HEARTLAND, INC.

CIK:0001084415|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Income Statement [Abstract]
SALES	$ 28,431,208	$ 25,854,331	$ 83,701,413	$ 73,001,499
SALES RELATED PARTIES	445,349	283,708	1,007,014	831,910
Cost of goods sold	(25,933,746)	(23,262,170)	(76,714,910)	(66,000,146)
Gross profit	2,942,811	2,875,869	7,993,517	7,833,263
OPERATING EXPENSES	2,585,037	2,832,562	8,078,673	8,014,445
NET OPERATING INCOME (LOSS)	357,774	43,307	(85,156)	(181,182)
Other income expenses	17,529	(86,437)	(73,603)	(241,425)
Gain on Sale of Premium Homes			152,700
Interest expense - related party	(78,179)	(60,651)	(236,906)	(194,984)
INCOME (LOSS) BEFORE INCOME TAXES	297,124	(103,781)	(242,965)	(617,591)
Income taxes, current period	(15,495)	13,860	(29,308)	3,764
Income tax (expense) benefit, deferred	(99,709)	17,639	87,622	211,760
NET INCOME (LOSS)	181,920	(72,282)	(184,651)	(402,067)
LESS: Preferred Dividends				(20,557)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$ 181,920	$ 72,282	$ (184,651)	$ 422,624
Basic:	$ 0.01	$ 0	$ 0.01	$ (0.02)
Diluted:	$ 0.01	$ 0	$ 0.01	$ (0.02)
Basic:	36,353,648	23,295,802	36,353,648	22,651,478
Diluted:	36,353,648	23,295,802	36,353,648	22,651,478

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Statement of Cash Flows [Abstract]
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 394,204	$ 423,554
Acquisition of property, plant and equipment	(121,271)	(362,914)
Net proceeds from disposition of assets	1,000	5,000
NET CASH USED IN INVESTING ACTIVITIES	(120,271)	(357,914)
Net payments toward notes payable	(452,438)	(273,333)
Net payments toward notes to related parties	(26,352)	(93,672)
NET CASH USED IN FINANCING ACTIVITIES	(478,790)	(367,005)
DECREASE IN CASH	(204,854)	(301,365)
CASH, BEGINNING OF PERIOD	1,089,035	2,404,910
CASH, END OF PERIOD	884,181	2,103,545
Interest paid	697,763	559,717
Interest paid - related party	236,906	194,984
Income taxes paid	29,308	10,096
Amortization of deferred compensation as share based compensation	56,676	75,231
Issuance of common stock for services and settlement		40,000
Acceptance of note receivable from related party for sale of Premium Homes	163,093
Issuance of common stock for dividends		$ 9,055

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash	$ 884,181	$ 1,089,035
Accounts receivable, net	6,972,358	6,612,134
Accounts receivable - related parties	541,375	373,412
Inventory	4,291,563	4,008,178
Prepaid expenses and other current assets	548,465	788,793
Total current assets	13,237,942	12,871,552
PROPERTY, PLANT AND EQUIPMENT, net	11,668,005	12,426,502
OTHER ASSETS	1,288,196	1,006,493
Total assets	26,194,143	26,304,547
CURRENT LIABILITIES
Accounts payable	5,338,421	4,460,294
Line of credit	1,178,519	1,175,000
Current portion of notes payable	3,340,929	3,426,368
Current portion of notes payable to related parties	356,137	671,558
Other current liabilities	735,600	647,458
Total current liabilities	10,949,606	10,380,678
Notes payable, less current portion	2,065,805	2,441,845
Notes payable to related parties, less current portion	6,174,011	6,229,516
Other long-term liabilities	435,360	542,921
Total liabilities	19,624,782	19,594,960
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value 100,000,000 shares authorized; 36,353,648 shares issued and outstanding at September 30, 2011 and December 31, 2010	36,354	36,354
Additional paid-in capital - common stock	20,581,402	20,536,976
Accumulated deficit	(14,048,395)	(13,863,743)
Net stockholders' equity	6,569,361	6,709,587
Total Liabilities and Stockholders' Equity	$ 26,194,143	$ 26,304,547