10-Q Filing

GLOBAL FOOD TECHNOLOGIES, INC. CIK: 1122108 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001144204-12-026641`
Period End Date	20120331
Filing Date	20120508
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	ck0001122108-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 28 Cash Flow Statement 37 Stockholders Equity 8

Balance Sheet 62 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
Cash	`Cash`	$747.22K	USD	Point-in-time
Cash	`Cash`	$29.16K	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`	$1.00M	USD	Point-in-time
Convertible Series C Preferred Stock, shares issued	`PreferredStockSharesIssued`	399,613.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$12.10K	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`	$11.59K	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`	$67.94K	USD	Point-in-time
Inventory	`InventoryNet`	$40.51K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$74.66K	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
Total Current Assets	`AssetsCurrent`	$156.43K	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
Total Current Assets	`AssetsCurrent`	$316.37K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	31.50M	shares	Point-in-time
Property and Equipment , net	`PropertyPlantAndEquipmentNet`	$930.02K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	31.56M	shares	Point-in-time
Property and Equipment , net	`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
Common stock, shares outstanding	`CommonStockSharesOutstanding`	31.56M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	31.50M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$1.29M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$168.38K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$185.71K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$909.97K	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
Note payable - other	`OtherNotesPayableCurrent`	$246.00K	USD	Point-in-time
Note payable - other	`OtherNotesPayableCurrent`	$246.00K	USD	Point-in-time
Trade finance notes payable	`TradeNotesPayableCurrent`	$982.42K	USD	Point-in-time
Trade finance notes payable	`TradeNotesPayableCurrent`	$1.19M	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`	$4.47M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.18M	USD	Point-in-time
Convertible Series C Preferred stock, $0.0001 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, $0.0001 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, $0.0001 par value, 100,000,000 shares authorized, 31,562,354 and 31,502,325 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively.	`CommonStockValue`	$3.15K	USD	Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized, 31,562,354 and 31,502,325 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively.	`CommonStockValue`	$3.16K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$65.16M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$65.34M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-68.71M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-68.05M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-3.36M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-2.89M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$1.29M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$1.11M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$29.74K	USD	1 Quarter
Revenues	`Revenues`	$89.57K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$77.60K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$26.62K	USD	1 Quarter
Gross profit	`GrossProfit`	$3.12K	USD	1 Quarter
Gross profit	`GrossProfit`	$11.96K	USD	1 Quarter
Marketing	`MarketingExpense`	$269.51K	USD	1 Quarter
Marketing	`MarketingExpense`	$142.48K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$351.43K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$270.33K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$266.79K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$158.60K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$19.49K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$17.29K	USD	1 Quarter
Interest	`InterestExpense`	$71.97K	USD	1 Quarter
Interest	`InterestExpense`	$102.94K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$1.01M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$660.67K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-657.56K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-998.19K	USD	1 Quarter
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$106.42K	USD	1 Quarter
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$58.47K	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.06M	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-763.98K	USD	1 Quarter
Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	31.53M	shares	1 Quarter
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	30.58M	shares	1 Quarter

Cash Flow Statement 37 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-657.56K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-998.19K	USD	1 Quarter
Depreciation	`Depreciation`	$17.29K	USD	1 Quarter
Depreciation	`Depreciation`	$19.49K	USD	1 Quarter
Common stock issued for services	`ShareBasedCompensation`	$29.00K	USD	1 Quarter
Common stock issued for services	`ShareBasedCompensation`	$13.90K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-21.08K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$504.00	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-73.84K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-27.43K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$32.48K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$4.29K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$17.33K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$7.18K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$71.35K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$63.07K	USD	1 Quarter
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-803.93K	USD	1 Quarter
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-528.15K	USD	1 Quarter
CASH FLOWS FROM INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
CASH FLOWS FROM INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	$205.00K	USD	1 Quarter
Sale of common stock - net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$157.65K	USD	1 Quarter
Sale of common stock - net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$546.50K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$362.65K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$546.50K	USD	1 Quarter
CHANGE IN CASH	`CashPeriodIncreaseDecrease`	$-165.50K	USD	1 Quarter
CHANGE IN CASH	`CashPeriodIncreaseDecrease`	$-257.43K	USD	1 Quarter
CASH - BEGINNING OF PERIOD	`Cash`	$747.22K	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$29.16K	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$194.66K	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$1.00M	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$747.22K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$29.16K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$194.66K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$1.00M	USD	Point-in-time
Interest paid	`InterestPaid`	$33.92K	USD	1 Quarter
Interest paid	`InterestPaid`	$35.64K	USD	1 Quarter

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-3.36M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-2.89M	USD	Point-in-time
Issuance of common stock and warrants for cash, net of issuance costs	`IssuanceOfCommonStockAndWarrantsValueNet`	$157.65K	USD	1 Quarter
Common stock issued for services	`StockIssuedDuringPeriodValueNewIssues`	$29.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-657.56K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-998.19K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-3.36M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-2.89M	USD	Point-in-time

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