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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BlueFire Equipment Corporation (PK) | USOTC:BLFR | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.09 | 0.06 | 0.097 | 0.09 | 0.09 | 0.09 | 14,646 | 21:01:41 |
Delaware
|
26-2833179
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
1306 FM 1092, Suite 205
|
||
Missouri City, TX
|
77459
|
|
(Address of principal
executive offices)
|
(Zip Code)
|
1113 Vine Street, Suite 148
|
Houston, TX 77002
|
(Former address of principal executive offices)
|
Large accelerated filer
|
Accelerated filer
|
|||||
Non-accelerated filer
|
Smaller Reporting Company
|
|
X
|
PART I – FINANCIAL INFORMATION
|
4
|
Item 1 – Financial Statements
|
4
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
13
|
Item 3. Quantitative and Qualitative Disclosure about Market Risk
|
16
|
Item 4. Controls and Procedures.
|
16
|
PART II — OTHER INFORMATION
|
17
|
Item 1. Legal Proceedings.
|
17
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
|
17
|
Item 3. Defaults Upon Senior Securities
|
17
|
Item 4. Mine Safety Disclosures
|
17
|
Item 5. Other Information.
|
17
|
Item 6. Exhibits.
|
17
|
SIGNATURES
|
18
|
September 30, 2013
|
December 31, 2012
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
ASSETS
|
||||||||
Cash and equivalents
|
$ | 50,603 | $ | 44,304 | ||||
Accounts receivable
|
10,825 | 30,267 | ||||||
Inventory
|
16,058 | 33,503 | ||||||
Total current assets
|
77,486 | 108,074 | ||||||
Furniture and equipment, net
|
1,389 | - | ||||||
Intellectual property, net
|
40,229 | 38,006 | ||||||
Total non-current assets
|
41,618 | 38,006 | ||||||
TOTAL ASSETS
|
$ | 119,104 | $ | 146,080 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
Accounts payable and accrued expenses
|
$ | 82,100 | $ | 21,978 | ||||
Notes payable, current
|
250,000 | 150,000 | ||||||
Advances
|
- | 50,000 | ||||||
Total current liabilities
|
332,100 | 221,978 | ||||||
Note payable, non-current
|
150,000 | - | ||||||
Total non-current liabilities
|
150,000 | - | ||||||
TOTAL LIABILITIES
|
482,100 | 221,978 | ||||||
STOCKHOLDERS' DEFICIT
|
||||||||
Common stock, $0.0001 par value; 100 million shares authorized, 33,947,368 shares issued and outstanding at September 30, 2013 and December 31, 2012
|
3,395 | 3,395 | ||||||
Additional paid in capital
|
91,739 | 91,739 | ||||||
Accumulated deficit
|
(458,130 | ) | (171,032 | ) | ||||
TOTAL STOCKHOLDERS' DEFICIT
|
(362,996 | ) | (75,898 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
|
$ | 119,104 | $ | 146,080 |
Nine Months Ended September 30,
|
Three Months Ended September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
REVENUES
|
||||||||||||||||
Sales revenue
|
$ | 10,000 | $ | 46,364 | $ | 10,000 | $ | 30,267 | ||||||||
Service revenue
|
- | 4,965 | - | - | ||||||||||||
Lease revenue
|
4,454 | - | - | - | ||||||||||||
TOTAL REVENUES
|
14,454 | 51,329 | 10,000 | 30,267 | ||||||||||||
COST OF REVENUES
|
||||||||||||||||
Manufacturing
|
16,751 | 37,539 | 16,751 | 29,113 | ||||||||||||
Refurbishment
|
- | 3,854 | - | - | ||||||||||||
Lease and amortization expense
|
5,584 | - | - | - | ||||||||||||
Total cost of revenues
|
22,335 | 41,393 | 16,751 | 29,113 | ||||||||||||
Gross profit (loss)
|
(7,881 | ) | 9,936 | (6,751 | ) | 1,154 | ||||||||||
OPERATING EXPENSES
|
||||||||||||||||
General and administrative expenses
|
250,728 | 99,268 | 111,720 | 38,537 | ||||||||||||
Depreciation, depletion and amortization
|
1,463 | - | 572 | - | ||||||||||||
Total operating expenses
|
252,191 | 99,268 | 112,292 | 38,537 | ||||||||||||
Net income (loss) from operations
|
(260,072 | ) | (89,332 | ) | (119,043 | ) | (37,383 | ) |
Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
OTHER INCOME/(EXPENSE)
|
||||||||||||||||
Interest expense
|
27,026 | 17,197 | 11,137 | 5,725 | ||||||||||||
Total other expense
|
27,026 | 17,197 | 11,137 | 5,725 | ||||||||||||
Net loss
|
(287,098 | ) | (106,529 | ) | (130,180 | ) | (43,108 | ) | ||||||||
Provision for income taxes
|
- | - | - | - | ||||||||||||
Loss before discontinued operations
|
(287,098 | ) | (106,529 | ) | (130,180 | ) | (43,108 | ) | ||||||||
Loss from discontinued operations
|
- | (5 | ) | - | (1 | ) | ||||||||||
Loss attributable to Bluefire Equipment
|
$ | (287,098 | ) | $ | (106,534 | ) | $ | (130,180 | ) | $ | (43,109 | ) | ||||
Net loss per share - continuing operations - basic and diluted
|
$ | (0.01 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||
Net loss per share - discontinued operations
|
- | - | - | - | ||||||||||||
Weighted average number of shares outstanding
|
33,947,368 | 33,947,368 | 33,947,368 | 33,947,368 |
Nine months ended September 30,
|
||||||||
2013
|
2012
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net loss
|
$ | (287,098 | ) | $ | (106,534 | ) | ||
Net loss from discontinued operations
|
- | (5 | ) | |||||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Amortization of intangibles
|
1,337 | - | ||||||
Depreciation
|
126 | |||||||
Change in operating assets and liabilities:
|
||||||||
Accounts receivable
|
19,442 | (2,765 | ) | |||||
Inventory
|
17,445 | 11,691 | ||||||
Accrued interest
|
9,986 | 13,750 | ||||||
Accounts payable and accrued expenses
|
50,136 | 24,185 | ||||||
Net cash used in operations
|
(188,626 | ) | (59,678 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Acquisitions of intellectual property
|
(3,560 | ) | (4,114 | ) | ||||
Acquisitions of furniture and fixtures
|
(1,515 | ) | - | |||||
Net cash used in investing activities
|
(5,075 | ) | (4,114 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Proceeds from notes payable
|
250,000 | - | ||||||
Principal payments on debt
|
(50,000 | ) | - | |||||
Proceeds from the sale of common stock
|
- | 75,000 | ||||||
Net cash provided by financing activities
|
200,000 | 75,000 | ||||||
Net change in cash and equivalents
|
6,299 | 11,208 | ||||||
Cash and equivalents, beginning of period
|
44,304 | 112,729 | ||||||
Cash and equivalents, end of period
|
$ | 50,603 | $ | 123,937 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||
Cash paid for interest
|
$ | 17,124 | $ | 17,229 | ||||
Cash paid for income taxes
|
- | - |
·
|
Revenue from sale – recorded at cost when the drill bits have been shipped. The Company had made an agreement with the purchaser to sell bits at cost.
|
·
|
Revenue from lease – recorded based upon the number of feet drilled. Revenue is recorded only after the product is used by the customer for the specific job booked. Upon completion of the job, the customer is billed based upon the agreed rates on a per footage basis.
|
·
|
Revenue from refurbishment – recorded when the refurbished item is shipped to the customers.
|
09/30/13
|
12/31/12
|
|||||||
Deferred tax assets:
|
||||||||
Net operating loss carry-forwards
|
$ | 172,821 | $ | 60,852 | ||||
Valuation allowance
|
(172,821 | ) | (60,852 | ) | ||||
Net deferred tax asset
|
$ | - | $ | - |
BlueFire Equipment Corporation
|
||
By:
|
/s/ William Blackwell
|
|
William Blackwell
|
||
Chairman of the Board and CEO
|
||
(Principal Executive Officer and
|
||
Principal Accounting Officer)
|
Exhibit No.
|
Description
|
10.1*
|
Extension to Promissory Note With Tyson Rohde (April 1, 2013)
|
10.2*
|
$150,000 Promissory Note (April 10, 2013)
|
31.1*
|
Section 302 Certification of Periodic Report of Principal Executive Officer and Principal Financial Officer*
|
32.1*
|
Section 906 Certification of Periodic Report of Principal Executive Officer and Principal Financial Officer*
|
101.INS* |
XBRL Instance Document
|
101.SCH* |
XBRL Schema Document
|
101.CAL* |
XBRL Calculation Linkbase Document
|
101.DEF* |
XBRL Definition Linkbase Document
|
101.LAB* |
XBRL Label Linkbase Document
|
101.PRE* |
XBRL Presentation Linkbase Document
|
1 Year BlueFire Equipment (PK) Chart |
1 Month BlueFire Equipment (PK) Chart |
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