Confederate Motors, Inc.

CIK:0001346346|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statements Of Operations [Abstract]
Sales	$ 475,084	$ 803,802	$ 1,500,331	$ 1,742,320
Cost of goods sold	(310,276)	(492,831)	(961,043)	(989,567)
Gross profit	164,808	310,971	539,288	752,753
Operating Expenses
Research and Development	79,457	79,806	135,107	205,878
Selling, general and administrative expenses	238,699	231,738	777,735	699,932
Total operating expenses	318,156	311,544	912,842	905,810
Loss from operations	(153,348)	(573)	(375,554)	(153,057)
Other income	7,500	1,500	12,500	117,166
Interest (income / expense)	(22)	233	7	846
Total Other Income (Expense)	7,478	1,733	12,507	118,012
Net income (loss)	$ (145,870)	$ 1,160	$ (361,047)	$ (35,045)
Net income (loss) per common share
Basic & diluted	$ (0.00)	$ 0.00	$ (0.01)	$ (0.00)
Weighted average shares outstanding
Basic & diluted	29,229,556	13,587,556	27,941,452	17,504,762

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income (loss)	$ (361,047)	$ (35,045)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities
Depreciation	18,017	2,323
Change in operating assets and liabilities
A/R Other Receivables	(2,542)	(111,181)
Inventory	300,156	(337,307)
Prepaid inventory	81,853	(95,917)
Prepaid expenses	$ (7,244)	1,769
Notes Receivable		(5,347)
Accounts payable	$ (73,864)	186,885
Accrued payroll	63,500	(10,000)
Accrued payroll tax liability	(8,400)	$ (16,000)
Other accrued expenses	23,793
Warranty reserve	367	$ 39,196
Deferred revenue	$ 61,180	(239,004)
Deferred sales commission and royalty		(30,000)
Net cash provided (used) by operating activities	$ 95,768	(649,629)
Investing activities
Purchase of property and Equipment	(94,915)	(12,440)
Net cash provided (used) by investing activities	(94,915)	$ (12,440)
Financing activities
Repayment of notes payable	(7,355)
Payments on litigation settlements	(70,000)
Proceeds from issuance of stock	100,738	$ 750,000
Net cash provided (used) by financing activities	23,382	750,000
Net increase (decrease) in cash and cash equivalents	24,235	87,931
Cash and cash equivalents at the beginning of period	91,847	3,113
Cash and cash equivalents at end of period	116,082	$ 91,044
Non cash investing & financing activities
Property and equipment acquired with note payable	$ 42,910
Payable to be settled in stock		$ 210,000
Cash paid during the period for:
Interest (income / expense)
Income taxes

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 116,082	$ 91,847
Other receivables	6,335	3,793
Inventory	346,858	647,014
Prepaid inventory	118,406	200,259
Prepaid expenses	12,382	5,138
Total current assets	600,063	948,051
Property and equipment, net	157,725	37,917
Total assets	757,788	985,968
Current liabilities
Accounts payable	166,966	240,830
Accrued interest payable	7,502	7,502
Accrued salaries	162,000	98,500
Accrued payroll tax liability	69,994	78,394
Notes Payable - short term - related parties	37,777	37,777
Deferred revenue	712,815	651,636
Warranty reserve	1,805	1,438
Other accrued expenses	60,007	36,214
Registration rights liability	175,500	175,500
Payable to be settled in stock - Officer	210,000	210,000
Settlement payable	90,000	$ 160,000
Current portion of notes payable	11,664
Total current liabilities	1,706,030	$ 1,697,791
Long term liabilities
Note payable	23,890
Total Liabilities	$ 1,729,919	$ 1,697,791
Stockholders' deficit
Preferred Stock, $0.001 par value 20,000,000 shares authorized; -0- shares outstanding as of September 30, 2015 and December 31, 2014, respectively
Common Stock, $0.001 par value 200,000,000 shares authorized; 29,229,556 shares outstanding as of September 30, 2015 and 25,629,556 shares outstanding as of December 31, 2014	$ 29,229	$ 25,629
Additional paid-in capital	$ 12,296,350	11,787,450
Stock Subscribed		525,000
Subscriptions Receivable		(113,238)
Accumulated deficit	$ (12,983,761)	(12,622,714)
Treasury Shares	(313,950)	(313,950)
Total stockholders' deficit	(972,132)	(711,823)
Total liabilities and stockholders' deficit	$ 757,788	$ 985,968