POWER EFFICIENCY CORP

CIK:0001024075|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues	$ 0	$ 0	$ 0	$ 0
General and Administrative Expenses
Legal & professional fees	139,977	6,500	222,646	11,500
Officers' compensation	75,000	0	100,000	0
Financing expense	0	0	7,500	0
Consulting fees - Related parties	0	43,000	13,100	43,000
Business travel expenses	2,262	1,705	14,525	1,705
Stock based compensation	480	6,432	13,152	28,683
Office Expense	4,238	2,519	6,985	2,519
Administrative consulting fees	19,500	17,128	25,000	30,089
Consulting fees - Projects	10,000	0	10,000	0
Project costs	73,000	0	73,000	0
Board services	1,000	0	1,000	0
Stock transfer agent expense	1,587	6,150	4,787	6,150
Franchise fees	0	0	458	0
Bank service fees	300	356	655	426
Storage rental fees	450	1,146	1,350	1,446
Total General and Administrative Expenses	327,794	84,936	494,158	125,518
(Loss) from Operations	(327,794)	(84,936)	(494,158)	(125,518)
Other Income	156	6	190,244	22
Net (Loss) Before Provision for Income Taxes	(327,638)	(84,930)	(303,914)	(125,496)
Provision for Income Taxes (Benefit)	(101)	(101)	(303)	(303)
Net (Loss)	(327,739)	(85,031)	(304,217)	(125,799)
Dividends accrued on Preferred Stock	258,100	258,100	774,300	774,300
Net (Loss) attributable to common shareholders	$ (585,839)	$ (343,131)	$ (1,078,517)	$ (900,099)
Basic and Fully Diluted (Loss) per Common Share	$ (0.01898)	$ (0.01225)	$ (0.03593)	$ (0.03214)
Weighted average common shares outstanding basic and fully diluted	30,860,191	28,008,924	30,018,191	28,008,924

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2016	Sep. 30, 2015
Operating Activities:
Net (loss)	$ (304,217)	$ (125,799)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:
Stock based compensation	13,152	28,683
Common Stock issued in connection with services rendered	37,000	0
Amortization of deferred taxes	303	303
Changes in operating assets and liabilities:
Prepaid expenses	7,500	(30,000)
Accrued interest receivable	(545)	0
Deferred project costs	50,538	(5,000)
Accrued expenses payable	101,651	200
Net cash (used in) operating activities	(94,618)	(131,613)
Investing Activities:
Advances - Note Receivable - Related party	(10,000)	0
Net cash (used in) investing activities	(10,000)	0
(Decrease in) cash and cash equivalents	(104,618)	(131,613)
Cash and cash equivalents at beginning period	115,384	309,047
Cash and cash equivalents at end of period	10,766	177,434
Supplemental disclosures
Cash paid during the period for interest	0	0
Cash paid during the period for income taxes	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 10,766	$ 115,384
Note receivable - Related party	0	10,000
Prepaid expenses	0	7,500
Current portion of deferred tax asset	408	408
Accrued interest receivable	0	69
Total Current Assets	11,174	133,361
Other Assets
Deferred project costs	0	50,538
Notes receivable - Related party	20,000	0
Accrued interest receivable	614	0
Deferred tax asset	5,176	5,479
Total Other Assets	25,790	56,017
Total Assets	36,964	189,378
Current Liabilities
Accrued expenses payable	288,140	286,489
Total Current Liabilities	288,140	286,489
Long Term Liabilities
Accrued dividends payable	4,903,900	4,129,600
Accrued officers' compensation payable	100,000	0
Total Liabilities	5,292,040	4,416,089
Commitments and Contingencies
Stockholders' (Deficit)
Preferred Stock, $0.001 par value, 10,000,000 shares authorized: issued and outstanding in 2016 and 2015 - Series B 133,000 shares, Series C-1 34,625 shares and Series D 304,377 shares	472	472
Common Stock, $0.001 par value, 350,000,000 shares authorized: 28,886,843 shares issued and outstanding at September 30, 2016 and 26,420,177 at December 31, 2015	28,887	26,420
Additional Paid-in Capital	51,502,604	51,454,919
Accumulated (Deficit)	(56,787,039)	(55,708,522)
Total Stockholders' (Deficit)	(5,255,076)	(4,226,711)
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)	$ 36,964	$ 189,378