10-Q Filing

GLOBAL FOOD TECHNOLOGIES, INC. CIK: 1122108 Q3 2011

Filing Information

Form Type	10-Q
Accession Number	`0001144204-11-062048`
Period End Date	20110930
Filing Date	20111108
Fiscal Year	2011
Fiscal Period	Q3
XBRL Instance	ck0001122108-20110930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 56 Cash Flow Statement 41 Stockholders Equity 10

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$22.14K	USD	Point-in-time
Cash	`Cash`	$143.42K	USD	Point-in-time
Cash	`Cash`	$150.73K	USD	Point-in-time
Cash	`Cash`	$1.00M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$848.00	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$30.94K	USD	Point-in-time
Inventory	`InventoryNet`	$101.43K	USD	Point-in-time
Inventory	`InventoryNet`	$124.14K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$48.01K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$44.28K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$293.71K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.20M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Fixed Assets - net	`PropertyPlantAndEquipmentNet`	$1.02M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Fixed Assets - net	`PropertyPlantAndEquipmentNet`	$964.61K	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`	30.40M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	31.17M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$1.28M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.25M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	30.40M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	31.17M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$156.69K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$104.05K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$693.10K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$989.31K	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`	$1.18M	USD	Point-in-time
Trade finance notes payable	`TradeNotesPayableCurrent`	$1.01M	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`	$4.34M	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 September 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 September 30, 2011 and December 31, 2010.	`PreferredStockValue`	$40.00	USD	Point-in-time
Common stock, $.0001 par value, 100,000,000 shares authorized, 31,171,605 and 30,400,014 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively.	`CommonStockValue`	$3.12K	USD	Point-in-time
Common stock, $.0001 par value, 100,000,000 shares authorized, 31,171,605 and 30,400,014 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively.	`CommonStockValue`	$3.04K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$64.21M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$62.44M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-67.27M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-64.36M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-3.06M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-1.91M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$1.28M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$2.25M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$933.25K	USD	3 Qtrs
Revenues	`Revenues`	$5.94K	USD	1 Quarter
Revenues	`Revenues`	$297.45K	USD	1 Quarter
Revenues	`Revenues`	$107.37K	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$937.18K	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$95.26K	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$5.77K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$291.78K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$5.67K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$12.11K	USD	3 Qtrs
Gross profit (loss)	`GrossProfit`	$162.00	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-3.92K	USD	3 Qtrs
Marketing	`MarketingExpense`	$194.00K	USD	1 Quarter
Marketing	`MarketingExpense`	$662.78K	USD	3 Qtrs
Marketing	`MarketingExpense`	$906.97K	USD	3 Qtrs
Marketing	`MarketingExpense`	$272.99K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.01M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$455.12K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.13M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$290.29K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$238.29K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$235.75K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$758.64K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$602.11K	USD	3 Qtrs
Depreciation	`DepreciationAndAmortization`	$20.98K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$56.36K	USD	3 Qtrs
Depreciation	`DepreciationAndAmortization`	$62.94K	USD	3 Qtrs
Depreciation	`DepreciationAndAmortization`	$18.43K	USD	1 Quarter
Interest	`InterestExpense`	$104.45K	USD	1 Quarter
Interest	`InterestExpense`	$103.87K	USD	3 Qtrs
Interest	`InterestExpense`	$41.07K	USD	1 Quarter
Interest	`InterestExpense`	$310.65K	USD	3 Qtrs
Total Operating Expenses	`OperatingExpenses`	$2.69M	USD	3 Qtrs
Total Operating Expenses	`OperatingExpenses`	$2.92M	USD	3 Qtrs
Total Operating Expenses	`OperatingExpenses`	$1.01M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$863.62K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-2.90M	USD	3 Qtrs
NET LOSS	`NetIncomeLoss`	$-2.69M	USD	3 Qtrs
NET LOSS	`NetIncomeLoss`	$-1.01M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-857.95K	USD	1 Quarter
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$11.99K	USD	1 Quarter
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$11.99K	USD	1 Quarter
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$35.97K	USD	3 Qtrs
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$34.12K	USD	3 Qtrs
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-869.94K	USD	1 Quarter
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.02M	USD	1 Quarter
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.72M	USD	3 Qtrs
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.94M	USD	3 Qtrs
Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	3 Qtrs
Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.10	USD	3 Qtrs
Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	29.84M	shares	3 Qtrs
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	30.84M	shares	3 Qtrs
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	31.14M	shares	1 Quarter
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	29.95M	shares	1 Quarter

Cash Flow Statement 41 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.90M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.69M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.01M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-857.95K	USD	1 Quarter
Depreciation	`Depreciation`	$56.36K	USD	3 Qtrs
Depreciation	`Depreciation`	$62.94K	USD	3 Qtrs
Stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$181.45K	USD	3 Qtrs
Stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$385.88K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-118.31K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-30.09K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-22.71K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-388.27K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$3.72K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-9.09K	USD	3 Qtrs
Other asset	`IncreaseDecreaseInOtherOperatingAssets`	$-3.40K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$52.65K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-366.23K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$487.60K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$296.21K	USD	3 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.60M	USD	3 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.27M	USD	3 Qtrs
Proceeds from trade financing notes payable	`ProceedsFromNotesPayable`	$283.30K	USD	3 Qtrs
Proceeds from trade financing notes payable	`ProceedsFromNotesPayable`	$69.00K	USD	3 Qtrs
Repayment of trade financing notes payable	`RepaymentsOfNotesPayable`	$242.50K	USD	3 Qtrs
Sale of preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$640.76K	USD	3 Qtrs
Sale of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$805.06K	USD	3 Qtrs
Sale of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$1.58M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.41M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.73M	USD	3 Qtrs
CHANGE IN CASH	`CashPeriodIncreaseDecrease`	$-861.23K	USD	3 Qtrs
CHANGE IN CASH	`CashPeriodIncreaseDecrease`	$128.60K	USD	3 Qtrs
CASH - BEGINNING OF PERIOD	`Cash`	$22.14K	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$143.42K	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$150.73K	USD	Point-in-time
CASH - BEGINNING 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`	$143.42K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$150.73K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$1.00M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$75.60K	USD	3 Qtrs
Cash paid for interest	`InterestPaid`	$79.63K	USD	3 Qtrs

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-3.06M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-1.91M	USD	Point-in-time
Sales of common stock for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$1.58M	USD	3 Qtrs
Common stock issued for services	`StockIssuedDuringPeriodOfStockAndWarrantsForServicesOrClaims`	$181.45K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.90M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.69M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.01M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-857.95K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-3.06M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-1.91M	USD	Point-in-time

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