Boreal Water Collection Inc.

CIK:0001538333|SEC Filings

Statements of Operations (USD $)	3 Months Ended
Statements of Operations (USD $)	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Sales	$ 531,414us-gaap_SalesRevenueGoodsGross	$ 450,087us-gaap_SalesRevenueGoodsGross
Cost of sales	490,823us-gaap_CostOfGoodsSold	410,894us-gaap_CostOfGoodsSold
Gross profit	40,591us-gaap_GrossProfit	39,193us-gaap_GrossProfit
Operating Expenses
Selling and general and administrative	157,770	131,847
Depreciation and amortization	98,070	102,112
Total expenses	255,841us-gaap_OperatingExpenses	233,959us-gaap_OperatingExpenses
Operating income (loss)	(215,250)us-gaap_OperatingIncomeLoss	(194,766)us-gaap_OperatingIncomeLoss
Other income (expense)
Rental income	0us-gaap_RentalIncomeNonoperating	1,350us-gaap_RentalIncomeNonoperating
Interest expense	(84,614)us-gaap_InterestExpense	(31,581)us-gaap_InterestExpense
Total other income (expense)	(84,614)us-gaap_NonoperatingIncomeExpense	(30,231)us-gaap_NonoperatingIncomeExpense
Net income (loss) before income taxes	(299,864)	(224,997)
Provision for income taxes (benefit)	1,875us-gaap_IncomeTaxExpenseBenefit	375us-gaap_IncomeTaxExpenseBenefit
Net income (loss)	$ (301,739)us-gaap_NetIncomeLoss	$ (225,372)us-gaap_NetIncomeLoss
Net loss per weighted share, basic and fully diluted	$ (0.001)us-gaap_EarningsPerShareBasicAndDiluted	$ (0.001)us-gaap_EarningsPerShareBasicAndDiluted
Weighted average number of common shares outstanding, basic and fully diluted	468,802,389	322,447,351

Statements of Cash Flows (USD $)	3 Months Ended
Statements of Cash Flows (USD $)	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operations
Net income (loss)	$ (301,739)us-gaap_NetIncomeLoss	$ (225,372)us-gaap_NetIncomeLoss
Adjustment to reconcile net income (loss) to net cash:
Depreciation and amortization	98,070us-gaap_DepreciationAndAmortization	101,855us-gaap_DepreciationAndAmortization
Stock based compensation	42,965us-gaap_ShareBasedCompensation	0us-gaap_ShareBasedCompensation
Changes in operating assets and liabilities:
Accounts receivable	57,173	26,324
Inventory	(12,893)us-gaap_IncreaseDecreaseInInventories	(3,997)us-gaap_IncreaseDecreaseInInventories
Prepaid expenses	(30,259)	(20,007)
Accounts payable and accrued expenses	(2,985)	109,172
Deferred financing costs	(33,895)	0
Deferred revenue	(6,341)	0
Net cash provided for operating activities	(189,904)	(12,025)
Cash Flows from investing activities
Purchases of property and equipment	(1,328)	0
Net cash provided by (used for) investing activities	(1,328)	0
Cash flows from financing activities
Related party advances, net	(9,004)	4,821
Payments on note payable - other	0us-gaap_RepaymentsOfNotesPayable	(3,000)us-gaap_RepaymentsOfNotesPayable
Proceeds from revenue based factoring	230,000	0
Payments on revenue based factoring	(90,283)	0
Payments on capital lease obligations	(1,028)	(4,831)
Net cash provided by financing activities	129,685	(3,010)
Net increase (decrease) in cash	(61,547)us-gaap_CashPeriodIncreaseDecrease	(15,035)us-gaap_CashPeriodIncreaseDecrease
Cash, beginning of period	187,389	63,420
Cash, end of period	125,842	48,385
Supplemental disclosures, cash paid during the year for:
Interest	82,549us-gaap_InterestPaid	375us-gaap_InterestPaid
Taxes	1,875us-gaap_IncomeTaxesPaid	30,982us-gaap_IncomeTaxesPaid
Non-cash investing and financing transactions:
Issuance of 304,183,912 shares of common stock in connection with stock based compensation	419,671	0
Issuance of 133,393,178 shares of common stock in payment of convertible debt	83,358	0
Issuance of 180,032,305 shares of common stock in payment of officer note payable	$ 256,240	$ 0

Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets
Cash	$ 125,842	$ 187,389
Accounts receivable, less allowance for doubtful accounts of $2,506 at March 31, 2015 and December 31, 2014 respectively	74,139us-gaap_AccountsReceivableNetCurrent	131,313us-gaap_AccountsReceivableNetCurrent
Inventory	239,792us-gaap_InventoryNet	226,899us-gaap_InventoryNet
Prepaid expenses	51,222us-gaap_PrepaidExpenseCurrent	20,963us-gaap_PrepaidExpenseCurrent
Due from related party	9,004us-gaap_DueFromRelatedPartiesCurrent	0us-gaap_DueFromRelatedPartiesCurrent
Deferred financing costs, net of accumulated amortization	42,621us-gaap_DeferredFinanceCostsCurrentNet	53,036us-gaap_DeferredFinanceCostsCurrentNet
Total current assets	542,620us-gaap_AssetsCurrent	619,600us-gaap_AssetsCurrent
Property and equipment, net of accumulated depreciation	2,456,687us-gaap_PropertyPlantAndEquipmentNet	2,509,117us-gaap_PropertyPlantAndEquipmentNet
Other assets
License, net of accumulated amortization	0us-gaap_FiniteLivedIntangibleAssetsNet	0us-gaap_FiniteLivedIntangibleAssetsNet
Security deposit	4,500us-gaap_SecurityDeposit	4,500us-gaap_SecurityDeposit
Total assets	3,003,807us-gaap_Assets	3,133,217us-gaap_Assets
Current liabilities
Accounts payable and accrued expenses	464,452	855,143
Deferred revenue	5,130us-gaap_DeferredRevenueCurrent	11,471us-gaap_DeferredRevenueCurrent
Short-term borrowings	1,869,525us-gaap_ShortTermBorrowings	1,806,064us-gaap_ShortTermBorrowings
Officer loan payable	0	250,342
Current portion of capital lease payable	3,968us-gaap_CapitalLeaseObligationsCurrent	3,968us-gaap_CapitalLeaseObligationsCurrent
Total current liabilities	2,343,075us-gaap_LiabilitiesCurrent	2,926,988us-gaap_LiabilitiesCurrent
Accounts payable	0	2,000
Capital lease - net of current	2,897	3,925
Deferred Tax Liability	343,440	343,440
Total Liabilities	2,689,412us-gaap_Liabilities	3,276,353us-gaap_Liabilities
Stockholders' equity
Common stock, $.001 par value; 5,000,000,000 shares authorized, 987,740,405 and 370,131,010 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	987,739us-gaap_CommonStockValue	370,130us-gaap_CommonStockValue
Additional paid-in capital	3,223,821us-gaap_AdditionalPaidInCapital	3,082,161us-gaap_AdditionalPaidInCapital
Deficit accumulated since January 10, 2006 in connection with quasi reorganization	(3,897,165)	(3,595,427)
Total stockholders' equity	314,395us-gaap_StockholdersEquity	(143,136)us-gaap_StockholdersEquity
Total liabilities and stockholders' equity	$ 3,003,807	$ 3,133,217