Suspect Detection Systems, Inc.

CIK:0001391674|SEC Filings

Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
Consolidated Statements of Operations (USD $)	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Revenues, net	$ 174,341	$ 259,080	$ 1,912,620	$ 1,596,682
Cost of Goods Sold	(6,944)	(72,384)	(150,092)	(142,132)
Gross Profit	167,397	186,696	1,762,528	1,454,550
Operating Expenses:
Research and development	(112,809)	(107,666)	(307,920)	(317,532)
Selling, general and administrative	(684,936)	(349,348)	(2,984,329)	(1,807,889)
Total operating expenses	(797,745)	(457,014)	(3,292,249)	(2,125,421)
Loss from Operations	(630,348)	(270,318)	(1,529,721)	(670,871)
Net income (loss)	(656,312)		(1,545,779)	(690,087)
Net loss (income) Attributable to Noncontrolling Interest	(35,431)	44,971	212,181	(61,695)
Net income (loss) attributable to Suspect Detection Systems Inc.	$ (620,881)	$ (226,223)	$ (1,757,961)	$ (751,782)
Income (Loss) Per Common Share:
Income (Loss) per common share - Basic and Diluted	$ (0.01)	$ 0.00	$ (0.02)	$ (0.01)
Weighted Average Number of Common Shares Outstanding	76,097,293	68,895,810	76,097,293	66,978,382

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
Consolidated Statements of Cash Flows (USD $)	Sep. 30, 2011	Sep. 30, 2010
Operating Activities:
Net income (loss)	$ (1,545,779)	$ (690,087)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:
Common stock compensation	491,699	25,500
Common stock issued for consulting services		149,000
Stock options compensation	1,361,184	354,230
Stock warrants issued to a consultant		49,888
Interest due to the issuance of convertible note	20,074
Depreciation	9,191	6,058
Changes in Assets and Liabilities-
Inventory	119,591	(45,307)
Prepaid expenses and other receivables	232,733	(139,617)
Accounts payable - Trade	(25,711)	82,403
Accrued liabilities	(150,927)	70,643
Advances from customers	(1,370,576)	(234,894)
Deferred revenues	(12,520)	114,111
Due to related parties	273,426	169,539
Accrued severance pay	1,124	(38,752)
Net Cash (Used in) Operating Activities	(596,491)	(127,285)
Investing Activities:
Decrease (increase) in restricted cash	100,493	(100,000)
Additional purchase of 10% of subsidiary	(75,040)
Advance payment on account of subsidiary's shares	(69,445)
Increase in severance pay fund		(1,000)
Long term deposit	1,438	(2,524)
Purchases of Property and Equipment	(4,210)	(29,012)
Net Cash Provided by (Used in) Investing Activities	(46,764)	(132,536)
Financing Activities:
Issuance of convertible note	435,000
Issuance of common stock for cash		95,000
Net Cash Provided by Financing Activities	435,000	95,000
Net Increase in Cash	(208,255)	(164,821)
Cash and Cash Equivalents - Beginning of Period	803,443	701,931
Cash and Cash Equivalents - End of Period	595,188	537,110
Cash paid during the period for:
Interest
Income taxes

Consolidated Balance Sheets (USD $)	Sep. 30, 2011	Dec. 31, 2010
Current Assets:
Cash and cash equivalents	$ 595,188	$ 803,443
Restricted cash	15,008	115,501
Accounts receivable	22,364	288,037
Inventory	68,594	188,185
Prepaid expenses and other receivables	21,131	253,864
Total current assets	722,284	1,649,030
Property and Equipment:
Computer and other equipment	60,766	56,556
Less - Accumulated depreciation	(34,878)	(25,687)
Property and equipment, net	25,888	30,869
Other Assets:
Severance pay fund	33,190	89,684
Long term deposit	5,862	7,300
Goodwill	1,333,214	1,333,214
Total other assets	1,372,266	1,430,198
Total Assets	2,120,439	3,110,097
Current Liabilities:
Accounts payable - Trade	17,463	43,174
Accrued liabilities	76,301	227,228
Advances from customers	20,000	1,656,249
Deferred revenues	100,370	112,890
Due to related parties	556,663	283,257
Total current liabilities	770,817	2,322,798
Long-term liabilities:
Convertible note	455,074
Accrued severance pay	33,190	88,560
Total long-term liabilities	488,265	88,560
Commitments and Contingencies
Stockholders' Equity:
Common stock, par value $0.0001 per share, 250,000,000 shares authorized; 78,930,892 and 76,555,493 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively.	7,893	7,655
Additional paid-in capital	5,186,553	3,399,961
Accumulated (deficit)	(4,543,059)	(2,785,098)
Stockholders' equity attributable to parent	651,387	622,518
Less - Noncontrolling interest	209,970	76,221
Total stockholders' equity	861,357	698,739
Total Liabilities and Stockholders' Equity	$ 2,120,439	$ 3,110,097