2. CORRECTION OF INTERM CONDENSED FINANCIAL STATEMENTS (Tables)

3 Months Ended

Sep. 30, 2014

Correction Of Interm Condensed Financial Statements Tables

Restatement of prior period

STUDIO ONE MEDIA, INC.
Consolidated Balance Sheets
	September 30,
	2014
As Reported
Derivative Liability	$	-
Deferred revenue		206,000
Total Current Liabilities	$	6,521,904
Total Liabilities	$	6,568,758
Additional paid In capital		42,700,519
Accumulated Deficit		(48,531,292	)
Total Stockholders' Deficit		(5,750,103	)
Correction
Derivative Liability	$	389,970
Deferred revenue		(200,000	)
Total Current Liabilities	$	189,970
Total Liabilities	$	189,970
Additional paid In capital		(302,680	)
Accumulated Deficit		112,710
Total Stockholders' Deficit		(189,970	)
As Corrected
Derivative Liability	$	389,970
Deferred revenue		6,000
Total Current Liabilities	$	6,711,874
Total Liabilities	$	6,758,728
Additional paid In capital		42,397,839
Accumulated Deficit		(48,418,582	)
Total Stockholders' Deficit		(5,940,073	)

STUDIO ONE MEDIA, INC.
Consolidated Statements of Operations (Unaudited)
	For the Three
	Months Ended
	September 30,
	2014
As Reported
Licensing Revenues		-
Other Expense
Derivative Expense		-
Change in Fair Value of Derivative		-
Total Other Expense		(556,865	)
Loss Before Income Taxes		(1,546,163	)
NET LOSS	$	(1,546,163	)
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS	$	(1,563,179	)
Correction
Licensing Revenues		200,000
Other Expense
Derivative Expense		(59,745	)
Change in Fair Value of Derivative		(27,545	)
Total Other Expense		(87,290	)
Loss Before Income Taxes		112,710
NET LOSS	$	112,710
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS	$	112,710
As Corrected
Licensing Revenues		200,000
Other Expense
Derivative Expense		(59,745	)
Change in Fair Value of Derivative		(27,545	)
Total Other Expense		(644,155	)
Loss Before Income Taxes		(1,433,453	)
NET LOSS	$	(1,433,453	)
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS	$	(1,450,469	)

STUDIO ONE MEDIA, INC.
Consolidated Statements of Cash Flows (Unaudited)
	September 30,
	2014
As Reported
OPERATING ACTIVITIES
Net Loss	$	(1,546,163	)
Derivative expense		-
(Gain) loss on derivative		-
Accounts payable and accrued expenses and deferred revenue		203,226
NON CASH FINANCING ACTIVITIES:
Derivative Liability	$	-
Correction
OPERATING ACTIVITIES
Net Loss	$	112,710
Derivative expense		59,745
(Gain) loss on derivative		27,545
Accounts payable and accrued expenses and deferred revenue		(200,000	)
NON CASH FINANCING ACTIVITIES:
Derivative Liability	$	324,654
As Corrected
OPERATING ACTIVITIES
Net Loss	$	(1,433,453	)
Derivative expense		59,745
(Gain) loss on derivative		27,545
Accounts payable and accrued expenses and deferred revenue		3,226
NON CASH FINANCING ACTIVITIES:
Derivative Liability	$	324,654