GREEN EARTH TECHNOLOGIES, INC

CIK:0001433966|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net sales	$ 31	$ 147	$ 1,033	$ 717
Operating expense:
Cost of sales (exclusive of depreciation and amortization)	0	112	810	608
Selling, general and administrative expense	378	510	663	1,818
Stock-based compensation	2	60	8	182
Depreciation and amortization	215	345	646	1,018
Total operating expenses	595	1,027	2,127	3,626
Loss from operations	(564)	(880)	(1,094)	(2,909)
Other income (expense):
Change in revaluation of derivatives	(1,806)	(2,142)	1,322	678
Loss on issuance of convertible debt	(176)	0	(225)	0
Interest expense, net	(990)	(701)	(2,713)	(3,211)
Loss before income taxes	(3,536)	(3,723)	(2,710)	(5,442)
Income tax	0	0	0	0
Net loss	$ (3,536)	$ (3,723)	$ (2,710)	$ (5,442)
Basic and diluted net loss per common share	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.02)
Basic and diluted weighted average common shares outstanding	321,124,000	296,927,000	308,556,000	296,817,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (2,710)	$ (5,442)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	646	1,018
Amortization of debt discount and deferred financing costs	1,990	2,534
Loss on issuance of convertible debt	225	0
Increase in allowance for inventory	0	79
Interest paid in common stock	515	464
Change in fair value of derivative liability	(1,322)	(678)
Bad debt expense	(11)	14
Stock-based compensation expense	8	181
Amortization of prepaid expenses paid in stock	0	160
Changes in assets and liabilities:
Restricted cash	0	72
Accounts receivable	33	389
Inventories	0	26
Prepaid expenses and other current assets	(125)	32
Accounts payable	182	(359)
Accounts payable, related parties	0	7
Accrued expenses	(38)	(103)
Accrued expenses, related parties	206	338
Deferred revenue	0	77
Net cash used in operating activities	(401)	(1,191)
Cash flows from financing activities:
Proceeds from issuance of secured convertible debentures	450	1,170
Net cash provided by financing activities	450	1,170
Net increase (decrease) in cash	49	(21)
Cash and cash equivalent
Beginning of period	34	108
End of period	83	87
Supplemental information
Income taxes paid	3	3
Non-cash investing and financing activities
Issuance of common stock to settle trade payable	0	21
Shares cancelled due to terminated consulting services	0	(667)
Issuance of common stock for purchased technology	0	700
Forgiveness of debt, related parties	$ 0	$ 430

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 83	$ 34
Trade receivables, less allowance of $0 and $11	0	22
Deferred cost, related party	6,227	6,227
Prepaid expenses and other current assets	516	391
Total current assets	6,826	6,674
Property and equipment, net	1	3
Intangibles, net	4,420	5,064
Total assets	11,247	11,741
Current liabilities:
Accounts payable	668	486
Accrued expenses	1,472	1,509
Accrued expenses, related parties	868	663
Deferred revenue, related party	6,000	6,000
Notes payable, related parties	5,605	5,605
Notes payable	1,232	1,232
Secured convertible debentures, net of debt discount	0	9,393
Derivative liability	3,243	3,951
Total current liabilities	19,088	28,839
Secured convertible debentures, net of debt discount	11,444	0
Total liabilities	30,532	$ 28,839
Commitments and contingencies
Stockholders' deficit
Common stock, $0.001 par value, 750,000,000 shares authorized, 321,284,220 and 294,998,477 shares issued and outstanding, as of March 31, 2016 and June 30, 2015, respectively.	321	$ 295
Additional paid-in capital	73,338	72,841
Accumulated deficit	(92,944)	(90,234)
Total stockholders' deficit	(19,285)	(17,098)
Total Liabilities and Stockholders' deficit	$ 11,247	$ 11,741