SEAWRIGHT HOLDINGS INC

CIK:0001132887|SEC Filings

Condensed Consolidated Statements of Operations (unaudited) (USD $)	3 Months Ended		6 Months Ended		153 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012
Income Statement [Abstract]
Revenue, net	$ 0	$ 0	$ 0	$ 0	$ 19,611
Cost and expenses:
Selling, general and administrative	102,784	88,393	209,133	188,322	7,022,497
Impairment of trade name	0	0	0	0	19,529
(Gain) loss on sale of trading securities	0	0	0	0	(37,356)
Depreciation and amortization	3,266	3,311	6,532	6,622	117,019
Cost and expenses, Total	106,050	91,704	215,665	194,944	7,121,689
Operating loss	(106,050)	(91,704)	(215,665)	(194,944)	(7,102,078)
Other income (expense):
Other income	0	0	0	0	62,302
Gain on sale of property	0	0	0	0	1,480,996
Net gain on settlement of debt	0	0	23,096	0	1,616,332
Gain (loss) on change in fair value of debt derivative	9,859	7,103	(19,497)	(6,847)	13,345
Interest expense, net	(89,152)	(100,181)	(196,737)	(274,696)	(6,318,264)
Total other expense	(79,293)	(93,078)	(193,138)	(281,543)	(3,145,289)
Loss from continuing operations before income taxes and discontinued operations	(185,343)	(184,782)	(408,803)	(476,487)	(10,247,367)
Provision for income taxes	0	0	0	0	0
Loss from continuing operations before discontinued operations	(185,343)	(184,782)	(408,803)	(476,487)	(10,230,466)
Income from discontinued operations	0	0	0	0	16,901
Net loss	(185,343)	(184,782)	(408,803)	(476,487)	(10,247,367)
Preferred stock dividend	0	0	0	0	(25,000)
Net loss attributable to common shareholders	$ (185,343)	$ (184,782)	$ (408,803)	$ (476,487)	$ (10,255,466)
Loss per common share, basic and diluted	$ (0.01)	$ (0.01)	$ (0.02)	$ (0.03)
Weighted average number of common shares outstanding, basic and diluted	19,519,828	14,348,399	17,316,531	14,348,399

Condensed Consolidated Statements of Cash Flows (unaudited) (USD $)	6 Months Ended		153 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss from continuing operations	$ (408,803)	$ (476,487)	$ (10,230,466)
Loss from discontinued operations	0	0	(16,901)
Net loss	(408,803)	(476,487)	(10,247,367)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,532	6,622	117,018
Amortization of debt discounts	0	12,747	799,617
Amortization of deferred financing costs	5,000	11,909	1,157,035
Write off of investment in land purchase option	0	0	215,500
Penalties and fees charged in connection with loan settlements, net	0	0	3,882
Fair value of consideration with induced note payable conversions	0	0	1,215,417
Loss (gain) on change in fair value of derivative	19,497	6,847	(13,345)
Interest and operating expense financed through issuance of note payable	60,617	0	401,675
Accretion of interest on trade name liability	0	0	20,938
Gain on sale of property	0	0	(1,480,996)
Net gain on settlement of debt	(23,096)	0	(1,616,332)
Non cash interest expense	16,455	0	16,455
Financing expense attributable to conversion of stock options to common stock	0	0	1,500
Common stock issued to founders	0	0	5,020
Common stock issued as financing incentives	0	0	47,650
Common stock issued in exchange for services rendered	55,250	0	150,250
Common stock issued for interest and penalties	0	0	216,649
Impairment of trade name	0	0	19,529
Expenses paid by officer on behalf of Company	12,244	0	109,318
Fair value of stock options issued in exchange for services rendered	0	0	43,766
Write off of claimed receivable	0	0	6,000
Changes in:
Marketable securities-trading	0	0	(17,993)
Claims receivable	0	0	(6,000)
Capitalized financing costs	0	0	(32,647)
Deposits, prepaid and other assets	0	0	(79,821)
Accounts payable and accrued expenses	256,304	336,626	2,692,599
Net cash used in continuing operating activities	0	(101,736)	(6,254,683)
Net cash provided by discontinued operations	0	0	16,901
Net cash used in operating activities	0	(101,736)	(6,237,782)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of property, net	0	0	2,445,996
Investment in land purchase option	0	0	(215,501)
Purchase of property, plant and equipment	0	0	(1,000,873)
Net cash (used in) provided by investing activities	0	0	1,229,622
CASH FLOWS FROM FINANCING ACTIVITIES:
Bank overdraft	0	0	1,857
Total proceed from stock issuance	0	0	2,006,683
Proceeds from notes payable, net of repayments	0	0	1,069,388
Proceeds from related party loans, net of repayments	0	101,736	182,500
Proceeds from line of credit, net of repayments	0	0	583,571
Proceeds from issuance of convertible notes, net	0	0	1,102,586
Proceeds from issuance of warrants attached to convertible notes, net	0	0	169,865
Proceeds from exercise of options and warrants	0	0	348,506
Contribution made by (return of contributed capital to) shareholders	0	0	(650,196)
Reacquisition of shares	0	0	(81,600)
Proceeds from issuance of preferred stock, net	0	0	275,000
Net cash provided by (used in) financing activities	0	101,736	5,008,160
Net (decrease) increase in cash and cash equivalents	0	0	0
Cash and cash equivalents, beginning of period	0	0	0
Cash and cash equivalents, end of period	0	0	0
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	0	0	1,951,963
Cash paid for income taxes	0	0	0
Non cash investing and financing activities:
Common stock issued in exchange for notes payable and accrued interest	2,800	0	764,315
Common stock issued in exchange for convertible notes payable and accrued interest	0	0	1,507,067
Common stock to be issued in exchange for convertible notes payable	0	0	11,396
Notes payable and accrued interest settled by officer	0	0	421,400
Common stock issued in connection with issuance of notes payable	0	0	25,500
Common stock issued in exchange for stock incentive liabilities	0	0	127,500
Transfer of deposit to property and equipment	0	0	57,600
Notes payable issued in exchange for accrued liabilities	201,546	0	287,137
Notes payable issued in connection with capital expenditures	0	0	1,325,000
Warrants issued in exchange for financing costs	$ 0	$ 0	$ 545,460

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2012	Dec. 31, 2011
Current assets:
Prepaid expenses and capitalized financing costs	$ 0	$ 5,000
Total current assets	0	5,000
Property and equipment, net	1,195,987	1,202,519
Other assets	29,542	29,542
Total assets	1,225,529	1,237,061
Current liabilities:
Accounts payable and accrued expenses	1,104,261	1,088,503
Convertible notes payable, net of debt discount	60,000	60,000
Advances from related party	61,417	0
Notes payable, current portion	1,967,482	1,914,827
Notes payable due to related parties, current portion	190,000	190,000
Other liabilities	50,000	50,000
Total current liabilities	3,433,160	3,303,330
Long-term liabilities:
Derivative liability	24,971	5,474
Total liabilities	3,458,131	3,308,804
Commitments and contingencies
STOCKHOLDERS' DEFICIT
Preferred stock, value
Common stock, par value $0.001 per share; 19,900,000 shares authorized; 19,098,399 and 14,348,399 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively	19,098	14,348
Common shares to be issued	36,896	36,896
Additional paid in capital	7,966,870	7,735,120
Due from officer	0	(11,444)
Accumulated deficit during development stage	(10,255,466)	(9,846,663)
Total stockholders' deficit	(2,232,602)	(2,071,743)
Total liabilities and stockholders' deficit	1,225,529	1,237,061
Series A convertible preferred stock
STOCKHOLDERS' DEFICIT
Preferred stock, value