10-Q Filing

GRAPHENE & SOLAR TECHNOLOGIES LTD CIK: 1497649 Q2 2013

Filing Information

Form Type	10-Q
Accession Number	`0001354488-13-002667`
Period End Date	20130331
Filing Date	20130514
Fiscal Year	2013
Fiscal Period	Q2
XBRL Instance	vnge-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 76 Cash Flow Statement 58

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Discount on Note Payable Current portion	`DebtInstrumentUnamortizedDiscount`	$77.58K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.09M	USD	Point-in-time
Discount on Note Payable Current portion	`DebtInstrumentUnamortizedDiscount`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$453.24K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.26M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.26M	USD	Point-in-time
Discount on Note Payable	`DiscountOnNotePayable`	$635.75K	USD	Point-in-time
Discount on Note Payable	`DiscountOnNotePayable`	$542.96K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$615.63K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$526.25K	USD	Point-in-time
Other assets	`OtherAssetsCurrent`	$6.13K	USD	Point-in-time
Other assets	`OtherAssetsCurrent`	$36.27K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.82M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.71M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Proved properties	`CapitalizedCostsProvedProperties`	$11.76M	USD	Point-in-time
Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Proved properties	`CapitalizedCostsProvedProperties`	$9.29M	USD	Point-in-time
Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Unproved properties and properties under development, not being amortized	`CapitalizedCostUnprovedProperties`	$1.43M	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`	$725.75K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Furniture and equipment	`FixturesAndEquipmentGross`	$24.49K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Furniture and equipment	`FixturesAndEquipmentGross`	$26.95K	USD	Point-in-time
Less: accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.76M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Less: accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.11M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$10.76M	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	12.74M	shares	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	12.74M	shares	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$9.63M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	12.74M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	12.74M	shares	Point-in-time
Debt issuance costs	`DeferredFinanceCostsNet`	$857.41K	USD	Point-in-time
Debt issuance costs	`DeferredFinanceCostsNet`	$692.61K	USD	Point-in-time
Other assets	`OtherAssets`	$14.42K	USD	Point-in-time
Other assets	`OtherAssets`	$15.57K	USD	Point-in-time
Total assets	`Assets`	$13.28M	USD	Point-in-time
Total assets	`Assets`	$14.22M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$73.42K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$414.87K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesCurrent`	$383.46K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesCurrent`	$344.71K	USD	Point-in-time
Current portion of notes payable, net of discount of $0 and $77,584	`NotesAndLoansPayableCurrent`	$247.42K	USD	Point-in-time
Current portion of notes payable, net of discount of $0 and $77,584	`NotesAndLoansPayableCurrent`	-	USD	Point-in-time
Current portion of conversion feature liability	`DerivativeLiabilitiesCurrent`	$564.00	USD	Point-in-time
Current portion of conversion feature liability	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$456.89K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.01M	USD	Point-in-time
Notes payable, net of discount of $542,961 and $635,748	`NotesPayable`	$7.71M	USD	Point-in-time
Notes payable, net of discount of $542,961 and $635,748	`NotesPayable`	$7.62M	USD	Point-in-time
Participation liability	`AccruedParticipationLiabilitiesDueInNextOperatingCycle`	$1.47M	USD	Point-in-time
Participation liability	`AccruedParticipationLiabilitiesDueInNextOperatingCycle`	$1.57M	USD	Point-in-time
Conversion feature liability	`DerivativeLiabilitiesNoncurrent`	$583.45K	USD	Point-in-time
Conversion feature liability	`DerivativeLiabilitiesNoncurrent`	$50.65K	USD	Point-in-time
Warrant liabilities	`DerivativeLiabilities`	$3.92K	USD	Point-in-time
Warrant liabilities	`DerivativeLiabilities`	$68.75K	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligation`	$115.47K	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligation`	$96.41K	USD	Point-in-time
Total liabilities	`Liabilities`	$10.95M	USD	Point-in-time
Total liabilities	`Liabilities`	$9.81M	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 shares issued and outstanding	`CommonStockValue`	$127.00	USD	Point-in-time
Common stock, $0.00001 par value; 50,000,000 shares authorized, 12,741,512 shares issued and outstanding	`CommonStockValue`	$127.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.52M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.52M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.25M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.27M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.47M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$14.22M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$13.28M	USD	Point-in-time

Income Statement 76 line items

Line Item	Tag	Value	Unit	Period
Oil and gas sales	`OilAndGasSalesRevenue`	$1.61M	USD	2 Qtrs
Oil and gas sales	`OilAndGasSalesRevenue`	$2.57M	USD	2 Qtrs
Oil and gas sales	`OilAndGasSalesRevenue`	$862.50K	USD	1 Quarter
Oil and gas sales	`OilAndGasSalesRevenue`	$1.25M	USD	1 Quarter
Lease operating expense	`LeaseOperatingExpense`	$138.54K	USD	1 Quarter
Lease operating expense	`LeaseOperatingExpense`	$237.64K	USD	2 Qtrs
Lease operating expense	`LeaseOperatingExpense`	$193.07K	USD	1 Quarter
Lease operating expense	`LeaseOperatingExpense`	$370.52K	USD	2 Qtrs
Production taxes	`ProductionTaxExpense`	$39.74K	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$118.26K	USD	2 Qtrs
Production taxes	`ProductionTaxExpense`	$74.09K	USD	2 Qtrs
Production taxes	`ProductionTaxExpense`	$57.60K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$189.90K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$282.10K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$651.43K	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$311.84K	USD	2 Qtrs
Asset retirement obligation accretion	`AssetRetirementObligationAccretionExpense`	$974.00	USD	1 Quarter
Asset retirement obligation accretion	`AssetRetirementObligationAccretionExpense`	$4.80K	USD	1 Quarter
Asset retirement obligation accretion	`AssetRetirementObligationAccretionExpense`	$9.27K	USD	2 Qtrs
Asset retirement obligation accretion	`AssetRetirementObligationAccretionExpense`	$2.12K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$402.13K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$703.00K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$415.35K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$823.00K	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$1.97M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$1.33M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$952.92K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$771.28K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$91.22K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$592.53K	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$296.43K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$279.00K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$1.71K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$332.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.18K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$858.00	USD	2 Qtrs
Interest expense	`InterestExpense`	$492.07K	USD	2 Qtrs
Interest expense	`InterestExpense`	$990.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$461.21K	USD	1 Quarter
Interest expense	`InterestExpense`	$246.52K	USD	1 Quarter
Change in fair value of warrant and conversion feature liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$155.26K	USD	1 Quarter
Change in fair value of warrant and conversion feature liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$598.19K	USD	2 Qtrs
Change in fair value of warrant and conversion feature liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$408.49K	USD	1 Quarter
Change in fair value of warrant and conversion feature liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$483.11K	USD	2 Qtrs
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-390.95K	USD	2 Qtrs
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-7.25K	USD	2 Qtrs
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$163.15K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-305.62K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$201.58K	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$271.75K	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-9.19K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$254.37K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-9.19K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$271.75K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$201.58K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$254.37K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.02	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.02	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.02	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.02	USD	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	11.06M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.74M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.74M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.71M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.74M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.80M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.74M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.11M	shares	2 Qtrs

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$-9.19K	USD	1 Quarter
Net income	`NetIncomeLoss`	$271.75K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$201.58K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$254.37K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$189.90K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$282.10K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$651.43K	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$311.84K	USD	2 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$105.63K	USD	2 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$164.80K	USD	2 Qtrs
Asset retirement obligation accretion	`AssetRetirementObligationAccretionExpense`	$974.00	USD	1 Quarter
Asset retirement obligation accretion	`AssetRetirementObligationAccretionExpense`	$4.80K	USD	1 Quarter
Asset retirement obligation accretion	`AssetRetirementObligationAccretionExpense`	$9.27K	USD	2 Qtrs
Asset retirement obligation accretion	`AssetRetirementObligationAccretionExpense`	$2.12K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$419.49K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$170.37K	USD	2 Qtrs
Accretion of participation liability	`IncreaseDecreaseInParticipationLiabilities`	$75.18K	USD	2 Qtrs
Accretion of participation liability	`IncreaseDecreaseInParticipationLiabilities`	$52.19K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	-	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$30.00K	USD	2 Qtrs
Change in fair value of warrant and conversion feature liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$155.26K	USD	1 Quarter
Change in fair value of warrant and conversion feature liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$598.19K	USD	2 Qtrs
Change in fair value of warrant and conversion feature liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$408.49K	USD	1 Quarter
Change in fair value of warrant and conversion feature liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$483.11K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-137.02K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$89.38K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-28.99K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-28.34K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-67.59K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-87.46K	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-181.52K	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-136.85K	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$530.39K	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$275.57K	USD	2 Qtrs
Purchase of furniture and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.53K	USD	2 Qtrs
Purchase of furniture and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.45K	USD	2 Qtrs
Capital expenditures on oil and gas properties	`PaymentsToExploreAndDevelopOilAndGasProperties`	$2.49M	USD	2 Qtrs
Capital expenditures on oil and gas properties	`PaymentsToExploreAndDevelopOilAndGasProperties`	$2.04M	USD	2 Qtrs
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.04M	USD	2 Qtrs
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.50M	USD	2 Qtrs
Equity offering costs	`PaymentsOfStockIssuanceCosts`	$199.85K	USD	2 Qtrs
Equity offering costs	`PaymentsOfStockIssuanceCosts`	-	USD	2 Qtrs
Proceeds from issuance of common stock and warrants	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Proceeds from issuance of common stock and warrants	`ProceedsFromIssuanceOfCommonStock`	$4.22M	USD	2 Qtrs
Repayment of note payable	`RepaymentsOfNotesPayable`	-	USD	2 Qtrs
Repayment of note payable	`RepaymentsOfNotesPayable`	$325.00K	USD	2 Qtrs
Net cash from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.02M	USD	2 Qtrs
Net cash from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-325.00K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.83M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.80M	USD	2 Qtrs
Cash and cash equivalents Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.09M	USD	Point-in-time
Cash and cash equivalents Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$453.24K	USD	Point-in-time
Cash and cash equivalents Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.26M	USD	Point-in-time
Cash and cash equivalents Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.26M	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`	$453.24K	USD	Point-in-time
Cash and cash equivalents End of period	`CashAndCashEquivalentsAtCarryingValue`	$1.26M	USD	Point-in-time
Cash and cash equivalents End of period	`CashAndCashEquivalentsAtCarryingValue`	$2.26M	USD	Point-in-time

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