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Flex Fuels Energy, Inc.

SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30


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Selected tables from the SEC filing

Table 0

Financial table in standard format

PART I FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Page
Condensed Consolidated Balance Sheets as of June 30, 2010 (unaudited)
andDecember 31, 2009
4
Condensed Consolidated Statements of Operations for the three and six month periods ended June 30, 2010 and June 30, 2009 (unaudited)
and the period from March 10, 2006 (date of inception) to June 30, 2010 (unaudited)
5
Condensed Consolidated Statement of Stockholders Equity for the period from March 10, 2006 (date of inception) through June 30, 2010 (unaudited)
6
Condensed Consolidated Statements of Cash Flows for the six month periods ended June 30, 2010 and June 30, 2009 (unaudited)
and for the period from March 10, 2006 (date of inception) to June 30, 2010 (unaudited)
7
Notes to Condensed Consolidated Financial Statements (unaudited)
8
Flex Fuels Energy, Inc. CIK:1370030
Notes to Condensed Consolidated Financial Statements (unaudited)8
Data column 1: Unable to interpret date in column header

Table 1

Financial table in standard format

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 expenses17,06716,668
Value added tax and other receivables26,20410,965
Current assets of discontinued operations9,26716,701
Total Current Assets5,363,9426,815,552
Property and equipment7,591
Security deposits and other assets26,87620,461
Total Assets$5,398,409$6,836,013
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable$366,051$347,934
Accrued expenses41,28620,645
Taxation and social security26,86010,173
Liabilities of discontinued operations704
Total Current Liabilities434,197379,456
Total Liabilities434,197379,456
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, 200944,52644,526
Additional Paid-in Capital42,213,23441,987,541
Accumulated other comprehensive income (loss) - foreign currency translation adjustment310,179656,441
Deficit accumulated during development stage(37,292,738)(36,023,459)
Total Flex Fuels Energy, Inc. Stockholders' Equity5,275,2016,665,049
Non Controlling Interest(310,989)(208,492)
Total stockholders' equity4,964,2126,456,557
Total Stockholders' Equity and Liabilities$5,398,409$6,836,013

Table 2

Table column format standardization was unsuccessful.

FLEX FUELS ENERGY, INC. AND SUBSIDIARIES
(A Development Stage Company)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
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Row 0
   [0..19)   [0..0] (stub): 'FLEX FUELS ENERGY, INC. AND SUBSIDIARIES'

Row 1
   [0..20)   [0..0] (stub): '(A Development Stage Company)'

Row 2
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Row 3
   [0..19)   [0..0] (stub): '(unaudited)'



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Table attributes: incomestatement

Table 3

Financial table in standard format

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 costs21,726
Selling, general and administrative charges708,679374,0531,375,695767,4026,556,879
Impairment loss - mineral claims10,000
Total operating expense708,679374,0531,375,695767,4026,588,605
Operating loss(708,679)(374,053)(1,375,695)(767,402)(6,588,605)
Other income (expense):
Interest and other income7,12642210,98542279,370
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 tax27,596(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 interest8,3258,3258,325
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)$(0.60)
Weighted average number of common
shares outstanding - basic and fully diluted44,525,96464,713,09644,525,96467,033,87561,783,172
Comprehensive Loss:
Net loss attributable to Flex Fuels Energy, Inc. Common Shareholders$(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)6,553303,432
Foreign currency translation adjustment attributable to discontinued operations, net of tax4,243,0154,097,587
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 interest465(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)
Data column 5: "numyear" is ambiguous (2006 or 2010)
Data column 5: "month" is ambiguous (3 or 6)
Data column 5: "dayofmonth" is ambiguous (10 or 30)
Data column 5: Unable to interpret date in column header

Original filing from SEC EDGAR system.