SunVault Energy, Inc.

CIK:0001547716|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue
Non-program service revenue	$ 8,279	$ 225,186
Recycling fee revenue		167,482
Scrap metal revenue	$ 569	2,938
Services rig and software revenue	4,558	47,105
Tire collections revenue	1,335	67,628
Tire shred revenue	5,634	203,194
Transportation revenue	559,392	572,536
Total revenues	579,767	1,286,069
Direct costs
Amortization	70,902	76,715
Equipment rental and maintenance	80,872	192,550
Freight and transportation	2,835	130,981
Labour and subcontractors (Note 15)	364,890	639,234
Materials	3,075	101,677
Site operating costs	$ 35,676	47,557
Tire processing costs		88,376
Total direct costs	$ 558,250	1,277,090
Gross profit	21,517	8,979
Operating expenses
Amortization	$ 14,886	15,449
Bad debts		12,272
Consulting fees (Note 15)	$ 121,000	82,899
Equipment rental and maintenance		$ 16,887
Foreign exchange gain (loss)	$ (43,391)
General and administrative	37,216	$ 213,167
Management fees (Note 15)	74,233	596,543
Professional fees	76,906	66,981
Rent	11,235	$ 24,027
Research and development (Note 15)	39,781
Salaries and subcontracting fees (Note 15)	100,053	$ 129,011
Travel and promotion	29,868	47,491
Total operating expenses	461,787	1,204,727
Net loss before other expenses	(440,270)	(1,195,748)
Other expenses
Interest expense	(116,905)	$ (267,729)
Loss on disposal of property and equipment	(43,949)
Write-down of related party loan receivable	(12,244)
Total other expenses	(173,098)	$ (267,729)
Net loss	(613,368)	(1,463,477)
Less: net loss attributable to non-controlling interest	95,201	135,688
Net loss attributable to Sunvault Energy, Inc.	(518,167)	(1,327,789)
Comprehensive income (loss)
Foreign currency translation gain (loss)	(133,194)	64,536
Comprehensive loss attributable to Sunvault Energy, Inc.	$ (651,361)	$ (1,263,253)
Loss per share attributable to Sunvault Energy, Inc. shareholders, basic and diluted		$ (0.01)
Weighted average shares outstanding used in the calculation of net loss attributable to Sunvault Energy, Inc. per common share	137,454,350	106,878,613

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities
Net loss	$ (613,368)	$ (1,463,477)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discounts on convertible debt		297,516
Amortization of deferred financing costs	$ 26,150	7,144
Amortization of property and equipment	85,788	$ 92,164
Loss on disposal of property and equipment	43,949
Stock-based compensation	46,587	$ 489,215
Write-off of related party loan receivable	12,244
Changes in operating assets and liabilities:
Accounts receivable	27,455	$ 146,263
Inventory	(1,101)	144,601
Due from related parties	(101,676)	3,485
Prepaid expenses and deposits	(17,617)	(3,699)
Accounts payable and accrued liabilities	222,683	17,069
Deferred revenue	67,387	(31,453)
Due to related parties	12,528	11,383
Net cash used in operating activities	(188,991)	(289,789)
Investing activities
Advances to related parties	(120,496)	(400,222)
Proceeds from related parties	24,678	$ 39,000
Proceeds from sale of property and equipment	27,597
Purchase of property and equipment	(1,076)	$ (8,039)
Net cash used in investing activities	(69,297)	(369,261)
Financing activities
Line of credit	32,265	(8,802)
Deferred financing costs	$ (13,007)	(43,320)
Proceeds from convertible debt		$ 536,327
Proceeds from loans payable	$ 115,739
Repayment of related party loans		$ (12,749)
Repayment of long-term debt		(36,020)
Repayment of capital lease obligations	$ (54,027)	$ (114,262)
Proceeds from exercises of share purchase warrants	320,000
Net cash provided by financing activities	400,970	$ 321,174
Effect of foreign exchange rate changes on cash	(215,748)	67,402
Change in cash	(73,066)	(270,474)
Cash, beginning of period	76,657	547,936
Cash, end of period	$ 3,591	277,462
Non-cash investing and financing activities:
Property and equipment financed under capital lease		$ 496,573
Shares issued to settle convertible debt	$ 15,000
Shares issued to settle accounts payable and accrued liabilities	1,290
Supplemental disclosures:
Interest paid	$ 22,086	$ 22,543
Income taxes paid		$ 9,164

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash	$ 3,591	$ 76,657
Accounts receivable, net of allowance for doubtful accounts of $108,882 (2015 - $102,037) (Note 3)	295,486	322,941
Inventory (Note 4)	44,854	43,753
Due from related party (Note 15)	787,469	602,219
Prepaid expenses and deposits	196,653	179,036
Total current assets	1,328,053	1,224,606
Restricted cash	3,856	3,605
Deferred financing costs	45,613	59,322
Property and equipment (Note 5)	2,201,237	2,244,082
Assets held for sale (Note 6)	475,378	475,378
Goodwill (Note 7)	268,156	251,299
Intangible assets (Note 8)	28,000	28,000
Total assets	4,350,293	4,286,292
Current liabilities
Line of credit	143,610	111,345
Accounts payable and accrued liabilities (Notes 9 and 15)	2,384,512	2,182,619
Grant payable (Note 12)	747,287	700,308
Current portion of capital lease obligations (Note 13)	271,619	309,071
Current portion of long-term debt (Note 11)	293,014	141,788
Current portion of convertible debt (Note 14)	1,434,805	982,279
Deferred revenue	1,309,970	1,242,583
Loans payable (Note 10)	462,622	348,023
Due to related parties (Note 15)	403,284	371,256
Total current liabilities	7,450,723	6,389,272
Capital lease obligations (Note 13)	$ 429,538	446,045
Long-term debt (Note 11)		155,603
Convertible debt (Note 14)	$ 277,500	739,155
Total liabilities	$ 8,157,761	$ 7,730,075
Nature of operations and continuance of business (Note 1)
Commitments and contingencies (Note 19)
Subsequent events (Note 21)
Stockholders' deficit
Common stock, 500,000,000 shares authorized, $0.001 par value 139,028,815 and 135,878,613 shares issued and outstanding, respectively	$ 139,029	$ 135,879
Common stock issuable (Note 16)	1,018,062	2,527,262
Additional paid-in capital	$ 7,386,767	5,502,689
Deferred compensation (Note 16)		(4,849)
Accumulated other comprehensive income	$ 177,278	310,472
Deficit	(12,395,025)	(11,876,858)
Total Sunvault Energy, Inc. stockholders' deficit	(3,673,889)	(3,405,405)
Non-controlling interest	(133,579)	(38,378)
Total stockholders' deficit	(3,807,468)	(3,443,783)
Total liabilities and stockholders' deficit	$ 4,350,293	$ 4,286,292