Boomerang Systems, Inc.

CIK:0000314712|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
System sales	$ 928,723	$ 1,501,957	$ 3,279,450	$ 4,838,820
Total revenues	928,723	1,501,957	3,279,450	4,838,820
Cost of goods sold	2,821,384	2,742,726	5,294,737	6,653,633
Gross (loss)	(1,892,661)	(1,240,769)	(2,015,287)	(1,814,813)
Expenses:
Sales and marketing	111,812	184,572	393,313	531,719
General and administrative expenses	1,896,543	986,569	4,665,090	2,683,412
Arbitration settlement charge	0	0	1,517,810	0
Research and development	4,633	10,109	19,138	84,234
Depreciation and amortization	52,132	72,788	169,317	219,454
Total expenses	2,065,120	1,254,038	6,764,668	3,518,819
Loss from operations	(3,957,781)	(2,494,807)	(8,779,955)	(5,333,632)
Other income (expenses):
Interest income	0	539	0	1,032
Interest expense	(475,189)	(536,884)	(1,237,244)	(1,505,619)
Debt conversion expense	0	0	(9,350,726)	0
Other income	4,576	25	35,920	25
Loss on disposal of property, plant and equipment	(24)	(7,789)	(47,080)	(7,789)
Amortization of discount on debt	(615,530)	(996,136)	(1,375,081)	(2,969,145)
Gain/(loss) on fair value of derivative	113,850	(10,750)	652,746	11,058,653
Total other income (expenses)	(972,317)	(1,550,995)	(11,321,465)	6,577,157
(Loss)/gain before provision for income taxes	(4,930,098)	(4,045,802)	(20,101,420)	1,243,525
Provision for income taxes	0	1,503	1,934	7,199
Net (loss)/income	$ (4,930,098)	$ (4,047,305)	$ (20,103,354)	$ 1,236,326
Net (loss)/income per common share - basic	$ (0.27)	$ (0.48)	$ (1.17)	$ 0.15
Weighted average number of shares - basic	18,234,014	8,366,986	17,178,105	8,205,682
Net (loss)/income per common share - diluted	$ (0.27)	$ (0.48)	$ (1.17)	$ (0.06)
Weighted average number of shares - diluted	18,234,014	8,366,986	17,178,105	13,034,906

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (20,103,354)	$ 1,236,326
Adjustments to reconcile net loss operations to net cash (used in) operating activities:
Depreciation and amortization	169,317	219,454
Debt conversion expense	9,350,726	0
Grant of options for services	1,201,552	188,069
Allowance for doubtful accounts	13,539	0
Issuance of common stock for interest expense	122,414	937,901
Rent concession	65,152	0
(Gain) on fair value of derivative	(652,746)	(11,058,653)
Loss on disposal of property, plant and equipment	47,080	7,789
Amortization of discount on debt	1,375,081	2,969,145
Changes in assets and liabilities:
Decrease/(increase) in accounts receivable	144,554	(770,097)
(Increase) in retainage receivable	(426,648)	0
Decrease in costs and estimated earned profits in excess of billings on uncompleted contracts	0	380,630
(Increase) in inventory	(179,494)	(286,398)
(Increase)/decrease in prepaid expenses and other assets	(257,242)	72,786
Increase in accounts payable and accrued liabilities	1,843,458	1,106,705
Increase in due to related party	44,153	132,457
(Decrease)/increase in deposit payable	(15,000)	95,000
Increase in billings in excess of costs and estimated earned profits on uncompleted contracts	1,482,703	2,265,455
Increase in estimated loss on uncompleted contract	57,699	82,921
NET CASH (USED IN) OPERATING ACTIVITIES	(5,717,056)	(2,420,510)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment	(58,213)	(8,421)
Proceeds from sale of property, plant and equipment	2,600	0
NET CASH (USED IN) INVESTING ACTIVITIES	(55,613)	(8,421)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of notes payable	(9,024)	(22,768)
Proceeds from notes payable and line of credit	6,864,460	3,452,207
NET CASH PROVIDED BY FINANCING ACTIVITIES	6,855,436	3,429,439
INCREASE IN CASH AND CASH EQUIVALENTS	1,082,767	1,000,508
CASH AND CASH EQUIVALENTS - beginning of period	958,877	636,940
CASH AND CASH EQUIVALENTS - end of period	2,041,644	1,637,448
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Income taxes	1,934	7,199
Interest	0	5,594
Non-cash investing and financing activites:
Issuance of common stock for interest expense	122,414	937,901
Debt conversion expense	9,350,726	0
Capital Contribution:
Issuance of promissory note to related party	(500,000)	0
Capital contribution	(73,982)	0
Decrease in due to related party	573,982	0
Total capital contribution in related party	0	0
Rent concession	65,152	0
Capital contribution	(65,152)	0
Total capital contribution	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Sep. 30, 2014
Current assets:
Cash and cash equivalents	$ 2,041,644	$ 958,877
Accounts receivable, net	704,701	862,794
Retainage receivable	794,354	367,706
Inventory	870,538	691,044
Prepaid expenses and other assets	244,683	20,800
Total current assets	4,655,920	2,901,221
Property, plant and equipment, net	2,018,737	2,179,521
Other assets:
Security deposit	54,184	20,825
Total other assets	54,184	20,825
Total assets	6,728,841	5,101,567
Current liabilities:
Accounts payable and accrued liabilities	5,595,059	3,751,600
Due to related party	0	529,830
Deposit payable	140,000	155,000
Billings in excesss of costs and estimated earned profits on uncompleted contracts	5,170,762	3,688,059
Estimated loss on uncompleted contract	394,888	337,189
Debt- current	80,538	89,562
Debt- current, net of discount	7,607,103	0
Debt- current- related party, net of discount	2,963,710	0
Total current liabilities	21,952,060	8,551,240
Long term liabilities:
Debt- long term- related party	500,000	0
Debt- long term, net of discount	315,915	10,869,318
Debt- long term- related party, net of discount	0	7,525,184
Derivative liability	6,270	659,016
Total long term liabilities	822,185	19,053,518
Total liabilities	22,774,245	27,604,758
Stockholders' deficit:
Preferred stock, $0.01 par value; authorized shares 1,000,000; 0 shares issued and outstanding	0	0
Common stock, $0.001 par value; authorized shares 200,000,000 18,237,308 and 8,645,023 issued and outstanding	18,237	8,645
Additional paid in capital	88,168,568	61,617,019
Accumulated deficit	(104,232,209)	(84,128,855)
Total stockholders' deficit	(16,045,404)	(22,503,191)
Total liabilities and stockholders' deficit	$ 6,728,841	$ 5,101,567