INTEGRATED FREIGHT Corp

CIK:0000783284|SEC Filings

Consolidated Statements of Operations - USD ($)	3 Months Ended
Consolidated Statements of Operations - USD ($)	Jun. 30, 2014	Jun. 30, 2013
Income Statement
Revenue	$ 4,986,426	$ 5,200,625
Operating Expenses
Rents and transportation	1,279,273	1,301,765
Wages, salaries and benefits	1,199,488	1,198,489
Fuel and fuel taxes	1,375,745	1,437,592
Depreciation and amortization	147,582	207,582
Insurance and claims	243,925	300,615
Operating taxes and licenses	79,885	57,983
General and administrative	281,766	360,183
Total Operating Expenses	4,607,664	4,864,209
(Loss)/Gain from continuing operations	378,762	336,416
Other Income (Expense)
Gain/(loss) on change of fair value of derivative liability	1,460	1,628
Interest	(303,769)	(383,427)
Other income (expense)	133,203	28,092
Gain (Loss) on Disposition of Assets	(58,544)	1,982
Total Other Income (Expense)	(110,562)	(351,725)
Net Income (loss)	$ 268,200	$ (15,309)
Earnings Per Share, Basic	$ 0.00	$ 0.00
Weighted Average Number of Shares Outstanding, Basic	260,524,221	116,510,332
Earnings Per Share, Diluted	$ 0.00	$ 0.00
Weighted Average Number of Shares Outstanding, Diluted	282,303,131	116,510,332

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:
Net income (loss)	$ 268,200	$ (15,309)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	147,582	207,582
(Gain) Loss on Disposition of Assets	(58,544)	1,982
Increases/decreases in operating assets and liabilities
Accounts receivable	(421,571)	89,629
Prepaid expenses and other assets	16,362	21,506
Accounts payable and accrued expenses	409,720	(299,791)
Derivative liability	(1,460)	(1,628)
Net cash (used) in/provided by operating activities	360,289	1,989
Cash flows from investing activities:
Purchase of property and equipment		(179,163)
Proceeds from asset disposition	58,544
Net cash used in investing activities	58,544	(179,163)
Cash flows from financing activities:
Repayments of notes payable	(338,570)	(2,000)
Proceeds from (Repayments of) Related Party Debt	(16,618)
Proceeds from (Repayments of) Lines of Credit	(58,158)	170,004
Net cash (used) in/provided by financing activities	(413,346)	168,004
Net change in cash	5,487	(9,170)
Cash, beginning of period	35,818	81,429
Cash, end of period	$ 41,305	$ 72,259

Consolidated Balance Sheets - USD ($)	Jun. 30, 2014	Mar. 31, 2014
Assets
Cash	$ 41,305	$ 35,818
Accounts receivables, net of allowance for doubtful accounts of $50,000	2,848,547	2,426,976
Prepaid expenses and other assets	343,690	360,052
Total current assets	3,233,542	2,822,846
Property and equipment, net of accumulated depreciation	1,814,458	1,962,039
Total assets	5,048,000	4,784,885
Liabilities and Stockholders' Deficit
Bank overdraft	283,297	266,042
Accounts payable	1,472,559	1,417,189
Accrued expenses and other liabilities	2,510,758	2,173,662
Other Liabilities	721,130	721,130
Line of credit	649,950	708,108
Notes payable - related parties	5,170,466	5,187,084
Current portion of notes payable	5,538,245	5,555,376
Total current liabilities	16,346,405	16,028,591
Derivative liability	7,414	8,874
Notes payable, net of current portion and debt discount	1,330,393	1,651,832
Total long-term liabilities	1,337,807	1,660,706
Total liabilities	17,684,212	17,689,297
Stockholders' deficit:
Common stock, $0.001 par value, 2,000,000,000 shares authorized, 43,865,606 and 31,574,883 shares issued and outstanding at March 31, 2012 and March 31, 2011, respectively	260,524	260,524
Additional paid-in capital	9,925,421	9,925,421
Accumulated deficit	(22,822,157)	(23,090,357)
Total Integrated Freight Corporation stockholders' deficit	(12,636,212)	(12,904,412)
Total liabilities and stockholders' deficit	$ 5,048,000	$ 4,784,885