Nevada
|
26-1394771
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer o
|
Accelerated filer o
|
Non-accelerated filer o
|
Smaller reporting company x
|
Common Stock, $0.001 par value per share
|
99,255,828
|
(Class)
|
(Outstanding at May 20, 2014)
|
PART I
|
FINANCIAL INFORMATION
|
|
Item 1.
|
Financial Statements
|
4
|
4
|
||
5
|
||
6
|
||
7
|
||
8
|
||
Item 2.
|
22
|
|
Item 3.
|
24
|
|
Item 4.
|
25
|
|
PART II
|
OTHER INFORMATION
|
|
Item 1.
|
26
|
|
Item 1A.
|
26
|
|
Item 2.
|
30
|
|
Item 3.
|
32
|
|
Item 4.
|
32
|
|
Item 5.
|
32
|
|
Item 6.
|
33
|
|
36
|
AMP Holding Inc.
|
||||||||
(A Development Stage Company) | ||||||||
March 31, 2014 and December, 31 2013 |
Assets
|
March 31,
2014 (Unaudited)
|
December 31,
2013
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 2,706,770 | $ | 7,019 | ||||
Inventory
|
392,750 | 392,750 | ||||||
Prepaid expenses and deposits
|
48,236 | 43,967 | ||||||
3,147,756 | 443,736 | |||||||
Property, plant and equipment, net
|
4,305,767 | 4,407,261 | ||||||
$ | 7,453,523 | $ | 4,850,997 | |||||
Liabilities and Stockholders' Equity (Deficit)
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 1,260,160 | $ | 1,546,388 | ||||
Accounts payable, related parties
|
467,449 | 468,165 | ||||||
Customer deposits
|
177,500 | 177,500 | ||||||
Shareholder advances
|
4,141,120 | 1,934,300 | ||||||
Current portion of long-term debt
|
248,542 | 338,225 | ||||||
$ | 6,294,771 | $ | 4,464,578 | |||||
Long-term debt
|
2,456,825 | 2,292,890 | ||||||
Stockholders' equity (deficit):
|
||||||||
Series A preferred stock, par value of $.001 per share 75,000,000 shares
|
||||||||
shares authorized, 0 shares issued and outstanding at December 31, 2013
|
||||||||
and December 31, 2012
|
- | - | ||||||
Common stock, par value of $.001 per share 250,000,000 shares authorized,
|
||||||||
98,216,014 shares issued and outstanding at March 31, 2014 and
|
||||||||
82,711,524 shares issued and outstanding at December 31, 2013
|
98,214 | 82,712 | ||||||
Additional paid-in capital
|
21,926,568 | 20,321,536 | ||||||
Stock based compensation
|
5,366,060 | 5,171,093 | ||||||
Accumulated deficit during the development stage
|
(28,688,915 | ) | (27,481,812 | ) | ||||
(1,298,073 | ) | (1,906,471 | ) | |||||
$ | 7,453,523 | $ | 4,850,997 |
AMP Holding Inc. | |||||||||
(A Development Stage Company) | |||||||||
Statements of Operations | |||||||||
For the Three Months Ended March 31, 2014 and 2013 | |||||||||
and for the Period From Inception, | |||||||||
February 20, 2007 to March 31, 2014 | |||||||||
|
||||||||||||
Three Months Ended
March 31,
2014
|
Three Months Ended
March 31,
2013
|
Since Date
of Inception,
February 20,
2007 to
March 31,
2014
|
||||||||||
Sales
|
$ | - | $ | - | $ | 780,340 | ||||||
Operating Expenses
|
||||||||||||
Selling, general and administrative
|
545,530 | 826,563 | 15,291,504 | |||||||||
Research and development
|
569,355 | 728,505 | 13,569,945 | |||||||||
Total operating expenses
|
1,114,885 | 1,555,068 | 28,861,449 | |||||||||
Interest expense, net
|
92,218 | 28,639 | 607,806 | |||||||||
Net loss during the development stage
|
$ | (1,207,103 | ) | $ | (1,583,707 | ) | $ | (28,688,915 | ) | |||
Basic and diluted loss per share
|
$ | (0.01 | ) | $ | (0.02 | ) | $ | - | ||||
Weighted average number of common
|
||||||||||||
shares outstanding
|
81,233,095 | 78,504,998 | - | |||||||||
See accompanying notes to financial statements. |
AMP Holding Inc. | ||||||||||||||||||||||||||||||||
(A Development Stage Company) | ||||||||||||||||||||||||||||||||
Statements of Stockholders' Equity (Deficit) | ||||||||||||||||||||||||||||||||
From Inception, February 20, 2007 | ||||||||||||||||||||||||||||||||
to March 31, 2014 | ||||||||||||||||||||||||||||||||
Common Stock
|
Series A
Preferred Stock
|
|
||||||||||||||||||||||||||||||
Number
of Shares
|
Amount
|
Number
of Shares
|
Amount
|
Additional Paid-in Capital
|
Stock Based Compensation
|
Accumulated
Deficit
During the Development
Stage
|
Total
Stockholders' Equity
(Deficit)
|
|||||||||||||||||||||||||
Beginning capital - inception
|
- | $ | - | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Issuance of common stock, and fulfillment | ||||||||||||||||||||||||||||||||
of stock subscriptions receivable
|
7,210 | 900,000 | - | - | - | - | - | 900,000 | ||||||||||||||||||||||||
Net loss from operations, period of inception, | ||||||||||||||||||||||||||||||||
February 20, 2007 to December 31, 2007
|
- | - | - | - | - | - | (456,145 | ) | (456,145 | ) | ||||||||||||||||||||||
7,210 | $ | 900,000 | - | $ | - | $ | - | $ | - | $ | (456,145 | ) | $ | 443,855 | ||||||||||||||||||
Issuance of common stock, and fulfillment
|
||||||||||||||||||||||||||||||||
of stock subscriptions receivable
|
4,305 | 875,000 | - | - | - | - | - | 875,000 | ||||||||||||||||||||||||
March 10, 2008 stock dividend
|
62,720 | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Share based compensation for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2008
|
- | 9,757 | - | - | - | - | - | 9,757 | ||||||||||||||||||||||||
Net loss from operations for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2008
|
- | - | - | - | - | - | (1,383,884 | ) | (1,383,884 | ) | ||||||||||||||||||||||
74,235 | $ | 1,784,757 | - | $ | - | $ | - | $ | - | $ | (1,840,029 | ) | $ | (55,272 | ) | |||||||||||||||||
January 1, 2009 stock re-pricing agreement
|
18,025 | - | - | |||||||||||||||||||||||||||||
Issuance of common stock, and fulfillment
|
||||||||||||||||||||||||||||||||
of stock subscriptions receivable
|
168,210 | 753,511 | - | - | 49,989 | - | - | 803,500 | ||||||||||||||||||||||||
Share based compensation to
|
||||||||||||||||||||||||||||||||
December 28, 2009
|
- | 7,983 | - | - | - | - | - | 7,983 | ||||||||||||||||||||||||
Shares issued out of stock option plan on
|
||||||||||||||||||||||||||||||||
December 31, 2009
|
3,220 | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Net effect of purchase accounting adjustments
|
17,508,759 | (2,528,479 | ) | - | - | 2,528,479 | - | - | - | |||||||||||||||||||||||
Conversion of convertible notes
|
- | - | 8,375 | 8 | 264,992 | - | - | 265,000 | ||||||||||||||||||||||||
Net loss from operations for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2009
|
- | - | - | - | - | - | (1,524,923 | ) | (1,524,923 | ) | ||||||||||||||||||||||
17,772,449 | $ | 17,772 | 8,375 | $ | 8 | $ | 2,843,460 | $ | - | $ | (3,364,952 | ) | $ | (503,712 | ) | |||||||||||||||||
Conversion of convertible note
|
29,750 | 30 | - | - | 9,970 | - | - | 10,000 | ||||||||||||||||||||||||
Issuance of preferred stock, and fulfillment
|
||||||||||||||||||||||||||||||||
of stock subscriptions receivable
|
- | - | 625 | 1 | 24,999 | - | - | 25,000 | ||||||||||||||||||||||||
Issuance of common stock, and fulfillment
|
||||||||||||||||||||||||||||||||
of stock subscriptions receivable
|
9,808,566 | 9,809 | - | - | 3,682,530 | - | - | 3,692,339 | ||||||||||||||||||||||||
Conversion of account payable
|
101,636 | 102 | - | - | 86,898 | - | - | 87,000 | ||||||||||||||||||||||||
Share based compensation for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2010
|
- | - | - | - | - | 1,436,979 | - | 1,436,979 | ||||||||||||||||||||||||
Net loss from operations for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2010
|
- | - | - | - | - | - | (5,028,106 | ) | (5,028,106 | ) | ||||||||||||||||||||||
27,712,401 | $ | 27,713 | 9,000 | $ | 9 | $ | 6,647,857 | $ | 1,436,979 | $ | (8,393,058 | ) | $ | (280,500 | ) | |||||||||||||||||
Issuance of common stock, and fulfillment
|
||||||||||||||||||||||||||||||||
of stock subscriptions receivable
|
9,912,447 | 9,911 | - | - | 5,404,830 | - | - | 5,414,741 | ||||||||||||||||||||||||
Stock options and warrants exercised
|
38,692 | 39 | - | - | 12,236 | - | - | 12,275 | ||||||||||||||||||||||||
Conversion of preferred stock to common stock
|
1,071,110 | 1,072 | (9,000 | ) | (9 | ) | (1,063 | ) | - | - | - | |||||||||||||||||||||
Share based compensation for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2011
|
- | - | - | - | - | 2,002,891 | - | 2,002,891 | ||||||||||||||||||||||||
Net loss from operations for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2011
|
- | - | - | - | - | - | (8,705,711 | ) | (8,705,711 | ) | ||||||||||||||||||||||
38,734,650 | $ | 38,735 | - | $ | - | $ | 12,063,860 | $ | 3,439,870 | $ | (17,098,769 | ) | $ | (1,556,304 | ) | |||||||||||||||||
Issuance of detached warrants in connection
|
||||||||||||||||||||||||||||||||
with convertible debentures
|
- | - | - | - | 91,493 | - | - | 91,493 | ||||||||||||||||||||||||
Conversion of debentures and interest
|
10,227,070 | 10,227 | - | - | 2,035,187 | - | - | 2,045,414 | ||||||||||||||||||||||||
Conversion of account payable
|
6,993,743 | 6,993 | - | - | 766,007 | - | - | 773,000 | ||||||||||||||||||||||||
Share based compensation for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2012
|
- | - | - | - | - | 338,853 | - | 338,853 | ||||||||||||||||||||||||
Net loss from operations for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2012
|
- | - | - | - | - | - | (4,272,489 | ) | (4,272,489 | ) | ||||||||||||||||||||||
55,955,463 | $ | 55,955 | - | $ | - | $ | 14,956,547 | $ | 3,778,723 | $ | (21,371,258 | ) | $ | (2,580,033 | ) | |||||||||||||||||
Issuance of common stock, and fulfillment
|
||||||||||||||||||||||||||||||||
of stock subscriptions receivable
|
21,330,000 | 21,330 | - | - | 4,254,270 | - | - | 4,275,600 | ||||||||||||||||||||||||
Stock options and warrants exercised
|
18,764 | 20 | - | - | 1,143 | - | - | 1,163 | ||||||||||||||||||||||||
Conversion of convertible note
|
500,000 | 500 | - | - | 99,500 | - | - | 100,000 | ||||||||||||||||||||||||
Conversion of account payable
|
4,907,297 | 4,907 | - | - | 1,010,076 | - | - | 1,014,983 | ||||||||||||||||||||||||
Share based compensation for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2013
|
- | - | - | - | - | 1,392,370 | - | 1,392,370 | ||||||||||||||||||||||||
Net loss from operations for the year
|
||||||||||||||||||||||||||||||||
ended December 31, 2013
|
- | - | - | - | - | - | (6,110,554 | ) | (6,110,554 | ) | ||||||||||||||||||||||
82,711,524 | $ | 82,712 | - | $ | - | $ | 20,321,536 | $ | 5,171,093 | $ | (27,481,812 | ) | $ | (1,906,471 | ) | |||||||||||||||||
Issuance of common stock, and fulfillment
|
||||||||||||||||||||||||||||||||
of stock subscriptions receivable
|
12,000,000 | 12,000 | - | - | 1,188,000 | - | - | 1,200,000 | ||||||||||||||||||||||||
Stock options and warrants exercised
|
||||||||||||||||||||||||||||||||
Conversion of convertible note
|
||||||||||||||||||||||||||||||||
Conversion of account payable
|
3,504,490 | 3,502 | - | - | 417,032 | - | - | 420,534 | ||||||||||||||||||||||||
Share based compensation for the year
|
||||||||||||||||||||||||||||||||
ended March 31, 2014
|
- | - | - | - | - | 194,967 | - | 194,967 | ||||||||||||||||||||||||
Net loss from operations for the year
|
||||||||||||||||||||||||||||||||
ended March 31, 2014
|
- | - | - | - | - | - | (1,207,103 | ) | (1,207,103 | ) | ||||||||||||||||||||||
98,216,014 | 98,214 | - | - | 21,926,568 | 5,366,060 | (28,688,915 | ) | (1,298,073 | ) |
A vehicle with a fair market value of $30,400 and cash of $69,600 was accepted as consideration for issuance of common stock in February 2007.
|
|||||||||
A vehicle with a fair market value of $30,884 and cash of $69,116 was accepted as consideration for issuance of common stock in June 2007.
|
|||||||||
Consulting services valued at $50,000 were accepted as consideration for issuance of common stock in October 2008.
|
|||||||||
Consulting services valued at $87,000 were accepted as consideration for issuance of common stock in December 2010.
|
|||||||||
Consulting services valued at $60,000, $55,000, and $203,000 were accepted as consideration for issuance of common stock in March, October, and December 2012, respectively.
|
|||||||||
Investment Agreement fees valued at $375,000 were accepted as consideration for issuance of common stock in August 2012.
|
|||||||||
Legal services valued at $40,000, $15,000, and $25,000 were accepted as consideration for issuance of common stock in September, November, and December 2012, respectively.
|
|||||||||
Consulting services valued at $302,500, $126,000, $119,075, $11,750, and $155,000 were accepted as consideration for issuance of common stock in March, May, June, July, and September 2013, respectively.
|
|||||||||
Legal services valued at $40,000, $15,000, $5,000, and $5,000 were accepted as consideration for issuance of common stock in March, June, July, and August 2013, respectively.
|
|||||||||
Rent expense valued at $80,190 was accepted as consideration for issuance of common stock in March, June, July, and August 2013, respectively.
|
|||||||||
See accompanying notes to financial statements. |
AMP Holding Inc.
|
||||||||||||
(A Development Stage Company) | ||||||||||||
Statements of Cash Flows | ||||||||||||
For the Three Months Ended March 31, 2014 and 2013 | ||||||||||||
and for the Period From Inception, | ||||||||||||
February 20, 2007 to March 31, 2014 | ||||||||||||
Three Months Ended
March 31,
2014
|
Three Months Ended
March 31,
2013
|
Since Date
of Inception,
February 20,
2007 to
March 31,
2014
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net loss during the development stage
|
$ | (1,207,103 | ) | $ | (1,583,707 | ) | $ | (28,688,915 | ) | |||
Adjustments to reconcile net loss from operations
|
||||||||||||
to cash used by operations:
|
||||||||||||
Depreciation
|
101,494 | 15,171 | 714,150 | |||||||||
Loss on sale of assets
|
- | - | 27,544 | |||||||||
Stock based compensation
|
194,967 | 330,116 | 5,383,800 | |||||||||
Interest expense on convertible debentures
|
13,269 | - | 172,228 | |||||||||
Amortized discount on convertible debentures
|
- | - | 91,493 | |||||||||
Legal, consulting and investment services
|
420,534 | 342,500 | 2,436,862 | |||||||||
Capitalization of accrued interests
|
225,000 | - | 225,000 | |||||||||
Effects of changes in operating assets and liabilities:
|
- | - | - | |||||||||
Inventory
|
- | - | 7,250 | |||||||||
Prepaid expenses and deposits
|
(4,269 | ) | (27,964 | ) | (48,236 | ) | ||||||
Accounts payable
|
(299,497 | ) | (114,494 | ) | 1,760,527 | |||||||
Accounts payable, related parties
|
(716 | ) | (17,427 | ) | 414,654 | |||||||
Customer deposits
|
- | 110,000 | 177,500 | |||||||||
Net cash used by operations
|
(556,321 | ) | (945,805 | ) | (17,326,143 | ) | ||||||
Cash flows from investing activities:
|
||||||||||||
Cash paid in acquisition of Workhorse Custom Chasis, LLC
|
- | (2,750,000 | ) | (2,750,000 | ) | |||||||
Capital expenditures
|
- | - | (376,713 | ) | ||||||||
Proceeds on sale of assets
|
- | - | 38,900 | |||||||||
Net cash used by investing activities
|
- | (2,750,000 | ) | (3,087,813 | ) | |||||||
Cash flows from financing activities:
|
||||||||||||
Cash overdraft
|
1,939,250 | |||||||||||
Proceeds from debentures
|
- | - | 160,000 | |||||||||
Proceeds from notes payable
|
- | 100,000 | (150,000 | ) | ||||||||
Payments on notes payable
|
- | - | 50,000 | |||||||||
Proceeds from long-term debt
|
- | - | (230,884 | ) | ||||||||
Payments on long-term debt
|
(150,748 | ) | (17,139 | ) | (150,748 | ) | ||||||
Conversion of note payable
|
- | - | 1,934,300 | |||||||||
Shareholder advances, net of repayments
|
2,206,820 | - | 18,368,809 | |||||||||
Issuance of common and preferred stock
|
1,200,000 | 3,685,000 | 1,200,000 | |||||||||
Net cash provided by financing activities
|
3,256,072 | 3,767,861 | 23,120,727 | |||||||||
Change in cash and cash equivalents
|
2,699,751 | 72,056 | 2,706,771 | |||||||||
Cash at the beginning of the period
|
7,019 | 39,819 | - | |||||||||
Cash at the end of the period
|
2,706,770 | 111,875 | 2,706,771 |
Supplemental disclosure of non-cash activities:
|
||||||||||||
Vehicles valued at $61,284 were contributed as consideration for issuance of common stock in February 2007.
|
||||||||||||
Consulting services valued at $50,000 were accepted as consideration for issuance of common stock in October 2008.
|
||||||||||||
During March 2010 a note payable of $10,000 was converted to 29,750 shares of common stock.
|
||||||||||||
A vehicle valued at $33,427 was acquired through bank financing in September 2010.
|
||||||||||||
Consulting services valued at $87,000 were accepted as consideration for issuance of common stock in December 2010.
|
||||||||||||
Equipment valued at $14,937 was acquired through debt financing in December 2011.
|
||||||||||||
Consulting services valued at $60,000, $55,000, and $203,000 were accepted as consideration for issuance of common stock in March, October, and December 2012, respectively.
|
||||||||||||
Detachable warrants associated with convertible debentures valued at $91,493 were recorded as increases to additional paid-in capital from January to August 2012.
|
||||||||||||
Investment Agreement fees valued at $375,000 were accepted as consideration for issuance of common stock in August 2012.
|
||||||||||||
Legal services valued at $40,000, $15,000, and $25,000 were accepted as consideration for issuance of common stock in September, November, and December 2012, respectively.
|
||||||||||||
During November 2012 debentures for $1,939,250 and interest of $106,164 were converted to 10,227,070 shares of common stock.
|
||||||||||||
During December 2012 accounts payable of $513,636 were converted to notes payable.
|
||||||||||||
During February 2013 a note payable of $100,000 was converted to 500,000 shares of common stock.
|
||||||||||||
During March 2013, the Company entered into a note payable in the amount of $2,250,000 related to the acquisition of Workhorse Custom Chasis, LLC. See note 2 to the financial statements.
|
||||||||||||
Consulting services valued at $302,500, $126,000, $119,075, $11,750, and $155,000 were accepted as consideration for issuance of common stock in March, May, June, July, and September 2013, respectively.
|
||||||||||||
Legal services valued at $40,000, $15,000, $5,000, and $5,000 were accepted as consideration for issuance of common stock in March, June, July, and August 2013, respectively.
|
||||||||||||
Rent expense valued at $80,190 was accepted as consideration for issuance of common stock in March, June, July, and August 2013, respectively.
|
||||||||||||
See accompanying notes to financial statements.
|
1.
|
SUMMARY OF SIGNIFICANT ACCOUNTING PRINICPLES
|
2.
|
PROPERTY, PLANT AND EQUIPMENT
|
March 31, 2014
|
December 31, 2013
|
|||||||
Land
|
300,000 | 300,000 | ||||||
Buildings
|
3,800,000 | 3,800,000 | ||||||
Leasehold Improvements
|
19,225 | 19,225 | ||||||
Software
|
27,721 | 27,721 | ||||||
Equipment
|
670,183 | 670,183 | ||||||
Vehicles and prototypes
|
164,959 | 164,959 | ||||||
4,982,088 | 4,982,088 | |||||||
Less accumulated depreciation
|
(676,321 | ) | (574,827 | ) | ||||
4,305,767 | 4,407,261 |
Consideration | ||||
Cash at closing | $ | 2,750,000 | ||
Secured debenture | 2,250,000 | |||
$ | 5,000,000 | |||
Assets acquired | ||||
Inventory | $ | 400,000 | ||
Equipment | 500,000 | |||
Land | 300,000 | |||
Buildings | 3,800,000 | |||
$ | 5,000,000 | |||
3.
|
LONG-TERM DEBT
|
March 31, 2014
|
December 31, 2013
|
|||||||
Secured debenture payable to Workhorse Custom Chassis, LLC, due March 2016 plus interest at 10%. The debenture is secured by the real estate and related assets of the plant located in Union City, Indiana with a net book value of $4,246,667 at March 31, 2014
|
2,475,000 | 2,250,000 | ||||||
Note payable, Bank due in monthly installments of $635 including interest at 5.04% with the final payment due August 2015. The note is secured by equipment with a net book value of $9,476 at March 31, 2014
|
10,163 | 11,928 | ||||||
Note payable, vendor due in monthly installments of $439 including interest at 8.00% with the final payment due December 2014. The note is secured by equipment with a net book value of $8,028 at March 31, 2014
|
3,803 | 5,051 | ||||||
Note payable to the City of Loveland, due in annual installments of $10,241 including interest with the final payment due October 2016. Interest rate amended to 8.00%. The note is unsecured and contains restrictions on the use of proceeds.
|
50,000 | 50,000 | ||||||
Note payable, vendor due in monthly installments of $5,000 for the first half of 2013, escalating to final payment of $43,736 which was paid in March 2014.
|
- | 123,736 | ||||||
Note payable, vendor due in monthly installments of $2,000 plus interest at 4% for the first half of 2013, escalating to final payment of $18,461 plus interest at 4% in December 2014. Note is unsecured.
|
166,400 | 190,400 | ||||||
2,705,366 | 2,631,115 | |||||||
Less current portion
|
248,542 | 338,468 | ||||||
Long term debt
|
2,456,824 | 2,292,647 |
2014
|
248,542 | |||
2015
|
13,559 | |||
2016
|
2,194,723 | |||
2,456,824 |
4.
|
CONVERTIBLE DEBENTURES
|
5.
|
SHAREHOLDER AND RELATED PARTY ADVANCES
|
March 31, 2014
|
December 31, 2013
|
Rate
|
Date
|
Expire
|
Note
|
|||||||||||
43,000 | 43,000 | 3% |
11/30/2009
|
3/31/2012
|
1 | |||||||||||
10,000 | 15,000 | 10% |
10/5/2012
|
10/5/2013
|
1 | |||||||||||
100,000 | 100,000 | 10% |
10/16/2012
|
10/16/2013
|
1 | |||||||||||
100,000 | 100,000 | 10% |
10/16/2012
|
10/16/2013
|
1 | |||||||||||
50,000 | 50,000 | 10% |
10/19/2012
|
10/19/2013
|
1 | |||||||||||
50,000 | 50,000 | 10% |
11/2/2012
|
11/2/2013
|
1 | |||||||||||
50,000 | 50,000 | 10% |
11/8/2012
|
11/8/2013
|
1 | |||||||||||
100,000 | 100,000 | 10% |
12/6/2012
|
12/6/2013
|
1 | |||||||||||
50,000 | 50,000 | 10% |
12/19/2012
|
12/19/2013
|
1 | |||||||||||
3,200 | 3,200 | 10% |
10/10/2013
|
10/10/2014
|
||||||||||||
2,500 | 2,500 | 10% |
11/5/2013
|
11/5/2014
|
||||||||||||
200,000 | 200,000 | 10% |
11/12/2013
|
11/12/2014
|
||||||||||||
50,000 | 50,000 | 10% |
12/2/2013
|
12/2/2014
|
||||||||||||
50,000 | 50,000 | 10% |
12/30/2013
|
12/30/2014
|
||||||||||||
- | 80,000 |
12/11/2013
|
2 | |||||||||||||
3,282,420 | 990,600 |
Various
|
Various
|
3 | ||||||||||||
4,141,120 | 1,934,300 |
1
|
The term of the advance has expired but the shareholders have not demanded repayment. The Company is negotiating to have the advances converted into equity during the second quarter of 2014.
|
|
2
|
Paid on 3/8/2014.
|
|
3
|
Various non-interest bearing shareholders' deposits. Being converted into equity second quarter 2014.
|
6.
|
LEASE OBLIGATIONS
|
2014
|
114,517 | |||
2015
|
156,881 | |||
2016
|
161,588 | |||
2017
|
166,435 | |||
2018
|
127,614 | |||
727,035 |
7.
|
STOCK BASED COMPENSATION
|
Number of Shares
|
Weighted
Average
Exercise Price
per Share
|
Weighted
Average Grant
Date Fair Value
per Share
|
Weighted
Average
Remaining
Exercise Term
in Months
|
|||||||||||||
Outstanding at December 31, 2010
|
4,940,000 | $ | 0.56 | $ | 0.33 | 77 | ||||||||||
Exercisable at December 31, 2010
|
1,854,625 | $ | 0.53 | $ | 0.32 | 75 | ||||||||||
Granted
|
3,425,000 | 0.63 | 0.28 | 54 | ||||||||||||
Exercised
|
(29,750 | ) | 0.41 | 0.26 | 40 | |||||||||||
Forfeited
|
- | - | - | - | ||||||||||||
Expired
|
- | - | - | - | ||||||||||||
Outstanding at December 31, 2011
|
8,335,250 | $ | 0.59 | $ | 0.31 | 58 | ||||||||||
Exercisable at December 31, 2011
|
4,588,875 | $ | 0.57 | $ | 0.31 | 60 | ||||||||||
Granted
|
2,025,000 | 0.13 | 0.05 | 40 | ||||||||||||
Exercised
|
- | - | - | - | ||||||||||||
Forfeited
|
(1,315,375 | ) | 0.61 | 0.27 | 40 | |||||||||||
Expired
|
(1,314,375 | ) | 0.55 | 0.29 | 51 | |||||||||||
Outstanding at December 31, 2012
|
7,730,500 | $ | 0.48 | $ | 0.25 | 44 | ||||||||||
Exercisable at December 31, 2012
|
6,080,000 | $ | 0.54 | $ | 0.29 | 46 | ||||||||||
Granted
|
2,100,000 | 0.29 | 0.12 | 45 | ||||||||||||
Exercised
|
(21,126 | ) | 0.11 | 0.04 | 29 | |||||||||||
Forfeited
|
- | - | - | - | ||||||||||||
Expired
|
(505,000 | ) | 0.70 | 0.20 | - | |||||||||||
Outstanding at December 31, 2013
|
9,304,374 | $ | 0.44 | $ | 0.23 | 39 | ||||||||||
Exercisable at December 31, 2013
|
6,670,937 | $ | 0.51 | $ | 0.27 | 38 | ||||||||||
Granted
|
||||||||||||||||
Exercised
|
||||||||||||||||
Forfeited
|
||||||||||||||||
Expired
|
||||||||||||||||
Outstanding at March 31, 2014
|
9,304,374 | $ | 0.44 | $ | 0.23 | 39 | ||||||||||
Exercisable at March 31, 2014
|
6,670,937 | $ | 0.51 | $ | 0.27 | 38 |
Number of Shares
|
Weighted
Average
Exercise Price
per Share
|
Weighted
Average Grant
Date Fair Value
per Share
|
Weighted
Average
Remaining
Exercise Term
in Months
|
|||||||||||||
Outstanding at December 31, 2010
|
810,000 | $ | 0.67 | $ | 0.23 | 32 | ||||||||||
Exercisable at December 31, 2010
|
380,000 | $ | 0.63 | $ | 0.22 | 31 | ||||||||||
Granted
|
70,000 | 0.59 | 0.18 | 31 | ||||||||||||
Exercised
|
- | - | - | - | ||||||||||||
Forfeited
|
- | - | - | - | ||||||||||||
Expired
|
- | - | - | - | ||||||||||||
Outstanding at December 31, 2011
|
880,000 | $ | 0.66 | $ | 0.23 | 20 | ||||||||||
Exercisable at December 31, 2011
|
755,000 | $ | 0.64 | $ | 0.22 | 20 | ||||||||||
Granted
|
150,000 | 0.11 | 0.04 | 36 | ||||||||||||
Exercised
|
- | - | - | - | ||||||||||||
Forfeited
|
(30,000 | ) | 0.76 | 0.25 | 9 | |||||||||||
Expired
|
(340,000 | ) | 0.83 | 0.28 | 8 | |||||||||||
Outstanding at December 31, 2012
|
660,000 | $ | 0.45 | $ | 0.15 | 14 | ||||||||||
Exercisable at December 31, 2012
|
561,000 | $ | 0.50 | $ | 0.17 | 10 | ||||||||||
Granted
|
400,000 | 0.21 | 0.10 | 57 | ||||||||||||
Exercised
|
- | - | - | - | ||||||||||||
Forfeited
|
- | - | - | - | ||||||||||||
Expired
|
(810,000 | ) | 0.67 | 0.23 | - | |||||||||||
Outstanding at December 31, 2013
|
250,000 | $ | 0.35 | $ | 0.13 | 23 | ||||||||||
Exercisable at December 31, 2013
|
628,125 | $ | 0.39 | $ | 0.15 | 17 | ||||||||||
Granted
|
||||||||||||||||
Exercised
|
||||||||||||||||
Forfeited
|
||||||||||||||||
Expired
|