Blue Earth, Inc.

CIK:0001422109|SEC Filings

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Statement
REVENUES	$ 12,470,718	$ 6,938,804	$ 5,009,500
COST OF SALES	11,989,279	5,702,074	3,800,141
GROSS PROFIT	481,439	1,236,730	1,209,359
OPERATING EXPENSES
Depreciation and amortization	2,781,460	2,227,153	2,020,692
General and administrative	29,225,485	22,996,185	8,988,891
Total Operating Expenses	32,006,945	25,223,338	14,167,889
LOSS FROM OPERATIONS	(31,525,506)	(23,986,608)	(9,800,224)
OTHER INCOME (EXPENSE)
Gain (loss) on derivative valuation			2,037,325
Other income	40,276	1,532	12,646
Loss from equity investment	(269,592)
Interest expense	(424,425)	(527,160)	(145,322)
Loss on settlement of license			(164,667)
Gain (loss) on settlement of debt	(9,556)	637,096	(23,133)
Gain (loss) on sale of assets	11,235
Total Other Income (Expense)	(652,062)	111,468	1,716,849
LOSS BEFORE INCOME TAXES	$ (32,177,568)	$ (23,875,140)	$ (8,083,375)
INCOME TAX EXPENSE
LOSS FROM CONTINUING OPERATIONS	$ (32,177,568)	$ (25,277,153)	$ (9,640,578)
LOSS ON DISPOSAL OF DISCONTINUED OPERATIONS	(595,616)
GAIN (LOSS) FROM DISCONTINUED OPERATIONS	(1,070,691)	(1,598,254)	(1,523,759)
NET LOSS	(33,843,875)	(25,473,394)	(9,607,134)
PREFERRED DIVIDENDS	(1,503,582)	(3,188,450)	(545,020)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (35,347,457)	$ (28,661,844)	$ (10,152,154)
BASIC AND DILUTED LOSS PER SHARE, Continuing Operations	$ (0.46)	$ (0.74)	$ (0.46)
BASIC AND DILUTED LOSS PER SHARE, Discontinued Operations	(0.02)	(0.05)	(0.08)
NET LOSS PER SHARE	$ (0.49)	$ (0.79)	$ (0.54)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING BASIC AND DILUTED	72,470,054	36,463,197	18,961,099

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
OPERATING ACTIVITIES
NET LOSS	$ (33,843,875)	$ (25,473,394)	$ (9,607,134)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock option and warrants issued for services	5,771,459	14,408,656	4,307,594
Gain (loss) on derivative valuation			2,037,325
Derivative attached to preferred stock			110,990
Loss from equity investment	(269,592)
Impairment of inventory	299,573
Mark gas futures to market	2,884
Gain (loss) on settlement of debt	(9,556)	637,096	(23,133)
Gain (loss) on sale of assets	11,235
Loss on settlement of license			(164,667)
Stock issued for services	6,199,235	2,698,187	497,429
Depreciation and amortization	2,781,460	2,227,153	2,020,692
Amortization of debt discount		58,366	37,306
Changes in operating assets and liabilities:
Accounts receivable and billings in excess	(1,464,509)	(2,691,696)	2,685,252
Inventory	1,491,523	(35,627)
Restricted cash	(632,102)
Construction in progress	280,751	(1,548,859)	(401,886)
Prepaid expenses and deposits	783,611	(1,013,109)	324,391
Accrued dividends payable			(240,921)
Accounts payable and accrued expenses	3,757,059	(213,329)	922,372
Net Cash Used in Operating Activities	(14,305,018)	(12,220,748)	(6,563,944)
Net Cash Provided by (Used in) Discontinued Operating Activities	635,288	392,690	967,388
INVESTING ACTIVITIES
Purchase of gas futures	2,429,150
Collection of other receivables	206,628
Proceeds from sale of construction project	1,848,321
Purchase of equity method investment	1,622,993
Issuance of note receivable (2)		2,195,554
Purchase of property and equipment	12,661,902	126,351	10,188
Net Cash Used in Investing Activities	(14,659,096)	(2,321,905)	(10,188)
Net Cash Used in Discontinued Investing Activities	(54,004)	(2,924)
FINANCING ACTIVITIES
Proceeds from warrants and options exercised	12,710,411	12,396,321	91,950
Proceeds from common stock	10,000,000
Cash received on stock subscriptions	1,600,000
Proceeds from related party loans		420,000	1,605,000
Proceeds from preferred stock		8,517,315	3,598,388
Cash received from subsidiary		531,460
Proceeds from notes payable	579,148	3,000,000	1,208,008
Repayment of notes payable and line of credit	1,957,682	2,002,717	740,410
Repayment of related party loans	4,004	691,853	6,614
Net Cash Provided by Financing Activities	22,927,873	22,170,526	5,756,322
Net Cash Provided by (Used in) Discontinued Financing Activities	(34,802)	(66,243)	(85,377)
NET INCREASE (DECREASE) IN CASH	(5,489,759)	7,951,396	64,201
CASH AT BEGINNING OF PERIOD	8,373,380	421,984	357,783
CASH AT END OF PERIOD	2,883,621	8,373,380	421,984
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for Interest	340,619	187,999	83,625
NON CASH FINANCING ACTIVITIES:
Common stock issued upon conversion of debt		573,548	1,441,180
Common stock issued for conversion of preferred stock	1,907,843	3,225,047	708
Common stock cancelled for assets		(1,291,746)	(253,917)
Common stock issued for acquisition of subsidiary	4,602,500	58,919,384
Common stock issued for equity method investment	8,000,001
Common stock issued for equipment		195,359
Common stock cancelled for subscription			(2,632,192)
Common stock cancelled			(84)
Cashless exercise of warrants			147
Initial debt discounts on notes payable			71,172
Interest reclassification to notes payable			7,853
Preferred dividends declared	$ 1,503,582	$ 3,188,450	545,020
Warrant vesting recognized as a prepaid expense			513,294
Warrant exercised for accrued wages			36,660
Shares issued for construction in progress			$ 486,650

Consolidated Balance Sheets - USD ($)	Dec. 31, 2014	Dec. 31, 2013
CURRENT ASSETS
Cash and cash equivalents	$ 2,883,621	$ 8,373,380
Restricted cash	632,102
Accounts receivable, net	1,739,822	5,308,796
Costs and revenues in excess of billings	3,967,207	395,442
Inventory, net	352,862	143,957
Construction in progress	68,213	2,254,902
Other receivables	78,926	2,195,554
Prepaid expenses and deposits	1,639,531	1,936,461
Total Current Assets	11,362,284	20,608,492
PROPERTY AND EQUIPMENT, net	56,815,626	828,311
OTHER ASSETS
Deposits	80,455	45,692
Natural gas futures	2,426,266
Long term receivables	1,587,548
Equity method investment	9,353,402
Construction in progress (noncurrent)		44,035,500
Contracts and technology, net	16,100,353	18,762,368
Assets of discontinued operations	1,221,631	2,150,404
Total Other Assets	30,769,655	64,993,964
TOTAL ASSETS	98,947,565	86,430,767
CURRENT LIABILITIES
Accounts payable	3,933,969	2,392,660
Current portion of notes payable	121,466	1,500,000
Related party payables	1,333,147	1,333,147
Billings in excess of revenues		438,952
Deferred revenues		11,993
Accrued expenses	2,857,597	317,503
Payroll expenses payable	167,780	115,320
Preferred dividends payable		403,690
Liabilities of discontinued operations	354,665	579,483
Total Current Liabilities	$ 8,768,624	$ 7,092,748
LONG TERM LIABILITIES
Long term portion of notes payable
Total Long Term Liabilities
Total Liabilities	$ 8,768,624	$ 7,092,748
Commitments and contingencies
STOCKHOLDERS' EQUITY
Preferred stock value		$ 570
Common stock value	$ 94,259	60,206
Additional paid-in capital	188,159,932	143,605,036
Stock subscription receivable		1,600,000
Accumulated deficit	(98,075,250)	(62,727,793)
Total Stockholders' Equity	90,178,941	79,338,019
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 98,947,565	$ 86,430,767