Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Jun. 03, 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, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 23,926,757 | |
Trading Symbol | GETH | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash | $ 145 | $ 7,227 |
Other current assets | 6,426 | 6,426 |
Total current assets | 6,571 | 13,653 |
TOTAL ASSETS | 6,571 | 13,653 |
CURRENT LIABILITIES | ||
Accounts payable | 610,715 | $ 575,417 |
Accounts payable-related party | 5,881 | |
Accrued expenses | 2,367,719 | $ 3,007,197 |
Secured debentures payable | 305,000 | 395,000 |
Loan payable - other | 529,882 | 454,982 |
Total current liabilities | 3,819,197 | 4,432,596 |
TOTAL LIABILITIES | $ 3,819,197 | $ 4,432,596 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock, $0.001 par value, 25,000,000 shares authorized, 0 shares issued and outstanding | ||
Common stock, $0.001 par value, 250,000,000 shares authorized, 23,926,757 and 17,503,432 shares issued and outstanding | $ 23,927 | $ 17,503 |
Additional paid in capital | 16,568,787 | 15,447,308 |
Deficit accumulated during development stage | (20,405,340) | (19,883,754) |
Total stockholders' equity (deficit) | (3,812,626) | (4,418,943) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 6,571 | $ 13,653 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
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 | 23,926,757 | 17,503,432 |
Common stock, shares outstanding | 23,926,757 | 17,503,432 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING EXPENSES | ||||
Wages and professional fees | $ 90,000 | $ 252,048 | $ 311,689 | $ 1,105,405 |
General and administrative | 48,637 | 492,768 | 210,431 | 925,144 |
Total operating expenses | 138,637 | 744,816 | 522,120 | 2,030,549 |
NON-OPERATING EXPENSES | ||||
Interest expense | $ 20,911 | $ 27,861 | 62,383 | $ 82,352 |
Vendor judgement award | 42,111 | |||
(Gain) or Loss on debt conversion | $ 15,000 | $ (66,727) | 15,000 | $ 775,188 |
Total non-operating expenses | 35,911 | (38,866) | 119,494 | 857,540 |
NET (LOSS) FROM OPERATIONS | $ (174,548) | $ (705,950) | (641,614) | $ (2,888,089) |
OTHER INCOME: | ||||
Territorial Licencee Fee-Plants | 120,028 | |||
Total Other Income | 120,028 | |||
NET (LOSS) | $ (174,548) | $ (705,950) | $ (521,586) | $ (2,888,089) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 22,593,489 | 11,867,908 | 19,242,202 | 9,699,431 |
NET (LOSS) PER SHARE | $ (0.01) | $ (0.06) | $ (0.03) | $ (0.30) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) | $ (521,586) | $ (2,888,089) |
Adjustments to reconcile net (loss) to net cash used in operating activities: | ||
Common stock issued for services | 258,645 | |
Common stock issued for services, related party | 525,213 | |
Loss on debt conversion | $ 15,000 | 775,188 |
(Gain) Loss on settlement of accounts payable & accrued salaries | (6,529) | $ 113,000 |
Company liabilities paid direct | 2,400 | |
Debt increase as a result of a consulting agreement | 45,000 | $ 45,000 |
Warrants issued for services | 151,508 | |
Note and accrued interest extinguished for territorial licenses fees-plants | $ (95,028) | |
Impairment expense | $ 33,333 | |
Change in assets and liabilities | ||
(Increase) in deposits and other current assets | 955 | |
Accounts payable-related party | $ 5,881 | 7,417 |
Increase in accounts payable and accrued expenses | 323,772 | 898,929 |
Net cash (used in) operating activities | $ (79,582) | $ (230,409) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net cash (used in) investing activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds received from loan payable - other | $ 72,500 | $ 236,850 |
Net cash provided by financing activities | 72,500 | 236,850 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | (7,082) | 6,441 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 7,227 | 185 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | $ 145 | $ 6,626 |
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Common stock issued for subscriptions receivable | ||
Cash paid during the period for: | ||
Interest | ||
NON-CASH SUPPLEMENTAL INFORMATION: | ||
Conversion of loans payable for common stock | $ 45,000 | $ 537,254 |
Shares issued for accounts payable and accruals | 56,175 | 326,957 |
Common shares issued for related party accrued salary | 145,000 | $ 821,108 |
Related party accrued salary relinguished | $ 721,749 | |
Accounts payable assigned to notes | $ 23,000 | |
Warrants exercised for accrued salary | $ 15,000 | |
Debt assigned to a third party | $ 57,500 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
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, we formed two Limited Liability Companies in Texas for the purpose of finding plant locations in Texas. As of September 30, 2015, there was no activity in either of the two LLCs. These two Limited Liability Companies will be dissolved unless a suitable location is found for each. 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 invoices on behalf 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. On July 1, 2015, the CEO and Director of the Company assigned 98% of their interest back to the Company. We already owned 1%, but now own 99%. The Financial Statements presented herein have been prepared by us in accordance with the accounting policies described in our December 31, 2014 and 2013 audited financial statements included in Form 10-K and should be read in conjunction with the Notes to the Financial Statements which appear in that report. The preparation of these financial statements are 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, 2015 and 2014. 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 adopt early 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. Principles of consolidation The consolidated financial statements include the accounts of 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. Reclassificaion-Certain reclassifications have been made to the prior periods financial statements to conform to the current periods presentation. |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2015 | |
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 we will be able to realize our assets and discharge our liabilities in the normal course of business for the foreseeable future. For the nine months ended September 30, 2015, we had a net loss of $521,586. We also have a working capital deficit of $3,812,626 and we have accumulated a deficit of $20,405,340. Further losses are anticipated in the development of our business raising substantial doubt about our ability to continue as a going concern. The ability to continue as a going concern is dependent upon us generating profitable operations in the future and/or to obtain the necessary financing to meet our obligations and repay our 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 - Other
Loan Payable - Other | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Loan Payable - Other | Note 3 Loan Payable Other We have an unsecured line of credit with H. E. Capital, S. A. The line of credit accrues interest at the rate of 8% per annum. The due date of the line of credit has been extended to December 31, 2016. Balance of the line of credit at September 30, 2015 was $189,882 with accrued interest in the amount of $95,207. We also have an agreement with H.E. Capital wherein we pay $5,000 monthly for financial services. As of September 30, 2015, $45,000 was due under these terms. On May 18, 2015, we approved the Debt Assignment Agreement dated 5/18/2015 between H.E. Capital S.A. and Valuecorp Trading Company wherein Valuecorp Trading will pay H.E. Capital $25,000 to satisfy the assignment. We also approved the Debt Settlement Agreement dated 5/19/2015 between the Company and Valuecorp Trading Company. We will issue 833,333 shares of common stock to Valuecorp Trading Company at $0.03 per share to satisfy the $25,000 debt assignment. However, on June 8, 2015 Valuecorp only paid $12,500 of the assignment to HEC and a note was issued to Valuecorp in the amount of $12,500 and HEC LOC note was reduced by the same amount. It is approved for Valuecorp to receive only 416,667 shares of the Companys common stock for the conversion of its $12,500 note when presented to the Company for conversion. To date, this note has not been presented. On July 8, 2015, we approved the Debt Assignment Agreement dated 7/8/2015 between H.E. Capital S.A. and Black Lion Oil Limited wherein H.E. Capital assigned $45,000 of its line of credit. We also approved the conversion of the assignment into 1,500,000 common shares at $0.03 per share. There was a loss of $15,000 on this conversion when the shares were issued on July 17, 2015. A schedule of the H. E. Capital loan activity with use for 2015 is as follows: H. E. Capital S.A. transactions for 2015 September 30, 2015 December 31, 2014 Beginning Balance $ 127,482 $ 616,772 Proceeds 72,500 170,700 Vendors paid direct on behalf of the Company 2,400 19,510 Reclassification from accounts payable - 53,000 Consulting fees 45,000 60,000 Assignments (57,500 ) (445,000 ) Non-cash conversions - (347,500 ) Ending Balance $ 189,882 $ 127,482 We issued an 8% promissory note in the amount of $150,000 on March 19, 2013 to a private investor. This note is extended to December 31, 2016. The Company used the proceeds from this note for working capital. As of September 30, 2015 this loan has an outstanding balance of $150,000 and accrued interest in the amount of $30,575. On January 24, 2011, we entered into a series of securities purchase agreements with accredited investors pursuant to which we 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 us and the investors. As of September 30, 2015 these secured debentures have an outstanding balance of $305,000 and accrued interest in the amount of $190,657. These debentures are in default and the Company is in negotiations with the holders for extensions. We entered into two new note agreements with Cenco Leasing Company, Inc. during the second quarter of 2014. 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 the balance was used for working capital. These notes are collateralized by assets of the Company and can be repaid by common stock of the Company when presented for payment. These notes were satisfied in full when on January 30, 2015, we entered into a license agreement with Cenco Leasing Company, Inc. (Cenco) wherein we have given exclusive license rights to Cenco for the states of 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%). As part of the agreement, the two notes to Cenco in the amount of $90,000 with accrued interest in the amount of $5,028 were returned to us. Cenco also paid us an additional $25,000 as a license fee for another state. The total amount of $120,028 was recorded in the statement of operations as a territorial license fee. On January 30, 2015, in conjunction with the execution of the agreement between us and Cenco, we 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 in the amount of $721,749 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. We also have two other notes outstanding in the amount of $7,500 and $170,000 respectively. These notes are to private parties and accrue interest at the rate of 8%. These notes have been extended to December 31, 2016. As of September 30, 2015, their accrued interest was $5,630 and $39,086 respectively. The total in loans payable as of September 30, 2015 was $834,882 and accrued interest was $361,470. |
Commitment and Contingency
Commitment and Contingency | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment and Contingency | Note 4 Commitment and Contingency During the fourth quarter 2014, we were faced with satisfying a disputed obligation with one of our 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, we entered into an agreement with H. E. Capital, S.A. to convert $30,000 of its Line of Credit Note with us into 150,000 of our free trading shares. H. E. Capital S.A. converted the required portion of its debt from us 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. We accrued the $30,000 liability on our books until the debt was totally satisfied in February 2015. On or about June 18, 2015, the Plaintiff moved for a judgment alleging we defaulted under the terms of the Settlement Agreement. The Plaintiffs position was that the Settlement Shares were unsellable since we were delinquent in our periodic filings under the Securities Exchange Act of 1934, as amended. On June 23, 2015, we filed an opposition to the Plaintiffs pleadings. On June 29, 2015 the Court entered a judgment in favor of the Plaintiff in the amount of $42,111. We have recorded the liability. We have the right to appeal the judgment for a period of one year from the date of judgment and we are reserving our right to appeal. To date, the judgment remains unsatisfied. On May 13, 2015, we agreed with EraStar, one of our vendors, to resolve the outstanding balance of $120,000 owed to EraStar by us for an amount of $20,000 or issue 20,000 free trading shares on or before 12/30/15. The due date for the issue of the free trading shares was extended to the end of 2016. Also see Subsequent Events October 1, 2015 for additional information. 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. The original agreement called for Cenco to demonstrate to the Company that it had obtained funding in the amount of $2,800,000 on or before June 30, 2015. The performance date was extended to July 31, 2015 in the amendment. The amendment also provided the failure to demonstrate the benchmark dollar amount by the extended due date, the territorial exclusivity rights in the original agreement would be lost. It was agreed in the amendment for Cenco to assign all of its rights and obligations in the license agreement to GEN2 WTE, LLC. (GEN2). Neither Cenco nor GEN2 performed before the extension due date. The exclusive right was lost for non-performance. On July 1, 2015, we accepted a 98% interest in a California Limited Liability Company which will operate as a partnership. We previously owned 1% of the LLC, but will now own 99%. The Companys CEO previously owned 99%, but will now retain 1% ownership. The purpose of the LLC is for future operational purposes. To date there are no operating activities in the LLC. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Equity | Note 5 Equity Common Stock We have 250,000,000 common shares of $0.001 par value stock authorized. On December 31, 2014, we had 17,503,432 common shares outstanding. As of September 30, 2015 we had 23,926,757 common shares outstanding. On March 24, 2015, we issued 65,294 common shares to settle accounts payable in the amount of $11,100. There was a gain of $6,529 on the accounts payable conversion. On July 17, 2015, we issued 1,500,000 common shares to settle a note in the amount of $45,000. There was a loss of $15,000 on this conversion. On July 20, 2015, we issued 3,875,000 restricted common shares at $0.04 per share to settle accrued salary in the amount of $145,000 to our CEO. We also issued 1,233,031 restricted common shares at $0.04 per share to settle back rent in the amount of $45,075. Warrants On October 10, 2014, we issued 650,000 warrants to an attorney. These warrants are convertible into common shares within 5 years of issuance at an exercise price of $0.10 per warrant. 130,000 warrants vested when issued and 130,000 vested the 10th of the following four months after issue date. These warrants were fully vested during the first quarter of 2015. We have expensed $27,090 in warrants for services for these warrants through September 30, 2015. On January 1, 2015, we 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. 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 us on product identify specifications for carbon black and oil outputs, suggest methods to increase the values of carbon char and tire oil from our processes and suggest methods of carbon black and oil finishing equipment solutions and other services related to tire pyrolysis as requested. On January 1, 2015 we granted the consultant 1,500,000 (one million and five hundred thousand) warrants as compensation. These warrants have an exercise price of $0.10 per share. These warrants will fully vest on the completion of this agreement. The completion date is February 1, 2016. We have expensed $20,691 in warrants for services for these warrants through September 30, 2015. On January 1, 2015, we issued 1,500,000 five year warrants for professional engineering services exercisable at $0.10 per share and vesting 62,500 shares per month starting on the 1 st On February 20, 2015, we issued 875,170 five year warrants for professional legal services exercisable at $0.08 per share and vesting 175,034 shares per month starting on the 1 st On February 23, 2015, we issued 875,171 five year warrants for engineering services exercisable at $0.08 per share and vesting 79,561 shares per month starting on the 1 st We signed an addendum to the warrant agreements on December 17, 2015 to accelerate all warrants not already vested, to be totally vested on February 1, 2016. The total warrant expense recognized for the nine months ended June 30, 2015 was $151,508. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 6 Subsequent Events: On October 1, 2015, we agreed with EraStar to an amendment to the May 13, 2015 Settlement wherein for the 350,000 shares currently issued to EraStar for services rendered, GETH may cancel these shares and reissue a total of 370,000 shares to EraStar or its assigns as directed for full consideration of contractual obligations. On December 17, 2015, we signed an addendum to all the warrant agreements to accelerate all warrants not already vested, to be totally vested on February 1, 2016. On December 29, 2015, we approved H.E. Capital S.A.s (HEC) request to assign to a private individual $12,500 of its Line of Credit Note. This approval was requested to fulfill the $25,000 assignment to Valuecorp Trading Company requested and approved on May 18, 2016, but Valuecorp only paid H.E. Capital $12,500. We approved the conversion of the $12,500 into shares of the Companys common stock at the rate of $0.03 per share. When completed the conversion would be a total of 416,667 shares of free trading stock and the HEC Line of Credit Note will be reduced by $12,500. We issued to the individual a note in the amount of $12,500 and reduced the HEC Line of Credit Note by the same amount. To date these shares have not been issued. During the first quarter of 2016, we issued 1,500,000 warrants for our stock at $0.10 per share in settlement of a services rendered to assist our CEO. These warrants were fully vested on the date of issuance. On February 1, 2016, we issued an 8%, $134,000 Note Payable to an individual for funds received. We then wired these 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. We intend to be a majority owner of this third party company in the future by issuing licensing agreements for the use of our technology. In March 2016, we requested and the third party company agreed to be totally responsible for the $134,000 note to the individual and the note was assigned and accepted by the third party company with the individual note holders approval. |
Loan Payable - Other (Tables)
Loan Payable - Other (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of H E Capital Loans Activity | A schedule of the H. E. Capital loan activity with use for 2015 is as follows: H. E. Capital S.A. transactions for 2015 September 30, 2015 December 31, 2014 Beginning Balance $ 127,482 $ 616,772 Proceeds 72,500 170,700 Vendors paid direct on behalf of the Company 2,400 19,510 Reclassification from accounts payable - 53,000 Consulting fees 45,000 60,000 Assignments (57,500 ) (445,000 ) Non-cash conversions - (347,500 ) Ending Balance $ 189,882 $ 127,482 |
Basis of Presentation and Acc13
Basis of Presentation and Accounting Policies (Details Narrative) | Jul. 02, 2015 | Sep. 30, 2015 |
Ownership percentage description | On July 1, 2015, we accepted a 98% interest in a California Limited Liability Company which will operate as a partnership. We previously owned 1% of the LLC, but will now own 99%. The Companyâs CEO previously owned 99%, but will now retain 1% ownership. The purpose of the LLC is for future operational purposes. To date there are no operating activities in the LLC. | |
CEO And Director [Member] | ||
Percentage of ownership of another company | 99.00% | |
Ownership percentage description | As of September 30, 2015, there was no activity in either of the two LLCs. These two Limited Liability Companies will be dissolved unless a suitable location is found for each. 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 invoices on behalf 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. On July 1, 2015, the CEO and Director of the Company assigned 98% of their interest back to the Company. We already owned 1%, but now own 99%. | |
Percentage of assigned interest back to company | 98.00% |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Net loss | $ 174,548 | $ 705,950 | $ 521,586 | $ 2,888,089 | |
Working capital deficit | 3,812,626 | 3,812,626 | |||
Accumulated deficit | $ 20,405,340 | $ 20,405,340 | $ 19,883,754 |
Loan Payable - Other (Details N
Loan Payable - Other (Details Narrative) - USD ($) | Jul. 17, 2015 | Jul. 08, 2015 | Jun. 08, 2015 | May. 18, 2015 | Mar. 19, 2013 | Jan. 24, 2011 | Feb. 28, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Jan. 30, 2015 | Jun. 02, 2014 | May. 05, 2014 |
Short-term Debt [Line Items] | |||||||||||||||||
Debt instruments converted into shares | 1,500,000 | ||||||||||||||||
Debt instruments converted into shares, value | $ 45,000 | ||||||||||||||||
Territorial license fees | $ 120,028 | ||||||||||||||||
Accrued salary | $ 721,749 | ||||||||||||||||
H.E. Capital [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt instruments converted into shares | 1,500,000 | ||||||||||||||||
Debt conversion price per share | $ 0.03 | ||||||||||||||||
Debt instruments converted into shares, value | $ 15,000 | $ 45,000 | |||||||||||||||
Cenco [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Percentage of royalty | 3.00% | 3.00% | |||||||||||||||
Cenco [Member] | Other States [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Percentage of royalty | 5.50% | 5.50% | |||||||||||||||
Territorial license fees | $ 25,000 | ||||||||||||||||
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] | |||||||||||||||||
Accrued interest | $ 5,630 | 5,630 | |||||||||||||||
Other note payable | 7,500 | 7,500 | |||||||||||||||
Other Note Outstanding One [Member] | Cenco [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Accrued interest | 5,028 | 5,028 | |||||||||||||||
Debt face amount | 90,000 | 90,000 | |||||||||||||||
Other Note Outstanding Two [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Accrued interest | $ 39,086 | $ 39,086 | |||||||||||||||
Loans accrue interest rate | 8.00% | 8.00% | |||||||||||||||
Other note payable | $ 170,000 | $ 170,000 | |||||||||||||||
Two Other Notes Outstanding [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Accrued interest | 361,470 | 361,470 | |||||||||||||||
Loans payable | $ 834,882 | 834,882 | |||||||||||||||
H. E. Capital S.A [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt instruments converted into shares | 125,000 | 25,000 | 150,000 | ||||||||||||||
Debt instruments converted into shares, value | $ 30,000 | $ 30,000 | |||||||||||||||
Proceeds from issuance of note payable | $ 72,500 | $ 170,700 | |||||||||||||||
H. E. Capital S.A [Member] | Unsecured Line Of Credit [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Line of credit accrues interest rate | 8.00% | 8.00% | |||||||||||||||
Line of credit due date | Dec. 31, 2016 | ||||||||||||||||
Line of credit | $ 189,882 | $ 189,882 | |||||||||||||||
Accrued interest | 95,207 | 95,207 | |||||||||||||||
Monthly payment amount | 5,000 | ||||||||||||||||
Due to related party | 45,000 | 45,000 | |||||||||||||||
Valuecorp Trading [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt instruments converted into shares | 833,333 | ||||||||||||||||
Debt conversion price per share | $ 0.03 | ||||||||||||||||
Debt instruments converted into shares, value | $ 25,000 | ||||||||||||||||
Repayment of debt | $ 12,500 | ||||||||||||||||
Proceeds from issuance of note payable | $ 12,500 | ||||||||||||||||
Conversion of stock issued | 416,667 | ||||||||||||||||
Conversion of stock amount | $ 12,500 | ||||||||||||||||
Private Investor [Member] | Promissory Note [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Accrued interest | 30,575 | 30,575 | |||||||||||||||
Loans accrue interest rate | 8.00% | ||||||||||||||||
Debt face amount | $ 150,000 | ||||||||||||||||
Debt extended due date | Dec. 31, 2016 | ||||||||||||||||
Loans payable | 150,000 | 150,000 | |||||||||||||||
Accredited Investor [Member] | Securities Purchase Agreements [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Accrued interest | 190,657 | 190,657 | |||||||||||||||
Loans accrue interest rate | 12.00% | ||||||||||||||||
Sale of secured debentures | $ 380,000 | ||||||||||||||||
Secured debentures | 305,000 | 305,000 | |||||||||||||||
Vendors [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Notes payable | $ 23,000 | $ 23,000 |
Loan Payable - Other - Schedule
Loan Payable - Other - Schedule of H E Capital Loans Activity (Details) - H. E. Capital S.A [Member] - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Beginning Balance | $ 127,482 | $ 616,772 |
Proceeds | 72,500 | 170,700 |
Vendors paid direct on behalf of the Company | $ 2,400 | 19,510 |
Reclassification from accounts payable | 53,000 | |
Consulting fees | $ 45,000 | 60,000 |
Assignments | $ (57,500) | (445,000) |
Non-cash conversions | (347,500) | |
Ending Balance | $ 189,882 | $ 127,482 |
Commitment and Contingency (Det
Commitment and Contingency (Details) - USD ($) | Jul. 17, 2015 | Jul. 02, 2015 | Jun. 29, 2015 | May. 13, 2015 | Feb. 28, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2015 |
Debt converted amount | $ 45,000 | |||||||
Debt converted shares issued | 1,500,000 | |||||||
Common shares issued to settle lease obligation | $ 42,111 | |||||||
Obtained funding amount | $ 2,800,000 | |||||||
Ownership percentage description | On July 1, 2015, we accepted a 98% interest in a California Limited Liability Company which will operate as a partnership. We previously owned 1% of the LLC, but will now own 99%. The Companyâs CEO previously owned 99%, but will now retain 1% ownership. The purpose of the LLC is for future operational purposes. To date there are no operating activities in the LLC. | |||||||
CEO [Member] | ||||||||
Percentage of ownership of another company | 99.00% | |||||||
Percentage of assigned interest back to company | 98.00% | |||||||
Vendors [Member] | ||||||||
Common shares issued to settle disputed obligation, shares | 150,000 | |||||||
H. E. Capital S.A [Member] | ||||||||
Debt converted amount | $ 30,000 | $ 30,000 | ||||||
Debt converted shares issued | 125,000 | 25,000 | 150,000 | |||||
Era Star [Member] | ||||||||
Resolve outstanding balance | $ 120,000 | |||||||
Due to related party | $ 20,000 | |||||||
Conversion of stock issued | 20,000 |
Equity (Details Narrative)
Equity (Details Narrative) - USD ($) | Jul. 20, 2015 | Jul. 17, 2015 | Mar. 24, 2015 | Feb. 23, 2015 | Feb. 20, 2015 | Jan. 02, 2015 | Oct. 10, 2014 | Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Jan. 30, 2015 | Dec. 31, 2014 |
Common stock, shares authorized | 250,000,000 | 250,000,000 | 250,000,000 | |||||||||
Common stock, par value per share | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Common stock, shares outstanding | 23,926,757 | 23,926,757 | 17,503,432 | |||||||||
Stock issued during period for settlement of accounts payable, shares | 65,294 | |||||||||||
Stock issued during the period for settlement of accounts payable | $ 11,100 | |||||||||||
Gain on accounts payable conversion | $ 6,529 | |||||||||||
Notes payable converted into common stock | 1,500,000 | |||||||||||
Amount on notes payable converted into common stock | $ 45,000 | |||||||||||
Loss on note conversion | $ 15,000 | |||||||||||
Restricted common shares, issued | 1,233,031 | |||||||||||
Restricted common shares, price per share | $ 0.04 | |||||||||||
Settlement of accrued salary | $ 721,749 | |||||||||||
Settlement of rent | $ 45,075 | |||||||||||
Warrant expences | $ 151,508 | |||||||||||
Attorney [Member] | ||||||||||||
Number of warrants issued during the period | 650,000 | |||||||||||
Warrants term | 5 years | |||||||||||
Warrants exercise per share | $ 0.10 | |||||||||||
Number of warrants vested | 130,000 | |||||||||||
Warrant expences | $ 27,090 | |||||||||||
Consultant [Member] | ||||||||||||
Number of warrants issued during the period | 1,500,000 | |||||||||||
Warrants exercise per share | $ 0.10 | |||||||||||
Number of warrants vested | 62,500 | |||||||||||
Warrant expences | 20,691 | |||||||||||
Professional Engineering [Member] | ||||||||||||
Number of warrants issued during the period | 1,500,000 | |||||||||||
Warrants term | 5 years | |||||||||||
Warrants exercise per share | $ 0.10 | |||||||||||
Number of warrants vested | 62,500 | |||||||||||
Warrant expences | 28,590 | |||||||||||
Professional Services [Member] | ||||||||||||
Number of warrants issued during the period | 875,170 | |||||||||||
Warrants term | 5 years | |||||||||||
Warrants exercise per share | $ 0.08 | |||||||||||
Number of warrants vested | 175,034 | |||||||||||
Warrant expences | 46,189 | |||||||||||
Engineering Services [Member] | ||||||||||||
Number of warrants issued during the period | 875,171 | |||||||||||
Warrants term | 5 years | |||||||||||
Warrants exercise per share | $ 0.08 | |||||||||||
Number of warrants vested | 79,561 | |||||||||||
Warrant expences | $ 28,948 | |||||||||||
Chief Executive Officer [Member] | ||||||||||||
Restricted common shares, issued | 3,875,000 | |||||||||||
Restricted common shares, price per share | $ 0.04 | |||||||||||
Settlement of accrued salary | $ 145,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Dec. 29, 2015 | Oct. 01, 2015 | Jul. 17, 2015 | Mar. 24, 2015 | Mar. 31, 2016 | Feb. 01, 2016 |
Subsequent Event [Line Items] | ||||||
Notes payable converted into common stock | 1,500,000 | |||||
Amount on notes payable converted into common stock | $ 45,000 | |||||
Stock issued during period for settlement of accounts payable, shares | 65,294 | |||||
Subsequent Event [Member] | Valuecorp [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Line of credit note | $ 25,000 | |||||
Notes payable converted into common stock | 416,667 | |||||
Debt conversion price per share | $ 0.03 | |||||
Amount on notes payable converted into common stock | $ 12,500 | |||||
Subsequent Event [Member] | Private Individual [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Line of credit note | $ 12,500 | |||||
Subsequent Event [Member] | Individual [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Line of credit note | $ 134,000 | |||||
Debt interest rate | 8.00% | |||||
Subsequent Event [Member] | Third Party [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Line of credit note | $ 134,000 | |||||
Debt interest rate | 8.00% | |||||
Subsequent Event [Member] | Settlement Agreement [Member] | Era Star [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] | Service Agreement [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of warrants issued for stock | 1,500,000 | |||||
Warrants exercise per share | $ 0.10 |