Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | May. 23, 2016 | Jun. 30, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | GREENKRAFT, INC. | ||
Entity Central Index Key | 1,398,529 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 9,573,436 | ||
Entity Common Stock, Shares Outstanding | 88,932,718 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 2,261,648 | $ 2,113,832 |
Cash restricted | 1,506,152 | 1,501,641 |
Accounts receivable | 323,925 | 200,000 |
Inventories | $ 1,452,218 | 2,625,803 |
Other current assets | 19,233 | |
Total current assets | $ 5,543,943 | $ 6,460,509 |
Inventory - Long Term | 621,939 | |
Property, plant and equipment, net | 81,818 | $ 92,761 |
Total assets | 6,247,700 | 6,553,270 |
Current liabilities: | ||
Accounts payable | 1,248,777 | 122,644 |
Accounts payable - related party | 758,834 | 428,834 |
Accrued liabilities | 100,379 | 84,500 |
Deferred income | 1,885,770 | 2,995,705 |
Other liabilities | 75,000 | 75,000 |
Line of credit | 1,998,850 | 1,999,558 |
Related party debt | 1,901,916 | 1,901,916 |
Total current liabilities | 7,969,526 | 7,608,157 |
Total liabilities | 7,969,526 | 7,608,157 |
Stockholders' deficit: | ||
Common stock, 400,000,000 shares authorized, 88,882,718 and 88,882,718 shares issued and outstanding, respectively | 88,883 | 88,883 |
Additional paid-in capital | 3,194,197 | 3,122,197 |
Accumulated deficit | (5,004,906) | (4,265,967) |
Total stockholders' deficit | (1,721,826) | (1,054,887) |
Total liabilities and stockholders' deficit | $ 6,247,700 | $ 6,553,270 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 88,882,718 | 88,882,718 |
Common stock, shares outstanding | 88,882,718 | 88,882,718 |
Statements Of Operations
Statements Of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||
Revenue | $ 12,340,280 | $ 2,496,474 |
Total Revenue | 12,340,280 | 2,496,474 |
Cost of revenue | 12,028,652 | 2,464,227 |
Gross Profit | 311,628 | 32,247 |
Costs and expenses: | ||
Research and development | 55,956 | 26,184 |
Selling, general and administrative | 886,915 | 1,016,982 |
Total costs and expenses | 942,871 | 1,043,166 |
Loss from operations | (631,243) | (1,010,919) |
Interest expense | 112,212 | 100,039 |
Interest income | 4,516 | 1,667 |
Net loss | $ (738,939) | $ (1,109,291) |
Basic and Diluted loss per share | $ (0.01) | $ (0.01) |
Basic and Diluted Weighted average number of common shares outstanding | 88,882,718 | 87,893,385 |
Statements Of Stockholders' Dei
Statements Of Stockholders' Deifcit - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock [Member] | ||
Balance, shares | 88,882,718 | 85,115,660 |
Balance, value | $ 88,883 | $ 85,116 |
Contributed payroll | ||
Contributed officer salary | ||
Stock issued for cash, shares | 3,620,000 | |
Stock issued for cash, value | $ 3,620 | |
Stock issued as fund raising expense, shares | 147,058 | |
Stock issued as fund raising expense, value | $ 147 | |
Distributions to owner | ||
Net loss | ||
Balance, shares | 88,882,718 | 88,882,718 |
Balance, value | $ 88,883 | $ 88,883 |
Additional Paid-in Capital [Member] | ||
Balance, value | 3,122,197 | 1,049,667 |
Contributed payroll | 120,768 | |
Contributed officer salary | $ 72,000 | 72,000 |
Stock issued for cash, value | 1,806,380 | |
Stock issued as fund raising expense, value | 73,382 | |
Distributions to owner | $ 184,627 | |
Net loss | ||
Balance, value | $ 3,194,197 | $ 3,122,197 |
Accumulated Deficit [Member] | ||
Balance, value | $ (4,265,967) | $ (3,156,676) |
Contributed payroll | ||
Contributed officer salary | ||
Stock issued for cash, value | ||
Stock issued as fund raising expense, value | ||
Distributions to owner | ||
Net loss | $ (738,939) | $ (1,109,291) |
Balance, value | $ (5,004,906) | (4,265,967) |
Balance, shares | 88,882,718 | |
Balance, value | $ (1,054,887) | (2,021,893) |
Contributed payroll | 120,768 | |
Contributed officer salary | 72,000 | 72,000 |
Stock issued for cash, value | 1,810,000 | |
Stock issued as fund raising expense, value | 73,529 | |
Distributions to owner | 184,627 | |
Net loss | $ (738,939) | $ (1,109,291) |
Balance, shares | 88,882,718 | 88,882,718 |
Balance, value | $ (1,721,826) | $ (1,054,887) |
Statements Of Cash Flows
Statements Of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (738,939) | $ (1,109,291) |
Adjustments to net loss to reconcile net loss to net cash used in operating activities: | ||
Contributed payroll | 120,768 | |
Contributed officer salary | $ 72,000 | 72,000 |
Stock issued as fund raising expense | 73,529 | |
Amortization of deferred financing cost | 10,767 | |
Depreciation expense | $ 10,943 | 10,309 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 123,925 | 200,000 |
Inventory | (551,646) | $ 409,667 |
Prepaid expenses | $ (19,233) | |
Deposits on inventory | $ 218,862 | |
Accounts payable | $ 1,126,133 | (271,756) |
Accounts payable - related party | 330,000 | 125,945 |
Accrued liabilities | 15,879 | 25,392 |
Deferred income | (1,109,935) | 2,147,300 |
Net cash provided by (used in) operating activities | 153,035 | 814,158 |
Cash flows from investing activities: | ||
Increase in restricted cash | $ 4,511 | 1,501,641 |
Purchase of property, plant and equipment | 15,554 | |
Net cash used in investing activities | $ (4,511) | (1,517,195) |
Cash flows from financing activities: | ||
Borrowings (Repayments) under lines of credit | $ (708) | 394,000 |
Cash paid for deferred financing cost | 30,000 | |
Proceeds from sale of stock | 1,810,000 | |
Proceeds received for potential future stock issuance | 75,000 | |
Repayment of related party debt | 15,000 | |
Net cash provided (used in) by financing activities | $ (708) | 2,234,000 |
Net change in cash | 147,816 | 1,530,963 |
Cash at beginning of period | 2,113,832 | 582,869 |
Cash at end of period | 2,261,648 | 2,113,832 |
Supplemental cash flow information: | ||
Cash paid for interest | $ 105,133 | $ 100,039 |
Cash paid for income taxes |
Organization And Business And S
Organization And Business And Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization and Business and Significant Accounting Policies | NOTE 1 ORGANIZATION AND BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Nature of Business Basis of Presentation Reclassifications Use of estimates Concentration of credit risk Cash and cash equivalents Accounts Receivable Inventories Property and equipment Research and development Long Lived Assets Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. Revenue recognition Income taxes We have net operating loss carryforwards available to reduce future taxable income. Future tax benefits for these net operating loss carryforwards are recognized to the extent that realization of these benefits is considered more likely than not. To the extent that we will not realize a future tax benefit, a valuation allowance is established. Earning or Loss per Share Related Parties Recently issued accounting pronouncements |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions | |
Related Party Transactions | NOTE 2 RELATED PARTY TRANSACTIONS First Standard Real Estate LLC is the owner of 2530 S. Birch Street, Santa Ana, California 92707 where Greenkraft uses office space. Our CEO is an owner of First Standard Real Estate. There is no space rented from First Standard Real Estate in 2015 and 2014. The Defiance Company, LLC is owned by our CEO. As of December 31, 2015 and December 31, 2014, accounts payable to Defiance is $285,389 and $285,389, respectively, for amounts paid by Defiance Company, LLC on behalf of Greenkraft. As of December 31, 2015 and December 31, 2014 Greenkraft owed a total of $1,901,916 and $1,901,916, respectively, to our owner and his related entities. All amounts are due on demand, unsecured and do not bear interest. During 2015, the Company did not repay any amount. During 2014, the Company repaid $15,000 under these related party notes. G&K Automotive Conversion Inc. is an automotive safety compliance company that can provide services to Greenkraft as necessary. No Services were provided by G&K for Greenkraft during the years ended December 31, 2015, or 2014. CEE, LLC performed testing for Greenkraft for engine certifications and also shared employees with Greenkraft. Our President is an owner of CEE, LLC. During 2015, and 2014, Greenkraft recognized $0 and $120,768, respectively, of contributed payroll expense related to the shared employees. Also Greenkraft owes CEE for insurance that CEE paid for employees of Greenkraft in the amount of $5,945 as of December 31, 2015 and 2014. First Warner Properties LLC is the owner of 2215 S Standard Ave Santa Ana CA 92707. Our president is a member of First Warner. Greenkraft leased the property as assembly plant from First Warner. The term of the lease agreement is from July 1, 2015 to June 30, 2019, with a monthly rent of $27,500. The total rent expense for December 31, 2015 and 2014 was $330,000 and $270,000, respectively. As of December 31, 2015 First Warner Properties LLC was owed $467,500 and for 2014 the amount owed was $137,500. Our CEO does not charge us a salary and therefore we have recognized $72,000 and $72,000 for 2015 and 2014, respectively of contributed salary expense. |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | NOTE 3 FIXED ASSETS For the years ended December 31, 2015 and 2014, depreciation expense of fixed assets totaled approximately $10,943 and $10,309, respectively. For the year 2015 we did not purchase fixed assets. The amount purchased in 2014 was $15,554. Fixed assets comprised the following as of December 31, 2015 and 2014. 2015 2014 Equipment $ 109,428 $ 109,428 Less Accumulated Depreciation $ (27,610 ) $ (16,667 ) Total $ 81,818 $ 92,761 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory | NOTE 4 INVENTORY Inventory principally consists of the cost of parts purchased and assembled during the years ended December 31, 2015 and 2014 for the assembly of the fuel efficient vehicles to sell to the customers. 2015 2014 Raw materials 1,963,404 2,137,699 Work in progress Finished goods 110,753 488,104 Total Inventory 2,074,157 2,625,803 Less carrying value of inventory not deemed to be current 621,939 Inventory, included in current assets 1,452,218 2,625,803 At the end of each reporting period, management has estimated that portion of inventory not expected to be converted to cash within one year and reflected that amount as Inventory, long term in the accompanying balance sheets. |
Line Of Credit
Line Of Credit | 12 Months Ended |
Dec. 31, 2015 | |
Line Of Credit | |
Line of Credit | NOTE 5 LINE OF CREDIT In March 2012, Greenkraft entered into an agreement with Pacific Premier Bank for a $3,500,000 line of credit. The line of credit was due on April 10, 2013 and bears interest at the prime rate plus 1%. The line of credit is secured by certain real property owned by the majority shareholder and inventory. A condition to the line of credit is a full banking relationship. If the conditions are not met or should cease to be met, then interest rate and interest ceiling provided under the note shall immediately increase by 5.000 percentage points. As of December 31, 2015 Greenkraft is deemed to have a full banking relationship with Pacific Premier Bank. On July 15, 2013, the maturity date of the facility was extended to December 10, 2013 and the maximum amount available under such facility was reduced to $2 million. On August 22, 2014, Greenkraft entered into a Loan Modification Agreement with Pacific Premier Bank under which it extended the Maturity Date until August 22, 2015. The cost to modify the loan for 2014 was $4,052.50. In addition, Pacific Premier Bank agreed to issue a $3,000,000 standby letter of credit in favor a supplier from whom Greenkraft purchases products in connection with its production of alternative fuel trucks. In connection with this letter of credit, Greenkraft authorized Pacific Premier to draw an additional $1,500,000 under its note for any funds paid or required to be paid by Pacific Premier under the letter of credit. Thus the current maximum amount available under the line of credit is $3,500,000. There was a fee of $30,000 in connection with the letter of credit. In addition Greenkraft has a restricted deposit of $1,500,000 with pacific premier that is being used as collateral for letter of credit. The letter of credit expired in August 2015 and was automatically renewed for another year. In 2014 the $30,000 fee is classified as deferred financing cost on balance sheet, and it is amortized over the term of the letter of credit. On September 21, 2015, Greenkraft entered into a short term extension with Pacific Premier Bank under which it extended the Maturity Date of its line until December 10, 2015. On January 14, 2016 Greenkraft entered into a short term extension with Pacific Premier Bank under which it extended the Maturity Date of its the line of credit to March 10, 2016. In March 2016, the Company cancelled the letter of credit of $3,500,000 and paid off the line of credit balance of $2,000,000 with Pacific Premier Bank. The Company analyzed the modification of the term under ASC 470-60 Trouble Debt Restructurings and ASC 470-50 Extinguishment of Debt. The Company determined the modification is not substantial and did not result in an extinguishment. Along with the short term extension on September 21 st During 2014, the Company made draws of $394,000 and amortized $10,767 of deferred financing cost. During 2015, the Company did not make any draws and have repayment of $708. The total amount borrowed under the line of credit was $1,998, 850 and $1,999,558 as of December 31, 2015 and 2014, respectively. As of December 31, 2015 and 2014, the available amount under the letter of credit had not been used. However the total unused available amount under the line of credit is about $1,150 and $400 as of December 31, 2015 and 2014, respectively. |
Contingent Equity Line Of Credi
Contingent Equity Line Of Credit | 12 Months Ended |
Dec. 31, 2015 | |
Contingent Equity Line Of Credit | |
Contingent Equity Line of Credit | NOTE 6 CONTINGENT EQUITY LINE OF CREDIT On February 11, 2014, the Company entered into an Investment Agreement with Kodiak Capital LLC. The agreement provides the Company with financing whereby the Company can issue and sell to Kodiak, from time to time, shares of the Companys common stock up to an aggregate purchase price of $5.0 million (put shares) during a defined period of time. The Company has the right to deliver from time to time a put notice to Kodiak stating the dollar amount of put shares the Company intends to sell to Kodiak with the price per share based on the following formula: eighty three percent (83%) of the lowest volume weighted average price of the Companys common stock during the period beginning on the date of the put notice and ending five (5) days thereafter. Under the Investment Agreement, the Company may not deliver the put notice until after the resale of the put shares has been registered pursuant to a registration statement filed with the Securities and Exchange Commission. Additionally, provided that the Investment Agreement does not terminate earlier, during the period beginning on the trading day immediately following the effectiveness of the registration statement and ending eighteen months after effectiveness of the registration statement covering the securities registered the resale of the put shares, the Company may deliver the put notice or Notices to Kodiak. On each put notice submitted to the Investor by the Company, the Company shall have the option to specify a suspension price for that Put. In the event the common stock price falls below the suspension price, the Put shall be temporarily suspended. The Put shall resume at such time as the common stock trading price is above the suspension price, provided the dates for the pricing period for that particular Put are still valid. In the event the pricing period has been completed, any shares above the suspension price due to Kodiak shall be sold to Kodiak by the Company at the suspension price. The suspension price for a Put may not be changed by the Company once submitted to Kodiak. In addition, the Company cannot submit a new put notice until the closing of the previous put notice, and in no event shall Kodiak be entitled to purchase that number of put shares which when added to the sum of the number already beneficially owned by Kodiak would exceed 4.99% of the number of shares outstanding on the applicable closing date. The Investment Agreement also provides that the Company shall not be entitled to deliver a put notice and Kodiak shall not be obligated to purchase any put shares unless each of the following conditions are satisfied: (i) a registration statement has been declared effective and remains effective for the resale of the put shares until the closing with respect to the subject put notice; (ii) at all times during the period beginning on the date of the put notice and ending on the date of the related closing, the Companys common stock has been listed on the Principal Market as defined in the Investment Agreement (which includes, among others, the Over-the-Counter Bulletin Board and the OTC Market Groups OTC Link quotation system) and shall not have been suspended from trading thereon for a period of two (2) consecutive trading days during the Open Period; (iii) the Company has complied with its obligations and is otherwise not in breach of or in default under the Investment Agreement, the Registration Rights Agreement or any other agreement executed in connection therewith; (iv) no injunction has been issued and remains in force, and no action has been commenced by a governmental authority which has not been stayed or abandoned, prohibiting the purchase or the issuance of the put shares; and (v) the issuance of the put shares will not violate any shareholder approval requirements of the market or exchange on which the Companys common stock are principally listed. The Investment Agreement will terminate when any of the following events occur: (i) Kodiak has purchased an aggregate of $5.0 million of the Companys common stock, (ii) on the date which is eighteen months following the Effective Date, or (iii) upon written notice from the Company to Kodiak. Similarly, the Investment Agreement, may, at the option of the non-breaching party, terminate if Kodiak or the Company commits a material breach, or becomes insolvent or enters bankruptcy proceedings. In connection with the Investment Agreement, on February 12, 2014, we issued Kodiak 147,058 shares as a commitment fee. The Company estimated the fair value of the common stock issued to be $73,529. This value is decided based on market trading price of the Companys common stock on stock grant date. The shares are accounted for as a fund raising expense which is included in statement of operations. Due to the reaching the time frame of 18 months from the date following the effective date the agreement with Kodiak was terminated as of December 31, 2015. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Common Stock | NOTE 7 COMMON STOCK During 2015 the company sold no shares. During 2014 the company sold 3,620,000 shares at $0.50 per share for gross proceeds of $1,810,000. During 2014, the Company received $75,000 in deposits to be applied to the purchase of 150,000 shares pending successful completion of the subscription process. Subsequently in 2016, $25,000 of the deposits was applied to the subscription of 50,000 shares. Total issued shares were 3,767,058 for the year 2014 and none for 2015. |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Major Customers | NOTE 8 MAJOR CUSTOMERS In 2015, revenues for selling fuel efficient vehicles were from few different customers and were accounted for 92% of the total revenues. Of the 92%, we had two customers each making up 10% or more of total truck sales revenue. The customers individually made up 52% and 21%. In 2014, revenues were from a few different customers for Greenkraft trucks who accounted for 83% of the revenues. We had three customers each making up 10% or more of total truck sales revenue. The customers individually made up 31%, 27%, and 10%. The remaining revenues were from several vehicle dealers for conversions of Isuzu and Ford trucks at a percentage of 17%. |
Commitment And Contingencies
Commitment And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment and Contingencies | NOTE 9 COMMITMENT AND CONTINGENCIES Greenkraft has a lease agreement with First Warner for rent. See Note 2. Future rental payments payable to the landlord under the lease as of December 31, 2015 were as follows: 2016 $ 330,000 2017 $ 330,000 2018 $ 330,000 2019 $ 165,000 Total $ 1,155,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 10 INCOME TAXES Greenkraft uses the liability method, where deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes. During fiscal 2015, we incurred net losses and, therefore, had no tax liability. The net deferred tax asset generated by the loss carry-forward has been fully reserved. The cumulative net operating loss carry-forward is approximately $3,252,371 at December 31, 2015, and will expire beginning in the years 2031. At December 31, 2015 and 2014, deferred tax assets consisted of the following: 2015 2014 Deferred tax assets $ 1,105,806 $ 879,047 Less: Valuation allowance (1,105,806 ) ( 879,047 ) Net deferred tax assets $ $ |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 11 SUBSEQUENT EVENTS In first quarter of 2016, Greenkraft cancelled its Letter of Credit as it did not need the instrument and also got the $1,506,152 restricted cash released from Pacific Premier Bank. In second quarter of 2016 Greenkraft paid off its line of credit of approximately $2 million with pacific premier bank. In second quarter of 2016 Greenkraft issued 50,000 shares to an investor who provided funds in the amount of $25,000 in 2014. |
Organization And Business And18
Organization And Business And Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization And Business And Significant Accounting Policies Policies | |
Nature of Business | Nature of Business |
Basis of Presentation | Basis of Presentation |
Reclassifications | Reclassifications |
Use of Estimates | Use of estimates |
Concentration of Credit Risk | Concentration of credit risk |
Cash and Cash Equivalents | Cash and cash equivalents |
Accounts Receivable | Accounts Receivable |
Inventories | Inventories |
Property and Equipment | Property and equipment |
Research and Development | Research and development |
Long Lived Assets | Long Lived Assets Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. |
Revenue Recognition | Revenue recognition |
Income Taxes | Income taxes We have net operating loss carryforwards available to reduce future taxable income. Future tax benefits for these net operating loss carryforwards are recognized to the extent that realization of these benefits is considered more likely than not. To the extent that we will not realize a future tax benefit, a valuation allowance is established. |
Earning or Loss Per Share | Earning or Loss per Share |
Related Parties | Related Parties |
Recently Issued Accounting Pronouncements | Recently issued accounting pronouncements |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fixed Assets Tables | |
Schedule of Fixed Assets | Fixed assets comprised the following as of December 31, 2015 and 2014. 2015 2014 Equipment $ 109,428 $ 109,428 Less Accumulated Depreciation $ (27,610 ) $ (16,667 ) Total $ 81,818 $ 92,761 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Tables | |
Schedule of Inventory | 2015 2014 Raw materials 1,963,404 2,137,699 Work in progress Finished goods 110,753 488,104 Total Inventory 2,074,157 2,625,803 Less carrying value of inventory not deemed to be current 621,939 Inventory, included in current assets 1,452,218 2,625,803 |
Commitment And Contingencies (T
Commitment And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitment And Contingencies Tables | |
Schedule of Minimum Future Lease Payments | Future rental payments payable to the landlord under the lease as of December 31, 2015 were as follows: 2016 $ 330,000 2017 $ 330,000 2018 $ 330,000 2019 $ 165,000 Total $ 1,155,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes Tables | |
Schedule of Deferred Tax Assets | At December 31, 2015 and 2014, deferred tax assets consisted of the following: 2015 2014 Deferred tax assets $ 1,105,806 $ 879,047 Less: Valuation allowance (1,105,806 ) ( 879,047 ) Net deferred tax assets $ $ |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Fixed Assets Details | ||
Equipment | $ 109,428 | $ 109,428 |
Less Accumulated Depreciation | 27,610 | 16,667 |
Total | $ 81,818 | $ 92,761 |
Inventory (Details)
Inventory (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Details | ||
Raw materials | $ 1,963,404 | $ 2,137,699 |
Work in progress | ||
Finished goods | $ 110,753 | $ 488,104 |
Total Inventory | 2,074,157 | $ 2,625,803 |
Less carrying value of inventory not deemed to be current | 621,939 | |
Inventory, included in current assets | $ 1,452,218 | $ 2,625,803 |
Commitment And Contingencies (D
Commitment And Contingencies (Details) | Dec. 31, 2015USD ($) |
Future rental payments | |
2,016 | $ 330,000 |
2,017 | 330,000 |
2,018 | 330,000 |
2,019 | 165,000 |
Total | $ 1,155,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes Details | ||
Deferred tax assets | $ 1,105,806 | $ 879,047 |
Less: Valuation allowance | $ 1,105,806 | $ 879,047 |
Net deferred tax assets |
Organization And Business And27
Organization And Business And Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for doubtful accounts receivables | $ 0 | $ 0 |
Estimated useful lives of the assets | 10 years | |
Revenue received from CEC related to the sales | $ 12,340,280 | 2,496,474 |
California Energy Commission (CEC) [Member] | ||
Vehicles provided by California Energy Commission | The CEC provides up to (i) $20,000 per vehicle that are up to 26,000 LBS GVWR and (ii) $26,000 per vehicle that are over 26,000 LBS GVWR. | |
Revenue received from CEC related to the sales | $ 1,200,000 | $ 1,200,000 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Accounts payable to related parties | $ 758,834 | $ 428,834 |
Due on related party notes | $ 1,901,916 | 1,901,916 |
Repayment of related party debt | 15,000 | |
Contributed payroll | 120,768 | |
Contributed officer salary | $ 72,000 | 72,000 |
Defiance Company, LLC - Owned By CEO [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts payable to related parties | 285,389 | 285,389 |
Owner And His Related Entities [Member] | Notes Payable [Member] | ||
Related Party Transaction [Line Items] | ||
Due on related party notes | $ 1,901,916 | $ 1,901,916 |
Related party notes description | All amounts are due on demand, unsecured and do not bear interest. | All amounts are due on demand, unsecured and do not bear interest. |
Repayment of related party debt | $ 15,000 | |
CEE, LLC - Owned By President [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts payable to related parties | $ 5,945 | 5,945 |
Contributed payroll | 0 | 120,768 |
First Warner Properties LLC - Related By President [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts payable to related parties | $ 467,500 | 137,500 |
First Warner Properties LLC - Related By President [Member] | Lease Agreements [Member] | ||
Related Party Transaction [Line Items] | ||
Lease agreement term description | The term of the lease agreement is from July 1, 2015 to June 30, 2019, with a monthly rent of $27,500. | |
Rent expenses | $ 330,000 | 270,000 |
Chief Executive Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Contributed officer salary | $ 72,000 | $ 72,000 |
Line Of Credit (Narrative) (Det
Line Of Credit (Narrative) (Details) - USD ($) | Jan. 14, 2016 | Sep. 21, 2015 | Aug. 22, 2014 | Jul. 15, 2013 | Mar. 31, 2016 | Mar. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | ||||||||
Restricted cash as collateral for letter of credit | $ 1,506,152 | $ 1,501,641 | ||||||
Amortization of deferred financing cost | 10,767 | |||||||
Line of credit | $ 1,998,850 | 1,999,558 | ||||||
Pacific Premier Bank [Member] | Line Of Credit [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit borrowing capacity | $ 3,500,000 | $ 2,000,000 | $ 3,500,000 | |||||
Line of credit maturity date | Dec. 10, 2015 | Aug. 22, 2015 | Dec. 10, 2013 | Apr. 10, 2013 | ||||
Interest rate on line of credit | It bears interest at the prime rate plus 1%. | |||||||
Line of credit collateral description | The line of credit is secured by certain real property owned by the majority shareholder and inventory. | |||||||
Line of credit description | The letter of credit expired in August 2015 and was automatically renewed for another year. | A condition to the line of credit is a full banking relationship. If the conditions are not met or should cease to be met, then interest rate and interest ceiling provided under the note shall immediately increase by 5.000 percentage points. | ||||||
Line of credit modification cost description | The cost to modify the loan for 2014 was $4,052.50. | |||||||
Letter of credit issued in favor of supplier | $ 3,000,000 | |||||||
Additional line of credit borrowed | 1,500,000 | |||||||
Deferred financing cost | 30,000 | |||||||
Restricted cash as collateral for letter of credit | $ 1,500,000 | |||||||
Line of credit covenant description | Along with the short term extension on September 21 2015, and on January 14, 2016 the Company acknowledged that it was in breach of (a) its covenant to maintain a ratio of Global Debt Coverage in excess of 1.250 to 1.0, (b) its covenant to maintain a ratio of Business Debt Coverage Ratio in excess of 1.25 to 1; (c) its covenant to maintain a ratio of Debt/Worth not in excess of 3.0 to 1.0 and (d) its covenant to maintain a Tangible Net Worth of not less than $350,000 (collectively the “Covenant Violations”). Pacific Premier reserved its rights to strictly enforce these covenants on us after their receipt of the Company’s December 31, 2015 financial statements. | |||||||
Repayment of line of credit | 708 | |||||||
Proceeds from line of credit | 394,000 | |||||||
Amortization of deferred financing cost | 10,767 | |||||||
Line of credit | 1,998,850 | 1,999,558 | ||||||
Unused available amount under line of credit | $ 1,150 | $ 400 | ||||||
Pacific Premier Bank [Member] | Line Of Credit [Member] | Subsequent Event [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit maturity date | Mar. 10, 2016 | |||||||
Line of credit covenant description | Along with the short term extension on September 21 2015, and on January 14, 2016 the Company acknowledged that it was in breach of (a) its covenant to maintain a ratio of Global Debt Coverage in excess of 1.250 to 1.0, (b) its covenant to maintain a ratio of Business Debt Coverage Ratio in excess of 1.25 to 1; (c) its covenant to maintain a ratio of Debt/Worth not in excess of 3.0 to 1.0 and (d) its covenant to maintain a Tangible Net Worth of not less than $350,000 (collectively the “Covenant Violations”). Pacific Premier reserved its rights to strictly enforce these covenants on us after their receipt of the Company’s December 31, 2015 financial statements. | |||||||
Cancellation of letter of credit | $ 3,500,000 | |||||||
Repayment of line of credit | $ 2,000,000 |
Contingent Equity Line Of Cre30
Contingent Equity Line Of Credit (Narrative) (Details) - Investment Agreement With Kodiak Capital LLC [Member] - USD ($) | Feb. 12, 2014 | Feb. 11, 2014 |
Investment agreement terms | The agreement provides the Company with financing whereby the Company can issue and sell to Kodiak, from time to time, shares of the Companys common stock up to an aggregate purchase price of $5.0 million (put shares) during a defined period of time. The Company has the right to deliver from time to time a put notice to Kodiak stating the dollar amount of put shares the Company intends to sell to Kodiak with the price per share based on the following formula: eighty three percent (83%) of the lowest volume weighted average price of the Companys common stock during the period beginning on the date of the put notice and ending five (5) days thereafter. | |
Investment agreement termination terms | The Investment Agreement will terminate when any of the following events occur: (i) Kodiak has purchased an aggregate of $5.0 million of the Companys common stock, (ii) on the date which is eighteen months following the Effective Date, or (iii) upon written notice from the Company to Kodiak. Similarly, the Investment Agreement, may, at the option of the non-breaching party, terminate if Kodiak or the Company commits a material breach, or becomes insolvent or enters bankruptcy proceedings. | |
Common Stock [Member] | ||
Investment agreement termination terms | Due to the reaching the time frame of 18 months from the date following the effective date the agreement with Kodiak was terminated as of December 31, 2015. | |
Stock issued for investment agreement as commitment fee, shares | 147,058 | |
Stock issued for investment agreement at fair value | $ 73,529 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Proceeds received for potential future stock issuance | $ 75,000 | |
Common Stock [Member] | ||
Stock issued for cash, shares | 3,620,000 | |
Sale of stock price, per share | $ 0.50 | |
Proceeds from issuance of stock | $ 1,810,000 | |
Proceeds received for potential future stock issuance | $ 75,000 | |
Common stock subscribed but unissued, shares | 150,000 | |
Total no of shares issued during the period | 3,767,058 |
Major Customers (Narrative) (De
Major Customers (Narrative) (Details) - Revenue | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Two Customers | ||
Concentration Risk [Line Items] | ||
Revenue concentration risk percentage | 92.00% | |
Revenue concentration risk description | Of the 92%, we had two customers each making up 10% or more of total truck sales revenue. | |
Customer One | ||
Concentration Risk [Line Items] | ||
Revenue concentration risk percentage | 52.00% | 31.00% |
Customer Two | ||
Concentration Risk [Line Items] | ||
Revenue concentration risk percentage | 21.00% | 27.00% |
Three Customers | ||
Concentration Risk [Line Items] | ||
Revenue concentration risk percentage | 83.00% | |
Revenue concentration risk description | We had three customers each making up 10% or more of total truck sales revenue. | |
Customer Three | ||
Concentration Risk [Line Items] | ||
Revenue concentration risk percentage | 10.00% | |
Several Vehicle Dealers | ||
Concentration Risk [Line Items] | ||
Revenue concentration risk percentage | 17.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Income Tax Disclosure [Abstract] | |
Operating loss carryforwards | $ 3,252,371 |
Operating loss carryforwards limitations on use | Expire beginning in the years 2031. |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) | 3 Months Ended | 5 Months Ended | 12 Months Ended |
Mar. 31, 2016 | May. 20, 2016 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | |||
Stock issued to an investor, value | $ 1,810,000 | ||
Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Stock issued to an investor, shares | 3,620,000 | ||
Stock issued to an investor, value | $ 3,620 | ||
Subsequent Event [Member] | Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Stock issued to an investor, shares | 50,000 | ||
Stock issued to an investor, value | $ 25,000 | ||
Description of stock issued | In second quarter of 2016 Greenkraft issued 50,000 shares to an investor who provided funds in the amount of $25,000 in 2014. | ||
Subsequent Event [Member] | Pacific Premier Bank [Member] | Line Of Credit [Member] | |||
Subsequent Event [Line Items] | |||
Restricted cash released from Pacific Premier Bank | $ 1,506,152 |