GREEN PLANET GROUP, INC.

CIK:0001372533|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Revenue:
Sales, net of returns and allowances	$ 6,261,245	$ 10,310,450	$ 15,369,498	$ 20,336,047
Cost of sales	5,087,367	8,687,711	12,843,052	17,166,200
Gross Profit	1,173,878	1,622,739	2,526,446	3,169,847
Operating Expenses:
Selling, general and administrative	1,738,559	1,707,261	3,882,841	4,135,311
Depreciation and amortization	35,187	252,783	71,163	505,565
Allowance for bad debts	0	0	230	0
Total Operating Expenses	1,773,746	1,960,044	3,954,234	4,640,876
Income/(Loss) From Operations	(599,868)	(337,305)	(1,427,788)	(1,471,029)
Other Income and (Expense):
Other income	(756)	397	840	83,570
Interest expense	(266,670)	(2,538,009)	(1,161,552)	(3,466,132)
Gain on deconsolidation of Lumea Staffing, Inc. and Lumea Staffing of CA, Inc.	18,472,331	0	18,472,331	0
Income/(Loss) before provision for income taxes	17,605,037	(2,874,917)	15,883,831	(4,853,591)
Provision for/(Benefit of) income taxes	0	0	0	0
Net Income/(Loss) Available to Common Shareholders	$ 17,605,037	$ (2,874,917)	$ 15,883,831	$ (4,853,591)
Income/(Loss) per share:
Basic and diluted income/(loss) per common share (in dollars per share)	$ 0.1	$ (0.02)	$ 0.09	$ (0.03)
Weighted average common shares outstanding (in shares)	179,901,781	150,982,935	178,144,790	149,486,262

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Cash Flows from Operating Activities:
Net Income/(Loss)	$ 15,883,831	$ (4,853,591)
Adjustments to reconcile net loss to net cash provided (used) by operating activities:
Depreciation and amortization	71,163	505,565
Bad debt provision	230	0
Amortization of debt discount and consulting contracts	78,333	(52,294)
Shares issued for services and interest	78,750	65,301
Change in derivative liability	(61,060)	(19,202)
Change in cashless warrant liability	(2,267)	(3,152)
Gain on deconsolidation	(18,472,331)	0
Changes in assets and liabilities, excluding effects of acquisitions:
Receivables	358,829	(121,287)
Inventory	(93,689)	12,685
Prepaid expenses	175,864	76,131
Other assets	(688,095)	45,288
Accounts payable	504,509	81,116
Accounts payable - affiliates	(116,316)	246,995
Accrued liabilities	3,397,303	4,252,869
Cash provided (used) by operating activities	1,115,054	236,424
Investing Activities:
Intangibles and goodwill	0	(3,335)
Cash provided (used) by investing activities	0	(3,335)
Financing Activities:
Repayment of debt	(1,355,840)	(979,487)
Net cash provided (used) by financing activities:	(1,355,840)	(979,487)
Net increase (decrease) in cash	(240,786)	(746,398)
Cash and cash equivalents at beginning of period	305,049	880,808
Cash and cash equivalents at end of period	64,263	134,410
Supplemental disclosures of cash flow information:
Cash paid during the year for interest	224,312	137,347
Cash paid during the year for income taxes	0	0
Non Cash Activities:
Common Stock issued for services, payable and interest	(213,750)	(65,301)
Common Stock issued for services, payable and interest ( par value)	8,600	3,744
Additional paid-in capital for services, payable and interest	205,150	61,557
Net non-cash stock activities related to services, payable and interest	0	0
Conversion of debt to common stock	67,500	0
Reclass of accrued liabilities to long-term contracts	$ 0	$ 11,810,783

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2011	Mar. 31, 2011
Current Assets:
Cash and cash equivalents	$ 64,263	$ 305,049
Acounts receivable, net of allowance for doubtful accounts	1,775,184	3,019,692
Inventory	348,675	254,986
Prepaid expenses	136,145	312,009
Total Current Assets	2,324,267	3,891,736
Property, plant and equipment, net of accumulated depreciation	1,402,968	1,485,337
Other assets	180,022	211,927
Total Assets	3,907,257	5,589,000
Current Liabilities:
Accounts payable	762,562	1,367,199
Accounts payable - Affiliates	353,959	470,275
Accrued liabilities	3,151,328	4,232,183
Accrued payroll, taxes and benefits	1,010,465	16,666,660
Cashless warrant liability	1,264	3,531
Notes payable and amounts due within one year	3,087,573	8,838,922
Convertible notes payable	4,986,600	5,054,100
Derivative liability	105,073	166,133
Contingent liability	6,725,000	0
Total Current Liabilities	20,183,824	36,799,003
Notes payable due after one year	781,404	2,073,049
Total Liabilities	20,965,228	38,872,052
STOCKHOLDERS' EQUITY/(DEFICIT):
Preferred Stock, $0.001 par value, 1,000,000 authorized; 100,000 Series A shares issued and outstanding	100	100
Additional paid-in capital - Preferred Stock	1,575,623	1,575,623
Common Stock, $0.001 par value, 250,000,000 authorized, 185,881,129 and 174,831,129 issued and outstanding at September 30, 2011 and March 31, 2011, respectively	185,881	174,831
Additional paid-in capital - Common Stock	17,008,728	16,678,528
Accumulated deficit	(35,828,303)	(51,712,134)
Total Stockholders' Equity/(Deficit)	(17,057,971)	(33,283,052)
Total Liabilities and Stockholders' Equity/(Deficit)	$ 3,907,257	$ 5,589,000