10-K Filing

GRAPHENE & SOLAR TECHNOLOGIES LTD CIK: 1497649 FY 2012

Filing Information

Form Type	10-K
Accession Number	`0001354488-12-006628`
Period End Date	20120930
Filing Date	20121228
Fiscal Year	2012
Fiscal Period	FY
XBRL Instance	vnge-20120930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 42 Cash Flow Statement 60 Stockholders Equity 13

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Discount on Note Payable	`DebtInstrumentUnamortizedDiscount`	$1.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$453.24K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.09M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$156.94K	USD	Point-in-time
Discount on Note Payable	`DebtInstrumentUnamortizedDiscount`	$635.75K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$615.63K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$257.15K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Other assets	`OtherAssetsCurrent`	$4.43K	USD	Point-in-time
Other assets	`OtherAssetsCurrent`	$6.13K	USD	Point-in-time
Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.71M	USD	Point-in-time
Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$714.82K	USD	Point-in-time
Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Proved properties	`CapitalizedCostsProvedProperties`	$3.61M	USD	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Proved properties	`CapitalizedCostsProvedProperties`	$9.29M	USD	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Unproved properties and properties under development, not being amortized	`CapitalizedCostUnprovedProperties`	$619.68K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Unproved properties and properties under development, not being amortized	`CapitalizedCostUnprovedProperties`	$1.43M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Furniture and equipment	`FixturesAndEquipmentGross`	$2.01K	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Furniture and equipment	`FixturesAndEquipmentGross`	$24.49K	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	7.87M	shares	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	12.74M	shares	Point-in-time
Less: accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$264.66K	USD	Point-in-time
Less: accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.11M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	12.74M	shares	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$3.96M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	7.87M	shares	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$9.63M	USD	Point-in-time
Debt issuance costs	`DeferredFinanceCostsNet`	$338.35K	USD	Point-in-time
Debt issuance costs	`DeferredFinanceCostsNet`	$857.41K	USD	Point-in-time
Other assets	`OtherAssets`	$15.57K	USD	Point-in-time
Other assets	`OtherAssets`	$527.89K	USD	Point-in-time
Total assets	`Assets`	$14.22M	USD	Point-in-time
Total assets	`Assets`	$5.55M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$414.87K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$180.03K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesCurrent`	$75.06K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesCurrent`	$344.71K	USD	Point-in-time
Current portion of notes payable, net of discount of $77,584 and $0	`NotesAndLoansPayableCurrent`	-	USD	Point-in-time
Current portion of notes payable, net of discount of $77,584 and $0	`NotesAndLoansPayableCurrent`	$247.42K	USD	Point-in-time
Current portion of conversion feature liability	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Current portion of conversion feature liability	`DerivativeLiabilitiesCurrent`	$564.00	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$255.09K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.01M	USD	Point-in-time
Notes payable, net of discount of $635,748 and $1,066,539	`NotesPayable`	$2.33M	USD	Point-in-time
Notes payable, net of discount of $635,748 and $1,066,539	`NotesPayable`	$7.62M	USD	Point-in-time
Participation liability	`ParticipationLiability`	$1.17M	USD	Point-in-time
Participation liability	`ParticipationLiability`	$1.57M	USD	Point-in-time
Conversion feature liability	`DerivativeLiabilitiesNoncurrent`	$720.59K	USD	Point-in-time
Conversion feature liability	`DerivativeLiabilitiesNoncurrent`	$583.45K	USD	Point-in-time
Warrant liabilities	`DerivativeLiabilities`	$400.32K	USD	Point-in-time
Warrant liabilities	`DerivativeLiabilities`	$68.75K	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligation`	-	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligation`	$24.63K	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligation`	$96.41K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.91M	USD	Point-in-time
Total liabilities	`Liabilities`	$10.95M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 5,000,000 shares authorized, none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 5,000,000 shares authorized, none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.00001 par value; 50,000,000 shares authorized, 12,741,512 and 7,880,822 shares issued and outstanding	`CommonStockValue`	$79.00	USD	Point-in-time
Common stock, $0.00001 par value; 50,000,000 shares authorized, 12,741,512 and 7,880,822 shares issued and outstanding	`CommonStockValue`	$127.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.87M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.52M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.23M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.25M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$638.65K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.27M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$291.76K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$14.22M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.55M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Oil and gas sales	`OilAndGasSalesRevenue`	$3.37M	USD	Annual
Oil and gas sales	`OilAndGasSalesRevenue`	$1.90M	USD	Annual
Lease operating expense	`LeaseOperatingExpense`	$200.74K	USD	Annual
Lease operating expense	`LeaseOperatingExpense`	$672.23K	USD	Annual
Production taxes	`ProductionTaxExpense`	$87.22K	USD	Annual
Production taxes	`ProductionTaxExpense`	$155.62K	USD	Annual
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$264.66K	USD	Annual
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$844.30K	USD	Annual
Asset retirement obligation accretion	`AssetRetirementObligationAccretionExpense`	$3.26K	USD	Annual
Asset retirement obligation accretion	`AssetRetirementObligationAccretionExpense`	$8.92K	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.01M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.56M	USD	Annual
Total costs and expenses	`CostsAndExpenses`	$3.25M	USD	Annual
Total costs and expenses	`CostsAndExpenses`	$1.57M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$330.40K	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$123.86K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$904.00	USD	Annual
Interest income	`InvestmentIncomeInterest`	$3.06K	USD	Annual
Interest expense	`InterestExpense`	$1.17M	USD	Annual
Interest expense	`InterestExpense`	$679.63K	USD	Annual
Change in fair value of warrant and conversion feature liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-761.08K	USD	Annual
Change in fair value of warrant and conversion feature liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$1.08M	USD	Annual
Change in estimate of participation liability	`ChangeInEstimateOfParticipationLiability`	-	USD	Annual
Change in estimate of participation liability	`ChangeInEstimateOfParticipationLiability`	$-653.06K	USD	Annual
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-410.64K	USD	Annual
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-1.15M	USD	Annual
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-1.44M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.11M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.03M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-1.11M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.03M	USD	Annual
Loss per share - Basic	`EarningsPerShareBasic`	$-0.15	USD	Annual
Loss per share - Basic	`EarningsPerShareBasic`	$-0.09	USD	Annual
Weighted average number of common shares	`WeightedAverageNumberOfCommonShares`	11.90M	shares	Annual
Weighted average number of common shares	`WeightedAverageNumberOfCommonShares`	7.17M	shares	Annual
Loss per share - Diluted	`EarningsPerShareDiluted`	$-0.15	USD	Annual
Loss per share - Diluted	`EarningsPerShareDiluted`	$-0.09	USD	Annual
Weighted average number of common and potential common shares	`WeightedAverageNumberOfCommonAndPotentialCommonShares`	7.17M	shares	Annual
Weighted average number of common and potential common shares	`WeightedAverageNumberOfCommonAndPotentialCommonShares`	11.90M	shares	Annual

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-1.11M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-1.03M	USD	Annual
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-410.64K	USD	Annual
Change in estimate of participation liability	`ChangeInEstimateOfParticipationLiability1`	$653.06K	USD	Annual
Change in estimate of participation liability	`ChangeInEstimateOfParticipationLiability1`	-	USD	Annual
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$264.66K	USD	Annual
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$844.30K	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$205.70K	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$237.81K	USD	Annual
Asset retirement obligation accretion	`AssetRetirementObligationAccretionExpense`	$3.26K	USD	Annual
Asset retirement obligation accretion	`AssetRetirementObligationAccretionExpense`	$8.92K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$280.26K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$736.45K	USD	Annual
Accretion of participation liability	`IncreaseDecreaseInParticipationLiabilities`	$108.50K	USD	Annual
Accretion of participation liability	`IncreaseDecreaseInParticipationLiabilities`	$97.53K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$258.73K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$59.70K	USD	Annual
Change in fair value of warrant and conversion feature liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-761.08K	USD	Annual
Change in fair value of warrant and conversion feature liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$1.08M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-252.25K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-358.48K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$42.98K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-14.68K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-54.29K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$93.72K	USD	Annual
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-129.34K	USD	Annual
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-179.97K	USD	Annual
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$477.27K	USD	Annual
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$383.08K	USD	Annual
Purchase of furniture and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.01K	USD	Annual
Purchase of furniture and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$22.48K	USD	Annual
Purchase of oil and gas properties	`PaymentsToAcquireOilAndGasProperty`	-	USD	Annual
Purchase of oil and gas properties	`PaymentsToAcquireOilAndGasProperty`	$309.25K	USD	Annual
Capital expenditures on oil and gas properties	`PaymentsToExploreAndDevelopOilAndGasProperties`	$3.09M	USD	Annual
Capital expenditures on oil and gas properties	`PaymentsToExploreAndDevelopOilAndGasProperties`	$-6.11M	USD	Annual
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$6.14M	USD	Annual
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.40M	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$400.05K	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$813.78K	USD	Annual
Equity offering costs	`EquityIssuanceCost`	$199.85K	USD	Annual
Equity offering costs	`EquityIssuanceCost`	$525.29K	USD	Annual
Proceeds from issuance of common stock and warrants	`ProceedsFromIssuanceOfCommonStock`	$4.22M	USD	Annual
Proceeds from issuance of common stock and warrants	`ProceedsFromIssuanceOfCommonStock`	$1.34M	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$45.29K	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	Annual
Repayment of note payable	`RepaymentsOfNotesPayable`	$642.75K	USD	Annual
Repayment of note payable	`RepaymentsOfNotesPayable`	-	USD	Annual
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$5.18M	USD	Annual
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$3.40M	USD	Annual
Net cash from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$8.39M	USD	Annual
Net cash from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.22M	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.64M	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$296.31K	USD	Annual
Cash and cash equivalents Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$453.24K	USD	Point-in-time
Cash and cash equivalents Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.09M	USD	Point-in-time
Cash and cash equivalents Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$156.94K	USD	Point-in-time
Cash and cash equivalents End of period	`CashAndCashEquivalentsAtCarryingValue`	$453.24K	USD	Point-in-time
Cash and cash equivalents End of period	`CashAndCashEquivalentsAtCarryingValue`	$3.09M	USD	Point-in-time
Cash and cash equivalents End of period	`CashAndCashEquivalentsAtCarryingValue`	$156.94K	USD	Point-in-time

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, Amount	`StockholdersEquity`	$638.65K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$3.27M	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$291.76K	USD	Point-in-time
Stock-based compensation	`ShareBasedCompensation`	$258.73K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$59.70K	USD	Annual
Exercise of warrants, Amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$181.30K	USD	Annual
Issuance of common stock units, Amount	`StockIssuedDuringPeriodValueNewIssues`	$1.02M	USD	Annual
Issuance of common stock units, Amount	`StockIssuedDuringPeriodValueNewIssues`	$3.60M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.11M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.03M	USD	Annual
Ending Balance, Amount	`StockholdersEquity`	$638.65K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$3.27M	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$291.76K	USD	Point-in-time

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