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Balance Sheet
Consolidated Balance Sheets – USD ($)
Sep. 30, 2015
Dec. 31, 2014
CURRENT ASSETS
Cash $ 177,338 $ 594,508
Accounts receivable, net 305,566 1,017,522
Inventories 1,901,052 1,184,957
Prepaid expenses 287,112 77,349
Investor notes receivable 1,535,000 2,175,260
TOTAL CURRENT ASSETS 4,206,068 5,049,596
Property and equipment, net 340,945 253,640
OTHER ASSETS
Deposits 62,762 62,059
TOTAL ASSETS 4,609,775 5,365,295
CURRENT LIABILITIES
Accounts payable 1,465,105 1,154,283
Accrued liabilities 1,702,971 1,052,891
Short term debt – third parties 2,509,084 2,476,605
Current maturities of note payable 107,838 107,838
Convertible notes payable, net of unamortized debt discount of $0 and $166,668, respectively 2,180,364 3,041,332
Derivative liabilities 839,644 1,939,292
Short term debt – related parties 221,000 221,000
TOTAL CURRENT LIABILITIES 9,026,006 9,993,241
LONG TERM LIABILITY
Note payable, non-current 1,172,162 1,217,162
TOTAL LIABILITIES 10,198,168 11,210,403
STOCKHOLDERS’ EQUITY (DEFICIT)
Common stock; $0.001 par value; unlimited shares authorized; 392,921,528 and 88,617,154 shares issued and outstanding, respectively 173,562 87,283
Additional paid in capital 19,225,521 15,881,419
Accumulated deficit (24,716,976) (21,750,309)
Deficit attributable to Windstream Technologies, Inc. (5,317,893) (5,781,606)
Noncontrolling interest (270,500) (63,501)
TOTAL STOCKHOLDERS’ DEFICIT (5,588,393) (5,845,108)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY DEFICIT $ 4,609,775 $ 5,365,295
Income Statement
Consolidated Statements of Operations (Unaudited) – USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Income Statement [Abstract]
SALES $ 1,732,507 $ 373,538 $ 2,821,149 $ 825,798
COST OF GOODS SOLD 1,564,746 685,528 2,349,329 1,235,126
GROSS (LOSS) PROFIT 167,761 (311,990) 471,820 (409,328)
OPERATING EXPENSES:
Research and development $ 1,425 $ 91,666 $ 24,884 128,117
Write down of inventory 111,000
Stock compensation expense $ 36,528 $ 39,898 $ 246,399 122,126
General and administrative expenses 1,202,565 827,196 3,583,921 2,178,365
TOTAL OPERATING EXPENSES 1,240,518 958,760 3,855,204 2,539,608
LOSS FROM OPERATIONS $ (1,072,757) (1,270,750) (3,383,384) (2,948,936)
OTHER INCOME (EXPENSE)
Other expense (2,904) (800) (2,105)
Interest expense, net $ (164,790) $ (213,705) (675,895) $ (595,748)
Gain on change in fair value of derivative liabilities 326,258 888,011
TOTAL OTHER INCOME (EXPENSE) 161,468 $ (216,609) 211,316 $ (597,853)
NET LOSS (911,289) $ (1,487,359) (3,172,068) $ (3,546,789)
Non Controlling Interest (228,780) (206,999)
NET LOSS ATTRIBUTABLE TO WINDSTREAM TECHNOLOGIES $ (682,509) $ (1,487,359) $ (3,172,068) $ (3,546,789)
Net Loss Per Share – Basic and Diluted $ 0.00 $ (0.02) $ (0.02) $ (0.04)
Weighted Average Shares Outstanding – Basic and Diluted 202,234,762 86,741,574 139,103,989 85,200,993
Cash Flow
Consolidated Statements of Cash Flows (Unaudited) – USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Cash Flows from Operating Activities
Net loss $ (682,509) $ (1,487,359) $ (3,172,068) $ (3,546,789)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation $ 103,202 93,325
Interest expense converted into Common Stock 7,422
Amortization of debt discount and deferred financing costs $ 166,669 384,032
Write-down of inventory $ 111,000 $ 111,000
Provision for bad debt $ 10,000
Gain from change in fair value of derivative liabilities $ (326,258) (888,011)
Stock based compensation 36,528 $ 39,898 246,399 $ 122,126
Changes in assets and liabilities:
Accounts receivable 701,956 (82,384)
Inventories (716,095) (441,687)
Prepaid expenses (209,763) (211,584)
Deposits (703) (10,535)
Accounts payable 310,822 89,434
Accrued liabilities 713,089 178,118
Net cash used in operating activities (2,734,503) (3,307,522)
Cash Flows from Investing Activities
Purchase of property and equipment (190,507) (6,185)
Net cash used in investing activities (190,507) $ (6,185)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment on stock subscription receivable 799,505
Borrowings on line of credit, net 7,479 $ 1,349,756
Borrowings on short term debt 755,000 $ 200,000
Principal payments on short term debt $ (125,750)
Proceeds from short term debt – related parties $ 50,000
Payments on short term debt – related parties $ (55,000)
Borrowings on long-term debt $ 100,000
Principal payments on long term debt (45,000) $ (60,000)
Proceeds from issuance of convertible debt, net of discounts $ 627,395 650,000
Net proceeds from issuance of Common Stock and Warrants $ 1,248,856
Payment on investor note receivables $ 389,211
Net cash provided by financing activities 2,507,840 $ 3,383,612
Net increase (decrease) in Cash and Cash Equivalents (417,170) 69,605
Cash and Cash Equivalents, Beginning of Year 594,508 203,534 203,534
Cash and Cash Equivalents, End of Year $ 177,338 $ 273,439 177,338 273,439 $ 594,508
Supplemental Cash Flows Information
Interest paid 385,139 51,468
Income taxes $ 800 0
NON-CASH INVESTING AND FINANCING ACTIVITIES
Common stock and paid in capital resulting from non-cash conversions of convertible notes including interest expense and accrued interest 207,500
Debt discount on warrants issued with convertible debt 400,000
Debt discount on warrants issued with convertible debt – Typenex 511,460
Contributed capital $ 50,000
Non-cash issuance of common stock $ 2,570,719

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