Blackwater Midstream Corp.

CIK:0001292518|SEC Filings

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Revenue
Total revenue	$ 2,719,016	$ 2,329,630
Operating expenses	(903,620)	(747,021)
Selling, general and administrative expenses	(954,101)	(804,654)
Loss on disposal of assets		(362,110)
Operating income	861,295	415,845
Net interest expense	(310,092)	(277,769)
Gain on extinguishment of convertible debt loans		1,399,940
(Loss) gain on change in fair market value of derivative liabilities	(1,001,972)	224,975
Net (loss) income	(450,769)	1,762,991
NET (LOSS) INCOME PER COMMON SHARE,
BASIC (in Dollars per share)	$ (0.01)	$ 0.03
DILUTED (in Dollars per share)	$ (0.05)	$ (0.05)
Weighted average number of shares outstanding:
BASIC (in Shares)	56,476,186	55,165,077
DILUTED (in Shares)	65,978,252	66,096,328
Storage [Member]
Revenue
Lease Revenue	2,113,035	1,628,839
Packaging Services [Member]
Revenue
Lease Revenue	319,734	374,436
Excess Through-put Services [Member]
Revenue
Lease Revenue	174,282	239,705
Other Services [Member]
Revenue
Lease Revenue	$ 111,965	$ 86,650

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
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

Consolidated Balance Sheets (Unaudited) (USD $)	Jun. 30, 2012	Mar. 31, 2012
CURRENT ASSETS:
Cash	$ 332,944	$ 190,334
Receivables-trade	209,766	386,668
Receivables-other	47,556	50,567
Current portion of intangible assets, net	140,191	210,214
Prepaid expenses and other current assets	276,445	237,780
Total current assets	1,006,902	1,075,563
Property, plant, equipment, net	18,120,679	16,473,674
Intangible assets, net	45,174	46,894
TOTAL ASSETS	19,172,755	17,596,131
CURRENT LIABILITIES:
Accounts payable	2,008,357	1,320,305
Accounts payable-related parties	68,876	60,763
Accrued liabilities	218,072	204,582
Deferred revenue		114,334
Derivative liabilities of convertible debt loans	4,522,468	3,520,496
Current portion of long-term bank loans	1,903,189	1,551,864
Total current liabilities	8,720,962	6,772,344
Bank loans	3,295,889	3,390,868
Related party convertible debt loans, net of discount of $597,386 and $620,291	77,614	54,709
Convertible debt loans, net of discount of $3,607,352 and $3,745,668	468,681	330,365
Total long-term liabilities	3,842,184	3,775,942
TOTAL LIABILITIES	12,563,146	10,548,286
STOCKHOLDERS' EQUITY
Preferred stock - 20,000,000 "blank check" preferred shares, issuable in one or more series, no shares issued and outstanding	0	0
Common stock - 200,000,000 shares authorized, $0.001 par value: 56,476,186 and 56,476,186 issued, outstanding at June 30, 2012 and March 31, 2012, respectively	56,476	56,476
Additional paid-in capital	8,411,476	8,398,943
Accumulated deficit	(1,858,343)	(1,407,574)
TOTAL STOCKHOLDERS' EQUITY	6,609,609	7,047,845
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 19,172,755	$ 17,596,131