10-K Filing

GLOBAL FOOD TECHNOLOGIES, INC. CIK: 1122108 FY 2012

Filing Information

Form Type	10-K
Accession Number	`0001144204-13-016404`
Period End Date	20121231
Filing Date	20130320
Fiscal Year	2012
Fiscal Period	FY
XBRL Instance	glft-20121231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 59 Income Statement 30 Cash Flow Statement 44 Stockholders Equity 16

Balance Sheet 59 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$411.26K	USD	Point-in-time
Cash	`Cash`	$1.00M	USD	Point-in-time
Cash	`Cash`	$194.66K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$38.96K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$11.59K	USD	Point-in-time
Convertible Series C Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$67.94K	USD	Point-in-time
Convertible Series C Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$364.32K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$30.64K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$42.18K	USD	Point-in-time
Convertible Series C Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Convertible Series C Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$316.37K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$845.19K	USD	Point-in-time
PROPERTY AND EQUIPMENT, NET	`PropertyPlantAndEquipmentNet`	$947.32K	USD	Point-in-time
PROPERTY AND EQUIPMENT, NET	`PropertyPlantAndEquipmentNet`	$629.20K	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$26.10K	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$23.19K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.29M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.50M	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
Common stock, shares issued	`CommonStockSharesIssued`	31.50M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$164.96K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	32.81M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$168.38K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$838.62K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	32.81M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	31.50M	shares	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$764.02K	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
Convertible notes payable - other	`OtherNotesPayableCurrent`	$246.00K	USD	Point-in-time
Convertible notes payable - other	`OtherNotesPayableCurrent`	$246.00K	USD	Point-in-time
Trade finance and equipment notes payable	`Tradeandequipmentnotespayablecurrent`	$1.19M	USD	Point-in-time
Trade finance and equipment notes payable	`Tradeandequipmentnotespayablecurrent`	$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`	$4.30M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.18M	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, $0.0001 par value, 1,500,000 shares authorized, 399,613 shares issued and outstanding at December 31, 2012 and 2011, 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 at December 31, 2012 and 2011, 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, 32,810,851 and 31,502,325 shares issued and outstanding, respectively at December 31, 2012 and 2011	`CommonStockValue`	$3.28K	USD	Point-in-time
Common Stock, $0.0001 par value, 100,000,000 shares authorized, 32,810,851 and 31,502,325 shares issued and outstanding, respectively at December 31, 2012 and 2011	`CommonStockValue`	$3.15K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$68.32M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$65.16M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-68.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-71.13M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.80M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.91M	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`	$1.50M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$133.08K	USD	Annual
Sales	`Revenues`	$377.04K	USD	Annual
Cost of sales	`CostOfGoodsSold`	$343.58K	USD	Annual
Cost of sales	`CostOfGoodsSold`	$110.68K	USD	Annual
Gross profit	`GrossProfit`	$33.46K	USD	Annual
Gross profit	`GrossProfit`	$22.39K	USD	Annual
Marketing	`MarketingExpense`	$584.66K	USD	Annual
Marketing	`MarketingExpense`	$823.85K	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.12M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.46M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$897.75K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$673.44K	USD	Annual
Depreciation	`DepreciationAndAmortization`	$86.46K	USD	Annual
Depreciation	`DepreciationAndAmortization`	$73.65K	USD	Annual
Impairment of property and equipment	`Impairmentofassets`	$231.65K	USD	Annual
Impairment of property and equipment	`Impairmentofassets`	-	USD	Annual
Interest	`InterestExpense`	$413.59K	USD	Annual
Interest	`InterestExpense`	$460.98K	USD	Annual
Total Expenses	`OperatingExpenses`	$3.11M	USD	Annual
Total Expenses	`OperatingExpenses`	$3.71M	USD	Annual
NET LOSS	`NetIncomeLoss`	$-3.08M	USD	Annual
NET LOSS	`NetIncomeLoss`	$-3.69M	USD	Annual
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$143.86K	USD	Annual
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$143.86K	USD	Annual
Net loss attributable to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.22M	USD	Annual
Net loss attributable to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.83M	USD	Annual
Loss per common share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	Annual
Loss per common share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.10	USD	Annual
Weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	32.03M	shares	Annual
Weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	30.97M	shares	Annual

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.08M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.69M	USD	Annual
Depreciation	`Depreciation`	$86.46K	USD	Annual
Depreciation	`Depreciation`	$73.65K	USD	Annual
Impairment of assets	`Impairmentofassets`	$231.65K	USD	Annual
Impairment of assets	`Impairmentofassets`	-	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$-144.88K	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$-297.47K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-19.35K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$27.37K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-56.20K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$296.38K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-11.54K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-2.10K	USD	Annual
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	-	USD	Annual
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$2.91K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$64.33K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-3.42K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$159.40K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$379.52K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.77M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.80M	USD	Annual
Proceeds from trade finance notes payable	`ProceedsFromNotesPayable`	$210.00K	USD	Annual
Proceeds from trade finance notes payable	`ProceedsFromNotesPayable`	$93.13K	USD	Annual
Principal payments on trade finance notes payable	`RepaymentsOfNotesPayable`	$5.00K	USD	Annual
Principal payments on trade finance notes payable	`RepaymentsOfNotesPayable`	$247.00K	USD	Annual
Proceeds from sale of common stock and warrants, net	`ProceedsFromIssuanceOfCommonStock`	$2.14M	USD	Annual
Proceeds from sale of common stock and warrants, net	`ProceedsFromIssuanceOfCommonStock`	$2.79M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.99M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.99M	USD	Annual
NET INCREASE (DECREASE) IN CASH	`CashPeriodIncreaseDecrease`	$-809.99K	USD	Annual
NET INCREASE (DECREASE) IN CASH	`CashPeriodIncreaseDecrease`	$216.60K	USD	Annual
CASH - BEGINNING OF YEAR	`Cash`	$411.26K	USD	Point-in-time
CASH - BEGINNING OF YEAR	`Cash`	$1.00M	USD	Point-in-time
CASH - BEGINNING OF YEAR	`Cash`	$194.66K	USD	Point-in-time
CASH - END OF YEAR	`Cash`	$411.26K	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
Interest paid in cash	`InterestPaid`	$155.87K	USD	Annual
Interest paid in cash	`InterestPaid`	$152.40K	USD	Annual
Issuance of common stock for accrued liabilities	`IssuanceOfCommonStockForAccruedLiabilities`	$234.00K	USD	Annual
Issuance of common stock for accrued liabilities	`IssuanceOfCommonStockForAccruedLiabilities`	$234.00K	USD	Annual
Issuance of common stock for conversion of note payable	`DebtConversionConvertedInstrumentAmount1`	$43.00K	USD	Annual
Issuance of common stock for conversion of note payable	`DebtConversionConvertedInstrumentAmount1`	-	USD	Annual

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-2.80M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.91M	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`	$2.79M	USD	Annual
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
Common stock issued for services and accrued liabilities	`StockIssuedDuringPeriodValueNewIssues`	$378.88K	USD	Annual
Common stock issued for services and accrued liabilities	`StockIssuedDuringPeriodValueNewIssues`	$531.47K	USD	Annual
Common stock issued for services and accrued liabilities (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	26,000.00	shares	2 Qtrs
Common stock issued for services and accrued liabilities (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	26,000.00	shares	2 Qtrs
Common stock issued for services and accrued liabilities (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	26,000.00	shares	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.08M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.69M	USD	Annual
Balance	`StockholdersEquity`	$-2.80M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.91M	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.