Ecologic Transportation, Inc.

CIK:0001379245|SEC Filings

Consolidated Statements of Income - USD ($)	12 Months Ended
Consolidated Statements of Income - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Income
Revenue	$ 1,474,955	$ 580,574
Cost of sales	1,204,899	442,161
Gross profit	270,056	138,413
General and administrative expenses	1,491,174	1,632,481
Operating loss	(1,221,118)	(1,494,068)
Other expenses
Interest expense	(315,577)	(228,428)
Discount amortization	(240,793)	(394)
Total other expenses	(556,370)	(228,822)
Net loss	(1,777,488)	(1,722,890)
Comprehensive loss
Unrealized loss on securities	0	(1,206)
Net comprehensive loss	0	(1,206)
Net loss and comprehensive loss	$ (1,777,488)	$ (1,724,096)
Net loss per share - basic and diluted	$ (0.016)	$ (0.020)
Weighted average common shares outstanding - basic and diluted	108,239,317	86,160,416

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Cash flow from operating activities
Net loss and comprehensive loss	$ (1,777,488)	$ (1,724,096)
Comprehensive loss	0	(1,206)
Net loss	(1,777,488)	(1,722,890)
Adjustments to reconcile net loss to net cash provided by operating activities
Stock compensation/amortization of deferred compensation	3,208	582,913
Accruals converted to related party loans	1,026,635	1,465,261
Depreciation and amortization	1,838	2,072
Discount amortization	240,793	394
Changes in operating assets and liabilities
(Increase) decrease in accounts receivable	35,191	(194,701)
( Increase) decrease in prepaid expenses	584	(5,384)
Decrease in other assets	4,500	0
Increase in accounts payable and accrued expenses	422,894	461,608
Increase (decrease) in related party payables	159,577	(516,795)
Net cash provided by operating activities	131,732	72,478
Allowance for doubtful accounts	14,000	0
Cash flow from financing activities
Proceeds from promissory note, related party	0	50,000
Repayment of promissory note, related party	0	(50,000)
Repayment of convertible promissory note, related party	(143,837)	(11,000)
Proceeds from the issuance of common stock	0	41,107
Net cash provided (used) by financing activities	(143,837)	30,107
Net increase (decrease) in cash	(12,105)	102,585
Cash - beginning of period	102,585	0
Cash - end of period	90,480	102,585
NONCASH ACTIVITIES
Fair value of beneficial conversion feature of convertible promissory notes	291,039	755,657
Conversion of related party payable to related party convertible note payable	1,026,635	1,465,261
Imputed interest on related party promissory note	0	1,190
Reduction of related party promissory note for payment of common stock	0	4,000
Reduction of related party convertible promissory note for payment of common stock	0	1,500
Reduction of related party payable for payment of common stock	0	5,500
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid	20,972	15,339
Income taxes paid	$ 0	$ 0

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 90,480	$ 102,585
Accounts receivable, net of allowance	145,510	194,701
Prepaid expenses	4,800	5,384
Total current assets	240,790	302,670
Non-current assets
Investment in securities	1,207	1,207
Property and equipment, net	0	238
Intangible assets, net	27,966	29,566
Other assets	1,300	5,800
Total non-current assets	30,473	36,811
TOTAL ASSETS	271,263	339,481
Current liabilities
Accounts payable and accrued expenses	2,467,443	2,044,550
Notes and loans payable	169,605	169,605
Notes payable, related party, net of unamortized discount	21,000	20,204
Note payable, convertible	500,000	500,000
Notes payable, convertible, related party	1,520,460	1,099,247
Related party payables	446,543	286,966
Total current liabilities	5,125,051	4,120,572
Long-term liabilities
Notes and convertible notes payable	426,464	0
Notes payable, related party, convertible, net of unamortized discount	2,840,636	2,856,556
Total long-term liabilities	3,267,100	2,856,556
Total liabilities	8,392,151	6,977,128
Stockholders' deficit
Preferred Stock	0	0
Common stock, $0.001 par value, 250,000,000 shares authorized, 108,239,317 issued and outstanding as of December 31, 2020 and 2019	108,239	108,239
Additional paid in capital	12,698,437	12,404,190
Subscriptions receivable	(5,000)	(5,000)
Accumulated deficit	(20,918,412)	(19,140,924)
Accumulated comprehensive losses	(4,152)	(4,152)
Total stockholders' deficit	(8,120,888)	(6,637,647)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 271,263	$ 339,481