ABCO Energy, Inc.

CIK:0001300938|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues, net	$ 1,980,504	$ 1,372,410
Cost of Sales	1,277,722	948,891
Gross Profit	702,782	423,519
Operating Expenses:
Payroll	185,047	217,735
Stock based compensation	0	300,700
Advertising and marketing	44,617	53,372
Consulting expense	60,000	69,703
Corporate expense	48,871	62,648
Insurance	76,597	75,768
Professional fees	13,764	35,227
Rent	0	10,049
Other selling and administrative expense	317,512	268,223
Total operating expense	746,408	1,093,425
Net income (Loss) from operations	(43,626)	(669,906)
Other expenses:
Interest expense, net	(83,180)	(64,475)
Amortization of original issue discount	(9,127)	(33,543)
Change in derivative liability (Gain) Loss	(169,277)	(12,792)
Derivative Finance fees	0	(93,706)
Loss on sale of vehicles	(4,027)
Gain (Loss) on extinguishment of debt	135,978	206,047
Total other income (expense)	(129,633)	1,531
Net income (Loss) before provision for income taxes	(173,259)	(668,375)
Provision for income tax	0	0
Net income (loss)	$ (173,259)	$ (668,375)
Net income (loss) Per Share (Basic and Fully Diluted) (in Dollars per share)	$ (0.01)	$ (0.01)
Weighted average number of common shares used in the calculation (in Shares)	257,911,901	135,505,337

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net loss	$ (173,259)	$ (668,375)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	12,986	14,683
Change in amortizable debt discount on convertible debt	9,127	(33,543)
Shares issued to officers and consultants	0	300,700
Change in derivative liability	268,311	0
Derivative liability (Gain) Loss	(169,277)	(12,792)
Finance fees on derivatives	0	(93,706)
Increase (decrease) in billings in excess of costs on incomplete contracts	281,465	0
Gain (loss) on extinguishment of debt	135,978	206,047
Changes in operating assets and liabilities:
Changes in Accounts receivable	(60,349)	(30,329)
Change in accounts receivable on incomplete contracts	(319,428)	(290,472)
Accounts payable and accrued expenses	19,933	(5,162)
Net cash used in operating activities	5,487	(612,949)
Cash Flows used in Investing Activities:
Cash paid for land and building	(21,851)	(10,044)
Purchase of equipment	(4,147)	10,357
Proceeds from investments in long term leases	210	354
Net cash used in investing activities	(25,788)	667
Cash Flows from Financing Activities:
Proceeds from sale of common stock net of expenses	4,166	448,021
Proceeds from convertible debenture	(58,810)	92,785
Payments on financial institution loans	(37,857)	0
Proceeds (Payments) on related party notes payable	101,489	221,904
Increase in loans from material lenders	0	(18,140)
Proceeds (Payment) on long term debt	0	36,338
Payments on short term debt	0	(191,480)
Net cash provided by financing activities	8,988	589,428
Net increase (decrease) in cash	(11,313)	(22,854)
Cash, beginning of period	31,414	54,268
Cash, end of period	20,101	31,414
Cash paid for interest	83,180	64,475
Proceeds from SBA loan 30 years	0	149,900
Proceeds from SBA payroll loan EIDL loan forgiveness	(135,978)	(123,999)
Supplemental Disclosure of Non-cash investing and financing activities:
Shares issued or to be issued for services	0	300,700
Common shares issued for conversion of convertible debenture notes - net of expenses	$ 0	$ 339,521

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current Assets
Cash	$ 20,101	$ 31,414
Accounts receivable on completed projects	94,121	33,772
Costs and estimated earnings on contracts in progress	617,549	298,121
Total Current Assets	731,771	363,307
Fixed Assets
Fixed assets – net of accumulated depreciation	391,903	378,891
Other Assets
Investment in long term leases	3,431	3,641
Total Other Assets	3,431	3,641
Total Assets	1,127,105	745,839
Current liabilities
Accounts payable and accrued expenses	541,752	521,819
Notes payable	117,687	155,979
Derivative liability on convertible debt	268,311	0
Convertible debentures – net of discount	175,000	233,810
Current portion of long-term debt	41,991	40,808
Excess billing on contracts in progress	549,900	268,435
Total Current Liabilities	2,329,374	1,754,095
Long term debt, net of current portion	454,041	495,525
Total Liabilities	2,783,415	2,249,620
Commitments and contingencies
Stockholders’ Deficit:
Preferred stock, 100,000,000 shares authorized, $0.001 par value, and 12,800,000 shares issued and outstanding on December 31, 2022, and on December 31, 2021	12,800	12,800
Common stock, 2,000,000,000 shares authorized, $0.001 par value, 260,515,166 and 255,308,636 issued and outstanding on December 31, 2022, and December 31, 2021, respectively	260,515	255,309
Additional paid-in capital	5,989,994	5,982,752
Accumulated deficit	(7,919,619)	(7,754,642)
Total Stockholders’ Deficit	(1,656,310)	(1,503,781)
Total Liabilities and Stockholders’ Deficit	1,127,105	745,839
Officer [Member]
Current liabilities
Notes payable	$ 634,733	$ 533,244