URBAN AG. CORP

CIK:0001381324|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Statement [Abstract]
Revenue	$ 195,464	$ 1,963,691	$ 580,487	$ 5,506,380
Costs of goods sold	172,916	1,729,210	560,159	4,784,774
Gross profit (loss)	22,548	234,481	20,328	721,606
Costs and expenses:
General and administrative	431,816	156,802	931,728	2,030,651
Depreciation		29,100		89,537
Total costs and expenses	431,816	185,902	931,728	2,120,188
Income (Loss) from continuing operations before other (income) and expense	(409,268)	48,579	(911,400)	(1,398,582)
Interest expense, net of interest income	127,481	12,661	398,297	181,252
Other (income) expense				(607,149)
Total other (income) and expense	127,481	12,661	398,297	(425,897)
Income (Loss) from continuing operations before income taxes	(536,749)	35,918	(1,309,697)	(972,685)
Income taxes
Income (loss) from continuing operations	(536,749)	35,918	(1,309,697)	(972,685)
Net income (loss)	$ (536,749)	$ 35,918	$ (1,309,697)	$ (972,685)
Basic and diluted income (loss) per share from continuing operations	$ (0.01)	$ 0.01	$ (0.03)	$ (0.05)
Weighted average basic and diluted common shares outstanding	37,804,415	20,308,164	37,804,415	20,308,164

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:
Net income (loss)	$ (1,309,697)	$ (972,685)
Adjustments to reconcile net loss items not requiring the use of cash:
Depreciation		89,537
Change in operating assets and liabilities:
(Increase) in accounts receivable, net of allowances	(107,688)	(663,107)
(Increase) in prepaid expenses and other current assets	(80,177)	(1,657)
Increase in accounts payable and other current liabilities	493,036	191,570
Increase in current portion of long term debt	2,330,597	286,152
Increase in accrued expenses	1,066,135	1,154,562
Net cash used in operating activities	2,392,206	84,372
Cash flows from investing activities:
Net Investment in plant, property and equipment		(73,199)
Net Investment in Intangible Assets	(2,974,054)
Net cash used in investing activities	(2,974,054)	(73,199)
Cash flows from financing activities:
Increase/(decrease) in short term notes payable	320,234	340,167
(Increase) in Notes Receivable	(146,064)
Net increase/(decrease) in line of credit	27,868	(624,970)
(Increase) in due from related parties	(36,000)	(137,288)
Increase/(decrease) in long term debt		(189,400)
Increase in capital stock and additional paid in capital	442,518	680,628
Net cash generated by financing activities	608,556	69,137
Change in cash from continuing operations	26,708	80,310
Change in cash from discontinued operations		(80,310)
Cash at beginning of period	412	25
Cash at end of period	$ 27,120	$ 25

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Current assets:
Cash	$ 27,120	$ 412
Accounts receivable, less allowances for doubtful accounts and provision for contract adjustments of $0 and $0 at September 30, 2013 and December 31, 2012, respectively	107,687
Other current assets	80,177
Total current assets	214,984	412
Intangible Assets	2,974,055
Notes Receivable	146,064
Due from related parties
Total assets	3,335,103	412
Current liabilities:
Accounts payable and other current liabilities	3,643,883	3,150,847
Accrued expenses	3,634,869	2,568,734
Line of credit	27,869
Mass CDFC loan	327,039	327,039
Discontinued operations	191,538	191,538
Current portion of long-term debt	2,330,597
Short term notes payable	830,484	510,250
Notes due to Shareholder	1,855,000	1,891,000
Total current liabilities	12,841,279	8,639,408
Long term debt
Net liabilities of discontinued operations
Total liabilities	12,841,279	8,639,408
Stockholders' deficiency
Preferred stock, $.0001 par value; authorized 50,000,000; 11,182,460 and 10,000,000 issued and outstanding at September 30, 2013 and December 31, 2012 respectively.	1,118	1,000
Common stock, $.0001 par value; authorized 7,000,000,00; 290,586,478 and 15,429,599 shares issued and outstanding at September 30, 2013 and December 31, 2012 respectively. Note (3)	29,059	1,543
Additional paid-in capital	2,644,925	2,230,041
Retained (deficit)	(12,181,278)	(10,871,580)
Total stockholders' (deficit)	(9,506,176)	(8,638,996)
Total liabilities and stockholders' deficiency	$ 3,335,103	$ 412