10-Q Filing

GLOBAL FOOD TECHNOLOGIES, INC. CIK: 1122108 Q2 2012

Filing Information

Form Type	10-Q
Accession Number	`0001144204-12-043034`
Period End Date	20120630
Filing Date	20120806
Fiscal Year	2012
Fiscal Period	Q2
XBRL Instance	glft-20120630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 56 Cash Flow Statement 44 Stockholders Equity 11

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Convertible Series C Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Convertible Series C Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$53.32K	USD	Point-in-time
Cash	`Cash`	$1.00M	USD	Point-in-time
Cash	`Cash`	$993.98K	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`	$194.66K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$19.40K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$11.59K	USD	Point-in-time
Convertible Series C Preferred stock, shares issued	`PreferredStockSharesIssued`	399,613.00	shares	Point-in-time
Convertible Series C Preferred stock, shares issued	`PreferredStockSharesIssued`	399,613.00	shares	Point-in-time
Convertible Series C Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	399,613.00	shares	Point-in-time
Inventory	`InventoryNet`	$67.94K	USD	Point-in-time
Inventory	`InventoryNet`	$1.42K	USD	Point-in-time
Convertible Series C Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	399,613.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$57.71K	USD	Point-in-time
Convertible Series C Preferred Stock, liquidation preference (in dollars per share)	`PreferredStockLiquidationPreference`	$4.50	USD	Point-in-time
Convertible Series C Preferred Stock, liquidation preference (in dollars per share)	`PreferredStockLiquidationPreference`	$4.50	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$42.18K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$131.85K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$316.37K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and Equipment , net	`PropertyPlantAndEquipmentNet`	$912.73K	USD	Point-in-time
Property and Equipment , net	`PropertyPlantAndEquipmentNet`	$947.32K	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 Assets	`OtherAssetsNoncurrent`	$26.10K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	31.95M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	31.50M	shares	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$23.19K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	31.95M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$1.29M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.07M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	31.50M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$168.38K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$87.03K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$838.62K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$854.35K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$390.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$390.00K	USD	Point-in-time
Note payable - other	`OtherNotesPayableCurrent`	$496.00K	USD	Point-in-time
Note payable - other	`OtherNotesPayableCurrent`	$496.00K	USD	Point-in-time
Trade finance notes payable	`TradeNotesPayableCurrent`	$1.18M	USD	Point-in-time
Trade finance notes payable	`TradeNotesPayableCurrent`	$982.42K	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
Short term convertible note payable	`ConvertibleNotesPayableCurrent`	$1.30M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.31M	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, 31,949,082 and 31,502,325 shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively.	`CommonStockValue`	$3.19K	USD	Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized, 31,949,082 and 31,502,325 shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively.	`CommonStockValue`	$3.15K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$65.16M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$66.26M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-68.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-69.50M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-3.24M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-2.89M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$1.07M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$1.29M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$101.44K	USD	2 Qtrs
Revenues	`Revenues`	$11.87K	USD	1 Quarter
Revenues	`Revenues`	$66.28K	USD	2 Qtrs
Revenues	`Revenues`	$36.54K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$11.89K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$32.57K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$59.19K	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$89.49K	USD	2 Qtrs
Gross profit (loss)	`GrossProfit`	$7.08K	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`	$3.97K	USD	1 Quarter
Marketing	`MarketingExpense`	$194.74K	USD	1 Quarter
Marketing	`MarketingExpense`	$337.22K	USD	2 Qtrs
Marketing	`MarketingExpense`	$468.78K	USD	2 Qtrs
Marketing	`MarketingExpense`	$199.26K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$534.09K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$322.08K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$263.75K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$673.51K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$522.89K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$350.17K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$191.57K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$256.11K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$18.44K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$37.92K	USD	2 Qtrs
Depreciation	`DepreciationAndAmortization`	$34.58K	USD	2 Qtrs
Depreciation	`DepreciationAndAmortization`	$17.29K	USD	1 Quarter
Interest	`InterestExpense`	$133.27K	USD	1 Quarter
Interest	`InterestExpense`	$205.24K	USD	2 Qtrs
Interest	`InterestExpense`	$103.25K	USD	1 Quarter
Interest	`InterestExpense`	$206.20K	USD	2 Qtrs
Total Operating Expenses	`OperatingExpenses`	$1.91M	USD	2 Qtrs
Total Operating Expenses	`OperatingExpenses`	$899.14K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$1.46M	USD	2 Qtrs
Total Operating Expenses	`OperatingExpenses`	$800.63K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-1.45M	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-899.16K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-796.66K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-1.90M	USD	2 Qtrs
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$35.97K	USD	1 Quarter
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$35.97K	USD	1 Quarter
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$71.93K	USD	2 Qtrs
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$71.93K	USD	2 Qtrs
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.53M	USD	2 Qtrs
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.97M	USD	2 Qtrs
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-935.13K	USD	1 Quarter
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-832.62K	USD	1 Quarter
Loss per common share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	2 Qtrs
Loss per common share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Loss per common share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Loss per common share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	2 Qtrs
Weighted average common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	30.87M	shares	1 Quarter
Weighted average common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	30.70M	shares	2 Qtrs
Weighted average common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	31.64M	shares	2 Qtrs
Weighted average common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	31.76M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.45M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-899.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-796.66K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.90M	USD	2 Qtrs
Depreciation	`Depreciation`	$34.58K	USD	2 Qtrs
Depreciation	`Depreciation`	$37.92K	USD	2 Qtrs
Common stock issued for services and liabilities	`ShareBasedCompensation`	$87.50K	USD	2 Qtrs
Common stock issued for services and liabilities	`ShareBasedCompensation`	$48.25K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.81K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-27.97K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$11.84K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-66.53K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$15.53K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-7.58K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$2.91K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	-	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-81.35K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$27.53K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$176.27K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$74.23K	USD	2 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.58M	USD	2 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.30M	USD	2 Qtrs
Proceeds from issuance of trade finance notes payable	`ProceedsFromNotesPayable`	$205.00K	USD	2 Qtrs
Proceeds from issuance of trade finance notes payable	`ProceedsFromNotesPayable`	$26.50K	USD	2 Qtrs
Repayment of trade finance notes payable	`RepaymentsOfNotesPayable`	-	USD	2 Qtrs
Repayment of trade finance notes payable	`RepaymentsOfNotesPayable`	$5.00K	USD	2 Qtrs
Sale of common stock - net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$1.55M	USD	2 Qtrs
Sale of common stock - net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$957.65K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.16M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.57M	USD	2 Qtrs
CHANGE IN CASH	`CashPeriodIncreaseDecrease`	$-10.68K	USD	2 Qtrs
CHANGE IN CASH	`CashPeriodIncreaseDecrease`	$-141.34K	USD	2 Qtrs
CASH - BEGINNING OF PERIOD	`Cash`	$53.32K	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$1.00M	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$993.98K	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$194.66K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$53.32K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$1.00M	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$993.98K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$194.66K	USD	Point-in-time
Interest paid	`InterestPaid`	$40.72K	USD	2 Qtrs
Interest paid	`InterestPaid`	$75.60K	USD	2 Qtrs
Issuance of common stock for accrued liabilities	`IssuanceOfCommonStockForAccruedLiabilities`	-	USD	2 Qtrs
Issuance of common stock for accrued liabilities	`IssuanceOfCommonStockForAccruedLiabilities`	$58.50K	USD	2 Qtrs

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-3.24M	USD	Point-in-time
Balance	`StockholdersEquity`	$-2.89M	USD	Point-in-time
Issuance of common stock and warrants for cash, net of issuance costs	`IssuanceOfCommonStockAndWarrantsValueNet`	$957.65K	USD	2 Qtrs
Issuance of common stock and warrants for cash, net of issuance costs (in shares)	`IssuanceOfCommonStockAndWarrantsSharesNet`	381,870.00	shares	2 Qtrs
Common stock issued for services and accrued liabilities	`StockIssuedDuringPeriodValueNewIssues`	$146.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.45M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-899.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-796.66K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.90M	USD	2 Qtrs
Balance	`StockholdersEquity`	$-3.24M	USD	Point-in-time
Balance	`StockholdersEquity`	$-2.89M	USD	Point-in-time

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