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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Clean Coal Technologies Inc (PK) | USOTC:CCTC | 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% | 0.2568 | 0.2057 | 0.40 | 0.00 | 01:00:00 |
NEVADA
|
26-1079442
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
incorporation or organization)
|
Identification No.)
|
295 Madison Avenue (12th Floor), New York, NY
|
10017
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Name of each exchange on which registered
|
None
|
N/A
|
Title of class
|
Common Stock
|
Large accelerated filer
☐
|
Accelerated filer
☐
|
Non-accelerated filer
☐
|
Smaller reporting company
☒
|
|
|
Page
|
PART I
|
|
|
|
|
|
ITEM 1.
|
1
|
|
ITEM 1A.
|
9
|
|
ITEM 1B.
|
12
|
|
ITEM 2.
|
12
|
|
ITEM 3.
|
13
|
|
|
|
|
PART II
|
|
|
|
|
|
ITEM 5.
|
14
|
|
ITEM 6.
|
15
|
|
ITEM 7.
|
16
|
|
ITEM 7A.
|
19
|
|
ITEM 8.
|
19
|
|
ITEM 9.
|
36
|
|
ITEM 9A.
|
36
|
|
|
|
|
PART III
|
|
|
|
|
|
ITEM 10.
|
37
|
|
ITEM 11.
|
40
|
|
ITEM 12.
|
43
|
|
ITEM 13.
|
43
|
|
ITEM 14.
|
44
|
|
|
|
|
PART IV
|
|
|
|
|
|
ITEM 15.
|
45
|
· | Reduction of undesired emissions and greenhouse gases through the removal of compounds that are not required for combustion in conventional boilers. |
· | Cost savings and environmental impact reduction. Our pre-combustion solution is anticipated to be much less expensive than post-combustion solutions such as emissions scrubbers. Not only are the latter prohibitively expensive, they produce coal ash containing the “scrubbed” compounds, which is dumped in toxic waste disposal sites where it may pose continuing environmental risk. Coal treated using our processes may eliminate the need for post-combustion emissions scrubbers and the resulting toxic ash. |
· | Potential use of compounds removed from treated coal. Volatile matter captured in the Pristine process is removed in the form of hydrocarbon liquids that we believe will be easily blended with crude oil or used as feedstock for various products. For example, sulfur, which can be removed using the Pristine process, is a basic feedstock for fertilizer. The harvesting of hydrocarbon liquids from abundant, cheap coal is a potentially lucrative side benefit of our processes. |
· | Energy Independence. To the extent that volatile matter is removed from coal, coal’s use as an energy resource is greatly improved, enabling the United States and other coal-rich countries to move towards energy independence owing to coal’s greater abundance. |
· | Jindal Steel & Power is expected to contract the first commercial plant in third quarter, 2016. Jindal is currently reviewing test results from the facility with the expectation of building a commercial facility. |
· | Several multinational corporations have undertaken due diligence on our processes and some have visited the test facility to see the process in operation. We are currently working through further due diligence with them to get to a commercial agreement.. |
· | Numerous discussions continuing with various domestic and international coal producers, mine operators and power plant operators about our technology and its potential application including but not restricted to India, New Zealand, South Korea, Australia and Indonesia. |
Docket Number
|
Application Number
|
Appln/PCT Date
|
Grant Number
|
Grant Date
|
Country
|
Status
|
5214-0002
|
00818174.8
|
11/02/2000
|
China P.R. - (CN)
|
F - (Pending)
|
||
5214-0003
|
09/704,738
|
11/03/2000
|
6,447,559
|
09/10/2002
|
United States - (US)
|
G - (Granted)
|
5214-0004
|
2,389,970
|
11/02/2000
|
2,389,970
|
03/27/2012
|
Canada - (CA)
|
G - (Granted)
|
5214-0006
|
00992027.3
|
11/02/2000
|
1240280
|
10/02/2013
|
European Patent Convention - (EP)
|
G - (Granted)
|
5214-0007
|
2002/01914
|
11/02/2000
|
TR200201914
|
06/21/2005
|
Turkey - (TR)
|
I - (Inactive)
|
5214-0009
|
PCT/US2008/060364
|
04/15/2008
|
Patent Cooperation Treaty - (WO)
|
I - (Inactive)
|
||
5214-0010
|
W-00200201274
|
11/02/2000
|
Indonesia - (ID)
|
F - (Pending)
|
||
5214-0011
|
11/344,179
|
02/01/2006
|
7,879,117
|
02/01/2011
|
United States - (US)
|
G - (Granted)
|
5214-0012
|
03107833.3
|
10/30/2003
|
Hong Kong - (HK)
|
F - (Pending)
|
||
5214-0015
|
12/926,944
|
12/20/2010
|
United States - (US)
|
I - (Inactive)
|
||
5214-0016
|
7426/DELNP/2010
|
04/15/2008
|
India - (IN)
|
F - (Pending)
|
||
5214-0017
|
200880129212.2
|
04/15/2008
|
200880129212.2
|
12/25/2013
|
China P.R. - (CN)
|
G - (Granted)
|
5214-0018
|
W00201003932
|
04/15/2008
|
Indonesia - (ID)
|
F - (Pending)
|
||
5214-0019
|
2008354703
|
04/15/2008
|
Australia - (AU)
|
I - (Inactive)
|
||
5214-0020
|
2010/07455
|
04/15/2008
|
2010-07455
|
04/25/2012
|
South Africa - (ZA)
|
G - (Granted)
|
5214-0021
|
10-142509
|
04/15/2008
|
Colombia - (CO)
|
F - (Pending)
|
||
5214-0022
|
PI0822577-0
|
04/15/2008
|
Brazil - (BR)
|
F - (Pending)
|
||
5214-0023
|
01145-2010
|
10/19/2010
|
Chile - (CL)
|
F - (Pending)
|
||
5214-0024
|
4510
|
04/15/2008
|
3493
|
10/25/2010
|
Mongolia - (MN)
|
G - (Granted)
|
5214-0025
|
12/736,535
|
04/15/2008
|
United States - (US)
|
I - (Inactive)
|
||
5214-0028
|
201110142494.3
|
11/02/2000
|
ZL201110142494.3
|
10/14/2015
|
China P.R. - (CN)
|
G - (Granted)
|
5214-0030
|
61/531,791
|
09/07/2011
|
United States - (US)
|
I - (Inactive)
|
||
5214-0031
|
11110274.3
|
09/29/2011
|
HK1156065
|
08/15/2014
|
Hong Kong - (HK)
|
G - (Granted)
|
5214-0033
|
12102379.3
|
03/08/2012
|
Hong Kong - (HK)
|
F - (Pending)
|
||
5214-0035
|
PCT/US2012/054160
|
09/07/2012
|
Patent Cooperation Treaty - (WO)
|
I - (Inactive)
|
||
5214-0037
|
13153292.1
|
01/30/2013
|
European Patent Convention - (EP)
|
F - (Pending)
|
||
5214-0038
|
61/829,006
|
05/30/2013
|
United States - (US)
|
I - (Inactive)
|
||
5214-0039
|
13/940,026
|
07/11/2013
|
United States - (US)
|
I - (Inactive)
|
||
5214-0040
|
AL//P/2013/0342
|
11/02/2000
|
1240280
|
10/02/2013
|
Albania - (AL)
|
G - (Granted)
|
5214-0041
|
00992027.3
|
11/02/2000
|
1240280
|
10/02/2013
|
Austria - (AT)
|
G - (Granted)
|
5214-0042
|
CY20131101169
|
11/02/2000
|
1240280
|
10/02/2013
|
Cyprus - (CY)
|
G - (Granted)
|
5214-0043
|
00992027.3
|
11/02/2000
|
60048281.2
|
10/02/2013
|
Germany - (DE)
|
G - (Granted)
|
5214-0044
|
00992027.3
|
11/02/2000
|
1240280
|
10/02/2013
|
Spain - (ES)
|
G - (Granted)
|
5214-0045
|
00992027.3
|
11/02/2000
|
1240280
|
10/02/2013
|
Great Britain - (GB)
|
G - (Granted)
|
5214-0046
|
00992027.3
|
11/02/2000
|
1240280
|
10/02/2013
|
Greece - (GR)
|
G - (Granted)
|
5214-0047
|
00992027.3
|
11/02/2000
|
1240280
|
10/02/2013
|
Ireland - (IE)
|
G - (Granted)
|
5214-0048
|
502013902221416
|
11/02/2000
|
1240280
|
10/02/2013
|
Italy - (IT)
|
G - (Granted)
|
5214-0049
|
00992027.3
|
11/02/2000
|
1240280
|
10/02/2013
|
Latvia - (LV)
|
G - (Granted)
|
5214-0050
|
00992027.3
|
11/02/2000
|
5154
|
10/02/2013
|
Macedonia - (MK)
|
G - (Granted)
|
5214-0051
|
00992027.3
|
11/02/2000
|
1240280
|
10/02/2013
|
Portugal - (PT)
|
G - (Granted)
|
5214-0052
|
00992027.3
|
11/02/2000
|
1240280
|
10/02/2013
|
Romania - (RO)
|
G - (Granted)
|
5214-0053
|
00992027.3
|
11/02/2000
|
1240280
|
10/02/2013
|
Sweden - (SE)
|
G - (Granted)
|
5214-0054
|
00992027.3
|
11/02/2000
|
1240280
|
10/02/2013
|
Slovenia - (SI)
|
G - (Granted)
|
5214-0055
|
00992027.3
|
11/02/2000
|
2013/15136
|
10/02/2013
|
Turkey - (TR)
|
G - (Granted)
|
5214-0056
|
14/282,558
|
05/20/2014
|
United States - (US)
|
F - (Pending)
|
||
5214-0057
|
12845210.9
|
09/07/2012
|
European Patent Convention - (EP)
|
F - (Pending)
|
||
5214-0058
|
201490565
|
09/07/2012
|
Eurasian Patent Convention - (EA)
|
F - (Pending)
|
||
5214-0059
|
2012333101
|
09/07/2012
|
Australia - (AU)
|
F - (Pending)
|
||
5214-0060
|
2,848,068
|
09/07/2012
|
Canada - (CA)
|
F - (Pending)
|
||
5214-0061
|
1722/DELNP/2014
|
09/07/2012
|
India - (IN)
|
F - (Pending)
|
||
5214-0062
|
1-2014-500512
|
09/07/2012
|
Philippines - (PH)
|
F - (Pending)
|
||
5214-0063
|
14/343,568
|
09/07/2011
|
United States - (US)
|
F - (Pending)
|
||
5214-0064
|
2014/02154
|
09/07/2012
|
South Africa - (ZA)
|
F - (Pending)
|
||
5214-0065
|
14068729
|
09/07/2012
|
Colombia - (CO)
|
F - (Pending)
|
||
5214-0066
|
MX/a/2014/002717
|
09/07/2012
|
Mexico - (MX)
|
F - (Pending)
|
||
5214-0067
|
90134-01
|
09/07/2012
|
Panama - (PA)
|
F - (Pending)
|
||
5214-0068
|
2014-529896
|
09/07/2012
|
Japan - (JP)
|
F - (Pending)
|
||
5214-0069
|
10-2014-7008281
|
09/07/2012
|
Republic of Korea - (KR)
|
F - (Pending)
|
||
5214-0070
|
P00201401962
|
09/07/2012
|
Indonesia - (ID)
|
F - (Pending)
|
||
5214-0071
|
5304
|
03/25/2014
|
4176
|
04/09/2015
|
Mongolia - (MN)
|
G - (Granted)
|
5214-0072
|
PI2014000646
|
09/07/2012
|
Malaysia - (MY)
|
F - (Pending)
|
||
5214-0073
|
17613
|
09/07/2012
|
17613
|
02/26/2015
|
Sri Lanka - (LK)
|
G - (Granted)
|
5214-0074
|
PCT/US2014/040256
|
05/30/2014
|
Patent Cooperation Treaty - (WO)
|
I - (Inactive)
|
||
5214-0075
|
15100135.9
|
01/07/2015
|
Hong Kong - (HK)
|
F - (Pending)
|
||
5214-0076
|
2015202493
|
05/08/2015
|
Australia - (AU)
|
F - (Pending)
|
||
5214-0077
|
14/891,893
|
05/30/2014
|
United States - (US)
|
F - (Pending)
|
||
5214-0078
|
2014273996
|
05/30/2014
|
Australia - (AU)
|
F - (Pending)
|
||
5214-0079
|
2,912,824
|
05/30/2014
|
Canada - (CA)
|
F - (Pending)
|
||
5214-0080
|
201480030985.0
|
05/30/2014
|
China P.R. - (CN)
|
F - (Pending)
|
||
5214-0081
|
15-304594
|
05/30/2014
|
Colombia - (CO)
|
F - (Pending)
|
||
5214-0082
|
14803703.9
|
05/30/2014
|
European Patent Convention - (EP)
|
F - (Pending)
|
||
5214-0083
|
PCT/US2014/040256
|
05/30/2014
|
Hong Kong - (HK)
|
F - (Pending)
|
||
5214-0084
|
11109/DELNP/2015
|
05/30/2014
|
India - (IN)
|
F - (Pending)
|
||
5214-0085
|
P00201508659
|
05/30/2014
|
Indonesia - (ID)
|
F - (Pending)
|
||
5214-0086
|
PCT/US2014/040256
|
05/30/2014
|
Japan - (JP)
|
F - (Pending)
|
||
5214-0087
|
714208
|
05/30/2014
|
New Zealand - (NZ)
|
F - (Pending)
|
||
5214-0088
|
2015155730
|
05/30/2014
|
Russian Federation - (RU)
|
F - (Pending)
|
||
5214-0089
|
2015/08515
|
05/30/2014
|
South Africa - (ZA)
|
F - (Pending)
|
||
5214-0090
|
10-2015-7037018
|
05/30/2014
|
Republic of Korea - (KR)
|
F - (Pending)
|
||
5214-0091
|
201610015312.9
|
01/11/2016
|
China P.R. - (CN)
|
F - (Pending)
|
||
5214-0092
|
201618002729
|
01/25/2016
|
India - (IN)
|
F - (Pending)
|
· | subsequently discovered prior art; |
· | lack of entitlement to the priority of an earlier, related application; or |
· | failure to comply with the written description, best mode, enablement or other applicable requirements. |
- | limited pricing information; |
- | changes in the price differential between low- and high-BTU coal; |
- | unknown costs and methods of transportation to bring processed coal to market; |
- | alternative fuel supplies available at a lower price; |
- | the cost and availability of emissions-reducing equipment or competing technologies; failure of governments to implement and enforce new environmental standards; and |
- | a decline in energy prices which could make processed coal less price competitive. |
- | the complex, lengthy and costly regulatory permit and approval process; |
- | local opposition to development of projects, which can increase cost and delay timelines; |
- | increases in construction costs such as for contractors, workers and raw materials; - transportation costs and availability of transportation; |
- | the inability to acquire adequate amounts of low rank feedstock coal at forecasted prices to meet projected goals; |
- | availability of suitable consumers of chemical by-product produced by our process; |
- | engineering, operational and technical difficulties; and - possible price fluctuations of low-Btu coal which could impact profitability. |
Quarter Ended
|
Low
|
High
|
||||||
31-Dec-15
|
$
|
0.63
|
$
|
0.96
|
||||
30-Sep-15
|
$
|
0.19
|
$
|
1.05
|
||||
30-Jun-15
|
$
|
0.08
|
$
|
0.34
|
||||
31-Mar-15
|
$
|
0.06
|
$
|
0.10
|
||||
31-Dec-14
|
$
|
0.04
|
$
|
0.11
|
||||
30-Sep-14
|
$
|
0.08
|
$
|
0,49
|
||||
30-Jun-14
|
$
|
0.15
|
$
|
0.70
|
||||
31-Mar-14
|
$
|
0.52
|
$
|
1.45
|
· | Consulting expenses, which consist primarily of amounts paid for technology development and design and engineering services; |
· | General and administrative expenses, which consist primarily of salaries, commissions and related benefits paid to our employees, as well as office and travel expenses; |
· | Research and development expenses, which consist primarily of equipment and materials used in the development and testing of our technology; and |
· | Legal and professional expenses, which consist primarily of amounts paid for audit, disclosure and reporting services. |
|
Payments due by period
|
|||||||||||||||||||
|
Total
|
Less than
1 year
|
1 to 3 years
|
3 to 5 years
|
After 5 years
|
|||||||||||||||
Facility lease (1)
|
$
|
-
|
$
|
4,171
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
Total contractual cash obligations
|
$
|
-
|
$
|
4,171
|
$
|
-
|
$
|
-
|
$
|
-
|
(1) | Our New York lease is on a month to month basis, at a monthly rate of $4,171 per month. |
|
PAGE
|
20
|
|
21
|
|
22
|
|
23
|
|
24
|
|
26
|
|
December 31,
|
December 31,
|
||||||
|
2015
|
2014
|
||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash
|
$
|
123,066
|
$
|
1,130
|
||||
Total Current Assets
|
123,066
|
1,130
|
||||||
|
||||||||
Property, plant and equipment, net of accumulated
depreciation of $1,019 and $1,019, respectively
|
-
|
-
|
||||||
Construction in progress
|
-
|
3,212,944
|
||||||
|
||||||||
Total Assets
|
$
|
123,066
|
$
|
3,214,074
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$
|
1,285,724
|
$
|
1,020,470
|
||||
Accrued liabilities
|
3,708,017
|
2,400,145
|
||||||
Debt, net of unamortized discounts
|
413,185
|
413,185
|
||||||
Convertible debt, net of unamortized discounts
|
1,131,873
|
1,500,765
|
||||||
Derivative liabilities
|
70,004,318
|
1,765,695
|
||||||
Total Current Liabilities
|
76,543,117
|
7,100,260
|
||||||
|
||||||||
Long-Term Liabilities
|
||||||||
Convertible debt, net of unamortized discounts
|
4,473,414
|
-
|
||||||
Total Liabilities
|
81,016,531
|
7,100,260
|
||||||
Stockholders' Deficit
|
||||||||
Common stock, $0.00001 par value 150,000,000 shares
authorized, 60,577,714 and 40,393,751 shares issued
and outstanding, respectively
|
606
|
404
|
||||||
Additional paid-in capital
|
222,260,166
|
218,935,664
|
||||||
Accumulated deficit
|
(303,154,237
|
)
|
(222,822,254
|
)
|
||||
Total Stockholders' Deficit
|
(80,893,465
|
)
|
(3,886,186
|
)
|
||||
Total Liabilities and Stockholders' Deficit
|
$
|
123,066
|
$
|
3,214,074
|
|
Years Ended
|
|||||||
|
December 31,
|
|||||||
|
2015
|
2014
|
||||||
|
||||||||
Operating Expenses:
|
||||||||
General and administrative
|
1,291,326
|
2,208,412
|
||||||
Consulting services
|
3,438,368
|
1,469,934
|
||||||
Impairment of construction in progress
|
5,970,319
|
-
|
||||||
|
||||||||
Loss from Operations
|
(10,700,013
|
)
|
(3,678,346
|
)
|
||||
|
||||||||
Other Expenses:
|
||||||||
Loss on change in fair value of derivative liabilities
|
(61,084,036
|
)
|
(1,444,188
|
)
|
||||
Loss on extinguishment of debt
|
(6,042,463
|
)
|
-
|
|||||
Interest expense
|
(2,038,581
|
)
|
(2,179,235
|
)
|
||||
Loan default and standstill expense
|
(466,890
|
)
|
(273,264
|
)
|
||||
Total Other Expenses
|
(69,631,970
|
)
|
(3,896,687
|
)
|
||||
|
||||||||
Net loss
|
$
|
(80,331,983
|
)
|
$
|
(7,575,033
|
)
|
||
|
||||||||
Net loss per share - basic and diluted
|
$
|
(1.69
|
)
|
$
|
(0.22
|
)
|
||
|
||||||||
Weighted average common shares outstanding - basic and diluted
|
47,550,817
|
33,797,751
|
|
Additional
|
Stockholders'
|
||||||||||||||||||
|
Common Stock
|
Paid-In
|
Accumulated
|
Equity
|
||||||||||||||||
|
Shares
|
Amount
|
Capital
|
Deficit
|
(Deficit)
|
|||||||||||||||
Balances at December 31, 2013
|
25,922,202
|
$
|
259
|
$
|
213,288,017
|
$
|
(215,247,221
|
)
|
$
|
(1,958,945
|
)
|
|||||||||
|
||||||||||||||||||||
Common stock issued for services
|
1,851,428
|
19
|
639,847
|
-
|
639,866
|
|||||||||||||||
Common stock issued with debt
|
21,429
|
-
|
8,319
|
-
|
8,319
|
|||||||||||||||
Common stock issued for accrued liabilities
|
5,132,753
|
51
|
1,539,775
|
-
|
1,539,826
|
|||||||||||||||
Common stock issued for conversion of debt
|
9,736,826
|
97
|
1,497,948
|
-
|
1,498,045
|
|||||||||||||||
Common stock returned to the company and cancelled
|
(2,270,887
|
)
|
(22
|
)
|
22
|
-
|
-
|
|||||||||||||
Forgiveness of related party accounts payable
|
-
|
-
|
262,652
|
-
|
262,652
|
|||||||||||||||
Options expense
|
-
|
-
|
19,494
|
-
|
19,494
|
|||||||||||||||
Reclassification of warrants as derivative liabilities
|
-
|
-
|
(6,026
|
)
|
-
|
(6,026
|
)
|
|||||||||||||
Resolution of derivative liabilities
|
-
|
-
|
1,685,616
|
-
|
1,685,616
|
|||||||||||||||
Net Loss
|
-
|
-
|
-
|
(7,575,033
|
)
|
(7,575,033
|
)
|
|||||||||||||
Balances at December 31, 2014
|
40,393,751
|
$
|
404
|
$
|
218,935,664
|
$
|
(222,822,254
|
)
|
$
|
(3,886,186
|
)
|
|||||||||
Common stock issued for services
|
18,196,153
|
182
|
3,037,553
|
-
|
3,037,735
|
|||||||||||||||
Common stock issued with debt
|
550,000
|
5
|
97,370
|
-
|
97,375
|
|||||||||||||||
Common stock issued for conversion of debt
|
1,270,325
|
13
|
49,987
|
-
|
50,000
|
|||||||||||||||
Stock split share adjustment
|
(2,752
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||
Common stock issued with debt modification
|
170,237
|
2
|
139,592
|
-
|
139,594
|
|||||||||||||||
Net loss
|
-
|
-
|
-
|
(80,331,983
|
)
|
(80, 331,983
|
)
|
|||||||||||||
Balances at December 31, 2015
|
60,577,714
|
$
|
606
|
$
|
222,260,166
|
$
|
(303,154,237
|
)
|
$
|
(80,893,465
|
)
|
|
Years Ended
|
|||||||
|
December 31,
|
|||||||
|
2015
|
2014
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net loss
|
$
|
(80,331,983
|
)
|
$
|
(7,575,033
|
)
|
||
Adjustment to reconcile net loss to net cash
used in operating activities:
|
||||||||
Amortization of debt discounts
|
1,352,608
|
2,115,956
|
||||||
Impairment of construction in progress
|
5,970,319
|
-
|
||||||
Loan default and standstill expense
|
466,890
|
273,264
|
||||||
Stock-based compensation
|
3,037,735
|
639,866
|
||||||
Options expense
|
-
|
19,494
|
||||||
Loss on extinguishment of debt
|
6,042,463
|
-
|
||||||
Loss on change in fair value of derivative liabilities
|
61,084,036
|
1,444,188
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts payable
|
265,254
|
228,531
|
||||||
Accrued expenses
|
936,502
|
1,701,751
|
||||||
Net Cash Used in Operating Activities
|
(1,176,176
|
)
|
(1,151,983
|
)
|
||||
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Cash paid for construction in progress
|
(2,585,171
|
)
|
(12,471
|
)
|
||||
Net Cash Used in Financing Activities
|
(2,585,171
|
)
|
(12,471
|
)
|
||||
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Borrowings on debt
|
-
|
15,527
|
||||||
Payments on debt
|
(1,425,397
|
)
|
(35,530
|
)
|
||||
Borrowings on convertible debt, net of face discounts and lender fees
|
5,308,680
|
1,249,500
|
||||||
Payments on related party convertible debt
|
-
|
(79,250
|
)
|
|||||
Borrowings on related party debt
|
50,000
|
29,017
|
||||||
Payments on related party debt
|
(50,000
|
)
|
(49,322
|
)
|
||||
Net Cash Provided by Financing Activities
|
3,883,283
|
1,129,942
|
||||||
|
||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
121,936
|
(34,512
|
)
|
|||||
CASH AND CASH EQUIVALENTS - beginning of period
|
1,130
|
35,642
|
||||||
CASH AND CASH EQUIVALENTS - end of period
|
$
|
123,066
|
$
|
1,130
|
|
Years Ended
|
|||||||
|
December 31,
|
|||||||
|
2015
|
2014
|
||||||
|
||||||||
SUPPLEMENTAL DISCLOSURES:
|
||||||||
Cash paid for interest
|
$
|
114,905
|
$
|
-
|
||||
Cash paid for income taxes
|
-
|
-
|
||||||
|
||||||||
NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||
Derivative liabilities recorded as debt discounts
|
$
|
5,479,767
|
$
|
1,245,816
|
||||
Capitalized interest
|
172,203
|
-
|
||||||
Common stock issued with debt
|
97,375
|
8,319
|
||||||
Common stock issued for debt and accrued interest
|
50,000
|
1,498,045
|
||||||
Accrued cash structuring fees
|
255,512
|
-
|
||||||
Resolution of derivative liabilities
|
-
|
1,685,616
|
||||||
Discounts due to warrants issued with debt
|
-
|
400,000
|
||||||
Common stock issued for accounts payable
|
-
|
1,539,826
|
||||||
Reclassification of warrants as derivative liabilities
|
-
|
6,026
|
||||||
Return of shares
|
-
|
22
|
||||||
Forgiveness of accounts payable to related party
|
-
|
262,652
|
2015
|
2014
|
|||||||
Deferred tax assets:
|
||||||||
Net operating loss carryforward
|
$
|
7,880,283
|
$
|
6,885,735
|
||||
Valuation allowance
|
(7,880,283
|
)
|
(6,885,735
|
)
|
||||
$
|
-
|
$
|
-
|
2015
|
2014
|
|||||||
Pre-tax book loss
|
$
|
(28,116,194
|
)
|
$
|
(2,651,262
|
)
|
||
Meals and entertainment
|
1,140
|
-
|
||||||
Common stock, options and warrants issued for services and debt discount
|
1,063,207
|
230,776
|
||||||
Debt extinguishment expense
|
2,114,862
|
-
|
||||||
Asset impairment expense
|
2,089,611
|
-
|
||||||
Debt discount amortization
|
473,413
|
-
|
||||||
Loss on derivative liability
|
21,379,413
|
505,466
|
||||||
Valuation allowance
|
994,548
|
1,915,020
|
||||||
$
|
-
|
$
|
-
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
December 31, 2015
|
||||||||||||||||
Liabilities:
|
||||||||||||||||
Derivative financial instruments
|
$
|
-
|
$
|
-
|
$
|
70,004,318
|
$
|
70,004,318
|
||||||||
December 31, 2014
|
||||||||||||||||
Liabilities:
|
||||||||||||||||
Derivative financial instruments
|
$
|
-
|
$
|
-
|
$
|
1,765,695
|
$
|
1,765,695
|
|
December 31,
|
|||||||
Name
|
2015
|
2014
|
||||||
Convertible Debt:
|
||||||||
Note 1
|
$
|
100,000
|
$
|
148,986
|
||||
Note 2
|
100,000
|
-
|
||||||
Note 3
|
756,873
|
-
|
||||||
Note 5
|
100,000
|
46,108
|
||||||
Note 6
|
50,000
|
324,495
|
||||||
Note 7
|
25,000
|
-
|
||||||
Note 8
|
3,741,473
|
8,913
|
||||||
Note 9
|
1,366,336
|
16,477
|
||||||
Note 10
|
507,846
|
200,000
|
||||||
Note 11
|
-
|
100,000
|
||||||
Note 12
|
-
|
631,251
|
||||||
Note 13
|
-
|
92,400
|
||||||
Note 14
|
-
|
78,750
|
||||||
Note 15
|
-
|
50,000
|
||||||
Note 16
|
-
|
50,000
|
||||||
Total
|
6,747,528
|
1,747,380
|
||||||
Less: current portion
|
(1,131,873
|
)
|
(1,747,380
|
)
|
||||
Total long-term debt
|
5,615,655
|
-
|
||||||
Less: Unamortized discount
|
(1,142,241
|
)
|
(246,615
|
)
|
||||
Net
|
$
|
4,473,414
|
$
|
1,500,765
|
||||
|
||||||||
Nonconvertible Debt:
|
||||||||
Note 17
|
$
|
35,000
|
$
|
35,000
|
||||
Note 18
|
378,185
|
378,185
|
||||||
Total
|
413,185
|
413,185
|
||||||
Unamortized discount
|
-
|
-
|
||||||
Net
|
$
|
413,185
|
$
|
413,185
|
|
2015
|
2014
|
||||||
Expected dividends
|
-
|
%
|
-
|
%
|
||||
Expected term (years)
|
0.12 – 3.00
|
0.1 – 1.00
|
||||||
Volatility
|
155% - 237
|
%
|
171% - 223
|
%
|
||||
Risk-free rate
|
0.09% - 1.76
|
%
|
0.01% - 0.25
|
%
|
Fair value as of December 31, 2013
|
$
|
355,281
|
||
Fair value on the date of issuance
|
1,645,816
|
|||
Fair value on the date of issuance recognized as loss on derivatives
|
1,673,759
|
|||
Fair value on the date of issuance reclassified from equity
|
6,026
|
|||
Resolution of derivatives
|
(1,685,616
|
)
|
||
Gain on change in fair value of derivatives
|
(229,571
|
)
|
||
Fair value as of December 31, 2014
|
1,765,695
|
|||
Fair value on the date of issuance recorded as debt discounts
|
5,479,767
|
|||
Fair value on the date of issuance recognized as loss on derivatives
|
45,965,278
|
|||
Loss on extinguishment of debt
|
1,674,820
|
|||
Loss on change in fair value of derivatives
|
15,118,758
|
|||
Fair value as of December 31, 2015
|
$
|
70,004,318
|
|
Weighted
|
|||||||
|
Average
|
|||||||
|
Options
|
Exercise Price
|
||||||
Outstanding - December 31, 2013
|
942,857
|
$
|
5.24
|
|||||
Granted
|
-
|
-
|
||||||
Forfeited/canceled
|
(228,571
|
)
|
7.00
|
|||||
Exercised
|
-
|
-
|
||||||
Outstanding - December 31, 2014
|
714,286
|
$
|
4.68
|
|||||
Granted
|
-
|
-
|
||||||
Forfeited/canceled
|
-
|
-
|
||||||
Exercised
|
-
|
-
|
||||||
Outstanding - December 31, 2015
|
714,286
|
$
|
4.68
|
|||||
|
||||||||
Exercisable – December 31, 2014
|
714,286
|
$
|
4.68
|
|||||
Exercisable – December 31, 2015
|
714,286
|
$
|
4.68
|
|
Weighted
|
|||||||
|
Average
|
|||||||
|
Warrants
|
Exercise Price
|
||||||
Outstanding - December 31, 2013
|
349,434
|
$
|
1.75
|
|||||
Granted
|
4,180,000
|
0.50
|
||||||
Exercised
|
-
|
-
|
||||||
Outstanding - December 31, 2014
|
4,529,434
|
0.60
|
||||||
Granted
|
2,360,457
|
0.11
|
||||||
Exercised
|
-
|
-
|
||||||
Outstanding – December 31, 2015
|
6,889,891
|
0.43
|
||||||
|
||||||||
Exercisable – December 31, 2014
|
4,529,434
|
$
|
0.60
|
|||||
Exercisable – December 31, 2015
|
6,889,891
|
0.43
|
- | a documented organizational structure and division of responsibility; |
- | established policies and procedures to foster a strong ethical climate which is communicated throughout the Company; |
- | regular reviews of our consolidated financial statements by qualified individuals; and |
- | the careful selection, training and development of our employees and personnel. |
Name
|
Age
|
Position
|
Held Since
|
|||
Robin T. Eves
|
65
|
CEO, President, Director
|
August 2010
|
|||
Thomas Shreve
|
64
|
Director
|
November 2015
|
|||
Edward Jennings
|
76
|
Chairman of the Board
|
September 2007
|
|||
Scott Younger
|
73
|
Director
|
November 2013
|
|||
Aiden Neary
|
44
|
COO, CFO, Director
|
February 2016
|
Officers Name &
Principal Position
|
Year
|
Salary
($)
|
Bonus
($)
|
Stock
($)
|
Option Awards
($)
|
All Other
Compensation ($)
|
Total
($)
|
|||||||||||||||||||
Robin Eves, Pres and CEO (1)
|
2015
|
495,000
|
250,000
|
-
|
-
|
-
|
745,000
|
|||||||||||||||||||
2014
|
395,000
|
250,000
|
264,747
|
-
|
-
|
859,747
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
Aiden Neary, COO/CFO
|
2015
|
375,000
|
250,000
|
625,000
|
||||||||||||||||||||||
2014
|
250,000
|
50,000
|
333,000
|
-
|
-
|
407,258
|
|
Option Awards
|
Stock Awards
|
|||||||||||||||||||
Name
|
Number of
Securities
Underlying
Unexercised
Options
Exercisable
(#)
|
Number of
Securities
Underlying
Unexercised
Options
Unexercisable
(#)
|
Option
Exercise
Price
($)
|
Option
Expiration
Date
|
Number of
Shares or
Units of
Stock That
Have Not
Vested
(#)
|
Market Value
of Shares
or Units
of Stock
That Have
Not Vested
($)
|
|||||||||||||||
Robin Eves
|
|
285,714
|
|
$
|
1.05
|
8/1/2020
|
|
|
|
Name
|
Year
|
Fees Earned or
Paid in Cash
($)
|
Stock Awards
($)
|
Option Awards
($)
|
Non-Equity
Incentive Plan
Compensation
($)
|
Non Qualified
Deferred
Compensation
Earnings
|
All Other
Compensation
($)
|
Total
($)
|
||||||||||||||||||||||
Robin Eves
|
2015
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||
Aiden Neary
|
2015
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||
Ed Jennings
|
2015
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Scott Younger(1)
|
2015
|
25,000
|
-
|
-
|
-
|
-
|
-
|
25,000
|
||||||||||||||||||||||
Thomas Shreve(2) | 2015 | - |
(1)
|
Mr. Younger’s directors fees have been accrued
|
(2)
|
Mr Shreve directors fees of $25,000 will be accrued in 2016
|
Officers and Directors
|
Amount and Nature of
Beneficial Ownership(1)
|
Percent of Class
|
||||||
|
||||||||
Robin Eves, President, CEO, Director
|
3,795,107
|
6
|
%
|
|||||
Aiden Neary, COO/CFO
|
5,038,909
|
8
|
%
|
|||||
Ignacio Ponce deLeon (retired Director and COO)
|
7,191,990
|
12
|
%
|
|||||
Thomas Shreve, Director
|
100,000
|
0
|
%
|
|||||
Edward Jennings, Director
|
82,793
|
0
|
%
|
|||||
Scott Younger, Director
|
372,858
|
1
|
%
|
|||||
All directors and officers as a group (5 persons)
|
16,481,657
|
27.3
|
%
|
|
2015
|
2014
|
||||||
(1) Audit Fees
|
$
|
86,000
|
$
|
80,000
|
||||
(2) Tax Fees
|
$
|
-
|
$
|
-
|
||||
(3) Other Fees
|
$
|
-
|
$
|
-
|
3.1(1)
|
Articles of Incorporation
|
3.2(2)
|
Amended and Restated Bylaws
|
4.1(3)
|
Specimen stock certificate
|
14(4)
|
Code of Business Conduct and Ethics
|
31.1
|
|
31.2
|
|
32.1
|
|
32.2
|
|
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
|
|
/s/Robin Eves
|
|
Dated: June 06, 2016
|
Robin Eves
CEO, President, Principal Executive Officer
|
|
|
|
|
|
|
|
Dated: June 06, 2016
|
/s/Aiden Neary
|
|
|
Aiden Neary
CFO, Principal Financial Officer
|
/s/Robin Eves
|
/s/Scott Younger
|
|
|
Robin Eves, CEO, President and Director
|
Scott Younger, Director
|
|
|
|
|
|
|
/s/Edward Jennings
|
/s/Thomas Shreve
|
|
|
Edward Jennings, Director
|
Thomas Shreve, Director
|
|
|
/s/Aiden Neary
|
|||
Aiden Neary, COO, CFO and Director
|
|
|
1 Year Clean Coal Technologies (PK) Chart |
1 Month Clean Coal Technologies (PK) Chart |
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