Green Ballast, Inc.

CIK:0001526543|SEC Filings

Statements of Operations - USD ($)	12 Months Ended
Statements of Operations - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Statements of Operations [Abstract]
Net sales	$ 318,022	$ 1,446,365
Cost of sales	183,554	1,105,220
Gross profit	134,468	341,145
Operating expenses
Payroll and related expenses	202,052	1,110,321
Professional fees	209,181	361,675
Marketing and advertising expenses	66,813	184,277
Depreciation and amortization	149,216	150,213
Travel and entertainment	12,808	167,235
Rent	64,102	72,730
Directors and officers insurance	59,114	59,114
Other insurance	7,254	100,166
Other	37,912	118,797
Total operating expenses	808,452	2,324,528
Loss from operations	(673,984)	(1,983,383)
Interest expense, net	(492,802)	(721,476)
Loss before income taxes	(1,166,786)	(2,704,859)
Income taxes	0	0
Net loss	(1,166,786)	(2,704,859)
Current period preferred dividends	(111,996)	(111,996)
Benefit of surrender of preferred stock	1,400,000	0
Benefit of forgiveness of preferred dividends	315,412	0
Net income (loss) available to common shareholders	$ 436,630	$ (2,816,855)
Net loss per share - Basic and diluted (in dollars per share)	$ (0.005)	$ (0.03)
Weighted average common shares outstanding:
Basic and diluted (in shares)	88,874,357	98,316,866

Statements of Cash Flows - USD ($)	12 Months Ended
Statements of Cash Flows - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net loss	$ (1,166,786)	$ (2,704,859)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of intangibles	126,672	126,672
Depreciation of equipment	7,188	7,187
Accretion of debt discounts	11,709	334,548
Provision for bad debts	3,086	22,448
Stock awards to outside advisor and consultants (benefit)	0	(6,910)
Stock-based compensation expense	62,354	16,736
Changes in operating assets and liabilities:
Trade accounts receivable	327,523	143,981
Inventories	(67,901)	212,214
Contract costs in excess of billings	0	100,978
Prepaid expenses and other	1,578	9,228
Accounts payable	37,709	400,701
Accrued expenses	15,169	(62,289)
Accrued interest	470,786	382,950
Accrued wages	119,093	724,878
Net cash used in operating activities	(51,820)	(291,537)
Cash flows from investing activities:
Net cash used in investing activities	0	0
Cash flows from financing activities:
Proceeds from issuance of short-term debt	328,488	771,500
Repayment of short-term debt	(302,696)	(465,000)
Net cash provided by financing activities	25,792	306,500
Increase (decrease) in cash and cash equivalents	(26,028)	14,963
Cash and cash equivalents, beginning of period	30,402	15,439
Cash and cash equivalents, end of period	4,374	30,402
Supplemental cash flow information:
Cash paid during the year for interest	37,573	4,616
Supplemental non-cash flow information:
Surrender of preferred stock	1,400,000	0
Forgiveness of directors fees and wages	0	763,326
Dividends declared but not paid	111,996	111,996
Forgiveness of dividends declared	$ 315,412	$ 0

Balance Sheets - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 4,374	$ 30,402
Trade accounts receivable, less allowance for doubtful accounts of $3,086 and $22,448 at December 31, 2014 and 2013, respectively	7,054	337,663
Inventories	506,751	438,850
Prepaid expenses and other	9,861	11,439
Total current assets	528,040	818,354
Equipment, net	14,033	21,221
Intangible assets, net	1,382,849	1,509,521
Other assets	4,450	4,450
Total assets	1,929,372	2,353,546
Current liabilities:
Current maturities of debt	4,209,517	4,172,016
Accounts payable	1,315,988	1,278,279
Accrued wages	626,261	507,168
Accrued expenses	224,956	209,787
Accrued interest	1,093,352	622,566
Dividends payable	0	203,416
Total current liabilities	7,470,074	6,993,232
Long term debt	0	0
Total liabilities	$ 7,470,074	$ 6,993,232
Commitments and contingencies (Note 11)
Temporary equity:
Redeemable preferred stock, $1.00 par value: Authorized 5,000,000 shares: 3,000,000 shares designated as Series A; issued and none outstanding at December 31, 2014 and 1,400,000 shares outstanding at December 31, 2013	$ 0	$ 1,400,000
Permanent equity (deficit):
Common stock, $0.0001 par value. Authorized 245,000,000 shares; issued and outstanding 75,182,829 shares and 94,115,609 shares at December 31, 2014 and December 31, 2013, respectively	3,258	4,602
Additional paid-in capital	7,470,795	5,803,681
Accumulated deficit	(13,014,755)	(11,847,969)
Total permanent deficit	(5,540,702)	(6,039,686)
Total liabilities, temporary equity, and permanent deficit	$ 1,929,372	$ 2,353,546