10-Q Filing

GLOBAL FOOD TECHNOLOGIES, INC. CIK: 1122108 Q2 2013

Filing Information

Form Type	10-Q
Accession Number	`0001144204-13-045456`
Period End Date	20130630
Filing Date	20130814
Fiscal Year	2013
Fiscal Period	Q2
XBRL Instance	glft-20130630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 56 Cash Flow Statement 46 Stockholders Equity 13

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$67.14K	USD	Point-in-time
Cash	`Cash`	$194.66K	USD	Point-in-time
Cash	`Cash`	$53.32K	USD	Point-in-time
Cash	`Cash`	$411.26K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$38.96K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$136.60K	USD	Point-in-time
Inventory	`InventoryNet`	$364.32K	USD	Point-in-time
Inventory	`InventoryNet`	-	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$32.43K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$30.64K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$236.17K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$845.19K	USD	Point-in-time
Property and Equipment , net	`PropertyPlantAndEquipmentNet`	$560.03K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and Equipment , net	`PropertyPlantAndEquipmentNet`	$629.20K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$26.10K	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`	$27.33K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$823.53K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.21M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	32.81M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	33.01M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$1.50M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	32.81M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	33.01M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$324.63K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$164.96K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$764.02K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$807.59K	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	`Tradeandequipmentnotespayablecurrent`	$1.20M	USD	Point-in-time
Trade finance notes payable	`Tradeandequipmentnotespayablecurrent`	$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
Short term convertible note payable	`ConvertibleNotesPayableCurrent`	$1.30M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.52M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.30M	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, 33,014,802 and 32,810,851 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively.	`CommonStockValue`	$3.28K	USD	Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized, 33,014,802 and 32,810,851 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively.	`CommonStockValue`	$3.30K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$68.83M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$68.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-71.13M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-72.52M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-2.80M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-3.69M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$823.53K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$1.50M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$830.03K	USD	2 Qtrs
Revenues	`Revenues`	$580.79K	USD	1 Quarter
Revenues	`Revenues`	$66.28K	USD	2 Qtrs
Revenues	`Revenues`	$36.54K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$770.30K	USD	2 Qtrs
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`	$533.07K	USD	1 Quarter
Gross profit	`GrossProfit`	$3.97K	USD	1 Quarter
Gross profit	`GrossProfit`	$47.72K	USD	1 Quarter
Gross profit	`GrossProfit`	$7.08K	USD	2 Qtrs
Gross profit	`GrossProfit`	$59.73K	USD	2 Qtrs
Marketing	`MarketingExpense`	$194.74K	USD	1 Quarter
Marketing	`MarketingExpense`	$305.32K	USD	1 Quarter
Marketing	`MarketingExpense`	$337.22K	USD	2 Qtrs
Marketing	`MarketingExpense`	$412.07K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$534.09K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$225.02K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$516.59K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$263.75K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$350.17K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$102.83K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$191.57K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$248.25K	USD	2 Qtrs
Depreciation	`Depreciation`	$34.58K	USD	1 Quarter
Depreciation	`Depreciation`	$34.58K	USD	2 Qtrs
Depreciation	`Depreciation`	$69.17K	USD	2 Qtrs
Depreciation	`Depreciation`	$17.29K	USD	1 Quarter
Interest	`InterestExpense`	$133.47K	USD	1 Quarter
Interest	`InterestExpense`	$205.24K	USD	2 Qtrs
Interest	`InterestExpense`	$207.75K	USD	2 Qtrs
Interest	`InterestExpense`	$133.27K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$1.46M	USD	2 Qtrs
Total Operating Expenses	`OperatingExpenses`	$1.45M	USD	2 Qtrs
Total Operating Expenses	`OperatingExpenses`	$801.23K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$800.63K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-753.50K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-1.45M	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-1.39M	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-796.66K	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
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$35.97K	USD	1 Quarter
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.47M	USD	2 Qtrs
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-789.47K	USD	1 Quarter
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.53M	USD	2 Qtrs
Net loss available to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-832.62K	USD	1 Quarter
Loss per common share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.03	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`	$-0.04	USD	2 Qtrs
Loss per common share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	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`	32.98M	shares	1 Quarter
Weighted average common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	31.76M	shares	1 Quarter
Weighted average common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	32.93M	shares	2 Qtrs

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-753.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.45M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.39M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-796.66K	USD	1 Quarter
Depreciation	`Depreciation`	$34.58K	USD	1 Quarter
Depreciation	`Depreciation`	$34.58K	USD	2 Qtrs
Depreciation	`Depreciation`	$69.17K	USD	2 Qtrs
Depreciation	`Depreciation`	$17.29K	USD	1 Quarter
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	-	USD	2 Qtrs
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$-87.50K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.81K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$97.64K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-364.32K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-66.53K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$15.53K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.79K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$1.23K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$2.91K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$159.67K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-81.35K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$74.23K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$160.57K	USD	2 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-741.03K	USD	2 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.30M	USD	2 Qtrs
Proceeds from issuance of trade finance notes payable	`ProceedsFromNotesPayable`	$50.00K	USD	2 Qtrs
Proceeds from issuance of trade finance notes payable	`ProceedsFromNotesPayable`	$205.00K	USD	2 Qtrs
Repayment of trade finance notes payable	`RepaymentsOfNotesPayable`	$5.00K	USD	2 Qtrs
Repayment of trade finance notes payable	`RepaymentsOfNotesPayable`	$40.00K	USD	2 Qtrs
Sale of common stock - net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$386.90K	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`	$396.90K	USD	2 Qtrs
CHANGE IN CASH	`CashPeriodIncreaseDecrease`	$-141.34K	USD	2 Qtrs
CHANGE IN CASH	`CashPeriodIncreaseDecrease`	$-344.13K	USD	2 Qtrs
CASH - BEGINNING OF PERIOD	`Cash`	$67.14K	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$194.66K	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$53.32K	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$411.26K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$67.14K	USD	Point-in-time
CASH - END 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`	$411.26K	USD	Point-in-time
Interest paid in cash	`InterestPaid`	$40.72K	USD	2 Qtrs
Interest paid in cash	`InterestPaid`	$77.15K	USD	2 Qtrs
Issuance of common stock for accrued liabilities	`IssuanceOfCommonStockForAccruedLiabilities`	$117.00K	USD	2 Qtrs
Issuance of common stock for accrued liabilities	`IssuanceOfCommonStockForAccruedLiabilities`	$58.50K	USD	2 Qtrs

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-2.80M	USD	Point-in-time
Balance	`StockholdersEquity`	$-3.69M	USD	Point-in-time
Issuance of common stock and warrants for cash, net of issuance costs	`IssuanceOfCommonStockAndWarrantsValueNet`	$386.90K	USD	2 Qtrs
Common stock issued for accrued liabilities	`StockIssuedDuringPeriodValueNewIssues`	$117.00K	USD	2 Qtrs
Common stock issued for accrued liabilities (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	26,000.00	shares	Point-in-time
Common stock issued for accrued liabilities (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	26,000.00	shares	Point-in-time
Common stock issued for accrued liabilities (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	26,000.00	shares	Point-in-time
Net loss	`NetIncomeLoss`	$-753.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.45M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.39M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-796.66K	USD	1 Quarter
Balance	`StockholdersEquity`	$-2.80M	USD	Point-in-time
Balance	`StockholdersEquity`	$-3.69M	USD	Point-in-time

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