AMERICAN COMMERCE SOLUTIONS

CIK:0000949982|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)	12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
REVENUE:
Net sales	$ 2,053,256	$ 2,239,355
Total	2,053,256	2,239,355
COST OF GOODS SOLD	1,000,383	1,077,373
GROSS MARGIN	1,052,873	1,161,982
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	1,307,875	1,323,467
LOSS FROM OPERATIONS	(255,002)	(161,485)
OTHER INCOME (EXPENSE)
Gain on extinguishment of debt	56,051	13,500
Other income (expense)	4,942	29,080
Interest expense	(81,210)	(90,360)
Interest income	30,706	24,354
TOTAL OTHER EXPENSE (INCOME)	10,489	(23,426)
NET LOSS	(244,513)	(184,911)
OTHER COMPREHENSIVE INCOME (LOSS):
Unrealized loss on fair value of investment	5,936	27,286
COMPREHENSIVE LOSS	$ (238,577)	$ (157,625)
NET (LOSS) INCOME PER COMMON SHARE, BASIC AND DILUTED	$ (0.00)	$ (0.00)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED	1,157,812,573	1,145,789,302

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Feb. 29, 2016	Feb. 28, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (244,513)	$ (184,911)
Adjustments to reconcile net loss to net cash and cash equivalents used by operating activities:
Depreciation	$ 162,612	195,475
Amortization of loan costs		3,082
Investment received for services		(27,500)
Gain on extinguishment of debt and liability	$ (56,051)	(13,500)
Loss on disposal of equipment		570
(Increase) decrease in:
Accounts receivables	$ (63,497)	(18,355)
Inventories	97,294	$ 30,907
Prepaid expenses	(10,193)
Other assets	(936)	$ 3,383
Increase (decrease) in:
Accounts payable and accrued expenses	84,387	(15,799)
Net cash used by operating activities	(30,897)	(26,648)
CASH FLOWS FROM INVESTING ACTIVITIES:
Increase in due from related party	(90,129)	(79,795)
Acquisition of property and equipment	(24,340)	(59,805)
Net cash used by investing activities	(114,469)	(139,600)
CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease (increase) in due from factor	10,389	8,801
Proceeds from notes payable and long-term debt	135,816	291,848
Principal payments on notes payable	(241,065)	(329,835)
Increase (decrease) in due to stockholders	231,899	232,400
Net cash provided by financing activities	137,039	203,214
Net (decrease) increase in cash and cash equivalents	(8,327)	36,966
Cash and cash equivalents, beginning of period	44,697	7,731
Cash and cash equivalents, end of period	36,370	44,697
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$ 49,720	51,714
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Conversion of liability to equity		300,000
Conversion of debt to equity		10,000
Unrealized gain on investment	$ 5,936	27,286
Reversal of capital contribution		$ 21,000

CONSOLIDATED BALANCE SHEETS - USD ($)	Feb. 29, 2016	Feb. 28, 2015
CURRENT ASSETS:
Cash	$ 36,370	$ 44,697
Accounts receivable	$ 165,004	101,507
Accounts receivable, factored		10,389
Inventories	$ 191,147	288,441
Note receivable, related party	1,009,792	1,009,792
Due from related party	893,714	803,585
Other receivables	7,039	$ 6,103
Prepaid expenses	10,193
Total Current Assets	2,313,259	$ 2,264,514
Property and equipment, net of accumulated depreciation of $3,135,344 and $2,976,631, respectively	2,380,718	2,518,990
OTHER ASSETS:
Investment in equity securities, available for sale	65,300	59,364
Total Other Assets	65,300	59,364
TOTAL ASSETS	4,759,277	4,842,868
CURRENT LIABILITIES:
Accounts payable, including related party payables of $12,404 and $645, respectively	101,013	76,157
Accrued expenses, including related party balances of $4,044 and $10,000, respectively	72,059	44,018
Accrued interest, including related party balances of $2,321 and $48,692, respectively	319,852	344,413
Current portion of notes payable	652,296	248,251
Total Current Liabilities	$ 1,145,220	712,839
LONG-TERM LIABILITIES:
Notes payable, net of current portion		434,904
Notes payable, related party, net of current portion	$ 298,634	373,024
Due to stockholders	1,833,809	1,601,910
Total Long-Term Liabilities	2,132,443	2,409,838
Total Liabilities	$ 3,277,663	$ 3,122,677
STOCKHOLDERS' EQUITY
Preferred stock; $0; 5,000,000 shares authorized: Series A; cumulative and convertible; $0.001 par value; 600 shares authorized 102 shares issued and outstanding; liquidating preference $376,125
Preferred stock; $0; 5,000,000 shares authorized: Series B; cumulative and convertible; $0.001 par value; 3,950 shares authorized 3,944 shares issued and outstanding; liquidating preference $3,944,617	$ 3	$ 3
Common stock, $0.002 par value; 1,500,000,000 shares authorized; 1,157,812,573 and 1,157,812,573 shares issued and 1,157,290,573 and 1,157,290,573 shares outstanding, respectively	2,315,626	2,315,626
Additional paid-in capital	19,063,073	19,063,073
Stock subscription receivable	(10,000)	(10,000)
Accumulated other comprehensive loss	33,222	27,286
Accumulated deficit	(19,654,784)	(19,410,271)
Total	1,747,140	1,985,717
Treasury stock at cost; 522,000 shares of common stock	(265,526)	(265,526)
Total Stockholders' Equity	1,481,614	1,720,191
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 4,759,277	$ 4,842,868