Xtreme Green Electric Vehicles (XGEV) 10-Q 20 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	3 Months Ended
	Mar. 31, 2014
Document and Entity Information	'
Entity Registrant Name	'XTREME GREEN ELECTRIC VEHICLES INC.
Document Type	'10-Q
Document Period End Date	31-Mar-14
Amendment Flag	'false
Entity Central Index Key	'0001392477
Current Fiscal Year End Date	'--12-31
Entity Common Stock, Shares Outstanding	40,500,000
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	'2014
Document Fiscal Period Focus	'Q1
Entity Public Float	$0

XTREME_GREEN_PRODUCTS_INC_Cond

XTREME GREEN PRODUCTS INC.- Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014		Dec. 31, 2013
Current Assets:	'		'
Cash	$307,861		$261,436
Accounts receivable	222,215	[1]	87,316	[1]
Inventory	345,500		408,287
Other current assets	227,325	[2]	122,423	[2]
Total current assets	1,102,901		879,462
Property and equipment, net	240,188		162,953
Other assets	100,000		100,000
TOTAL ASSETS	1,443,089		1,142,415
Current liabilities:	'		'
Accounts payable and accrued expenses	185,752		883,985
Accrued expenses- related parties	'		704,580
Accrued interest	'		115,520
Accrued interest-related parties	'		284,894
Convertible debt- related party, net of discount	'		3,513,500
Convertible debt- other, net of discount	'		71,303
Customer deposits	'		367,900
Current portion of long-term debt	125,397		242,190
Stockholder loans	2,096		374,587
Total current liabilities	313,245		6,558,459
Deferred rent	25,778		25,778
Note payable post petition creditor	62,677		'
Extended warranty reserve	15,697		3,976
Total liabilities	417,397		6,588,213
Stockholders' equity (deficit):	'		'
Common stock	'	[1]	4,846	[1]
Common stock payable	40,500		'
Additional paid-in capital	12,222,917		5,871,900
Accumulated deficit	-11,237,725		-11,322,544
Total stockholders' equity (deficit)	1,025,692		-5,445,798
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$1,443,089		$1,142,415
[1]	Net of allowance of $9,700
[2]	$0.001 par value, 100,000,000 shares authorized; 40,500,000 and 48,463,370 shares issued and outstanding

Statement_of_Financial_Positio

Statement of Financial Position - Parenthetical (USD $)	Mar. 31, 2014	Dec. 31, 2013
Statement of Financial Position	'	'
Common Stock, Par Value	$0.00	$0.00
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares Issued	40,500,000	48,463,370
Common Stock, Shares Outstanding	40,500,000	48,463,370

XTREME_GREEN_PRODUCTS_INC_Cond1

XTREME GREEN PRODUCTS INC. Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Income Statement	'	'
Sales, net	$342,731	$31,709
Total revenue	342,731	31,709
Cost of sales (exclusive of depreciation expense)	355,412	5,167
Gross margin	-12,681	26,542
Costs and expenses:	'	'
General and administrative	387,496	138,703
Sales and marketing	73,184	'
Interest expense	13,398	73,683
Total costs and expenses	474,078	212,386
Net loss from operations	-486,759	-185,844
Extraordinary costs and expenses:	'	'
Gain realized from Chapter 11 Reorganization	571,578	'
Net income (loss) before provision for income taxes	84,819	-185,844
Provision for income taxes	'	'
Net Loss	$84,819	($185,844)
Per share information - basic and diluted:	'	'
Loss per common share	$0	$0
Weighted average common shares outstanding	44,214,496	48,463,370

XTREME_GREEN_PRODUCTS_INC_Cons

XTREME GREEN PRODUCTS INC. Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net Loss	$84,819	($185,844)
Adjustment to reconcile net income (loss) to net cash used in operating activities:	'	'
Stock-based compensation	'	15,476
Depreciation	15,523	14,982
Accretion of discount on convertible debts	'	2,773
Gain realized from Chapter 11 Reorganization, increase decrease	-571,578	'
Changes in operating assets and liabilities:	'	'
Increase in accounts receivable	-134,800	'
Decrease in inventory	61,542	4,905
(Increase) decrease in other current assets	-88,156	8,748
(Decrease) increase in accounts payable and accrued expenses	-185,842	131,489
Decrease in accrued expenses, related party	-50,279	-894
Decrease in accrued interest, related party	-22,859	'
Increase in warranty reserve	7,297	'
Increase in extended warranty	11,722	2,500
Decrease in customer deposits	-38,975	-17,999
Net Cash used in Operating Activities	-911,586	-23,864
Cash Flows From Investing Activities	'	'
Purchase of property and equipment	-92,752	'
Net cash used in investing activities	-92,752	'
Cash flows from financing activities:	'	'
Proceeds from issuance of common stock	500,000	'
Proceeds from long-term debt	83,634	24,500
Proceeds from convertible debt, related party	500,000	'
Repayment of convertible debt	-15,371	'
Repayment of long-term debt	'	-10,633
Stockholders loans, net	-17,500	9,997
Net Cash provided by financing activities	1,050,763	23,864
Net increase in cash	46,425	'
CASH, BEGINNING OF PERIOD	261,436	'
CASH, END OF PERIOD	307,861	'
Supplemental Cash Flow Information:	'	'
Cash paid for interest	'	'
Cash paid for income taxes	'	'
Non Cash Investing and Financing Activities:	'	'
Accounts payable and accrued expenses exchanged for stock	515,391	'
Accrued expenses - related party exchanged for stock	654,301	'
Accrued interest - exchanged for stock	115,520	'
Accrued interest - related party exchanged for stock	262,035	'
Convertible debt - related party exchanged for stock	4,013,500	'
Convertible debt - other exchanged for stock	55,932	'
Customer deposits exchanged for stock	70,356	'
Long-term debt exchanged for stock	137,750	'
Stockholder loans to be exchanged for stock	$354,991	'

1_Basis_of_Presentation

(1) Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Notes	'
(1) Basis of Presentation	'
	(1)           Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and Rule 8.03 of Regulation SX. They do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included.
	The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year.  For further information, refer to the consolidated financial statements of the Company as of and for the year ended December 31, 2013, on Form 10-K, including notes thereto.

2_Chapter_11_Proceedings

(2) Chapter 11 Proceedings	3 Months Ended
	Mar. 31, 2014
Notes	'
(2) Chapter 11 Proceedings	'
	(2)           Chapter 11 Proceedings
	On August 22, 2013 (the Petition Date), Xtreme Green Products, Inc. (the “Company”) filed a voluntary petition (the “Chapter 11 Case”) for relief under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Nevada (the “Bankruptcy Court”). The Chapter 11 Case was administered under Case No. BK-S-13-17266-MKN.
	On January 29, 2014 (the “Confirmation Date”), the Bankruptcy court entered an Order Confirming the company’s First Amended Plan of reorganization (the “Plan”) under Chapter 11 of the Bankruptcy Code. The Bankruptcy Court ordered the Chapter 11 closed as of February 28, 2014.

3_Earnings_Per_Share

(3) Earnings Per Share	3 Months Ended
	Mar. 31, 2014
Notes	'
(3) Earnings Per Share	'
	(3)           Earnings per Share
	The Company calculates net income (loss) per share as required by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 260, "Earnings per Share." Basic earnings” (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share are calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding.

4_Basis_of_Reporting

(4) Basis of Reporting	3 Months Ended
	Mar. 31, 2014
Notes	'
(4) Basis of Reporting	'
	(4)          Basis of Reporting
	The Company’s financial statements have been prepared in accordance with Financial Accounting Standards Board (FASB), Accounting standards codification (ASC) Topic 852, “Reorganizations”, which requires that financial statements for periods subsequent to the Chapter 11 bankruptcy proceedings distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the company’s business. Accordingly, certain income, expenses, realized gains and losses and provisions for losses that were realized or incurred in the Chapter 11 bankruptcy are recorded as reorganization items on our statement of operations.
	On February 28, 2014, the effective date of the emergence from bankruptcy, we did not meet the requirements under ASC Topic 852 to adopt fresh start accounting. Fresh start accounting requires the debtor to use current fair values in its balance sheet for both assets and liabilities and to eliminate all prior earnings or deficits. The two requirements to fresh start accounting are:
	·         The organization value of the debtor’s assets immediately before the date of confirmation of the plan or reorganization is less than the total of all post-petition liabilities and allowed claims; and
	·         The holders of existing voting shares immediately before confirmation of the plan of reorganization receive less than 50% of the voting shares upon emergence.
	These requirements are referred to as the “fresh start applicability test”.  At February 28, 2014, our fresh start calculation indicated that we did not meet the requirements to adopt fresh start accounting because the reorganization value of the company’s assets exceeded the total of post-petition liabilities and allowed claims and the holders of existing voting shares immediately before confirmation of the plan of reorganization received more than 50% of the voting shares upon emergence.
	The Company incurred net losses from inception through March 31, 2014; aggregating $11,237,725 and has working capital and stockholder earnings of $789,656 and $1,025,692 at March 31, 2014.
	The Company’s ability to continue as a going concern is contingent upon its ability to secure additional financing, increase ownership equity and develop profitable operations. In addition, the Company’s ability to continue as a going concern must be considered in light of the problems, expenses and complications frequently encountered by entrance into established markets and the competitive environment in which the Company operates.
	The Company is actively pursuing financing for its operations and seeking additional private investments. In addition, the Company is seeking to expand its revenue base and product distribution. Failure to secure such financing or to raise additional equity capital and to expand its revenue base may result in the Company depleting its available funds and not being able pay its obligations.
	The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

5_Inventory

(5) Inventory	3 Months Ended
	Mar. 31, 2014
Notes	'
(5) Inventory	'
	(5)           Inventory
	Inventory is principally determined by using the average cost method that approximates the First-In, First-Out (FIFO) method of accounting for inventory. Inventory consists of finished vehicles, vehicles in process, and parts. The Company’s management monitors the inventory for excess and obsolete items and makes necessary valuation adjustments when required. The Company incurred an expense against cost of sales of $18,695 as a result of inventory obsolescence.

6_Other_Current_Assets

(6) Other Current Assets	3 Months Ended
	Mar. 31, 2014
Notes	'
(6) Other Current Assets	'
	(6)      Other Current Assets
		31-Mar-14	31-Dec-13
	Prepaid inventory	$  98,135	$41,461
	Prepaid insurance	55,490	49,802
	Prepaid rent	31,671	-
	Other prepaid expenses	42,029	31,160
	TOTAL	$227,325	$122,423

7_Stock_Holder_Loans

(7) Stock Holder Loans	3 Months Ended
	Mar. 31, 2014
Notes	'
(7) Stock Holder Loans	'
	(7)           Stock Holder Loans
	Under the terms of the Plan, all stockholder loans and other unsecured debt obligations that were previously reported on the Company’s financial statements were converted into equity on the Confirmation Date. As a result, no such loans remained outstanding on March 31, 2014.
	The following table summarizes the components of liabilities subject to compromise. The Bankruptcy Court ordered the Chapter 11 closed as of February 28, 2014 and all liabilities subject to compromise were extinguished.
	Accounts payable & accrued liabilities	$       817,319
	Accrued expenses - related party	630,763
	Accrued interest – related party	262,025
	Customer deposits	211,116
	Convertible debt & shareholder loans	4,222,553
	Stockholder loans	354,991
	Total liabilities subject to compromise	$    6,498,767
	Liabilities subject to compromise refers to prepetition obligations which were impacted by the Chapter 11 reorganization process. These amounts represent the debtors’ prepetition obligations that were resolved in connection with the Chapter 11 Bankruptcy Case. Substantially nearly all of the company’s debt has been classified as liabilities subject to compromise.

8_Line_of_Credit

(8) Line of Credit	3 Months Ended
	Mar. 31, 2014
Notes	'
(8) Line of Credit	'
	(8)           Line of Credit
	On April 21, 2012 the Company’s line of credit with a financial institution for $150,000 was converted to a term loan bearing interest at 6% per annum, maturing April 21, 2016. The line is secured by certain assets of a related party. The balance of the loan at March 31, 2014 was $84,670.

9_Stock_Options

(9) Stock Options	3 Months Ended
	Mar. 31, 2014
Notes	'
(9) Stock Options	'
	(9)       Stock Options
	The Company’s 2008 Incentive Stock Option Plan was terminated on February 28, 2014 under the terms of the chapter 11 Plan. All options outstanding there under the plan were terminated as of that date.

10_Subsequent_Events

(10) Subsequent Events	3 Months Ended
	Mar. 31, 2014
Notes	'
(10) Subsequent Events	'
	(10)       Subsequent Events
	On April 14, 2014 a Director of the Company purchased 10,000 shares of the Company’s common stock at a price of $1.00 per share, paying $10,000.
	On April 24, 2014 the Company sold 100,000 shares of its Common Stock to a private investor at a purchase price of $1.00 per share.  A total of $100,000 was received on April 24, 2014.
	On April 29, 2014 the Company sold 20,000 shares of its Common Stock to a private investor at a purchase price of $1.00 per share. A total of $20,000 was received on April 29, 2014.
	On May 1, 2014, the Company changed its name from Xtreme Green Products, Inc. to Xtreme Green Electric Vehicles Inc (refer to Form 8-K filed on May 1, 2014 with the U S Securities and Exchange Commission.

6_Other_Current_Assets_Schedul

(6) Other Current Assets: Schedule of Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2014
Tables/Schedules	'
Schedule of Other Current Assets	'
		31-Mar-14	31-Dec-13
	Prepaid inventory	$  98,135	$41,461
	Prepaid insurance	55,490	49,802
	Prepaid rent	31,671	-
	Other prepaid expenses	42,029	31,160
	TOTAL	$227,325	$122,423

7_Stock_Holder_Loans_Liabiliti

(7) Stock Holder Loans: Liabilities Subject to Compromise Table Text Block (Tables)	3 Months Ended
	Mar. 31, 2014
Tables/Schedules	'
Liabilities Subject to Compromise Table Text Block	'
	Accounts payable & accrued liabilities	$       817,319
	Accrued expenses - related party	630,763
	Accrued interest – related party	262,025
	Customer deposits	211,116
	Convertible debt & shareholder loans	4,222,553
	Stockholder loans	354,991
	Total liabilities subject to compromise	$    6,498,767

4_Basis_of_Reporting_Details

(4) Basis of Reporting (Details) (USD $)	82 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Details	'	'
Net Loss	$11,237,725	'
Other Additional Capital	789,656	'
Total stockholders' equity (deficit)	$1,025,692	($5,445,798)

5_Inventory_Details

(5) Inventory (Details) (USD $)	Mar. 31, 2014
Details	'
Inventory Obsolescence	$18,695

6_Other_Current_Assets_Schedul1

(6) Other Current Assets: Schedule of Other Current Assets (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Details	'	'
Inventory, Gross	$98,135	$41,461
Prepaid Insurance	55,490	49,802
Prepaid Rent	31,671	'
Other Prepaid Expense, Current	$42,029	$31,160

7_Stock_Holder_Loans_Liabiliti1

(7) Stock Holder Loans: Liabilities Subject to Compromise Table Text Block (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Accounts payable and accrued expenses	$185,752	$883,985
Accrued expenses- related parties	'	704,580
Accrued interest-related parties	'	284,894
Customer deposits	'	367,900
Convertible debt- other, net of discount	'	71,303
Stockholder loans	2,096	374,587
Extinguished	'	'
Accounts payable and accrued expenses	817,319	'
Accrued expenses- related parties	630,763	'
Accrued interest-related parties	262,025	'
Customer deposits	211,116	'
Convertible debt- other, net of discount	4,222,553	'
Stockholder loans	354,991	'
Liabilities Subject to Compromise, Accounts Payable and Accrued Liabilities	$6,498,767	'

8_Line_of_Credit_Details

(8) Line of Credit (Details) (USD $)	Mar. 31, 2014	Apr. 21, 2012
Details	'	'
Long-term Line of Credit	'	$150,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	'	6.00%
Loans Payable, Noncurrent	$84,670	'

10_Subsequent_Events_Details

(10) Subsequent Events (Details) (USD $)	Apr. 29, 2014	Apr. 24, 2014	Apr. 14, 2014	Mar. 31, 2014		Dec. 31, 2013
Details	'	'	'	'		'
Common Stock Shares Purchased	20,000	100,000	10,000	'		'
Common Stock, Par Value	$1	$1	$1	$0.00		$0.00
Common stock	$20,000	$100,000	$10,000	'	[1]	$4,846	[1]
[1]	Net of allowance of $9,700