Andalay Solar, Inc.

CIK:0001347452|SEC Filings

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Net revenue	$ 1,288,985	$ 1,124,836
Cost of goods sold	1,191,390	1,121,612
Gross profit	97,595	3,224
Operating Expenses
Sales and marketing	366,543	887,305
General and administrative	2,263,086	2,377,703
Total operating expenses	2,629,629	3,265,008
Loss from operations	(2,532,034)	(3,261,784)
Other Income (Expense)
Interest income (expense), net	(362,955)	(65,031)
Adjustment to the fair value of embedded derivatives	(50,809)	65,962
Adjustment to the fair value of common stock warrants		9
Settlement of prior debt owed	769,148	420,000
Total other income, net	355,384	420,940
Loss before provision for income taxes	(2,176,650)	(2,840,844)
Provision for income taxes	0	0
Net loss from continuing operations	(2,176,650)	(2,840,844)
Gain from discontinued operations	324,349	10,797
Net loss	(1,852,301)	(2,830,047)
Preferred stock dividend	(18,927)	(153,305)
Preferred deemed dividend		(875,304)
Net loss attributable to common stockholders	$ (1,871,228)	$ (3,858,656)
Net loss per common and common equivalent share (basic and diluted) attributable to common shareholders (in Dollars per share)	$ (0.01)	$ (0.06)
Weighted average shares used in computing loss per common share: (basic and diluted) (in Shares)	203,814,897	69,170,957

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Prepaid Expenses and Other Current Assets [Member]
Supplemental disclosure of non-cash financing activity:
Note issued	$ 121,100	$ 144,071
Financial Advisory Services Fees [Member]
Supplemental disclosure of non-cash financing activity:
Note issued	160,000	60,000
To Settle Claim [Member]
Supplemental disclosure of non-cash financing activity:
Common stock issued to settle claim	250,000
Net loss	(1,852,301)	(2,830,047)
Depreciation	13,155	33,023
Amortization of patents	113,385	113,071
Bad debt expense	36,763	92,224
Adjustment to the fair value of embedded derivatives	50,809	(65,962)
Accretion of interest on convertible notes	168,708	21,889
Unrealized gain on fair value adjustment of common stock warrants		(9)
Stock-based compensation expense	224,011	110,200
Non-cash settlement of prior debt owed	(769,148)
Accounts receivable	412,304	(293,902)
Other receivables	21,378	100,612
Inventory	58,264	209,077
Prepaid expenses and other current assets	158,544	246,669
Other assets	123,233	1,706
Accounts payable	324,998	1,159,974
Accrued liabilities and accrued warranty	(276,657)	(461,100)
Deferred revenue	15,450
Net cash used in operating activities	(1,177,104)	(1,562,575)
Borrowing on long-term debt	600,000	650,000
Repayment of notes payable	(142,416)	(14,232)
Borrowing on line of credit, net		500,000
Repayments on capital lease obligations	(299)	(4,414)
Proceeds from securities purchase agreement	676,590	550,000
Payment of placement agent and registration fees and other direct costs	(36,618)	(91,981)
Employee taxes paid for vesting of restricted stock	(8,692)	(4,102)
Net cash provided by financing activities	1,088,565	1,585,271
Net (decrease) increase in cash	(88,539)	22,696
Beginning of year	150,081	127,385
End of year	61,542	150,081
Cash paid during the period for interest	57,580	6,759
Embedded derivatives on convertible note issuances	122,630	243,889
Grant of warrant on issuance of convertible note	170,767	53,623
Preferred deemed dividend		875,304
Conversion of preferred stock to common stock	1,168,787	2,079,933
Conversion of convertible note to common stock	786,551
Preferred stock dividends paid in common stock	18,927	153,305
Return of Series D convertible preferred stock		80,123
Embedded derivative converted to equity	$ 221,768
Preferred stock issued for payment of financial advisor fees		$ 230,000

Consolidated Balance Sheets - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Series C Preferred Stock [Member]
Current liabilities:
Convertible redeemable preferred stock		$ 163,998
Series D Preferred Stock [Member]
Current liabilities:
Convertible redeemable preferred stock		858,565
Series B Preferred Stock [Member]
Stockholders’ deficit:
Series B convertible redeemable preferred stock, $0.001 par value; 0 and 467 shares issued and outstanding as of December 31, 2014 and 2013, respectively		146,224
Cash	$ 61,542	150,081
Accounts receivable, net	118,456	567,523
Other receivables		21,378
Inventory	728,372	786,636
Prepaid expenses and other current assets	280,066	317,510
Total current assets	1,188,436	1,843,128
Property and equipment, net	699	13,854
Patents, net	1,131,327	1,244,712
Other assets, net	240,478	363,711
Total assets	2,560,940	3,465,405
Accounts payable	3,345,361	4,199,511
Accrued liabilities	104,229	89,730
Deferred revenue	15,450
Accrued warranty	938,466	1,312,918
Credit facility	500,000	500,000
Capital lease obligations – current portion		299
Derivative liability – embedded conversion feature	129,598	177,927
Note payable – short-term	109,164	129,839
Convertible notes – short-term	30,000	60,000
Total current liabilities	5,172,268	6,470,224
Convertible notes	343,499	382,084
Total liabilities	5,515,767	6,852,308
Commitments and contingencies (Note 17)	0	0
Common stock, $0.001 par value; 500,000,000 shares authorized; 279,475,332 and 116,339,293 shares issued and outstanding as of December 31, 2014 and 2013, respectively	279,475	116,339
Additional paid-in capital	82,026,952	78,717,997
Accumulated deficit	(85,261,254)	(83,390,026)
Total stockholders’ deficit	(2,954,827)	(4,409,466)
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit	$ 2,560,940	$ 3,465,405