|
|
FLEX FUELS ENERGY, INC. AND SUBSIDIARIES
|
|
|
(A Development Stage Company)
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
| |
|
|
|
|
|
|
| |
|
June 30,
|
|
|
December 31,
|
|
| |
|
2010
|
|
|
2009
|
|
| |
|
(Unaudited)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
5,311,404 |
|
|
$ |
6,771,218 |
|
|
Prepaid expenses
|
|
|
17,067 |
|
|
|
16,668 |
|
|
Value added tax and other receivables
|
|
|
26,204 |
|
|
|
10,965 |
|
|
Current assets of discontinued operations
|
|
|
9,267 |
|
|
|
16,701 |
|
| |
|
|
|
|
|
|
|
|
|
Total Current Assets
|
|
|
5,363,942 |
|
|
|
6,815,552 |
|
| |
|
|
|
|
|
|
|
|
|
Property and equipment
|
|
|
7,591 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
Security deposits and other assets
|
|
|
26,876 |
|
|
|
20,461 |
|
| |
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$ |
5,398,409 |
|
|
$ |
6,836,013 |
|
| |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ |
366,051 |
|
|
$ |
347,934 |
|
|
Accrued expenses
|
|
|
41,286 |
|
|
|
20,645 |
|
|
Taxation and social security
|
|
|
26,860 |
|
|
|
10,173 |
|
|
Liabilities of discontinued operations
|
|
|
- |
|
|
|
704 |
|
| |
|
|
|
|
|
|
|
|
|
Total Current Liabilities
|
|
|
434,197 |
|
|
|
379,456 |
|
| |
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
434,197 |
|
|
|
379,456 |
|
| |
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par value, 500,000,000 shares authorized,
|
|
|
|
|
|
|
|
|
|
44,525,964 shares issued and outstanding at June 30, 2010 and December 31, 2009
|
|
|
44,526 |
|
|
|
44,526 |
|
|
Additional Paid-in Capital
|
|
|
42,213,234 |
|
|
|
41,987,541 |
|
|
Accumulated other comprehensive income (loss) - foreign currency translation adjustment
|
|
|
310,179 |
|
|
|
656,441 |
|
|
Deficit accumulated during development stage
|
|
|
(37,292,738 |
) |
|
|
(36,023,459 |
) |
|
Total Flex Fuels Energy, Inc. Stockholders' Equity
|
|
|
5,275,201 |
|
|
|
6,665,049 |
|
|
Non Controlling Interest
|
|
|
(310,989 |
) |
|
|
(208,492 |
) |
|
Total stockholders' equity
|
|
|
4,964,212 |
|
|
|
6,456,557 |
|
| |
|
|
|
|
|
|
|
|
|
Total Stockholders' Equity and Liabilities
|
|
$ |
5,398,409 |
|
|
$ |
6,836,013 |
|
| |
|
|
|
|
|
|
|
|
|
Flex Fuels Energy, Inc.
CIK:1370030
|
2010-06-30 |
2009-12-31 |
| (Unaudited) |
| ASSETS |
| Current Assets: |
| Cash and cash equivalents | $5,311,404 | $6,771,218 |
| Prepaid expenses | 17,067 | 16,668 |
| Value added tax and other receivables | 26,204 | 10,965 |
| Current assets of discontinued operations | 9,267 | 16,701 |
| Total Current Assets | 5,363,942 | 6,815,552 |
| Property and equipment | 7,591 |
| Security deposits and other assets | 26,876 | 20,461 |
| Total Assets | $5,398,409 | $6,836,013 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |
| Current Liabilities: |
| Accounts payable | $366,051 | $347,934 |
| Accrued expenses | 41,286 | 20,645 |
| Taxation and social security | 26,860 | 10,173 |
| Liabilities of discontinued operations | | 704 |
| Total Current Liabilities | 434,197 | 379,456 |
| Total Liabilities | 434,197 | 379,456 |
| Commitments and contingencies |
| Stockholders' Equity: |
| Common stock, $0.001 par value, 500,000,000 shares authorized, |
| 44,525,964 shares issued and outstanding at June 30, 2010 and December 31, 2009 | 44,526 | 44,526 |
| Additional Paid-in Capital | 42,213,234 | 41,987,541 |
| Accumulated other comprehensive income (loss) - foreign currency translation adjustment | 310,179 | 656,441 |
| Deficit accumulated during development stage | (37,292,738) | (36,023,459) |
| Total Flex Fuels Energy, Inc. Stockholders' Equity | 5,275,201 | 6,665,049 |
| Non Controlling Interest | (310,989) | (208,492) |
| Total stockholders' equity | 4,964,212 | 6,456,557 |
| Total Stockholders' Equity and Liabilities | $5,398,409 | $6,836,013 |
|
|
FLEX FUELS ENERGY, INC. AND SUBSIDIARIES
(A Development Stage Company)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from March 10, 2006
|
|
| |
|
For the three months
|
|
|
For the six months
|
|
|
(date of inception) through
|
|
| |
|
ended June 30,
|
|
|
ended June 30,
|
|
|
June 30,
|
|
| |
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining exploration costs
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
21,726 |
|
|
Selling, general and administrative charges
|
|
|
708,679 |
|
|
|
374,053 |
|
|
|
1,375,695 |
|
|
|
767,402 |
|
|
|
6,556,879 |
|
|
Impairment loss - mineral claims
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expense
|
|
|
708,679 |
|
|
|
374,053 |
|
|
|
1,375,695 |
|
|
|
767,402 |
|
|
|
6,588,605 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
(708,679 |
) |
|
|
(374,053 |
) |
|
|
(1,375,695 |
) |
|
|
(767,402 |
) |
|
|
(6,588,605 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income
|
|
|
7,126 |
|
|
|
422 |
|
|
|
10,985 |
|
|
|
422 |
|
|
|
79,370 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations, before provision for income taxes
|
|
|
(701,553 |
) |
|
|
(373,631 |
) |
|
|
(1,364,710 |
) |
|
|
(766,980 |
) |
|
|
(6,509,235 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income tax
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations
|
|
|
(701,553 |
) |
|
|
(373,631 |
) |
|
|
(1,364,710 |
) |
|
|
(766,980 |
) |
|
|
(6,509,235 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain/(Loss) on discontinued operations, net of tax
|
|
|
27,596 |
|
|
|
(4,792,986 |
) |
|
|
8,508 |
|
|
|
(5,091,722 |
) |
|
|
(31,079,430 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$ |
(673,957 |
) |
|
$ |
(5,166,617 |
) |
|
$ |
(1,356,202 |
) |
|
$ |
(5,858,702 |
) |
|
$ |
(37,588,665 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to the non-controlling interest
|
|
|
(38,148 |
) |
|
|
(61,550 |
) |
|
|
(86,923 |
) |
|
|
(61,550 |
) |
|
$ |
(295,927 |
) |
|
Subsidiary preferred dividend attributable to the non-controlling interest
|
|
|
8,325 |
|
|
|
- |
|
|
|
8,325 |
|
|
|
- |
|
|
|
8,325 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Flex Fuels Energy, Inc. Common Shareholders
|
|
$ |
(627,484 |
) |
|
$ |
(5,105,067 |
) |
|
$ |
(1,260,954 |
) |
|
$ |
(5,797,152 |
) |
|
$ |
(37,284,413 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common share from continuing operations attributable to Flex Fuels Energy, Inc. common shareholders - basic and fully diluted
|
|
$ |
(0.02 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.10 |
) |
|
Loss per common share from discontinued operations attributable to Flex Fuels Energy, Inc. common shareholders - basic and fully diluted
|
|
|
(0.00 |
) |
|
|
(0.07 |
) |
|
|
0.00 |
|
|
|
(0.08 |
) |
|
|
(0.50 |
) |
|
Net loss per common share attributable to Flex Fuels Energy, Inc. common shareholders - basic and fully diluted
|
|
$ |
(0.01 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.60 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shares outstanding - basic and fully diluted
|
|
|
44,525,964 |
|
|
|
64,713,096 |
|
|
|
44,525,964 |
|
|
|
67,033,875 |
|
|
|
61,783,172 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive Loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Flex Fuels Energy, Inc. Common Shareholders
|
|
$ |
(627,484 |
) |
|
$ |
(5,105,067 |
) |
|
$ |
(1,260,954 |
) |
|
$ |
(5,797,152 |
) |
|
$ |
(37,284,413 |
) |
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of tax
|
|
|
(9,652 |
) |
|
|
6,553 |
|
|
|
(353,521 |
) |
|
|
6,553 |
|
|
|
303,432 |
|
|
Foreign currency translation adjustment attributable to discontinued operations, net of tax
|
|
|
- |
|
|
|
4,243,015 |
|
|
|
- |
|
|
|
4,097,587 |
|
|
|
- |
|
|
Total other comprehensive loss, net of tax
|
|
|
(637,136 |
) |
|
|
(855,499 |
) |
|
|
(1,614,475 |
) |
|
|
(1,693,012 |
) |
|
|
(36,980,981 |
) |
|
Comprehensive (income) loss attributable to the non-contolling interest
|
|
|
465 |
|
|
|
(6,553 |
) |
|
|
7,259 |
|
|
|
(6,553 |
) |
|
|
6,747 |
|
|
Comprehensive loss attributable to the Flex Fuels Energy Inc. Common Shareholders
|
|
$ |
(636,671 |
) |
|
$ |
(862,052 |
) |
|
$ |
(1,607,216 |
) |
|
$ |
(1,699,565 |
) |
|
$ |
(36,974,234 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flex Fuels Energy, Inc.
CIK:1370030
|
2010-03-30 to 2010-06-30 (3-months) |
2009-03-30 to 2009-06-30 (3-months) |
2009-12-30 to 2010-06-30 (6-months) |
2008-12-30 to 2009-06-30 (6-months) |
|
| Revenue | | | | |
| Operating expenses: |
| Mining exploration costs | | 21,726 |
| Selling, general and administrative charges | 708,679 | 374,053 | 1,375,695 | 767,402 | 6,556,879 |
| Impairment loss - mineral claims | | 10,000 |
| Total operating expense | 708,679 | 374,053 | 1,375,695 | 767,402 | 6,588,605 |
| Operating loss | (708,679) | (374,053) | (1,375,695) | (767,402) | (6,588,605) |
| Other income (expense): |
| Interest and other income | 7,126 | 422 | 10,985 | 422 | 79,370 |
| Loss from continuing operations, before provision for income taxes | (701,553) | (373,631) | (1,364,710) | (766,980) | (6,509,235) |
| Provision for income tax |
| Loss from continuing operations | (701,553) | (373,631) | (1,364,710) | (766,980) | (6,509,235) |
| Gain/(Loss) on discontinued operations, net of tax | 27,596 | (4,792,986) | 8,508 | (5,091,722) | (31,079,430) |
| Net loss | $(673,957) | $(5,166,617) | $(1,356,202) | $(5,858,702) | $(37,588,665) |
| Net loss attributable to the non-controlling interest | (38,148) | (61,550) | (86,923) | (61,550) | $(295,927) |
| Subsidiary preferred dividend attributable to the non-controlling interest | 8,325 | | 8,325 | | 8,325 |
| Net loss attributable to Flex Fuels Energy, Inc. Common Shareholders | $(627,484) | $(5,105,067) | $(1,260,954) | $(5,797,152) | $(37,284,413) |
| Loss per common share from continuing operations attributable to Flex Fuels Energy, Inc. common shareholders - basic and fully diluted | $(0.02) | $(0.01) | $(0.03) | $(0.01) | $(0.10) |
| Loss per common share from discontinued operations attributable to Flex Fuels Energy, Inc. common shareholders - basic and fully diluted | (0.00) | (0.07) | 0.00 | (0.08) | (0.50) |
| Net loss per common share attributable to Flex Fuels Energy, Inc. common shareholders - basic and fully diluted | $(0.01) | $(0.08) | $(0.03) | $(0.09) | $(0.60) |
| Weighted average number of common |
| shares outstanding - basic and fully diluted | 44,525,964 | 64,713,096 | 44,525,964 | 67,033,875 | 61,783,172 |
| Comprehensive Loss: |
| Net loss attributable to Flex Fuels Energy, Inc. Common Shareholders | $(627,484) | $(5,105,067) | $(1,260,954) | $(5,797,152) | $(37,284,413) |
| Other comprehensive income (loss), net of tax: |
| Foreign currency translation adjustment, net of tax | (9,652) | 6,553 | (353,521) | 6,553 | 303,432 |
| Foreign currency translation adjustment attributable to discontinued operations, net of tax | | 4,243,015 | | 4,097,587 |
| Total other comprehensive loss, net of tax | (637,136) | (855,499) | (1,614,475) | (1,693,012) | (36,980,981) |
| Comprehensive (income) loss attributable to the non-contolling interest | 465 | (6,553) | 7,259 | (6,553) | 6,747 |
| Comprehensive loss attributable to the Flex Fuels Energy Inc. Common Shareholders | $(636,671) | $(862,052) | $(1,607,216) | $(1,699,565) | $(36,974,234) |
|
|