Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Jun. 30, 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 | Mar. 31, 2016 | |
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 | Q1 | |
Document Fiscal Year Focus | 2,016 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash | $ 159 | $ 8,076 |
Other current assets | 6,426 | 6,426 |
Total current assets | 6,585 | 14,502 |
TOTAL ASSETS | 6,585 | 14,502 |
CURRENT LIABILITIES | ||
Accounts payable | 661,673 | 641,371 |
Accounts payable-related party | 6,625 | |
Accrued expenses | 2,547,587 | 2,449,012 |
Secured debentures payable | 305,000 | 305,000 |
Loan payable – other | 619,082 | 594,082 |
Total current liabilities | 4,133,342 | 3,996,090 |
TOTAL LIABILITIES | 4,133,342 | 3,996,090 |
STOCKHOLDERS’ EQUITY (DEFICIT) | ||
Preferred stock, $0.001 par value, 25,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2016 and December 31, 2015 | ||
Common stock, $0.001 par value, 250,000,000 shares authorized, 23,926,757 and 23,926,757 shares issued and outstanding as of March 31, 2016 and December 31, 2015 | 23,927 | 23,927 |
Additional paid in capital | 16,640,994 | 16,589,838 |
Accumulated Deficit | (20,791,678) | (20,595,353) |
Total stockholders’ equity (deficit) | (4,126,757) | (3,981,588) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ 6,585 | $ 14,502 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 | 23,926,757 |
Common stock, shares outstanding | 23,926,757 | 23,926,757 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING EXPENSES | ||
Wages and professional fees | $ 153,796 | $ 178,461 |
General and administrative | 20,068 | 33,914 |
Total operating expenses | 173,864 | 212,375 |
NET LOSS FROM OPERATIONS | 173,864 | 212,375 |
OTHER (INCOME) EXPENSES: | ||
Interest expense | 22,461 | 21,019 |
Vendor judgement award | 42,111 | |
Loss on debt conversion | (6,529) | |
Territorial Licencee Fee-Plants | (120,028) | |
Total non-operating expenses | 22,461 | (63,427) |
NET (LOSS) | $ (196,325) | $ (148,948) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED | 23,926,757 | 17,508,510 |
NET (LOSS) PER SHARE - BASIC AND DILUTED | $ (0.01) | $ (0.01) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) | $ (196,325) | $ (148,948) |
Adjustments to reconcile net (loss) to net cash used in operating activities: | ||
Loss (gain) on debt conversion | (6,529) | |
Debt increase as a result of a consulting agreement | 15,000 | 15,000 |
Warrants issued for services | 51,156 | 47,996 |
Change in assets and liabilities | ||
Note principal & interest extinguished for licenses to build plants | (95,028) | |
Increase in accounts payable and accrued expenses | 112,252 | 164,019 |
Net cash (used in) operating activities | (17,917) | (23,490) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds received from loan payable - other | 144,000 | 17,000 |
Debt transferred out due to assignment | (134,000) | |
Net cash provided by financing activities | 10,000 | 17,000 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | (7,917) | (6,490) |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 8,076 | 7,227 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 159 | 737 |
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Common stock issued for subscriptions receivable | ||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest | ||
INCOME TAXES | ||
NON-CASH SUPPLEMENTAL INFORMATION: | ||
Equity adjustment for accrued salary of officer | 721,749 | |
Shares issued for accounts payable and accruals | $ 11,100 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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. The Financial Statements presented herein have been prepared by us in accordance with the accounting policies described in our December 31, 2015 and 2014 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 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 three-months period ended March 31, 2016, and 2015. 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. |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016, we had a net loss of $196,325. We also have a working capital deficit of $4,126,757 and we have accumulated a deficit of $20,791,678. 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 was $266,582 with accrued interest in the amount of $104,875. We also have an agreement with H.E. Capital wherein we pay $5,000 monthly for financial services. As of March 31, 2016, $15,000 was due under these terms. A schedule of the H. E. Capital loan activity with use for 2016 is as follows: March 31, 2016 December 31, 2015 H. E. Capital S.A. transactions for 2016 Beginning Balance $ 241,582 $ 127,482 Proceeds 10,000 121,700 Vendors paid direct on behalf of the Company - 2,400 Reclassification from accounts payable - - Consulting fees 15,000 60,000 Assignments - (70,000 ) Non-cash conversions - - Ending Balance $ 266,582 $ 241,582 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 March 31, 2016 this loan has an outstanding balance of $150,000 and accrued interest in the amount of $38,096. 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 March 31, 2016 these secured debentures have an outstanding balance of $305,000 and accrued interest in the amount of $209,262. These debentures are in default and the Company is in negotiations with the holders for extensions. 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 12% and 8% respectively. Both notes have been extended to December 31, 2016. As of March 31, 2016, their accrued interest was $6,081 and $45,904 respectively. On May 18, 2015, we approved the Debt Assignment Agreement dated 5/18/2015 between H.E. Capital S.A. and Valuecorp Trading Company. 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 $25,000 of the debt dated 12/3/2010. 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. As of March 31, 2016, the accrued interest on this note was $816. 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 requested and approved on May 18, 2016, but only $12,500 was paid. We approved the request and 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. As of March 31, 2016, the accrued interest on this note was $257. On February 1, 2016, we issued an 8%, $134,000 Note Payable to an individual for the funds they wired into our account. 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. The total in loans payable as of March 31, 2016 was $924,082 and accrued interest was $405,293. |
Commitment and Contingency
Commitment and Contingency | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment and Contingency | Note 4 Commitment and Contingency 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. 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. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015, we had 23,926,757 common shares outstanding. As of March 31, 2016 we had 23,926,757 common shares outstanding. We have not issued any shares of stock for the three months ended March 31, 2016. Warrants 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. We issued 1,500,000 common stock warrants to an engineer in January 2015. These warrants convert within 5 years of issuance $0.10 per warrant. 62,500 warrants vest monthly starting the month after issuance. There were 687,500 warrants fully vested at the end of 2015. These warrants were valued at $34,926 at December 31, 2015 by the Black-Sholes method. These warrants were valued at $51,458 by the Black-Sholes method on February 1, 2016 which resulted in an increase in valuation in the amount of $16,532 which was reported in the three months ended March 31, 2016. We issued 1,500,000 common stock warrants to a consultant in January 2015. These warrants convert within 5 years of issuance $0.10 per warrant. All of these warrants vest on February 1, 2016. These warrants were valued at $27,588 at December 31, 2015 by the Black-Sholes method. These warrants were valued at $29,888 by the Black-Sholes method on February 1, 2016 which resulted in an increase in valuation in the amount of $2,300 which was reported in the three months ended March 31, 2016. We issued 875,171 common stock warrants to the engineer in February 2015. These warrants convert within 5 years of issuance $0.08 per warrant. 79,561 warrants vest monthly starting the month after issuance. There were 795,610 warrants fully vested at the end of 2015. These warrants were valued at $36,766 at December 31, 2015 by the Black-Sholes method. These warrants were valued at $39,090 by the Black-Sholes method on February 1, 2016 which resulted in an increase in valuation in the amount of $2,324 which was reported in the three months ended March 31, 2016. On February 1, 2016, we issued 1,500,000 warrants for common stock at $0.10 per share in settlement of services rendered to assist our CEO. These warrants were fully vested on the date of issuance and were valued at $30,000 on that date by the Black-Sholes method. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 6 Subsequent Events: On May 18, 2016, the Company issued an eight percent (8%) Note Payable to a private company for the $53,500 funds it received on the same date. These funds were used for working capital. This note was paid in full on June 2, 2016 from an increase in the line of credit from H. E. Capital, S.A. |
Loan Payable - Other (Tables)
Loan Payable - Other (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of H E Capital Loans Activity | A schedule of the H. E. Capital loan activity with use for 2016 is as follows: March 31, 2016 December 31, 2015 H. E. Capital S.A. transactions for 2016 Beginning Balance $ 241,582 $ 127,482 Proceeds 10,000 121,700 Vendors paid direct on behalf of the Company - 2,400 Reclassification from accounts payable - - Consulting fees 15,000 60,000 Assignments - (70,000 ) Non-cash conversions - - Ending Balance $ 266,582 $ 241,582 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net loss | $ 196,325 | $ 148,948 | |
Working capital deficit | 4,126,757 | ||
Accumulated deficit | $ 20,791,678 | $ 20,595,353 |
Loan Payable - Other (Details N
Loan Payable - Other (Details Narrative) - USD ($) | May 18, 2016 | Dec. 29, 2015 | Jun. 08, 2015 | May 18, 2015 | Mar. 19, 2013 | Mar. 31, 2016 | Dec. 31, 2015 | Feb. 01, 2016 | Jan. 24, 2011 |
Short-term Debt [Line Items] | |||||||||
Loans payable | $ 924,082 | ||||||||
Accrued interest | 405,293 | ||||||||
Promissory Note [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Accrued interest, current | 38,096 | ||||||||
Loans payable | $ 150,000 | ||||||||
Debt face amount | $ 150,000 | ||||||||
Debt accrued interest rate | 8.00% | ||||||||
Debt extended due date | Dec. 31, 2016 | ||||||||
Promissory Note On Individual One [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Debt face amount | $ 134,000 | ||||||||
Debt accrued interest rate | 8.00% | ||||||||
Notes payable, related parties | $ 134,000 | ||||||||
H. E. Capital S.A [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Line of credit accrues interest rate | 8.00% | ||||||||
Line of credit due date | Dec. 31, 2016 | ||||||||
Line of credit | $ 12,500 | $ 266,582 | |||||||
Accrued interest, current | 257 | 104,875 | |||||||
Financial services | 5,000 | ||||||||
Loans payable | $ 15,000 | ||||||||
Debt face amount | $ 25,000 | ||||||||
Debt instruments converted into shares | 416,667 | 150,000 | |||||||
Debt conversion price per share | $ 0.03 | ||||||||
Debt instruments converted into shares, value | $ 12,500 | $ 30,000 | |||||||
Repayment of debt | $ 12,500 | ||||||||
Proceeds from issuance of note payable | 10,000 | $ 121,700 | |||||||
Line of credit note reduced | $ 12,500 | ||||||||
Accredited Investor [Member] | Securities Purchase Agreements [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Accrued interest, current | $ 209,262 | ||||||||
Loans payable | 305,000 | ||||||||
Debt face amount | $ 380,000 | ||||||||
Debt accrued interest rate | 12.00% | ||||||||
Accredited Investor [Member] | Note One [Member] | Securities Purchase Agreements [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Accrued interest, current | 6,081 | ||||||||
Loans payable | $ 7,500 | ||||||||
Debt accrued interest rate | 12.00% | ||||||||
Debt extended due date | Dec. 31, 2016 | ||||||||
Accredited Investor [Member] | Note Two [Member] | Securities Purchase Agreements [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Accrued interest, current | $ 45,904 | ||||||||
Loans payable | $ 170,000 | ||||||||
Debt accrued interest rate | 8.00% | ||||||||
Debt extended due date | Dec. 31, 2016 | ||||||||
Valuecorp Trading [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Accrued interest, current | $ 816 | ||||||||
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, shares issued | 416,667 | ||||||||
Conversion of stock, value issued | $ 12,500 |
Loan Payable - Other - Schedule
Loan Payable - Other - Schedule of H E Capital Loans Activity (Details) - H. E. Capital S.A [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Beginning Balance | $ 241,582 | $ 127,482 |
Proceeds | 10,000 | 121,700 |
Vendors paid direct on behalf of the Company | 2,400 | |
Reclassification from accounts payable | ||
Consulting fees | 15,000 | 60,000 |
Assignments | (70,000) | |
Non-cash conversions | ||
Ending Balance | $ 266,582 | $ 241,582 |
Commitments (Details Narrative)
Commitments (Details Narrative) - Era Star [Member] | May 13, 2015USD ($)shares |
Resolve outstanding balance | $ | $ 120,000 |
Due to related party | $ | $ 20,000 |
Issuance of free trading shares | 20,000 |
Debt extended due date | Dec. 31, 2016 |
Settlement Agreement [Member] | |
Number of common stock shares issued for services | 350,000 |
Number of common stock shares issued for full consideration of contractual obligations | 370,000 |
Equity (Details Narrative)
Equity (Details Narrative) - USD ($) | Feb. 01, 2016 | Feb. 28, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 |
Common stock, shares authorized | 250,000,000 | 250,000,000 | |||||
Common stock, par value per share | $ 0.001 | $ 0.001 | |||||
Common stock, shares outstanding | 23,926,757 | 23,926,757 | |||||
Number of warrants issued during the period | 1,500,000 | ||||||
Warrants exercise per share | $ 0.10 | ||||||
Warrant expences | $ 30,000 | $ 51,156 | $ 47,996 | ||||
Engineer [Member] | |||||||
Number of warrants issued during the period | 1,500,000 | ||||||
Warrants term | 5 years | ||||||
Warrants exercise per share | $ 0.10 | $ 0.10 | |||||
Number of warrants vested | 62,500 | 687,500 | |||||
Warrant expences | 51,458 | $ 34,926 | |||||
Increase in valuation in the amount | 16,532 | ||||||
Consultant [Member] | |||||||
Number of warrants issued during the period | 1,500,000 | ||||||
Warrants term | 5 years | ||||||
Warrants exercise per share | $ 0.10 | $ 0.10 | |||||
Warrant expences | 29,888 | $ 27,588 | |||||
Increase in valuation in the amount | 2,300 | ||||||
Engineer One [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 | 795,610 | |||||
Warrant expences | $ 39,090 | $ 36,766 | |||||
Increase in valuation in the amount | $ 2,324 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) | May 18, 2016 | Mar. 18, 2016 |
Subsequent Event [Line Items] | ||
Debt interest rate | 8.00% | |
Proceeds from issuance of note payable | $ 53,500 | |
Debt maturity date | Jun. 2, 2016 |