MedClean Technologies, Inc.

CIK:0000040528|SEC Filings

CONDENSED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
CONDENSED STATEMENTS OF OPERATIONS (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenues
Contract revenue earned	$ 0	$ 445,200	$ 0	$ 895,200
Sales and service revenues	204,871	157,746	448,006	491,927
Total revenues	204,871	602,946	448,006	1,387,127
Cost of sales
Contract cost of sales	0	288,757	0	528,584
Sales and service cost of sales	55,742	66,138	171,262	280,445
Total cost of sales	55,742	354,895	171,262	809,029
Gross profit	149,129	248,051	276,744	578,098
Operating expenses
Salaries and wages	154,544	541,505	457,243	1,666,936
General and administrative expenses	104,377	240,918	346,869	1,112,422
Depreciation	1,608	12,737	4,838	51,990
Total operating expenses	260,529	795,160	808,950	2,831,348
Loss from operations	(111,400)	(547,109)	(532,206)	(2,253,250)
Other income and expenses
Interest and other income	0	21	35	278
Gain (loss) on change in fair value of derivatives	53,077	79,963	(24,724)	(126,787)
Loss on disposal of property and equipment	0	0	0	(55,122)
Interest expense	(27,496)	(181,621)	(163,629)	(1,260,818)
Net Loss before income taxes	(85,819)	(648,746)	(720,524)	(3,695,699)
Provision for income taxes (benefit)	0	0	0	0
Net Loss	$ (85,819)	$ (648,746)	$ (720,524)	$ (3,695,699)
Loss per common share, basic and diluted (in dollars per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Weighted average common shares outstanding, basic and diluted (in shares)	2,313,883,921	1,456,444,013	2,111,056,219	1,304,851,973

CONDENSED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities:
Net loss	$ (720,524)	$ (3,695,699)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	5,476	55,326
Amortization of debt discount	138,454	937,333
Loss on disposal of property and equipment	0	55,122
Fair value of common stock, options and warrants issued for services rendered	8,914	1,069,477
Non cash interest expense relating to convertible debt	0	314,709
Loss on change in fair value of derivative liability	24,724	126,787
(Increase) decrease in:
Accounts receivable	19,984	65,032
Inventory	17,160	136,933
Prepaid expenses and other	(401)	(8,513)
Increase (decrease) in:
Accounts payable	54,980	9,398
Payroll liabilities	320,082	(18,759)
Deferred revenue	25,215	41,447
Net cash used in operating activities	(105,936)	(911,407)
Cash flows from investing activities:
Purchase of equipment	0	(9,694)
Net cash used in investing activities	0	(9,694)
Cash flows from financing activities:
Payments of related party loans	0	(154,459)
Proceeds from exercise of options	200	200
Proceeds from issuance of put agreements	85,000	140,829
Proceeds from issuance of convertible notes	0	855,000
Net cash provided by financing activities	85,200	841,570
(Decrease) increase in cash and cash equivalents	(20,736)	(79,531)
Cash and cash equivalents, beginning of period	26,009	182,046
Cash and cash equivalents, end of period	5,273	102,515
Supplemental disclosures of cash flow information:
Interest	0	1,198
Taxes	0	0
Non cash financing activities:
Common stock issued in settlement of convertible notes	$ 209,600	$ 1,602,226

CONDENSED BALANCE SHEETS (USD $)	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Cash	$ 5,273	$ 26,009
Accounts receivable, net of $24,098 allowance	150,601	170,585
Revenues in excess of billings	7,679	7,679
Inventory	226,525	243,685
Prepaid expenses	23,908	26,627
Total current assets:	413,986	474,585
Property, plant and equipment, net	10,475	15,951
Other assets:
Long term inventory	158,993	158,993
Deposits	9,488	6,368
Total assets	592,942	655,897
LIABILITIES AND STOCKHOLDERS' DEFICIT
Accounts payable and accrued liabilities	461,805	432,000
Payroll liabilities	368,239	48,157
Accrued liabilities, related party	533,742	517,342
Deferred revenue	530,404	505,189
Billings in excess of revenue	51,332	51,332
Notes payable	246,822	238,047
Total current liabilities:	2,192,344	1,792,067
Long term debt:
Derivative liability	54,195	127,021
Convertible notes, net of debt discount of $69,337 and $207,791	80,413	54,009
Total liabilities	2,326,952	1,973,097
Stockholders' deficit
Preferred stock, $0.0001 par value, 60,000,000 shares authorized, none issued outstanding	0	0
Common stock, $0.0001 par value; 3,500,000,000 shares authorized; 2,313,883,921 and 1,640,311,420 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively	231,388	164,031
Additional paid in capital	33,012,095	32,775,738
Accumulated deficit	(34,977,493)	(34,256,969)
Total stockholders' deficit:	(1,734,010)	(1,317,200)
Total liabilities and stockholders' deficit	$ 592,942	$ 655,897