Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May 12, 2016 | |
Document and Entity Information | ||
Entity Registrant Name | Leo Motors, Inc. | |
Document Type | S1 | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | true | |
Entity Central Index Key | 1,356,564 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 162,299,074 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | leom | |
Amendment Description | The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission acting pursuant to said Section 8(a) may determine. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | |||
Cash and cash equivalents | $ 130,874 | $ 243,809 | $ 217,178 |
Accounts receivable | 1,015,447 | 1,565,114 | 542,210 |
Inventories | 838,785 | 496,971 | 279,783 |
Prepayment to suppliers | 382,545 | 279,229 | 306,969 |
Other current assets | 199,073 | 32,107 | 49,705 |
Total Current Assets | 2,566,724 | 2,617,230 | 1,395,845 |
Fixed assets, net | 142,137 | 163,001 | 38,620 |
Deposit | 346,255 | 346,659 | 51,601 |
Intangible assets | 87,275 | 63,831 | 63,831 |
Goodwill | 3,057,003 | 3,057,003 | 2,444,558 |
Total Assets | 6,199,394 | 6,247,724 | 3,994,455 |
Current Liabilities: | |||
Accounts payable and accrued expenses | 3,748,487 | 4,082,198 | 2,152,951 |
Short term borrowings | 0 | 7,661 | 448,801 |
Advance from customers | 496,385 | 795,431 | 40,951 |
Due to related parties | 136,887 | 140,396 | 150,637 |
Taxes payable | 155,151 | 99,584 | 159,478 |
Derivative liability | 819,922 | ||
Notes Payable current portion | 264,158 | 49,397 | 526,257 |
Total Current Liabilities | 4,801,068 | 5,174,667 | 4,298,997 |
Accrued retirement benefits | 96,518 | 92,948 | 2,150 |
Notes payable long term | 95,599 | 273,646 | 145,316 |
Other long term liabilities | 196,579 | 129,748 | 0 |
Total Liabilities | 5,189,764 | 5,671,009 | 4,446,463 |
Commitments (Note 8) | |||
Leo Motors, Inc.("LEOM") Equity(Deficit): | |||
Common stock ($0.001 par value; 300,000,000 shares authorized); 163,198,512 and 158,948,604 shares issued and outstanding at March 31, 2016 and December 31, 2015 | 163,199 | 158,949 | 138,624 |
Additional paid-in capital | 20,990,286 | 20,367,272 | 17,723,248 |
Accumulated other comprehensive income | 1,329,240 | 1,251,120 | 511,229 |
Accumulated loss | (25,827,119) | (25,404,609) | (21,357,211) |
Total Equity(Deficit) Leo Motors, Inc. | (3,344,394) | (3,627,268) | (2,984,110) |
Non-controlling interest | 4,354,024 | 4,203,983 | 2,532,102 |
Total Equity(Deficit) | 1,009,630 | 576,715 | (452,008) |
Total Liabilities and Equity(Deficit) | $ 6,199,394 | $ 6,247,724 | $ 3,994,455 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position | |||
Common Stock, par or stated value | $ 0.001 | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 300,000,000 | 220,000,000 | 220,000,000 |
Common Stock, shares issued | 163,198,512 | 158,948,604 | 138,624,206 |
Common Stock, shares outstanding | 163,198,512 | 158,948,604 | 138,624,206 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement | ||||
Revenues | $ 745,706 | $ 42,771 | $ 4,299,187 | $ 693,096 |
Cost of Revenues | 291,014 | 0 | 3,275,587 | 379,066 |
Gross Profit | 454,692 | 42,771 | 1,023,600 | 314,030 |
Operating Expenses | 908,860 | 358,411 | 5,421,508 | 3,468,599 |
Income(loss) from Continuing Operations | (454,168) | (315,640) | (4,397,908) | (3,154,569) |
Other Income (Expenses) | ||||
Interest expense | (9,328) | (280,975) | (319,054) | (1,325,975) |
Non-Operating (expense) income | 5,330 | 1,197 | 225,990 | 0 |
Total Other Income (Expenses) | (3,998) | (279,778) | (93,064) | (1,325,975) |
Income(loss) from Continuing Operations Before Income Taxes | (458,166) | (595,418) | (4,490,972) | (4,480,544) |
Income Tax Expense | 0 | 0 | 0 | 0 |
Net Income(Loss) | (458,166) | (595,418) | (4,490,972) | (4,480,544) |
Income(loss) attributable to non-controlling interest | (35,655) | (68,666) | (443,574) | (4,817) |
Net Income(Loss) Attributable To Leo Motors, Inc. | (422,511) | (526,752) | (4,047,398) | (4,485,361) |
Other Comprehensive Income: | ||||
Net Income(Loss) | (458,166) | (595,418) | (4,490,972) | (4,480,544) |
Unrealized foreign currency translation gain | 78,120 | (3,255) | 739,891 | (42,899) |
Comprehensive Income(loss) Attributable to Leo Motors, Inc. | $ (344,391) | $ (530,007) | $ (3,751,081) | $ (4,523,443) |
Net Loss per Common Share: | ||||
Basic | $ 0 | $ 0 | $ (0.03) | $ (0.05) |
Diluted | $ 0 | $ 0 | $ (0.03) | $ (0.05) |
Weighted Average Common Shares Outstanding: | ||||
Basic | 161,878,686 | 149,069,490 | 155,866,313 | 97,393,209 |
Diluted | 161,878,686 | 149,972,010 | 155,866,313 | 98,056,098 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Loss | Accumulated Other Comprehensive Income | Non-Controlling Interest | Total |
Equity Balance, beginning of period, Value at Dec. 31, 2013 | $ 67,834 | $ 13,290,081 | $ (16,871,850) | $ 468,330 | $ 2,527,285 | $ (518,320) |
Equity Balance, beginning of period, Shares at Dec. 31, 2013 | 67,833,662 | |||||
Stock-based compensation, Value | $ 16,610 | 1,395,854 | 1,412,464 | |||
Stock-based compensation, Shares | 16,610,000 | |||||
Stock Issued in payment of debt, Value | $ 5,965 | 278,678 | 284,643 | |||
Stock Issued in payment of debt, Shares | 5,965,990 | |||||
Stock Issued for investment, Value | $ 45,978 | 2,758,635 | 2,804,613 | |||
Stock Issued for investment, Shares | 45,977,264 | |||||
Minority interest contributions, Value | $ 2,237 | 0 | 2,237 | |||
Minority interest contributions, Shares | 2,237,290 | |||||
Net loss | (4,485,361) | 4,817 | (4,480,544) | |||
Foreign currency translation adjustment | 42,899 | 42,899 | ||||
Equity Balance, end of period, Value at Dec. 31, 2014 | $ 138,624 | 17,723,248 | (21,357,211) | 511,229 | 2,532,102 | (452,008) |
Equity Balance, end of period, Shares at Dec. 31, 2014 | 138,624,206 | |||||
Net loss | (595,418) | |||||
Equity Balance, end of period, Value at Mar. 31, 2015 | 904,470 | |||||
Equity Balance, beginning of period, Value at Dec. 31, 2014 | $ 138,624 | 17,723,248 | (21,357,211) | 511,229 | 2,532,102 | (452,008) |
Equity Balance, beginning of period, Shares at Dec. 31, 2014 | 138,624,206 | |||||
Stock-based compensation, Value | $ 20,325 | 1,795,065 | 1,815,390 | |||
Stock-based compensation, Shares | 20,324,398 | |||||
Retirement of derivatives | 819,922 | 819,922 | ||||
Warrants issued for investment | 29,037 | 29,037 | ||||
Minority interest contributions | 2,115,455 | 2,115,455 | ||||
Net loss | (4,047,398) | (443,574) | (4,490,972) | |||
Foreign currency translation adjustment | 739,891 | 739,891 | ||||
Equity Balance, end of period, Value at Dec. 31, 2015 | $ 158,949 | $ 20,367,272 | $ (25,404,609) | $ 1,251,120 | $ 4,203,983 | 576,715 |
Equity Balance, end of period, Shares at Dec. 31, 2015 | 158,948,604 | |||||
Net loss | (458,166) | |||||
Equity Balance, end of period, Value at Mar. 31, 2016 | $ 1,009,630 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from Operating Activities: | ||||
Net loss | $ (458,166) | $ (595,418) | $ (4,490,972) | $ (4,480,544) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 20,864 | 4,500 | 207,837 | 19,470 |
Loss on conversion of debt | 0 | 24,376 | ||
Amortization debt discount | 0 | 275,176 | 275,176 | 340,568 |
Foreign currency translation | 78,120 | (3,255) | 739,891 | 42,899 |
Stock-based compensation | 115,938 | 38,820 | 903,704 | 284,643 |
Gain on derivative liabilites | 0 | (5,607) | ||
Impairment of investment | 0 | 762,000 | ||
Changes in assets and liabilities: | ||||
Accounts Receivable | 549,667 | (410,168) | (1,022,904) | (542,210) |
Inventories | (341,814) | (15,376) | (217,188) | (279,783) |
Prepayment to suppliers | (103,316) | 9,249 | 27,740 | (108,996) |
Other assets | (166,966) | (178,487) | 17,598 | (19,522) |
Accounts payable, other payables and accrued expenses | (266,880) | 1,160,315 | 1,929,247 | 1,033,656 |
Accrued retirement benefits | 3,570 | (75) | 90,798 | (59,886) |
Advances from customers | (299,046) | 3,084 | 883,658 | (394,488) |
Taxes payable | 55,567 | 81,543 | (59,894) | 12,628 |
Net cash used in operating activities: | (812,462) | 369,908 | (715,309) | (3,370,796) |
Cash flows from investing activities: | ||||
Investment in equipment | (23,444) | (151,864) | (332,218) | (16,846) |
Payments on deposits | (404) | (176,295) | (295,058) | 0 |
Net cash provided(used) in investing activities: | (23,848) | (328,159) | (627,276) | (16,846) |
Cash flows from financing activities: | ||||
Proceeds from notes payable | 32,373 | 201,380 | 427,208 | 801,433 |
Payments on related party debt net | (3,509) | 0 | (10,241) | 0 |
Payments on notes payable | (7,661) | (22,886) | (441,140) | 0 |
Capital contributions | 186,973 | 0 | ||
Proceeds from issuance of stock & warrants | 515,199 | 29,037 | 1,393,389 | 2,801,613 |
Net cash provided(used) by financing activities: | 723,375 | 207,531 | 1,369,216 | 3,603,046 |
Net Increase in cash and cash equivalents: | (112,935) | 249,280 | 26,631 | 215,404 |
Cash and cash equivalents - beginning of year | 243,809 | 217,178 | 217,178 | 1,774 |
Cash and cash equivalents - end of year | 130,874 | 466,458 | 243,809 | 217,178 |
Supplemental disclosure of cash flow activities: | ||||
Interest | 9,328 | 4,817 | 43,878 | 0 |
Income taxes | 0 | 0 | 0 | 4,817 |
Supplemental disclosures of non cash activities: | ||||
Conversion of derivative liability | 0 | 819,922 | 819,922 | 569,584 |
Goodwill on acquisition | 0 | 641,687 | 612,445 | 0 |
Conversion of debt for common stock | 0 | 801,433 | 1,901,433 | 98,496 |
Common stock issued for services | $ 115,938 | $ 38,820 | $ 903,704 | $ 284,643 |
Note 1 - Company Background
Note 1 - Company Background | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Notes | ||
Note 1 - Company Background | NOTE 1 - COMPANY BACKGROUND Leo Motors, Inc. (the "Company," or "we") is currently in development, assembly and sales of the energy storage devices and electric vehicle components. The Company was originally incorporated in California as N. Org., Inc. on December 12, 1983. The Company then underwent several name changes from Natural Organics Corporation to Classic Auto Accessories of North America and then to FCR Automotive Group, Inc. On September 20, 2004, the Company reincorporated in Delaware by merging into FCR Group, Inc., a Delaware Automotive corporation, which was organized on September 8, 2004. On July 26, 2005, the Company acquired Shinil Precision Co., Ltd., a Korean Company, as its operating business and on July 18, 2005, changed its name to Shinil Precision Machinery, Inc. to reflect its anticipated new business. Upon failure of certain terms and conditions of the acquisition agreement, the Company returned the shares of Shinil and recovered and cancelled the Company's shares issued in the acquisition. In 2012, the Company changed its domicile to Nevada. The Company had been dormant since 1989, and consummated a reverse merger on November 12, 2007 with Leozone Inc., a South Korean company, which is the maker of electrical transportation devices. The merger essentially exchanges shares in Leo Motors, Inc. for shares in Leozone. As this is a reverse merger the accounting treatment of such is that of a combination of the two entities with the activity of Leozone, Inc. the surviving entity, going forward. The financial statements reflect the activity for all periods presented as if the merger had occurred January 1, 2007. Leozone has continued to operate as a separate subsidiary Leo Motors Co. Ltd. of Korea since that time. On February 11, 2010, the Company acquired 50% of Leo B&T Corp., a South Korean corporation ("B&T"), from two shareholders of B&T in exchange for 7,000,000 shares of the Company's common stock. Our ownership in B&T was reduced to 30% in 2011. Additionally, this investment was written down as impairment expense during 2011 and the remaining investment was exchanged in 2012 for a return of Leo Motors stock. On November 10, 2012, the Company signed an agreement withPDI C&D/RDC SPRL Inc. ("PDI"), an affiliate of PDI Global LLC, a major architectural design company in the U.S., to supply an independent solar power system grafted with the Company's E-Box power storage device for a housing project in the Democratic Republic of the Congo ("DRC"). This project has incurred an impairment charge as detailed in these footnotes. On July 1, 2014, the Company acquired all of the outstanding common stock of LGM Co. Ltd., a corporation incorporated in the Republic of Korea ("LGM"), from LGM's shareholders, which represents 813,747 shares of LGM common stock, in exchange for 47,352,450 shares of the Company's common stock pursuant to the Share Swap Agreement entered into by and between LGM and the Company. Upon closing of the Share Swap Agreement, LGM became a wholly-owned subsidiary of the Company. On March 31, 2015, the Company acquired 50% interest in each of Leo Motors Factory, Inc. ("Leo Factory 1") and Leo Motors Factory 2, Inc. ("Leo Factory 2") | NOTE 1 - COMPANY BACKGROUND Leo Motors, Inc. (the "Company," or "we") is currently in development, assembly and sales of the energy storage devices and electric vehicle components. The Company was originally incorporated in California as N. Org., Inc. on December 12, 1983. The Company then underwent several name changes from Natural Organics Corporation to Classic Auto Accessories of North America and then to FCR Automotive Group, Inc. On September 20, 2004, the Company reincorporatedinDelaware by merging into FCR Group, Inc.,aDelaware Automotive corporation,whichwasorganizedonSeptember8, 2004. On July26,2005,theCompany acquired Shinil Precision Co., Ltd., a Korean Company,asitsoperatingbusinessand on July 18, 2005, changed its name to ShinilPrecision Machinery, Inc. to reflect its anticipated new business. Upon failure of certain termsandconditionsofthe acquisition agreement, the Companyreturned the shares of Shinil and recovered and cancelled the Company's sharesissuedintheacquisition. In 2012, the Company changed its domicile to Nevada. The Company had been dormant since 1989, and consummated a reverse merger on November 12, 2007 with Leozone Inc., a South Korean company, which is the maker of electrical transportation devices. The merger essentially exchanges shares in Leo Motors, Inc. for shares in Leozone. As this is a reverse merger the accounting treatment of such is that of a combination of the two entities with the activity of Leozone, Inc. the surviving entity, going forward. The financial statements reflect the activity for all periods presented as if the merger had occurred January 1, 2007. Leozone has continued to operate as a separate subsidiary Leo Motors Co. Ltd. of Korea since that time. On February 11, 2010, the Company acquired 50% of Leo B&T Corp., a South Korean corporation ("B&T"), from two shareholders of B&T in exchange for 7,000,000 shares of the Company's common stock. Our ownership in B&T was reduced to 30% in 2011. Additionally, this investment was written down as impairment expense during 2011 and the remaining investment was exchanged in 2012 for a return of Leo Motors stock. On November 10, 2012, the Company signed an agreement withPDI C&D/RDC SPRL Inc. ("PDI"), an affiliate of PDI Global LLC, a major architectural design company in the U.S., to supply an independent solar power system grafted with the Company's E-Box power storage device for a housing project in the Democratic Republic of the Congo ("DRC"). The Company had a 10% interest in the overall project. This project has incurred an impairment charge as further detailed in our financial statements and the notes thereto. Due to unavoidable political/regional instability in the DRC, the contract with PDI was unable to be fulfilled and as of May 2015, the contract was terminated. On July 1, 2014, the Company acquired all of the outstanding common stock of LGM Co. Ltd., a corporation incorporated in the Republic of Korea ("LGM"), from LGM's shareholders, which represents 813,747 shares of LGM common stock, in exchange for 47,352,450 shares of the Company's common stock pursuant to the Share Swap Agreement entered into by and between LGM and the Company. Upon closing of the Share Swap Agreement, LGM became a wholly-owned subsidiary of the Company. On March 31, 2015, the Company acquired 50% interest in each of Leo Motors Factory, Inc. ("Leo Factory 1") and Leo Motors Factory 2, Inc. ("Leo Factory 2") On July 31, 2015, the Company entered into a joint venture company agreement (the "JV Agreement") with Fushun Jinyuan Technology Machinery Manufacturing Co., Ltd., a company established and existing under the laws of the People's Republic of China, to establish a joint venture, Liaoning Senyuan Leo New Energy Electric Vehicle Co., Ltd. in China, to develop, manufacture and sell new energy electric vehicles. The joint venture company has not been incorporated yet because the Company's funding for the joint venture company is delayed. Pursuant to the JV Agreement, Senyuan Leo will have a registered capital of RMB 411,600,000 (approximately $66.3 million), with Fushun Jinyuan owning 51% and the Company owning 49%. The total capital contribution shall be completed no later than 90 days from the date Senyuan Leo is incorporated, which deadline may be further extended to 108 days from the date of incorporation. The Company will invest in Senyuan Leo through a cash contribution of RMB 201,684,000 (approximately $32.5 million) and Fushun Jinyuan will invest in Senyuan Leo through a cash contribution of RMB 200,000,000 (approximately $32.2 million). On June 3, 2016, the Company acquired 50% ownership of Lelcon Co., Ltd. ("Lelcon"). The Company will issue 1,414,828 shares of its common stock at $0.30 per share in exchange for 50% equity in Lelcon. |
Note 2 - Policies
Note 2 - Policies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Notes | ||
Note 2 - Policies | POLICIES This summary of significant account policies of the Company is presented to assist in understanding the Company's financial statements. The financial statements and the notes are the representation of the Company's management, who are responsible for their integrity and objectivity. These accounting policies conform to U.S. generally accepted accounting principles ("USGAAP") and have been consistently applied in the preparation of the financial statements. Basis of Presentation and Consolidation These financial statements and related notes are expressed in US dollars. The Company's fiscal year-end is December 31. The consolidated financial statements include the financial statements of the Leo Motors Co. Ltd. Korea and LGM Co. LTD where the Parent Company has significant control. All inter-company transactions and balances have been eliminated upon consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, 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 from those estimates. Fair Value of Financial Instruments For certain of the Company's financial instruments, including cash and cash equivalents, accounts receivable inventory and prepaid expenses, accounts payable and deferred revenues, the carrying amounts approximate fair value due to their short maturities. Revenue Recognition The Company follows the guidance of the Securities and Exchange Commission's Staff Accounting Bulletin No. 104, "Revenue Recognition in Financial Statements". In general, the Company records revenue when persuasive evidence of an arrangement exists, services have been rendered or product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. The following policies reflect specific criteria for the various revenues streams of the Company. The Company generates revenue from the delivery of goods and records revenues when the sales are completed, already collected or collectability is reasonably assured, there is no future obligation and there is remote chance of future claim or refund to the customers. Revenue is recognized when risk of ownership and title pass to the buyer, generally upon the delivery of professional services. Pricing is fixed and determinable according to the Company's published brochures and price lists. Accounts Receivables Accounts receivables of the Company are reviewed to determine if their carrying value has become impaired. The Company considers the assets to be impaired if the balances are greater than one-year old. Management regularly reviews accounts receivable and will establish an allowance for potentially uncollectible amounts when appropriate. When accounts are written off, they will be charged against the allowance. Receivables are not collateralized and do not bear interest. Cash Equivalents For purposes of reporting cash flows, the Company considers all short-term investments with an original maturity of three months or less to be cash equivalent. Fixed Assets Fixed assets are stated at cost, less accumulated depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which is generally 3 to 10 years. The cost of repairs and maintenance is charged to expense as incurred. Expenditures for property betterments and renewals are capitalized. Upon sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in other income (expense). The Company will periodically evaluate whether events and circumstances have occurred that may warrant revision of the estimated useful lives of fixed assets or whether the remaining balance of fixed assets should be evaluated for possible impairment. We use an estimate of the related undiscounted cash flows over the remaining life of the fixed assets in measuring their recoverability. Intangible and Long Lived Assets The Company follows ASC 360-10, "Property, Plant, and Equipment," Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC 740-10, "Accounting for Income Taxes." Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year; and, (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if, based on the weight of available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax benefit from an uncertain tax position taken or expected to be taken may be recognized only if it is "more likely than not" that the position is sustainable upon examination, based on its technical merits. The tax benefit of a qualifying position under ASC 740-10 would equal the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all the relevant information. A liability (including interest and penalties, if applicable) is established to the extent a current benefit has been recognized on a tax return for matters that are considered contingent upon the outcome of an uncertain tax position. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable. Loss per Share Basic earnings (loss) per share is computed by dividing net income, or loss, by the weighted average number of shares of common stock outstanding for the period. Diluted earnings (loss) per share is computed by dividing net income, or loss, by the weighted average number of shares of both common and preferred stock outstanding for the period. Stock-Based Compensation SFAS No. 123, "Accounting for Stock-Based Compensation," establishes and encourages the use of the fair value based method of accounting for stock-based compensation arrangements under which compensation cost is determined using the fair value of stock-based compensation determined as of the date of grant and is recognized over the periods in which the related services are rendered. For stock based compensation the Company recognizes an expense in accordance with SFAS No. 123 and values the equity securities based on the fair value of the security on the date of grant. Stock option awards are valued using the Black-Scholes option-pricing model. Foreign Currency Translation And Comprehensive Income The reporting currency of the Company is the US$. The functional currency of the parent company is the US$ and the functional currency of the Company's operating subsidiary is Korean Won ("KRW"). The subsidiary's results of operations and cash flows are translated at average exchange rates during the year, assets and liabilities are translated at the unified exchange rate at the end of the year, and equity is translated at historical exchange rates. Translation adjustments resulting from the process of translating the functional currency financial statements into US$ are included in determining comprehensive income. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. The Company does not enter any material transaction in foreign currencies and accordingly, transaction gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company. Recent Accounting Pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company's financials properly reflect the change. The Company currently does not have any recent accounting pronouncements that they are studying and feel may be applicable. | POLICIES This summary of significant account policies of the Company is presented to assist in understanding the Company's financial statements. The financial statements and the notes are the representation of the Company's management, who are responsible for their integrity and objectivity. These accounting policies conform to U.S. generally accepted accounting principles ("USGAAP") and have been consistently applied in the preparation of the financial statements. Basis of Presentation and Consolidation These financial statements and related notes are expressed in US dollars. The Company's fiscal year-end is December 31. The consolidated financial statements include the financial statements of the Leo Motors Co. Ltd. Korea and LGM Co. LTD where the Parent Company has significant control. All inter-company transactions and balances have been eliminated upon consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, 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 from those estimates. Fair Value of Financial Instruments For certain of the Company's financial instruments, including cash and cash equivalents, accounts receivable inventory and prepaid expenses, accounts payable and deferred revenues, the carrying amounts approximate fair value due to their short maturities. Revenue Recognition The Company follows the guidance of the Securities and Exchange Commission's Staff Accounting Bulletin No. 104, "Revenue Recognition in Financial Statements". In general, the Company records revenue when persuasive evidence of an arrangement exists, services have been rendered or product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. The following policies reflect specific criteria for the various revenues streams of the Company. The Company generates revenue from the delivery of goods and records revenues when the sales are completed, already collected or collectability is reasonably assured, there is no future obligation and there is remote chance of future claim or refund to the customers. Revenue is recognized when risk of ownership and title pass to the buyer, generally upon the delivery of professional services. Pricing is fixed and determinable according to the Company's published brochures and price lists. Accounts Receivables Accounts receivables of the Company are reviewed to determine if their carrying value has become impaired. The Company considers the assets to be impaired if the balances are greater than one-year old. Management regularly reviews accounts receivable and will establish an allowance for potentially uncollectible amounts when appropriate. When accounts are written off, they will be charged against the allowance. Receivables are not collateralized and do not bear interest. Cash Equivalents For purposes of reporting cash flows, the Company considers all short-term investments with an original maturity of three months or less to be cash equivalent. Fixed Assets Fixed assets are stated at cost, less accumulated depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which is generally 3 to 10 years. The cost of repairs and maintenance is charged to expense as incurred. Expenditures for property betterments and renewals are capitalized. Upon sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in other income (expense). The Company will periodically evaluate whether events and circumstances have occurred that may warrant revision of the estimated useful lives of fixed assets or whether the remaining balance of fixed assets should be evaluated for possible impairment. We use an estimate of the related undiscounted cash flows over the remaining life of the fixed assets in measuring their recoverability. Intangible and Long Lived Assets The Company follows ASC 360-10, "Property, Plant, and Equipment," Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC 740-10, "Accounting for Income Taxes." Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year; and, (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if, based on the weight of available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax benefit from an uncertain tax position taken or expected to be taken may be recognized only if it is "more likely than not" that the position is sustainable upon examination, based on its technical merits. The tax benefit of a qualifying position under ASC 740-10 would equal the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all the relevant information. A liability (including interest and penalties, if applicable) is established to the extent a current benefit has been recognized on a tax return for matters that are considered contingent upon the outcome of an uncertain tax position. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable. Loss per Share Basic earnings (loss) per share is computed by dividing net income, or loss, by the weighted average number of shares of common stock outstanding for the period. Diluted earnings (loss) per share is computed by dividing net income, or loss, by the weighted average number of shares of both common and preferred stock outstanding for the period. Stock-Based Compensation SFAS No. 123, "Accounting for Stock-Based Compensation," establishes and encourages the use of the fair value based method of accounting for stock-based compensation arrangements under which compensation cost is determined using the fair value of stock-based compensation determined as of the date of grant and is recognized over the periods in which the related services are rendered. For stock based compensation the Company recognizes an expense in accordance with SFAS No. 123 and values the equity securities based on the fair value of the security on the date of grant. Stock option awards are valued using the Black-Scholes option-pricing model. Foreign Currency Translation And Comprehensive Income The reporting currency of the Company is the US$. The functional currency of the parent company is the US$ and the functional currency of the Company's operating subsidiary is Korean Won ("KRW"). The subsidiary's results of operations and cash flows are translated at average exchange rates during the year, assets and liabilities are translated at the unified exchange rate at the end of the year, and equity is translated at historical exchange rates. Translation adjustments resulting from the process of translating the functional currency financial statements into US$ are included in determining comprehensive income. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. The Company does not enter any material transaction in foreign currencies and accordingly, transaction gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company . Recent Accounting Pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company's financials properly reflect the change. The Company currently does not have any recent accounting pronouncements that they are studying and feel may be applicable. |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Notes | ||
Note 3 - Earnings Per Share | NOTE 3 - EARNINGS PER SHARE The Company reports basic and diluted earnings per share (EPS) according to the provisions of ASC Topic 260, which requires the presentation of basic EPS and, for companies with complex capital structures, diluted EPS. Basic EPS excludes dilution and is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income (loss) available to common stockholders, adjusted by other changes in income or loss that would result from the assumed conversion of those potential common shares, by the weighted number of common shares and common share equivalents (unless their effect is antidilutive) outstanding. Common stock equivalents are not included in the computation of diluted earnings per share when the Company reports a loss because to do so would be antidilutive. Thus, these equivalents are not included in the calculation of diluted loss per share, resulting in basic and diluted loss per share being equal. The following is a reconciliation of the computation for basic and diluted EPS for the three months ended March 31, 2016 and 2015: For the periods ended 3/31/2016 3/31/2015 Net Income (Loss) $(458,166) $(595,418) Weighted-average common stock Outstanding - basic 161,878,686 149,069,490 Equivalents Stock options - 0 Warrants - 0 Convertible Notes 0 902,520 Weighted-average common shares outstanding- Diluted 161,878,686 149,972,010 | NOTE 3 - EARNINGS PER SHARE The Company reports basic and diluted earnings per share (EPS) according to the provisions of ASC Topic 260, which requires the presentation of basic EPS and, for companies with complex capital structures, diluted EPS. Basic EPS excludes dilution and is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income (loss) available to common stockholders, adjusted by other changes in income or loss that would result from the assumed conversion of those potential common shares, by the weighted number of common shares and common share equivalents (unless their effect is antidilutive) outstanding. Common stock equivalents are not included in the computation of diluted earnings per share when the Company reports a loss because to do so would be antidilutive. Thus, these equivalents are not included in the calculation of diluted loss per share, resulting in basic and diluted loss per share being equal. The following is a reconciliation of the computation for basic and diluted EPS for the years ended December 31, 2015 and 2014: For the periods ended 12/31/2015 12/31/2014 Net Income (Loss) $(4,490,972) $(4,480,544) Weighted-average common stock Outstanding - basic 155,866,313 97,393,209 Equivalents Stock options - 0 Warrants - 0 Convertible Notes 0 662,889 Weighted-average common shares outstanding- Diluted 155,866,313 98,056,098 |
Note 4 - Due To Related Party
Note 4 - Due To Related Party | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Notes | ||
Note 4 - Due To Related Party | NOTE 4 - DUE TO RELATED PARTY The company is indebted to its officer for advances. Repayment is on demand without interest. The balance was $136,887 at March 31, 2016 and $140,396 at December 31, 2015. | NOTE 4 - DUE TO RELATED PARTY The company is indebted to its officer for advances. Repayment is on demand without interest. The balance was $140,396 at December 31, 2015 and $150,637 at December 31, 2014 |
Note 5 - Payments Received in A
Note 5 - Payments Received in Advance | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Notes | ||
Note 5 - Payments Received in Advance | NOTE 5 - PAYMENTS RECEIVED IN ADVANCE The Company during the periods received payments from potential customers, or deposits, on future orders. The Company's policy is to record these payments as a liability until the product is completed and shipped to the customer at which the Company recognizes revenue. As of March 31, 2016 and December 31, 2015, the balance of payments received in advance was $382,545 and $ 279,229, respectively. | NOTE 5 - PAYMENTS RECEIVED IN ADVANCE The Company during the periods received payments from potential customers, or deposits, on future orders. The Company's policy is to record these payments as a liability until the product is completed and shipped to the customer at which the Company recognizes revenue. As of December 31, 2015 and December 31, 2014, the balance of payments received in advance was $279,229 and $ 306,969, respectively. |
Note 6 - Going Concern
Note 6 - Going Concern | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Notes | ||
Note 6 - Going Concern | NOTE 6 - GOING CONCERN As reported in the consolidated financial statements, the Company has accumulated deficits of $25,404,609 as of December 31, 2015 and its current liabilities exceeded its current assets. These negative trends have been consistent over the last few years except for asset sales. These factors create uncertainty about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable and to create operations that contribute capital from normal operations. If the Company cannot obtain adequate capital it could be forced to cease operations. In order to continue as a going concern, develop and generate revenues and achieve a profitable level of operations, the Company will need, among other things, additional capital resources. Management's plans to obtain such resources for the Company include (1) raising additional capital through sales of common stock, (2) converting promissory notes into common stock and (3) entering into acquisition agreements with profitable entities with significant operations. In addition, management is continually seeking to streamline its operations and expand the business through a variety of industries, including real estate and financial management. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. | NOTE 6 - GOING CONCERN As reported in the consolidated financial statements, the Company has accumulated deficits of $25,404,609 as of December 31, 2015 and its current liabilities exceeded its current assets. These negative trends have been consistent over the last few years except for asset sales. These factors create uncertainty about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable and to create operations that contribute capital from normal operations. If the Company cannot obtain adequate capital it could be forced to cease operations. In order to continue as a going concern, develop and generate revenues and achieve a profitable level of operations, the Company will need, among other things, additional capital resources. Management's plans to obtain such resources for the Company include (1) raising additional capital through sales of common stock, (2) converting promissory notes into common stock and (3) entering into acquisition agreements with profitable entities with significant operations. In addition, management is continually seeking to streamline its operations and expand the business through a variety of industries, including real estate and financial management. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Notes | ||
Note 7 - Commitments and Contingencies | NOTE 7 - COMMITMENTS AND CONTINGENCIES (a) Lease Commitments The Company leases its office space in Ha-Nam City in Korea which expires on December 31, 2016. The minimum obligations under such commitments for the period ending March 31, 2016 through December 31, 2018 are listed on the table below. For the Year Amount Ending 2016 $165,620 2017 101,249 2018 and beyond 0 Total Commitment $266,869 (b) Strategic Investment On November 10, 2012, the Company and PDI C&D/RDC SPRL Inc. ("PDI"), an affiliate of PDI Global LLC, a major architectural design company in the U.S., signed a contract to supply an independent solar power system grafted with the Company's E-Box power storage device for a housing project in the Democratic Republic of the Congo ("DRC"). The Company had a commitment to raise $1,000,000 to fulfill its part of the contract for strategic investment. This investment was impaired in full as of December 31, 2014 as due to unavoidable political/regional instability in the DRC, the contract with PDI was unable to be fulfilled and as of May 2015, the contract was terminated. . | NOTE 7 - COMMITMENTS AND CONTINGENCIES (a) Lease Commitments The Company leases its office space in Ha-Nam City in Korea which expires on December 31, 2016. The minimum obligations under such commitments for the years ending December 31, 2015 through December 31, 2018 are listed on the table below. For the Year Amount Ending 2016 $220,827 2017 101,249 2018 and beyond 0 Total Commitment $322,076 (b) Strategic Investment On November 10, 2012, the Company and PDI C&D/RDC SPRL Inc. ("PDI"), an affiliate of PDI Global LLC, a major architectural design company in the U.S., signed a contract to supply an independent solar power system grafted with the Company's E-Box power storage device for a housing project in the Democratic Republic of the Congo ("DRC"). The Company had a commitment to raise $1,000,000 to fulfill its part of the contract for strategic investment. This investment was impaired in full as of December 31, 2014 as due to unavoidable political/regional instability in the DRC, the contract with PDI was unable to be fulfilled and as of May 2015, the contract was terminated. |
Note 8 - Inventories
Note 8 - Inventories | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Notes | ||
Note 8 - Inventories | NOTE 8 - INVENTORIES Inventories consist of the following: 31-Mar-16 31-Dec-15 US$ US$ Raw material $0 $0 Work in process 838,785 496,971 Finished goods 0 0 $838,785 $496,971 279283 | NOTE 8 - INVENTORIES Inventories consist of the following: 31-Dec-15 31-Dec-14 US$ US$ Raw material $0 $0 Work in process 496,971 279,783 Finished goods 0 0 $496,971 $279,783 |
Note 9 - Property and Equipment
Note 9 - Property and Equipment | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Notes | ||
Note 9 - Property and Equipment | NOTE 9 - PROPERTY AND EQUIPMENT Property and equipment consisted of the following: 31-Mar-16 31-Dec-15 Vehicles $146,268 $146,268 Tools 95,771 95,771 Office 109,447 109,447 Facility equipment 210,502 210,502 Total property and equipment 561,988 561,988 Accumulated depreciation (419,851) (398,987) Property and equipment, net $142,137 $163,001 Depreciation expense for the three months ended March 31, 2016 and 2015 amounted to $20,864 and $4,500, respectively. | NOTE 9 - PROPERTY AND EQUIPMENT Property and equipment consisted of the following: 31-Dec-15 31-Dec-14 Vehicles $146,268 $7,581 Tools 95,771 12,906 Office 109,447 79,963 Facility equipment 210,502 157,966 Total property and equipment 561,988 258,416 Accumulated depreciation (398,987) (219,796) Property and equipment, net $163,001 $38,620 Depreciation expense for the years ended December 31, 2015 and 2014 amounted to $207,837 and $19,470, respectively. |
Note 10 - Investments
Note 10 - Investments | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Notes | ||
Note 10 - Investments | NOTE 10 - INVESTMENTS During 2012, the Company invested in a housing project in the Republic of the Congo which would use our E-Box power storage device. $270,000 had been invested. Their interest has been recorded using the cost investment of accounting for investments. During the year ended December 31, 2014, the completion of this project has come into question. Due to this and other factors the Company has impaired the investments in full with a charge off of $762,000. | NOTE 10 - INVESTMENTS During 2012, the Company invested in a housing project in the Republic of the Congo which would use our E-Box power storage device. $270,000 had been invested. Their interest has been recorded using the cost investment of accounting for investments. During the year ended December 31, 2014, the completion of this project has come into question. Due to this and other factors the Company has impaired the investments in full with a charge off of $762,000 . |
Note 11 - Short Term Borrowings
Note 11 - Short Term Borrowings and Notes Payable | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Notes | ||
Note 11 - Short Term Borrowings and Notes Payable | NOTE 11 - SHORT TERM BORROWINGS AND NOTES PAYABLE The Company continues to fund itself through borrowing and equity sales until sales return to historical levels. At March 31, 2015, the Company had short term borrowings of $359,757. The notes are short term working capital advances that have been advanced to their Korean Subsidiary from various local parties. These advances are due on demand, interest free and unsecured. As of March 31, 2016 the major components of our notes and borrowings consisted of the following: 3/31/16 Hana Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 3.65% interest only payable monthly and securred by the company. $62,883 Hana Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 6.24% interest only payable monthly. 76,479 KookMin Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 3.28% interest only payable monthly and securred by the company 84,977 Industrial Bank of Korea Bank four year note extended with 12 month extension fully amortizing with a variable interest rate currently at 3.83% payable monthly. 127,465 NH Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 7.25% interest only payable monthly. 7,954 Total Liabilities 359,757 Less current portion 264,158 Long tem debt $95,599 | NOTE 11 - SHORT TERM BORROWINGS AND NOTES PAYABLE The Company continues to fund itself through borrowing and equity sales until sales return to historical levels. At December 31, 2014, the Company had short term borrowings of $448,801. The notes are short term working capital advances that have been advanced to their Korean Subsidiary from various local parties. These advances are due on demand, interest free and unsecured. Additionally the company borrowed $819,922 in short term convertible notes at a 4% interest rate. These funds were used to fund expansion of our LGM acquisition in 2014. The derivative components are detailed in footnote 15 and these loans were completely converted in February 2015 into 14,924,263 shares of our common stock. As of December 31, 2015 the major components of our notes and borrowings consisted of the following: 12/31/15 Hana Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 3.65% interest only payable monthly and securred by the company. $45,505 Hana Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 6.24% interest only payable monthly. 75,775 Hana Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 3.64% interest only payable monthly and securred by the company. 46,800 KookMin Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 3.28% interest only payable monthly and securred by the company 85,245 Industrial Bank of Korea Bank four year note extended with 12 month extension fully amortizing with a variable interest rate currently at 3.83% payable monthly. 35,718 NH Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 7.25% interest only payable monthly. 34,000 Total Liabilities 323,043 Less current portion 49,397 Long tem debt $273,646 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Notes | ||
Note 12 - Income Taxes | NOTE 12 - INCOME TAXES The Company has experienced losses during most years since its inception. As a result, it has incurred no Federal income tax. The Internal Revenue Code allows net operating losses (NOL's) to be carried forward and applied against future profits for a period of twenty years; an NOL of $25,827,119 had accumulated at March 31, 2016 on U.S. operations and has been carried forward. The potential tax benefit of the NOL's has been recognized on the books of the Company, and is offset by a valuation allowance. Under current accounting guidance, recognition of deferred tax assets is permitted unless it is more likely than not that the assets will not be realized. The Company has recorded deferred tax assets using statutory rates, as presented below. The valuation reserve increased by $155,766 during the quarter ended March 31, 2016. Total Deferred Tax Assets 8,781,220 Realization Allowance (8,781,220) Balance Recognized $- The effective tax rate is as follows: Statutory Federal Rate 34% Effect of Valuation Allowance (34%) Effective Rate 0% | NOTE 12 - INCOME TAXES The Company has experienced losses during most years since its inception. As a result, it has incurred no Federal income tax. The Internal Revenue Code allows net operating losses (NOL's) to be carried forward and applied against future profits for a period of twenty years; an NOL of $25,404,609 had accumulated at December 31, 2015 on U.S. operations and has been carried forward. The potential tax benefit of the NOL's has been recognized on the books of the Company, and is offset by a valuation allowance. Under current accounting guidance, recognition of deferred tax assets is permitted unless it is more likely than not that the assets will not be realized. The Company has recorded deferred tax assets using statutory rates, as presented below. The valuation reserve increased by $1,376,115 during the year ended December 31, 2015. Total Deferred Tax Assets 8,637,567 Realization Allowance (8,637,567) Balance Recognized $- The effective tax rate is as follows: Statutory Federal Rate 34% Effect of Valuation Allowance (34%) Effective Rate 0% |
Note 13 - Intangible Assets
Note 13 - Intangible Assets | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Notes | ||
Note 13 - Intangible Assets | NOTE 13 - INTANGIBLE ASSETS The Company accounts for its long-lived assets in accordance with Accounting Standards Codification ("ASC") Topic 360-10-05, "Accounting for the Impairment or Disposal of Long-Lived Assets." ASC Topic 360-10-05 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the carrying value of an asset by estimating the future net cash flows expected to result from the asset, including eventual disposition. If the future net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset's carrying value and fair value or disposable value. The Company increased goodwill as a result of its first quarter acquisitions by $612,445 and also determined that none of its long-term assets at March 31, 2016 and December 31, 2015 were impaired. 31-Mar-16 31-Dec-15 Patents $86,998 $63,554 Trademarks 277 277 Goodwill 3,057,003 3,057,003 Intangible assets 3,144,278 3,120,834 Less impairments 0 0 Intangible assets, net $3,144,278 $3,120,834 | NOTE 13 - INTANGIBLE ASSETS The Company accounts for its long-lived assets in accordance with Accounting Standards Codification ("ASC") Topic 360-10-05, "Accounting for the Impairment or Disposal of Long-Lived Assets." ASC Topic 360-10-05 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the carrying value of an asset by estimating the future net cash flows expected to result from the asset, including eventual disposition. If the future net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset's carrying value and fair value or disposable value. The Company increased goodwill as a result of its first quarter acquisitions by $612,445 and also determined that none of its long-term assets at December 31, 2015 and December 31, 2014 were impaired. 31-Dec-15 31-Dec-14 Patents $63,554 $63,554 Trademarks 277 277 Goodwill 3,057,003 2,444,558 Intangible assets 3,120,834 2,508,389 Less impairment 0 0 Intangible assets, net $3,120,834 $2,508,389 |
Note 14 - Segment Information
Note 14 - Segment Information | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Notes | ||
Note 14 - Segment Information | NOTE 14 - SEGMENT INFORMATION ASC Topic 280 requires use of the "management approach" model for segment reporting. The management approach model is based on the way a company's management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. During the three months ended March 31, 2016 and 2015, the Company operated in one reportable business segment: the sale and manufacture of specialized electric vehicle. The Company's reportable segment is a strategic business unit that offers its product. | NOTE 14 - SEGMENT INFORMATION ASC Topic 280 requires use of the "management approach" model for segment reporting. The management approach model is based on the way a company's management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. During the years ended December 31, 2015 and 2014, the Company operated in one reportable business segment: the sale and manufacture of specialized electric vehicle. The Company's reportable segment is a strategic business unit that offers its product. |
Note 15 - Acquisitions
Note 15 - Acquisitions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Notes | ||
Note 15 - Acquisitions | NOTE 15 - ACQUISITIONS On March 29, 2015, the Company acquired a 50% interest in each of Leo Motors Factory 1 and 2 which are auto repair shops that specialize in repairing hand-made luxury cars such as Ferrari, Lamborghini, Bentley, Porsche, and Rolls Royce. The Company also acquired a 50% interest in Leo Trade specializing in trading luxury cars. The consolidation of these acquisitions is presented below. Leo Motors consolidation LEO Motors LEO Motors LGM LEO Motors LEO Motors LEO Trade ELIM Consolidated March 31, 2015 US Korea Factory 1 Factory 2 (f/k/a/ Erum) ENTRIES Statements All numbers shown in US Dollars DR(CR) 3/31/2015 ASSETS Cash and cash equivalents $374 67853 211,957 91,187 2914 92173 0 466,458 Accounts receivable 0 0 476,777 8,754 48,425 418,422 0 952,378 Inventories 0 0 295,159 0 0 0 0 295,159 Prepayment to suppliers 0 137,236 160,484 0 0 0 0 297,720 Other current assets 0 7,297 57,403 1,595 125,212 36,685 0 228,192 Total Current Assets 374 212,386 1,201,780 101,536 176,551 547,280 2,239,907 Fixed assets, net 6,744 10,530 16,846 63,683 88,181 0 0 185,984 Deposit 0 46,234 22,637 4,804 145,196 9,025 0 227,896 Intangible assets 0 63,831 0 0 0 0 0 63,831 Goodwill 0 0 0 0 0 0 3,057,003 3,057,003 Investment in subsidiaries 8,089,368 0 0 0 0 0 -8,089,368 0 Total Non-Current Assets 8,096,112 120,595 39,483 68,487 233,377 9,025 3,534,714 Total Assets $8,096,486 332,981 1,241,263 170,023 409,928 556,305 -5,032,365 5,774,621 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $1,139,889 1,060,342 291,900 97,840 307,112 416,183 0 3,313,266 Short term borrowings 0 256,392 183,245 32,052 0 0 0 471,689 Advance from customers 0 30,381 9,141 0 4,513 0 0 44,035 Due to related parties 0 116,617 0 0 0 0 0 116,617 Taxes payable 0 137,780 10,673 13,559 78,783 226 0 241,021 Notes Payable current portion 0 0 0 0 0 353,747 0 353,747 Total Current Liabilities 1,139,889 1,601,512 494,959 143,451 390,408 770,156 4,540,375 Long Term Notes 0 36,698 117,075 0 173,928 0 0 327,701 Accrued severance benefits 0 2,075 0 0 0 0 0 2,075 Total Liabilities 1,139,889 1,640,285 612,034 143,451 564,336 770,156 4,870,151 Stockholders' Equity: Common stock 154,144 2,831,276 284,870 90,253 135,379 180,505 (3,522,283) 154,144 Additional paid-in capital 21,253,084 1,831,184 1,285,902 0 0 0 (4,973,230) 19,396,940 Accumulated other comprehensive income 277,678 225,403 4,893 0 0 0 0 507,974 Accumulated loss (14,728,309) (6,195,167) (946,436) (63,681) (289,787) (394,356) 733,773 (21,883,963) Total Stockholders' Deficit attributable to LEO MOTORS, INC. 6,956,597 (1,307,304) 629,229 26,572 (154,408) (213,851) (1,824,905) Non-controlling interest 0 0 0 0 0 0 2,729,375 2,729,375 Total Stockholders' Deficit 6,956,597 (1,307,304) 629,229 26,572 (154,408) (213,851) 904,470 Total Liabilities and Stockholders' Deficit $8,096,486 332,981 1,241,263 170,023 409,928 556,305 (5,032,365) 5,774,621 | NOTE 16 - ACQUISITIONS On March 29, 2015, the Company acquired a 50% interest in each of Leo Motors Factory 1 and 2 which are auto repair shops that specialize in repairing hand-made luxury cars such as Ferrari, Lamborghini, Bentley, Porsche, and Rolls Royce. The Company also acquired a 50% interest in Leo Trade specializing in trading luxury cars. The consolidation of these acquisitions is presented below. Leo Motors consolidation LEO Motors LEO Motors LGM LEO Motors LEO Motors LEO Trade ELIM Consolidated March 31, 2015 US Korea Factory 1 Factory 2 (f/k/a/ Erum) ENTRIES Statements All numbers shown in US Dollars DR(CR) 3/31/2015 ASSETS Cash and cash equivalents $374 67853 211,957 91,187 2914 92173 0 466,458 Accounts receivable 0 0 476,777 8,754 48,425 418,422 0 952,378 Inventories 0 0 295,159 0 0 0 0 295,159 Prepayment to suppliers 0 137,236 160,484 0 0 0 0 297,720 Other current assets 0 7,297 57,403 1,595 125,212 36,685 0 228,192 Total Current Assets 374 212,386 1,201,780 101,536 176,551 547,280 2,239,907 Fixed assets, net 6,744 10,530 16,846 63,683 88,181 0 0 185,984 Deposit 0 46,234 22,637 4,804 145,196 9,025 0 227,896 Intangible assets 0 63,831 0 0 0 0 0 63,831 Goodwill 0 0 0 0 0 0 3,057,003 3,057,003 Investment in subsidiaries 8,089,368 0 0 0 0 0 -8,089,368 0 Total Non-Current Assets 8,096,112 120,595 39,483 68,487 233,377 9,025 3,534,714 Total Assets $8,096,486 332,981 1,241,263 170,023 409,928 556,305 -5,032,365 5,774,621 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $1,139,889 1,060,342 291,900 97,840 307,112 416,183 0 3,313,266 Short term borrowings 0 256,392 183,245 32,052 0 0 0 471,689 Advance from customers 0 30,381 9,141 0 4,513 0 0 44,035 Due to related parties 0 116,617 0 0 0 0 0 116,617 Taxes payable 0 137,780 10,673 13,559 78,783 226 0 241,021 Notes Payable current portion 0 0 0 0 0 353,747 0 353,747 Total Current Liabilities 1,139,889 1,601,512 494,959 143,451 390,408 770,156 4,540,375 Long Term Notes 0 36,698 117,075 0 173,928 0 0 327,701 Accrued severance benefits 0 2,075 0 0 0 0 0 2,075 Total Liabilities 1,139,889 1,640,285 612,034 143,451 564,336 770,156 4,870,151 Stockholders' Equity : Common stock 154,144 2,831,276 284,870 90,253 135,379 180,505 (3,522,283) 154,144 Additional paid-in capital 21,253,084 1,831,184 1,285,902 0 0 0 (4,973,230) 19,396,940 Accumulated other comprehensive income 277,678 225,403 4,893 0 0 0 0 507,974 Accumulated loss (14,728,309) (6,195,167) (946,436) (63,681) (289,787) (394,356) 733,773 (21,883,963) Total Stockholders' Deficit attributable to LEO MOTORS, INC. 6,956,597 (1,307,304 629,229 26,572 (154,408) (213,851) (1,824,905) Non-controlling interest 0 0 0 0 0 0 2,729,375 2,729,375 Total Stockholders' Deficit 6,956,597 (1,307,304 629,229 26,572 (154,408) (213,851) 904,470 Total Liabilities and Stockholders' Deficit $8,096,486 332,981 1,241,263 170,023 409,928 556,305 (5,032,365) 5,774,621 |
Note 15 - Derivative Liability
Note 15 - Derivative Liability | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 15 - Derivative Liability | NOTE 15 – DERIVATIVE LIABILITY The Company accounts for derivative financial instruments in accordance with ASC 815, which requires that all derivative financial instruments be recorded in the balance sheets either as assets or liabilities at fair value. The Company's derivative liability is an embedded derivative associated with one of the Company's convertible promissory notes. The convertible promissory note was issued on July 31, 2014, (the "Note"), is a hybrid instruments which contain an embedded derivative feature which would individually warrant separate accounting as a derivative instrument under Paragraph 815-10-05-4. The embedded derivative feature includes the conversion feature to the Note. Pursuant to Paragraph 815-10-05-4, the value of the embedded derivative liability have been bifurcated from the debt host contract and recorded as a derivative liability resulting in a reduction of the initial carrying amount (as unamortized discount) of the notes, which are amortized as debt discount to be presented in other (income) expenses in the statements of operations using the effective interest method over the life of the notes. The embedded derivative within the note have been valued using the Black Scholes approach, recorded at fair value at the date of issuance; and marked-to-market at each reporting period end date with changes in fair value recorded in the Company's statements of operations as "change in the fair value of derivative instrument". As of December 31, 2015 and December 31, 2014, the estimated fair value of derivative liability was determined to be $0 and $819,922, respectively. On July 31, 2014, the derivative liability was recognized with a debt discount of $825,529. During the year ended December 31, 2015, the loan was converted to common stock and the remaining unamortized debt discount of $275,176 was recorded against as a charge to interest expense. Summary of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the balance sheet: Fair Value Measurement Using Carrying Value Level 1 Level 2 Level 3 Total -0- - - -0- -0- $-0- $- $- $-0- $-0- Summary of the Changes in Fair Value of Level 3 Financial Liabilities The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during year ended December 31, 2015. Derivative Liability Fair value, December 31, 2014 $819,922 Additions -0- Change in fair value -0- Transfers in and/or out of Level 3 (819,922) Fair value, December 31, 2015 $-0- |
Note 16 - Acquisitions
Note 16 - Acquisitions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Notes | ||
Note 16 - Acquisitions | NOTE 15 - ACQUISITIONS On March 29, 2015, the Company acquired a 50% interest in each of Leo Motors Factory 1 and 2 which are auto repair shops that specialize in repairing hand-made luxury cars such as Ferrari, Lamborghini, Bentley, Porsche, and Rolls Royce. The Company also acquired a 50% interest in Leo Trade specializing in trading luxury cars. The consolidation of these acquisitions is presented below. Leo Motors consolidation LEO Motors LEO Motors LGM LEO Motors LEO Motors LEO Trade ELIM Consolidated March 31, 2015 US Korea Factory 1 Factory 2 (f/k/a/ Erum) ENTRIES Statements All numbers shown in US Dollars DR(CR) 3/31/2015 ASSETS Cash and cash equivalents $374 67853 211,957 91,187 2914 92173 0 466,458 Accounts receivable 0 0 476,777 8,754 48,425 418,422 0 952,378 Inventories 0 0 295,159 0 0 0 0 295,159 Prepayment to suppliers 0 137,236 160,484 0 0 0 0 297,720 Other current assets 0 7,297 57,403 1,595 125,212 36,685 0 228,192 Total Current Assets 374 212,386 1,201,780 101,536 176,551 547,280 2,239,907 Fixed assets, net 6,744 10,530 16,846 63,683 88,181 0 0 185,984 Deposit 0 46,234 22,637 4,804 145,196 9,025 0 227,896 Intangible assets 0 63,831 0 0 0 0 0 63,831 Goodwill 0 0 0 0 0 0 3,057,003 3,057,003 Investment in subsidiaries 8,089,368 0 0 0 0 0 -8,089,368 0 Total Non-Current Assets 8,096,112 120,595 39,483 68,487 233,377 9,025 3,534,714 Total Assets $8,096,486 332,981 1,241,263 170,023 409,928 556,305 -5,032,365 5,774,621 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $1,139,889 1,060,342 291,900 97,840 307,112 416,183 0 3,313,266 Short term borrowings 0 256,392 183,245 32,052 0 0 0 471,689 Advance from customers 0 30,381 9,141 0 4,513 0 0 44,035 Due to related parties 0 116,617 0 0 0 0 0 116,617 Taxes payable 0 137,780 10,673 13,559 78,783 226 0 241,021 Notes Payable current portion 0 0 0 0 0 353,747 0 353,747 Total Current Liabilities 1,139,889 1,601,512 494,959 143,451 390,408 770,156 4,540,375 Long Term Notes 0 36,698 117,075 0 173,928 0 0 327,701 Accrued severance benefits 0 2,075 0 0 0 0 0 2,075 Total Liabilities 1,139,889 1,640,285 612,034 143,451 564,336 770,156 4,870,151 Stockholders' Equity: Common stock 154,144 2,831,276 284,870 90,253 135,379 180,505 (3,522,283) 154,144 Additional paid-in capital 21,253,084 1,831,184 1,285,902 0 0 0 (4,973,230) 19,396,940 Accumulated other comprehensive income 277,678 225,403 4,893 0 0 0 0 507,974 Accumulated loss (14,728,309) (6,195,167) (946,436) (63,681) (289,787) (394,356) 733,773 (21,883,963) Total Stockholders' Deficit attributable to LEO MOTORS, INC. 6,956,597 (1,307,304) 629,229 26,572 (154,408) (213,851) (1,824,905) Non-controlling interest 0 0 0 0 0 0 2,729,375 2,729,375 Total Stockholders' Deficit 6,956,597 (1,307,304) 629,229 26,572 (154,408) (213,851) 904,470 Total Liabilities and Stockholders' Deficit $8,096,486 332,981 1,241,263 170,023 409,928 556,305 (5,032,365) 5,774,621 | NOTE 16 - ACQUISITIONS On March 29, 2015, the Company acquired a 50% interest in each of Leo Motors Factory 1 and 2 which are auto repair shops that specialize in repairing hand-made luxury cars such as Ferrari, Lamborghini, Bentley, Porsche, and Rolls Royce. The Company also acquired a 50% interest in Leo Trade specializing in trading luxury cars. The consolidation of these acquisitions is presented below. Leo Motors consolidation LEO Motors LEO Motors LGM LEO Motors LEO Motors LEO Trade ELIM Consolidated March 31, 2015 US Korea Factory 1 Factory 2 (f/k/a/ Erum) ENTRIES Statements All numbers shown in US Dollars DR(CR) 3/31/2015 ASSETS Cash and cash equivalents $374 67853 211,957 91,187 2914 92173 0 466,458 Accounts receivable 0 0 476,777 8,754 48,425 418,422 0 952,378 Inventories 0 0 295,159 0 0 0 0 295,159 Prepayment to suppliers 0 137,236 160,484 0 0 0 0 297,720 Other current assets 0 7,297 57,403 1,595 125,212 36,685 0 228,192 Total Current Assets 374 212,386 1,201,780 101,536 176,551 547,280 2,239,907 Fixed assets, net 6,744 10,530 16,846 63,683 88,181 0 0 185,984 Deposit 0 46,234 22,637 4,804 145,196 9,025 0 227,896 Intangible assets 0 63,831 0 0 0 0 0 63,831 Goodwill 0 0 0 0 0 0 3,057,003 3,057,003 Investment in subsidiaries 8,089,368 0 0 0 0 0 -8,089,368 0 Total Non-Current Assets 8,096,112 120,595 39,483 68,487 233,377 9,025 3,534,714 Total Assets $8,096,486 332,981 1,241,263 170,023 409,928 556,305 -5,032,365 5,774,621 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $1,139,889 1,060,342 291,900 97,840 307,112 416,183 0 3,313,266 Short term borrowings 0 256,392 183,245 32,052 0 0 0 471,689 Advance from customers 0 30,381 9,141 0 4,513 0 0 44,035 Due to related parties 0 116,617 0 0 0 0 0 116,617 Taxes payable 0 137,780 10,673 13,559 78,783 226 0 241,021 Notes Payable current portion 0 0 0 0 0 353,747 0 353,747 Total Current Liabilities 1,139,889 1,601,512 494,959 143,451 390,408 770,156 4,540,375 Long Term Notes 0 36,698 117,075 0 173,928 0 0 327,701 Accrued severance benefits 0 2,075 0 0 0 0 0 2,075 Total Liabilities 1,139,889 1,640,285 612,034 143,451 564,336 770,156 4,870,151 Stockholders' Equity : Common stock 154,144 2,831,276 284,870 90,253 135,379 180,505 (3,522,283) 154,144 Additional paid-in capital 21,253,084 1,831,184 1,285,902 0 0 0 (4,973,230) 19,396,940 Accumulated other comprehensive income 277,678 225,403 4,893 0 0 0 0 507,974 Accumulated loss (14,728,309) (6,195,167) (946,436) (63,681) (289,787) (394,356) 733,773 (21,883,963) Total Stockholders' Deficit attributable to LEO MOTORS, INC. 6,956,597 (1,307,304 629,229 26,572 (154,408) (213,851) (1,824,905) Non-controlling interest 0 0 0 0 0 0 2,729,375 2,729,375 Total Stockholders' Deficit 6,956,597 (1,307,304 629,229 26,572 (154,408) (213,851) 904,470 Total Liabilities and Stockholders' Deficit $8,096,486 332,981 1,241,263 170,023 409,928 556,305 (5,032,365) 5,774,621 |
Note 2 - Policies (Policies)
Note 2 - Policies (Policies) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Policies | ||
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation These financial statements and related notes are expressed in US dollars. The Company's fiscal year-end is December 31. The consolidated financial statements include the financial statements of the Leo Motors Co. Ltd. Korea and LGM Co. LTD where the Parent Company has significant control. All inter-company transactions and balances have been eliminated upon consolidation. | Basis of Presentation and Consolidation These financial statements and related notes are expressed in US dollars. The Company's fiscal year-end is December 31. The consolidated financial statements include the financial statements of the Leo Motors Co. Ltd. Korea and LGM Co. LTD where the Parent Company has significant control. All inter-company transactions and balances have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, 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 from those estimates. | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, 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 from those estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments For certain of the Company's financial instruments, including cash and cash equivalents, accounts receivable inventory and prepaid expenses, accounts payable and deferred revenues, the carrying amounts approximate fair value due to their short maturities. | Fair Value of Financial Instruments For certain of the Company's financial instruments, including cash and cash equivalents, accounts receivable inventory and prepaid expenses, accounts payable and deferred revenues, the carrying amounts approximate fair value due to their short maturities. |
Revenue Recognition | Revenue Recognition The Company follows the guidance of the Securities and Exchange Commission's Staff Accounting Bulletin No. 104, "Revenue Recognition in Financial Statements". In general, the Company records revenue when persuasive evidence of an arrangement exists, services have been rendered or product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. The following policies reflect specific criteria for the various revenues streams of the Company. The Company generates revenue from the delivery of goods and records revenues when the sales are completed, already collected or collectability is reasonably assured, there is no future obligation and there is remote chance of future claim or refund to the customers. Revenue is recognized when risk of ownership and title pass to the buyer, generally upon the delivery of professional services. Pricing is fixed and determinable according to the Company's published brochures and price lists. | Revenue Recognition The Company follows the guidance of the Securities and Exchange Commission's Staff Accounting Bulletin No. 104, "Revenue Recognition in Financial Statements". In general, the Company records revenue when persuasive evidence of an arrangement exists, services have been rendered or product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. The following policies reflect specific criteria for the various revenues streams of the Company. The Company generates revenue from the delivery of goods and records revenues when the sales are completed, already collected or collectability is reasonably assured, there is no future obligation and there is remote chance of future claim or refund to the customers. Revenue is recognized when risk of ownership and title pass to the buyer, generally upon the delivery of professional services. Pricing is fixed and determinable according to the Company's published brochures and price lists. |
Accounts Receivables | Accounts Receivables Accounts receivables of the Company are reviewed to determine if their carrying value has become impaired. The Company considers the assets to be impaired if the balances are greater than one-year old. Management regularly reviews accounts receivable and will establish an allowance for potentially uncollectible amounts when appropriate. When accounts are written off, they will be charged against the allowance. Receivables are not collateralized and do not bear interest. | Accounts Receivables Accounts receivables of the Company are reviewed to determine if their carrying value has become impaired. The Company considers the assets to be impaired if the balances are greater than one-year old. Management regularly reviews accounts receivable and will establish an allowance for potentially uncollectible amounts when appropriate. When accounts are written off, they will be charged against the allowance. Receivables are not collateralized and do not bear interest. |
Cash Equivalents | Cash Equivalents For purposes of reporting cash flows, the Company considers all short-term investments with an original maturity of three months or less to be cash equivalent. | Cash Equivalents For purposes of reporting cash flows, the Company considers all short-term investments with an original maturity of three months or less to be cash equivalent. |
Fixed Assets | Fixed Assets Fixed assets are stated at cost, less accumulated depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which is generally 3 to 10 years. The cost of repairs and maintenance is charged to expense as incurred. Expenditures for property betterments and renewals are capitalized. Upon sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in other income (expense). The Company will periodically evaluate whether events and circumstances have occurred that may warrant revision of the estimated useful lives of fixed assets or whether the remaining balance of fixed assets should be evaluated for possible impairment. We use an estimate of the related undiscounted cash flows over the remaining life of the fixed assets in measuring their recoverability. | Fixed Assets Fixed assets are stated at cost, less accumulated depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which is generally 3 to 10 years. The cost of repairs and maintenance is charged to expense as incurred. Expenditures for property betterments and renewals are capitalized. Upon sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in other income (expense). The Company will periodically evaluate whether events and circumstances have occurred that may warrant revision of the estimated useful lives of fixed assets or whether the remaining balance of fixed assets should be evaluated for possible impairment. We use an estimate of the related undiscounted cash flows over the remaining life of the fixed assets in measuring their recoverability. |
Intangible and Long Lived Assets | Intangible and Long Lived Assets The Company follows ASC 360-10, "Property, Plant, and Equipment," | Intangible and Long Lived Assets The Company follows ASC 360-10, "Property, Plant, and Equipment," |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC 740-10, "Accounting for Income Taxes." Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year; and, (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if, based on the weight of available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax benefit from an uncertain tax position taken or expected to be taken may be recognized only if it is "more likely than not" that the position is sustainable upon examination, based on its technical merits. The tax benefit of a qualifying position under ASC 740-10 would equal the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all the relevant information. A liability (including interest and penalties, if applicable) is established to the extent a current benefit has been recognized on a tax return for matters that are considered contingent upon the outcome of an uncertain tax position. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable. | Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC 740-10, "Accounting for Income Taxes." Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year; and, (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if, based on the weight of available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax benefit from an uncertain tax position taken or expected to be taken may be recognized only if it is "more likely than not" that the position is sustainable upon examination, based on its technical merits. The tax benefit of a qualifying position under ASC 740-10 would equal the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all the relevant information. A liability (including interest and penalties, if applicable) is established to the extent a current benefit has been recognized on a tax return for matters that are considered contingent upon the outcome of an uncertain tax position. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable. |
Loss Per Share | Loss per Share Basic earnings (loss) per share is computed by dividing net income, or loss, by the weighted average number of shares of common stock outstanding for the period. Diluted earnings (loss) per share is computed by dividing net income, or loss, by the weighted average number of shares of both common and preferred stock outstanding for the period. | Loss per Share Basic earnings (loss) per share is computed by dividing net income, or loss, by the weighted average number of shares of common stock outstanding for the period. Diluted earnings (loss) per share is computed by dividing net income, or loss, by the weighted average number of shares of both common and preferred stock outstanding for the period. |
Stock-based Compensation | Stock-Based Compensation SFAS No. 123, "Accounting for Stock-Based Compensation," establishes and encourages the use of the fair value based method of accounting for stock-based compensation arrangements under which compensation cost is determined using the fair value of stock-based compensation determined as of the date of grant and is recognized over the periods in which the related services are rendered. For stock based compensation the Company recognizes an expense in accordance with SFAS No. 123 and values the equity securities based on the fair value of the security on the date of grant. Stock option awards are valued using the Black-Scholes option-pricing model. | Stock-Based Compensation SFAS No. 123, "Accounting for Stock-Based Compensation," establishes and encourages the use of the fair value based method of accounting for stock-based compensation arrangements under which compensation cost is determined using the fair value of stock-based compensation determined as of the date of grant and is recognized over the periods in which the related services are rendered. For stock based compensation the Company recognizes an expense in accordance with SFAS No. 123 and values the equity securities based on the fair value of the security on the date of grant. Stock option awards are valued using the Black-Scholes option-pricing model. |
Foreign Currency Translation and Comprehensive Income | Foreign Currency Translation And Comprehensive Income The reporting currency of the Company is the US$. The functional currency of the parent company is the US$ and the functional currency of the Company's operating subsidiary is Korean Won ("KRW"). The subsidiary's results of operations and cash flows are translated at average exchange rates during the year, assets and liabilities are translated at the unified exchange rate at the end of the year, and equity is translated at historical exchange rates. Translation adjustments resulting from the process of translating the functional currency financial statements into US$ are included in determining comprehensive income. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. The Company does not enter any material transaction in foreign currencies and accordingly, transaction gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company. | Foreign Currency Translation And Comprehensive Income The reporting currency of the Company is the US$. The functional currency of the parent company is the US$ and the functional currency of the Company's operating subsidiary is Korean Won ("KRW"). The subsidiary's results of operations and cash flows are translated at average exchange rates during the year, assets and liabilities are translated at the unified exchange rate at the end of the year, and equity is translated at historical exchange rates. Translation adjustments resulting from the process of translating the functional currency financial statements into US$ are included in determining comprehensive income. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. The Company does not enter any material transaction in foreign currencies and accordingly, transaction gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company's financials properly reflect the change. The Company currently does not have any recent accounting pronouncements that they are studying and feel may be applicable. | Recent Accounting Pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company's financials properly reflect the change. The Company currently does not have any recent accounting pronouncements that they are studying and feel may be applicable. |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Tables/Schedules | ||
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of the computation for basic and diluted EPS for the three months ended March 31, 2016 and 2015: For the periods ended 3/31/2016 3/31/2015 Net Income (Loss) $(458,166) $(595,418) Weighted-average common stock Outstanding - basic 161,878,686 149,069,490 Equivalents Stock options - 0 Warrants - 0 Convertible Notes 0 902,520 Weighted-average common shares outstanding- Diluted 161,878,686 149,972,010 | The following is a reconciliation of the computation for basic and diluted EPS for the years ended December 31, 2015 and 2014: For the periods ended 12/31/2015 12/31/2014 Net Income (Loss) $(4,490,972) $(4,480,544) Weighted-average common stock Outstanding - basic 155,866,313 97,393,209 Equivalents Stock options - 0 Warrants - 0 Convertible Notes 0 662,889 Weighted-average common shares outstanding- Diluted 155,866,313 98,056,098 |
Note 7 - Commitments and Cont26
Note 7 - Commitments and Contingencies (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Tables/Schedules | ||
Schedule of Future Minimum Rental Payments for Operating Leases | The Company leases its office space in Ha-Nam City in Korea which expires on December 31, 2016. The minimum obligations under such commitments for the period ending March 31, 2016 through December 31, 2018 are listed on the table below. For the Year Amount Ending 2016 $165,620 2017 101,249 2018 and beyond 0 Total Commitment $266,869 | The Company leases its office space in Ha-Nam City in Korea which expires on December 31, 2016. The minimum obligations under such commitments for the years ending December 31, 2015 through December 31, 2018 are listed on the table below. For the Year Amount Ending 2016 $220,827 2017 101,249 2018 and beyond 0 Total Commitment $322,076 |
Note 8 - Inventories (Tables)
Note 8 - Inventories (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Tables/Schedules | ||
Schedule of Inventories | Inventories consist of the following: 31-Mar-16 31-Dec-15 US$ US$ Raw material $0 $0 Work in process 838,785 496,971 Finished goods 0 0 $838,785 $496,971 | Inventories consist of the following: 31-Dec-15 31-Dec-14 US$ US$ Raw material $0 $0 Work in process 496,971 279,783 Finished goods 0 0 $496,971 $279,783 |
Note 9 - Property and Equipme28
Note 9 - Property and Equipment (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Tables/Schedules | ||
Property, Plant and Equipment | Property and equipment consisted of the following: 31-Mar-16 31-Dec-15 Vehicles $146,268 $146,268 Tools 95,771 95,771 Office 109,447 109,447 Facility equipment 210,502 210,502 Total property and equipment 561,988 561,988 Accumulated depreciation (419,851) (398,987) Property and equipment, net $142,137 $163,001 | Property and equipment consisted of the following: 31-Dec-15 31-Dec-14 Vehicles $146,268 $7,581 Tools 95,771 12,906 Office 109,447 79,963 Facility equipment 210,502 157,966 Total property and equipment 561,988 258,416 Accumulated depreciation (398,987) (219,796) Property and equipment, net $163,001 $38,620 |
Note 11 - Short Term Borrowin29
Note 11 - Short Term Borrowings and Notes Payable (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Tables/Schedules | ||
Schedule of Short-term Debt | As of March 31, 2016 the major components of our notes and borrowings consisted of the following: 3/31/16 Hana Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 3.65% interest only payable monthly and securred by the company. $62,883 Hana Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 6.24% interest only payable monthly. 76,479 KookMin Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 3.28% interest only payable monthly and securred by the company 84,977 Industrial Bank of Korea Bank four year note extended with 12 month extension fully amortizing with a variable interest rate currently at 3.83% payable monthly. 127,465 NH Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 7.25% interest only payable monthly. 7,954 Total Liabilities 359,757 Less current portion 264,158 Long tem debt $95,599 | 12/31/15 Hana Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 3.65% interest only payable monthly and securred by the company. $45,505 Hana Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 6.24% interest only payable monthly. 75,775 Hana Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 3.64% interest only payable monthly and securred by the company. 46,800 KookMin Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 3.28% interest only payable monthly and securred by the company 85,245 Industrial Bank of Korea Bank four year note extended with 12 month extension fully amortizing with a variable interest rate currently at 3.83% payable monthly. 35,718 NH Bank six month note extended with 12 month term renewable periods with a variable interest rate currently at 7.25% interest only payable monthly. 34,000 Total Liabilities 323,043 Less current portion 49,397 Long tem debt $273,646 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Tables/Schedules | ||
Schedule of Deferred Tax Assets | Total Deferred Tax Assets 8,781,220 Realization Allowance (8,781,220) Balance Recognized $- | Total Deferred Tax Assets 8,637,567 Realization Allowance (8,637,567) Balance Recognized $- |
Schedule of Effective Income Tax Rate Reconciliation | The effective tax rate is as follows: Statutory Federal Rate 34% Effect of Valuation Allowance (34%) Effective Rate 0% | The effective tax rate is as follows: Statutory Federal Rate 34% Effect of Valuation Allowance (34%) Effective Rate 0% |
Note 13 - Intangible Assets (Ta
Note 13 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Tables/Schedules | |
Schedule of Finite-Lived Intangible Assets | 31-Mar-16 31-Dec-15 Patents $86,998 $63,554 Trademarks 277 277 Goodwill 3,057,003 3,057,003 Intangible assets 3,144,278 3,120,834 Less impairments 0 0 Intangible assets, net $3,144,278 $3,120,834 |
Note 15 - Acquisitions (Tables)
Note 15 - Acquisitions (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Tables/Schedules | ||
Schedule of Consolidated Assets, Liabilities, and Equity of Acquired Entities | The consolidation of these acquisitions is presented below. Leo Motors consolidation LEO Motors LEO Motors LGM LEO Motors LEO Motors LEO Trade ELIM Consolidated March 31, 2015 US Korea Factory 1 Factory 2 (f/k/a/ Erum) ENTRIES Statements All numbers shown in US Dollars DR(CR) 3/31/2015 ASSETS Cash and cash equivalents $374 67853 211,957 91,187 2914 92173 0 466,458 Accounts receivable 0 0 476,777 8,754 48,425 418,422 0 952,378 Inventories 0 0 295,159 0 0 0 0 295,159 Prepayment to suppliers 0 137,236 160,484 0 0 0 0 297,720 Other current assets 0 7,297 57,403 1,595 125,212 36,685 0 228,192 Total Current Assets 374 212,386 1,201,780 101,536 176,551 547,280 2,239,907 Fixed assets, net 6,744 10,530 16,846 63,683 88,181 0 0 185,984 Deposit 0 46,234 22,637 4,804 145,196 9,025 0 227,896 Intangible assets 0 63,831 0 0 0 0 0 63,831 Goodwill 0 0 0 0 0 0 3,057,003 3,057,003 Investment in subsidiaries 8,089,368 0 0 0 0 0 -8,089,368 0 Total Non-Current Assets 8,096,112 120,595 39,483 68,487 233,377 9,025 3,534,714 Total Assets $8,096,486 332,981 1,241,263 170,023 409,928 556,305 -5,032,365 5,774,621 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $1,139,889 1,060,342 291,900 97,840 307,112 416,183 0 3,313,266 Short term borrowings 0 256,392 183,245 32,052 0 0 0 471,689 Advance from customers 0 30,381 9,141 0 4,513 0 0 44,035 Due to related parties 0 116,617 0 0 0 0 0 116,617 Taxes payable 0 137,780 10,673 13,559 78,783 226 0 241,021 Notes Payable current portion 0 0 0 0 0 353,747 0 353,747 Total Current Liabilities 1,139,889 1,601,512 494,959 143,451 390,408 770,156 4,540,375 Long Term Notes 0 36,698 117,075 0 173,928 0 0 327,701 Accrued severance benefits 0 2,075 0 0 0 0 0 2,075 Total Liabilities 1,139,889 1,640,285 612,034 143,451 564,336 770,156 4,870,151 Stockholders' Equity: Common stock 154,144 2,831,276 284,870 90,253 135,379 180,505 (3,522,283) 154,144 Additional paid-in capital 21,253,084 1,831,184 1,285,902 0 0 0 (4,973,230) 19,396,940 Accumulated other comprehensive income 277,678 225,403 4,893 0 0 0 0 507,974 Accumulated loss (14,728,309) (6,195,167) (946,436) (63,681) (289,787) (394,356) 733,773 (21,883,963) Total Stockholders' Deficit attributable to LEO MOTORS, INC. 6,956,597 (1,307,304) 629,229 26,572 (154,408) (213,851) (1,824,905) Non-controlling interest 0 0 0 0 0 0 2,729,375 2,729,375 Total Stockholders' Deficit 6,956,597 (1,307,304) 629,229 26,572 (154,408) (213,851) 904,470 Total Liabilities and Stockholders' Deficit $8,096,486 332,981 1,241,263 170,023 409,928 556,305 (5,032,365) 5,774,621 | The consolidation of these acquisitions is presented below. Leo Motors consolidation LEO Motors LEO Motors LGM LEO Motors LEO Motors LEO Trade ELIM Consolidated March 31, 2015 US Korea Factory 1 Factory 2 (f/k/a/ Erum) ENTRIES Statements All numbers shown in US Dollars DR(CR) 3/31/2015 ASSETS Cash and cash equivalents $374 67853 211,957 91,187 2914 92173 0 466,458 Accounts receivable 0 0 476,777 8,754 48,425 418,422 0 952,378 Inventories 0 0 295,159 0 0 0 0 295,159 Prepayment to suppliers 0 137,236 160,484 0 0 0 0 297,720 Other current assets 0 7,297 57,403 1,595 125,212 36,685 0 228,192 Total Current Assets 374 212,386 1,201,780 101,536 176,551 547,280 2,239,907 Fixed assets, net 6,744 10,530 16,846 63,683 88,181 0 0 185,984 Deposit 0 46,234 22,637 4,804 145,196 9,025 0 227,896 Intangible assets 0 63,831 0 0 0 0 0 63,831 Goodwill 0 0 0 0 0 0 3,057,003 3,057,003 Investment in subsidiaries 8,089,368 0 0 0 0 0 -8,089,368 0 Total Non-Current Assets 8,096,112 120,595 39,483 68,487 233,377 9,025 3,534,714 Total Assets $8,096,486 332,981 1,241,263 170,023 409,928 556,305 -5,032,365 5,774,621 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $1,139,889 1,060,342 291,900 97,840 307,112 416,183 0 3,313,266 Short term borrowings 0 256,392 183,245 32,052 0 0 0 471,689 Advance from customers 0 30,381 9,141 0 4,513 0 0 44,035 Due to related parties 0 116,617 0 0 0 0 0 116,617 Taxes payable 0 137,780 10,673 13,559 78,783 226 0 241,021 Notes Payable current portion 0 0 0 0 0 353,747 0 353,747 Total Current Liabilities 1,139,889 1,601,512 494,959 143,451 390,408 770,156 4,540,375 Long Term Notes 0 36,698 117,075 0 173,928 0 0 327,701 Accrued severance benefits 0 2,075 0 0 0 0 0 2,075 Total Liabilities 1,139,889 1,640,285 612,034 143,451 564,336 770,156 4,870,151 Stockholders' Equity : Common stock 154,144 2,831,276 284,870 90,253 135,379 180,505 (3,522,283) 154,144 Additional paid-in capital 21,253,084 1,831,184 1,285,902 0 0 0 (4,973,230) 19,396,940 Accumulated other comprehensive income 277,678 225,403 4,893 0 0 0 0 507,974 Accumulated loss (14,728,309) (6,195,167) (946,436) (63,681) (289,787) (394,356) 733,773 (21,883,963) Total Stockholders' Deficit attributable to LEO MOTORS, INC. 6,956,597 (1,307,304 629,229 26,572 (154,408) (213,851) (1,824,905) Non-controlling interest 0 0 0 0 0 0 2,729,375 2,729,375 Total Stockholders' Deficit 6,956,597 (1,307,304 629,229 26,572 (154,408) (213,851) 904,470 Total Liabilities and Stockholders' Deficit $8,096,486 332,981 1,241,263 170,023 409,928 556,305 (5,032,365) 5,774,621 |
Note 15 - Derivative Liability
Note 15 - Derivative Liability (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the balance sheet: Fair Value Measurement Using Carrying Value Level 1 Level 2 Level 3 Total -0- - - -0- -0- $-0- $- $- $-0- $-0- |
Assets and Liabilities, Changes in Fair Value, Recurring Basis | The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during year ended December 31, 2015. Derivative Liability Fair value, December 31, 2014 $819,922 Additions -0- Change in fair value -0- Transfers in and/or out of Level 3 (819,922) Fair value, December 31, 2015 $-0- |
Note 16 - Acquisitions (Tables)
Note 16 - Acquisitions (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Tables/Schedules | ||
Schedule of Consolidated Assets, Liabilities, and Equity of Acquired Entities | The consolidation of these acquisitions is presented below. Leo Motors consolidation LEO Motors LEO Motors LGM LEO Motors LEO Motors LEO Trade ELIM Consolidated March 31, 2015 US Korea Factory 1 Factory 2 (f/k/a/ Erum) ENTRIES Statements All numbers shown in US Dollars DR(CR) 3/31/2015 ASSETS Cash and cash equivalents $374 67853 211,957 91,187 2914 92173 0 466,458 Accounts receivable 0 0 476,777 8,754 48,425 418,422 0 952,378 Inventories 0 0 295,159 0 0 0 0 295,159 Prepayment to suppliers 0 137,236 160,484 0 0 0 0 297,720 Other current assets 0 7,297 57,403 1,595 125,212 36,685 0 228,192 Total Current Assets 374 212,386 1,201,780 101,536 176,551 547,280 2,239,907 Fixed assets, net 6,744 10,530 16,846 63,683 88,181 0 0 185,984 Deposit 0 46,234 22,637 4,804 145,196 9,025 0 227,896 Intangible assets 0 63,831 0 0 0 0 0 63,831 Goodwill 0 0 0 0 0 0 3,057,003 3,057,003 Investment in subsidiaries 8,089,368 0 0 0 0 0 -8,089,368 0 Total Non-Current Assets 8,096,112 120,595 39,483 68,487 233,377 9,025 3,534,714 Total Assets $8,096,486 332,981 1,241,263 170,023 409,928 556,305 -5,032,365 5,774,621 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $1,139,889 1,060,342 291,900 97,840 307,112 416,183 0 3,313,266 Short term borrowings 0 256,392 183,245 32,052 0 0 0 471,689 Advance from customers 0 30,381 9,141 0 4,513 0 0 44,035 Due to related parties 0 116,617 0 0 0 0 0 116,617 Taxes payable 0 137,780 10,673 13,559 78,783 226 0 241,021 Notes Payable current portion 0 0 0 0 0 353,747 0 353,747 Total Current Liabilities 1,139,889 1,601,512 494,959 143,451 390,408 770,156 4,540,375 Long Term Notes 0 36,698 117,075 0 173,928 0 0 327,701 Accrued severance benefits 0 2,075 0 0 0 0 0 2,075 Total Liabilities 1,139,889 1,640,285 612,034 143,451 564,336 770,156 4,870,151 Stockholders' Equity: Common stock 154,144 2,831,276 284,870 90,253 135,379 180,505 (3,522,283) 154,144 Additional paid-in capital 21,253,084 1,831,184 1,285,902 0 0 0 (4,973,230) 19,396,940 Accumulated other comprehensive income 277,678 225,403 4,893 0 0 0 0 507,974 Accumulated loss (14,728,309) (6,195,167) (946,436) (63,681) (289,787) (394,356) 733,773 (21,883,963) Total Stockholders' Deficit attributable to LEO MOTORS, INC. 6,956,597 (1,307,304) 629,229 26,572 (154,408) (213,851) (1,824,905) Non-controlling interest 0 0 0 0 0 0 2,729,375 2,729,375 Total Stockholders' Deficit 6,956,597 (1,307,304) 629,229 26,572 (154,408) (213,851) 904,470 Total Liabilities and Stockholders' Deficit $8,096,486 332,981 1,241,263 170,023 409,928 556,305 (5,032,365) 5,774,621 | The consolidation of these acquisitions is presented below. Leo Motors consolidation LEO Motors LEO Motors LGM LEO Motors LEO Motors LEO Trade ELIM Consolidated March 31, 2015 US Korea Factory 1 Factory 2 (f/k/a/ Erum) ENTRIES Statements All numbers shown in US Dollars DR(CR) 3/31/2015 ASSETS Cash and cash equivalents $374 67853 211,957 91,187 2914 92173 0 466,458 Accounts receivable 0 0 476,777 8,754 48,425 418,422 0 952,378 Inventories 0 0 295,159 0 0 0 0 295,159 Prepayment to suppliers 0 137,236 160,484 0 0 0 0 297,720 Other current assets 0 7,297 57,403 1,595 125,212 36,685 0 228,192 Total Current Assets 374 212,386 1,201,780 101,536 176,551 547,280 2,239,907 Fixed assets, net 6,744 10,530 16,846 63,683 88,181 0 0 185,984 Deposit 0 46,234 22,637 4,804 145,196 9,025 0 227,896 Intangible assets 0 63,831 0 0 0 0 0 63,831 Goodwill 0 0 0 0 0 0 3,057,003 3,057,003 Investment in subsidiaries 8,089,368 0 0 0 0 0 -8,089,368 0 Total Non-Current Assets 8,096,112 120,595 39,483 68,487 233,377 9,025 3,534,714 Total Assets $8,096,486 332,981 1,241,263 170,023 409,928 556,305 -5,032,365 5,774,621 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $1,139,889 1,060,342 291,900 97,840 307,112 416,183 0 3,313,266 Short term borrowings 0 256,392 183,245 32,052 0 0 0 471,689 Advance from customers 0 30,381 9,141 0 4,513 0 0 44,035 Due to related parties 0 116,617 0 0 0 0 0 116,617 Taxes payable 0 137,780 10,673 13,559 78,783 226 0 241,021 Notes Payable current portion 0 0 0 0 0 353,747 0 353,747 Total Current Liabilities 1,139,889 1,601,512 494,959 143,451 390,408 770,156 4,540,375 Long Term Notes 0 36,698 117,075 0 173,928 0 0 327,701 Accrued severance benefits 0 2,075 0 0 0 0 0 2,075 Total Liabilities 1,139,889 1,640,285 612,034 143,451 564,336 770,156 4,870,151 Stockholders' Equity : Common stock 154,144 2,831,276 284,870 90,253 135,379 180,505 (3,522,283) 154,144 Additional paid-in capital 21,253,084 1,831,184 1,285,902 0 0 0 (4,973,230) 19,396,940 Accumulated other comprehensive income 277,678 225,403 4,893 0 0 0 0 507,974 Accumulated loss (14,728,309) (6,195,167) (946,436) (63,681) (289,787) (394,356) 733,773 (21,883,963) Total Stockholders' Deficit attributable to LEO MOTORS, INC. 6,956,597 (1,307,304 629,229 26,572 (154,408) (213,851) (1,824,905) Non-controlling interest 0 0 0 0 0 0 2,729,375 2,729,375 Total Stockholders' Deficit 6,956,597 (1,307,304 629,229 26,572 (154,408) (213,851) 904,470 Total Liabilities and Stockholders' Deficit $8,096,486 332,981 1,241,263 170,023 409,928 556,305 (5,032,365) 5,774,621 |
Note 1 - Company Background (De
Note 1 - Company Background (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2010 | Dec. 31, 2015 | Jun. 03, 2016 | Dec. 31, 2011 |
PDI | Housing Project In The Republic Of The Congo | ||||||
Long Term Investment Percentage Of Investment Owned | 10.00% | |||||
Common Stock | ||||||
Conversion of Stock, Shares Issued | 47,352,450 | 47,352,450 | ||||
Leo BT Corp | ||||||
Noncash or Part Noncash Acquisition, Interest Acquired | 50.00% | |||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued | 7,000,000 | |||||
Equity Method Investment, Ownership Percentage | 30.00% | |||||
LGM Co. Ltd | ||||||
Conversion of Stock, Shares Converted | 813,747 | 813,747 | ||||
Leo Motors Factory 1 | ||||||
Noncash or Part Noncash Acquisition, Interest Acquired | 50.00% | 50.00% | ||||
Leo Trade | ||||||
Noncash or Part Noncash Acquisition, Interest Acquired | 50.00% | 50.00% | ||||
JV Agreement | ||||||
Registered capital | $ 66.3 | |||||
Fushun Jinyuan | ||||||
Registered capital | $ 32.2 | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% | |||||
Leo Motors Korea | ||||||
Registered capital | $ 32.5 | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | |||||
Lelcon | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Stock Issued During Period, Shares, Acquisitions | 1,414,828 | |||||
Business Acquisition, Share Price | $ 0.30 |
Note 3 - Earnings Per Share_ Sc
Note 3 - Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||||
Net Income (Loss) | $ (458,166) | $ (595,418) | $ (4,490,972) | $ (4,480,544) |
Weighted-average common stock Outstanding - basic | 161,878,686 | 149,069,490 | 155,866,313 | 97,393,209 |
Equivalents | ||||
Stock options | 0 | 0 | 0 | 0 |
Warrants | 0 | 0 | 0 | 0 |
Convertible Notes | 0 | 902,520 | 0 | 662,889 |
Weighted-average common shares outstanding - Diluted | 161,878,686 | 149,972,010 | 155,866,313 | 98,056,098 |
Note 4 - Due To Related Party (
Note 4 - Due To Related Party (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Due to related parties | $ 136,887 | $ 140,396 | $ 116,617 | $ 150,637 |
Officer | ||||
Due to related parties | $ 136,887 | $ 140,396 | $ 150,637 |
Note 5 - Payments Received in38
Note 5 - Payments Received in Advance (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Details | ||||
Prepayment to suppliers | $ 382,545 | $ 279,229 | $ 297,720 | $ 306,969 |
Note 6 - Going Concern (Details
Note 6 - Going Concern (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Details | ||||
Accumulated loss | $ (25,827,119) | $ (25,404,609) | $ (21,883,963) | $ (21,357,211) |
Note 7 - Commitments and Cont40
Note 7 - Commitments and Contingencies: Schedule of Future Minimum Rental Payments for Operating Leases (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Details | ||
2,016 | $ 165,620 | $ 220,827 |
2,017 | 101,249 | 101,249 |
2018 and beyond | 0 | 0 |
Total Commitment | $ 266,869 | $ 322,076 |
Note 7 - Commitments and Cont41
Note 7 - Commitments and Contingencies (Details) | Nov. 10, 2012USD ($) |
Housing Project In The Republic Of The Congo | PDI | |
Contractual Obligation | $ 1,000,000 |
Note 8 - Inventories_ Schedule
Note 8 - Inventories: Schedule of Inventories (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Details | ||||
Raw material | $ 0 | $ 0 | $ 0 | |
Work in process | 838,785 | 496,971 | 279,783 | |
Finished goods | 0 | 0 | 0 | |
Inventories | $ 838,785 | $ 496,971 | $ 295,159 | $ 279,783 |
Note 9 - Property and Equipme43
Note 9 - Property and Equipment: Property, Plant and Equipment (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Total property and equipment | $ 561,988 | $ 561,988 | $ 258,416 | |
Accumulated depreciation | (419,851) | (398,987) | (219,796) | |
Property and equipment, net | 142,137 | 163,001 | $ 185,984 | 38,620 |
Tools | ||||
Total property and equipment | 95,771 | 95,771 | 12,906 | |
Office | ||||
Total property and equipment | 109,447 | 109,447 | 79,963 | |
Facility Equipment | ||||
Total property and equipment | 210,502 | 210,502 | 157,966 | |
Vehicles | ||||
Total property and equipment | $ 146,268 | $ 146,268 | $ 7,581 |
Note 9 - Property and Equipme44
Note 9 - Property and Equipment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||||
Depreciation | $ 20,864 | $ 4,500 | $ 207,837 | $ 19,470 |
Note 10 - Investments (Details)
Note 10 - Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | |
Impairment of investment | $ 0 | $ 762,000 | |
Housing Project In The Republic Of The Congo | PDI | |||
Long-term Investments | $ 270,000 | $ 270,000 |
Note 11 - Short Term Borrowin46
Note 11 - Short Term Borrowings and Notes Payable (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Short term borrowings | $ 0 | $ 471,689 | $ 7,661 | $ 448,801 |
Conversion of derivative liability | $ 0 | 819,922 | 819,922 | $ 569,584 |
Note 1 | ||||
Short term borrowings | $ 359,757 | 448,801 | ||
Note2Member | ||||
Conversion of derivative liability | $ 819,922 | |||
Note2Member | Common Stock | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||
Debt Conversion, Converted Instrument, Shares Issued | 14,924,263 |
Note 11 - Short Term Borrowin47
Note 11 - Short Term Borrowings and Notes Payable: Schedule of Short-term Debt (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Notes Payable | $ 359,757 | $ 323,043 | ||
Notes Payable current portion | 264,158 | 49,397 | $ 353,747 | $ 526,257 |
Notes payable long term | $ 95,599 | $ 273,646 | $ 327,701 | $ 145,316 |
Note 3 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | 3.65% | ||
Notes Payable to Bank | $ 62,883 | $ 45,505 | ||
Note 4 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.24% | 6.24% | ||
Notes Payable to Bank | $ 76,479 | $ 75,775 | ||
Note 6 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.28% | 3.28% | ||
Notes Payable to Bank | $ 84,977 | $ 85,245 | ||
Note 7 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.83% | 3.83% | ||
Notes Payable to Bank | $ 127,465 | $ 35,718 | ||
Note 8 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | ||
Notes Payable to Bank | $ 7,954 | $ 34,000 | ||
Note5Member | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.64% | |||
Notes Payable to Bank | $ 46,800 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Details | ||
Operating Loss Carryforwards | $ 25,827,119 | $ 25,404,609 |
Valuation reserve increase | $ 155,766 | $ 1,376,115 |
Note 12 - Income Taxes_ Schedul
Note 12 - Income Taxes: Schedule of Deferred Tax Assets (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Details | ||
Deferred Tax Assets | $ 8,781,220 | $ 8,637,567 |
Realization Allowance | (8,781,220) | (8,637,567) |
Balance Recognized | $ 0 | $ 0 |
Note 12 - Income Taxes_ Sched50
Note 12 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Details | ||
Statutory Federal Rate | 34.00% | 34.00% |
Effect of Valuation Allowance | (34.00%) | (34.00%) |
Effective Rate | 0.00% | 0.00% |
Note 13 - Intangible Assets_ Sc
Note 13 - Intangible Assets: Schedule of Finite-Lived Intangible Assets (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Details | |||
Patents | $ 86,998 | $ 63,554 | $ 63,554 |
Trademarks | 277 | 277 | 277 |
Goodwill | 3,057,003 | 3,057,003 | 2,444,558 |
Intangible assets | 3,144,278 | 3,120,834 | 2,508,389 |
Less: impairments | 0 | 0 | 0 |
Intangible assets, net | $ 3,144,278 | $ 3,120,834 | $ 2,508,389 |
Note 15 - Acquisitions (Details
Note 15 - Acquisitions (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Leo Motors Factory 1 | ||
Noncash or Part Noncash Acquisition, Interest Acquired | 50.00% | 50.00% |
Leo Trade | ||
Noncash or Part Noncash Acquisition, Interest Acquired | 50.00% | 50.00% |
Note 15 - Acquisitions_ Schedul
Note 15 - Acquisitions: Schedule of Consolidated Assets, Liabilities, and Equity of Acquired Entities (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | |||||
Cash and cash equivalents | $ 130,874 | $ 243,809 | $ 466,458 | $ 217,178 | $ 1,774 |
Accounts receivable | 1,015,447 | 1,565,114 | 952,378 | 542,210 | |
Inventories | 838,785 | 496,971 | 295,159 | 279,783 | |
Prepayment to suppliers | 382,545 | 279,229 | 297,720 | 306,969 | |
Other current assets | 199,073 | 32,107 | 228,192 | 49,705 | |
Total Current Assets | 2,566,724 | 2,617,230 | 2,239,907 | 1,395,845 | |
Fixed assets, net | 142,137 | 163,001 | 185,984 | 38,620 | |
Deposit | 346,255 | 346,659 | 227,896 | 51,601 | |
Intangible assets | 87,275 | 63,831 | 63,831 | 63,831 | |
Goodwill | 3,057,003 | 3,057,003 | 3,057,003 | 2,444,558 | |
Investments in Subsidiaries | 0 | ||||
Total Non-Current Assets | 3,534,714 | ||||
Total Assets | 6,199,394 | 6,247,724 | 5,774,621 | 3,994,455 | |
Current Liabilities: | |||||
Accounts payable and accrued expenses | 3,748,487 | 4,082,198 | 3,313,266 | 2,152,951 | |
Short term borrowings | 0 | 7,661 | 471,689 | 448,801 | |
Advance from customers | 496,385 | 795,431 | 44,035 | 40,951 | |
Due to related parties | 136,887 | 140,396 | 116,617 | 150,637 | |
Taxes payable | 155,151 | 99,584 | 241,021 | 159,478 | |
Notes Payable current portion | 264,158 | 49,397 | 353,747 | 526,257 | |
Total Current Liabilities | 4,801,068 | 5,174,667 | 4,540,375 | 4,298,997 | |
Long Term Notes | 95,599 | 273,646 | 327,701 | 145,316 | |
Accrued severance benefits | 96,518 | 92,948 | 2,075 | 2,150 | |
Total Liabilities | 5,189,764 | 5,671,009 | 4,870,151 | 4,446,463 | |
Leo Motors, Inc.("LEOM") Equity(Deficit): | |||||
Common stock | 163,199 | 158,949 | 154,144 | 138,624 | |
Additional paid-in capital | 20,990,286 | 20,367,272 | 19,396,940 | 17,723,248 | |
Accumulated other comprehensive income | 1,329,240 | 1,251,120 | 507,974 | 511,229 | |
Accumulated loss | (25,827,119) | (25,404,609) | (21,883,963) | (21,357,211) | |
Total Equity(Deficit) Leo Motors, Inc. | (3,344,394) | (3,627,268) | (1,824,905) | (2,984,110) | |
Non-controlling interest | 4,354,024 | 4,203,983 | 2,729,375 | 2,532,102 | |
Total Equity(Deficit) | 1,009,630 | 576,715 | 904,470 | (452,008) | $ (518,320) |
Total Liabilities and Equity(Deficit) | $ 6,199,394 | $ 6,247,724 | 5,774,621 | $ 3,994,455 | |
Leo Motors US | |||||
Assets | |||||
Cash and cash equivalents | 374 | ||||
Accounts receivable | 0 | ||||
Inventories | 0 | ||||
Prepayment to suppliers | 0 | ||||
Other current assets | 0 | ||||
Total Current Assets | 374 | ||||
Fixed assets, net | 6,744 | ||||
Deposit | 0 | ||||
Intangible assets | 0 | ||||
Goodwill | 0 | ||||
Investments in Subsidiaries | 8,089,368 | ||||
Total Non-Current Assets | 8,096,112 | ||||
Total Assets | 8,096,486 | ||||
Current Liabilities: | |||||
Accounts payable and accrued expenses | 1,139,889 | ||||
Short term borrowings | 0 | ||||
Advance from customers | 0 | ||||
Due to related parties | 0 | ||||
Taxes payable | 0 | ||||
Notes Payable current portion | 0 | ||||
Total Current Liabilities | 1,139,889 | ||||
Long Term Notes | 0 | ||||
Accrued severance benefits | 0 | ||||
Total Liabilities | 1,139,889 | ||||
Leo Motors, Inc.("LEOM") Equity(Deficit): | |||||
Common stock | 154,144 | ||||
Additional paid-in capital | 21,253,084 | ||||
Accumulated other comprehensive income | 277,678 | ||||
Accumulated loss | (14,728,309) | ||||
Total Equity(Deficit) Leo Motors, Inc. | 6,956,597 | ||||
Non-controlling interest | 0 | ||||
Total Equity(Deficit) | 6,956,597 | ||||
Total Liabilities and Equity(Deficit) | 8,096,486 | ||||
Leo Motors Korea | |||||
Assets | |||||
Cash and cash equivalents | 67,853 | ||||
Accounts receivable | 0 | ||||
Inventories | 0 | ||||
Prepayment to suppliers | 137,236 | ||||
Other current assets | 7,297 | ||||
Total Current Assets | 212,386 | ||||
Fixed assets, net | 10,530 | ||||
Deposit | 46,234 | ||||
Intangible assets | 63,831 | ||||
Goodwill | 0 | ||||
Investments in Subsidiaries | 0 | ||||
Total Non-Current Assets | 120,595 | ||||
Total Assets | 332,981 | ||||
Current Liabilities: | |||||
Accounts payable and accrued expenses | 1,060,342 | ||||
Short term borrowings | 256,392 | ||||
Advance from customers | 30,381 | ||||
Due to related parties | 116,617 | ||||
Taxes payable | 137,780 | ||||
Notes Payable current portion | 0 | ||||
Total Current Liabilities | 1,601,512 | ||||
Long Term Notes | 36,698 | ||||
Accrued severance benefits | 2,075 | ||||
Total Liabilities | 1,640,285 | ||||
Leo Motors, Inc.("LEOM") Equity(Deficit): | |||||
Common stock | 2,831,276 | ||||
Additional paid-in capital | 1,831,184 | ||||
Accumulated other comprehensive income | 225,403 | ||||
Accumulated loss | (6,195,167) | ||||
Total Equity(Deficit) Leo Motors, Inc. | (1,307,304) | ||||
Non-controlling interest | 0 | ||||
Total Equity(Deficit) | (1,307,304) | ||||
Total Liabilities and Equity(Deficit) | 332,981 | ||||
LGM Co. Ltd | |||||
Assets | |||||
Cash and cash equivalents | 211,957 | ||||
Accounts receivable | 476,777 | ||||
Inventories | 295,159 | ||||
Prepayment to suppliers | 160,484 | ||||
Other current assets | 57,403 | ||||
Total Current Assets | 1,201,780 | ||||
Fixed assets, net | 16,846 | ||||
Deposit | 22,637 | ||||
Intangible assets | 0 | ||||
Goodwill | 0 | ||||
Investments in Subsidiaries | 0 | ||||
Total Non-Current Assets | 39,483 | ||||
Total Assets | 1,241,263 | ||||
Current Liabilities: | |||||
Accounts payable and accrued expenses | 291,900 | ||||
Short term borrowings | 183,245 | ||||
Advance from customers | 9,141 | ||||
Due to related parties | 0 | ||||
Taxes payable | 10,673 | ||||
Notes Payable current portion | 0 | ||||
Total Current Liabilities | 494,959 | ||||
Long Term Notes | 117,075 | ||||
Accrued severance benefits | 0 | ||||
Total Liabilities | 612,034 | ||||
Leo Motors, Inc.("LEOM") Equity(Deficit): | |||||
Common stock | 284,870 | ||||
Additional paid-in capital | 1,285,902 | ||||
Accumulated other comprehensive income | 4,893 | ||||
Accumulated loss | (946,436) | ||||
Total Equity(Deficit) Leo Motors, Inc. | 629,229 | ||||
Non-controlling interest | 0 | ||||
Total Equity(Deficit) | 629,229 | ||||
Total Liabilities and Equity(Deficit) | 1,241,263 | ||||
Leo Motors Factory 1 | |||||
Assets | |||||
Cash and cash equivalents | 91,187 | ||||
Accounts receivable | 8,754 | ||||
Inventories | 0 | ||||
Prepayment to suppliers | 0 | ||||
Other current assets | 1,595 | ||||
Total Current Assets | 101,536 | ||||
Fixed assets, net | 63,683 | ||||
Deposit | 4,804 | ||||
Intangible assets | 0 | ||||
Goodwill | 0 | ||||
Investments in Subsidiaries | 0 | ||||
Total Non-Current Assets | 68,487 | ||||
Total Assets | 170,023 | ||||
Current Liabilities: | |||||
Accounts payable and accrued expenses | 97,840 | ||||
Short term borrowings | 32,052 | ||||
Advance from customers | 0 | ||||
Due to related parties | 0 | ||||
Taxes payable | 13,559 | ||||
Notes Payable current portion | 0 | ||||
Total Current Liabilities | 143,451 | ||||
Long Term Notes | 0 | ||||
Accrued severance benefits | 0 | ||||
Total Liabilities | 143,451 | ||||
Leo Motors, Inc.("LEOM") Equity(Deficit): | |||||
Common stock | 90,253 | ||||
Additional paid-in capital | 0 | ||||
Accumulated other comprehensive income | 0 | ||||
Accumulated loss | (63,681) | ||||
Total Equity(Deficit) Leo Motors, Inc. | 26,572 | ||||
Non-controlling interest | 0 | ||||
Total Equity(Deficit) | 26,572 | ||||
Total Liabilities and Equity(Deficit) | 170,023 | ||||
Leo Motors Factory 2 | |||||
Assets | |||||
Cash and cash equivalents | 2,914 | ||||
Accounts receivable | 48,425 | ||||
Inventories | 0 | ||||
Prepayment to suppliers | 0 | ||||
Other current assets | 125,212 | ||||
Total Current Assets | 176,551 | ||||
Fixed assets, net | 88,181 | ||||
Deposit | 145,196 | ||||
Intangible assets | 0 | ||||
Goodwill | 0 | ||||
Investments in Subsidiaries | 0 | ||||
Total Non-Current Assets | 233,377 | ||||
Total Assets | 409,928 | ||||
Current Liabilities: | |||||
Accounts payable and accrued expenses | 307,112 | ||||
Short term borrowings | 0 | ||||
Advance from customers | 4,513 | ||||
Due to related parties | 0 | ||||
Taxes payable | 78,783 | ||||
Notes Payable current portion | 0 | ||||
Total Current Liabilities | 390,408 | ||||
Long Term Notes | 173,928 | ||||
Accrued severance benefits | 0 | ||||
Total Liabilities | 564,336 | ||||
Leo Motors, Inc.("LEOM") Equity(Deficit): | |||||
Common stock | 135,379 | ||||
Additional paid-in capital | 0 | ||||
Accumulated other comprehensive income | 0 | ||||
Accumulated loss | (289,787) | ||||
Total Equity(Deficit) Leo Motors, Inc. | (154,408) | ||||
Non-controlling interest | 0 | ||||
Total Equity(Deficit) | (154,408) | ||||
Total Liabilities and Equity(Deficit) | 409,928 | ||||
Leo Trade | |||||
Assets | |||||
Cash and cash equivalents | 92,173 | ||||
Accounts receivable | 418,422 | ||||
Inventories | 0 | ||||
Prepayment to suppliers | 0 | ||||
Other current assets | 36,685 | ||||
Total Current Assets | 547,280 | ||||
Fixed assets, net | 0 | ||||
Deposit | 9,025 | ||||
Intangible assets | 0 | ||||
Goodwill | 0 | ||||
Investments in Subsidiaries | 0 | ||||
Total Non-Current Assets | 9,025 | ||||
Total Assets | 556,305 | ||||
Current Liabilities: | |||||
Accounts payable and accrued expenses | 416,183 | ||||
Short term borrowings | 0 | ||||
Advance from customers | 0 | ||||
Due to related parties | 0 | ||||
Taxes payable | 226 | ||||
Notes Payable current portion | 353,747 | ||||
Total Current Liabilities | 770,156 | ||||
Long Term Notes | 0 | ||||
Accrued severance benefits | 0 | ||||
Total Liabilities | 770,156 | ||||
Leo Motors, Inc.("LEOM") Equity(Deficit): | |||||
Common stock | 180,505 | ||||
Additional paid-in capital | 0 | ||||
Accumulated other comprehensive income | 0 | ||||
Accumulated loss | (394,356) | ||||
Total Equity(Deficit) Leo Motors, Inc. | (213,851) | ||||
Non-controlling interest | 0 | ||||
Total Equity(Deficit) | (213,851) | ||||
Total Liabilities and Equity(Deficit) | 556,305 | ||||
ELIM Entries | |||||
Assets | |||||
Cash and cash equivalents | 0 | ||||
Accounts receivable | 0 | ||||
Inventories | 0 | ||||
Prepayment to suppliers | 0 | ||||
Other current assets | 0 | ||||
Fixed assets, net | 0 | ||||
Deposit | 0 | ||||
Intangible assets | 0 | ||||
Goodwill | 3,057,003 | ||||
Investments in Subsidiaries | (8,089,368) | ||||
Total Assets | (5,032,365) | ||||
Current Liabilities: | |||||
Accounts payable and accrued expenses | 0 | ||||
Short term borrowings | 0 | ||||
Advance from customers | 0 | ||||
Due to related parties | 0 | ||||
Taxes payable | 0 | ||||
Notes Payable current portion | 0 | ||||
Long Term Notes | 0 | ||||
Accrued severance benefits | 0 | ||||
Leo Motors, Inc.("LEOM") Equity(Deficit): | |||||
Common stock | (3,522,283) | ||||
Additional paid-in capital | (4,973,230) | ||||
Accumulated other comprehensive income | 0 | ||||
Accumulated loss | 733,773 | ||||
Non-controlling interest | 2,729,375 | ||||
Total Liabilities and Equity(Deficit) | $ (5,032,365) |
Note 13 - Intangible Assets (De
Note 13 - Intangible Assets (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Details | |||
Patents | $ 86,998 | $ 63,554 | $ 63,554 |
Trademarks | 277 | 277 | 277 |
Goodwill | 3,057,003 | 3,057,003 | 2,444,558 |
Intangible assets | 3,144,278 | 3,120,834 | 2,508,389 |
Less: impairments | 0 | 0 | 0 |
Intangible assets, net | $ 3,144,278 | $ 3,120,834 | $ 2,508,389 |
Note 15 - Derivative Liabilit55
Note 15 - Derivative Liability (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2014 | |
Amortization debt discount | $ 0 | $ 275,176 | $ 275,176 | $ 340,568 | |
Derivative Financial Instruments, Liabilities | |||||
Liabilities, Fair Value Disclosure, Recurring | $ 0 | $ 819,922 | |||
Debt Discount | $ 825,529 |
Note 15 - Derivative Liability_
Note 15 - Derivative Liability: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Derivative Financial Instruments, Liabilities - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Liabilities, Fair Value Disclosure, Recurring | $ 0 | $ 819,922 |
Fair Value, Inputs, Level 1 | ||
Liabilities, Fair Value Disclosure, Recurring | 0 | |
Fair Value, Inputs, Level 2 | ||
Liabilities, Fair Value Disclosure, Recurring | 0 | |
Fair Value, Inputs, Level 3 | ||
Liabilities, Fair Value Disclosure, Recurring | $ 0 |
Note 15 - Derivative Liabilit57
Note 15 - Derivative Liability: Assets and Liabilities, Changes in Fair Value, Recurring Basis (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Details | |
Derivative Liability, Fair value, Beginning Balance | $ 819,922 |
Additions | 0 |
Change in fair value | 0 |
Transfers in and/or out of Level 3 | (819,922) |
Derivative Liability, Fair value, Ending Balance | $ 0 |
Note 16 - Acquisitions (Details
Note 16 - Acquisitions (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Leo Motors Factory 1 | ||
Noncash or Part Noncash Acquisition, Interest Acquired | 50.00% | 50.00% |
Leo Trade | ||
Noncash or Part Noncash Acquisition, Interest Acquired | 50.00% | 50.00% |
Note 16 - Acquisitions_ Schedul
Note 16 - Acquisitions: Schedule of Consolidated Assets, Liabilities, and Equity of Acquired Entities (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | |||||
Cash and cash equivalents | $ 130,874 | $ 243,809 | $ 466,458 | $ 217,178 | $ 1,774 |
Accounts receivable | 1,015,447 | 1,565,114 | 952,378 | 542,210 | |
Inventories | 838,785 | 496,971 | 295,159 | 279,783 | |
Prepayment to suppliers | 382,545 | 279,229 | 297,720 | 306,969 | |
Other current assets | 199,073 | 32,107 | 228,192 | 49,705 | |
Total Current Assets | 2,566,724 | 2,617,230 | 2,239,907 | 1,395,845 | |
Fixed assets, net | 142,137 | 163,001 | 185,984 | 38,620 | |
Deposit | 346,255 | 346,659 | 227,896 | 51,601 | |
Intangible assets | 87,275 | 63,831 | 63,831 | 63,831 | |
Goodwill | 3,057,003 | 3,057,003 | 3,057,003 | 2,444,558 | |
Investments in Subsidiaries | 0 | ||||
Total Non-Current Assets | 3,534,714 | ||||
Total Assets | 6,199,394 | 6,247,724 | 5,774,621 | 3,994,455 | |
Current Liabilities: | |||||
Accounts payable and accrued expenses | 3,748,487 | 4,082,198 | 3,313,266 | 2,152,951 | |
Short term borrowings | 0 | 7,661 | 471,689 | 448,801 | |
Advance from customers | 496,385 | 795,431 | 44,035 | 40,951 | |
Due to related parties | 136,887 | 140,396 | 116,617 | 150,637 | |
Taxes payable | 155,151 | 99,584 | 241,021 | 159,478 | |
Notes Payable current portion | 264,158 | 49,397 | 353,747 | 526,257 | |
Total Current Liabilities | 4,801,068 | 5,174,667 | 4,540,375 | 4,298,997 | |
Long Term Notes | 95,599 | 273,646 | 327,701 | 145,316 | |
Accrued severance benefits | 96,518 | 92,948 | 2,075 | 2,150 | |
Total Liabilities | 5,189,764 | 5,671,009 | 4,870,151 | 4,446,463 | |
Leo Motors, Inc.("LEOM") Equity(Deficit): | |||||
Common stock | 163,199 | 158,949 | 154,144 | 138,624 | |
Additional paid-in capital | 20,990,286 | 20,367,272 | 19,396,940 | 17,723,248 | |
Accumulated other comprehensive income | 1,329,240 | 1,251,120 | 507,974 | 511,229 | |
Accumulated loss | (25,827,119) | (25,404,609) | (21,883,963) | (21,357,211) | |
Total Equity(Deficit) Leo Motors, Inc. | (3,344,394) | (3,627,268) | (1,824,905) | (2,984,110) | |
Non-controlling interest | 4,354,024 | 4,203,983 | 2,729,375 | 2,532,102 | |
Total Equity(Deficit) | 1,009,630 | 576,715 | 904,470 | (452,008) | $ (518,320) |
Total Liabilities and Equity(Deficit) | $ 6,199,394 | $ 6,247,724 | 5,774,621 | $ 3,994,455 | |
Leo Motors US | |||||
Assets | |||||
Cash and cash equivalents | 374 | ||||
Accounts receivable | 0 | ||||
Inventories | 0 | ||||
Prepayment to suppliers | 0 | ||||
Other current assets | 0 | ||||
Total Current Assets | 374 | ||||
Fixed assets, net | 6,744 | ||||
Deposit | 0 | ||||
Intangible assets | 0 | ||||
Goodwill | 0 | ||||
Investments in Subsidiaries | 8,089,368 | ||||
Total Non-Current Assets | 8,096,112 | ||||
Total Assets | 8,096,486 | ||||
Current Liabilities: | |||||
Accounts payable and accrued expenses | 1,139,889 | ||||
Short term borrowings | 0 | ||||
Advance from customers | 0 | ||||
Due to related parties | 0 | ||||
Taxes payable | 0 | ||||
Notes Payable current portion | 0 | ||||
Total Current Liabilities | 1,139,889 | ||||
Long Term Notes | 0 | ||||
Accrued severance benefits | 0 | ||||
Total Liabilities | 1,139,889 | ||||
Leo Motors, Inc.("LEOM") Equity(Deficit): | |||||
Common stock | 154,144 | ||||
Additional paid-in capital | 21,253,084 | ||||
Accumulated other comprehensive income | 277,678 | ||||
Accumulated loss | (14,728,309) | ||||
Total Equity(Deficit) Leo Motors, Inc. | 6,956,597 | ||||
Non-controlling interest | 0 | ||||
Total Equity(Deficit) | 6,956,597 | ||||
Total Liabilities and Equity(Deficit) | 8,096,486 | ||||
Leo Motors Korea | |||||
Assets | |||||
Cash and cash equivalents | 67,853 | ||||
Accounts receivable | 0 | ||||
Inventories | 0 | ||||
Prepayment to suppliers | 137,236 | ||||
Other current assets | 7,297 | ||||
Total Current Assets | 212,386 | ||||
Fixed assets, net | 10,530 | ||||
Deposit | 46,234 | ||||
Intangible assets | 63,831 | ||||
Goodwill | 0 | ||||
Investments in Subsidiaries | 0 | ||||
Total Non-Current Assets | 120,595 | ||||
Total Assets | 332,981 | ||||
Current Liabilities: | |||||
Accounts payable and accrued expenses | 1,060,342 | ||||
Short term borrowings | 256,392 | ||||
Advance from customers | 30,381 | ||||
Due to related parties | 116,617 | ||||
Taxes payable | 137,780 | ||||
Notes Payable current portion | 0 | ||||
Total Current Liabilities | 1,601,512 | ||||
Long Term Notes | 36,698 | ||||
Accrued severance benefits | 2,075 | ||||
Total Liabilities | 1,640,285 | ||||
Leo Motors, Inc.("LEOM") Equity(Deficit): | |||||
Common stock | 2,831,276 | ||||
Additional paid-in capital | 1,831,184 | ||||
Accumulated other comprehensive income | 225,403 | ||||
Accumulated loss | (6,195,167) | ||||
Total Equity(Deficit) Leo Motors, Inc. | (1,307,304) | ||||
Non-controlling interest | 0 | ||||
Total Equity(Deficit) | (1,307,304) | ||||
Total Liabilities and Equity(Deficit) | 332,981 | ||||
LGM Co. Ltd | |||||
Assets | |||||
Cash and cash equivalents | 211,957 | ||||
Accounts receivable | 476,777 | ||||
Inventories | 295,159 | ||||
Prepayment to suppliers | 160,484 | ||||
Other current assets | 57,403 | ||||
Total Current Assets | 1,201,780 | ||||
Fixed assets, net | 16,846 | ||||
Deposit | 22,637 | ||||
Intangible assets | 0 | ||||
Goodwill | 0 | ||||
Investments in Subsidiaries | 0 | ||||
Total Non-Current Assets | 39,483 | ||||
Total Assets | 1,241,263 | ||||
Current Liabilities: | |||||
Accounts payable and accrued expenses | 291,900 | ||||
Short term borrowings | 183,245 | ||||
Advance from customers | 9,141 | ||||
Due to related parties | 0 | ||||
Taxes payable | 10,673 | ||||
Notes Payable current portion | 0 | ||||
Total Current Liabilities | 494,959 | ||||
Long Term Notes | 117,075 | ||||
Accrued severance benefits | 0 | ||||
Total Liabilities | 612,034 | ||||
Leo Motors, Inc.("LEOM") Equity(Deficit): | |||||
Common stock | 284,870 | ||||
Additional paid-in capital | 1,285,902 | ||||
Accumulated other comprehensive income | 4,893 | ||||
Accumulated loss | (946,436) | ||||
Total Equity(Deficit) Leo Motors, Inc. | 629,229 | ||||
Non-controlling interest | 0 | ||||
Total Equity(Deficit) | 629,229 | ||||
Total Liabilities and Equity(Deficit) | 1,241,263 | ||||
Leo Motors Factory 1 | |||||
Assets | |||||
Cash and cash equivalents | 91,187 | ||||
Accounts receivable | 8,754 | ||||
Inventories | 0 | ||||
Prepayment to suppliers | 0 | ||||
Other current assets | 1,595 | ||||
Total Current Assets | 101,536 | ||||
Fixed assets, net | 63,683 | ||||
Deposit | 4,804 | ||||
Intangible assets | 0 | ||||
Goodwill | 0 | ||||
Investments in Subsidiaries | 0 | ||||
Total Non-Current Assets | 68,487 | ||||
Total Assets | 170,023 | ||||
Current Liabilities: | |||||
Accounts payable and accrued expenses | 97,840 | ||||
Short term borrowings | 32,052 | ||||
Advance from customers | 0 | ||||
Due to related parties | 0 | ||||
Taxes payable | 13,559 | ||||
Notes Payable current portion | 0 | ||||
Total Current Liabilities | 143,451 | ||||
Long Term Notes | 0 | ||||
Accrued severance benefits | 0 | ||||
Total Liabilities | 143,451 | ||||
Leo Motors, Inc.("LEOM") Equity(Deficit): | |||||
Common stock | 90,253 | ||||
Additional paid-in capital | 0 | ||||
Accumulated other comprehensive income | 0 | ||||
Accumulated loss | (63,681) | ||||
Total Equity(Deficit) Leo Motors, Inc. | 26,572 | ||||
Non-controlling interest | 0 | ||||
Total Equity(Deficit) | 26,572 | ||||
Total Liabilities and Equity(Deficit) | 170,023 | ||||
Leo Motors Factory 2 | |||||
Assets | |||||
Cash and cash equivalents | 2,914 | ||||
Accounts receivable | 48,425 | ||||
Inventories | 0 | ||||
Prepayment to suppliers | 0 | ||||
Other current assets | 125,212 | ||||
Total Current Assets | 176,551 | ||||
Fixed assets, net | 88,181 | ||||
Deposit | 145,196 | ||||
Intangible assets | 0 | ||||
Goodwill | 0 | ||||
Investments in Subsidiaries | 0 | ||||
Total Non-Current Assets | 233,377 | ||||
Total Assets | 409,928 | ||||
Current Liabilities: | |||||
Accounts payable and accrued expenses | 307,112 | ||||
Short term borrowings | 0 | ||||
Advance from customers | 4,513 | ||||
Due to related parties | 0 | ||||
Taxes payable | 78,783 | ||||
Notes Payable current portion | 0 | ||||
Total Current Liabilities | 390,408 | ||||
Long Term Notes | 173,928 | ||||
Accrued severance benefits | 0 | ||||
Total Liabilities | 564,336 | ||||
Leo Motors, Inc.("LEOM") Equity(Deficit): | |||||
Common stock | 135,379 | ||||
Additional paid-in capital | 0 | ||||
Accumulated other comprehensive income | 0 | ||||
Accumulated loss | (289,787) | ||||
Total Equity(Deficit) Leo Motors, Inc. | (154,408) | ||||
Non-controlling interest | 0 | ||||
Total Equity(Deficit) | (154,408) | ||||
Total Liabilities and Equity(Deficit) | 409,928 | ||||
Leo Trade | |||||
Assets | |||||
Cash and cash equivalents | 92,173 | ||||
Accounts receivable | 418,422 | ||||
Inventories | 0 | ||||
Prepayment to suppliers | 0 | ||||
Other current assets | 36,685 | ||||
Total Current Assets | 547,280 | ||||
Fixed assets, net | 0 | ||||
Deposit | 9,025 | ||||
Intangible assets | 0 | ||||
Goodwill | 0 | ||||
Investments in Subsidiaries | 0 | ||||
Total Non-Current Assets | 9,025 | ||||
Total Assets | 556,305 | ||||
Current Liabilities: | |||||
Accounts payable and accrued expenses | 416,183 | ||||
Short term borrowings | 0 | ||||
Advance from customers | 0 | ||||
Due to related parties | 0 | ||||
Taxes payable | 226 | ||||
Notes Payable current portion | 353,747 | ||||
Total Current Liabilities | 770,156 | ||||
Long Term Notes | 0 | ||||
Accrued severance benefits | 0 | ||||
Total Liabilities | 770,156 | ||||
Leo Motors, Inc.("LEOM") Equity(Deficit): | |||||
Common stock | 180,505 | ||||
Additional paid-in capital | 0 | ||||
Accumulated other comprehensive income | 0 | ||||
Accumulated loss | (394,356) | ||||
Total Equity(Deficit) Leo Motors, Inc. | (213,851) | ||||
Non-controlling interest | 0 | ||||
Total Equity(Deficit) | (213,851) | ||||
Total Liabilities and Equity(Deficit) | 556,305 | ||||
ELIM Entries | |||||
Assets | |||||
Cash and cash equivalents | 0 | ||||
Accounts receivable | 0 | ||||
Inventories | 0 | ||||
Prepayment to suppliers | 0 | ||||
Other current assets | 0 | ||||
Fixed assets, net | 0 | ||||
Deposit | 0 | ||||
Intangible assets | 0 | ||||
Goodwill | 3,057,003 | ||||
Investments in Subsidiaries | (8,089,368) | ||||
Total Assets | (5,032,365) | ||||
Current Liabilities: | |||||
Accounts payable and accrued expenses | 0 | ||||
Short term borrowings | 0 | ||||
Advance from customers | 0 | ||||
Due to related parties | 0 | ||||
Taxes payable | 0 | ||||
Notes Payable current portion | 0 | ||||
Long Term Notes | 0 | ||||
Accrued severance benefits | 0 | ||||
Leo Motors, Inc.("LEOM") Equity(Deficit): | |||||
Common stock | (3,522,283) | ||||
Additional paid-in capital | (4,973,230) | ||||
Accumulated other comprehensive income | 0 | ||||
Accumulated loss | 733,773 | ||||
Non-controlling interest | 2,729,375 | ||||
Total Liabilities and Equity(Deficit) | $ (5,032,365) |