10-Q Filing

GLOBAL FOOD TECHNOLOGIES, INC. CIK: 1122108 Q3 2013

Filing Information

Form Type	10-Q
Accession Number	`0001144204-13-061640`
Period End Date	20130930
Filing Date	20131114
Fiscal Year	2013
Fiscal Period	Q3
XBRL Instance	glft-20130930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 60 Cash Flow Statement 52 Stockholders Equity 13

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
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`	$229.44K	USD	Point-in-time
Cash	`Cash`	$411.26K	USD	Point-in-time
Cash	`Cash`	$108.77K	USD	Point-in-time
Cash	`Cash`	$194.66K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$9.18K	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`	$38.96K	USD	Point-in-time
Inventory	`InventoryNet`	-	USD	Point-in-time
Convertible Series C Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	399,613.00	shares	Point-in-time
Inventory	`InventoryNet`	$364.32K	USD	Point-in-time
Convertible Series C Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	399,613.00	shares	Point-in-time
Convertible Series C Preferred Stock, liquidation preference (in dollars per share)	`PreferredStockLiquidationPreference`	$4.50	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$30.64K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$43.47K	USD	Point-in-time
Convertible Series C Preferred Stock, liquidation preference (in dollars per share)	`PreferredStockLiquidationPreference`	$4.50	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
Total Current Assets	`AssetsCurrent`	$161.42K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$845.19K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$292.80K	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$629.20K	USD	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`	32.81M	shares	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$29.18K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	33.03M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	32.81M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	33.03M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$1.50M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$483.40K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$164.96K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$219.65K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$877.36K	USD	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
Note payable - other	`OtherNotesPayableCurrent`	$246.00K	USD	Point-in-time
Note payable - other	`OtherNotesPayableCurrent`	$1.10M	USD	Point-in-time
Trade finance notes payable	`Tradeandequipmentnotespayablecurrent`	$684.42K	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`	$4.82M	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, 33,031,945 and 32,810,851 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively.	`CommonStockValue`	$3.30K	USD	Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized, 33,031,945 and 32,810,851 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively.	`CommonStockValue`	$3.28K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$68.32M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$68.88M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-71.13M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-73.22M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-2.80M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-4.33M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$1.50M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$483.40K	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$172.54K	USD	3 Qtrs
Revenues	`Revenues`	$106.26K	USD	1 Quarter
Revenues	`Revenues`	$830.03K	USD	3 Qtrs
Revenues	`Revenues`	-	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	-	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$153.32K	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$94.12K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$770.30K	USD	3 Qtrs
Gross profit	`GrossProfit`	$19.22K	USD	3 Qtrs
Gross profit	`GrossProfit`	$12.14K	USD	1 Quarter
Gross profit	`GrossProfit`	$59.73K	USD	3 Qtrs
Gross profit	`GrossProfit`	-	USD	1 Quarter
Marketing	`MarketingExpense`	$102.89K	USD	1 Quarter
Marketing	`MarketingExpense`	$701.75K	USD	3 Qtrs
Marketing	`MarketingExpense`	$494.78K	USD	3 Qtrs
Marketing	`MarketingExpense`	$157.56K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$825.98K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$514.96K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$185.16K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$291.89K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$509.60K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$159.43K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$319.40K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$71.16K	USD	1 Quarter
Depreciation	`Depreciation`	$35.58K	USD	1 Quarter
Depreciation	`Depreciation`	$51.88K	USD	3 Qtrs
Depreciation	`Depreciation`	$17.29K	USD	1 Quarter
Depreciation	`Depreciation`	$104.75K	USD	3 Qtrs
Interest	`InterestExpense`	$280.12K	USD	3 Qtrs
Interest	`InterestExpense`	$279.02K	USD	3 Qtrs
Interest	`InterestExpense`	$74.88K	USD	1 Quarter
Interest	`InterestExpense`	$71.27K	USD	1 Quarter
Impairment of iPura system	`ImpairmentOfLongLivedAssetsHeldForUse`	-	USD	1 Quarter
Impairment of iPura system	`ImpairmentOfLongLivedAssetsHeldForUse`	$231.65K	USD	3 Qtrs
Impairment of iPura system	`ImpairmentOfLongLivedAssetsHeldForUse`	-	USD	3 Qtrs
Impairment of iPura system	`ImpairmentOfLongLivedAssetsHeldForUse`	$231.65K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$697.72K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$701.05K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.15M	USD	3 Qtrs
Total Operating Expenses	`OperatingExpenses`	$2.16M	USD	3 Qtrs
NET LOSS	`NetIncomeLoss`	$-2.14M	USD	3 Qtrs
NET LOSS	`NetIncomeLoss`	$-688.91K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-2.09M	USD	3 Qtrs
NET LOSS	`NetIncomeLoss`	$-697.72K	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
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$35.97K	USD	1 Quarter
Undeclared dividends on Preferred Stock	`PreferredStockDividendsIncomeStatementImpact`	$107.89K	USD	3 Qtrs
Net loss attributable to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.25M	USD	3 Qtrs
Net loss attributable to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.20M	USD	3 Qtrs
Net loss attributable to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-733.68K	USD	1 Quarter
Net loss attributable to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-724.88K	USD	1 Quarter
Loss per common share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.07	USD	3 Qtrs
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`	$-0.07	USD	3 Qtrs
Loss per common share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Weighted average common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	32.96M	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`	31.81M	shares	3 Qtrs
Weighted average common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	33.02M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.14M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-688.91K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.09M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-697.72K	USD	1 Quarter
Depreciation	`Depreciation`	$35.58K	USD	1 Quarter
Depreciation	`Depreciation`	$51.88K	USD	3 Qtrs
Depreciation	`Depreciation`	$17.29K	USD	1 Quarter
Depreciation	`Depreciation`	$104.75K	USD	3 Qtrs
Impairment of iPura system	`ImpairmentOfLongLivedAssetsHeldForUse`	-	USD	1 Quarter
Impairment of iPura system	`ImpairmentOfLongLivedAssetsHeldForUse`	$231.65K	USD	3 Qtrs
Impairment of iPura system	`ImpairmentOfLongLivedAssetsHeldForUse`	-	USD	3 Qtrs
Impairment of iPura system	`ImpairmentOfLongLivedAssetsHeldForUse`	$231.65K	USD	1 Quarter
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$-124.79K	USD	3 Qtrs
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	-	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-29.78K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-6.55K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$145.21K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-364.32K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$7.52K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$12.82K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$3.08K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$2.91K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$54.96K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-80.02K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$230.33K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$172.70K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.09M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.02M	USD	3 Qtrs
Proceeds from issuance of trade finance notes payable	`ProceedsFromNotesPayable`	$50.00K	USD	3 Qtrs
Proceeds from issuance of trade finance notes payable	`ProceedsFromNotesPayable`	$205.00K	USD	3 Qtrs
Repayment of trade finance notes payable	`RepaymentsOfNotesPayable`	$553.00K	USD	3 Qtrs
Repayment of trade finance notes payable	`RepaymentsOfNotesPayable`	$5.00K	USD	3 Qtrs
Proceeds from issuance of notes payable - other	`ProceedsFromIssuanceOfDebt`	-	USD	3 Qtrs
Proceeds from issuance of notes payable - other	`ProceedsFromIssuanceOfDebt`	$850.00K	USD	3 Qtrs
Sale of common stock - net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$442.70K	USD	3 Qtrs
Sale of common stock - net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$1.86M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$789.70K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.06M	USD	3 Qtrs
NET (DECREASE) INCREASE IN CASH	`CashPeriodIncreaseDecrease`	$34.78K	USD	3 Qtrs
NET (DECREASE) INCREASE IN CASH	`CashPeriodIncreaseDecrease`	$-302.49K	USD	3 Qtrs
CASH - BEGINNING OF PERIOD	`Cash`	$229.44K	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$411.26K	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$108.77K	USD	Point-in-time
CASH - BEGINNING OF PERIOD	`Cash`	$194.66K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$229.44K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$411.26K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$108.77K	USD	Point-in-time
CASH - END OF PERIOD	`Cash`	$194.66K	USD	Point-in-time
Interest paid in cash	`InterestPaid`	$106.50K	USD	3 Qtrs
Interest paid in cash	`InterestPaid`	$111.47K	USD	3 Qtrs
Issuance of common stock for accrued liabilities	`IssuanceOfCommonStockForAccruedLiabilities`	$117.00K	USD	3 Qtrs
Issuance of common stock for accrued liabilities	`IssuanceOfCommonStockForAccruedLiabilities`	$58.50K	USD	3 Qtrs

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-2.80M	USD	Point-in-time
Balance	`StockholdersEquity`	$-4.33M	USD	Point-in-time
Issuance of common stock and warrants for cash, net of issuance costs	`IssuanceOfCommonStockAndWarrantsValueNet`	$442.70K	USD	3 Qtrs
Common stock issued for accrued liabilities	`StockIssuedDuringPeriodValueNewIssues`	$117.00K	USD	3 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`	$-2.14M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-688.91K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.09M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-697.72K	USD	1 Quarter
Balance	`StockholdersEquity`	$-2.80M	USD	Point-in-time
Balance	`StockholdersEquity`	$-4.33M	USD	Point-in-time

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