A confidential official MySpace document projects total revenue for fiscal 2011 ending June 30th to be $109 million. Expenses for the year are projected at $274 million. That means that, even after massive layoffs and cost cutting, MySpace will lose a staggering $165 million in just 12 months.

The document, a MySpace pitch book that News Corp distributed to interested buyers, was obtained by TechCrunch. In the coming year, revenue projections fall to $84 million, but expenses also drop from $274 million to $69 million. MySpace will then be profitable, according to their sales pitch.

Looking forward, the pitch book optimitically predicts revenues in 2013, 2014 and 2015 at $101 million, $119 million and $139 million respectively.