10-Q/A Filing

GLOBAL FOOD TECHNOLOGIES, INC. CIK: 1122108 Q2 2011

Filing Information

Form Type	10-Q/A
Accession Number	`0001144204-11-052246`
Period End Date	20110630
Filing Date	20110912
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	ck0001122108-20110630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 56 Cash Flow Statement 39 Stockholders Equity 10

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$993.98K	USD	Point-in-time
Cash	`Cash`	$1.00M	USD	Point-in-time
Cash	`Cash`	$22.14K	USD	Point-in-time
Cash	`Cash`	$72.43K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$2.97K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$30.94K	USD	Point-in-time
Inventory	`InventoryNet`	$124.14K	USD	Point-in-time
Inventory	`InventoryNet`	$135.98K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$44.28K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$36.70K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.17M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.20M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Fixed Assets - net	`PropertyPlantAndEquipmentNet`	$1.02M	USD	Point-in-time
Fixed Assets - net	`PropertyPlantAndEquipmentNet`	$983.04K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Other Asset	`OtherAssetsNoncurrent`	$23.19K	USD	Point-in-time
Other Asset	`OtherAssetsNoncurrent`	$23.19K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	31.10M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$2.25M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.18M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.40M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	30.40M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	31.10M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$104.05K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$131.57K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$869.36K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$693.10K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$640.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$640.00K	USD	Point-in-time
Note payable - others	`OtherNotesPayableCurrent`	$246.00K	USD	Point-in-time
Note payable - others	`OtherNotesPayableCurrent`	$246.00K	USD	Point-in-time
Trade finance notes payable	`TradeNotesPayableCurrent`	$1.21M	USD	Point-in-time
Trade finance notes payable	`TradeNotesPayableCurrent`	$1.18M	USD	Point-in-time
Short term convertible note payable	`ConvertibleNotesPayableCurrent`	$1.30M	USD	Point-in-time
Short term convertible note payable	`ConvertibleNotesPayableCurrent`	$1.30M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.16M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.39M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $.0001 par value, 20,000,000 shares authorized, Series A and B, none issued and outstanding, Series C, 399,613 shares issued and outstanding at June 30, 2011 and December 31, 2010.	`PreferredStockValue`	$40.00	USD	Point-in-time
Preferred stock, $.0001 par value, 20,000,000 shares authorized, Series A and B, none issued and outstanding, Series C, 399,613 shares issued and outstanding at June 30, 2011 and December 31, 2010.	`PreferredStockValue`	$40.00	USD	Point-in-time
Common stock, $.0001 par value, 100,000,000 shares authorized, 31,102,412 and 30,400,014 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively.	`CommonStockValue`	$3.11K	USD	Point-in-time
Common stock, $.0001 par value, 100,000,000 shares authorized, 31,102,412 and 30,400,014 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively.	`CommonStockValue`	$3.04K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$62.44M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$64.04M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-66.26M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-64.36M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-1.91M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-2.22M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$2.25M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$2.18M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$11.87K	USD	1 Quarter
Revenues	`Revenues`	$635.80K	USD	2 Qtrs
Revenues	`Revenues`	$314.48K	USD	1 Quarter
Revenues	`Revenues`	$101.44K	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$314.33K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$645.40K	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$11.89K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$89.49K	USD	2 Qtrs
Gross profit (loss)	`GrossProfit`	$-9.60K	USD	2 Qtrs
Gross profit (loss)	`GrossProfit`	$11.95K	USD	2 Qtrs
Gross profit (loss)	`GrossProfit`	$-18.00	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$144.00	USD	1 Quarter
Marketing	`MarketingExpense`	$354.57K	USD	1 Quarter
Marketing	`MarketingExpense`	$199.26K	USD	1 Quarter
Marketing	`MarketingExpense`	$468.78K	USD	2 Qtrs
Marketing	`MarketingExpense`	$633.99K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$673.51K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$322.08K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$719.68K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$302.18K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$522.89K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$256.11K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$363.82K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$188.90K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$41.96K	USD	2 Qtrs
Depreciation	`DepreciationAndAmortization`	$18.44K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$37.92K	USD	2 Qtrs
Depreciation	`DepreciationAndAmortization`	$20.98K	USD	1 Quarter
Interest	`InterestExpense`	$62.80K	USD	2 Qtrs
Interest	`InterestExpense`	$103.25K	USD	1 Quarter
Interest	`InterestExpense`	$206.20K	USD	2 Qtrs
Interest	`InterestExpense`	$34.96K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$1.91M	USD	2 Qtrs
Total Operating Expenses	`OperatingExpenses`	$1.82M	USD	2 Qtrs
Total Operating Expenses	`OperatingExpenses`	$901.59K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$899.14K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-899.16K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-901.45K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-1.90M	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-1.83M	USD	2 Qtrs
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$23.98K	USD	2 Qtrs
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$11.99K	USD	1 Quarter
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$11.87K	USD	1 Quarter
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$22.50K	USD	2 Qtrs
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.85M	USD	2 Qtrs
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-913.31K	USD	1 Quarter
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-911.15K	USD	1 Quarter
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.92M	USD	2 Qtrs
Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	2 Qtrs
Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	2 Qtrs
Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	29.81M	shares	1 Quarter
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	29.79M	shares	2 Qtrs
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	30.87M	shares	1 Quarter
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	30.70M	shares	2 Qtrs

Cash Flow Statement 39 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-899.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-901.45K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.90M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.83M	USD	2 Qtrs
Depreciation	`Depreciation`	$41.96K	USD	2 Qtrs
Depreciation	`Depreciation`	$37.92K	USD	2 Qtrs
Stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$48.25K	USD	2 Qtrs
Stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$310.63K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-120.43K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-27.97K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$11.84K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-80.41K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-7.58K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$16.50K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$7.86K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$27.53K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$367.02K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$176.27K	USD	2 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.58M	USD	2 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-920.02K	USD	2 Qtrs
Proceeds from notes payable	`ProceedsFromNotesPayable`	$26.50K	USD	2 Qtrs
Proceeds from notes payable	`ProceedsFromNotesPayable`	$275.00K	USD	2 Qtrs
Sale of preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$640.76K	USD	2 Qtrs
Sale of common stock-net	`ProceedsFromIssuanceOfCommonStock`	$1.55M	USD	2 Qtrs
Sale of common stock-net	`ProceedsFromIssuanceOfCommonStock`	$54.56K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.57M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$970.32K	USD	2 Qtrs
CHANGE IN CASH	`CashPeriodIncreaseDecrease`	$-10.68K	USD	2 Qtrs
CHANGE IN CASH	`CashPeriodIncreaseDecrease`	$50.30K	USD	2 Qtrs
CASH - BEGINNING OF PERIOD	`Cash`	$993.98K	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$1.00M	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$22.14K	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$72.43K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$993.98K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$1.00M	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$22.14K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$72.43K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$75.60K	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	$48.20K	USD	2 Qtrs

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-1.91M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-2.22M	USD	Point-in-time
Sales of common stock for cash, net	`StockIssuedDuringPeriodValueNewIssues`	$1.55M	USD	2 Qtrs
Common stock issued for services	`StockIssuedDuringPeriodOfStockAndWarrantsForServicesOrClaims`	$48.25K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-899.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-901.45K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.90M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.83M	USD	2 Qtrs
Ending Balance	`StockholdersEquity`	$-1.91M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-2.22M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.