Eco-Shift Power Corp.

CIK:0000885475|SEC Filings

Costs and Estimated Earnings

3 Months Ended

Mar. 31, 2015

Costs in Excess of Billings on Uncompleted Contracts or Programs [Abstract]

6. COSTS AND ESTIMATED EARNINGS

Costs and estimated earnings and related amounts billed are as follows:

	March 31, 2015			December 31, 2014
	$			$
Cost incurred		3,299,478			3,849,742
Estimated earnings, thereon		432,383			658,547
		3,731,861			4,508,289
Less: Billings to date		(3,525,967	)		(4,425,895	)
		205,894			82,394

Such amounts are included in the accompanying balance sheet under the following captions:

	March 31, 2014			December 31, 2014
	$			$
Cost and estimated earnings in excess of billings		321,549			530,685
Billings in excess of costs and estimated earnings		(115,655	)		(448,291	)
		205,894			82,394

Supplemental Cash Flows Information

3 Months Ended

Mar. 31, 2015

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flows Information

18. SUPPLEMENTAL CASH FLOWS INFORMATION

During the three months period ended March 31, 2015 interest of $34,637 (2014 – $14,345) was paid. In addition to above, following are the non-cash issuance of shares for the three months period ended March 31, 2015:

	●	Issuance of 1,000,000 shares against consulting and legal services for value of $115,100;

	●	Issuance of 5,000,000 shares against ESS acquisition for a value of $405,000; and

	●	Issuance of 12,500,000 shares as security deposit for a value of $1,250,000

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets
Cash	$ 51,755	$ 205,635
Restricted cash [note 5]	1,962	55,023
Fair value of shares issued as guarantee against note payable [note 8]	1,250,000
Accounts receivable	581,521us-gaap_AccountsReceivableNet	957,076us-gaap_AccountsReceivableNet
Costs and estimated earnings in excess of billings [note 6]	321,549	530,685
Advances and deposits	246,961us-gaap_AdvancesToAffiliate	111,413us-gaap_AdvancesToAffiliate
Prepayments and other receivables	274,454	204,406
Total current assets	2,728,202us-gaap_AssetsCurrent	2,064,238us-gaap_AssetsCurrent
Goodwill [note 7]	2,225,410us-gaap_Goodwill	2,225,410us-gaap_Goodwill
Intangible assets, net [note 7]	2,731,977	2,380,987
Property and equipment	60,902us-gaap_PropertyPlantAndEquipmentNet	67,668us-gaap_PropertyPlantAndEquipmentNet
Total assets	7,746,491us-gaap_Assets	6,738,303us-gaap_Assets
Current liabilities
Accounts payable	1,659,782us-gaap_AccountsPayableCurrent	1,796,382us-gaap_AccountsPayableCurrent
Accrued liabilities	1,089,773us-gaap_AccruedLiabilitiesCurrent	555,371us-gaap_AccruedLiabilitiesCurrent
Note payable to bank [note 8]	675,431us-gaap_NotesPayableToBankCurrent	697,705us-gaap_NotesPayableToBankCurrent
Customer deposits	190,648us-gaap_CustomerDepositsCurrent	215,807us-gaap_CustomerDepositsCurrent
Liquidated damages payable [note 9]	70,300ECOP_LiquidatedDamagesPayable	70,300ECOP_LiquidatedDamagesPayable
Provision for a contingent liability [note 10]	118,878ECOP_ProvisionAndContingentLiabilities	129,705ECOP_ProvisionAndContingentLiabilities
Advances from shareholders [note 11]	235,176us-gaap_DueToRelatedPartiesCurrent	308,943us-gaap_DueToRelatedPartiesCurrent
Convertible notes payable [note 12]	1,722,900us-gaap_ConvertibleNotesPayableCurrent	1,560,968us-gaap_ConvertibleNotesPayableCurrent
Billings in excess of costs and estimated earnings [note 6]	115,655us-gaap_BillingsInExcessOfCostCurrent	448,291us-gaap_BillingsInExcessOfCostCurrent
Derivative liabilities [note 14]	436,843us-gaap_DerivativeLiabilitiesCurrent	851,237us-gaap_DerivativeLiabilitiesCurrent
Promissory notes payable [note 13]	1,036,183us-gaap_NotesPayableCurrent	736,098us-gaap_NotesPayableCurrent
Total current liabilities	7,351,569us-gaap_LiabilitiesCurrent	7,370,807us-gaap_LiabilitiesCurrent
Derivative liabilities [note 14]	120,394us-gaap_DerivativeLiabilitiesNoncurrent	151,689us-gaap_DerivativeLiabilitiesNoncurrent
Total liabilities	7,471,963us-gaap_Liabilities	7,522,496us-gaap_Liabilities
Stockholders' equity (deficiency)
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 1 share outstanding as of March 31, 2015 and December 31, 2014	1us-gaap_PreferredStockValue	1us-gaap_PreferredStockValue
Common stock, $0.01 par value, 400,000,000 shares authorized, 82,190,944 and 63,410,853 common shares outstanding as at March 31, 2015 and December 31, 2014, respectively, both include 4,138,394 exchangeable common shares [note 15]	821,909us-gaap_CommonStockValue	634,108us-gaap_CommonStockValue
Shares to be issued [note 15]	110,500ECOP_SharesToBeIssued	110,500ECOP_SharesToBeIssued
Additional paid-in-capital	6,996,368us-gaap_AdditionalPaidInCapital	5,499,984us-gaap_AdditionalPaidInCapital
Accumulated other comprehensive gain	279,519	226,698
Accumulated deficit	(7,933,769)	(7,255,484)
Total stockholders’ equity (deficiency)	274,528us-gaap_StockholdersEquity	(784,193)us-gaap_StockholdersEquity
Total liabilities and stockholders’ equity (deficiency)	$ 7,746,491	$ 6,738,303