Abtech Holdings, Inc.

CIK:0001405858|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net revenues	$ 128,839	$ 311,952	$ 426,438	$ 506,562
Cost of revenues	110,955	157,725	332,350	355,662
Gross profit	17,884	154,227	94,088	150,900
Selling, general and administrative expenses	758,278	775,435	2,228,303	2,153,643
Research and development expenses	77,456	186,039	433,926	626,915
Gain on disposal of fixed assets	0	0	0	(5,552)
Operating loss	(817,850)	(807,247)	(2,568,141)	(2,624,106)
Interest expense	(260,775)	(181,194)	(717,993)	(464,739)
Loss before income taxes	(1,078,625)	(988,441)	(3,286,134)	(3,088,845)
Provision for income taxes	0	0	0	0
Net loss	(1,078,625)	(988,441)	(3,286,134)	(3,088,845)
Net loss attributable to non-controlling interest	(65,367)	(117,558)	(196,634)	(373,226)
Net loss attributable to controlling interest	$ (1,013,258)	$ (870,883)	$ (3,089,500)	$ (2,715,619)
Basic and diluted loss per common share	$ (0.40)	$ (0.35)	$ (1.23)	$ (1.08)
Basic and diluted weighted average number of shares outstanding	2,524,454	2,508,392	2,520,125	2,508,392

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating Activities
Net loss	$ (3,286,134)	$ (3,088,845)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	17,930	10,756
Stock-based compensation expense	4,500	13,500
Gain on sale of fixed assets	0	(5,552)
Changes in operating assets and liabilities:
Accounts receivable	(42,082)	(203,978)
Inventories	(55,252)	11,363
Prepaid expenses and other current assets	(16,101)	(920)
Accounts payable	172,265	(103,562)
Security deposits	0	10,425
Accrued interest payable	704,798	445,128
Accrued expenses	131,603	80,929
Net cash used in operating activities	(2,368,473)	(2,830,756)
Investing Activities
Purchases of fixed assets	(30,883)	(50,433)
Proceeds from sale of fixed assets	0	10,000
Net cash used in investing activities	(30,883)	(40,433)
Financing Activities
Proceeds from due to investors - related party	2,383,000	2,908,000
Draws on bank line of credit	17,000	0
Repayments on bank line of credit	(21,051)	(11,145)
Repayments on convertible promissory notes	0	(55,454)
Repayments under capital lease obligation	(9,396)	(4,895)
Decrease in due to related party	(5,342)	(5,081)
Net cash provided by financing activities	2,364,211	2,831,425
Net change in cash and cash equivalents	(35,145)	(39,764)
Cash and cash equivalents at beginning of period	58,435	84,415
Cash and cash equivalents at end of period	23,290	44,651
Supplemental cash flow information:
Cash paid for interest	13,373	15,794
Cash paid for income taxes	0	0
Fixed asset purchased with a capital lease	$ 0	$ 54,171

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 23,290	$ 58,435
Accounts receivable - trade, net	78,732	36,650
Inventories, net	381,931	326,679
Prepaid expenses and other current assets	38,726	22,625
Total current assets	522,679	444,389
Fixed assets, net	154,582	141,629
Security deposits	17,977	17,977
Total assets	695,238	603,995
Current liabilities
Accounts payable	1,573,902	1,401,637
Loans from stockholders	9,000	9,000
Bank line of credit	61,574	65,625
Notes payable	250,000	250,000
Convertible promissory notes	794,546	794,546
Due to investors - related party	9,796,000	7,413,000
Related party loan	0	65,102
Capital lease obligation - current portion	13,406	12,651
Accrued interest payable	1,710,781	1,005,983
Accrued expenses	523,404	391,801
Total current liabilities	14,732,613	11,409,345
Related party loan	59,760	0
Capital lease obligation - noncurrent portion	23,461	33,612
Total liabilities	14,815,834	11,442,957
Commitments and contingencies
Stockholders' equity (deficiency)
Common stock, $0.001 par value; 50,000,000 authorized shares; 2,524,454 and 2,508,392 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	2,524	2,508
Additional paid-in capital	59,430,224	61,567,441
Non-controlling interest	(2,779,646)	(4,724,713)
Accumulated deficit	(70,773,698)	(67,684,198)
Total stockholders' equity (deficiency)	(14,120,596)	(10,838,962)
Total liabilities and stockholders' equity (deficiency)	$ 695,238	$ 603,995