USA Synthetic Fuel Corp

CIK:0001487920|SEC Filings

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2014

	Quarters Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013

Net Income (Loss) per Common Share - Basic	$	0.03		$	(0.11	)	$	0.05		$	(0.16	)

Net Loss per Common Share - Diluted	$	(0.04	)	$	(0.11	)	$	(0.08	)	$	(0.16	)


Weighted Average Number of Common
Shares Outstanding - Basic & Diluted		81,315,473			80,682,390			81,182,139			80,682,390

Consolidated Statements of Cash Flows (USD $)	6 Months Ended		55 Months Ended
Consolidated Statements of Cash Flows (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (loss)	$ 4,118,030	$ (12,621,114)	$ (38,720,372)
Adjustment to reconcile net loss to net cash used in operating activities:
Adjustment to prior period employee stock compensation			(116,820)
Stock-based compensation	689,088		922,276
Debt discount amortization	892,770	697,932	4,050,365
Stock issued for services			432,185
Paid-in-kind interest	609,083		609,083
Stock issued for accrued interest			338,070
Impairment expense			6,439,429
Depreciation expense	2,437	2,439	7,312
Derivative gain (expense)	(10,368,000)	8,265,000	4,615,500
Changes in operating assets and liabilities:
Prepaid expenses	(33,537)	(108,221)	(53,504)
Prepaid interest		1,487,672
Accounts payable	618,065	329,264	1,523,151
Accrued expenses	580,239	331,240	4,566,011
Payroll liabilities	731,300		2,412,703
Accrued interest			252,990
Net cash used in operating activities	(2,160,525)	(1,615,788)	(12,721,621)
CASH USED IN INVESTING ACTIVITIES
Lima Project -- Site Work	(625)	(1,645,714)	(2,681,873)
Lima Project - Land			(1,701,057)
Furniture and fixtures		(11,551)	(17,401)
BOE Asset			(25,168,863)
Net Cash used in investing activities	(625)	(1,657,265)	(29,569,194)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock			12,000,100
Advances from related parties	23,934		522,695
Notes payable, long term		1,093,425	32,000,000
Loan fees, long term debt			(1,773,614)
Note payable from related party, short term	499,651		499,651
Note payable, short term:
Proceeds			105,500
Payments			(135,250)
Escrowed Cash		(139,507)
Restricted Cash	1,101,241	1,240	(900,000)
Net cash provided by financing activities	1,624,826	955,158	42,319,082
Net decrease in cash and cash equivalents	(536,324)	(2,317,895)	28,267
Cash and cash equivalents at beginning of the period	564,591	2,996,312
Cash and cash equivalents at end of period	28,267	678,417	28,267
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid	1,060,833	99,179	4,913,516
Income taxes paid
NON CASH INVESTING AND FINANCING ACTIVITIES
Land Purchase Liability - Installment payments on land purchase			300,000
Lima Project - Land			(300,000)
Stock issued for debt and accrued interest - Payment of note payable through issuance of common stock			7,658,328
Accrued interest			(591,060)
Note payable, Lima			(6,439,429)
Advances from related parties - Payroll liabilities settled with common stock			(344,504)
Payroll liabilities			(283,335)
Notes payable - Conversion of note payable into common stock			(23,000)
Common stock			66
Paid-in capital			22,934
Other asset			(1)
Non-Controlling Interest			1
BOE Energy - Shares issued in acquisition of energy asset			(400,000)
Paid-in capital			399,750
Common stock			250
Note payable - conversion of amendment fees into common stock	(648,000)		(648,000)
Paid-in capital	80		80
Common stock	647,920		647,920
Total of non cash investing and financing activities

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current Assets
Cash and Cash Equivalents	$ 28,267	$ 564,591
Prepaid Expenses	53,504	19,967
Total Current Assets	81,771	584,558
Property, Plant & Equipment
Lima Energy Project	4,682,931	4,682,305
Furniture & Fixtures, net	10,089	12,526
Total Property, Plant & Equipment	4,693,020	4,694,831
Other Assets
Restricted Cash	900,000	2,001,241
BOE Energy	25,568,863	25,568,863
Total Other Assets	26,468,863	27,570,104
Total Assets	31,243,654	32,849,493
Current Liabilities
Accounts Payable	1,523,152	905,086
Advances from Related Parties	178,191	154,257
Accrued Expenses	4,566,010	3,985,771
Payroll Liabilities	2,138,845	1,407,545
Notes Payable, net of debt discount of $4,623,999, at June 30, 2014	30,985,084
Note Payable - Short Term	1,200,000	1,200,000
Note Payable from Related Party- Short Term	499,651
Land Purchase Liability	200,000	200,000
Total Current Liabilities	41,290,933	7,852,659
Long Term Liabilities
Land Purchase Liability	100,000	100,000
Stock Warrant Liability	5,309,000	15,677,000
Notes Payable, net of debt discount of $4,8668,769, at December 31, 2013		30,131,231
Total Long Term Liabilities	5,409,000	45,908,231
Total Liabilities	46,699,933	53,760,890
Stockholders' Equity (Deficit)
Common Stock, $0.0001 par value, 300,000,000 shares authorized, 81,848,806 and 80,782,390 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively	8,185	8,078
Additional Paid-in Capital	23,255,907	21,918,926
Deficit Accumulated during the Development Stage	(38,720,372)	(42,838,402)
Total USA Stockholders' Equity (Deficit)	(15,456,280)	(20,911,398)
Non-controlling Interest	1	1
Total Stockholders' Equity (Deficit)	(15,456,279)	(20,911,397)
Total Liabilities and Stockholders' Equity (Deficit)	31,243,654	32,849,493
Preferred Stock [Member]
Stockholders' Equity (Deficit)
Preferred Stock
Series A Super Voting Preferred Stock [Member]
Stockholders' Equity (Deficit)
Preferred Stock
Series B Preferred Stock [Member]
Stockholders' Equity (Deficit)
Preferred Stock