and among the Company, Columbia Funmap, Inc., a New Jersey corporation and wholly owned subsidiary of the Company ("Columbia Funmap"), New Frontiers Media Holdings, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (together with Columbia Funmap, the "Subsidiaries," and the Subsidiaries, together with the Company, the "Borrowers") and White Winston Select Asset Funds, LLC, a Delaware limited liability company, as lender ("WW"). Pursuant to the Credit Agreement, WW agreed to loan the Borrowers the original principal amount of One Million Seven Hundred Fifty Thousand Dollars ($1,750,000) for the Company to use as working capital (the "Loan"). An initial amount of $1,116,934.40 was funded by WW at the closing of the Credit Agreement. Any increase in the amount extended to the Borrowers shall be at the discretion of WW.

The amounts borrowed pursuant to the Credit Agreement are evidenced by a Secured Promissory Note (the "Secured Note") and the repayment of the Secured Note is secured by a first position security interest in substantially all of the Borrower's assets in favor of WW, as evidenced by a Security Agreement by and between the Borrowers and WW (the "Security Agreement"). The Secured Note is in the original principal amount of $1,750,000, is due and payable, along with interest thereon, on June 29, 2017 (the "Maturity Date"), and bears interest at the rate of 10% per annum. Provided no Event of Default (as defined in the Credit Agreement) has occurred, until the first (1^st) anniversary of the Loan transactions, all non-default interest accruing on the outstanding principal of up to $932,383.10 shall be added to the principal outstanding on the Secured Note at the end of each monthly payment period. Upon the occurrence of an Event of Default the interest rate shall increase 700 basis points, which increase shall take effect without the need for WW to notify the Borrower.

As additional security, the Company pledged its ownership interests in the Subsidiaries, pursuant to a Securities Pledge Agreement (the "Pledge Agreement") and Escrow Agreement entered into as of July 29, 2016.

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Pursuant to the Credit Agreement, an Event of Default includes, but is not limited to, the occurrence of any of the following: (i) the Borrower defaulting in making any payment when the payment shall become due under the Secured Note or any of the other Loan Documents (as defined in the Credit Agreement); (ii) the Borrower failing to comply with any term, covenant or agreement of the Credit Agreement or any other Loan Documents in accordance with the terms therein, which such failure continues for twenty (20) days from the earlier of: (a) notice to WW or (b) the date on which the Borrower first became aware of non-compliance; and (iii) the commencement of proceedings under any bankruptcy or insolvency law by or against the Borrower or any other person primarily or secondarily liable under the Secured Note, or in respect thereof, including any person or entity who has pledged or granted to WW a security interest or other lien in property on behalf of the Borrower, or an inability of such person to pay its obligations when due.

The above descriptions of the Fixed Common Stock Purchase Warrant, Pro-Rata Common Stock Purchase Warrant, Adjustable Common Stock Purchase Warrant, Credit Agreement, Secured Note, Security Agreement and Pledge Agreement do not purport to be complete and are qualified in their entirety by the full text of the documents themselves, in the current report on Form 8-K filed with the U.S. Securities and Exchange Commission on August 10, 2016, as Exhibits 4.1, 4.2, 4.3, 10.1, 10.2, 10.3, and 10.4, respectively.

Cash Requirements

We had cash available of $~~132~~113,~~962~~384 as of ~~March~~June 3130, 2016. Based on our revenues, cash on hand and current monthly burn rate, around $200,000, we will need to continue borrowing from our shareholders and other related parties, and/or raise money from the sales of our securities, to fund operations.

Sources and Uses of Cash

~~During~~Subsequent ~~the~~to ~~three~~June ~~months ended March 31~~30, 2016, the Company 1)entered ~~conducted~~into a ~~bridge~~financing ~~note~~transaction ~~offering~~withWinston ~~for~~Select upAsset ~~to $400~~Funds,~~000~~ byLLC ~~issuing~~for ~~Units with each Unit consising of an 8% Promissory Note and 250,000 shares of restricted common stock and received $250,000; 2) received~~ a ~~term~~ loan ofwith ~~$125,000~~an ~~repayable~~original atprincipal ~~the~~amount ~~rate~~ of $~~972.22 per day over 180 days; and 3) issued a convertible promissory note and 166~~1,~~667 common stock purchase warrants in exchange for proceeds of $50~~750,000.

During the six months ended June 30, 2016, the Company 1) conducted a bridge note offering for up to $400,000 by issuing Units with each Unit consising of an 8% Promissory Note and 250,000 shares of restricted common stock and received $250,000; 2) received a term loan of $125,000 repayable at the rate of $972.22 per day over 180 days; 3) issued a convertible promissory note and 166,667 common stock purchase warrants in exchange for proceeds of $50,000; and 4) issued a convertible promissory note with a face amount of $50,000 from which we received proceeds of $38,000

On December 15, 2015, the Company closed a financing transaction by entering into a securities purchase agreement with Firstfire Global Opportunities Fund, LLC and sale of $176,000 convertible promissory note and 176,000 stock purchase warrants under which the Company received $150,000.

On November 6, 2015, the Company received financing from C. Lawrence Rutstein, who serves as the Chairman of the Company's Board of Directors, for an aggregate principal amount of $250,000. In consideration for the financing, the Company issued Mr. Rutstein a promissory note for the principal amount of $250,000 and a common stock purchase warrant, dated as of November 13, 2015, for 500,000 shares of the Company's common stock, which is exercisable in whole or in part, for an exercise price equal to $0.50 per share.

On October 29, 2015, the Company received financing from Terry King for an aggregate principal amount of $50,000. In consideration for the financing, the Company issued Mr. King a promissory note for the principal amount of $50,000 and a common stock purchase warrant for 125,000 shares of the Company's common stock, which is exercisable in whole or in part, for an exercise price equal to $0.75 per share.

In September 2015, the Company closed a private bridge note offering, up to $2,500,000, consisting of 9% Convertible Promissory Notes which may be voluntarily converted into shares of the Company's common stock and four-year warrants to purchase shares of Company's common stock. The securities are sold as units, with each unit consisting of a 9% Convertible Note, in the principal amount of $50,000 and Company Warrant to purchase 166,667 shares of the common stock. From March 2015 through September 30, 2015, the Company has entered into certain securities purchase agreements with certain accredited investors pursuant to Section 4(a) (2) of the Securities Act of 1933, as amended and received proceeds of $2,365,000.

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On August 21, 2015, the Company issued a Senior Convertible Note to Lincoln Park in the amount of $300,000. The Senior Convertible Note was issued pursuant to the terms of a Securities Purchase Agreement dated as of the same date. The Senior Convertible Note bears interest at the rate of 5% per annum (or 18% upon the occurrence of an event of default) and the principal and interest is due and payable in full on December 31, 2016.

The Company has been able to satisfy short term needs through the sale of securities to individual accredited investors. Even though management has had success in the past in generating funds from these sundry sources of capital, there can be no assurance or certainties that we will be successful in procuring these types of proceeds in the future.

Cash used in operating activities was $~~266~~243,~~421~~052 for the ~~three~~six months ended ~~March~~June 3130, 2016, as compared to $~~236~~915,~~580~~690 during the ~~three~~six months ended ~~March~~June 3130, 2015.

37Cash used in investing activities was $143,651 for the six months ended June 30, 2016, as compared to $196,330 during the six months ended June 30, 2015.

Cash ~~used~~provided inby ~~investing~~financing activities was $89431,~~651~~934 ~~for~~during the ~~three~~six months ended ~~March~~June 3130, 2016, as compared to $61,~~995~~569,848 during the ~~three~~six months ended ~~March~~June 3130, 2015.

Cash provided by financing activities was $420,881 during the three months ended March 31, 2016, as compared to $570,306 during the three months ended March 31, 2015.

Going Concern

The financial conditions evidenced by the accompanying financial statements raise substantial doubt as to our ability to continue as a going concern. Our plans include obtaining additional capital through debt or equity financing. The financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires us to make judgments, assumptions and estimates that have a significant impact on the results that we report in our financial statements. Some of our accounting policies require us to make difficult and subjective judgments, often as a result of the need to make estimates regarding matters that are inherently uncertain. Note A of the Notes to Financial Statements describes the significant accounting policies used in the preparation of the financial statements. Certain of these significant accounting policies require us to make critical accounting estimates, as defined below.

A critical accounting estimate is defined as one that is both material to the presentation of our financial statements and requires management to make difficult, subjective or complex judgments that could have a material effect on our financial condition and results of operations. Specifically, critical accounting estimates have the following attributes:

· we are required to make assumptions about matters that are highly uncertain at the time of the estimate; and · different estimates we could reasonably have used, or changes in the estimate that are reasonably likely to occur, would have a material effect on our financial condition or results of operations.

Estimates and assumptions about future events and their effects cannot be determined with certainty. We base our estimates on historical experience and on various other assumptions believed to be applicable and reasonable under the circumstances. These estimates may change as new events occur, as additional information is obtained and as our operating environment changes. These changes have historically been minor and have been included in the financial statements as soon as they became known. Based on a critical assessment of our accounting policies and the underlying judgments and uncertainties affecting the application of those policies, management believes that our financial statements are fairly stated in accordance with accounting principles generally accepted in the United States, and present a meaningful presentation of our financial condition and results of operations.

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Our most critical accounting estimates include:

· the recognition and measurement of current and deferred income taxes, which impact our provision for taxes · Goodwill and Purchased Intangible Asset Impairments · Fair value measurements · Embedded derivatives · Warrant liability

Below, we discuss these policies further, as well as the estimates and judgments involved.

Income Taxes

Provisions for income taxes are based on taxes payable or refundable for the current period and deferred taxes on temporary differences between the amount of taxable income and pretax financial income and between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled.

When accounting for Uncertainty in Income Taxes, first, the tax position is evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed "more-likely-than-not" to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50 percent likelihood of being realized upon ultimate settlement. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company's utilization of U.S. Federal net operating losses will be limited in accordance to Section 381 rules. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

Goodwill and Purchased Intangible Asset Impairments

Our methodology for allocating the purchase price relating to purchase acquisitions is determined through established valuation techniques. Goodwill represents a residual value as of the acquisition date, which in most cases results in measuring goodwill as an excess of the purchase consideration transferred plus the fair value of any noncontrolling interest in the acquired company over the fair value of net assets acquired, including contingent consideration. We perform goodwill impairment tests on an annual basis in the fourth fiscal quarter and between annual tests in certain circumstances for each reporting unit. The assessment of fair value for goodwill and purchased intangible assets is based on factors that market participants would use in an orderly transaction in accordance with the new accounting guidance for the fair value measurement of nonfinancial assets.

The goodwill recorded in the Consolidated Balance Sheets as of ~~March~~ 31June 30, 2016 was $6,734,197. In response to changes in industry and market conditions, we could be required to strategically realign our resources and consider restructuring, disposing of, or otherwise exiting businesses, which could result in an impairment of goodwill. There was an impairment of goodwill totaling $2,729,834 related to our Funmap acquisition in fiscal 2015. For the annual impairment testing in fiscal 2015, the excess of the fair value over the carrying value for each of our reporting units was approximately $7.5 million.During the fourth quarter of fiscal 2015, we performed a sensitivity analysis for goodwill impairment with respect to each of our respective reporting units and determined that a hypothetical 10% decline in the fair value of each reporting unit would not result in an impairment of goodwill for any reporting unit.

39We make judgments about the recoverability of purchased intangible assets with finite lives whenever events or changes in circumstances indicate that impairment may exist. Recoverability of purchased intangible assets with finite lives is measured by comparing the carrying amount of the asset to the future undiscounted cash flows the asset is expected to generate. We review indefinite-lived intangible assets for impairment annually or whenever events or changes in circumstances indicate that the asset might be impaired. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. Assumptions and estimates about future values and remaining useful lives of our purchased intangible assets are complex and subjective. They can be affected by a variety of factors, including external factors such as industry and economic trends, and internal factors such as changes in our business strategy and our internal forecasts. We had no impairment charges related to purchased intangible assets during fiscal 2015. Our ongoing consideration of all the factors described previously could result in additional impairment charges in the future, which could adversely affect our net income.

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Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:

Level 1 — Quoted prices for identical assets and liabilities traded in active exchange markets, such as the national stock exchanges.

Level 2 — Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data. Level 2 also includes derivative contracts whose value is determined using a pricing model with observable market inputs or can be derived principally from or corroborated by observable market data.

Level 3 — Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for nonbinding single dealer quotes not corroborated by observable market data.

The Company has various processes and controls in place to ensure that fair value is reasonably estimated. Where market information is not available to support internal valuations, independent reviews of the valuations are performed and any material exposures are evaluated.

Many of our financial instruments are issued in conjunction with the issuance of debt. At the time of issuance we allocate the proceeds received to the various financial instruments and this involves the determination of fair value. From time to time, the fair value of these financial instruments, primarily embedded derivatives and warrants exceeds the proceeds received. When this occurs, we critically evaluate the validity of the fair value computation, most specifically of the derivatives. We engage a third party valuation specialist who applies accepted valuation methodology as well as assumptions that are appropriate in the circumstances.

With regards to valuing embedded derivatives, there are a variety of methods to be used. We utilize the Black-Scholes model for equity linked derivatives and a binomial model for certain of our derivatives which include down round provisions within the agreements. The binomial model allows multi period views of the underlying asset price and the price of the option for multiple periods as well as the range of possible results for each period. The binomial model takes into account multiple scenarios to reflect the complexity of the derivatives. Probabilities for each of the scenarios are estimated based on discussions with management and outside advisors on the expected likelihood as of the valuation date of a financing transaction that could trigger an additional reset to the exercise price.

The key sensitivities of the each derivative valuation model include: the exercise price, the stock price in which we utilize our trading price; the expected volatility, which is determined through the analysis of publicly traded guideline companies historic volatilities; the risk free interest rate, which is based on current market rates and the expected term.

When the fair value is determined to be reasonable and the fair value of the consideration we issue exceeds the proceeds, greater value has been given by us than received in the associated transactions. This dynamic occurred in certain of our financings in 2015. From a purely financial perspective, the theoretical value of a security does not take into account the speed of execution that is necessary to accomplish the goal of financing a specific acquisition. When we identify specific strategic targets where the identification of the target and the consummation of the transaction encompass a very compressed timeline the mechanics of an "orderly market" are not always present. We accepted reduced consideration in certain financings due to the need to execute quickly and the accompanying need to be more aggressive in accepting terms. It is our view that the strategic advantage of acquiring our identified targets in this quickly developing market outweighed the discount on the proceeds we received.

Embedded Derivatives

From time to time the Company issues financial instruments such as debt in which a derivative instrument is "embedded." Upon issuing the financial instrument, the Company assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate, non-embedded instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract and carried at fair value, with changes in fair value recorded in the income statement.

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Certain embedded features that required bifurcation and separate accounting were identified in connection with certain of the convertible notes issued in 2014 and 2015. The Company determined these embedded features should be bundled together as a single, compound embedded derivative, bifurcated from the host contract, and accounted for at fair value, with changes in fair value being recorded in the consolidated statements of operations and comprehensive income. The embedded derivatives included the conversion options and the down-round pricing adjustment found in those promissory notes. The embedded features were evaluated together as a single compound derivative to determine the fair value of the derivative using a binomial pricing model. The binomial pricing model takes into account probability-weighted scenarios with regard to the likelihood of changes to the conversion price. The inputs to the model require management to make certain significant assumptions and represent management's best estimate at the valuation date. The probabilities were determined based on a management review, and input from external advisors, on the expected likelihood as of the valuation date of a financing transaction that could trigger an additional reset.

The key sensitivities of the binomial model include: the fair value of the common stock, in which the Company utilized the actual trading price of our stock; the expected volatility of the common stock, which was determined through the analysis of publicly traded guideline companies historic volatilities; and the risk free interest rate, which is based on current market rates and the expected term. Any change on one of the above would have an impact on the concluded value for the embedded derivatives.

Warrant Liability

The Company utilizes a binomial model to derive the estimated fair value of those warrants that are considered to be liabilities. Key inputs into the model include the fair value of the common stock, in which the Company utilized the actual trading price of our stock, the expected volatility of the stock price, and a risk-free interest rate. Any significant changes to these inputs would have a significant impact to the fair value.

The changes in fair value of the warrants are measured at each reporting date and recognized in earnings and classified commensurate with the purpose of issuance. Changes in the fair value of warrants issued a) for services performed are considered an operating expense and b) in connection with debt are classified as other (income) expense. See further discussion in the Notes to our Consolidated Financial Statements.

Off-Balance Sheet Arrangements

We have no material off-balance sheet transactions.

~~Disclosure~~Item ~~Controls~~3. Quantitative and ~~Procedures~~Qualitative Disclosures About Market Risk.

~~Under~~We ~~the~~do ~~supervision~~not ~~and~~hold ~~with~~any ~~the~~derivative ~~participation~~instruments ~~of our management, including our Chief Executive Officer~~ and ~~Chief~~do ~~Financial~~not ~~Officer,~~engage ~~we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined~~ in ~~Rules~~any ~~13a-15(e)~~hedging ~~and 15d-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act"), as of the end of the period covered by this quarterly report~~activities. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of March 31, 2016, that our disclosure controls and procedures were effective such that the information required to be disclosed in our United States Securities and Exchange Commission (the "SEC") reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

~~Internal~~Item ~~Control~~4. ~~over~~Controls ~~Financial~~and ~~Reporting~~Procedures.

~~There~~Disclosure ~~were~~Controls ~~no changes in our internal control over financial reporting (as defined in Rules 13a-15(f)~~ and 15d-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.Procedures

42Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act"), as of the end of the period covered by this quarterly report. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of June 30, 2016, that our disclosure controls and procedures were effective such that the information required to be disclosed in our United States Securities and Exchange Commission (the "SEC") reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

~~PART~~Internal IIControl -over ~~OTHER~~Financial ~~INFORMATION~~Reporting

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

Item 1A. Risk Factors

We believe there are no changes that constitute material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on March 30, 2016.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

All funds received from the sale of our shares were used for working capital purposes. All shares bear a legend restricting their disposition. The foregoing securities may not be offered or sold in the United States unless registered under the Act, or pursuant to an exemption from registration.

The shares were issued in reliance upon an exemption from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"). Each investor took his securities for investment purposes without a view to distribution and had access to information concerning us and our business prospects, as required by the Securities Act. In addition, there was no general solicitation or advertising for the purchase of our shares. Our securities were sold only to accredited and sophisticated investors, as defined in the Securities Act with whom we had a direct personal preexisting relationship, and after a thorough discussion. Finally, our stock transfer agent has been instructed not to transfer any of such shares, unless such shares are registered for resale or there is an exemption with respect to their transfer.

Each purchaser was provided with access to our filings with the United States Securities and Exchange Commission, including the following:

	·	Our annual report to stockholders for the most recent fiscal year, and, if requested by the purchaser in writing, a copy of our most recent Form 10-K under the Exchange Act of 1934, as amended (the "Exchange Act").

	·	The information contained in an annual report on Form 10-K under the Exchange Act.

	·	The information contained in any reports or documents required to be filed by the Company under sections 13(a), 14(a), 14(c), and 15(d) of the Exchange Act since the distribution or filing of the reports specified above.

	·	A brief description of the securities being offered, the use of the proceeds from the offering, and any material changes in our affairs that are not disclosed in the documents furnished.

During the three months ended ~~March~~June 3130, 2016, the Company 1) issued ~~220~~5,~~419~~000,000 shares ofvalued ~~restricted~~at ~~common~~100,000 ~~stock~~to ~~and~~Maxim ~~recognized $30~~Group,~~000~~ ofLLC ~~stock~~as ~~compensation~~placement ~~expense~~agent inpursuant ~~exchange~~to ~~for~~an ~~services~~engagement ~~valued~~agreement atfor the ~~fair~~public ~~value~~offering of ~~services~~common ~~performed~~stock; ~~and~~ 2) issued 2300,000 for services valued at $6,000; ~~shares~~ and 3) became obligated to issue ~~another 500~~1,~~000~~514,359 shares ~~pursuant~~of tocommon ~~the~~stock ~~Bridge~~in ~~Note~~exchange ~~Offering~~for services valued at $45,000.

4340 Table of Contents

Item 3. Defaults Upon Senior Securities

On October 15, 2015, Mark Friedman, Director and C. Lawrence Rutstein, Chairman, each loaned the Company $25,000 and received a promissory note with a maturity date of February 12, 2016. The notes are in default as of the date of this report.

From February 1, 2016 through February 18, 2016, the Company received $250,000 and issued six Bridge Notes with face amounts ranging from $25,000 to $100,000 pursuant to the Bridge Note Offering. The notes were due in six months on August 1, 2016 through August 18, 2016. The notes are in default as of the date of this report.

On September 8, 2015, the Company issued a promissory note to Michael Turner, Director and President of Media Ventures Division pursuant to the purchase of New Frontiers Media, LLC. The note has a face amount of $250,000 and maturity of March 31, 2016. The Note is currently in default.

There are eight, unsecured promissory notes with principle balances ranging between $3,000 to $50,000 and bearing interest of 2% to 9%. The notes were acquired with the acquisition of New Frontiers Media Holdings, LLC on September 8, 2015. The Frontiers Notes all matured by December 24, 2015 and are currently in default.

On November 6, 2015, the Company issued an 8% Promissory Note to C. Lawrence Rutstein, former Chairman of the Board of the Company, in the amount of $250,000. The Rutstein Note was issued pursuant to the terms of a Promissory Note dated as of the same date. The Rutstein Note bears interest at the rate of 8% per annum and the principal and interest were due on May 4, 2016. The Rutstein Note is currently in default.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Not applicable.

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Item 6. Exhibits.

Exhibit No.		Description of Exhibit
10.1*		Form of Securities Purchase Agreement related to the Bridge Note Offering dated February 18, 2016.
4.1		Form of Common Stock Purchase Warrant issued to Firstfire Global Opportunities Fund LLC dated June 16, 2016 (Incorporated by reference as exhibit 2 to Form 8-K filed on July 5, 2016)
10.2*		Form of Promissory Note related to the Bridge Note Offering dated February 18, 2016.
10.1		Form of Securities Purchase Agreement related to the Bridge Note Offering dated February 18, 2016 (Incorporated by reference as exhibit 1 to Form 10-Q filed on May 17, 2016)
10.3*		Note purchase Agreement between Multimedia Platforms, Inc. nd Terry King dated January 6, 2016
10.2		Form of Promissory Note related to the Bridge Note Offering dated February 18, 2016 (Incorporated by reference as exhibit 2 to Form 10-Q filed on May 17, 2016)
10.4*		9% Convertible Promissory Note between Multimedia Platforms, Inc. and Terry King dated January 6, 2016
10.3		Note Purchase Agreement between Multimedia Platforms, Inc. and Terry King dated January 6, 2016 (Incorporated by reference as exhibit 3 to Form 10-Q filed on May 17, 2016)
10.5*		Common Stock Purchase Warrant between Multimedia Platforms, Inc. and Terry King dated January 6, 2016
10.4		9% Convertible Promissory Note between Multimedia Platforms, Inc. and Terry King dated January 6, 2016 (Incorporated by reference as exhibit 4 to Form 10-Q filed on May 17, 2016)
31.1*		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
10.5		Common Stock Purchase Warrant between Multimedia Platforms, Inc. and Terry King dated January 6, 2016 (Incorporated by reference as exhibit 5 to Form 10-Q filed on May 17, 2016)
32.1*		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
10.6		Amendment and Waiver Agreement by and between Firstfire Global Opportunities Fund LLC and Multimedia Platforms, Inc dated June 16, 2016 (Incorporated by reference as exhibit 2 to Form 8-K filed on July 5, 2016)
31.1*		Certification of Principal Executive Officer Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial Officer Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		XBRL Instance Document**
101.SCH		XBRL Taxonomy Extension - Schema Document**
101.CAL		XBRL Taxonomy Extension - Calculation Linkbase Document**
101.DEF		XBRL Taxonomy Extension - Definition Linkbase Document**
101.LAB		XBRL Taxonomy Extension - Label Linkbase Document**
101.PRE		XBRL Taxonomy Extension - Presentation Linkbase Document**

~~____________________~~ _______________

*	Filed herewith

4442 Table of Contents

SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MULTIMEDIA PLATFORMS, INC.
Date: May 16, 2016	By:	/s/ Bobby Blair
Date: August 22, 2016	By:	/s/ Robert Weiss
		Bobby Blair
		Robert Weiss
		Chairman, Chief Executive Officer
		Chief Executive Officer(Principal Executive Officer)
		(Principal Executive Officer) and Chief Financial Officer
	By:	/s/ Peter Frank
		(Principal Financial Officer)
		Peter Frank
		Chief Financial Officer(Principal Financial Officer)

4543

Multimedia Platforms, Inc.
Consolidated Balance Sheets
	March 31,			December 31,
	2016			2015
	(Unaudited)
ASSETS
Current assets
Cash	$	132,962		$	68,153
Accounts receivable, net of allowance of $25,000 and $0		272,876			332,533
Other current assets		8,549			35,923
Deferred financing costs		620,000			620,000
Total current assets		1,034,387			1,056,609
Property and equipment, net of accumulated depreciation of $7,564		35,269			38,233
Other assets
Goodwill		6,734,197			6,734,197
Intangibles, net of amortization of $152,288		541,353			520,657
Total other assets		7,275,550			7,254,854
Deposits		9,120			9,120
Total assets	$	8,354,326		$	8,358,816
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable & accrued expenses	$	1,390,071		$	986,692
Deferred revenue		-			12,500
Convertible promissory notes, net of discount of $1,357,433 and $1,310,854		1,583,567			790,146
Notes - related party, net of discount of $60,311 and 124,766		539,689			375,234
Promissory notes, net of discount of $135,165 and $0		223,835			170,000
Loans		179,300			14,729
Due to related parties		493,232			320,002
Accrued interest payable		125,098			39,424
Convertible notes conversion derivative liability		12,403			236,594
Warrant liability		118,559			214,728
Total current liabilities		4,665,754			3,160,049
Long-term liabilities
Convertible promissory notes, net of discount of $0 and $580,115		-			209,885
Loan		31,297			35,681
Total long-term liabilities		31,297			245,566
Total liabilities		4,697,051			3,405,615
Commitments and contingencies
Stockholders' equity
Series A Preferred stock, $0.001 par value 40,000,000 shares authorized; issued and outstanding 17,999,995 at March 31, 2016 and December 31, 2015.		18,000			18,000
Series B Preferred stock, $0.001 par value 4,000,000 shares authorized; issued and outstanding 1,435,598 at March 31, 2016 and December 31, 2015.		1,436			1,436
Common stock, $0.001 par value 300,000,000 shares authorized; issued and outstanding 65,888,923 and 52,268,504 at March 31, 2016 and December 31, 2015, respectively.		65,888			52,268
Additional-paid-in-capital		13,272,388			9,585,248
Common stock payable		875,000			4,230,000
Deferred compensation		(767,813	)		(921,375	)
Accumulated (deficit)		(9,807,624	)		(8,012,376	)
Total stockholders' equity		3,657,275			4,953,201
Total liabilities and stockholders' equity	$	8,354,326		$	8,358,816

	June 30,			December 31,
	2016			2015
	(Unaudited)
ASSETS
Current assets
Cash	$	113,384		$	68,153
Accounts receivable, net of allowance of $45,000 and $0		193,159			332,533
Other current assets		8,549			35,923
Deferred financing costs		100,000			620,000
Total current assets		415,092			1,056,609

Property and equipment, net of accumulated depreciation of $10,528 and $4,600		32,305			38,233

Other assets
Goodwill		6,734,197			6,734,197
Intangibles, net of amortization of $224,470 and $83,333		520,471			520,657
Deposits		9,120			9,120
Total other assets		7,263,788			7,263,974
Total assets		7,711,185			8,358,816

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable & accrued expenses		1,965,832			986,692
Deferred revenue		-			12,500
Convertible promissory notes, net of discount of $859,359 and $1,310,854		2,151,641			790,146
Notes - related party, net of discount of $5,275 and $124,766		594,725			375,234
Promissory notes, net of discount of $35,165 and $0		323,835			170,000
Loans		116,242			14,729
Due to related parties		497,513			320,002
Accrued interest payable		205,855			39,424
Convertible notes conversion derivative liability		-			236,594
Warrant liability		77,686			214,728
Total current liabilities		5,933,329			3,160,049

Long-term liabilities
Convertible promissory notes, net of discount of $0 and $580,115		-			209,885
Loan		27,850			35,681
Total long-term liabilities		27,850			245,566
Total liabilities		5,961,179			3,405,615

Commitments and contingencies

Stockholders' equity
Series A Preferred stock, $0.001 par value 40,000,000 shares authorized; issued and outstanding 17,999,995 at June 30, 2016 and December 31, 2015.		18,000			18,000
Series B Preferred stock, $0.001 par value 4,000,000 shares authorized; issued and outstanding 1,435,598 at June 30, 2016 and December 31, 2015.		1,436			1,436
Common stock, $0.001 par value 300,000,000 shares authorized; issued and outstanding 71,188,923 and 52,268,504 at June 30, 2016 and December 31, 2015, respectively.		71,188			52,268
Additional-paid-in-capital		13,465,556			9,585,248
Common stock payable		905,000			4,230,000
Deferred compensation		-			(921,375	)
Accumulated (deficit)		(12,711,174	)		(8,012,376	)
Total stockholders' equity		1,750,006			4,953,201
Total liabilities and stockholders' equity	$	7,711,185		$	8,358,816

Multimedia Platforms, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
For the Three and Six Months Ended June 30, 2016 and 2015

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2016			2015			2016			2015

Income
Net revenue	$	754,513		$	232,441		$	1,459,168		$	422,526
Cost of revenue		568,065			161,959			1,254,544			262,384
Gross profit		186,448			70,482			204,624			160,142

Operating expenses
General and administrative		1,495,875			818,350			2,231,515			1,984,866
Sales and marketing		247,664			176,486			542,601			296,963
Services - related party		595,405			-			849,736			-
Goodwill impairment		-			-			-			2,729,834
Total operating expenses		2,338,944			994,836			3,623,852			5,011,663

Loss from operations		(2,152,496	)		(924,354	)		(3,419,228	)		(4,851,521	)

Other Income and (Expense)
Interest expense		(101,219	)		(46,266	)		(240,978	)		(72,477	)
Accretion of debt discount		(709,910	)		(148,833	)		(1,419,028	)		(159,118	)
Change in fair value of convertible notes conversion derivative liability		12,403			(2,935,709	)		236,594			(4,191,170	)
Change in fair value of warrant liability		47,673			(2,825,003	)		143,842			(4,200,004	)
Total non-operating income (expense)		(751,053	)		(5,955,811	)		(1,279,570	)		(8,622,769	)
Earnings before income taxes		(2,903,549	)		(6,880,165	)		(4,698,798	)		(13,474,290	)
Provision for income taxes		-			-			-			-
Net loss	$	(2,903,549	)	$	(6,880,165	)	$	(4,698,798	)	$	(13,474,290	)

Net (loss) per common share basic	$	(0.04	)	$	(0.19	)	$	(0.07	)	$	(0.39	)
Weighted average common shares outstanding basic		72,714,860			35,798,817			70,544,907			34,134,789

																				Additional									Total
	Preferred Stock Series A						Preferred Stock Series B						Common Stock							paid-in			Deferred			Accumulated			Stockholders'
	Shares			Amount			Shares			Amount			Shares		Amount		Payable			Capital			Compensation			Deficit			Equity

Balance, December 31, 2014		-			-			-			-			30,748,969		30,749		-			495,298			-			(370,116	)		155,931

Shares issued in Merger		27,212,694			27,213			4,000,000			4,000			1,502,477		1,502		-			(610,908	)		-			-			(578,193	)
Conversion of Series A preferred stock to common stock		(9,212,699	)		(9,213	)		-			-			9,212,699		9,213		-			-			-			-			-
Conversion of Series B preferred stock to common stock		-			-			(2,564,402	)		(2,564	)		2,564,402		2,564		-			-			-			-			-
Funds reclassified to equity from liabilities for Merger shares issued		-			-			-			-			-		-		-			138,874			-			-			138,874
Shares issued for Columbia Funmap, Inc. acquisition		-			-			-			-			2,252,250		2,252		-			3,455,236			-			-			3,457,488
Shares issued for RND Enterprises, Inc. asset purchase		-			-			-			-			2,750,000		2,750		-			1,097,250			-			-			1,100,000
14.4 million shares to be issued for New Frontiers Media, LLC purchase		-			-			-			-			-		-		4,230,000			-			-			-			4,230,000
Shares issued in exchange for services		-			-			-			-			2,384,457		2,385		-			2,282,855			-			-			2,285,240
Common stock issued for financing services		-			-			-			-			500,000		500		-			594,500			-			-			595,000
Common stock issued in exchange for 9% Convertible Note accrued interest		-			-			-			-			353,250		353		-			105,622			-			-			105,975
Issuance of 4,500,000 warrants for fair value of services		-			-			-			-			-		-		-			1,228,500			(921,375	)		-			307,125
Discount on convertible promissory note due to detachable warrants		-			-			-			-			-		-		-			733,785			-			-			733,785
Discount on convertible promissory note due to beneficial conversion feature		-			-			-			-			-		-		-			64,236			-			-			64,236
Net Income (Loss)		-			-			-			-			-		-		-			-			-			(7,642,260	)		(7,642,260	)
Balance, December 31, 2015		17,999,995			18,000			1,435,598			1,436			52,268,504		52,268		4,230,000			9,585,248			(921,375	)		(8,012,376	)		4,953,201

14.4 million shares to be issued for New Frontiers Media, LLC purchase		-			-			-			-			11,400,000		11,400		(3,420,000	)		3,408,600			-			-			-
Shares issued in exchange for services		-			-			-			-			5,520,419		5,520		45,000			130,480			-			-			181,000
Discount on convertible promissory notes due to issuance of common stock		-			-			-			-			2,000,000		2,000		50,000			178,000			-			-			230,000
Stock compensation recognized on warrants issued in exchange for services		-			-			-			-			-		-		-			108,936			921,375			-			1,030,311
Discount on convertible promissory note due to detachable warrants		-			-			-			-			-		-		-			16,292			-			-			16,292
Discount on convertible promissory note due to beneficial conversion feature		-			-			-			-			-		-		-			38,000			-			-			38,000
Net Income (Loss)		-			-			-			-			-		-		-			-			-			(4,698,798	)		(4,698,798	)
Balance, June 30, 2016 (Unaudited)		17,999,995		$	18,000			1,435,598		$	1,436			71,188,923	$	71,188	$	905,000		$	13,465,556		$	-		$	(12,711,174	)	$	1,750,006

⁽¹⁾	See disclosure below.

⁽²⁾	On October 15, 2015, Mark Friedman, Director and C. Lawrence Rutstein, Chairman, each loaned the Company $25,000 and received a promissory note with identical terms, including maturity date of 120 days on February 12, 2016 and one-time interest payment of $10,000 bringing the total due under each note to $35,000. No other consideration was exchanged under the promissory notes. The notes are in default as of the date of this current report.

(3)	During the three months ended March 31, 2016, the Company initiated a private bridge note offering (the "Bridge Note Offering") for up to $400,000 consisting of an 8% promissory note (the "Bridge Note") and shares of common stock sold as units with each unit consisting of a $25,000 promissory note and 250,000 shares of common stock (the "Bridge Note OfferingUnits"). The notes are due and payable in six months or upon the receipt of no less than $2,000,000 of gross proceeds from a securities offering. Additionally, the promissory notes are secured by certain accounts receivable. The Company received $250,000 pursuant to the Bridge Note Offering. The Company allocated Bridge Note principal between the Bridge Note and the common stock based upon their relative fair values resulting in a debt discount of $230,000 which is being accreted over the six month term of the Bridge Notes. During the three and six months ended ~~March~~June 3130, 2016, the Company recognized $34,~~030~~988 and $8,018, respectively of interest expense. During the three and six months ended June 30, 2016, the Company recognized $74115,000 and $189,560, respectively of accretion related to the debt discount. The notes are in default as of the date of this current report.
(4)	Promissory note with face amount of $250,000, interest of 4.5% and maturity of March 31, 2016 payable to Michael Turner, Director and President of Media Ventures Division pursuant to the purchase of New Frontiers Media, LLC on September 8, 2015,. The Note is currently in default. During the three and six months ended ~~March~~June 3130, 2016, the Company recognized $2,805 and $5,610, respectively, of interest expense with total accrued interest under this note totaling $69,~~319~~124. ~~The Note is currently in default.~~ see "NOTE 7 – BUSINESS COMBINATIONS" for additional information.
(5)	Represents notes acquired with the acquisition of New Frontiers Media Holdings, LLC on September 8, 2015 (the "Frontiers Notes"). There are eight, unsecured promissory notes with principle balances ranging between $3,000 to $50,000 and bearing interest of 2% to 9%. The Frontiers Notes all matured by December 24, 2015 and are currently in default. During the three and six months ended ~~March~~June 3130, 2016, the Company recognized interest expense of $25,~~921~~211 and $8,132, respectively, with total accrued interest under these notes totaling $611,~~114~~325.
(6)	~~Represents~~On April 8, 2016, the Company and Crown Bridge Partners, LLC ("Crown") entered into a ~~bank~~$50,000 ~~loan~~Convertible ~~acquired~~Promissory ~~with~~Note (the ~~acquisition~~"Crown Note"). The Company received proceeds of ~~Columbia~~$38,000 ~~Funmap~~net of a $5,000 ~~Inc~~original issue discount and $7,000 of legal fees. onThe ~~February~~Crown 27Note matures in one year, ~~2015~~bears interest of 8%, default interst of 22% and is convertible at any time into shares of common stock at a conversion price equal to 61% of the lowest trade price in the twenty trading days previous to the conversion. The ~~loan~~intrinsic value of the beneficial conversion feature was ~~established~~computed as the difference between the fair value of the common stock issuable upon conversion of the Crown Note and the total price to convert based on ~~December~~the 13effective conversion price on the date of issuance. The calculated intrinsic value was $114,000. ~~2012~~As this amount resulted in a total debt discount that exceeds the ~~original~~Crown Note proceeds, the amount recorded for the beneficial conversion feature was limited to the principal amount of the Crown Note. The resulting $7550,000. ~~Payments~~discount is being accreted over the 12 month term of ~~principal~~the Crown Note. During the three and ~~interest~~six ~~are~~months ~~due~~ended ~~monthly~~June at30, a2016, ~~variable~~the Company recognized interest ~~rate~~expense ~~currently~~of at$918 ~~4%.~~and ~~Payments~~debt ~~are~~discount ~~approximately~~accretion of $211,~~600 per month~~370.
(7)	~~Working~~Represents ~~capital~~a bank loan ~~provided~~acquired bywith ~~Complete~~the ~~Business~~acquisition ~~Solutions~~of Columbia Funmap, Inc. on February 27, 2015. The ~~Company~~loan ~~received~~was ~~$125~~established on December 13,~~000~~ ~~and~~2012 isin ~~obligated~~the tooriginal ~~repay~~amount of $~~175~~75,000. ~~over~~Payments ~~180~~of ~~business~~principal ~~days~~and interest are due monthly at ~~$972~~a variable interest rate currently at 4%.22 Payments are approximately $1,250 per ~~day~~month.
(8)	~~Non-interest~~Working ~~bearing~~capital ~~advances~~loan provided by ~~related~~Complete ~~parties~~Business ~~used to cover operations and overhead costs not covered by revenues~~Solutions. AsThe ofCompany ~~March~~received ~~31, 2016, includes~~ $~~227~~125,~~084~~000 ~~to Alan Beck, shareholder~~ and ~~consultant,~~is ~~$118,697~~obligated to ~~TBG~~repay ~~Holdings Corporation owned, in part By Timothy Hart, former CFO and shareholder,~~ $6175,~~595~~000 ~~due~~over to180 R3business ~~Accounting~~days ~~owned~~at ~~by Timothy Hart, former CFO and shareholder,~~ $~~122,500~~972.22 ~~due~~per ~~to Michael Turner, shareholder and President of our digital media division and $18,356 due to Bobby Blair~~day.
(9)	Non-interest bearing advances by related parties used to cover operations and overhead costs not covered by revenues. As of June 30, 2016, includes $337,000 to Alan Beck, shareholder and consultant and $160,000 due to Michael Turner, shareholder and President of our digital media division.

(3)	The Company issued 1.5 million common stock purchase warrants to C. Lawrence Rutstein pursuant to a consulting agreement entered into on June 30, 2015. The consulting agreement has a term of 24 months with compensation solely in the form of 1.5 million warrants. The warrant includes Piggyback registration rights, cashless exercise, 5 year life, $0.30 exercise price. The warrants were evaluated for equity or liability accounting. Based on their terms, they are treated as equity. The fair value of the warrants was $0.271 as calculated using the Black-Scholes option pricing model and the following assumptions: market price of common stock - $.30 per share; estimated volatility - 147%; risk free interest rate - 1.63%; expected dividend rate - 0% and expected life - 5 years. Pursuant to ASC 505-50-25, Equity-based Payments to Non-Employees, the resulting total compensation expense of $406,500 was recorded as an increase to additional paid-in capital and deferred compensation and will be recognized ratably over the 24 month consulting term, or $50,813 per quarter unless exercised within 24 months at which time the unamortized pro rata compensation expense will be recognized.
(4)	The Company issued 3.0 million common stock purchase warrants, or 1.5 million each to Patrick Kolenik and Carry W Sucoff, pursuant to a consulting agreement entered into by each individual on July 29, 2015. The consulting agreements are identical and have a term of 24 months with compensation solely in the form of 1.5 million warrants each. Both warrants contain identical terms including Piggyback registration rights, cashless exercise, 5 year life, $0.30 exercise price and shares of warrant stock cannot be sold prior to February 1, 2016 unless any of the shares owned or controlled by Robert Blair or TBG Holdings, or any of their affiliates, are sold, or are included in a registration statement for resale during that period. The warrants were evaluated for equity or liability accounting. Based on their terms, they are treated as equity. The fair value of the warrants was $0.274 as calculated using the Black-Scholes option pricing model and the following assumptions: market price of common stock - $.30 per share; estimated volatility - 152%; risk free interest rate - 1.62%; expected dividend rate - 0% and expected life - 5 years. Pursuant to ASC 505-50-25, Equity-based Payments to Non-Employees, the resulting total compensation expense of $822,000 was recorded as an increase to additional paid-in capital and deferred compensation and will be recognized ratably over the 24 month consulting term, or $102,750 per quarter unless exercised within 24 months at which time the unamortized pro rata compensation expense will be recognized.
(5)	Issued to Lincoln Park Capital Fund, LLC pursuant to that Senior Convertible Promissory Note dated August 21, 2015 as described under "NOTE 4 – DEBT and Related liabilities".
(6)	Issued to Terry King pursuant to the King Note as described under "NOTE 4 – DEBT and Related liabilities".
(7)	The Rutstein Financing Warrant Issued to Lawrence Rutstein, Chairman, pursuant to the Rutstein Note as described under "NOTE 4 – DEBT and Related liabilities".
(8)	On November 18, 2015, the Company issued to C. Lawrence Rutstein, Chairman of the Board, a warrant to purchase 1,750,000 shares of common stock in consideration for his services as a member of the Company's board of directors. The warrant has an exercise price of $0.50 per share and becomes exercisable with respect to one-third (1/3) of the total shares subject to the warrant (approximately 583,333 shares of common stock) on each of the following dates (i) November 18, 2015, which is the date of issuance, (ii) first anniversary of the date of issuance, and (iii) the second anniversary of the date of issuance. If at any time while there are shares subject to the warrant that are outstanding the Company is sold to a third party, whether through a stock sale or a sale of substantially all of its assets or in one or more transactions, all shares subject to the warrant fully vest and become exercisable. The warrant terminates on the fourth (4th) anniversary of the applicable vesting date with respect to each tranche of shares subject to the warrant that vest as described above. The warrants were evaluated for equity or liability accounting. Based on their terms, they are treated as equity. The fair value of the warrants was $0.249 as calculated using the Black-Scholes option pricing model and the following assumptions: market price of common stock - $.30 per share; estimated volatility - 149%; risk free interest rate - 1.69%; expected dividend rate - 0% and expected life - 4 years. The resulting total compensation expense of $435,750 will be expenses according to the vesting schedule described above.
(9)	On November 13, 2015, the Company issued to Mark Friedman, Director, warrants to purchase 500,000 shares of Common Stock on November 13, 2015, in consideration for services performed to date as a member of the Company's Board of Directors. The warrants have a term of 4 years and an exercise price of $0.40 per share. The warrants were evaluated for equity or liability accounting. Based on their terms, they are treated as equity. The fair value of the warrants was $0.254 as calculated using the Black-Scholes option pricing model and the following assumptions: market price of common stock - $.30 per share; estimated volatility - 149%; risk free interest rate - 1.67%; expected dividend rate - 0% and expected life - 4 years. The resulting total compensation expense of $127,000 was expensed on the date of issuance.
(10)	The Firstfire Warrant Issued to Firstfire, pursuant to the Firstfire Note as described under "NOTE 4 – DEBT and Related liabilities".
(11)	King Warrant 2 issued on January 6, 2016 in connection with the King Note 2 issued on the same date as described under "NOTE 4 – DEBT and Related liabilities".

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