Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Apr. 07, 2015 | Jun. 30, 2014 | |
Document and Entity Information | |||
Entity Registrant Name | GREEN ENDEAVORS, INC. | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1487997 | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 246,568,747 | ||
Entity Public Float | $652,453 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Incorporation, Date of Incorporation | 25-Apr-02 | ||
Trading Symbol | GRNE |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Cash | $100,628 | $105,984 | ||
Certificate of deposit, restricted | 28,660 | |||
Accounts receivable | 15,764 | 16,534 | ||
Inventory | 152,758 | 144,317 | ||
Prepaid expenses | 22,800 | |||
Total current assets | 320,610 | 266,835 | ||
Property, plant, and equipment, net of accumulated depreciation of $727,328 and $594,285, respectively | 402,152 | 460,503 | ||
Other assets | 24,475 | 63,359 | ||
Total Assets | 747,237 | 790,697 | ||
Accounts payable and accrued expenses | 336,569 | 485,780 | ||
Deferred revenue | 62,755 | 63,830 | ||
Deferred rent | 103,174 | 113,500 | ||
Due to related parties | 77,132 | 109,373 | ||
Derivative liability | 31,424 | 55,099 | ||
Current portion of notes payable | 181,762 | 225,191 | ||
Current portion of related party notes payable | 52,250 | 45,488 | ||
Current portion of capital leases payable | 21,701 | 18,367 | ||
Current portion of convertible notes payable, net of debt discount of $0 and $10,979, respectively | 110,000 | 99,021 | ||
Total current liabilities | 976,767 | 1,215,649 | ||
Notes payable related party | 0 | 6,762 | ||
Notes payable | 114,147 | 59,670 | ||
Capital lease obligations | 12,945 | 34,650 | ||
Convertible debentures related party, net of debt discount of $41,741 and $54,263, respectively | 2,171,850 | 2,197,723 | ||
Convertible debentures, net of debt discount of $0 and $10,852, respectively | 489,148 | |||
Total long-term liabilities | 2,298,942 | 2,787,953 | ||
Total Liabilities | 3,275,709 | 4,003,602 | ||
Preferred stock | 10,760 | [1],[2],[3] | 10,562 | [1],[2],[3] |
Common stock, $0.0001 par value, 10,000,000,000 shares authorized; 195,414,505 and 166,572,135 shares issued and outstanding at December 31, 2014 and 2013, respectively | 19,541 | 16,657 | ||
Additional paid-in capital | 643,547 | -116,841 | ||
Accumulated deficit | -3,202,320 | -3,123,283 | ||
Total stockholders' deficit | -2,528,472 | -3,212,905 | ||
Total Liabilities and Stockholders' Deficit | 747,237 | 790,697 | ||
Convertible Supervoting Preferred Stock | ||||
Preferred stock | 10,000 | 10,000 | ||
Convertible Series B Preferred Stock | ||||
Preferred stock | 760 | 562 | ||
Undesignated Preferred Stock | ||||
Preferred stock | ||||
[1] | Convertible supervoting preferred stock, $0.001 par value, 10,000,000 shares authorized; 10,000,000 and 10,000,000 shares issued and outstanding at December 31, 2014 and 2013, respectively; no liquidation value | |||
[2] | Convertible preferred series B stock - $0.001 par value, 2,000,000 shares authorized, 760,488 and 561,704 shares issued and outstanding at December 31, 2014 and 2013, respectively | |||
[3] | Preferred, undesignated stock - $0.001 par value 3,000,000 shares authorized, no shares issued and outstanding at December 31, 2014 and 2013, respectively |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Shares Authorized | 10,000,000,000 | 10,000,000,000 |
Common Stock, Shares Issued | 195,414,505 | 166,572,135 |
Accumulated Depreciation on Property, plant, and equipment | $727,328 | $594,285 |
Common Stock, Shares Outstanding | 195,414,505 | 166,572,135 |
Preferred Stock, Par Value | $0.00 | |
Preferred Stock, Shares Authorized | 15,000,000 | |
Convertible Supervoting Preferred Stock | ||
Preferred Stock, Par Value | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Outstanding | 10,000,000 | 10,000,000 |
Preferred Stock, Liquidation Value | ||
Convertible Series B Preferred Stock | ||
Preferred Stock, Par Value | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Preferred Stock, Shares Issued | 760,488 | 561,704 |
Preferred Stock, Shares Outstanding | 760,488 | 561,704 |
Undesignated Preferred Stock | ||
Preferred Stock, Par Value | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Issued | ||
Preferred Stock, Shares Outstanding | ||
Convertible Debenture - Related Party | ||
Debt discount, current | 41,741 | 54,263 |
Convertible Debenture - Unrelated Party | ||
Debt discount, current | 0 | 10,852 |
Convertible Notes Payable | ||
Debt discount, current | 0 | 10,979 |
Convertible Notes Payable | Convertible Debenture - Related Party | ||
Debt discount, current | 41,741 | 54,263 |
Convertible Notes Payable | Convertible Debenture - Unrelated Party | ||
Debt discount, current | $0 | $10,852 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue: | ||
Services, net of discounts | $2,303,271 | $2,628,120 |
Product, net of discounts | 890,781 | 937,907 |
Total revenue | 3,194,052 | 3,566,027 |
Cost of services | 1,337,039 | 1,482,150 |
Cost of product | 513,083 | 502,321 |
Depreciation | 133,044 | 129,458 |
General and administrative | 1,258,405 | 1,310,031 |
Total costs and expenses | 3,241,571 | 3,423,960 |
Income (loss) from operations | -47,519 | 142,067 |
Interest income | 852 | 824 |
Interest expense | -71,104 | -103,035 |
Interest expense, related parties | -198,413 | -206,692 |
Gain on derivative fair value adjustment | 23,675 | 155,914 |
Gain on forgiveness of debt | 65,600 | |
Gain on settlement of debt | 212,194 | |
Other expense | 1,278 | -3,542 |
Total other income (expenses) | -31,518 | -90,931 |
Income (loss) before income taxes | -79,037 | 51,136 |
Provision for income taxes | ||
Net income (loss) | ($79,037) | $51,136 |
Basic earnings (loss) per common share | $0 | $0 |
Weighted-average common shares outstanding | 189,901,610 | 76,586,294 |
Diluted earnings (loss) per common share | $0 | $0 |
Weighted-average common shares outstanding | 189,901,610 | 2,678,273,864 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Deficit (USD $) | Convertible Supervoting Preferred Stock | Convertible Series B Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings (Deficit) | Total | |||
Stockholders' Equity, beginning of period, Value at Dec. 31, 2012 | $10,000 | $548 | $2,226 | ($540,730) | ($3,174,419) | ($3,702,375) | |||
Stockholders' Equity, beginning of period, Shares at Dec. 31, 2012 | 10,000,000 | 547,478 | 22,265,197 | ||||||
Stock issued for settlement of accrued interest on related party convertible debentures, Value | 8,472 | [1] | 160,962 | 169,434 | |||||
Stock issued for settlement of accrued interest on related party convertible debentures, Shares | [1] | 84,716,865 | |||||||
Conversion of series B preferred shares into common shares, Value | -48 | 4,447 | -4,399 | ||||||
Conversion of series B preferred shares into common shares, Shares | -47,774 | 44,472,376 | |||||||
Series B preferred shares issued for settlement of related party debt, Value | 32 | 159,968 | 160,000 | ||||||
Series B preferred shares issued for settlement of related party debt, Shares | 32,000 | ||||||||
Series B preferred shares issued for cash, Value | 30 | 49,970 | 50,000 | ||||||
Series B preferred shares issued for cash, Shares | 30,000 | ||||||||
Conversion of convertible note payable to common shares, Value | 1,512 | 57,384 | 58,896 | ||||||
Conversion of convertible note payable to common shares, Shares | 15,117,556 | ||||||||
Share adjustment due to split, Value | 4 | 4 | |||||||
Share adjustment due to split, Shares | 141 | ||||||||
Net income for the year | 51,136 | 51,136 | |||||||
Stockholders' Equity, end of period, Value at Dec. 31, 2013 | 10,000 | 562 | 16,657 | -116,841 | -3,123,283 | -3,212,905 | |||
Stockholders' Equity, end of period, Shares at Dec. 31, 2013 | 10,000,000 | 561,704 | 166,572,135 | ||||||
Stock issued for settlement of accrued interest on related party convertible debentures, Value | 189 | [2] | 654,746 | 654,935 | |||||
Stock issued for settlement of accrued interest on related party convertible debentures, Shares | [2] | 189,123 | |||||||
Conversion of series B preferred shares into common shares, Value | -34 | 2,884 | -2,850 | ||||||
Conversion of series B preferred shares into common shares, Shares | -33,672 | 28,842,370 | |||||||
Series B preferred shares issued for cash, Value | 43 | 74,957 | 75,000 | ||||||
Series B preferred shares issued for cash, Shares | 43,333 | ||||||||
Forgiveness of debt by related party | 33,535 | 33,535 | |||||||
Net income for the year | -79,037 | -79,037 | |||||||
Stockholders' Equity, end of period, Value at Dec. 31, 2014 | $10,000 | $760 | $19,541 | $643,547 | ($3,202,320) | ($2,528,472) | |||
Stockholders' Equity, end of period, Shares at Dec. 31, 2014 | 10,000,000 | 760,488 | 195,414,505 | 189,901,610 | |||||
[1] | Common Stock issued for settlement of accrued interest on related party convertible debentures | ||||||||
[2] | Series B preferred shares issued for settlement of principal and accrued interest on convertible debentures |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | ($79,037) | $51,136 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation | 133,044 | 129,458 |
Debt discount amortization | 34,353 | 42,153 |
Gain on forgiveness of convertible debt | -65,600 | |
Gain on settlement of debt | -212,194 | |
Gain on derivative liability fair value adjustment | -23,675 | -155,914 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 770 | -13,926 |
Certificate of deposit | -28,660 | |
Inventory | -8,441 | -15,667 |
Prepaid expenses | -22,800 | 8,919 |
Other assets | 27,826 | -5,874 |
Accounts payable and accrued expenses | 46,916 | 4,107 |
Due to related parties | 1,294 | 128,457 |
Deferred rent | -10,326 | 76,465 |
Deferred revenue | -1,075 | 4,721 |
Net cash provided by (used in) operating activities | -142,005 | 188,435 |
Cash Flows from Investing Activities: | ||
Purchases of property, plant, and equipment | -63,634 | -22,644 |
Net cash used in investing activities | -63,634 | -22,644 |
Cash Flows from Financing Activities: | ||
Payments made on notes payable | -98,772 | -88,463 |
Payments made on convertible notes payable | -50,000 | |
Payments made on related party notes payable | -10,150 | |
Payments made on related party convertible notes payable | -38,395 | -107,814 |
Payments made on capital lease obligations | -18,371 | -15,526 |
Proceeds from issuance of notes payable | 280,821 | 38,160 |
Proceeds from issuance of related party notes payable | 37,400 | |
Proceeds from issuance of convertible series B preferred stock | 75,000 | 50,000 |
Net cash provided by (used in) financing activities | 200,283 | -146,393 |
Increase (decrease) in cash | -5,356 | 19,398 |
Cash at beginning of period | 105,984 | 86,586 |
Cash at end of period | 100,628 | 105,984 |
Supplemental cash flow information: | ||
Cash paid during the period for: Interest | 36,169 | 180,544 |
Non-cash investing and financing activities: | ||
Reduction of convertible debt due to conversions | 58,896 | |
Equipment purchased under capital leases | 6,042 | |
Conversion of Series B preferred stock to common stock | 2,850 | 4,447 |
Issuance of Series B preferred stock for settlement of related party debt | 160,000 | |
Forgiveness of related party debt | 33,535 | |
Issuance of Series B preferred stock for settlement of debt | 654,746 | |
Conversion of related party debt to common stock | $169,434 |
Note_1_Organization_and_Basis_
Note 1 - Organization and Basis of Financial Statement Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 1 - Organization and Basis of Financial Statement Presentation | Note 1 – Organization and Basis of Financial Statement Presentation |
Business Description | |
Green Endeavors, Inc., (“Green”) owns and operates two hair salons carrying the Aveda product line through its wholly-owned subsidiaries Landis Salons, Inc. (“Landis”) and Landis Salons II, Inc. (“Landis II”) in Salt Lake City, Utah. Green also owns and operates Landis Experience Center LLC (“LEC”), an Aveda retail store in Salt Lake City, Utah. | |
Organization | |
Green Endeavors, Inc. was incorporated under the laws of the State of Delaware on April 25, 2002 as Jasper Holdings.com, Inc. During the year ended December 2004, Green changed its name to Net2Auction, Inc. In July of 2007, Green changed its name to Green Endeavors, Ltd. On August 23, 2010, Green changed its name to Green Endeavors, Inc. and moved the corporate domicile from Delaware to Utah. Green has four classes of stock as follows: common with 10,000,000,000 shares authorized; preferred with 3,000,000 shares authorized; convertible preferred with 2,000,000 shares authorized; and, convertible supervoting preferred with 10,000,000 shares authorized. Green is quoted on the Pink Sheets as an OTCQB issuer under the symbol GRNE. | |
Green is a more than 50% controlled subsidiary of Nexia Holdings, Inc. (“Nexia”). Nexia is quoted on the Pink Sheets under the symbol NXHD and is not currently a reporting company. | |
Landis Salons, Inc., a Utah corporation, was organized on May 4, 2005 for the purpose of operating an Aveda Lifestyle Salon. Landis Salons, Inc. is a wholly-owned subsidiary of Green. | |
Landis Salons II, Inc., a Utah corporation was organized on March 17, 2010 as a wholly-owned subsidiary of Green for the purpose of opening a second Aveda Lifestyle Salon. | |
Landis Experience Center, LLC (“LEC”), a Utah limited liability company, was organized on January 23, 2012 as a wholly-owned subsidiary of Green for the purpose of operating an Aveda retail store in the City Creek Mall in Salt Lake City, Utah. LEC opened its doors August 16, 2012. | |
Basis of Presentation | |
The accompanying consolidated financial statements include the accounts of Green and its subsidiaries after elimination of intercompany accounts and transactions. All consolidated subsidiaries are wholly-owned by Green. These financial statements have been prepared in accordance with Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. | |
Use of Estimates in the Preparation of the Financial Statements | |
The consolidated financial statements are prepared in conformity with U.S. GAAP, which requires the use of estimates, judgments and assumptions that affect the amounts of assets and liabilities at the reporting date and the amounts of revenue and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates actual results could differ from the original estimates, requiring adjustments to these balances in future periods. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Notes | |||
Note 2 - Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies | ||
Cash and Cash Equivalents | |||
Investments with original maturities of three months or less at the time of purchase are considered cash equivalents. As of December 31, 2014 and 2013, Green had no cash equivalents. | |||
Property, Plant, and Equipment | |||
Property, plant, and equipment is stated at historical cost. Depreciation is generally provided over the estimated useful lives, using the straight-line method, as follows: | |||
Leasehold improvements | Shorter of the lease term or the estimated useful life | ||
Computer equipment and related software | 3 years | ||
Furniture and fixtures | 3-10 years | ||
Equipment | 3-10 years | ||
Vehicle | 7 years | ||
Signage | 10 years | ||
For the years ended December 31, 2014 and 2013, Green recorded depreciation expense of $133,044 and $129,458, respectively. Maintenance and repair costs are expensed as incurred. | |||
Long-Lived Assets | |||
We periodically review the carrying amount of our long-lived assets for impairment. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is not considered recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flows. There were no impairments of long-lived assets during the years ended December 31, 2014 and 2013. | |||
Fair Value Measurements | |||
The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: | |||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |||
Level 2: Observable market-based inputs or inputs that are corroborated by market data. | |||
Level 3: Unobservable inputs that are not corroborated by market data. | |||
Revenue Recognition | |||
There are primary two types of revenue for the Company: 1) providing hair salon services, and 2) selling hair salon products. Revenue is recognized at the time the service is performed or the product is delivered. All revenue sources are domestic. In some cases, such as the sale of gift cards, revenue is deferred until the gift card is redeemed. | |||
Deferred Revenue | |||
Deferred revenue arises when customers pay for products and/or services in advance of revenue recognition. Green’s deferred revenue consists solely of unearned revenue associated with the purchase of gift certificates for which revenue is recognized only when the service is performed or the product is delivered. | |||
Advertising | |||
The Company expenses advertising production costs as they are incurred and advertising communication costs the first time the advertising takes place. For the years ended December 31, 2014 and 2013, advertising costs amounted to $113,124 and $92,628, respectively. | |||
Stock-Based Compensation | |||
Green recognizes the cost of employee services received in exchange for awards of equity instruments as stock-based compensation expense. Stock-based compensation expense is measured at the grant date based on the fair value of the restricted stock award, option, or purchase right and is recognized as expense, less expected forfeitures, over the requisite service period, which typically equals the vesting period. Because the employee is expected to and has historically received shares of common stock on or about the date of the employee stock option grant date as part of the exercise process, the fair value of each stock issuance is determined using the fair value of Green’s common stock on the grant date. | |||
Income Taxes | |||
The Company has adopted the ASC 740 “Income Taxes” as of its inception. The Company recognizes deferred tax assets and liabilities based on differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. | |||
Net Income (Loss) Per Share | |||
Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the specified period. Diluted earnings per common share is computed by dividing net income by the weighted average number of common shares and potential common shares during the specified period. For the year ended December 31, 2013, diluted earnings per common share amounted to $.00002. For the year ended December 31, 2014, potential common shares are not included in the diluted net loss per share calculation because their effect would be anti-dilutive. Such potentially dilutive shares are excluded when the effect would be to reduce net loss per share. There were 2,265,106,972 such potentially dilutive shares excluded as of December 31, 2014. | |||
The following table shows the calculation of diluted common shares as of December 31, 2014: | |||
Diluted Shares | |||
Potential shares issued due to conversion of Series B Preferred Stock | 651,387,482 | ||
Potential shares issued due to conversion of convertible debt | 423,817,880 | ||
Potential shares issued due to conversion of Supervoting shares | 1,000,000,000 | ||
Total potentially dilutive shares | 2,075,205,362 | ||
Weighted average common shares outstanding | 189,901,610 | ||
Total diluted shares | 2,265,106,972 | ||
Reclassification of Financial Statement Accounts | |||
Certain amounts in the December 31, 2013 financial statements have been reclassified to conform to the presentation in the December 31, 2014 financial statements. | |||
Recent Accounting Pronouncements | |||
Management believes the impact of recently issued standards and updates, which are not yet effective, will not have a material impact on Green’s consolidated financial position, results of operations or cash flows upon adoption. | |||
Note_3_Inventory
Note 3 - Inventory | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 3 - Inventory | Note 3 – Inventory |
Green’s inventory consists of finished good products that are held for resale at all locations or that are used for the services provided by the two salons. Inventory is carried at the lower of cost or market. As of December 31, 2014 and 2013, inventory amounted to $152,758 and $144,317, respectively. |
Note_4_Property_Plant_and_Equi
Note 4 - Property, Plant, and Equipment | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Notes | ||||
Note 4 - Property, Plant, and Equipment | Note 4 – Property, Plant, and Equipment | |||
The following is a summary of Green’s Property, plant, and equipment by major category as of December 31, 2014: | ||||
Cost | Accumulated Depreciation | Net | ||
Computer equipment and related software | $39,247 | $22,189 | $17,058 | |
Construction in process | 24,905 | - | 24,905 | |
Leasehold improvements | 625,004 | 410,010 | 214,994 | |
Furniture and fixtures | 27,201 | 22,117 | 5,084 | |
Leased equipment | 76,298 | 38,803 | 37,495 | |
Equipment | 263,478 | 190,114 | 73,364 | |
Vehicle | 48,193 | 32,703 | 15,490 | |
Signage | 25,154 | 11,392 | 13,762 | |
Total | $1,129,480 | $727,328 | $402,152 | |
The following is a summary of Green’s Property, plant, and equipment by major category as of December 31, 2013: | ||||
Cost | Accumulated Depreciation | Net | ||
Computer equipment and related software | $22,517 | $17,458 | $5,059 | |
Leasehold improvements | 625,004 | 336,023 | 288,981 | |
Furniture and fixtures | 25,347 | 24,605 | 742 | |
Leased equipment | 76,298 | 23,543 | 52,755 | |
Equipment | 232,275 | 158,528 | 73,747 | |
Vehicle | 48,193 | 25,818 | 22,375 | |
Signage | 25,154 | 8,310 | 16,844 | |
Total | $1,054,788 | $594,285 | $460,503 | |
Note_5_Other_Assets
Note 5 - Other Assets | 12 Months Ended | ||
Dec. 31, 2014 | |||
Notes | |||
Note 5 - Other Assets | Note 5 – Other Assets | ||
The following table shows other assets as of December 31, 2014 and 2013: | |||
December 31, | December 31, | ||
2014 | 2013 | ||
Lease and utility deposits | $24,475 | $24,475 | |
Certificate of deposit (1) | - | 27,826 | |
Other | - | 11,058 | |
Total other assets | $24,475 | $63,359 | |
(1) As of December 31, 2013, the certificate of deposit ("CD") is long-term because it is collateral for the June 18, 2010, $100,000 note payable to the Division of Economic Development of Salt Lake City Corporation, which has a maturity date that is more than one year into the future. As of December 31, 2014, the CD was reclassed to short-term certificate of deposit and is considered restricted cash. The CD was given back to the Company during March, 2015 when the note payable was completely paid off. The initial value of the CD was $25,000 and the maturity date is July 15, 2015. As of December 31, 2014 and 2013, accrued interest on the CD is $3,660 and $2,826, respectively. |
Note_6_Fair_Value_Measurements
Note 6 - Fair Value Measurements | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Notes | |||||
Note 6 - Fair Value Measurements | Note 6 – Fair Value Measurements | ||||
Our financial assets and (liabilities) carried at fair value measured on a recurring basis as of December 31, 2014 and 2013, consisted of the following: | |||||
Level 1 | Level 2 | Level 3 | |||
Total fair | Quoted prices | Significant other | Significant | ||
value at | in active | observable | unobservable | ||
December 31, | markets | inputs | inputs | ||
Description | 2014 | (Level) | (Level 2) | (Level) | |
Derivative liability (1) | $31,424 | $- | $31,424 | $- | |
Level 1 | Level 2 | Level 3 | |||
Total fair | Quoted prices | Significant other | Significant | ||
value at | in active | observable | unobservable | ||
December 31, | markets | inputs | inputs | ||
Description | 2013 | (Level) | (Level 2) | (Level) | |
Derivative liability (1) | $55,099 | $- | $55,099 | $- | |
(1) Derivative liability amounts are due to the embedded derivatives of certain convertible notes payable issued by the Company and are calculated using the Black Scholes pricing model (see Derivative Liability footnote for information on measurement of the derivative liability). |
Note_7_Derivative_Liability
Note 7 - Derivative Liability | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 7 - Derivative Liability | Note 7 – Derivative Liability |
As of December 31, 2014, the Company has a $31,424 derivative liability balance on the balance sheet, and for the year ended December 31, 2014, the Company recorded a $23,675 gain from derivative liability fair value adjustment. The derivative liability activity comes from the convertible note payable as follows: | |
Eastshore Enterprises, Inc. | |
On August 17, 2012, Green issued a $35,000 Convertible Promissory Note to Eastshore Enterprises, Inc. (“Eastshore Note”) that matured August 17, 2014. The Eastshore Note bears interest at a rate of 8% per annum and can be convertible into Green’s common shares, at the holder’s option, at the conversion rate of 54% of the market price (a 46% discount) of the lowest trading price of Green’s common shares during the ten-day period ending one trading day prior to the date of the conversion. Green analyzed the conversion feature of the agreement for derivative accounting consideration under ASC 815-15 “Derivatives and Hedging” and determined that the embedded conversion features should be classified as a derivative because the exercise price of these convertible notes are subject to “reset” provisions in the event the Company subsequently issues common stock, stock warrants, stock options or convertible debt with a stock price, exercise price or conversion price lower than conversion price of these notes. If these provisions are triggered, the conversion price of the note will be reduced. The Company has determined that the conversion feature is not considered to be solely indexed to the Company’s own stock and is therefore not afforded equity treatment. In accordance with AC 815, the Company has bifurcated the conversion feature of the note and recorded a derivative liability. | |
The embedded derivative for the Eastshore convertible note payable is carried on Green’s balance sheet at fair value. The derivative liability is marked-to-market each measurement period and any unrealized change in fair value is recorded as a component of the income statement and the associated fair value carrying amount on the balance sheet is adjusted by the change. Green fair values the embedded derivative using the Black-Scholes option pricing model. The fair value of the derivative at the inception date of the Eastshore note was $63,636. Of the total, $35,000 was recorded as a debt discount, which is up to but not more than the net proceeds of the note. $28,636 was charged to operations as non-cash interest expense. The fair value of $63,636 was recorded as a derivative liability on the balance sheet. | |
The debt discount for the Eastshore note is amortized over the life of the note (approximately two years), which became fully amortized during the third quarter ended September 30, 2014. On December 31, 2014, Green marked-to-market the fair value of the derivative liabilities related to the Eastshore Note and determined an aggregate fair value of $31,434 and recorded a $23,675 gain from change in fair value of derivative for the year ended December 31, 2014. The fair value of the embedded derivative for the note was determined using the Black-Scholes option pricing model based on the following assumptions: (1) dividend yield of 0%, (2) expected volatility of 147.8%, (3) risk-free interest rate of 0.12%, (4) expected life of .5 years, and (5) estimated fair value of Green’s common stock of $0.0024 per share. |
Note_8_Income_Taxes
Note 8 - Income Taxes | 12 Months Ended | ||
Dec. 31, 2014 | |||
Notes | |||
Note 8 - Income Taxes | Note 8 – Income Taxes | ||
The Company is a subsidiary of Nexia Holdings, Inc. that files a consolidated income tax return. The Company follows ASC 740, under which deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry-forwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carry-forward has been recognized, as it is not deemed likely to be realized. | |||
The cumulative net operating loss and the cumulative tax effect at the expected composite rate of 39 percent of significant items comprising our net deferred tax amount is as follows: | |||
December 31, | December 31, | ||
2014 | 2013 | ||
Cumulative net operating loss | ($3,190,679) | ($3,107,307) | |
December 31, | December 31, | ||
2014 | 2013 | ||
Deferred Tax assets: | |||
Net operating loss carry forwards | ($1,248,904) | ($1,218,080) | |
Meals and Entertainment | 24,226 | 20,642 | |
Donations | 13,363 | 9,404 | |
Change in derivative liability | -33,047 | -23,814 | |
Valuation allowance | 1,244,362 | 1,211,848 | |
- | - | ||
December 31, | December 31, | ||
2014 | 2013 | ||
Book income (loss) from operations | ($30,824) | $19,943 | |
Meals and Entertainment | 3,584 | 2,244 | |
Donations | 3,959 | 624 | |
Change in derivative liability | -9,233 | -60,806 | |
Change in valuation allowance | 32,514 | 37,995 | |
$- | $- | ||
Note_9_Related_Party_Transacti
Note 9 - Related Party Transactions | 12 Months Ended | ||
Dec. 31, 2014 | |||
Notes | |||
Note 9 - Related Party Transactions | Note 9 – Related Party Transactions | ||
On April 30, 2008, Green entered into a stock transfer agreement with its parent company Nexia and Nexia’s wholly-owned subsidiary DHI whereby they would each sell their holdings in Landis and Newby in exchange for an 8% Series A Senior Subordinated Convertible Debenture with a face amount of $3,000,000. Interest on the debenture commenced on December 30, 2008. DHI has the option, at any time, to convert all or any amount over $10,000 of principal face amount and accrued interest into shares of Common stock, $0.0001 par value per share, at a conversion price equal to 95% of the average closing bid price of the Common stock three days prior to the date notice is received by Green. Green determined that there is a beneficial conversion feature for the debt and recorded a debt discount of $150,000 on April 30, 2008, which is being amortized for 10 years to the maturity date of the debenture. In December 2009, Nexia converted $125,000 of the debenture into common stock of Green and during 2010 Green paid $15,200 of principal on the debenture. During 2010, Nexia sold $500,000 of its holdings of the debenture to unrelated parties for cash thus leaving the related and unrelated party portions of the debenture at $2,359,800 and $500,000, respectively for a total amount of $2,859,800. During 2014, the Company exchanged the total unrelated party principal and accrued interest for 189,123 its Convertible Series B Preferred Stock. As of December 31, 2014 and 2013, the entire amount is considered long-term. | |||
The following table shows the related and unrelated party amounts of the debenture and their respective amortized debt discount amounts: | |||
December 31, | December 31, | ||
2014 | 2013 | ||
Convertible Debenture - Related Party | |||
Principal amount | $2,213,591 | $2,251,986 | |
Debt discount | -41,741 | -54,263 | |
Convertible debenture, net of debt discount | $2,171,850 | $2,197,723 | |
Convertible Debenture - Unrelated Party | |||
Principal amount | $- | $500,000 | |
Debt discount | - | -10,852 | |
Convertible debenture, net of debt discount | $- | $489,148 | |
Convertible Debenture - Totals | |||
Principal amount | $2,213,591 | $2,751,986 | |
Debt discount | -41,741 | -65,115 | |
Convertible debenture, net of debt discount | $2,171,850 | $2,686,871 | |
The following table summarizes the related party amounts of principal and accrued interest on the Convertible Debentures as of December 31, 2014 and 2013: | |||
December 31, | December 31, | ||
2014 | 2013 | ||
Principal balance | $2,213,591 | $2,251,986 | |
Accrued interest | - | - | |
Total | $2,213,591 | $2,251,986 | |
During the year ended December 31, 2014, the Company paid an aggregate of $38,395 and $177,845 to Nexia for payment of the debenture principal and accrued interest, respectively. During the year ended December 31, 2013, the Company paid an aggregate of $107,814 and $131,998, to Nexia for payment of the debenture principal and accrued interest, respectively. | |||
As of December 31, 2014 and 2013, amounts due to related parties are $77,132 and $109,373, respectively. The $77,132 consists of $3,704 of accrued interest for the note payable to Richard Surber and $73,428 from various amounts owed to Nexia's subsidiaries. The $109,373 consists of $2,809 of accrued interest for the note payable to Richard Surber and $106,564 from various amounts owed to Nexia's subsidiaries. | |||
On February 13, 2013, the Board of Directors approved a partial settlement of accrued interest represented by the $3,000,000 Debenture. Green agreed to issue 4,150,000 Convertible Supervoting shares to Nexia. The shares were valued based on the value of the conversion shares based upon the closing price of the common stock prior to the date of issuance. | |||
On April 15, 2013, Green issued a Promissory Note in the amount of $37,400 payable to Nexia for cash advanced to Green. Interest on the note is 10% per annum, monthly payments are $1,726 and the note is due April 15, 2015. As of December 31, 2014 and 2013, accrued interest on the note was $3,085 and $334 respectively. As of December 31, 2014 and 2013, the principal balance on the note was $27,250 and $27,250, respectively. During the years ended December 31, 2014 and 2013, the Company paid $0 and $10,150 toward principal on the note, respectively. | |||
On May 16, 2013 the Board of Directors approved the issuance of 32,000 Convertible Series B Preferred Stock to two employees (16,000 shares each) for services performed on behalf of the Company pursuant to the 2008 Benefit Plan of the Company. The transaction was recorded at $160,000, which is the 32,000 shares multiplied by the conversion price of $5 multiplied per share. This $160,000 amount was offset against balances Green owed to a subsidiary of Nexia. The shares were issued with a restrictive legend. | |||
On July 31, 2013, Nexia Holdings Inc., converted $169,434 of debt into 84,716,865 shares of common stock. The transaction was valued at $169,434 with a stated value per share of $0.002 for the common stock. There was a 50% discount provided and no loss was recorded because it was considered a capital transaction. The shares were issued with a restrictive legend to Nexia, the parent corporation of the Company. | |||
During 2014, the Company recorded a $33,535 increase to additional paid-in capital as the result of related party forgiveness of debt, which is comprised of $21,874 that Green owed to Diversified Management Services for services and $11,661 that Landis II owed to Downtown Development Corporation for accrued interest. | |||
Richard Surber is also providing his personal guaranty for several lines of credit and credit cards that are being utilized by the Company and its operating subsidiaries. In addition to the above, Mr. Surber is a personal guarantor to notes payable by the Company with remaining principal balances of $95,351. Subsequent to December 31, 2014, Mr. Surber continues to provide his personal guaranty for several lines of credit, credit cards, and loans that are being utilized by the Company and its subsidiaries. The total amount of these credit obligations could exceed the amount of $300,000 from time to time. |
Note_10_Notes_Payable
Note 10 - Notes Payable | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Notes | |||||
Note 10 - Notes Payable | Note 10 – Notes Payable | ||||
A summary of notes payable as of December 31, 2014 and 2013 is as follows: | |||||
Interest | Maturity | December 31, | December 31, | ||
Creditor | Rate | Date | 2014 | 2013 | |
Xing Investment Corp. (1) | 10.00% | 5/12/08 | $- | $171,000 | |
Alliance Laundry Services (2) | 7.99% | 3/3/19 | 10,681 | - | |
Express Bank FSB (3) | 11.07% | 8/2/16 | 225,558 | - | |
Salt Lake City Corporation (4) | 3.25% | 8/1/15 | 12,520 | 33,439 | |
William and Nina Wolfson (5) | 11.00% | 2/27/16 | 18,115 | 30,858 | |
Cyprus Credit Union (6) | 2.69% | 12/5/14 | - | 10,920 | |
Salt Lake City Corporation (7) | 5.00% | 9/1/17 | 29,035 | 38,644 | |
Total | 295,909 | 284,861 | |||
Less: Current portion | -181,762 | -225,191 | |||
Long-term portion | $114,147 | $59,670 | |||
A summary of capital leases payable as of December 31, 2014 and 2013 is as follows: | |||||
Interest | Maturity | December 31, | December 31, | ||
Creditor | Rate | Date | 2014 | 2013 | |
Castleton Equipment (8) | 16.96% | 4/23/16 | $21,843 | $35,289 | |
Imaging Concepts (9) | 10.90% | 2/25/18 | 4,105 | 5,139 | |
Time Payment Corp (10) | 17.75% | 9/5/16 | 8,698 | 12,589 | |
Total | 34,646 | 53,017 | |||
Less: Current portion | -21,701 | -18,367 | |||
Long-term portion | $12,945 | $34,650 | |||
A summary of convertible notes payable as of December 31, 2014 and 2013 is as follows: | |||||
Interest | Maturity | December 31, | December 31, | ||
Creditor | Rate | Date | 2014 | 2013 | |
Southridge Partners II, LP (11) | 0% | 2/28/13 | $75,000 | $75,000 | |
Eastshore Enterprises, Inc. (12) | 8.00% | 8/17/14 | 35,000 | 35,000 | |
Debt discount - convertible notes, net | - | -10,979 | |||
Total, net | 110,000 | 99,021 | |||
Less: Current portion | -110,000 | -99,021 | |||
Long-term portion | $- | $- | |||
A summary of the related party note payable as of December 31, 2014 and 2013 is as follows: | |||||
Interest | Maturity | December 31, | December 31, | ||
Creditor | Rate | Date | 2014 | 2013 | |
Nexia Holdings, Inc. (related party) (13) | 10.00% | 4/15/15 | $27,250 | $27,250 | |
Richard D. Surber (related party) (14) | 20.00% | 11/6/17 | 25,000 | 25,000 | |
Total | 52,250 | 52,250 | |||
Less: Current portion | -52,250 | -45,488 | |||
Long-term portion | $- | $6,762 | |||
(1) On May 12, 2006, Green borrowed $171,000 from Xing Investment Corp with the issuance of a 10% per annum interest bearing convertible promissory note with no interest due until the May 12, 2008 maturity date. Both principal and accrued interest, at the option of the note holder, may be converted into Common stock of Green at $0.01 per share. As of December 31, 2013, accrued interest reported in accounts payable and accrued expenses was $34,200. During 2014, Green was advised by Counsel that it was no longer obligated to pay the liability as a result of the passage of time pursuant to the statute of limitations. Therefore Green recognized a $205,200 gain from the cancellation of the debt on June 2, 2014. | |||||
(2) On March 3, 2014, Landis Salons, Inc. entered into a loan agreement with Alliance Laundry Services LLC in the amount of $12,021 for the financing of professional laundry equipment. The note bears interest at 7.99% and calls for monthly 60 monthly payments of $244 commencing when the equipment is delivered for installment. In addition to corporate guarantees, Richard Surber, President, CEO, and Director of Landis is a personal guarantor and the note is secured by the equipment. The note balance is $10,681 as of December 31, 2014. Principal payments made on the note during the year ended December 31, 2014 were $1,340. | |||||
(3) On July 31, 2014, the Company entered into a loan agreement with American Express Bank, FSB in the amount of $240,000. The note is a merchant account financing arrangement wherein Landis repays the loan at the rate of 23% of the American Express credit card sales receipts that are collected each month. In addition to the merchant account receivables, collateral for the loan includes all receivables, financial instruments, equipment assets, inventories, intangibles, deposits, and other assets as applicable. The loan requires a prepaid interest charge that is 12% ($28,800) of the $240,000 loan amount. These financing costs are being amortized monthly to interest expense during the two year term of the loan. The total amount due at the inception date is $268,800. As of December 31, 2014, the loan balance was $225,558. Payments made on the debt during the year ended December 31, 2014 were $43,242. | |||||
(4) On June 18, 2010, Landis Salons, Inc. received a loan in the amount of $100,000 from the Division of Economic Development of Salt Lake City Corporation. The loan includes a 1% origination fee and bears interest at the rate of 3.25% per annum. Principal and interest payments are made monthly over a five year term commencing June 2010. The loan is secured by a $25,000 certificate deposit held in the name of Landis Salons, Inc. and is personally guaranteed by Richard Surber, CEO of Green. The certificate of deposit is collateral for the loan. As of December 31, 2014 and 2013, the note balance is $12,520 and $33,439, respectively. Principal payments made on the note during the years ended December 31, 2014 and 2013 were $20,919 and $20,251, respectively. | |||||
(5) On February 27, 2012, Green and Landis Experience Center, LLC issued an 11% note payable in the principal face amount of $50,000 to William and Nina Wolfson in exchange for a cash payment of the same amount. The note has a due date of February 27, 2016. The note provides for monthly payments in the amount of $1,292 of principal and interest. In addition to the Company’s guarantee to the note, Richard Surber has personally guaranteed the note. As of December 31, 2014 and 2013, the note balance is $18,115 and $30,858, respectively. Principal payments made on the note during the years ended December 31, 2014 and 2013 were $12,743 and $11,421, respectively. | |||||
(6) On September 5, 2012, Landis Salons, Inc. received a loan in the amount of $22,959 from Cyprus Credit Union for the refinancing of a Company truck. The loan replaced the loan for the truck to Chase bank. The loan has a maturity date of December 5, 2014 and bears interest at the rate of 2.69% per annum. Principal and interest payments of $899 are made monthly over 27 months commencing October 5, 2012. The loan is secured by a lien on the vehicle in addition to the corporate guarantee for the loan. Richard Surber, CEO of the Company has personally guaranteed the loan. As of December 31, 2014 and 2013, the note balance is $0 and $10,920. Principal payments made on the note during the years ended December 31, 2014 and 2013 were $10,920 and $9,491, respectively. | |||||
(7) On August 20, 2012, the Board of Directors of LEC approved that LEC enter into a loan agreement with Salt Lake City Corporation in the amount of $50,000. Pursuant to the board approval, a note in the amount of $50,000 was issued on August 21, 2012. The note bears interest at 5% per annum and requires 60 monthly installments of $944 commencing October 1, 2012. In addition to corporate guarantees and the personal guarantee by Richard Surber, President, CEO, and Director of LEC, a certificate of deposit is being held as collateral for the loan. As of December 31, 2014 and 2013, the note balance is $29,035 and $38,644, respectively. Principal payments made on the note during the years ended December 31, 2014 and 2013, were $9,609 and $9,141, respectively. | |||||
(8) On April 23, 2012, Landis Salons, Inc. entered into a capital lease financing agreement in the principal amount of $53,230 with Castleton Capital Corporation. The lease agreement requires 48 monthly payments of principal and interest in the amount of $1,535. Interest is at the rate of 16.96% per year and the maturity date is April 23, 2016. Landis has the option to purchase the leased salon equipment at maturity for a $1 bargain purchase amount. The Company applied the guidance of ASC 840 in its determination of the lease being a capital lease. In addition to the Company’s guarantee for the debt, Richard Surber is personal guarantor to the lease. As of December 31, 2014 and 2013, the note balance is $21,843 and $35,289, respectively. Principal payments made on the note during the years ended December 31, 2014 and 2013 were $13,446 and $11,362, respectively. | |||||
(9) On February 25, 2013, Landis Salons, Inc. entered into a capital lease financing agreement in the principal amount of $5,911 with Imaging Concepts. The lease agreement requires 60 monthly payments of principal and interest in the amount of $128. Interest is at the rate of 10.9% per year and the maturity date is February 25, 2018. Landis has the option to purchase the leased salon equipment at maturity for a $1 bargain purchase amount. The Company applied the guidance of ASC 840 in its determination of the lease being a capital lease. In addition to the Company’s guarantee for the debt, Richard Surber is a personal guarantor to the lease. As of December 31, 2014 and 2013, the note balance is $4,105 and $5,139, respectively. Principal payments made on the note during the years ended December 31, 2014 and 2013 were $1,034 and $772, respectively. | |||||
(10) On July 26, 2012, Landis Salons, Inc. entered into a capital lease financing agreement in the principal amount of $16,826 with Time Payment Corporation. The lease agreement requires 48 monthly payments of principal and interest in the amount of $485. Interest is at the rate of 17.75% per year and the maturity date is September 5, 2016. Landis has the option to purchase the leased salon equipment at maturity for $2,178 or less. The Company applied the guidance of ASC 840 in its determination of the lease being a capital lease. In addition to the Company’s guarantee for the debt, Richard Surber is personal guarantor to the lease. As of December 31, 2014 and 2013, the note balance is $8,698 and $12,589, respectively. Principal payments made on the note during the years ended December 31, 2014 and 2013 were $3,891 and $3,262, respectively. | |||||
(11) On August 15, 2012, Green issued a $75,000 promissory convertible promissory note to Southridge Partners II, LP as a condition of Southridge entering into an Equity Purchase Agreement with the Company (see Note 11). The transaction has been handled as a private sale exempt from registration under Rule 506 of the Securities Act of 1933. The note bears no interest and matures on February 28, 2014 at which time a balloon payment of the entire principal amount is due. The holder of the note is entitled any time after the maturity date to convert the note into common stock of the Company at 70% of the average of the two lowest closing bid prices for the five day prior to the date of the conversion. The Company determined the note contained a beneficial conversion feature and therefore recorded a $32,143 debt discount. As of December 31, 2014 and 2013, the balance of the note was $75,000 and the balance of the debt discount was $0. No payments were made on the note during the years ended December 31, 2014 and 2013. | |||||
(12) On August 17, 2012, Green issued a $35,000 convertible promissory note to Eastshore Enterprises, Inc. Green converted $15,000 of accounts payable to Eastshore to the note and also received $20,000 in cash for the loan. The transaction has been handled as a private sale exempt from registration under Rule 506 of the Securities Act of 1933. The note matures on August 17, 2014 and bear interest at a rate of 8% per annum. After one year from issuance, the holder can be convertible into Green’s common shares at the conversion rate of 54% of the market price of the lowest price of Green’s common shares during the ten-day period ending one trading day prior to the date of the conversion. As of December 31, 2014, none of the note had been converted into shares of common stock. As of December 31, 2014 and 2013, the balance of the note was $35,000. As of December 31, 2014 and 2013, the balance of the debt discount was $0 and $10,979, respectively. No payments were made on the note during the years ended December 31, 2014 and 2013. | |||||
(13) On November 5, 2012, Landis Salons II, Inc. entered into a promissory note with Richard Surber, President, CEO, and Director of Green, for the sum of $25,000 for funds loaned. The note bears interest at the rate of 20% per annum, with a term of five years and monthly payments of $662 and a demand feature by which the note can be called upon the demand of Mr. Surber. As security for the note, Landis Salons II pledged all of its assets, stock in trade, inventory, furniture, fixtures, supplies, any intangible property and all tangible personal property of Landis Salons II and all and any other assets to which Landis Salons II holds title or claims ownership or that is hereafter acquired by Landis Salons II, subject only to purchase money liens held by sellers or grantors. As of December 31, 2014 and 2013, the balance of the note was $25,000. No payments were made on the note during the years ended December 31, 2014 and 2013. | |||||
(14) On April 15, 2013, Green entered into a promissory note with its parent company, Nexia Holdings, Inc., in the amount of $37,400 for cash advanced to Green. Interest on the note is 10% per annum, monthly payments are $1,726 and the note is due 24 months from signing. As of December 31, 2014 and 2013, the principal balance on the note was $27,250. Principal payments made on the note during the years ended December 31, 2014 and 2013 were $0 and $10,150, respectively. |
Note_11_Lease_Commitments
Note 11 - Lease Commitments | 12 Months Ended | ||
Dec. 31, 2014 | |||
Notes | |||
Note 11 - Lease Commitments | Note 11 – Lease Commitments | ||
Operating Leases | |||
Facilities are leased under operating leases expiring at various dates through 2020. Certain of these leases contain renewal options. For the years ended December 31, 2014 and 2013, rent expense was $203,480 and $216,789, respectively. | |||
As of December 31, 2014, future minimum lease payments under non-cancelable operating leases were as follows: | |||
Operating Leases | |||
For the fiscal years ending December 31: | |||
2015 | $188,415 | ||
2016 | 131,741 | ||
2017 | 137,801 | ||
2018 | 145,575 | ||
2019 | 120,065 | ||
Thereafter | 83,084 | ||
Total operating lease payments | $806,681 | ||
Capital Leases | |||
During 2012, the Company entered into two salon equipment lease agreements for its two salons. During 2013, the Company entered into a lease agreement for office equipment. The Company evaluated the leases at the time of purchase and determined that the agreement contained a beneficial by-out option wherein the Company has the option to buy the equipment for $1 at the end of the lease term. Under the guidance in ASC 840, the Company has classified the leases as capital leases for equipment in the gross amount of $76,298. This amount has been capitalized and included with the Company's equipment and is amortized as such. The Company used the discounted value of future payments as the fair value of this asset and has recorded the discounted value of the remaining payments as a liability. As of December 31, 2014 and 2013, the gross carrying amount of the leased assets was $76,298. As of December 31, 2014 and 2013, accumulated amortization on the leases was $38,803 and $23,543, respectively. | |||
Capital leases payable outstanding were as follows: | |||
December 31, | December 31, | ||
2014 | 2013 | ||
Total, net | $34,646 | $53,017 | |
Less current portion | -21,701 | -18,367 | |
Long-term portion | $12,945 | $34,650 | |
As of December 31, 2014, future minimum lease payments under non-cancelable capital leases were as follows: | |||
Capital Leases | |||
For the fiscal years ending December 31: | |||
2015 | $25,776 | ||
2016 | 12,042 | ||
2017 | 1,539 | ||
2018 | 256 | ||
Thereafter | - | ||
Total operating lease payments | 39,613 | ||
Less interest for the terms | -4,967 | ||
Total, net | $34,646 | ||
Note_12_Stockholders_Deficit
Note 12 - Stockholders' Deficit | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 12 - Stockholders' Deficit | Note 12 – Stockholders’ Deficit |
Preferred Stock | |
Green is authorized to issue 15,000,000 shares of preferred stock (par value $.001 per share). Green’s preferred stock may be divided into such series as may be established by the Board of Directors. As of December 31, 2014 and 2013, Green has designated 12,000,000 of the preferred stock into two series as follows: 2,000,000 shares of Convertible Series B Preferred and 10,000,000 shares of Convertible Supervoting Preferred. | |
The Preferred Stock is classified as equity as long as there are sufficient shares available to effect the conversion. In some instances certain contracts may pass the option to receive cash or common stock to the shareholder. In this case, it is assumed that a cash settlement will occur and balance sheet classification of the affected Preferred Stock and related preferred paid-in capital as a liability. | |
Convertible Supervoting Preferred Stock | |
Each share of the Convertible Supervoting Preferred Stock is convertible into 100 shares of Green’s Common stock and has the voting rights equal to 100 shares of Common stock. | |
During the years ended December 31, 2014 and 2013, there were no issuances or conversions of Convertible Supervoting Preferred shares. | |
As of December 31, 2014 and 2013, Green had 10,000,000 shares of Convertible Supervoting Preferred stock issued and outstanding, respectively. | |
Convertible Series B Preferred Stock | |
Each share of Green’s Convertible Series B Preferred Stock has one vote per share and is convertible into $5.00 worth of common stock. The number of common shares received is based on the average closing bid market price of Green's common stock for the five days before conversion notice date by the shareholder. Convertible Series B Preferred Stock shareholders, at the option of Green, can receive cash or common stock upon conversion. | |
During the year ended December 31, 2014, the Board of Directors approved the conversions of 33,672 shares of Series B Preferred shares into 28,842,370 shares of Common Stock. The shares were converted at prices per share of approximately $0.00416 to $0.00646 based on the conversion provisions for the Convertible Series B Preferred Stock designation. | |
During the year ended December 31, 2013, the Board of Directors approved the conversions of 47,774 shares of Series B Preferred shares into 44,472,376 shares of Common Stock. The shares were converted at prices per share of approximately $0.00340 to $0.01386 based on the conversion provisions for the Convertible Series B Preferred Stock designation. | |
On May 16, 2013 the Board of Directors approved the issuance of 32,000 Convertible Series B Preferred Stock to two employees (16,000 shares each) for services performed on behalf of the Company pursuant to the 2008 Benefit Plan of the Company. The transaction was recorded at $160,000, which is the 32,000 shares multiplied by the conversion price of $5 multiplied per share. This $160,000 amount was offset against balances Green owed to a subsidiary of Nexia. The shares were issued with a restrictive legend. | |
During the year ended December 31, 2014, the Board of Directors approved the issuance of 43,333 shares of Convertible Preferred Series B Stock in exchange for a total of $75,000 in cash. | |
During the year ended December 31, 2013, the Board of Directors approved the issuances of an aggregate of 30,000 shares of Convertible Preferred Series B Stock in exchange for a total of $50,000 in cash. | |
On March 28 2014, the Board of Directors approved the issuance of a total of 189,123 shares of the Company's Convertible Preferred Series B Stock in exchange for cancellation of the principal and accrued interest of the five, $100,000 each, 8% Series A Senior Subordinated Convertible Redeemable Debentures (the "Debentures"). The Debentures were held by two unrelated parties and amounted to $500,000 in principal and $161,929 of accrued interest for a total of $661,929. The Company recognized a gain of $6,994 on the transaction. | |
As of December 31, 2014 and 2013, Green had 760,488 and 561,704 shares of Convertible Series B Preferred stock issued and outstanding, respectively. | |
Common Stock | |
Green is authorized to issue 10,000,000,000 shares of common stock (par value $0.0001 per share). | |
On or about March 22, 2013, the Company received the consent of a majority of the voting rights of the shareholders of the Company to carry out a reverse stock split of the common stock of the Company on the basis of one share for each two hundred shares of outstanding common stock and to change the par value of the common stock to $0.0001. The action as proposed was approved by the Board of Directors and notice was provided through the filing of a Form 14C Information Statement with the SEC and the reverse stock split was effective as of April 10, 2013. All common stock share quantities, prices, and par values contained in these financial statements and accompanying footnotes that occurred before April 10, 2013, have been retroactively restated to reflect the occurrence of the split and par value change. | |
During the year ended December 31, 2013, the Board of Directors approved the conversions of $40,263 of the Convertible Notes held by Asher Enterprises, Inc. ($28,000 in principal, $9,000 in default fee, and $3,263 in interest) into 15,117,556 shares of Common Stock. The shares were converted at prices per share of approximately $0.0019 to $0.0075 based on the conversion provisions of the convertible notes. | |
During the year ended December 31, 2014, the Board of Directors approved the conversions of 33,672 shares of Series B Preferred shares into 28,842,370 shares of Common Stock. The shares were converted at prices per share of approximately $0.00416 to $0.00646 based on the conversion provisions for the Convertible Series B Preferred Stock designation. | |
On July 31, 2013, Nexia Holdings Inc., the parent corporation of the Company, converted $169,434 of debt into 84,716,865 shares of common stock. The transaction was valued at $169,434 with a stated value per share of $0.002 for the common stock. There was a 50% discount provided and no loss was recorded because it was considered a capital transaction. The shares were issued with a restrictive legend to Nexia. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. | |
During the year ended December 31, 2013, the Board of Directors approved the conversions of 47,774 shares of Series B Preferred shares into 44,472,376 shares of Common Stock. The shares were converted at prices per share of approximately $0.00340 to $0.01386 based on the conversion provisions for the Convertible Series B Preferred Stock designation. | |
As of December 31, 2014 and 2013, Green had 195,414,505 and 166,572,135 shares of common stock issued and outstanding, respectively. |
Note_13_Stockbased_Compensatio
Note 13 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 13 - Stock-based Compensation | Note 13 – Stock-Based Compensation |
On December 2, 2011, the Board of Directors approved a stock-based compensation program entitled The 2011 Benefit Plan of Green Endeavors, Inc. (the “Plan”) wherein common stock options are granted to employees. A total of 1,500,000 shares of the Green’s common stock (par value $0.0001) are authorized to be issued or granted to employees (“Employees”) under the Plan. Employees include actual employees or certain non-employee, consultants and advisors of Green, its subsidiaries, and parent company. The Plan is designed to aid attract and retain employees. | |
Under the Plan and during the years ended December 31, 2014 and 2013, the Company did not grant any stock options. At December 31, 2014 and 2013, the aggregate intrinsic value of all options outstanding and exercisable was $0. As of December 31, 2014 and 2013, 1,030,000 shares under the grants had been exercised and there were no unexercised grants. For the years ended December 31, 2014 and 2013, there were no expired or cancelled grants. As of December 31, 2014 and 2013, there were 470,000 shares available for future stock-based compensation grants. |
Note_14_Litigation
Note 14 - Litigation | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 14 - Litigation | Note 14 – Litigation |
Southridge Partners II, LP, v. Green Endeavors, Inc. This action was filed on or about August 13, 2014 in the State Courts of Connecticut and was subsequently removed to the United States District Court, District of Connecticut, Case No. 3:13-cv-01358 (SRU). Suit was filed based upon the breach in the payment of promissory note in the face amount of $75,000 and the refusal by Green Endeavors to allow Southridge Partners to convert shares of preferred stock. Green Endeavors filed a counterclaim and an answer denying the claims to damages alleged by Southridge and seeking to recover damages resulting from Southridge’s Breach of Contract, Breach of the Implied Covenant of Good Faith and Fair Dealing and Negligent Misrepresentation-Fraud in the Inducement. As of December 31, 2014, under the guidance of ASC 450, the Company believes the likelihood of a material loss is remote and therefore has not recorded a contingency for the potential event. In addition, as of December 31, 2014 the $75,000 amount owed to Southridge is still on the balance sheet as a current liability and the conversion of the preferred stock to common stock would have a net effect of $0 to the Company's equity. On January 13, 2015, the parties entered into a Settlement Agreement and Release whereby they have settled the litigation (see the Subsequent Events footnote for details of the agreement). |
Note_15_Concentration_of_Risk
Note 15 - Concentration of Risk | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 15 - Concentration of Risk | Note 15 – Concentration of Risk |
Supplier Concentrations | |
The Company purchases most of its salon inventory that is used for service and product sales from Aveda. Aveda product purchases for the years ended December 31, 2014 and 2013 accounted for approximately 99% of salon products purchased. | |
Market or Geographic Area Concentrations | |
100% of the Company's sales are in the salon services and products market and are concentrated in the Salt Lake City, Utah geographic area. |
Note_16_Going_Concern
Note 16 - Going Concern | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 16 - Going Concern | Note 16 – Going Concern |
The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, which contemplate the continuation of Green as a going concern. However, as of and for the year ended December 31, 2014, Green had negative working capital of $656,157 and an accumulated deficit of $3,202,320, which raises substantial doubt about Green’s ability to continue as a going concern. Green’s ability to continue as a going concern is contingent upon the successful completion of additional financing arrangements and its ability to successfully fulfill its business plan. Management plans to attempt to raise additional funds to finance the operating and capital requirements of Green through a combination of equity and debt financings. While Green is making its best efforts to achieve the above plans, there is no assurance that any such activity will generate funds that will be sufficient for operations. |
Note_17_Subsequent_Events
Note 17 - Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 17 - Subsequent Events | Note 17 – Subsequent Events |
Litigation Settlement | |
On January 13, 2015, Green Endeavors entered into a Settlement Agreement and Release for the litigation between itself and Southridge Partners as described in Note 14 above. The settlement required that Southridge deliver to Green 14,205 shares of Green's series B preferred convertible stock and deliver, release, and mark satisfied in full the August 15, 2013, $75,000 promissory note that Green had issued to Southridge. In return, Green issued to Southridge 10,230,000 shares of its common stock as a partial conversion of the promissory note. | |
Stock-Based Compensation Program | |
On January 21, 2015, the Board of Directors approved a stock-based compensation program entitled The 2015 Benefit Plan of Green Endeavors, Inc. (the “Plan”) wherein common stock options are granted to employees. A total of 80,000,000 shares of the Green’s common stock (par value $0.0001) are authorized to be issued or granted to employees (“Employees”) under the Plan. Employees include actual employees or certain non-employee, consultants and advisors of Green, its subsidiaries, and parent company. The Plan is designed to attract and retain employees. Under the Plan, the Company has granted stock options to three employees during 2015 from January 27, 2015 to March 3, 2015 at option prices ranging from $0.0045 to $0.006 per share for an aggregate of 36,000,000 shares. Each of the three employees exercised the options on the same day they were granted by each issuing a promissory notes to the Company in the aggregate amount of $198,000. The promissory notes mature in 12 months from their issuance date and the Company is entitled to 4% interest per annum. | |
Conversion of Series B Preferred Stock to Common Stock | |
On January 23, 2015, the Board of Directors approved the conversion of 3,900 shares of Series B Preferred Stock held by an investor into 4,924,242 shares of Common Stock. The shares were converted at $0.00396 per share based on the conversion provisions for the Series B Preferred Stock designation. | |
Convertible Promissory Note Issued | |
On January 26, 2015, pursuant to a Securities Purchase Agreement, Green issued a $64,000 Convertible Promissory Note (the "Note") to KBM Worldwide, Inc. (“KBM”) that matures October 28, 2015. The Note bears interest at a rate of 8% per annum and can be convertible into Green’s common shares, at the holder’s option, at the conversion rate of 58% (a 42% discount) of the average of the three lowest trading price of Green’s common shares during the ten-day period ending one trading day prior to the date of the conversion, subject to a limitation that KBM and its affiliates cannot at any time hold, as a result of conversion, more than 9.99% of the outstanding common stock of Green. Green analyzed the conversion feature of the agreement for derivative accounting consideration under ASC 815-15 “Derivatives and Hedging” and determined that the embedded conversion features should be classified as a derivative because the exercise price of these convertible notes are subject to “reset” provisions in the event the Company subsequently issues common stock, stock warrants, stock options or convertible debt with a stock price, exercise price or conversion price lower than conversion price of these notes. If these provisions are triggered, the conversion price of the note will be reduced. The Company has determined that the conversion feature is not considered to be solely indexed to the Company’s own stock and is therefore not afforded equity treatment. In accordance with AC 815, the Company has bifurcated the conversion feature of the note and recorded a derivative liability. The embedded derivative for the KBM Note is carried on Green’s balance sheet at fair value. The derivative liability is marked-to-market each measurement period and any unrealized change in fair value is recorded as a component of the income statement and the associated fair value carrying amount on the balance sheet is adjusted by the change. Green fair values the embedded derivative using the Black-Scholes option pricing model. The fair value of the derivative at the inception date of the KBM note was $46,176, which was recorded on the balance sheet. $46,345 was recorded as a debt discount on the balance sheet and $169 was recorded as a credit to non-cash interest expense. | |
Convertible Promissory Note Issued | |
On March 25, 2015, pursuant to a Securities Purchase Agreement, Green issued a $34,000 Convertible Promissory Note (the "Note") to LG Capital Funding, LLC (“LGCF") that matures March 25, 2016. The Note bears interest at a rate of 8% per annum and can be convertible into Green’s common shares, at the holder’s option, at the conversion rate of 58% (a 42% discount) of the average of the three lowest trading price of Green’s common shares during the eighteen-day period ending on the trading day of the conversion notice date, subject to a limitation that LGCF and its affiliates cannot at any time hold, as a result of conversion, more than 9.99% of the outstanding common stock of Green. Green analyzed the conversion feature of the agreement for derivative accounting consideration under ASC 815-15 “Derivatives and Hedging” and determined that the embedded conversion features should be classified as a derivative because the exercise price of these convertible notes are subject to “reset” provisions in the event the Company subsequently issues common stock, stock warrants, stock options or convertible debt with a stock price, exercise price or conversion price lower than conversion price of these notes. If these provisions are triggered, the conversion price of the note will be reduced. The Company has determined that the conversion feature is not considered to be solely indexed to the Company’s own stock and is therefore not afforded equity treatment. In accordance with AC 815, the Company has bifurcated the conversion feature of the note and recorded a derivative liability. The embedded derivative for the LGCF Note is carried on Green’s balance sheet at fair value. The derivative liability is marked-to-market each measurement period and any unrealized change in fair value is recorded as a component of the income statement and the associated fair value carrying amount on the balance sheet is adjusted by the change. Green fair values the embedded derivative using the Black-Scholes option pricing model. The fair value of the derivative at the inception date of the LGCF note was $30,601, which was recorded on the balance sheet. $24,621 was recorded as a debt discount on the balance sheet and $5,980 was recorded as non-cash interest expense. | |
Loan Agreement | |
On February 3, 2015, the Landis Salons II, Inc. entered into a loan agreement with American Express Bank, FSB in the amount of $74,000. The note is a merchant account financing arrangement wherein Landis repays the loan at the rate of 30% of the American Express credit card sales receipts that are collected each month. The loan requires a prepaid interest charge that is 12% ($8,880) of the $74,000 loan amount. These financing costs are being amortized monthly to interest expense during the two year term of the loan. The total amount due at the inception date is $82,880. | |
Loan Agreement – Related Party | |
On March 24, 2015, Green Endeavors, Inc. and Landis Salons, Inc. (the "Company") issued a promissory note to Richard Surber, President, CEO and Director of Green, in the principal amount of $25,082 for funds loaned. The note bears interest at the rate of 18% per annum, has a maturity date of March 12, 2018, and requires monthly payments of $806. The Company shall be credited for satisfaction of the note for any payment that it makes of a loan that Mr. Surber is obligated to pay to Upstart Network, Inc., the reported source of the funds loan to the Company by Mr. Surber. | |
In accordance with ASC 855-10 Company management reviewed all material events through the date of this report and there are no additional material subsequent events to report. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Policies | |||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||
Investments with original maturities of three months or less at the time of purchase are considered cash equivalents. As of December 31, 2014 and 2013, Green had no cash equivalents. | |||
Property, Plant, and Equipment | Property, Plant, and Equipment | ||
Property, plant, and equipment is stated at historical cost. Depreciation is generally provided over the estimated useful lives, using the straight-line method, as follows: | |||
Leasehold improvements | Shorter of the lease term or the estimated useful life | ||
Computer equipment and related software | 3 years | ||
Furniture and fixtures | 3-10 years | ||
Equipment | 3-10 years | ||
Vehicle | 7 years | ||
Signage | 10 years | ||
For the years ended December 31, 2014 and 2013, Green recorded depreciation expense of $133,044 and $129,458, respectively. Maintenance and repair costs are expensed as incurred. | |||
Long-lived Assets | Long-Lived Assets | ||
We periodically review the carrying amount of our long-lived assets for impairment. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is not considered recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flows. There were no impairments of long-lived assets during the years ended December 31, 2014 and 2013. | |||
Fair Value Measurements | Fair Value Measurements | ||
The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: | |||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |||
Level 2: Observable market-based inputs or inputs that are corroborated by market data. | |||
Level 3: Unobservable inputs that are not corroborated by market data. | |||
Revenue Recognition | Revenue Recognition | ||
There are primary two types of revenue for the Company: 1) providing hair salon services, and 2) selling hair salon products. Revenue is recognized at the time the service is performed or the product is delivered. All revenue sources are domestic. In some cases, such as the sale of gift cards, revenue is deferred until the gift card is redeemed. | |||
Deferred Revenue | Deferred Revenue | ||
Deferred revenue arises when customers pay for products and/or services in advance of revenue recognition. Green’s deferred revenue consists solely of unearned revenue associated with the purchase of gift certificates for which revenue is recognized only when the service is performed or the product is delivered. | |||
Advertising | Advertising | ||
The Company expenses advertising production costs as they are incurred and advertising communication costs the first time the advertising takes place. For the years ended December 31, 2014 and 2013, advertising costs amounted to $113,124 and $92,628, respectively. | |||
Stock-Based Compensation | Stock-Based Compensation | ||
Green recognizes the cost of employee services received in exchange for awards of equity instruments as stock-based compensation expense. Stock-based compensation expense is measured at the grant date based on the fair value of the restricted stock award, option, or purchase right and is recognized as expense, less expected forfeitures, over the requisite service period, which typically equals the vesting period. Because the employee is expected to and has historically received shares of common stock on or about the date of the employee stock option grant date as part of the exercise process, the fair value of each stock issuance is determined using the fair value of Green’s common stock on the grant date. | |||
Income Taxes | Income Taxes | ||
The Company has adopted the ASC 740 “Income Taxes” as of its inception. The Company recognizes deferred tax assets and liabilities based on differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. | |||
Net Income (loss) Per Share | Net Income (Loss) Per Share | ||
Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the specified period. Diluted earnings per common share is computed by dividing net income by the weighted average number of common shares and potential common shares during the specified period. For the year ended December 31, 2013, diluted earnings per common share amounted to $.00002. For the year ended December 31, 2014, potential common shares are not included in the diluted net loss per share calculation because their effect would be anti-dilutive. Such potentially dilutive shares are excluded when the effect would be to reduce net loss per share. There were 2,265,106,972 such potentially dilutive shares excluded as of December 31, 2014. | |||
The following table shows the calculation of diluted common shares as of December 31, 2014: | |||
Diluted Shares | |||
Potential shares issued due to conversion of Series B Preferred Stock | 651,387,482 | ||
Potential shares issued due to conversion of convertible debt | 423,817,880 | ||
Potential shares issued due to conversion of Supervoting shares | 1,000,000,000 | ||
Total potentially dilutive shares | 2,075,205,362 | ||
Weighted average common shares outstanding | 189,901,610 | ||
Total diluted shares | 2,265,106,972 | ||
Reclassification of Financial Statement Accounts | Reclassification of Financial Statement Accounts | ||
Certain amounts in the December 31, 2013 financial statements have been reclassified to conform to the presentation in the December 31, 2014 financial statements. | |||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||
Management believes the impact of recently issued standards and updates, which are not yet effective, will not have a material impact on Green’s consolidated financial position, results of operations or cash flows upon adoption. |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies: Net Income (loss) Per Share: Schedule of Weighted Average Number of Shares (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Tables/Schedules | |||
Schedule of Weighted Average Number of Shares | The following table shows the calculation of diluted common shares as of December 31, 2014: | ||
Diluted Shares | |||
Potential shares issued due to conversion of Series B Preferred Stock | 651,387,482 | ||
Potential shares issued due to conversion of convertible debt | 423,817,880 | ||
Potential shares issued due to conversion of Supervoting shares | 1,000,000,000 | ||
Total potentially dilutive shares | 2,075,205,362 | ||
Weighted average common shares outstanding | 189,901,610 | ||
Total diluted shares | 2,265,106,972 |
Note_4_Property_Plant_and_Equi1
Note 4 - Property, Plant, and Equipment: Schedule of Property, Plant and Equipment (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Tables/Schedules | ||||
Schedule of Property, Plant and Equipment | The following is a summary of Green’s Property, plant, and equipment by major category as of December 31, 2014: | |||
Cost | Accumulated Depreciation | Net | ||
Computer equipment and related software | $39,247 | $22,189 | $17,058 | |
Construction in process | 24,905 | - | 24,905 | |
Leasehold improvements | 625,004 | 410,010 | 214,994 | |
Furniture and fixtures | 27,201 | 22,117 | 5,084 | |
Leased equipment | 76,298 | 38,803 | 37,495 | |
Equipment | 263,478 | 190,114 | 73,364 | |
Vehicle | 48,193 | 32,703 | 15,490 | |
Signage | 25,154 | 11,392 | 13,762 | |
Total | $1,129,480 | $727,328 | $402,152 | |
The following is a summary of Green’s Property, plant, and equipment by major category as of December 31, 2013: | ||||
Cost | Accumulated Depreciation | Net | ||
Computer equipment and related software | $22,517 | $17,458 | $5,059 | |
Leasehold improvements | 625,004 | 336,023 | 288,981 | |
Furniture and fixtures | 25,347 | 24,605 | 742 | |
Leased equipment | 76,298 | 23,543 | 52,755 | |
Equipment | 232,275 | 158,528 | 73,747 | |
Vehicle | 48,193 | 25,818 | 22,375 | |
Signage | 25,154 | 8,310 | 16,844 | |
Total | $1,054,788 | $594,285 | $460,503 | |
Note_5_Other_Assets_Schedule_o
Note 5 - Other Assets: Schedule of Other Assets (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Tables/Schedules | |||
Schedule of Other Assets | |||
December 31, | December 31, | ||
2014 | 2013 | ||
Lease and utility deposits | $24,475 | $24,475 | |
Certificate of deposit (1) | - | 27,826 | |
Other | - | 11,058 | |
Total other assets | $24,475 | $63,359 | |
Note_6_Fair_Value_Measurements1
Note 6 - Fair Value Measurements: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Tables/Schedules | |||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Our financial assets and (liabilities) carried at fair value measured on a recurring basis as of December 31, 2014 and 2013, consisted of the following: | ||||
Level 1 | Level 2 | Level 3 | |||
Total fair | Quoted prices | Significant other | Significant | ||
value at | in active | observable | unobservable | ||
December 31, | markets | inputs | inputs | ||
Description | 2014 | (Level) | (Level 2) | (Level) | |
Derivative liability (1) | $31,424 | $- | $31,424 | $- | |
Level 1 | Level 2 | Level 3 | |||
Total fair | Quoted prices | Significant other | Significant | ||
value at | in active | observable | unobservable | ||
December 31, | markets | inputs | inputs | ||
Description | 2013 | (Level) | (Level 2) | (Level) | |
Derivative liability (1) | $55,099 | $- | $55,099 | $- |
Note_8_Income_Taxes_Schedule_o
Note 8 - Income Taxes: Schedule of Deferred Tax Assets (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Tables/Schedules | |||
Schedule of Deferred Tax Assets | The cumulative net operating loss and the cumulative tax effect at the expected composite rate of 39 percent of significant items comprising our net deferred tax amount is as follows: | ||
December 31, | December 31, | ||
2014 | 2013 | ||
Cumulative net operating loss | ($3,190,679) | ($3,107,307) | |
December 31, | December 31, | ||
2014 | 2013 | ||
Deferred Tax assets: | |||
Net operating loss carry forwards | ($1,248,904) | ($1,218,080) | |
Meals and Entertainment | 24,226 | 20,642 | |
Donations | 13,363 | 9,404 | |
Change in derivative liability | -33,047 | -23,814 | |
Valuation allowance | 1,244,362 | 1,211,848 | |
- | - |
Note_8_Income_Taxes_Schedule_o1
Note 8 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Tables/Schedules | |||
Schedule of Effective Income Tax Rate Reconciliation | |||
December 31, | December 31, | ||
2014 | 2013 | ||
Book income (loss) from operations | ($30,824) | $19,943 | |
Meals and Entertainment | 3,584 | 2,244 | |
Donations | 3,959 | 624 | |
Change in derivative liability | -9,233 | -60,806 | |
Change in valuation allowance | 32,514 | 37,995 | |
$- | $- |
Note_9_Related_Party_Transacti1
Note 9 - Related Party Transactions: Schedule of Related and Unrelated Party Debt (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Tables/Schedules | |||
Schedule of Related and Unrelated Party Debt | The following table shows the related and unrelated party amounts of the debenture and their respective amortized debt discount amounts: | ||
December 31, | December 31, | ||
2014 | 2013 | ||
Convertible Debenture - Related Party | |||
Principal amount | $2,213,591 | $2,251,986 | |
Debt discount | -41,741 | -54,263 | |
Convertible debenture, net of debt discount | $2,171,850 | $2,197,723 | |
Convertible Debenture - Unrelated Party | |||
Principal amount | $- | $500,000 | |
Debt discount | - | -10,852 | |
Convertible debenture, net of debt discount | $- | $489,148 | |
Convertible Debenture - Totals | |||
Principal amount | $2,213,591 | $2,751,986 | |
Debt discount | -41,741 | -65,115 | |
Convertible debenture, net of debt discount | $2,171,850 | $2,686,871 |
Note_9_Related_Party_Transacti2
Note 9 - Related Party Transactions: Schedule of Principal and Accrued Interest on Related Party Debt (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Tables/Schedules | |||
Schedule of Principal and Accrued Interest on Related Party Debt | The following table summarizes the related party amounts of principal and accrued interest on the Convertible Debentures as of December 31, 2014 and 2013: | ||
December 31, | December 31, | ||
2014 | 2013 | ||
Principal balance | $2,213,591 | $2,251,986 | |
Accrued interest | - | - | |
Total | $2,213,591 | $2,251,986 | |
Note_10_Notes_Payable_Schedule
Note 10 - Notes Payable: Schedule of Notes Payable (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Tables/Schedules | |||||
Schedule of Notes Payable | |||||
Interest | Maturity | December 31, | December 31, | ||
Creditor | Rate | Date | 2014 | 2013 | |
Xing Investment Corp. (1) | 10.00% | 5/12/08 | $- | $171,000 | |
Alliance Laundry Services (2) | 7.99% | 3/3/19 | 10,681 | - | |
Express Bank FSB (3) | 11.07% | 8/2/16 | 225,558 | - | |
Salt Lake City Corporation (4) | 3.25% | 8/1/15 | 12,520 | 33,439 | |
William and Nina Wolfson (5) | 11.00% | 2/27/16 | 18,115 | 30,858 | |
Cyprus Credit Union (6) | 2.69% | 12/5/14 | - | 10,920 | |
Salt Lake City Corporation (7) | 5.00% | 9/1/17 | 29,035 | 38,644 | |
Total | 295,909 | 284,861 | |||
Less: Current portion | -181,762 | -225,191 | |||
Long-term portion | $114,147 | $59,670 |
Note_10_Notes_Payable_Summary_
Note 10 - Notes Payable: Summary of Capital Leases Payable (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Tables/Schedules | |||||
Summary of Capital Leases Payable | A summary of capital leases payable as of December 31, 2014 and 2013 is as follows: | ||||
Interest | Maturity | December 31, | December 31, | ||
Creditor | Rate | Date | 2014 | 2013 | |
Castleton Equipment (8) | 16.96% | 4/23/16 | $21,843 | $35,289 | |
Imaging Concepts (9) | 10.90% | 2/25/18 | 4,105 | 5,139 | |
Time Payment Corp (10) | 17.75% | 9/5/16 | 8,698 | 12,589 | |
Total | 34,646 | 53,017 | |||
Less: Current portion | -21,701 | -18,367 | |||
Long-term portion | $12,945 | $34,650 | |||
Note_10_Notes_Payable_Schedule1
Note 10 - Notes Payable: Schedule of Convertible Notes Payable (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Tables/Schedules | |||||
Schedule of Convertible Notes Payable | A summary of convertible notes payable as of December 31, 2014 and 2013 is as follows: | ||||
Interest | Maturity | December 31, | December 31, | ||
Creditor | Rate | Date | 2014 | 2013 | |
Southridge Partners II, LP (11) | 0% | 2/28/13 | $75,000 | $75,000 | |
Eastshore Enterprises, Inc. (12) | 8.00% | 8/17/14 | 35,000 | 35,000 | |
Debt discount - convertible notes, net | - | -10,979 | |||
Total, net | 110,000 | 99,021 | |||
Less: Current portion | -110,000 | -99,021 | |||
Long-term portion | $- | $- | |||
Note_10_Notes_Payable_Schedule2
Note 10 - Notes Payable: Schedule of Related Party Notes Payable (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Tables/Schedules | |||||
Schedule of Related Party Notes Payable | A summary of the related party note payable as of December 31, 2014 and 2013 is as follows: | ||||
Interest | Maturity | December 31, | December 31, | ||
Creditor | Rate | Date | 2014 | 2013 | |
Nexia Holdings, Inc. (related party) (13) | 10.00% | 4/15/15 | $27,250 | $27,250 | |
Richard D. Surber (related party) (14) | 20.00% | 11/6/17 | 25,000 | 25,000 | |
Total | 52,250 | 52,250 | |||
Less: Current portion | -52,250 | -45,488 | |||
Long-term portion | $- | $6,762 | |||
Note_11_Lease_Commitments_Sche
Note 11 - Lease Commitments: Schedule of Future Minimum Rental Payments for Operating Leases (Tables) | 12 Months Ended | |
Dec. 31, 2014 | ||
Tables/Schedules | ||
Schedule of Future Minimum Rental Payments for Operating Leases | As of December 31, 2014, future minimum lease payments under non-cancelable operating leases were as follows: | |
Operating Leases | ||
For the fiscal years ending December 31: | ||
2015 | $188,415 | |
2016 | 131,741 | |
2017 | 137,801 | |
2018 | 145,575 | |
2019 | 120,065 | |
Thereafter | 83,084 | |
Total operating lease payments | $806,681 |
Note_11_Lease_Commitments_Sche1
Note 11 - Lease Commitments: Schedule of Capital Leases Payable (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Tables/Schedules | |||
Schedule of Capital Leases Payable | Capital leases payable outstanding were as follows: | ||
December 31, | December 31, | ||
2014 | 2013 | ||
Total, net | $34,646 | $53,017 | |
Less current portion | -21,701 | -18,367 | |
Long-term portion | $12,945 | $34,650 |
Note_11_Lease_Commitments_Sche2
Note 11 - Lease Commitments: Schedule of Future Minimum Lease Payments for Capital Leases (Tables) | 12 Months Ended | |
Dec. 31, 2014 | ||
Tables/Schedules | ||
Schedule of Future Minimum Lease Payments for Capital Leases | As of December 31, 2014, future minimum lease payments under non-cancelable capital leases were as follows: | |
Capital Leases | ||
For the fiscal years ending December 31: | ||
2015 | $25,776 | |
2016 | 12,042 | |
2017 | 1,539 | |
2018 | 256 | |
Thereafter | - | |
Total operating lease payments | 39,613 | |
Less interest for the terms | -4,967 | |
Total, net | $34,646 |
Note_1_Organization_and_Basis_1
Note 1 - Organization and Basis of Financial Statement Presentation (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Trading Symbol | GRNE | |
Entity Incorporation, Date of Incorporation | 25-Apr-02 | |
Common Stock, Shares Authorized | 10,000,000,000 | 10,000,000,000 |
Preferred Stock, Shares Authorized | 15,000,000 | |
Landis Salons Inc | ||
Entity Incorporation, Date of Incorporation | 4-May-05 | |
Landis Salons II Inc | ||
Entity Incorporation, Date of Incorporation | 17-Mar-10 | |
Landis Experience Center LLC | ||
Entity Incorporation, Date of Incorporation | 23-Jan-12 | |
Nexia Holdings, Inc. | ||
Ownership percentage of controlling interest | 50.00% | |
Undesignated Preferred Stock | ||
Preferred Stock, Shares Authorized | 3,000,000 | |
Convertible Series B Preferred Stock | ||
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Convertible Supervoting Preferred Stock | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Details | ||
Cash Equivalents, at Carrying Value | $0 | $0 |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies: Property, Plant, and Equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Depreciation | $133,044 | $129,458 |
Leasehold Improvements | ||
Property, Plant and Equipment, Estimated Useful Lives | Shorter of the lease term or the estimated useful life | |
Computer Equipment | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Furniture and Fixtures | Minimum | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Furniture and Fixtures | Maximum | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Equipment | Minimum | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Equipment | Maximum | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Vehicles | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Signage | ||
Property, Plant and Equipment, Useful Life | 10 years |
Note_2_Summary_of_Significant_5
Note 2 - Summary of Significant Accounting Policies: Long-lived Assets (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Details | ||
Impairment of Long-Lived Assets | $0 | $0 |
Note_2_Summary_of_Significant_6
Note 2 - Summary of Significant Accounting Policies: Advertising (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Details | ||
Advertising Costs | $113,124 | $92,628 |
Note_2_Summary_of_Significant_7
Note 2 - Summary of Significant Accounting Policies: Net Income (loss) Per Share (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Details | ||
Diluted Earnings Per Common Share | $0 | $0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,265,106,972 |
Note_2_Summary_of_Significant_8
Note 2 - Summary of Significant Accounting Policies: Net Income (loss) Per Share: Schedule of Weighted Average Number of Shares (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Potential shares issued due to conversion of convertible debt | 423,817,880 | ||
Total potentially dilutive shares | 2,075,205,362 | ||
Weighted average common shares outstanding | 189,901,610 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,265,106,972 | ||
Convertible Series B Preferred Stock | |||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock | 651,387,482 | ||
Weighted average common shares outstanding | 760,488 | 561,704 | 547,478 |
Convertible Supervoting Preferred Stock | |||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock | 1,000,000,000 | ||
Weighted average common shares outstanding | 10,000,000 | 10,000,000 | 10,000,000 |
Note_3_Inventory_Details
Note 3 - Inventory (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Details | ||
Inventory | $152,758 | $144,317 |
Note_4_Property_Plant_and_Equi2
Note 4 - Property, Plant, and Equipment: Schedule of Property, Plant and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Cost | $1,129,480 | $1,054,788 |
Accumulated Depreciation | 727,328 | 594,285 |
Net | 402,152 | 460,503 |
Computer Equipment | ||
Cost | 39,247 | 22,517 |
Accumulated Depreciation | 22,189 | 17,458 |
Net | 17,058 | 5,059 |
Construction In Process | ||
Cost | 24,905 | |
Accumulated Depreciation | 0 | |
Net | 24,905 | |
Leasehold Improvements | ||
Cost | 625,004 | 625,004 |
Accumulated Depreciation | 410,010 | 336,023 |
Net | 214,994 | 288,981 |
Furniture and Fixtures | ||
Cost | 27,201 | 25,347 |
Accumulated Depreciation | 22,117 | 24,605 |
Net | 5,084 | 742 |
Leased Equipment | ||
Cost | 76,298 | 76,298 |
Accumulated Depreciation | 38,803 | 23,543 |
Net | 37,495 | 52,755 |
Equipment | ||
Cost | 263,478 | 232,275 |
Accumulated Depreciation | 190,114 | 158,528 |
Net | 73,364 | 73,747 |
Vehicles | ||
Cost | 48,193 | 48,193 |
Accumulated Depreciation | 32,703 | 25,818 |
Net | 15,490 | 22,375 |
Signage | ||
Cost | 25,154 | 25,154 |
Accumulated Depreciation | 11,392 | 8,310 |
Net | $13,762 | $16,844 |
Note_5_Other_Assets_Schedule_o1
Note 5 - Other Assets: Schedule of Other Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Details | ||
Lease and utility deposits | $24,475 | $24,475 |
Certificate of deposit | 0 | 27,826 |
Other | 0 | 11,058 |
Total other assets | $24,475 | $63,359 |
Note_5_Other_Assets_Details
Note 5 - Other Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Jun. 18, 2010 | |
Certificate of deposit, restricted | $0 | $27,826 | |
Certificate Of Deposit | |||
Investment Maturity Date | 15-Jul-15 | ||
Interest Receivable, Current | 3,660 | 2,826 | |
Salt Lake City Corporation | |||
Debt Instrument, Face Amount | 100,000 | ||
Certificate of deposit, restricted | $25,000 |
Note_6_Fair_Value_Measurements2
Note 6 - Fair Value Measurements: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative liability | $31,424 | $55,099 |
Fair Value, Inputs, Level 1 | ||
Derivative liability | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Derivative liability | 31,424 | 55,099 |
Fair Value, Inputs, Level 3 | ||
Derivative liability | $0 | $0 |
Note_7_Derivative_Liability_De
Note 7 - Derivative Liability (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 17, 2012 | |
Derivative liability | $31,424 | $55,099 | ||
Gain on derivative fair value adjustment | 23,675 | 155,914 | ||
Eastshore Note | Convertible Debt Securities | ||||
Derivative liability | 63,636 | |||
Gain on derivative fair value adjustment | 23,675 | |||
Debt Instrument, Face Amount | 35,000 | |||
Due Date | 17-Aug-14 | |||
Interest Rate | 8.00% | |||
Debt Instrument, Convertible, Conversion Ratio | 0.54 | |||
Fair Value Measurements, Valuation Techniques | Black-Scholes option pricing model | |||
Debt Instrument, Fair Value Disclosure | 63,636 | |||
Debt discount, current | 35,000 | |||
Interest Expense, Debt | 28,636 | |||
Derivative Liability, Fair Value, Gross Liability | $31,434 | |||
Dividend yield | 0.00% | |||
Expected volatility | 147.80% | |||
Risk-free interest rate | 0.12% | |||
Expected life | 6 months | |||
Estimated fair value of Green's common stock | $0.00 |
Note_8_Income_Taxes_Schedule_o2
Note 8 - Income Taxes: Schedule of Deferred Tax Assets (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Details | ||
Expected Composite Rate | 39.00% | |
Cumulative net operating loss | ($3,190,679) | ($3,107,307) |
Deferred Tax assets: | ||
Net operating loss carry forwards | -1,248,904 | -1,218,080 |
Meals and Entertainment | 24,226 | 20,642 |
Donations | 13,363 | 9,404 |
Change in derivative liability | -33,047 | -23,814 |
Valuation allowance | 1,244,362 | 1,211,848 |
Deferred Tax Assets, Net | $0 | $0 |
Note_8_Income_Taxes_Schedule_o3
Note 8 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Details | ||
Book income (loss) from operations | ($30,824) | $19,943 |
Meals and Entertainment | 3,584 | 2,244 |
Donations | 3,959 | 624 |
Change in derivative liability | -9,233 | -60,806 |
Change in valuation allowance | 32,514 | 37,995 |
Income Tax Expense (Benefit), Total |
Note_9_Related_Party_Transacti3
Note 9 - Related Party Transactions (Details) (USD $) | 12 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2009 | Apr. 15, 2013 | Nov. 05, 2012 | 16-May-13 | Apr. 30, 2008 | |
Issuance of Series B preferred stock for settlement of debt | $654,746 | |||||||
Notes payable related party | 0 | 6,762 | ||||||
Notes payable | 114,147 | 59,670 | ||||||
Payments made on related party convertible notes payable | 38,395 | 107,814 | ||||||
Due to related parties | 77,132 | 109,373 | ||||||
Stock Issued During Period, Value, Issued for Services | 160,000 | |||||||
Reduction of convertible debt due to conversions | 58,896 | |||||||
Increase to Additional Paid-In Capital due to Related Party Forgiveness of Debt | 33,535 | |||||||
Diversified Management Services | ||||||||
Increase to Additional Paid-In Capital due to Related Party Forgiveness of Debt | 21,874 | |||||||
Landis Salons II Inc | ||||||||
Increase to Additional Paid-In Capital due to Related Party Forgiveness of Debt | 11,661 | |||||||
Conversion 1 | ||||||||
Issuance of Series B preferred stock for settlement of debt | 169,434 | |||||||
Promissory Note 4/15/13 | ||||||||
Interest Rate | 10.00% | |||||||
Debt Instrument, Face Amount | 37,400 | |||||||
Debt Instrument, Periodic Payment | 1,726 | |||||||
Due Date | 15-Apr-15 | |||||||
Principal | Promissory Note 4/15/13 | ||||||||
Principal Amount | 27,250 | 27,250 | ||||||
Interest | Promissory Note 4/15/13 | ||||||||
Principal Amount | 3,085 | 334 | ||||||
Nexia Holdings, Inc. | ||||||||
Interest Rate | 10.00% | |||||||
Debt Instrument, Face Amount | 37,400 | |||||||
Issuance of Series B preferred stock for settlement of debt | 3,000,000 | |||||||
Due to related parties | 73,428 | 106,564 | ||||||
Debt Instrument, Frequency of Periodic Payment | monthly | |||||||
Debt Instrument, Periodic Payment | 1,726 | |||||||
Due Date | 15-Apr-15 | |||||||
Line of Credit, Current | 95,351 | |||||||
Richard Surber | ||||||||
Interest Rate | 20.00% | |||||||
Debt Instrument, Face Amount | 25,000 | |||||||
Debt Instrument, Frequency of Periodic Payment | monthly | |||||||
Debt Instrument, Periodic Payment | 662 | |||||||
Due Date | 6-Nov-17 | |||||||
Richard Surber | Interest | ||||||||
Due to related parties | 3,704 | 2,809 | ||||||
Convertible Series B Preferred Stock | ||||||||
Series B preferred shares issued for settlement of related party debt, Shares | 32,000 | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 189,123 | |||||||
Stock Issued During Period, Shares, Issued for Services | 32,000 | |||||||
Conversion Price | $5 | |||||||
Convertible Supervoting Preferred Stock | Nexia Holdings, Inc. | ||||||||
Debt Conversion, Converted Instrument, Shares Issued | 4,150,000 | |||||||
Common Stock | Conversion 1 | ||||||||
Reduction of convertible debt due to conversions | 84,716,865 | |||||||
Development Stage Entities, Equity Issuance, Per Share Amount | $0.00 | |||||||
Stock Transfer Agreement | ||||||||
Interest Rate | 8.00% | |||||||
Debt Instrument, Face Amount | 3,000,000 | |||||||
Debt Instrument, Convertible, Terms of Conversion Feature | DHI has the option, at any time, to convert all or any amount over $10,000 of principal face amount and accrued interest into shares of Common stock, $0.0001 par value per share, at a conversion price equal to 95% of the average closing bid price of the Common stock three days prior to the date notice is received by Green. | |||||||
Debt discount, current | 150,000 | |||||||
Debt Instrument, Convertible, Remaining Discount Amortization Period | 10 years | |||||||
Issuance of Series B preferred stock for settlement of debt | 125,000 | |||||||
Repayments of Debt | 15,200 | |||||||
Debt instrument, holdings sold to unrelated parties for cash | 500,000 | |||||||
Notes payable related party | 2,359,800 | |||||||
Notes payable | 500,000 | |||||||
Principal Amount | 2,859,800 | |||||||
Stock Transfer Agreement | Convertible Series B Preferred Stock | ||||||||
Series B preferred shares issued for settlement of related party debt, Shares | 189,123 | |||||||
Convertible Debenture - Related Party | ||||||||
Principal Amount | 2,213,591 | 2,251,986 | ||||||
Convertible Debenture - Related Party | Nexia Holdings, Inc. | Principal | ||||||||
Payments made on related party convertible notes payable | 38,395 | 107,814 | ||||||
Convertible Debenture - Related Party | Nexia Holdings, Inc. | Interest | ||||||||
Payments made on related party convertible notes payable | $177,845 | $131,998 |
Note_9_Related_Party_Transacti4
Note 9 - Related Party Transactions: Schedule of Related and Unrelated Party Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Convertible debenture, net of debt discount | $2,171,850 | $2,197,723 |
Convertible debenture, net of debt discount | 489,148 | |
Convertible Debt Securities | ||
Principal Amount | 2,213,591 | 2,751,986 |
Debt discount | -41,741 | -65,115 |
Convertible Subordinated Debt, Current | 2,171,850 | 2,686,871 |
Convertible Debenture - Related Party | ||
Principal Amount | 2,213,591 | 2,251,986 |
Debt discount | -41,741 | -54,263 |
Convertible Debenture - Unrelated Party | ||
Principal Amount | 0 | 500,000 |
Debt discount | 0 | -10,852 |
Convertible debenture, net of debt discount | $0 | $489,148 |
Note_9_Related_Party_Transacti5
Note 9 - Related Party Transactions: Schedule of Principal and Accrued Interest on Related Party Debt (Details) (Convertible Debenture - Related Party, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Convertible Debenture - Related Party | ||
Principal Amount | $2,213,591 | $2,251,986 |
Interest Payable, Current | 0 | 0 |
Convertible Debt, Current | $2,213,591 | $2,251,986 |
Note_10_Notes_Payable_Schedule3
Note 10 - Notes Payable: Schedule of Notes Payable (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Notes Payable | $295,909 | $284,861 |
Current portion of notes payable | 181,762 | 225,191 |
Notes payable | 114,147 | 59,670 |
Xing Investment Corp | ||
Interest Rate | 10.00% | |
Due Date | 12-May-08 | |
Notes Payable | 0 | 171,000 |
Alliance Laundry Services | ||
Interest Rate | 7.99% | |
Due Date | 3-Mar-19 | |
Notes Payable | 10,681 | 0 |
Express Bank FSB | ||
Interest Rate | 11.07% | |
Due Date | 2-Aug-16 | |
Notes Payable | 225,558 | 0 |
Salt Lake City Corporation | ||
Interest Rate | 3.25% | |
Due Date | 1-Aug-15 | |
Notes Payable | 12,520 | 33,439 |
Salt Lake City Corporation | Loan Agreement 2 | ||
Interest Rate | 5.00% | |
Due Date | 1-Sep-17 | |
Notes Payable | 29,035 | 38,644 |
William and Nina Wolfson | ||
Interest Rate | 11.00% | |
Due Date | 27-Feb-16 | |
Notes Payable | 18,115 | 30,858 |
Cyprus Credit Union | ||
Interest Rate | 2.69% | |
Due Date | 5-Dec-14 | |
Notes Payable | $0 | $10,920 |
Note_10_Notes_Payable_Summary_1
Note 10 - Notes Payable: Summary of Capital Leases Payable (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Total, net | $34,646 | $53,017 |
Current portion of capital leases payable | 21,701 | 18,367 |
Long-term portion | 12,945 | 34,650 |
Castleton Equipment | ||
Interest Rate | 16.96% | |
Due Date | 23-Apr-16 | |
Total, net | 21,843 | 35,289 |
Imaging Concepts | ||
Interest Rate | 10.90% | |
Due Date | 25-Feb-18 | |
Total, net | 4,105 | 5,139 |
Time Payment Corp | ||
Interest Rate | 17.75% | |
Due Date | 5-Sep-16 | |
Total, net | $8,698 | $12,589 |
Note_10_Notes_Payable_Schedule4
Note 10 - Notes Payable: Schedule of Convertible Notes Payable (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Aug. 15, 2012 | |
Convertible Notes Payable | $110,000 | $99,021 | |
Current portion of convertible notes payable, net of debt discount of $0 and $10,979, respectively | 110,000 | 99,021 | |
Convertible Notes Payable, Noncurrent | 0 | 0 | |
Convertible Debt Securities | |||
Debt discount, current | 0 | -10,979 | |
Southridge Partners II, LP | |||
Interest Rate | 0.00% | ||
Due Date | 28-Feb-13 | ||
Convertible Notes Payable | 75,000 | 75,000 | |
Debt discount, current | 0 | 32,143 | |
Eastshore Enterprises, Inc. | |||
Interest Rate | 8.00% | ||
Due Date | 17-Aug-14 | ||
Convertible Notes Payable | 35,000 | 35,000 | |
Debt discount, current | $0 | $10,979 |
Note_10_Notes_Payable_Schedule5
Note 10 - Notes Payable: Schedule of Related Party Notes Payable (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Notes Payable, Related Parties | $52,250 | $52,250 |
Current portion of related party notes payable | 52,250 | 45,488 |
Notes payable related party | 0 | 6,762 |
Nexia Holdings, Inc. | ||
Interest Rate | 10.00% | |
Due Date | 15-Apr-15 | |
Notes Payable, Related Parties | 27,250 | 27,250 |
Richard Surber | ||
Interest Rate | 20.00% | |
Due Date | 6-Nov-17 | |
Notes Payable, Related Parties | $25,000 | $25,000 |
Note_10_Notes_Payable_Details
Note 10 - Notes Payable (Details) (USD $) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 05, 2012 | Apr. 15, 2013 | Mar. 03, 2014 | Jul. 31, 2014 | Jun. 18, 2010 | Feb. 27, 2012 | Sep. 05, 2012 | Apr. 23, 2012 | Feb. 25, 2013 | Jul. 26, 2012 | Aug. 15, 2012 | Aug. 17, 2012 | |
Accounts payable and accrued expenses | $336,569 | $485,780 | |||||||||||||
Gain on settlement of debt | 212,194 | ||||||||||||||
Payments made on notes payable | 98,772 | 88,463 | |||||||||||||
Certificate of deposit, restricted | 0 | 27,826 | |||||||||||||
Issuance of Series B preferred stock for settlement of debt | 654,746 | ||||||||||||||
Payments made on related party notes payable | 10,150 | ||||||||||||||
Richard Surber | |||||||||||||||
Debt Instrument, Face Amount | 25,000 | ||||||||||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||||||||||
Debt Instrument, Periodic Payment | 662 | ||||||||||||||
Payments made on related party notes payable | 0 | 0 | |||||||||||||
Nexia Holdings, Inc. | |||||||||||||||
Debt Instrument, Face Amount | 37,400 | ||||||||||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||||||||||
Debt Instrument, Periodic Payment | 1,726 | ||||||||||||||
Issuance of Series B preferred stock for settlement of debt | 3,000,000 | ||||||||||||||
Payments made on related party notes payable | 0 | 10,150 | |||||||||||||
Xing Investment Corp | |||||||||||||||
Accounts payable and accrued expenses | 34,200 | ||||||||||||||
Gain on settlement of debt | 205,200 | ||||||||||||||
Alliance Laundry Services | |||||||||||||||
Debt Instrument, Face Amount | 12,021 | ||||||||||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||||||||||
Debt Instrument, Periodic Payment | 244 | ||||||||||||||
Payments made on notes payable | 1,340 | ||||||||||||||
American Express Bank, FSB | |||||||||||||||
Debt Instrument, Face Amount | 240,000 | ||||||||||||||
Payments made on notes payable | 43,242 | ||||||||||||||
Debt Instrument, Interest Rate Terms | Landis repays the loan at the rate of 23% of the American Express credit card sales receipts that are collected each month. | ||||||||||||||
Prepaid Interest Charge | 28,800 | ||||||||||||||
Principal Amount | 268,800 | ||||||||||||||
Salt Lake City Corporation | |||||||||||||||
Debt Instrument, Face Amount | 100,000 | ||||||||||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||||||||||
Payments made on notes payable | 20,919 | 20,251 | |||||||||||||
Certificate of deposit, restricted | 25,000 | ||||||||||||||
Salt Lake City Corporation | Loan Agreement 2 | |||||||||||||||
Debt Instrument, Face Amount | 50,000 | ||||||||||||||
Debt Instrument, Periodic Payment | 944 | ||||||||||||||
Payments made on notes payable | 9,609 | 9,141 | |||||||||||||
William and Nina Wolfson | |||||||||||||||
Debt Instrument, Face Amount | 50,000 | ||||||||||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||||||||||
Debt Instrument, Periodic Payment | 1,292 | ||||||||||||||
Payments made on notes payable | 12,743 | 11,421 | |||||||||||||
Cyprus Credit Union | |||||||||||||||
Debt Instrument, Face Amount | 22,959 | ||||||||||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||||||||||
Debt Instrument, Periodic Payment | 899 | ||||||||||||||
Payments made on notes payable | 10,920 | 9,491 | |||||||||||||
Castleton Equipment | |||||||||||||||
Debt Instrument, Face Amount | 53,230 | ||||||||||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||||||||||
Debt Instrument, Periodic Payment | 1,535 | ||||||||||||||
Payments made on notes payable | 13,446 | 11,362 | |||||||||||||
Imaging Concepts | |||||||||||||||
Debt Instrument, Face Amount | 5,911 | ||||||||||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||||||||||
Debt Instrument, Periodic Payment | 128 | ||||||||||||||
Payments made on notes payable | 1,034 | 772 | |||||||||||||
Time Payment Corp | |||||||||||||||
Debt Instrument, Face Amount | 16,826 | ||||||||||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||||||||||
Debt Instrument, Periodic Payment | 485 | ||||||||||||||
Payments made on notes payable | 3,891 | 3,262 | |||||||||||||
Southridge Partners II, LP | |||||||||||||||
Debt Instrument, Face Amount | 75,000 | ||||||||||||||
Payments made on notes payable | 0 | 0 | |||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | The holder of the note is entitled any time after the maturity date to convert the note into common stock of the Company at 70% of the average of the two lowest closing bid prices for the five day prior to the date of the conversion. | ||||||||||||||
Debt discount, current | 0 | 32,143 | |||||||||||||
Eastshore Enterprises, Inc. | |||||||||||||||
Debt Instrument, Face Amount | 35,000 | ||||||||||||||
Payments made on notes payable | 0 | 0 | |||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | convertible into Green’s common shares at the conversion rate of 54% of the market price of the lowest price of Green’s common shares during the ten-day period ending one trading day prior to the date of the conversion. | ||||||||||||||
Debt discount, current | 0 | 10,979 | |||||||||||||
Issuance of Series B preferred stock for settlement of debt | 15,000 | ||||||||||||||
Proceeds from Convertible Debt | 20,000 |
Note_11_Lease_Commitments_Deta
Note 11 - Lease Commitments (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leases, Rent Expense, Net | $203,480 | $216,789 |
Capital Leased Assets, Gross | 76,298 | 76,298 |
Accumulated Depreciation | 727,328 | 594,285 |
Leased Equipment | ||
Accumulated Depreciation | $38,803 | $23,543 |
Note_11_Lease_Commitments_Sche3
Note 11 - Lease Commitments: Schedule of Future Minimum Rental Payments for Operating Leases (Details) (USD $) | Dec. 31, 2014 |
Details | |
2015 | $188,415 |
2016 | 131,741 |
2017 | 137,801 |
2018 | 145,575 |
2019 | 120,065 |
Thereafter | 83,084 |
Total operating lease payments | $806,681 |
Note_11_Lease_Commitments_Sche4
Note 11 - Lease Commitments: Schedule of Capital Leases Payable (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Details | ||
Total, net | $34,646 | $53,017 |
Less current portion | -21,701 | -18,367 |
Long-term portion | $12,945 | $34,650 |
Note_11_Lease_Commitments_Sche5
Note 11 - Lease Commitments: Schedule of Future Minimum Lease Payments for Capital Leases (Details) (USD $) | Dec. 31, 2014 |
For the fiscal years ending December 31: | |
2015 | $25,776 |
2016 | 12,042 |
2017 | 1,539 |
2018 | 256 |
Thereafter | 0 |
Total operating lease payments | 39,613 |
Less interest for the terms | -4,967 |
Total, net | $34,646 |
Note_12_Stockholders_Deficit_D
Note 12 - Stockholders' Deficit (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | 16-May-13 | |
Preferred Stock, Shares Authorized | 15,000,000 | ||
Preferred Stock, Par Value | $0.00 | ||
Stock Issued During Period, Value, Issued for Services | $160,000 | ||
Series B preferred shares issued for cash, Value | 75,000 | 50,000 | |
Issuance of Series B preferred stock for settlement of debt | 654,746 | ||
Gain on settlement of debt | 212,194 | ||
Common Stock, Shares Authorized | 10,000,000,000 | 10,000,000,000 | |
Common Stock, Par Value | $0.00 | $0.00 | |
Conversion of Series B preferred stock to common stock | 2,850 | 4,447 | |
Reduction of convertible debt due to conversions | 58,896 | ||
Common Stock, Shares Outstanding | 195,414,505 | 166,572,135 | |
Conversion 1 | |||
Issuance of Series B preferred stock for settlement of debt | 169,434 | ||
Asher Enterprises, Inc. | |||
Issuance of Series B preferred stock for settlement of debt | 40,263 | ||
Series A Senior Subordinated Convertible Redeemable Debentures | |||
Issuance of Series B preferred stock for settlement of debt | 661,929 | ||
Principal | Asher Enterprises, Inc. | |||
Issuance of Series B preferred stock for settlement of debt | 28,000 | ||
Principal | Series A Senior Subordinated Convertible Redeemable Debentures | |||
Issuance of Series B preferred stock for settlement of debt | 500,000 | ||
Gain on settlement of debt | 6,994 | ||
Interest | Asher Enterprises, Inc. | |||
Issuance of Series B preferred stock for settlement of debt | 3,263 | ||
Interest | Series A Senior Subordinated Convertible Redeemable Debentures | |||
Issuance of Series B preferred stock for settlement of debt | 161,929 | ||
DefaultFeeMember | Asher Enterprises, Inc. | |||
Issuance of Series B preferred stock for settlement of debt | 9,000 | ||
Convertible Series B Preferred Stock | |||
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 | |
Preferred Stock, Shares Outstanding | 760,488 | 561,704 | |
Convertible Preferred Stock, Terms of Conversion | Each share of Green’s Convertible Series B Preferred Stock has one vote per share and is convertible into $5.00 worth of common stock. The number of common shares received is based on the average closing bid market price of Green's common stock for the five days before conversion notice date by the shareholder. Convertible Series B Preferred Stock shareholders, at the option of Green, can receive cash or common stock upon conversion. | ||
Stock Issued During Period, Shares, Issued for Services | 32,000 | ||
Conversion Price | $5 | ||
Series B preferred shares issued for cash, Shares | 43,333 | 30,000 | |
Series B preferred shares issued for cash, Value | 43 | 30 | |
Debt Conversion, Converted Instrument, Shares Issued | 189,123 | ||
Conversion of Stock, Shares Converted | 33,672 | 47,774 | |
Conversion Price | $5 | ||
Convertible Series B Preferred Stock | Minimum | |||
Conversion Price | $0.00 | $0.00 | |
Conversion Price | $0.00 | $0.00 | |
Convertible Series B Preferred Stock | Maximum | |||
Conversion Price | $0.01 | $0.01 | |
Conversion Price | $0.01 | $0.01 | |
Convertible Supervoting Preferred Stock | |||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |
Convertible Preferred Stock, Shares Issued upon Conversion | 100 | ||
Preferred Stock, Shares Outstanding | 10,000,000 | ||
Common Stock | |||
Conversion of Series B preferred stock to common stock | 28,842,370 | 44,472,376 | |
Common Stock | Conversion 1 | |||
Reduction of convertible debt due to conversions | $84,716,865 | ||
Development Stage Entities, Equity Issuance, Per Share Amount | $0.00 | ||
Common Stock | Asher Enterprises, Inc. | |||
Debt Conversion, Converted Instrument, Shares Issued | 15,117,556 |
Note_13_Stockbased_Compensatio1
Note 13 - Stock-based Compensation (Details) (2011 Benefit Plan of Green Endeavors, Inc., Common Stock, USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
2011 Benefit Plan of Green Endeavors, Inc. | Common Stock | ||
Number of Shares Authorized | 1,500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $0 | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,030,000 | |
Options, Outstanding, Number | 470,000 | 470,000 |
Note_14_Litigation_Details
Note 14 - Litigation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Aug. 15, 2012 | |
Current portion of notes payable | $181,762 | $225,191 | |
Southridge Partners II, LP | |||
Debt Instrument, Face Amount | 75,000 | ||
Pending Litigation | Southridge Partners II, LP | |||
Debt Instrument, Face Amount | 75,000 | ||
Current portion of notes payable | 75,000 | ||
Net effect on company's equity if preferred stock converted to common stock | $0 |
Note_15_Concentration_of_Risk_
Note 15 - Concentration of Risk (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Geographic Concentration Risk | ||
Concentration Risk, Percentage | 100.00% | |
Supplier Concentration Risk | ||
Concentration Risk, Percentage | 99.00% | 99.00% |
Note_16_Going_Concern_Details
Note 16 - Going Concern (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Details | ||
Working Capital | ($656,157) | |
Accumulated deficit | ($3,202,320) | ($3,123,283) |
Note_17_Subsequent_Events_Deta
Note 17 - Subsequent Events (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 24, 2015 | Jan. 23, 2015 | Jan. 21, 2015 | Mar. 03, 2015 | Jan. 13, 2015 | Jan. 26, 2015 | Mar. 25, 2015 | Feb. 03, 2015 | Nov. 05, 2012 | 16-May-13 | Aug. 15, 2012 | Jul. 31, 2014 | |
Issuance of Series B preferred stock for settlement of debt | $654,746 | ||||||||||||||
Conversion of Series B preferred stock to common stock | 2,850 | 4,447 | |||||||||||||
Reduction of convertible debt due to conversions | 58,896 | ||||||||||||||
Interest expense | 71,104 | 103,035 | |||||||||||||
Richard Surber | |||||||||||||||
Debt Instrument, Face Amount | 25,000 | ||||||||||||||
Interest Rate | 20.00% | ||||||||||||||
Due Date | 6-Nov-17 | ||||||||||||||
Convertible Series B Preferred Stock | |||||||||||||||
Conversion of Stock, Shares Converted | 33,672 | 47,774 | |||||||||||||
Conversion Price | $5 | ||||||||||||||
Common Stock | |||||||||||||||
Conversion of Series B preferred stock to common stock | 28,842,370 | 44,472,376 | |||||||||||||
Southridge Partners II, LP | |||||||||||||||
Debt Instrument, Face Amount | 75,000 | ||||||||||||||
Interest Rate | 0.00% | ||||||||||||||
Due Date | 28-Feb-13 | ||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | The holder of the note is entitled any time after the maturity date to convert the note into common stock of the Company at 70% of the average of the two lowest closing bid prices for the five day prior to the date of the conversion. | ||||||||||||||
Debt discount, current | 0 | 32,143 | |||||||||||||
American Express Bank, FSB | |||||||||||||||
Debt Instrument, Face Amount | 240,000 | ||||||||||||||
Debt Instrument, Interest Rate Terms | Landis repays the loan at the rate of 23% of the American Express credit card sales receipts that are collected each month. | ||||||||||||||
Prepaid Interest Charge | 28,800 | ||||||||||||||
Principal Amount | 268,800 | ||||||||||||||
Subsequent Event | Three Employees | |||||||||||||||
Debt Instrument, Face Amount | 198,000 | ||||||||||||||
Interest Rate | 4.00% | ||||||||||||||
Subsequent Event | Richard Surber | |||||||||||||||
Debt Instrument, Face Amount | 25,082 | ||||||||||||||
Interest Rate | 18.00% | ||||||||||||||
Due Date | 12-Mar-18 | ||||||||||||||
Subsequent Event | Convertible Series B Preferred Stock | Investor | |||||||||||||||
Conversion of Stock, Shares Converted | 3,900 | ||||||||||||||
Conversion Price | $0.00 | ||||||||||||||
Subsequent Event | Common Stock | |||||||||||||||
Stock Options Granted | 80,000,000 | 36,000,000 | |||||||||||||
Subsequent Event | Common Stock | Investor | |||||||||||||||
Reduction of convertible debt due to conversions | 4,924,242 | ||||||||||||||
Subsequent Event | Southridge Partners II, LP | Convertible Series B Preferred Stock | |||||||||||||||
Conversion of Stock, Shares Converted | 14,205 | ||||||||||||||
Issuance of Series B preferred stock for settlement of debt | 75,000 | ||||||||||||||
Subsequent Event | Southridge Partners II, LP | Common Stock | |||||||||||||||
Conversion of Series B preferred stock to common stock | 10,230,000 | ||||||||||||||
Subsequent Event | KBM Worldwide, Inc. | |||||||||||||||
Debt Instrument, Face Amount | 64,000 | ||||||||||||||
Interest Rate | 8.00% | ||||||||||||||
Due Date | 28-Oct-15 | ||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | convertible into Green’s common shares, at the holder’s option, at the conversion rate of 58% (a 42% discount) of the average of the three lowest trading price of Green’s common shares during the ten-day period ending one trading day prior to the date of the conversion, subject to a limitation that KBM and its affiliates cannot at any time hold, as a result of conversion, more than 9.99% of the outstanding common stock of Green. | ||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 46,176 | ||||||||||||||
Debt discount, current | 46,345 | ||||||||||||||
Interest expense | -169 | ||||||||||||||
Subsequent Event | LG Capital Funding, LLC | |||||||||||||||
Debt Instrument, Face Amount | 34,000 | ||||||||||||||
Interest Rate | 8.00% | ||||||||||||||
Due Date | 25-Mar-16 | ||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | be convertible into Green’s common shares, at the holder’s option, at the conversion rate of 58% (a 42% discount) of the average of the three lowest trading price of Green’s common shares during the eighteen-day period ending on the trading day of the conversion notice date, subject to a limitation that LGCF and its affiliates cannot at any time hold, as a result of conversion, more than 9.99% of the outstanding common stock of Green. | ||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 30,601 | ||||||||||||||
Debt discount, current | 24,621 | ||||||||||||||
Interest expense | 5,980 | ||||||||||||||
Subsequent Event | American Express Bank, FSB | |||||||||||||||
Debt Instrument, Face Amount | 74,000 | ||||||||||||||
Debt Instrument, Interest Rate Terms | 30% of the American Express credit card sales receipts that are collected each month. | ||||||||||||||
Prepaid Interest Charge | 8,880 | ||||||||||||||
Principal Amount | $82,880 |