5Barz International, Inc.
CIK:0001454124|SEC Filings
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Income Statement [Abstract] | |||||||||||||
| Sales | $ 17 | $ 2,308 | $ 19,543 | $ 16,969 | $ 19,559 | $ 2,308 | $ 36,528 | $ 2,325 | $ 56,071 | $ 2,329 | $ 71,374 | $ 2,350 | |
| Cost of Sales | (387) | (5,450) | (64,881) | (126,155) | (93,037) | (5,450) | (219,192) | (5,837) | (284,073) | (90,146) | (280,536) | (6,989) | |
| Gross loss | (370) | (3,142) | (45,338) | (109,186) | (73,478) | (3,142) | (182,664) | (3,512) | (228,002) | (87,817) | (209,162) | (4,639) | |
| Operating expenses: | |||||||||||||
| Amortization and depreciation | 133,997 | 140,205 | 141,028 | 138,966 | 139,326 | 135,310 | 281,232 | 274,636 | 415,230 | 413,602 | 549,374 | 555,396 | 566,929 |
| Sales and marketing expenses | 176,431 | 81,969 | 115,026 | 224,948 | 393,745 | 257,044 | 196,995 | 650,789 | 373,427 | 875,737 | 433,504 | 813,856 | 1,179,616 |
| Research and development | 382,007 | 187,195 | 634,829 | 564,043 | 597,196 | 934,786 | 822,025 | 1,531,982 | 1,204,029 | 2,096,025 | 1,323,422 | 2,980,248 | 3,148,561 |
| General and administrative expenses | 614,422 | 701,638 | 632,616 | 918,748 | 1,556,387 | 420,049 | 1,334,254 | 1,976,436 | 1,948,677 | 2,895,185 | 2,485,305 | 3,737,872 | 3,190,058 |
| Total operating expenses | 1,306,857 | 1,111,007 | 1,523,499 | 1,846,705 | 2,686,654 | 1,747,189 | 2,634,506 | 4,433,843 | 3,941,363 | 6,280,549 | 4,791,605 | 8,087,372 | 8,085,164 |
| Loss from operations | (1,307,227) | (1,114,149) | (1,523,499) | (1,892,043) | (2,795,840) | (1,820,667) | (2,637,648) | (4,616,507) | (3,944,875) | (6,508,551) | (4,879,422) | (8,296,534) | (8,089,803) |
| Other income (expense): | |||||||||||||
| Change in fair value of derivative liability | 283,299 | 212,885 | 763,885 | 637,978 | (1,037,049) | 1,709,848 | 976,770 | 672,799 | 1,260,069 | 1,310,777 | 1,144,834 | 3,485,801 | 45,356 |
| Gain on settlement of debt | 122,187 | (48,133) | 534,623 | 122,187 | 534,623 | 122,187 | 486,490 | 122,187 | 485,440 | ||||
| Extinguishment of debt-Cellynx Inc. | 579,395 | ||||||||||||
| Loss on investment contract | (246,813) | ||||||||||||
| Interest expense | (33,297) | (63,396) | (11,507) | (4,877) | (77,127) | 3,601 | (74,903) | (73,526) | (108,200) | (13,789) | (453,395) | (200,577) | (1,474,307) |
| Interest expense - debt discount | (27,922) | (27,923) | (27,922) | (55,845) | (83,767) | (111,630) | (754,761) | ||||||
| Interest expense - notes payable | (34,783) | (99,397) | |||||||||||
| Loss on disposition of assets | |||||||||||||
| Other income | 82,274 | 82,274 | 84,667 | ||||||||||
| Other tax expense | 82,274 | (100,000) | (175,000) | ||||||||||
| Gain (loss) liquidation of 5Barz AG | 148,702 | (155,251) | |||||||||||
| Total other income (expense) | 250,002 | 271,676 | 834,652 | 522,263 | (607,476) | 1,685,527 | 1,106,328 | 1,078,051 | 1,356,330 | 1,600,314 | 798,293 | 3,965,318 | (2,338,963) |
| Net loss before non-controlling interest | (1,057,225) | (842,473) | (688,847) | (1,369,780) | (3,403,316) | (135,140) | (1,531,320) | (3,538,456) | (2,588,545) | (4,908,237) | (4,081,129) | (4,331,216) | (10,428,766) |
| Non-controlling interest share of net loss | 3,419 | 3,381 | 3,889 | 3,262 | (21,218) | 27,809 | 7,270 | 6,591 | 10,689 | 9,853 | 14,834 | (218,692) | 30,722 |
| Net loss after non-controlling interest | $ (1,053,806) | $ (839,092) | $ (684,958) | $ (1,366,518) | $ (3,424,534) | $ (107,331) | $ (1,524,050) | $ (3,531,865) | $ (2,577,856) | $ (4,898,384) | $ (4,066,295) | $ (4,549,908) | $ (10,398,044) |
| Basic and diluted (loss) per common share | $ (0.00) | $ (0.00) | $ (0.00) | $ (0.00) | $ (0.01) | $ (0.00) | $ (0.00) | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.04) |
| Weighted average number of shares outstanding | 444,897,712 | 437,120,678 | 429,747,053 | 378,548,235 | 342,972,127 | 300,206,988 | 433,535,727 | 321,589,557 | 437,364,674 | 340,714,369 | 441,108,924 | 357,980,010 | 232,848,166 |
| Other comprehensive income | |||||||||||||
| Foreign currency translation gain (loss) | $ (27,733) | $ 19,423 | $ 56,858 | $ 1,735 | $ (6,133) | $ 9,348 | $ 76,281 | $ 3,215 | $ 48,547 | $ 4,950 | $ 126,039 | $ (64,026) | $ (1,358) |
| Other comprehensive income(loss) | (27,733) | 19,423 | 56,858 | 1,735 | (6,133) | 9,348 | 76,281 | 3,215 | 48,547 | 4,950 | 126,039 | (64,026) | (1,358) |
| Comprehensive loss | $ (1,081,539) | $ (819,669) | $ (628,100) | $ (1,364,783) | $ (3,430,667) | $ (97,983) | $ (1,447,770) | $ (3,528,650) | $ (2,529,309) | $ (4,893,434) | $ (3,940,256) | $ (4,613,934) | $ (10,399,402) |
Condensed Consolidated Statements of Cash Flows - USD ($) |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
| Net loss | $ (688,847) | $ (135,140) | $ (1,531,320) | $ (3,538,456) | $ (2,588,545) | $ (4,908,237) | $ (4,081,129) | $ (4,331,216) | $ (10,428,766) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||
| Depreciation and amortization | 141,028 | 135,310 | 281,232 | 274,636 | 415,230 | 413,602 | 549,374 | 555,396 | 566,929 |
| Stock based compensation | 15,886 | 55,362 | 29,778 | 218,326 | 41,629 | 1,016,033 | 122,432 | 297,117 | 375,697 |
| Warrants issued for services | 175,203 | 751,936 | 175,203 | 175,203 | 911,703 | ||||
| Change in fair value of derivative liability | (763,885) | (1,709,848) | (976,770) | (672,799) | (1,260,069) | (1,310,777) | (1,144,834) | (3,485,801) | (45,356) |
| Common shares issued for services | 40,000 | 35,455 | 55,185 | 217,140 | 290,632 | 331,118 | 290,632 | 411,058 | 1,235,321 |
| Interest expense-debt discount | 27,922 | 55,845 | 83,767 | 111,630 | 754,761 | ||||
| Loss/Gain on 5BARz AG liquidation | 17,133 | (148,702) | 155,251 | ||||||
| Inventory reserve expense | 34,266 | 54,923 | 82,600 | 84,400 | |||||
| Gain on settlement of debt | (122,187) | (534,623) | (122,187) | (485,440) | |||||
| Other income | (122,187) | (486,490) | (84,667) | ||||||
| Deferred tax expense | (82,274) | (82,274) | (82,274) | ||||||
| Loss on disposition of assets | 6,258 | 6,380 | 46,161 | 46,173 | |||||
| Changes in operating assets and liabilities: | |||||||||
| Change in inventories | 16,840 | 12,293 | 17,790 | 32,769 | 18,851 | (28,153) | 42,863 | (55,936) | (1,968) |
| Change in other receivable | 19,358 | (23,708) | 19,358 | (28,257) | 19,358 | (265,666) | 19,358 | (18,032) | (1,326) |
| Change in accounts payable and accrued expenses | 976,529 | 240,926 | 1,612,982 | 725,505 | 2,002,364 | 1,312,307 | 2,083,357 | 1,153,965 | 1,949,706 |
| Change in taxes, interest and penalties | 100,000 | 378,284 | |||||||
| Change in prepaid expenses and deposits | (123,460) | (18,624) | (101,898) | (41,750) | (111,577) | (92,117) | (92,655) | (46,855) | (45,350) |
| Change in unpaid interest and penalties on notes payable | 2,735 | (11,040) | 49,843 | 49,673 | 71,967 | 82,146 | 429,525 | 168,740 | 1,442,960 |
| Net cash used in operating activities | (439,832) | (1,373,959) | (566,698) | (2,455,791) | (1,083,257) | (3,797,544) | (1,583,955) | (4,499,689) | (4,042,141) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
| Acquisition (disposition) of intangible assets | (599) | (3,915) | (6,390) | (10,611) | (11,722) | (9,418) | |||
| Purchase of furniture and equipment assets | (2,198) | (85,232) | (81,093) | (3,962) | (92,396) | (22,413) | |||
| Net cash (used in) investing activities | (2,797) | (89,147) | (87,483) | (14,573) | (104,118) | (31,831) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
| Proceeds from issuance of convertible notes | 49,961 | 129,442 | 614,271 | 1,005,826 | 2,476,750 | ||||
| Repayment on notes payable | (22,500) | (94,812) | (32,678) | (94,812) | |||||
| Proceeds used to settle notes payable | (32,678) | (94,812) | (1,071,434) | ||||||
| Proceeds from exercise of warrants | 622,083 | 622,085 | |||||||
| Proceeds from issuance of common stock | 145,000 | 1,391,000 | 211,020 | 2,437,000 | 234,820 | 3,234,000 | 438,720 | 3,946,000 | 2,960,168 |
| Cancellation of capital leases | (18,804) | ||||||||
| Net cash provided by financing activities | 194,961 | 1,368,500 | 340,462 | 2,342,188 | 816,413 | 3,761,271 | 1,411,868 | 4,473,271 | 4,346,680 |
| Effect of foreign currency exchange on cash | 56,858 | 9,348 | 76,281 | (3,215) | 48,547 | (4,950) | 126,039 | 64,026 | (3,250) |
| NET INCREASE IN CASH | (188,013) | 1,092 | (149,955) | (205,965) | (218,297) | (128,706) | (60,621) | (66,510) | 269,458 |
| CASH AND CASH HELD IN TRUST, BEGINNING OF YEAR | 228,051 | 294,561 | 228,051 | 294,561 | 228,051 | 294,561 | 228,051 | 294,561 | 25,103 |
| CASH AND CASH HELD IN TRUST,END OF PERIOD | 5,558 | 295,653 | 1,850 | 88,596 | 7,021 | 165,855 | 167,430 | 228,051 | 294,561 |
| Supplementary disclosure of Cash Flow Information | |||||||||
| Cash paid for interest | 14,741 | 77,648 | 31,041 | 3,466 | 11,723 | ||||
| NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||||
| Issuance of shares in settlement of notes payable | 1,018,981 | 1,293,003 | |||||||
| Conversion of notes payable and accrued expenses to common stock | 488,873 | 1,729,739 | 458,852 | ||||||
| Settlement of accounts payable with common stock | 40,000 | 25,584 | 76,975 | 86,975 | 251,148 | 86,975 | 271,148 | 109,000 | |
| Issuance of shares for services | 290,632 | 331,118 | $ 290,632 | 411,058 | 1,235,321 | ||||
| Settlement of notes payable with common stock | $ 212,811 | 697,259 | 321,723 | 455,539 | |||||
| Issuance of warrants in connection with debt | 600,000 | ||||||||
| Reclassification of derivative liability from equity | $ 1,989,653 | $ 2,596,406 | |||||||
| Reclassification warrants to derivative liabilities from equity | $ 504,352 | 1,823,083 | |||||||
| Cancellation of capital lease | $ 83,940 | ||||||||
Consolidated Balance Sheets - USD ($) |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|---|---|---|---|---|---|---|
| CURRENT ASSETS: | ||||||
| Cash | $ 167,054 | $ 7,021 | $ 1,850 | $ 5,558 | $ 57,830 | $ 101,561 |
| Cash held in trust | 376 | 2,733 | 76,246 | 34,480 | 170,221 | 193,000 |
| Inventories | 89,892 | 176,672 | 177,733 | 178,683 | 195,523 | 167,059 |
| Prepaid expenses and deposits | 268,617 | 287,539 | 277,860 | 299,422 | 175,962 | 119,061 |
| Other receivables | 19,358 | 1,326 | ||||
| TOTAL CURRENT ASSETS | 525,939 | 473,965 | 533,689 | 518,143 | 618,894 | 582,007 |
| FIXED ASSETS: | ||||||
| Furniture and equipment, net | 67,823 | 76,193 | 125,776 | 142,023 | 174,862 | 143,967 |
| OTHER ASSETS: | ||||||
| Intangible assets, net | 1,786,211 | 1,903,425 | 2,026,405 | 2,148,955 | 2,270,477 | 2,753,585 |
| Goodwill | 1,140,246 | 1,140,246 | 1,140,246 | 1,140,246 | 1,140,246 | 1,140,246 |
| TOTAL OTHER ASSETS | 2,926,457 | 3,043,671 | 3,166,651 | 3,289,201 | 3,410,723 | 3,893,831 |
| TOTAL ASSETS | 3,520,219 | 3,593,829 | 3,826,116 | 3,949,367 | 4,204,479 | 4,619,805 |
| CURRENT LIABILITIES: | ||||||
| Accounts payable and accrued expenses | 4,188,326 | 4,173,170 | 4,100,797 | 3,558,986 | 3,120,964 | 3,941,378 |
| Due to related parties | 3,196,983 | 2,976,724 | 2,938,819 | 2,773,356 | 2,261,133 | 1,055,840 |
| Taxes, interest and penalties | 478,284 | 378,284 | 378,284 | 378,284 | ||
| Derivative liabilities | 826,782 | 108,742 | 381,396 | 577,241 | 1,302,543 | 1,868,439 |
| Notes payable | 2,230,786 | 1,503,006 | 1,150,979 | 1,121,302 | 1,270,764 | 2,883,264 |
| TOTAL CURRENT LIABILITIES | 10,921,161 | 9,139,926 | 8,571,991 | 8,409,169 | 8,333,688 | 9,748,921 |
| TOTAL LIABILITIES | 10,921,161 | 9,139,926 | 8,571,991 | 8,409,169 | 8,333,688 | 9,748,921 |
| STOCKHOLDERS' DEFICIT | ||||||
| Common stock, $.001 par value, 600,000,000 shares authorized; 465,886,577, 434,427,531 and 298,097,334 shares issued and outstanding as of December 31, 2017, December 31, 2016 and December 31, 2015, respectively | 465,887 | 458,150 | 449,992 | 443,127 | 434,428 | 298,096 |
| Capital in excess of par value | 25,299,959 | 25,592,465 | 25,196,355 | 24,802,397 | 24,395,983 | 19,265,220 |
| Accumulated deficit | (33,876,475) | (32,388,036) | (31,334,231) | (30,495,138) | (29,810,180) | (25,260,274) |
| Accumulated other comprehensive income (loss) | (31,738) | 45,754 | 18,020 | 37,443 | 94,301 | 30,275 |
| TOTAL 5BARz STOCKHOLDERS' DEFICIT | (8,142,267) | (6,291,667) | (5,669,864) | (5,212,171) | (4,885,468) | (5,666,683) |
| Non-controlling interest | 741,425 | 745,570 | 748,989 | 752,370 | 756,259 | 537,567 |
| TOTAL STOCKHOLDERS' (DEFICIT) EQUITY | (7,400,942) | (5,546,097) | (4,920,875) | (4,459,801) | (4,129,209) | (5,129,116) |
| TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | $ 3,520,219 | $ 3,593,829 | $ 3,826,116 | $ 3,949,367 | $ 4,204,479 | $ 4,619,805 |