10-K Filing

GLOBAL FOOD TECHNOLOGIES, INC. CIK: 1122108 FY 2011

Filing Information

Form Type	10-K
Accession Number	`0001144204-12-018094`
Period End Date	20111231
Filing Date	20120329
Fiscal Year	2011
Fiscal Period	FY
XBRL Instance	ck0001122108-20111231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 28 Cash Flow Statement 43 Stockholders Equity 11

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Convertible Series C Preferred Stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Convertible Series C Preferred Stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Convertible Series C Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	1.50M	shares	Point-in-time
Convertible Series C Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	1.50M	shares	Point-in-time
Convertible Series C Preferred Stock, shares issued	`PreferredStockSharesIssued`	399,613.00	shares	Point-in-time
Cash	`Cash`	$1.00M	USD	Point-in-time
Convertible Series C Preferred Stock, shares issued	`PreferredStockSharesIssued`	399,613.00	shares	Point-in-time
Cash	`Cash`	$194.66K	USD	Point-in-time
Cash	`Cash`	$22.14K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$11.59K	USD	Point-in-time
Convertible Series C Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	399,613.00	shares	Point-in-time
Convertible Series C Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	399,613.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$30.94K	USD	Point-in-time
Convertible Series C Preferred Stock, liquidation preference	`PreferredStockLiquidationPreference`	$4.50	USD	Point-in-time
Convertible Series C Preferred Stock, liquidation preference	`PreferredStockLiquidationPreference`	$4.50	USD	Point-in-time
Inventory	`InventoryNet`	$124.14K	USD	Point-in-time
Inventory	`InventoryNet`	$67.94K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$42.18K	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
Prepaid expenses	`PrepaidExpenseCurrent`	$44.28K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$316.37K	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.20M	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	30.40M	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	31.50M	shares	Point-in-time
iPura systems equipment	`MachineryAndEquipmentGross`	$1.15M	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	31.50M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	30.40M	shares	Point-in-time
iPura systems equipment	`MachineryAndEquipmentGross`	$1.15M	USD	Point-in-time
Furniture and fixtures	`FurnitureAndFixturesGross`	$73.78K	USD	Point-in-time
Furniture and fixtures	`FurnitureAndFixturesGross`	$73.78K	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$207.78K	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$281.43K	USD	Point-in-time
Property, Plant and Equipment, Net, Total	`PropertyPlantAndEquipmentNet`	$1.02M	USD	Point-in-time
Property, Plant and Equipment, Net, Total	`PropertyPlantAndEquipmentNet`	$947.32K	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$23.19K	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$23.19K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.25M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.29M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$168.38K	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`	$838.62K	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
Notes payable - other	`OtherNotesPayableCurrent`	$246.00K	USD	Point-in-time
Notes payable - other	`OtherNotesPayableCurrent`	$246.00K	USD	Point-in-time
Trade finance and equipment notes payable	`TradeNotesPayableCurrent`	$982.42K	USD	Point-in-time
Trade finance and equipment 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`	$4.18M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.16M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Convertible Series C Preferred Stock, $.0001 par value, 1,500,000 shares authorized, 399,613 shares issued and outstanding, liquidation preference of $4.50 per share	`PreferredStockValue`	$40.00	USD	Point-in-time
Convertible Series C Preferred Stock, $.0001 par value, 1,500,000 shares authorized, 399,613 shares issued and outstanding, liquidation preference of $4.50 per share	`PreferredStockValue`	$40.00	USD	Point-in-time
Common Stock, $.0001 par value, 100,000,000 shares authorized, 31,502,325 and 30,400,014 shares issued and outstanding, respectively at December 31, 2011 and 2010	`CommonStockValue`	$3.15K	USD	Point-in-time
Common Stock, $.0001 par value, 100,000,000 shares authorized, 31,502,325 and 30,400,014 shares issued and outstanding, respectively at December 31, 2011 and 2010	`CommonStockValue`	$3.04K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$65.16M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$62.44M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-68.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-64.36M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.89M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-790.10K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.91M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$2.25M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$1.29M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$133.08K	USD	Annual
Sales	`Revenues`	$1.11M	USD	Annual
Cost of sales	`CostOfRevenue`	$110.68K	USD	Annual
Cost of sales	`CostOfRevenue`	$1.09M	USD	Annual
Gross profit	`GrossProfit`	$15.48K	USD	Annual
Gross profit	`GrossProfit`	$22.39K	USD	Annual
Marketing expense	`MarketingExpense`	$1.22M	USD	Annual
Marketing expense	`MarketingExpense`	$823.85K	USD	Annual
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.46M	USD	Annual
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.36M	USD	Annual
Research and development costs	`ResearchAndDevelopmentExpense`	$921.66K	USD	Annual
Research and development costs	`ResearchAndDevelopmentExpense`	$897.75K	USD	Annual
Depreciation	`DepreciationAndAmortization`	$73.65K	USD	Annual
Depreciation	`DepreciationAndAmortization`	$81.50K	USD	Annual
Interest expense	`InterestExpense`	$460.98K	USD	Annual
Interest expense	`InterestExpense`	$171.74K	USD	Annual
Total Expenses	`CostsAndExpenses`	$3.76M	USD	Annual
Total Expenses	`CostsAndExpenses`	$3.71M	USD	Annual
NET LOSS	`NetIncomeLoss`	$-3.69M	USD	Annual
NET LOSS	`NetIncomeLoss`	$-3.74M	USD	Annual
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$46.11K	USD	Annual
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$47.95K	USD	Annual
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.74M	USD	Annual
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.79M	USD	Annual
Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	Annual
Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.13	USD	Annual
Weighted average common shares outstanding	`WeightedAverageNumberBasicDilutedSharesOutstanding`	29.94M	shares	Annual
Weighted average common shares outstanding	`WeightedAverageNumberBasicDilutedSharesOutstanding`	30.97M	shares	Annual

Cash Flow Statement 43 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.69M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.74M	USD	Annual
Depreciation	`Depreciation`	$73.65K	USD	Annual
Depreciation	`Depreciation`	$81.50K	USD	Annual
Fair value of common stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$557.33K	USD	Annual
Fair value of common stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$297.47K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-159.16K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-19.35K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-56.20K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-538.47K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$8.06K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-2.10K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-2.90K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-523.99K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$64.33K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-178.71K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$379.52K	USD	Annual
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.80M	USD	Annual
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.76M	USD	Annual
Acquisition of iPura systems equipment	`PaymentsToAcquireMachineryAndEquipment`	$109.29K	USD	Annual
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-109.29K	USD	Annual
Proceeds from trade finance and equipment notes payable	`ProceedsFromNotesPayable`	$93.13K	USD	Annual
Proceeds from trade finance and equipment notes payable	`ProceedsFromNotesPayable`	$632.30K	USD	Annual
Principal payments on trade finance and equipment notes payable	`RepaymentsOfNotesPayable`	$115.00K	USD	Annual
Principal payments on trade finance and equipment notes payable	`RepaymentsOfNotesPayable`	$247.00K	USD	Annual
Proceeds from notes payable - others	`ProceedsFromOtherShortTermDebt`	$120.00K	USD	Annual
Proceeds from short term convertible note	`ProceedsFromShortTermConvertibleDebt`	$1.30M	USD	Annual
Proceeds from sale of preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$490.76K	USD	Annual
Proceeds from sale of common stock and warrants, net	`ProceedsFromIssuanceOfCommonStockAndWarrantsNet`	$1.42M	USD	Annual
Proceeds from sale of common stock and warrants, net	`ProceedsFromIssuanceOfCommonStockAndWarrantsNet`	$2.14M	USD	Annual
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.85M	USD	Annual
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.99M	USD	Annual
INCREASE (DECREASE) IN CASH	`CashPeriodIncreaseDecrease`	$982.52K	USD	Annual
INCREASE (DECREASE) IN CASH	`CashPeriodIncreaseDecrease`	$-809.99K	USD	Annual
CASH - BEGINNING OF YEAR	`Cash`	$1.00M	USD	Point-in-time
CASH - BEGINNING OF YEAR	`Cash`	$194.66K	USD	Point-in-time
CASH - BEGINNING OF YEAR	`Cash`	$22.14K	USD	Point-in-time
CASH - END OF YEAR	`Cash`	$1.00M	USD	Point-in-time
CASH - END OF YEAR	`Cash`	$194.66K	USD	Point-in-time
CASH - END OF YEAR	`Cash`	$22.14K	USD	Point-in-time
Interest paid in cash	`InterestPaid`	$155.87K	USD	Annual
Interest paid in cash	`InterestPaid`	$126.17K	USD	Annual
Issuance of common stock for conversion of note payable	`ConversionOfStockAmountIssued1`	$43.00K	USD	Annual

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-2.89M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-790.10K	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-1.91M	USD	Point-in-time
Issuance of common stock and warrants for cash	`IssuanceOfCommonStockAndWarrantsValue`	$1.42M	USD	Annual
Ending Balance	`StockholdersEquity`	$-2.89M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-790.10K	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-1.91M	USD	Point-in-time
Issuance of common stock and warrants for cash -net of issuance costs	`IssuanceOfCommonStockAndWarrantsValueNet`	$2.14M	USD	Annual
Issuance of common stock for conversion of notes payable	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$43.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-3.69M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.74M	USD	Annual

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