x
|
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarter ended June 30, 2013 | |
o |
TRANSITION REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from _______to_______ |
Nevada
|
26-2909561
|
|
(State or other jurisdiction of
incorporation or organization)
|
(IRS Employer
Identification No.)
|
Large accelerated filer
|
o |
Accelerated filer
|
o |
Non-accelerated filer
|
o |
Smaller reporting company
|
x |
CONSOLIDATED BALANCE SHEETS (Unaudited)
|
June 30,
2013
|
December 31,
2012
|
|||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$ | 70 | $ | 97 | ||||
Prepaid expense
|
5,750 | - | ||||||
Deferred charges
|
5,253 | 1,562 | ||||||
Total Current Assets
|
11,073 | 1,659 | ||||||
Property and equipment, net
|
2,175 | 15,894 | ||||||
Other Assets
|
||||||||
Security deposits
|
303 | 303 | ||||||
Total Assets
|
$ | 13,551 | $ | 17,856 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
Liabilities
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$ | 73,696 | $ | 91,680 | ||||
Accrued interest
|
7,726 | 5,744 | ||||||
Accrued interest – related parties
|
8,383 | 6,007 | ||||||
Accrued interest – convertible notes payable
|
19,638 | 18,605 | ||||||
Derivative liability
|
107,809 | 214,807 | ||||||
Notes payable
|
50,000 | 51,600 | ||||||
Notes payable – related parties
|
31,100 | 81,000 | ||||||
Convertible notes payable, net of debt discount
|
207,532 | 127,556 | ||||||
Total Liabilities
|
505,884 | 596,999 | ||||||
Stockholders’ Deficit
|
||||||||
Preferred stock, par value $.001
|
||||||||
50,000,000 shares authorized;
|
||||||||
96,623 series A convertible
|
||||||||
shares issued and outstanding
|
97 | 97 | ||||||
Common stock, par value $.001
|
||||||||
950,000,000 shares authorized;
|
||||||||
867,307,252 and 345,494,891 shares issued and outstanding, respectively
|
867,307 | 345,495 | ||||||
Additional paid-in capital
|
(66,648 | ) | (30,201 | ) | ||||
Accumulated deficit
|
(1,293,088 | ) | (894,534 | ) | ||||
Total Stockholders' Deficit
|
(492,332 | ) | (579,143 | ) | ||||
Total Liabilities and Stockholders’ Deficit
|
$ | 13,551 | $ | 17,856 |
GREENFIELD FARMS FOOD, INC.
|
||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Gross Revenues
|
$ | - | $ | 6,921 | $ | - | $ | 6,921 | ||||||||
Cost of Goods Sold
|
- | 8,930 | - | 14,923 | ||||||||||||
Gross (Loss) Profit
|
- | (2,009 | ) | - | (8,002 | ) | ||||||||||
Operating Expenses
|
||||||||||||||||
Professional fees
|
19,751 | 13,861 | 31,950 | 16,691 | ||||||||||||
Rent
|
- | 2,400 | - | 8,550 | ||||||||||||
Wages and taxes
|
- | 32,700 | - | 81,750 | ||||||||||||
Consulting
|
- | - | - | 1,375 | ||||||||||||
Advertising
|
199 | - | 597 | - | ||||||||||||
Equipment rental
|
- | 250 | - | 4,986 | ||||||||||||
Insurance
|
- | - | - | 754 | ||||||||||||
Telephone and utilities
|
- | 1,282 | - | 3,946 | ||||||||||||
Depreciation
|
369 | 1,352 | 737 | 3,069 | ||||||||||||
General and administrative
|
33,636 | 11,451 | 57,454 | 12,497 | ||||||||||||
Loss on sale of equipment
|
- | - | 12,983 | 10,845 | ||||||||||||
Total Operating Expenses
|
53,955 | 63,296 | 103,721 | 144,463 | ||||||||||||
Loss From Operations
|
(53,955 | ) | (65,305 | ) | (103,721 | ) | (152,465 | ) | ||||||||
Other Expenses
|
||||||||||||||||
Interest expense
|
6,137 | 3,975 | 12,255 | 7,465 | ||||||||||||
Derivative expense
|
- | 231,653 | - | 231,653 | ||||||||||||
Change in Derivative Liability
|
4,296 | 279,303 | (80,854 | ) | 279,303 | |||||||||||
Loss on Conversion of Debt
|
233,839 | - | 339,066 | 35,833 | ||||||||||||
Amortization expense on discount of debt
|
16,800 | 35,833 | 24,367 | - | ||||||||||||
Total Other Expenses
|
261,071 | 550,764 | 294,834 | 554,254 | ||||||||||||
Loss Before Income Taxes
|
(315,025 | ) | (616,069 | ) | (398,554 | ) | (706,719 | ) | ||||||||
Provision for Income Taxes
|
- | - | - | - | ||||||||||||
Net Loss
|
$ | (315,025 | ) | $ | (616,069 | ) | $ | (398,554 | ) | $ | (706,719 | ) | ||||
Weighted Average Number of Shares Outstanding:
|
||||||||||||||||
Basic and Diluted
|
585,560,619 | 323,048,520 | 442,972,950 | 323,048,520 | ||||||||||||
Net Loss per Share:
|
||||||||||||||||
Basic and Diluted
|
$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) |
GREENFIELD FARMS FOOD, INC.
|
|||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT
|
|||||||||||||||||||||||||
AS OF JUNE 30, 2013 (Unaudited)
|
Preferred stock
|
Common stock
|
Additional
paid-in
|
Accumulated
|
Total stockholders'
|
||||||||||||||||||||||||
Shares
|
Par value
|
Shares
|
Par value
|
capital
|
deficit
|
deficit
|
||||||||||||||||||||||
Balance at December 31, 2012
|
96,623 | $ | 97 | 345,494,891 | $ | 345,495 | (30,201 | ) | $ | (894,534 | ) | $ | (579,143 | ) | ||||||||||||||
January through June 2013, issuance of common
|
||||||||||||||||||||||||||||
stock to convertible noteholders
|
- | - | 521,812,361 | 521,812 | (36,447 | ) | - | 485,365 | ||||||||||||||||||||
Net loss
|
- | - | - | - | - | (398,554 | ) | (398,554 | ) | |||||||||||||||||||
Balance at June 30, 2013
|
96,623 | $ | 97 | 867,307,252 | $ | 867,307 | $ | (66,648 | ) | $ | (1,293,088 | ) | $ | (492,332 | ) |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
Six Months Ended
|
||||||||
June 30,
|
||||||||
2013
|
2012
|
|||||||
Cash Flows from Operating Activities
|
||||||||
Net loss for the period
|
$ | (398,554 | ) | $ | (90,650 | ) | ||
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
|
||||||||
Depreciation
|
737 | 1,717 | ||||||
Loss on sale of equipment
|
12,983 | 10,845 | ||||||
Amoritization of discount on debt
|
24,367 | - | ||||||
Change in Derivative Liability
|
(80,854 | ) | - | |||||
Loss on Conversion of Debt
|
339,066 | - | ||||||
Changes in Assets and Liabilities
|
||||||||
(Increase) decrease in deferred offering costs
|
(3,691 | ) | - | |||||
(Increase) in prepaid expense
|
(5,750 | ) | - | |||||
(Decrease) increase in accounts payable
|
15 | 100 | ||||||
Increase in accrued wages and taxes
|
- | 34,930 | ||||||
Increase in accrued interest
|
1,982 | 998 | ||||||
Increase in accrued interest – related parties
|
2,376 | 630 | ||||||
Increase in accrued interest – convertible notes payable
|
7,833 | 1,862 | ||||||
Net Cash used in Operating Activities
|
(99,492 | ) | (39,568 | ) | ||||
Cash Flows from Investing Activities:
|
||||||||
Purchase of property and equipment
|
- | (535 | ) | |||||
Proceeds from sale of equipment
|
- | - | ||||||
Cash received in merger
|
- | 8,500 | ||||||
Net Cash Provided by (Used in) Investing Activities
|
- | 7,965 | ||||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from notes payable
|
- | - | ||||||
Proceeds from notes payable - related parties
|
- | 800 | ||||||
Payments on notes payable - related parties
|
(50,000 | ) | - | |||||
Payments on notes payable
|
(935 | ) | - | |||||
Proceeds from convertible notes payable
|
150,400 | 27,500 | ||||||
Proceeds from the sale of common stock
|
- | - | ||||||
Contributed Capital
|
- | - | ||||||
Net Cash Provided by Financing Activities
|
99,465 | 28,300 | ||||||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(27 | ) | (3,303 | ) | ||||
Cash and Cash Equivalents – Beginning
|
97 | 4,454 | ||||||
Cash at End of Period
|
$ | 70 | $ | 1,151 | ||||
Supplemental Cash Flow Information:
|
||||||||
Cash paid for interest
|
$ | - | $ | - | ||||
Cash paid for income taxes
|
$ | - | $ | - | ||||
Non-Cash Investing and Financing Activities:
|
||||||||
Accrued Interest
|
(6,800 | ) | - | |||||
Convertible Notes
|
(139,500 | ) | - | |||||
Common stock
|
146,300 | - | ||||||
Accounts payable
|
(18,000 | ) | - | |||||
Convertible Notes
|
18,000 | - | ||||||
- | - |
Note date
|
August 13,
2012
|
February 19,
2013
|
May 3,
2013
|
|||||||||
Note amount
|
$ | 20,000 | $ | 6,000 | $ | 21,000 | ||||||
Stock price at convertible date
|
$ | 0.002 | $ | 0.0025 | $ | 0.0007 | ||||||
Expected life (years)
|
.48 | .83 | .5 | |||||||||
Risk free interest rate
|
.12 | % | .15 | % | .08 | % | ||||||
Volatility
|
342.62 | % | 312.35 | % | 272.39 | % | ||||||
Initial derivative value
|
$ | 73,036 | $ | 18,188 | $ | 34,214 |
Note date
|
August 13,
2012
|
February 19,
2013
|
May 3,
2013
|
|||||||||
Note amount
|
$ | 20,000 | $ | 6,000 | $ | 21,000 | ||||||
Stock price at convertible date
|
$ | 0.0003 | $ | 0.0003 | $ | 0.0003 | ||||||
Expected life (years)
|
.09 | .47 | .35 | |||||||||
Risk free interest rate
|
.06 | % | .16 | % | .08 | % | ||||||
Volatility
|
521.66 | % | 255.13 | % | 168.91 | % | ||||||
Derivative value
|
$ | 71,037 | $ | 15,598 | $ | 21,174 |
·
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the effect of political, economic, and market conditions and geopolitical events;
|
·
|
legislative and regulatory changes that affect our business;
|
·
|
the availability of funds and working capital;
|
·
|
the actions and initiatives of current and potential competitors;
|
·
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investor sentiment; and
|
·
|
our reputation.
|
·
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Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the issuer; and
|
·
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the issuer are being made only in accordance with authorizations of management of the issuer; and
|
·
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuer’s assets that could have a material effect on the financial statements.
|
·
|
in any bankruptcy petition
|
·
|
in any conviction of a criminal proceeding or involved in a pending criminal proceeding (excluding traffic violations and minor offenses)
|
·
|
is subject to any order, judgment or decree enjoining, barring suspending or otherwise limiting their involvement in any type of business, securities, or banking activities,
|
·
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or has been found to have violated a federal or state securities or commodities law.
|
Exhibits:
|
||
3.1
|
Certificate of Designation of Series B Convertible Preferred Stock.
Filed herewith.
|
|
31.1
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Filed herewith.
|
|
32.1
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Filed herewith.
|
101.INS **
|
XBRL Instance Document
|
|
101.SCH **
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL **
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF **
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB **
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE **
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Greenfield Farms Food, Inc.
|
|||
Date: August 14, 2013
|
By:
|
/s/ Henry Fong
|
|
Henry Fong
Principal Executive Officer and
Principal Financial Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Greenfield Farms Food, Inc. (the “registrant”);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
I am responsible for establishing and maintaining internal disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f))for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusion about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: August 14, 2013
|
By: |
/s/ Henry Fong
|
|
Henry Fong
|
|||
Principal Executive Officer and
Principal Accounting Officer
|
1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company, as of, and for the periods presented in the Report.
|
Date: August 14, 2013
|
By: |
/s/ Henry Fong
|
|
Henry Fong
|
|||
Principal Executive Officer and
Principal Accounting Officer
|