Latitude Solutions, Inc.

CIK:0001477961|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Income Statement [Abstract]
REVENUES	$ 522,788	$ 0
COST OF SALES	310,001	0
GROSS PROFIT	212,787	0
OPERATING EXPENSES
Consulting fees	2,228,781	641,393
General and administrative	1,832,248	503,381
Salaries expense	760,315	459,633
Research and development	87,294	0
Total Operating Expenses	4,908,638	1,604,407
LOSS FROM OPERATIONS	(4,695,851)	(1,604,407)
OTHER INCOME (EXPENSE)
Finance costs pursuant to debt issuance	(173,043)	(408,482)
Gain on settlement of accrued expenses	26,273	150,000
Other income	5,904	0
Interest expense	(10,801)	(40,157)
Equity in losses of investee	0	(246,257)
Total Other Expense	(151,667)	(544,896)
LOSS BEFORE INCOME TAXES	(4,847,518)	(2,149,303)
INCOME TAXES	0	0
NET LOSS	$ (4,847,518)	$ (2,149,303)
NET LOSS PER SHARE - BASIC AND DILUTED	$ (0.08)	$ (0.07)
WEIGHTED AVERAGE OUTSTANDING SHARES BASIC AND DILUTED	61,003,175	30,823,728

SUPPLEMENTAL CASH FLOW INFORMATION

3 Months Ended

Mar. 31, 2012

	Three Months Ended
	March 31,
	2012		2011

Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	$	10,801	$	10

Changes in non-cash financing and investing activities:
Common stock issued for notes payable (bonus shares)	$	—	$	478,740
Common stock issued for conversion of notes
payable and accrued interest	$	—	$	1,036,964

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 846,251	$ 668,664
Accounts receivable, net	524,940	44,850
Prepaid expenses	340,734	202,245
Total Current Assets	1,711,925	915,759
Equity investment	0	225,000
Prepaid licensing fee, net	85,000	86,667
Property and equipment, net	11,789,513	10,956,558
Intangible assets, net	161,228	182,140
Other assets	46,229	44,121
TOTAL ASSETS	13,793,895	12,410,245
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses	3,993,128	4,382,966
Current portion of long-term debt	119,332	175,196
Convertible debt, net	369,795	66,261
Liability to issue stock	1,499,363	451,646
Total Current Liabilities	5,981,618	5,076,069
Long-term debt, net of current portion	78,515	116,244
Total Liabilities	6,060,133	5,192,313
Commitments and contingencies
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value, 250,000,000 shares authorized, 65,657,885 and 59,836,052 shares issued and outstanding, respectively	65,658	59,836
Additional paid-in capital	39,549,660	34,192,134
Accumulated deficit	(31,869,139)	(27,021,621)
Accumulated other comprehensive loss	(12,417)	(12,417)
Total Stockholders' Equity	7,733,762	7,217,932
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 13,793,895	$ 12,410,245