ANGLESEA ENTERPRISES, INC.

CIK:0001539551|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Contract revenue	$ 264,840	$ 3,077,289	$ 3,767,849	$ 5,201,964
Contract cost of sales	226,061	3,098,858	3,144,303	4,831,958
Gross Profit	38,779	(21,569)	623,546	370,006
Operating expenses
Selling, general and administrative	402,672	844,237	1,336,720	2,099,183
Research and development		990		1,179
Depreciation	5,596	1,014	15,058	2,704
Total operating expenses	408,268	846,241	1,351,778	2,103,066
Loss from operations	(368,489)	(867,810)	(728,232)	(1,773,060)
Other income (expense)
Interest	(107,999)	(54,271)	(270,073)	(213,794)
Gain (loss) from change in value of derivative	8,984	(186,300)	(564)	(210,700)
Amortization of debt discount	(87,873)		(131,206)
Miscellaneous income (expense)	(240,491)	996	(171,496)	6,366
Total other income (expense)	(427,491)	(239,575)	(574,339)	(418,128)
Loss before income taxes	(796,980)	(1,107,385)	(1,302,571)	(2,151,188)
Provision for income taxes
Net loss	$ (796,980)	$ (1,107,385)	$ (1,302,571)	$ (2,151,188)
Net loss per common share, basic and diluted	$ (0.03)	$ (0.06)	$ (0.06)	$ (0.12)
Weighted average common shares, basic and diluted	23,561,947	18,292,242	22,691,971	18,655,127

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,302,571)	$ (2,151,188)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	15,058	2,704
Amortization of debt discount	131,206
Share based compensation	95,272	46,251
Note issued for insurance premiums	51,733
Loss (gain) on derivative	564	210,700
Changes in Operating Assets and Liabilities:
Accounts receivable	(182,327)	(740,652)
Other receivables		(36,015)
Prepaid expense and other current assets	29,741	(66,631)
Accounts payable and accrued expenses	567,705	1,641,433
Contract assets	(791,411)	(298,759)
Contract liabilities	508,151	808,257
Net cash used in operating activities	(876,878)	(576,979)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of promissory notes	(78,455)	(210,302)
Proceeds of promissory notes	26,373	300,000
Proceeds of convertible notes	596,500
Proceeds from private placement	411,269	239,000
Net cash provided by financing activities	955,687	328,698
Increase (decrease) in cash and restricted cash	78,809	(248,281)
Cash and restricted cash, beginning of period	81,933	281,662
Cash and restricted cash, end of period	160,742	33,381
Cash paid during the period for:
Interest	14,385	126,777
Taxes
Non-cash Investing and financing activities:
Notes issued for insurance premiums	101,074	78,349
Recording of beneficial conversion feature	461,500
Payables converted to promissory note	134,000
Original issuance discount from convertible notes	60,000
Debt discounts on convertible notes payable	$ 525,000

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Current Assets
Cash	$ 95,131	$ 247
Restricted Cash	65,611	81,686
Accounts Receivable, Net	427,127	244,801
Contract Assets	1,154,807	363,396
Prepaid Expenses and Other Current Assets	50,224	79,965
Total Current Assets	1,792,900	770,095
Property, Plant and Equipment, net	4,509	19,567
Deposits	2,090	2,090
TOTAL ASSETS	1,799,499	791,752
Current Liabilities
Accounts Payable	3,988,801	4,495,829
Accrued Interest	378,249	141,330
Accrued Expenses	1,317,969	614,166
Contract Liabilities	2,720,409	2,212,258
Current Portion of Promissory Notes	1,407,932	592,846
Derivative Liability	131,664	131,100
Convertible Notes, Net	605,575	339,358
Total Current Liabilities	10,550,599	8,526,887
Promissory Notes, Net of Current Portion	115,157	930,592
Convertible Notes, Net of Current Portion	134,000
Total Liabilities	10,799,756	9,457,479
Commitment and Contingencies
Stockholders' Deficit
Preferred Stock, $ 0.00001 par value; 20,000,000 shares authorized; none issued and outstanding
Common Stock, $0.00001 par value; 250,000,000 shares authorized; 23,581,534 and 19,180,063 issued and outstanding as of September 30, 2019 and December 31, 2018, respectively	237	192
Additional Paid-in Capital	11,868,607	10,900,611
Accumulated Deficit	(20,869,101)	(19,566,530)
Total Stockholders' Deficit	(9,000,101)	(8,665,727)
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT	$ 1,799,499	$ 791,752