Blackwater Midstream Corp.
CIK:0001292518|SEC Filings
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Consolidated Statements of Cash Flows (Unaudited) (USD $)
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3 Months Ended | |
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Jun. 30, 2012
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Jun. 30, 2011
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| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net (loss) Income | $ (450,769) | $ 1,762,991 |
| Depreciation | 203,678 | 155,296 |
| Amortization of intangible assets | 71,743 | |
| Amortization of deferred financing fees & convertible loan discounts | 161,221 | 124,965 |
| Net loss on disposal of assets | 362,110 | |
| Net (gain) on extinguishment of convertible debt loans | (1,399,940) | |
| Net loss (gain) on change in fair market value of derivative liabilities | 1,001,972 | (224,975) |
| Stock based compensation | 12,533 | 118,960 |
| Accounts receivable-trade | 176,902 | (209,234) |
| Accounts receivable-other | 3,011 | 208,600 |
| Prepaid expenses | (17,678) | (662) |
| Inventory | (20,987) | 4,743 |
| Deferred revenue | (114,334) | (130,055) |
| Accounts payable and accruals | (604,886) | (290,815) |
| Net cash provided by operating activities | 422,406 | 481,984 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Purchase of property, plant and equipment | (536,142) | (83,825) |
| Net cash (used in) investing activities | (536,142) | (83,825) |
| CASH FLOWS FROM FINANCING ACTIVITES: | ||
| Proceeds from bank loan | 549,812 | |
| Payments on bank loan | (293,466) | (391,288) |
| Net cash provided by (used in) financing activities | 256,346 | (391,288) |
| NET CHANGE IN CASH FOR THE PERIOD | 142,610 | 6,871 |
| CASH AT BEGINNING OF PERIOD | 190,334 | 51,386 |
| CASH AT END OF PERIOD | 332,944 | 58,257 |
| SUPPLEMENTAL CASH FLOW DISCLOSURES | ||
| Cash paid for interest | 179,816 | 169,209 |
| Construction in process included in accounts payable | 1,314,542 | 203,831 |
| Barge dock exchanged for accounts payable | 115,000 | |
| Debt discount related to derivative liabilities | $ 4,516,240 | |
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Note 4. Bank Loans and Convertible Debt. (Detail) - Reconciliation of various debt instruments to the balance sheet line (USD $)
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Jun. 30, 2012
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Mar. 31, 2012
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| Related party long-term convertible debt loans * | $ 77,614 | $ 54,709 | ||||||||||
| Long-term convertible debt loans * | 468,681 | 330,365 | ||||||||||
| Current portion of long-term bank loans | 3,295,889 | 3,390,868 | ||||||||||
| Long-term bank loans | 1,903,189 | 1,551,864 | ||||||||||
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2009 Convertible Debt Notes [Member]
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| Related party long-term convertible debt loans * | 430,000 | [1] | 430,000 | [2] | ||||||||
| Long-term convertible debt loans * | 2,571,033 | [3] | 2,571,033 | [4] | ||||||||
| Total | 3,001,033 | 3,001,033 | ||||||||||
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2010 Convertible Debt Notes [Member]
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| Related party long-term convertible debt loans * | 245,000 | [1] | 245,000 | [2] | ||||||||
| Long-term convertible debt loans * | 1,505,000 | [3] | 1,505,000 | [4] | ||||||||
| Total | 1,750,000 | 1,750,000 | ||||||||||
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Debt Instruments on Balance Sheet [Member]
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| Related party long-term convertible debt loans * | 675,000 | [1] | 675,000 | [2] | ||||||||
| Long-term convertible debt loans * | 4,076,033 | [3] | 4,076,033 | [4] | ||||||||
| Current portion of long-term bank loans | 1,903,189 | 1,551,864 | ||||||||||
| Long-term bank loans | 3,295,889 | 3,390,868 | ||||||||||
| Total | 9,950,111 | 9,693,765 | ||||||||||
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JP Morgan Chase Bank Loans [Member]
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| Related party long-term convertible debt loans * | [1] | [2] | ||||||||||
| Long-term convertible debt loans * | [3] | [4] | ||||||||||
| Current portion of long-term bank loans | 1,903,189 | 1,551,864 | ||||||||||
| Long-term bank loans | 3,295,889 | 3,390,868 | ||||||||||
| Total | $ 5,199,078 | $ 4,942,732 | ||||||||||
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