BeesFree, Inc.

CIK:0001432139|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended		29 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Revenue	$ 0	$ 0	$ 0
Operating Expenses
Research and development expenses	158,352	212,500	584,602
Merger expenses	0	0	415,000
General and administrative expenses	762,180	1,420,465	2,609,619
Total Operating Expenses	920,532	1,632,965	3,609,221
Change in fair value of derivative liabilities	(80,394)	(66,501)	(146,895)
Interest expense	(219,276)	0	(219,276)
Net Loss	(1,220,202)	(1,699,466)	(3,975,392)
Dividends to Preferred Stockholders	(250,806)	(191,199)	(449,238)
Net Loss Attributable to Common Stockholders	$ (1,471,008)	$ (1,890,665)	$ (4,424,630)
Basic and Diluted Net Loss per Share (in dollars per share)	$ (0.09)	$ (0.12)
Weighted Average Number of Shares Outstanding - basic and diluted (in shares)	16,284,026	16,175,150

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended		29 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Cash Flows from Operating Activities
Net loss	$ (1,220,202)	$ (1,699,466)	$ (3,975,392)
Adjustments to reconcile net income to net cash used in operating activities:
Amortization of deferred debt discount	150,716	0	150,716
Stock-based compensation	5,626	133,295	138,920
Change in fair value of derivative liabilities	80,394	66,501	146,895
Changes in operating assets and liabilities:
Deposits	0	(1,950)	(3,125)
Prepaid expenses	40,953	(87,041)	(56,588)
Accounts payable and accrued expenses	168,107	64,127	254,287
Total Adjustments	445,796	174,932	631,105
Net Cash Used in Operating Activities	(774,406)	(1,524,534)	(3,344,287)
Net Cash From Investing Activities	0	0	0
Cash Provided by Financing Activities
Proceeds from issuance of convertible debentures	885,000	0	1,885,000
Proceeds from sale of convertible preferred stock, net of costs	0	514,103	1,714,104
Fees paid to third-parties in connection with sale of convertible preferred stock	0	0	(111,775)
Proceeds from issuance of founders' common stock	0	0	10,300
Proceeds from sale of common stock	0	0	200
Net Cash Provided by Financing Activities	885,000	514,103	3,497,829
Net (Decrease) Increase in Cash	110,594	(1,010,431)	153,542
Cash - Beginning	42,948	1,053,379	0
Cash - Ending	153,542	42,948	153,542
Non-Cash Investing and Financing Activities:
Conversion of convertible debentures into convertible preferred stock	0	0	1,000,000
Warrants issued in connection with convertible preferred stock	0	83,673	663,673
Conversion of accrued dividends into common stock	9,728	0	9,728
Warrants issued in connection with convertible notes payable	477,050	0	477,050
Fair value of conversion option issued in connection with convertible note payable	7,875	0	7,875
Dividends accrued on convertible preferred stock	250,806	191,199	449,238
Settlement of share issuance liability	5,800	0	5,800
Shares issued relating to merger recapitalization	0	0	4,000
Shares issued related to acquisition of intangible asset	$ 0	$ 0	$ 1,650

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Dec. 31, 2012
Current Assets
Cash	$ 153,542	$ 42,948
Prepaid expenses	56,588	97,541
Total Current Assets	210,130	140,489
Intangible assets	1,650	1,650
Deposit	3,125	3,125
Total Assets	214,905	145,264
Current Liabilities
Accounts payable	89,327	28,326
Accrued expenses	164,960	57,854
Share issuance liability	0	5,800
Accrued dividends on preferred stock	439,510	198,432
Derivative liabilities	1,248,943	730,174
Total Current Liabilities	1,942,740	1,020,586
Convertible note payable (net of debt discount of $334,209 as of December 31, 2013)	550,791	0
Total Liabilities	2,493,531	1,020,586
Commitments and Contingencies
Stockholders' Deficiency
Common stock, $0.001 par value; 200,000,000 shares authorized; 16,344,728 and 16,225,000 issued and outstanding as of December 31, 2013 and 2012, respectively	16,345	16,225
Additional paid-in-capital	2,127,556	2,059,872
Deficit accumulated during the development stage	(4,424,630)	(2,953,622)
Total Stockholders' Deficiency	(2,278,626)	(875,322)
Total Liabilities and Stockholders' Deficiency	214,905	145,264
Series A Preferred Stock [Member]
Stockholders' Deficiency
Preferred stock	2,100	2,200
Series B Preferred Stock [Member]
Stockholders' Deficiency
Preferred stock	$ 3	$ 3