Grilled Cheese Truck, Inc.

CIK:0001497647|SEC Filings

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Net revenue
Food truck sales	$ 2,004,655	$ 2,392,342
Catering and special events	522,428	710,446
Licensing	37,406	547,233
Total revenues	2,564,489	3,650,021
Cost of sales
Food and beverages	733,452	899,847
Food truck expenses	1,162,176	2,050,453
Commissary and kitchen expenses	265,936	417,846
Total cost of sales	2,161,564	3,368,146
Gross profit	402,925	281,875
Operating expenses
General and administrative	4,496,037	7,064,874
Selling costs	275,333	223,322
Consulting expenses - related parties	602,758	74,357
Depreciation	85,007	75,357
Bad debts	61,377	278,551
Impairment of assets	334,856
Total operating expenses	5,855,368	7,716,461
Net operating loss	(5,452,443)	(7,434,586)
Other income (expense)
Interest expense	(220,549)	(284,801)
Amortization of beneficial conversion feature	(150,606)	(109,378)
Amortization of deferred financing costs	(89,024)	(235,968)
Amortization of debt discount	(369,980)	(64,693)
Interest income		11,018
Other income from asset sale		450,000
Loss on settlement of debt	(37,213)
Loss on asset disposals		(43,800)
Total other expense	(867,372)	(277,622)
Net loss before income taxes	(6,319,815)	(7,712,208)
Provision for income taxes
Net Loss	$ (6,319,815)	$ (7,712,208)
Basic and Diluted - Loss Per Share	$ (0.32)	$ (0.50)
Basic and Diluted - Weighted Average Number of Shares Outstanding	19,817,821	15,524,236

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Cash Flows from Operating Activities
Net loss	$ (6,319,815)	$ (7,712,208)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation	85,007	75,357
Amortization of beneficial conversion feature	150,606	109,378
Amortization of deferred financing costs	89,024	235,967
Amortization of debt discount	369,980	64,694
Fair value of shares of common stock and warrants exceeding liability satisfied	37,212	70,234
Fair value of options and warrants issued for services	595,781	1,488,617
Fair value of shares of common stock issued for services	37,500	2,219,850
Loss on disposition of equipment		43,800
Bad debt expense	61,377	278,551
Impairment of assets	334,856
Stock to be issued for services	144,500
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(12,801)	(44,433)
(Increase) decrease in notes receivable	12,000	(27,780)
(Increase) decrease in prepaid expenses and other current assets	(4,127)	11,723
(Increase) decrease in other assets	24,360	15,040
Increase (decrease) in accounts payable and accrued expenses	617,514
Increase (decrease) in accounts payable - related parties	348,803	27,149
Increase (decrease) in payroll tax liabilities and accrued compensation	1,485,421	977,623
Increase (decrease) in accrued interest	163,958	177,455
Increase (decrease) in accrued interest - related party	3,949
Increase (decrease) in deferred asset sale and other		(450,000)
Net cash used in operating activities	(1,774,895)	(2,438,983)
Cash Flows from Investing Activities
Proceeds from disposition of equipment		25,000
Purchase of property and equipment	(28,400)
Purchase of licensing rights	(200,000)	(6,591)
Net cash (used in) provided by investing activities	(228,400)	18,409
Cash Flows from Financing Activities
Increase in bank overdraft	27,169
Proceeds from convertible notes payable	1,159,000	475,000
Proceeds from promissory notes	410,800	60,000
Proceeds from promissory notes - related parties	90,000	25,000
Payment of promissory note	(21,773)	(104,311)
Payment of promissory note- related parties	(25,000)
Advances from related party	10,000
Deferred finance costs	(95,000)	(10,000)
Proceeds from exercise of warrants and sale of common stock	100,000	2,280,625
Net cash provided by financing activities	1,655,196	2,726,314
Net (decrease) increase in cash and cash equivalents	(348,099)	305,740
Cash and cash equivalents, beginning of period	348,099	42,359
Cash and cash equivalents, end of period		348,099
Supplemental Cash Flow Information:
Cash paid for interest	10,754	6,000
Cash paid for income taxes
Non-Cash Investing and Financing Activities:
Issuance of common stock for conversion of debt and accrued interest		14,002
Issuance of common stock for conversion of notes and accrued interest		42,852
Issuance of common stock for conversion of convertible notes and accrued interest	62,640	3,620,697
Issuance of common stock in satisfaction of accounts payable	175,313	509,665
Issuance of common stock in satisfaction of accrued compensation		145,000
Fair value of warrants issued in connection with notes payable	386,088
Beneficial conversion feature	165,883	109,378
Sale of vehicle and assignment of note payable		53,390
Common stock to be issued for deferred financing cost, included under accounts payable and accrued expenses	235,000
Note receivable from sale of vehicle		$ 51,000

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents		$ 348,099
Accounts receivable, net	2,170	7,966
Notes receivable, net		54,780
Prepaid expenses and other current assets	18,167	14,041
Total current assets	20,337	424,886
Property and equipment, net of accumulated depreciation	49,190	240,652
OTHER ASSETS
Deposits	63,395	87,755
Total other assets	63,395	87,755
TOTAL ASSETS	132,922	753,293
CURRENT LIABILITIES
Bank overdraft	27,169
Accounts payable and accrued expenses	1,799,938	941,025
Accounts payable - related parties	574,235	225,432
Payroll tax liabilities and accrued compensation	2,389,214	903,793
Accrued interest	207,040	55,722
Accrued interest - related parties	5,142	1,193
Promissory notes payable, net of unamortized discounts	377,657
Related party promissory notes payable, net of unamortized discounts	83,607	25,000
Convertible notes payable, net of unamortized discounts and deferred financing costs	1,623,484	245,957
Advances from related party	10,000
Total current liabilities	7,097,486	2,398,122
Long-term portion of convertible notes payable, net of unamortized discounts and deferred financing costs		523,124
TOTAL LIABILITIES	7,097,486	2,921,246
Commitments and contingencies
STOCKHOLDERS' DEFICIT
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.001 par value; 100,000,000 shares authorized; 19,873,679 and 19,591,288 shares issued and outstanding, respectively	19,873	19,591
Additional paid-in capital	14,964,364	13,441,442
Accumulated deficit	(21,948,801)	(15,628,986)
Total stockholders' deficit	(6,964,564)	(2,167,953)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 132,922	$ 753,293