XZERES Corp.

CIK:0001084597|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	May. 31, 2015	May. 31, 2014
Income Statement [Abstract]
GROSS REVENUES	$ 616,588	$ 501,948
COST OF GOODS SOLD	416,453	603,893
GROSS PROFIT	200,135	(101,945)
OPERATING EXPENSES
General and administrative expenses	1,261,928	1,338,841
Marketing	63,518	155,261
Sales expense	300,085	390,241
Engineering/R&D expense	198,184	248,995
TOTAL OPERATING EXPENSES	1,823,715	2,133,338
LOSS FROM OPERATIONS	(1,623,580)	(2,235,283)
OTHER INCOME (EXPENSE)
Interest expense	$ (139,378)	(389,945)
Amortization of debt discount		(427,256)
Other income (expense)	$ (9,851)	985
TOTAL OTHER INCOME (EXPENSE)	(149,229)	(816,216)
LOSS BEFORE PROVISION FOR INCOME TAXES AND OTHER COMPREHENSIVE INCOME (LOSS)	$ (1,772,809)	$ (3,051,499)
PROVISION FOR INCOME TAXES
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (1,772,809)	$ (3,051,499)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency adjustment gain (loss)	3	(857)
COMPREHENSIVE INCOME (LOSS)	$ (1,772,806)	$ (3,052,356)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
BASIC AND DILUTED	69,051,113	43,173,870
NET LOSS PER SHARE:
BASIC AND DILUTED	$ (0.03)	$ (0.07)

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	May. 31, 2015	May. 31, 2014
Cash Flows from Operating Activities:
Net loss for the period	$ (1,772,809)	$ (3,051,499)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Amortization of debt discount		427,256
Depreciation and amortization expense	$ 49,033	27,017
Bad debt expense	(1,039)	(18,475)
Share-based compensation	34,460	$ 54,698
Issuance of common shares for services	17,276
Changes in Assets and Liabilities
Accounts and notes receivable	204,557	$ 1,158,171
Prepaid expenses	(22,995)	207,981
Inventory and inventory deposits	(408,559)	(62,558)
Accounts payable	(225,573)	(276,434)
Accrued expenses	(59,889)	119,258
Customer deposits	220,317	24,603
VAT & sales tax payable	15,759	(61,982)
Warranty reserve	(18,786)	5,280
Net Cash Used in Operating Activities	(1,968,248)	(1,446,684)
Cash Flows from Investing Activities:
Acquisitions of property and equipment	$ (12,870)	(1,170)
Rent deposit		(10,690)
Net Cash Used in Investing Activities	$ (12,870)	(11,860)
Cash Flows from Financing Activities:
Net increase/(decrease) in notes and loans payable, net of debt discount	(34,768)	$ 1,490,236
Proceeds from common stock offering	1,500,000
Net Cash Provided by Financing Activities	1,465,232	$ 1,490,236
Foreign Currency Effect on Cash	3	(857)
Net Increase/(Decrease) in Cash and Cash Equivalents	(515,883)	30,835
Cash and Cash Equivalents - Beginning	880,446	43,495
Cash and Cash Equivalents - Ending	364,563	74,330
Supplemental Cash Flow Information:
Cash paid for interest	$ 139,378	$ 269,727
Cash paid for income taxes

Consolidated Balance Sheets (Unaudited) - USD ($)	May. 31, 2015	Feb. 28, 2015
Current Assets
Cash and cash equivalents	$ 364,563	$ 880,446
Accounts and notes receivable, net - current portion	722,367	921,367
Inventories	3,029,735	2,490,752
Inventory deposits	872,934	1,003,358
Prepaid expenses	241,634	218,639
Total Current Assets	5,231,233	5,514,562
Property and Equipment, net	175,892	190,051
Other Assets
Accounts and notes receivable - net of current portion	149,622	154,139
Intellectual property, net	1,210,207	1,232,211
Deposits	45,554	45,554
Total Other Assets	1,405,383	1,431,904
TOTAL ASSETS	6,812,508	7,136,517
Current Liabilities
Accounts payable	1,506,162	1,535,175
Accrued expenses	470,444	726,892
Customer deposits	299,450	79,134
Warranty reserve	421,433	440,218
VAT & sales tax payable	24,286	$ 8,527
Notes payable - related parties - current portion	500,000
Notes payable - current portion	14,286,660	$ 14,821,428
Total Current Liabilities	17,508,435	17,611,374
Long-term Liabilities
Notes payable - related parties	734,368	734,368
Total Long-term Liabilities	734,368	734,368
TOTAL LIABILITIES	18,242,803	18,345,743
Stockholder's Equity (Deficit)
Common stock, par $0.001, 100,000,000 shares authorized, 72,768,897 and 62,707,197 shares issued and outstanding, respectively	72,768	62,709
Stock warrants	5,381,245	5,390,489
Additional paid in capital	26,963,069	25,412,151
Accumulated other comprehensive income (loss)	(1,393)	(1,396)
Accumulated deficit	(43,845,984)	(42,073,178)
Total Stockholders' Equity (Deficit)	(11,430,295)	(11,209,225)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 6,812,508	$ 7,136,517