10-Q Filing

GLOBAL FOOD TECHNOLOGIES, INC. CIK: 1122108 Q3 2012

Filing Information

Form Type	10-Q
Accession Number	`0001144204-12-060967`
Period End Date	20120930
Filing Date	20121109
Fiscal Year	2012
Fiscal Period	Q3
XBRL Instance	glft-20120930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 56 Cash Flow Statement 48 Stockholders Equity 11

Balance Sheet 64 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`	$194.66K	USD	Point-in-time
Convertible Series C Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.50M	shares	Point-in-time
Cash	`Cash`	$143.42K	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
Cash	`Cash`	$229.44K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$5.04K	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
Accounts receivable	`AccountsReceivableNetCurrent`	$11.59K	USD	Point-in-time
Inventory	`InventoryNet`	$67.94K	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
Inventory	`InventoryNet`	$213.15K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$42.18K	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`	$49.70K	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
Total Current Assets	`AssetsCurrent`	$497.33K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and Equipment , net	`PropertyPlantAndEquipmentNet`	$947.32K	USD	Point-in-time
Property and Equipment , net	`PropertyPlantAndEquipmentNet`	$895.44K	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`	31.50M	shares	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$23.19K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	32.34M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$1.29M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	32.34M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$1.42M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	31.50M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$88.36K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$168.38K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$838.62K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$952.82K	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`	$4.41M	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, 32,341,255 and 31,502,325 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively.	`CommonStockValue`	$3.23K	USD	Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized, 32,341,255 and 31,502,325 shares issued and outstanding at September 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`	$67.20M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-70.19M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-68.05M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-2.99M	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`	$1.42M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$106.26K	USD	1 Quarter
Revenues	`Revenues`	$172.54K	USD	3 Qtrs
Revenues	`Revenues`	$107.37K	USD	3 Qtrs
Revenues	`Revenues`	$5.94K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$5.77K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$95.26K	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$94.12K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$153.32K	USD	3 Qtrs
Gross profit	`GrossProfit`	$12.14K	USD	1 Quarter
Gross profit	`GrossProfit`	$12.11K	USD	3 Qtrs
Gross profit	`GrossProfit`	$162.00	USD	1 Quarter
Gross profit	`GrossProfit`	$19.22K	USD	3 Qtrs
Marketing	`MarketingExpense`	$194.00K	USD	1 Quarter
Marketing	`MarketingExpense`	$662.78K	USD	3 Qtrs
Marketing	`MarketingExpense`	$494.78K	USD	3 Qtrs
Marketing	`MarketingExpense`	$157.56K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$455.12K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.13M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$825.98K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$291.89K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$235.75K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$509.60K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$758.64K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$159.43K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$51.88K	USD	3 Qtrs
Depreciation	`DepreciationAndAmortization`	$17.29K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$18.43K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$56.36K	USD	3 Qtrs
Interest	`InterestExpense`	$104.45K	USD	1 Quarter
Interest	`InterestExpense`	$74.88K	USD	1 Quarter
Interest	`InterestExpense`	$280.12K	USD	3 Qtrs
Interest	`InterestExpense`	$310.65K	USD	3 Qtrs
Total Operating Expenses	`OperatingExpenses`	$1.01M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.16M	USD	3 Qtrs
Total Operating Expenses	`OperatingExpenses`	$701.05K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.92M	USD	3 Qtrs
NET LOSS	`NetIncomeLoss`	$-2.14M	USD	3 Qtrs
NET LOSS	`NetIncomeLoss`	$-1.01M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-688.91K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-2.90M	USD	3 Qtrs
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$107.89K	USD	3 Qtrs
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$35.97K	USD	1 Quarter
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$107.89K	USD	3 Qtrs
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$35.97K	USD	1 Quarter
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.04M	USD	1 Quarter
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.01M	USD	3 Qtrs
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.25M	USD	3 Qtrs
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-724.88K	USD	1 Quarter
Loss per common share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Loss per common share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.10	USD	3 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`	$-0.07	USD	3 Qtrs
Weighted average common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	31.81M	shares	3 Qtrs
Weighted average common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	30.84M	shares	3 Qtrs
Weighted average common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	32.15M	shares	1 Quarter
Weighted average common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	31.14M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.14M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.01M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-688.91K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.90M	USD	3 Qtrs
Depreciation	`Depreciation`	$51.88K	USD	3 Qtrs
Depreciation	`Depreciation`	$56.36K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$124.79K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$181.45K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-30.09K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-6.55K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-22.71K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$145.21K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$7.52K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$3.72K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$2.91K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	-	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-80.02K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$52.65K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$172.70K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$296.21K	USD	3 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.02M	USD	3 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.27M	USD	3 Qtrs
Proceeds from issuance of trade finance notes payable	`ProceedsFromNotesPayable`	$205.00K	USD	3 Qtrs
Proceeds from issuance of trade finance notes payable	`ProceedsFromNotesPayable`	$69.00K	USD	3 Qtrs
Repayment of trade finance notes payable	`RepaymentsOfNotesPayable`	$5.00K	USD	3 Qtrs
Repayment of trade finance notes payable	`RepaymentsOfNotesPayable`	$242.50K	USD	3 Qtrs
Sale of common stock - net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$300.00K	USD	Point-in-time
Sale of common stock - net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$1.58M	USD	3 Qtrs
Sale of common stock - net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$1.70M	USD	Point-in-time
Sale of common stock - net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$1.86M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.06M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.41M	USD	3 Qtrs
CHANGE IN CASH	`CashPeriodIncreaseDecrease`	$34.78K	USD	3 Qtrs
CHANGE IN CASH	`CashPeriodIncreaseDecrease`	$-861.23K	USD	3 Qtrs
CASH - BEGINNING OF PERIOD	`Cash`	$194.66K	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$143.42K	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`	$229.44K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$194.66K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$143.42K	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`	$229.44K	USD	Point-in-time
Interest paid in cash	`InterestPaid`	$111.47K	USD	3 Qtrs
Interest paid in cash	`InterestPaid`	$75.60K	USD	3 Qtrs
Issuance of common stock for accrued liabilities	`IssuanceOfCommonStockForAccruedLiabilities`	$58.50K	USD	3 Qtrs
Issuance of common stock for accrued liabilities	`IssuanceOfCommonStockForAccruedLiabilities`	-	USD	3 Qtrs

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-2.99M	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`	$1.86M	USD	3 Qtrs
Issuance of common stock and warrants for cash, net of issuance costs (in shares)	`IssuanceOfCommonStockAndWarrantsSharesNet`	758,439.00	shares	3 Qtrs
Common stock issued for services and accrued liabilities	`StockIssuedDuringPeriodValueNewIssues`	$183.29K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.14M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.01M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-688.91K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.90M	USD	3 Qtrs
Balance	`StockholdersEquity`	$-2.99M	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.