Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2014 | Feb. 17, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | GREEN ENVIROTECH HOLDINGS CORP. | |
Entity Central Index Key | 1,428,765 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2014 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 23,226,757 | |
Entity Filer Category | Smaller Reporting Company | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,014 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2014 | Dec. 31, 2013 |
CURRENT ASSETS | ||
Cash | $ 6,626 | $ 185 |
Other current assets | 6,664 | 10,119 |
Total current assets | $ 13,290 | 10,304 |
Other Assets: | ||
Engineering Costs | 30,833 | |
Total other assets | 30,833 | |
TOTAL ASSETS | $ 13,290 | 41,137 |
CURRENT LIABILITIES | ||
Accounts payable | 629,396 | $ 686,538 |
Accounts payable- related party | 7,417 | |
Accrued expenses | 2,897,923 | $ 3,119,084 |
Secured debentures payable | 395,000 | 305,000 |
Loan payable | $ 796,622 | 1,115,572 |
Loan payable - related party | 12,287 | |
Total current liabilities | $ 4,726,358 | 5,238,481 |
TOTAL LIABILITIES | $ 4,726,358 | $ 5,238,481 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock, $0.001 par value, 25,000,000 shares authorized, 0 shares issued and outstanding as of September 30, 2014 and December 31, 2013 | ||
Common stock, $0.001 par value, 250,000,000 shares authorized, 12,089,682 and 5,904,688 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively | $ 12,090 | $ 5,905 |
Additional paid in capital | 14,376,112 | 11,009,932 |
Accumulated deficit | (19,101,270) | (16,213,181) |
Total stockholders' deficit | (4,713,068) | (5,197,344) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 13,290 | $ 41,137 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 12,089,682 | 5,904,688 |
Common stock, shares outstanding | 12,089,682 | 5,904,688 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
OPERATING EXPENSES | ||||
Wages and professional fees | $ 252,048 | $ 954,364 | $ 1,105,405 | $ 2,342,973 |
General and administrative | 433,729 | 69,187 | 866,105 | 202,345 |
Total operating expenses | $ 685,777 | 1,023,551 | $ 1,971,510 | 2,545,318 |
NON-OPERATING EXPENSES | ||||
Amortization expense-discounted value of notes | $ 32,145 | $ 64,286 | ||
Impairment expense | $ 33,333 | $ 33,333 | ||
Interest expense | 27,861 | $ 34,722 | 82,352 | $ 91,270 |
Loss on settlemt of payable | 25,706 | 25,706 | ||
(Gain) Loss on debt conversion | (66,727) | $ 419,064 | 775,188 | $ 2,139,064 |
Total non-operating expenses | 20,173 | 485,931 | 916,579 | 2,294,620 |
NET LOSS | $ (705,950) | $ (1,509,482) | $ (2,888,089) | $ (4,839,938) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING-BASIC AND DILUTED | 11,867,908 | 4,555,008 | 9,699,431 | 3,418,881 |
NET LOSS PER COMMON SHARE - BASIC AND DILUTED | $ (0.06) | $ (0.33) | $ (0.30) | $ (1.42) |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (2,888,089) | $ (4,839,938) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Common stock issued for services | 258,645 | 1,093,150 |
Common stock issued for services, related party | 525,213 | 63,460 |
Loss on debt conversion | 775,188 | 2,139,064 |
Loss on settlement of accounts payable & accrued salaries | 113,000 | $ 89,800 |
Consulting services as an increase in notes payable | $ 45,000 | |
Amortization of debt discount | $ 64,286 | |
Impairment expense | $ 33,333 | |
Change in assets and liabilities | ||
Other current assets | 955 | $ (5,335) |
Accounts payable- related party | 7,417 | (2,413) |
Accounts payable and accrued expenses | 898,929 | 1,024,534 |
Net cash used in operating activities | $ (230,409) | (373,392) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Expenditures related to construction of building | (15,372) | |
Expenditures related to joint venture with Petrosonics | (43,000) | |
Net cash used in investing activities | (58,372) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Issuance of stock for cash | 63,000 | |
Payments on loan payable - related party | (12,700) | |
Proceeds received from loan payable - other | $ 236,850 | 384,900 |
Net cash provided by financing activities | 236,850 | 435,200 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 6,441 | 3,436 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 185 | 1,986 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | $ 6,626 | $ 5,422 |
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Common stock issued for subscriptions receivable | ||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid during the period for: Interest | ||
Cash paid during the period for: Income taxes | ||
NON-CASH SUPPLEMENTAL INFORMATION: | ||
Shares issued for accrued salary | $ 80,700 | |
Shares issued for related party liabilities | $ 821,108 | |
Debt discount | $ 64,286 | |
Conversion of loans payable and accrued interest for common stock | $ 537,254 | 801,574 |
Shares issued for accounts payable and accruals | 326,957 | $ 27,700 |
Accounts payable assigned to note | $ 23,000 | |
Accounts payable and debt issued for investment in Petronsonics JV | $ 225,000 | |
Warrants exercised for accrued salary | $ 15,000 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | Note 1 Basis of Presentation and Accounting Policies: The consolidated financial statements include the accounts of the Company and its interest in a joint venture which had no operations for the year. Intercompany balances and transactions have been eliminated for this joint venture. On June 9, 2014, the Company formed two Limited Liability Companies in Texas for the purpose of finding a plant location in Texas. As of June 30, 2014, there was no activity in either of the two LLCs. These two Limited Liability Companies will be dissolved unless a suitable location is found. The CEO and Director of the Company have ownership to 99% of another Limited Liability Company that has received funds from H.E. Capital on behalf of the Company to pay the bills of the Company. All of the funds and expenses of and for the Company have gone into one account used for the benefit of the Company. The Financial Statements presented herein have been prepared by us in accordance with the accounting policies described in our December 31, 2013 and 2012 audited financial statements included in Form 10-K and should be read in conjunction with the Notes to Financial Statements which appear in that report. The preparation of these financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on going basis, we evaluate our estimates, including those related intangible assets, income taxes, insurance obligations and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results may differ from these estimates under different assumptions or conditions. In the opinion of management, the information furnished in these interim financial statements reflect all adjustments necessary for a fair statement of the financial position and results of operations and cash flows as of and for the nine-months period ended September 30, 2014 and 2013. All such adjustments are of a normal recurring nature. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period, as reported in the Form 10-K, have been omitted. In the second quarter of 2014, the Company elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the Company to remove the inception to date information and all references to development stage. During the fourth quarter 2014, the Company was faced with satisfying a disputed obligation with one of its vendors by issuing 150,000 free trading shares of the Company. The debt had not matured for the amount of time required for the obligation to receive free trading shares. In order to satisfy the debt, the Company entered into an agreement with H. E. Capital, S.A. to convert $30,000 of its Line of Credit Note with the Company into 150,000 free trading shares of the Company. H. E. Capital S.A. converted the required portion of its debt from the Company into the shares needed and issued 25,000 free trading shares in December 2014 and the balance of 125,000 free trading shares in February 2015. The Company accrued the $30,000 liability on its books until it was totally satisfied in February 2015. Principles of consolidation The consolidated financial statements include the accounts of and its controlled subsidiaries. Equity investments in which we exercise significant influence, but do not control and are not the primary beneficiary, are accounted for using the equity method of accounting. Investments in which we do not exercise significant influence over the investee are accounted for using the cost method of accounting. Intercompany transactions are eliminated. |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 2 Going Concern These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. For the nine months ended September 30, 2014, the Company had a net loss of $2,888,089. The Company also has a working capital deficit of $4,713,068 and has accumulated deficit of $19,101,270. Further losses are anticipated in the development of its business raising substantial doubt about the Companys ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with loans and/or private placement of common stock. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
Loan Payable - Related Party
Loan Payable - Related Party | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | |
Loan Payable - Related Party | Note 3 Loan Payable Related Party The Company has an unsecured, loan payable in the form of a line of credit with its CEO. The CEO had provided a line of credit up to $1,000,000 at 4% interest per annum to the Company to cover various expenses and working capital infusions. This loan was extended to December 31, 2014. This loan is no longer in effect. On April 16, 2014, the balance of this loan in the amount of $12,287 and its accrued interest in the amount of $30,584, and $778,237 in accrued salary were satisfied in full when the Company issued 821,108 shares of restricted common stock to its CEO at a $1.00 per share when the stock was selling at $0.26 per share. The Company elected to include the gain of $607,620 from the conversion into the equity section as additional paid in capital. |
Loan Payable - Other
Loan Payable - Other | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | |
Loan Payable - Other | Note 4 Loan Payable Other The Company has unsecured loans with H. E. Capital, S. A. in various amounts. These loans accrue interest at the rate of 8% per annum. The due dates of the loans have been extended to December 31, 2016. Balance of the loans at September 30, 2014 was $469,122 with accrued interest in the amount of $78,112. The Company also has an agreement with H.E. Capital wherein the Company pays $5,000 monthly for financial services. As of September 30, 2014, $45,000 was due under these terms. A schedule of the H. E. Capital loan activity with the Company for 2014 is as follows: September 30, 2014 December 31, 2013 H. E. Capital S.A. transactions for 2014 Beginning Balance $ 616,772 $ 663,250 Proceeds 146,850 317,000 Consulting services as an increase in note payable 45,000 60,000 Accounts Payable assigned to note 23,000 182,342 Joint Venture Investment paid direct - 165,000 Company liabilities paid direct - 5,930 Allocation Green Power Energy - (100,000 ) Assignments (95,000 ) - Non-cash conversions (267,500 ) (676,750 ) Ending Balance $ 469,122 $ 616,772 The Company issued a promissory note in the amount of $150,000 at 8% on March 19, 2013 to a private investor. This note was extended to December 31, 2014. Currently the extension is being negotiated until December 31, 2016. The Company used the proceeds from this note for working capital. As of September 30, 2014 this loan has an outstanding balance of $150,000 and accrued interest in the amount of $15,575. On January 24, 2011, the Company entered into a series of securities purchase agreements with accredited investors pursuant to which the Company sold an aggregate of $380,000 in 12% secured debentures. The Debentures are secured by the assets of the Company pursuant to security agreements entered into between the Company and the investors. As of September 30, 2014 these secured debentures have an outstanding balance of $305,000 and accrued interest in the amount of $153,548. These debentures are in default and the Company is in negotiations with the holders for extensions. The Company entered into two new note agreements with a third party during the second quarter secured by the assets of the Company and common stock of the Company. Both notes are for one year at 8% interest. The first note was issued on May 5, 2014 for $50,000 and the second note was issued on June 2, 2014 for $40,000. Of these amounts, $23,000 was paid directly to vendors for expenses and recorded as note payable. These notes are collateralized by assets of the Company and can be repaid by common stock of the Company when presented for payment. The Company used the proceeds from these notes for working capital. The Company also has two other notes outstanding in the amounts of $7,500 and$170,000 respectively. The first note was created on February 10, 2010 in the original amount of $20,000 and the other note was created on November 16, 2012. There was also a $20,000 note for working capital originated on March 26, 2014 and converted into 80,000 shares of the Companys stock on August 19, 2014 for full satisfaction of the note. The total in loans payable as of September 30, 2014 was $1,191,622 and accrued interest was $280,113. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | |
Equity | Note 5 Equity Common Stock Common shares issued for services During the first quarter of 2014, the Company issued 520,000 common shares for services valued at $199,945. On July 2, 2014, the Company issue restricted shares of common stock as follows ● Three consultants were issued 5,000 restricted common shares each valued at $1,900 for total of 15,000 common shares and stock compensation of $5,700. ● 100,000 shares of restricted common stock of the Company in accordance with the Addendum 1 signed and in effect on February 1, 2014 with Coast Northwest Management LLC (Coast) wherein the addendum is part of the consulting agreement signed and dated August 26, 2013 with Coast. The addendum provides for Coast to secure three agreements, (such as memorandums of understanding, letters of intent, licensing agreements, operating agreements, etc) on behalf of the Company. In exchange Coast is to receive 100,000 shares of restricted common stock of the Company. These shares were valued at $38,000. ● On August 7, 2014, the Company issued restricted shares of common stock as follows: ● Two consultants were issued 25,000 restricted common shares each. These shares were value at $15,000. Common shares issued for services related party In the first two quarters of 2014, the Company also issued 575,000 to directors and employees for services valued at $224,698. On July 2, 2014, the Company issue restricted shares of common stock as follows ● Gary M. De Laurentiis, CEO, was issued 250,000 restricted common shares valued at $95,000. ● One employee was issued 25,000 restricted common shares valued at $9,500. ● Lou Perches, COO, was issued 100,000 restricted common shares valued at $38,000. ● One employee was issued 5,000 restricted common shares valued at $1,900. ● Another employee was issued 50,000 restricted common shares valued at $19,000. On August 7, 2014, the Company issued restricted shares of common stock as follows: ● Gary M. De Laurentiis, CEO, was issued 200,000 restricted common shares valued at $60,000. ● Lou Perches, COO, was issued 100,000 restricted common shares valued at $30,000. Common shares issued for related party debt On April 16, 2014, the balance of a loan in the amount of $12,287 and its accrued interest in the amount of $30,584, and $778,237 in accrued salary were satisfied in full when the Company issued 821,108 shares of restricted common stock to its CEO. Conversion of accounts payable and accruals to common shares On February 19, 2014, the Company also issued 34,312 common shares for the settlement of accounts payable of $21,864. In April 2014, the Company issued 700,000 common shares to settle $175,000 in accounts payable. On July 2, 2014, the Company issued restricted shares of common stock as follows ● a vendor received 40,500 restricted common shares to satisfy $20,250 in accounts payable. ● in accordance with the consulting agreement signed with Black Pearl Management, Inc. (Black Pearl) on January 3, 2014, wherein Black Pearl will provide on an ongoing basis corporate structuring, financial evaluation and procurement of funding for multiple domestic and international sites by identifying joint venture partners and investors and assisting with negotiations on behalf of the Company, the Company issued 300,000 restricted common shares to Black Pearl by converting $75,000 of Black Pearl consulting fees at $0.25 per share. The agreement provides for Black Pearl to receive consulting fees in the amount of $25,000 a month commencing on January 3, 2014 until February 3, 2017. On August 7, 2014, the Company issued restricted shares of common stock as follows: ● a vendor received 100,000 restricted common shares to satisfy $12,675 in accounts payable. ● a consultant was issued 35,058 common shares to satisfy and complete a consulting agreement for $22,168. Loss on the accounts payable conversion and services was $113,000. Conversion of notes payable to common shares During the first quarter, the Company issued 2,149,016 common shares for the conversion of $537,254 in notes payable. A loss on the settlement of notes payable $775,188 was recorded. Exercise of warrants In February 2014, 15,000 warrants were issued at an exercise price of $1 per share for the settlement of $15,000 in payables to the warrant holder. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 6 Subsequent Events: During the fourth quarter 2014, the Company issued 100,000 common shares for services. The Company also issued 600,000 common shares to directors and employees for services. The Company issued 613,750 common shares to settle some of its accounts payable. The Company issued 4,150,000 common shares for the conversion of a portion of its notes payable. The Company also issued 650,000 five year warrants for professional services exercisable at $0.10 per share and vesting 130,000 shares per month starting on the issuance date of October 10, 2014 and on the 10 th During the fourth quarter 2014, the Company was faced with satisfying a disputed obligation with one of its vendors by issuing 150,000 free trading shares of the Company. The debt had not matured for the amount of time required for the obligation to receive free trading shares. In order to satisfy the debt, the Company entered into an agreement with H. E. Capital, S.A. to convert $30,000 of its Line of Credit Note with the Company into 150,000 free trading shares of the Company. H. E. Capital S.A. converted the required portion of its debt from the Company into the shares needed and issued 25,000 free trading shares in December 2014 and the balance of 125,000 free trading shares in February 2015. The Company was contingently liable for the vendor debt on December 31, 2014 and until it was totally satisfied in February 2015. On January 30, 2015, the Company entered into a license agreement with Cenco Leasing Company, Inc. (Cenco) wherein the Company has given exclusive license rights to Cenco for the states of California, Oklahoma, Kansas, Arkansas, Nebraska, Missouri, Colorado, North Dakota, South Dakota, Iowa, New Mexico, Nevada, Utah and the entire country of Mexico. The agreement gives exclusive rights to Cenco to utilize certain technology of the Company to design, construct, own and operate pyrolysis and refining plants in the above defined territories. The agreement calls for Cenco over certain periods of time as detailed in the agreement to construct plants in these territories. The agreement also calls for Cenco to pay royalties from the revenues generated from these plants. Such royalties in some states are calculated at a three percent (3%) rate and other states at a five and one half percent (5.5%). It was also agreed that the two notes Cenco is holding in the amount of $90,000 against the Company will be returned to the Company. Cenco would also pay the Company an additional $25,000 as a license fee for another state. On January 30, 2015, in conjunction with the execution of the agreement between the Company and Cenco, the Company entered into a mutual release agreement with a former employee who claimed to have certain technology rights of the Company. It was agreed wherein the employee would release to the company any claim to any and all rights to certain technology concerning the pyrolysis and refining of certain materials into oil. Included in the agreement was a provision in which the former employee would forfeit all of their accrued salary the Company was carrying as a liability to the former employee. The Company will recognize an equity adjustment from the write off of the accrued salary. In exchange for the forfeiture of the accrued salary, Cenco had entered into a separate agreement with the former employee wherein the former employee would receive certain territorial rights given to Cenco. During the first quarter of 2015, the Company entered into a consulting service agreement with a consultant, wherein the consultant will provide analysis for and identify potential tire pyrolysis locations for future plants of the Company. The consultant will also participate in product discussions and contribute financial models and other materials for presentation as requested. The consultant will continue to work with the Company on product identify specifications for carbon black and oil outputs, suggest methods to increase the values of carbon char and tire oil from Company processes and suggest methods of carbon black and oil finishing equipment solutions and other services related to tire pyrolysis as requested. The agreement will expire on February 1, 2016 at which time the consultant will receive as compensation 1,500,000 (one million and five hundred thousand) vested warrants for Companys stock at $0.10 a share. The warrants will be 100% vested on the day of issuance. During the first quarter of 2015, the Company issued 65,294 common shares to settle $11,100 of accounts payable. There was no loss on the accounts payable conversion. The Company issued warrants. The Company issued 1,500,000 five year warrants for professional services exercisable at $0.10 per share and vesting 62,500 shares per month starting on the 1 st st On May 13, 2015, the Company and EraStar agreed to resolve the outstanding balance of $120,000 owed to EraStar by GETH for an amount of $20,000 or in the form of $20,000 free trading shares on or before 12/30/15. On October 1, 2015, the Company and EraStar agreed to an amendment to the May 13, 2015 Settlement Agreement wherein 350,000 shares currently issued to EraStar for services, GETH may cancel and reissue stock to same. GETH shall issue a total of 370,000 shares to EraStar or assigns as directed for full consideration of contractual obligations. On May 18, 2015, the Company approved the Debt Assignment Agreement dated 5/18/2015 between H.E. Capital S.A. and Valuecorp Trading Company. The Company also approved the Debt Settlement Agreement dated 5/19/2015 between the Company and Valuecorp Trading Company. The Company will issue 833,333 shares of common stock to Valuecorp Trading Company at $0.03 per share to satisfy $25,000 of the debt dated 12/3/2010. On June 12, 2015, the Company and Cenco Leasing Company, Inc. agreed to an extension to the performance clause in the agreement between the Company and Cenco dated January 30, 2015 by executing an amendment to that agreement. During the third quarter of 2015, the Company issued 1,500,000 common shares for the conversion of $45,000 in notes payable. The Company also issued 3,625,000 restricted common shares to its Director and CEO for the conversion of $145,000 of debt at $0.04 per share. The Company issued 1,233,031 common shares to settle $98,643 in accounts payable. There was no loss on the accounts payable or note conversions. During the first quarter of 2016, the Company issued 1,500,000 warrants for Companys stock at $0.10 per share in settlement of a service agreement dated January 1, 2015. These warrants were fully vested on the date of issuance. The Company issued 1,500,000 warrants to another consultant for Companys stock at $0.10 per share for services rendered for the past eighteen months. These warrants fully vested on the date of issuance. During the first quarter of 2016, the Company issued a Note Payable to an individual in the amount of $134,000 at an interest rate of eight percent (8%) for the amount the individual wired into the Company account. The Company did forward the same funds to a third party company for a promissory note for the same amount at eight percent (8%). The funds are intended for the use of the third party company. The Company intends to be a majority owner of this third party company in the future by issuing licensing agreements for the use of its technology. |
Loan Payable - Other (Tables)
Loan Payable - Other (Tables) | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | |
Schedule of H E Capital Loans Activity | A schedule of the H. E. Capital loan activity with the Company for 2014 is as follows: September 30, 2014 December 31, 2013 H. E. Capital S.A. transactions for 2014 Beginning Balance $ 616,772 $ 663,250 Proceeds 146,850 317,000 Consulting services as an increase in note payable 45,000 60,000 Accounts Payable assigned to note 23,000 182,342 Joint Venture Investment paid direct - 165,000 Company liabilities paid direct - 5,930 Allocation Green Power Energy - (100,000 ) Assignments (95,000 ) - Non-cash conversions (267,500 ) (676,750 ) Ending Balance $ 469,122 $ 616,772 |
Basis of Presentation and Acc13
Basis of Presentation and Accounting Policies (Deails Narrative) | 9 Months Ended |
Sep. 30, 2014USD ($)shares | |
H. E. Capital S.A [Member] | |
Debt converted into free trading shares value | $ | $ 30,000 |
Debt converted into the free trading shares | 150,000 |
Fourth Quarter 2014 [Member] | Vendors [Member] | |
Number of free trading shares issued for satisfying a disputed obligation to related party | 150,000 |
December 2014 [Member] | |
Number of free trading shares issued during the period | 25,000 |
February 2015 [Member] | |
Number of free trading shares issued during the period | 125,000 |
Accrued liability | $ | $ 30,000 |
CEO And Director [Member] | |
Percentage of ownership of another company | 99.00% |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Net loss | $ 705,950 | $ 1,509,482 | $ 2,888,089 | $ 4,839,938 | |
Working capital deficit | 4,713,068 | 4,713,068 | |||
Accumulated deficit | $ 19,101,270 | $ 19,101,270 | $ 16,213,181 |
Loan Payable - Related Party (D
Loan Payable - Related Party (Details Narrative) - Chief Executive Officer [Member] - USD ($) | Apr. 16, 2014 | Sep. 30, 2014 |
Related Party Transaction [Line Items] | ||
Amount of line of credit | $ 1,000,000 | |
Interest rate | 4.00% | |
Loan payable, expiration date | Dec. 31, 2014 | |
Loan payable | $ 12,287 | |
Accrued interest | 30,584 | |
Gain from conversion into equity | $ 607,620 | |
Restricted Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Number of common stock shares value issued for satisfied of accrued salary | $ 778,237 | |
Number of common stock shares issued for satisfied of accrued salary | 821,108 | |
Shares issued price per share | $ 1 | |
Sale of stock price per share | $ 0.26 |
Loan Payable - Other (Details N
Loan Payable - Other (Details Narrative) - USD ($) | Aug. 19, 2014 | Mar. 19, 2013 | Jan. 24, 2011 | Feb. 10, 2010 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 02, 2014 | May. 05, 2014 | Mar. 26, 2014 |
Short-term Debt [Line Items] | |||||||||||
Proceeds from note payable | $ 236,850 | $ 384,900 | |||||||||
Debt converted into shares | 2,149,016 | ||||||||||
Note Outstanding One [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Loans accrue interest rate | 8.00% | ||||||||||
Debt face amount | $ 50,000 | ||||||||||
Note Outstanding Two [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Loans accrue interest rate | 8.00% | ||||||||||
Debt face amount | $ 40,000 | ||||||||||
Other Note Outstanding One [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Other note payable | 7,500 | ||||||||||
Other Note Outstanding Two [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Other note payable | 170,000 | ||||||||||
Two Other Notes Outstanding [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Loans payable | 1,191,622 | ||||||||||
Accrued interest | 280,113 | ||||||||||
Notes payable | $ 20,000 | ||||||||||
Note original amount | $ 7,500 | ||||||||||
Debt converted into shares | 80,000 | ||||||||||
H. E. Capital S.A [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Note original amount | $ 267,500 | $ 676,750 | |||||||||
H. E. Capital S.A [Member] | Unsecured Loans [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Loans accrue interest rate | 8.00% | ||||||||||
Debt extended due date | Dec. 31, 2016 | ||||||||||
Loans payable | $ 469,122 | ||||||||||
Accrued interest | 78,112 | ||||||||||
Financial services | 5,000 | ||||||||||
Due to related party | 45,000 | ||||||||||
Private Investor [Member] | Promissory Note [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Loans accrue interest rate | 8.00% | ||||||||||
Debt extended due date | Dec. 31, 2014 | ||||||||||
Loans payable | 150,000 | ||||||||||
Accrued interest | 15,575 | ||||||||||
Debt face amount | $ 150,000 | ||||||||||
Debt extension negotiated due date | Dec. 31, 2016 | ||||||||||
Accredited Investor [Member] | Securities Purchase Agreements [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Loans accrue interest rate | 12.00% | ||||||||||
Accrued interest | 153,548 | ||||||||||
Sale of secured debentures | $ 380,000 | ||||||||||
Secured debentures | 305,000 | ||||||||||
Vendors [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Notes payable | $ 23,000 |
Loan Payable - Other - Schedule
Loan Payable - Other - Schedule of H E Capital Loans (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Joint Venture Investment paid direct | $ 43,000 | ||
H. E. Capital S.A [Member] | |||
Beginning Balance | $ 616,772 | $ 663,250 | $ 663,250 |
Proceeds | 146,850 | 317,000 | |
Consulting services as an increase in note payable | 45,000 | 60,000 | |
Accounts Payable assigned to note | $ 23,000 | 182,342 | |
Joint Venture Investment paid direct | 165,000 | ||
Company liabilities paid direct | 5,930 | ||
Allocation Green Power Energy | $ (100,000) | ||
Assignments | $ (95,000) | ||
Non-cash conversions | (267,500) | $ (676,750) | |
Ending Balance | $ 469,122 | $ 616,772 |
Equity (Details)
Equity (Details) - USD ($) | Aug. 07, 2014 | Jul. 02, 2014 | Apr. 16, 2014 | Feb. 19, 2014 | Jan. 03, 2014 | Apr. 30, 2014 | Feb. 28, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Stock issued for services, shares | 520,000 | ||||||||
Stock issued for services | $ 199,945 | ||||||||
Stock issued during period for settlement of accounts payable, shares | 34,312 | 700,000 | |||||||
Stock issued during the period for settlement of accounts payable | $ 21,864 | $ 175,000 | |||||||
Loss on accounts payable conversion and services | $ 113,000 | ||||||||
Notes payable converted into common stock | 2,149,016 | ||||||||
Amount on notes payable converted into common stock | $ 537,254 | ||||||||
Loss on settlement of notes payable | $ 775,188 | ||||||||
Number of warrants issued for settlement payables to related party | 15,000 | ||||||||
Warrants exercise per share | $ 1 | ||||||||
Number of warrants issued for settlement payables to related party value | $ 15,000 | ||||||||
Chief Executive Officer [Member] | |||||||||
Number of restricted common stock shares issued during the period | 821,108 | ||||||||
Loan payable | $ 12,287 | ||||||||
Accrued interest | 30,584 | ||||||||
Accrued salary | $ 778,237 | ||||||||
Three Consultants [Member] | |||||||||
Number of restricted common stock shares issued during the period | 5,000 | ||||||||
Number of restricted common stock value | $ 1,900 | ||||||||
Number of stock compensation shares issued | 15,000 | ||||||||
Number of stock compensation value | $ 5,700 | ||||||||
Coast Northwest Management LLC [Member] | |||||||||
Number of restricted common stock shares issued during the period | 100,000 | ||||||||
Number of restricted common stock value | $ 38,000 | ||||||||
Two Consultants [Member] | |||||||||
Number of restricted common stock shares issued during the period | 25,000 | ||||||||
Number of restricted common stock value | $ 15,000 | ||||||||
Directors And Employees [Member] | |||||||||
Stock issued for services, shares | 575,000 | ||||||||
Stock issued for services | $ 224,698 | ||||||||
Gary M. De Laurentiis [Member] | |||||||||
Number of restricted common stock shares issued during the period | 200,000 | 250,000 | |||||||
Number of restricted common stock value | $ 60,000 | $ 95,000 | |||||||
Employee [Member] | |||||||||
Number of restricted common stock shares issued during the period | 25,000 | ||||||||
Number of restricted common stock value | $ 9,500 | ||||||||
Lou Perches [Member] | |||||||||
Number of restricted common stock shares issued during the period | 100,000 | 100,000 | |||||||
Number of restricted common stock value | $ 30,000 | $ 38,000 | |||||||
Employee One [Member] | |||||||||
Number of restricted common stock shares issued during the period | 5,000 | ||||||||
Number of restricted common stock value | $ 1,900 | ||||||||
Another Employee [Member] | |||||||||
Number of restricted common stock shares issued during the period | 50,000 | ||||||||
Number of restricted common stock value | $ 19,000 | ||||||||
Vendor [Member] | Restricted Stock [Member] | |||||||||
Number of restricted common stock shares issued during the period | 40,500 | ||||||||
Number of restricted common stock value | $ 20,250 | ||||||||
Stock issued during period for settlement of accounts payable, shares | 100,000 | ||||||||
Stock issued during the period for settlement of accounts payable | $ 12,675 | ||||||||
Black Pearl Management, Inc [Member] | |||||||||
Consulting fees | $ 25,000 | ||||||||
Black Pearl Management, Inc [Member] | Restricted Stock [Member] | |||||||||
Number of common stock shares converting for consulting fees | 300,000 | ||||||||
Number of common stock converting for consulting fees value | $ 75,000 | ||||||||
Shares issued price per share | $ 0.25 | ||||||||
Consultants [Member] | Consulting Agreement [Member] | |||||||||
Stock issued for services, shares | 35,058 | ||||||||
Stock issued for services | $ 22,168 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Oct. 01, 2015 | May. 18, 2015 | May. 13, 2015 | Feb. 20, 2015 | Jan. 30, 2015 | Oct. 10, 2014 | Feb. 19, 2014 | Feb. 28, 2015 | Dec. 31, 2014 | Apr. 30, 2014 | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 28, 2014 |
Subsequent Event [Line Items] | |||||||||||||||||||
Stock issued for services, shares | 520,000 | ||||||||||||||||||
Stock issued during period for settlement of accounts payable, shares | 34,312 | 700,000 | |||||||||||||||||
Notes payable converted into common stock | 2,149,016 | ||||||||||||||||||
Warrants exercise per share | $ 1 | ||||||||||||||||||
Stock issued during the period for settlement of accounts payable | $ 21,864 | $ 175,000 | |||||||||||||||||
Proceeds from note payable | $ 236,850 | $ 384,900 | |||||||||||||||||
Amount on notes payable converted into common stock | $ 537,254 | ||||||||||||||||||
Directors And Employees [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Stock issued for services, shares | 575,000 | ||||||||||||||||||
H. E. Capital S.A [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Debt converted into free trading shares value | $ 30,000 | ||||||||||||||||||
Debt converted into the free trading shares | 150,000 | ||||||||||||||||||
Vendors [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Promissory note | $ 23,000 | $ 23,000 | |||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Stock issued for services, shares | 100,000 | ||||||||||||||||||
Stock issued during period for settlement of accounts payable, shares | 1,233,031 | 65,294 | 613,750 | ||||||||||||||||
Notes payable converted into common stock | 1,500,000 | 4,150,000 | |||||||||||||||||
Number of warrants issued for professional services | 875,170 | 1,500,000 | 650,000 | ||||||||||||||||
Warrants term | 5 years | 5 years | 5 years | ||||||||||||||||
Warrants exercise per share | $ 0.08 | $ 0.10 | $ 0.10 | $ 0.10 | |||||||||||||||
Number of shares vesting during the period | 175,034 | 130,000 | 62,500 | ||||||||||||||||
Stock issued during the period for settlement of accounts payable | $ 98,643 | $ 11,100 | |||||||||||||||||
Amount on notes payable converted into common stock | $ 45,000 | ||||||||||||||||||
Subsequent Event [Member] | Service Agreement [Member] | March 31 2016 [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Warrants exercise per share | $ 0.10 | $ 0.10 | |||||||||||||||||
Number of warrants issued for settlement of common stock shares | 1,500,000 | ||||||||||||||||||
Subsequent Event [Member] | Some States [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Percentage of royalties rate | 3.00% | ||||||||||||||||||
Subsequent Event [Member] | Other States [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Percentage of royalties rate | 5.50% | ||||||||||||||||||
Subsequent Event [Member] | Directors And Employees [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Stock issued for services, shares | 600,000 | ||||||||||||||||||
Subsequent Event [Member] | H. E. Capital S.A [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Promissory note | $ 170,000 | $ 170,000 | |||||||||||||||||
Debt instrument maturity date description | The promissory note owed by the Company in the amount of $170,000 was extended from 11/15/14 to 11/15/15. H.E. Capital extended the maturity date of the promissory note made between the Company and H.E. Capital on 12/3/10 from 12/31/2014 to 12/31/15. On 10/15/14, the Company accepted the resignation of Lou Perches as a director of the board and as the COO at his request. | ||||||||||||||||||
Debt converted into free trading shares value | $ 30,000 | ||||||||||||||||||
Debt converted into the free trading shares | 150,000 | ||||||||||||||||||
Number of free trading shares issued during the period | 125,000 | 25,000 | |||||||||||||||||
Subsequent Event [Member] | Vendors [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Number of free trading shares issued for satisfying a disputed obligation to related party | 150,000 | ||||||||||||||||||
Subsequent Event [Member] | Cenco Leasing Company, Inc [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Promissory note | $ 90,000 | ||||||||||||||||||
License fee | $ 25,000 | ||||||||||||||||||
Subsequent Event [Member] | EraStar [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Promissory note | $ 120,000 | ||||||||||||||||||
Proceeds from note payable | 20,000 | ||||||||||||||||||
Proceeds from issuance of free trading shares | $ 20,000 | ||||||||||||||||||
Subsequent Event [Member] | EraStar [Member] | Settlement Agreement [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Stock issued for services, shares | 350,000 | ||||||||||||||||||
Number of common stock shares issued for full consideration of contractual obligations | 370,000 | ||||||||||||||||||
Subsequent Event [Member] | Valuecorp Trading Company [Member] | Debt Settlement Agreement [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Notes payable converted into common stock | 833,333 | ||||||||||||||||||
Debt conversion price per share | $ 0.03 | ||||||||||||||||||
Amount on notes payable converted into common stock | $ 25,000 | ||||||||||||||||||
Subsequent Event [Member] | Director And CEO [Member] | Restricted Stock [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Notes payable converted into common stock | 3,625,000 | ||||||||||||||||||
Debt conversion price per share | $ 0.04 | ||||||||||||||||||
Amount on notes payable converted into common stock | $ 145,000 | ||||||||||||||||||
Subsequent Event [Member] | Consultants [Member] | March 31 2016 [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Warrants exercise per share | $ 0.10 | $ 0.10 | |||||||||||||||||
Number of warrants issued for settlement of common stock shares | 1,500,000 | ||||||||||||||||||
Subsequent Event [Member] | Individual [Member] | March 31 2016 [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Promissory note | $ 134,000 | $ 134,000 | |||||||||||||||||
Debt interest rate | 8.00% | 8.00% | |||||||||||||||||
Subsequent Event [Member] | Third Party [Member] | March 31 2016 [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Debt interest rate | 8.00% | 8.00% |