New Global Energy, Inc.

CIK:0001543083|SEC Filings

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statements Of Operations
REVENUES	$ 179,657	$ 44,090
COSTS AND EXPENSES:
Costs of goods sold	151,495	49,679
Depreciation	444,296	655,109
General and administrative	2,136,711	1,350,109
Provision for losses on sale of presold fish	2,299,372
Impairment of goodwill	3,680,283	12,502,318
Total Operating Costs and Expenses	8,712,157	14,557,215
LOSS FROM OPERATIONS	(8,532,500)	(14,513,125)
OTHER INCOME (EXPENSE):
Gain on derivative valuation	10,935	549,175
Interest expense	(84,727)	(70,311)
Gain (loss) on settlement of debt	72,026	(1,086,715)
Loss on note revaluation		(48,688)
Loss on disposal of fixed asset	(13,000)	(125,938)
Total Other Income (Expense), net	(14,766)	(782,477)
LOSS BEFORE INCOME TAXES	(8,547,266)	(15,295,602)
Provision for income taxes
NET LOSS	(8,547,266)	(15,295,602)
NON-CONTROLLING INTEREST:
NET LOSS	(8,547,266)	(15,295,602)
LESS: NET LOSS ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST	61,064	318,220
NET LOSS ATTRIBUTABLE TO OWNERS OF THE COMPANY	$ (8,486,202)	$ (14,977,382)
NET LOSS PER COMMON SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY
Basic and diluted	$ (0.61)	$ (1.15)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic and diluted	14,004,260	13,278,957

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (8,547,266)	$ (15,295,602)
Adjustments to reconcile net loss from operations to net cash used in operating activities:
Gain on derivative valuation	(10,935)	(549,175)
(Gain) loss realized upon conversion or settlement of debt	(72,026)	1,086,715
Loss realized upon disposal of equipment	13,000	125,938
Goodwill impairment	3,680,283	12,502,318
Loss realized on note revaluation		48,688
Write down of subscriptions receivable	247,164
Depreciation	444,296	655,109
Stock based compensation	959,300	185,067
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	(149,872)	1,287
Decrease (increase ) in inventory	(626,431)	34,106
Decrease (increase) in deferred commissions - related party	370,740	(370,740)
Decrease (increase) in prepaid deposits	743	(743)
Increase (decrease) in accounts payable	(70,790)	161,741
Increase (decrease) in accrued expenses	46,291	260,257
Increase (decrease) in accrued expenses - related party	683,026
Increase (decrease) in accrued loss on presold fish	1,277,235
Increase (decrease) in deferred revenue	1,598,458	881,218
NET CASH USED IN OPERATING ACTIVITIES	(156,784)	(273,815)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(27,473)	(16,947)
NET CASH USED IN INVESTING ACTIVITIES	(27,473)	(16,947)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of preferred/common stock		438,800
Proceeds from related party notes payable		15,210
Proceeds from notes payable	212,139	70,500
Repayments of notes payable	(149,392)
Repayments on related party notes payable		(134,011)
NET CASH PROVIDED BY FINANCING ACTIVITIES	62,747	390,499
NET (DECREASE) INCREASE IN CASH	(121,510)	99,737
CASH - beginning of year	124,746	25,008
CASH - end of year	3,236	124,746
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	9,174
Income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Fair value of preferred/common stock issued upon settlement of debt		1,294,713
Note principal converted to common/preferred stock		208,000
Preferred stock issued upon settlement of related party debt	$ 80,432

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash	$ 3,236	$ 124,746
Accounts receivable	152,245	2,373
Inventory	635,368	8,937
Deferred commissions - related party		370,740
Total Current Assets	790,849	506,796
Property and equipment, net	4,216,328	4,646,151
OTHER ASSETS:
Goodwill		3,680,283
Deposits	6,238	6,981
Total Other Assets	6,238	3,687,264
Total Assets	5,013,415	8,840,211
CURRENT LIABILITIES:
Accounts payable	271,798	342,588
Accrued expenses	174,454	181,163
Accrued expenses - related parties	1,131,684	474,116
Notes payable - related parties	322,036	396,036
Notes payable - current portion	777,721	690,475
Derivative liability		10,935
Deferred revenue	2,479,676	881,218
Accrued loss on presold fish	1,277,235
Total Current Liabilities	6,434,604	2,976,531
LONG-TERM LIABILITIES:
Notes payable, net of current portion	62,070	86,569
Total Liabilities	6,496,674	3,063,100
COMMITMENTS AND CONTINGENCIES (Notes 4, 5, 6, 8, 9 and 10)
Equity attributable to owners of the company:
Common stock ($0.0001 par value; 100,000,000 shares authorized; 14,116,582 and 13,861,582 shares issued and outstanding at December 31, 2016 and 2015, respectively)	1,411	1,386
Additional paid-in capital	44,052,898	43,013,191
Common stock subscription receivable	(106,036)	(353,200)
Accumulated deficit	(45,436,513)	(36,950,311)
Total equity attributable to owners of the company	(1,488,238)	5,711,068
Non-controlling interest	4,979	66,043
Total Stockholders' Deficit/Equity	(1,483,259)	5,777,111
Total Liabilities and Stockholders' Deficit/Equity	5,013,415	8,840,211
Series A Convertible Preferred Stock [Member]
Equity attributable to owners of the company:
Undesignated preferred stock ($0.0001 par value; 19,975,000 shares authorized) Series A convertible preferred stock ($0.0001 par value; 25,000 shares authorized; 21,100 and 20,000 shares issued and outstanding at December 31, 2016 and 2015; liquidation preference of $3,165,000 and $3,000,000, respectively)	$ 2	$ 2