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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ocean Thermal Energy Corporation (CE) | USOTC:CPWR | 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% | 0.0062 | 0.00 | 01:00:00 |
Yes
|
x
|
No
|
o
|
Yes
|
x
|
No
|
o
|
Large accelerated filer
o
|
Accelerated filer
¨
|
Non-accelerated filer
o
|
Smaller reporting company
x
|
Yes
|
o
|
No
|
x
|
Item
|
Description
|
Page
|
PART I
—
FINANCIAL INFORMATION
|
||
1
|
Financial Statements
|
|
Condensed Consolidated Balance Sheets (Unaudited)
|
3
|
|
Condensed Consolidated Statements of Operations (Unaudited)
|
4
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
5
|
|
Notes to the Condensed Consolidated Financial Statements (Unaudited)
|
6
|
|
2
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
10
|
3
|
Quantitative and Qualitative Disclosures about Market Risk
|
13
|
4
|
Controls and Procedures
|
13
|
PART II
—
OTHER INFORMATION
|
||
3
|
Defaults upon Senior Securities
|
15
|
6
|
Exhibits
|
15
|
Signature
|
15
|
September 30,
|
December 31,
|
||||
2016
|
2015
|
||||
(Unaudited) | |||||
ASSETS
|
|||||
Current assets:
|
|||||
Cash and cash equivalents
|
$
|
1,110
|
$
|
4,667
|
|
Prepaid expenses
|
--
|
2,478
|
|||
Total current assets
|
1,110
|
7,145
|
|||
Total assets
|
$
|
1,110
|
$
|
7,145
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
|||||
Liabilities:
|
|||||
Current liabilities
|
|||||
Accounts payable
|
$
|
186,330
|
$
|
473,732
|
|
Accrued liabilities
|
372,277
|
321,827
|
|||
Notes payable
|
295,899
|
299,612
|
|||
Convertible note payable to related party, net of debt discount
|
604,380
|
467,628
|
|||
Total current liabilities
|
1,458,886
|
1,562,799
|
|||
Total liabilities
|
1,458,886
|
1,562,799
|
|||
COMMITMENTS AND CONTINGENCIES (NOTE 11)
|
|||||
Stockholders’ deficit:
|
|||||
Preferred stock, $0.001 par value, 5,000,000 shares authorized;
|
|||||
0 shares outstanding as of September 30, 2016, and
|
|||||
December 31, 2015, respectively
|
--
|
--
|
|||
Common stock, $0.001 par value, 100,000,000 shares authorized
|
|||||
60,404,140 and 53,404,140 shares issued and outstanding as of
|
|||||
September 30, 2016, and December 31, 2015, respectively
|
60,404
|
53,404
|
|||
Additional paid-in capital
|
3,663,452
|
3,164,991
|
|||
Accumulated deficit
|
(5,181,632)
|
(4,774,049)
|
|||
Total stockholders’ deficit
|
(1,457,776)
|
(1,555,654)
|
|||
Total liabilities and stockholders’ deficit
|
$
|
1,110
|
$
|
7,145
|
For the Three Months | For the Nine Months | ||||||||||
Ended September 30, | Ended September 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Revenues
|
$ |
--
|
$ |
93
|
$ |
50
|
$ |
3,856
|
|||
Cost of Revenues
|
--
|
--
|
--
|
40
|
|||||||
Gross Profit
|
--
|
93
|
50
|
3,816
|
|||||||
Operating costs and expenses:
|
|||||||||||
General and administrative
|
22,310
|
19,508
|
274,605
|
45,838
|
|||||||
Professional fees
|
28,592
|
100,927
|
75,666
|
169,737
|
|||||||
Total operating expenses
|
50,902
|
120,435
|
350,271
|
215,575
|
|||||||
Operating loss
|
(50,902)
|
(120,342)
|
(350,221)
|
(211,759)
|
|||||||
Other expense:
|
|||||||||||
Interest expense
|
(10,053)
|
(43,300)
|
(57,362)
|
(65,982)
|
|||||||
Total other expense
|
(10,053)
|
(43,300)
|
(57,362)
|
(65,982)
|
|||||||
Net loss
|
$ |
(60,955)
|
$ |
(163,642)
|
$ |
(407,583)
|
$ |
(277,741)
|
|||
Total basic and diluted loss
|
|||||||||||
per common share
|
$ |
--
|
$ |
--
|
$ |
(0.01)
|
$ |
(0.01)
|
|||
Basic and diluted weighted-average
|
|||||||||||
common shares outstanding
|
60,404,140
|
53,404,140
|
57,926,038
|
45,765,196
|
For the Nine Months Ended
|
|||||
September 30,
|
|||||
2016
|
2015
|
||||
Cash flows from operating activities:
|
|||||
Net loss
|
$
|
(407,583)
|
$
|
(277,741)
|
|
Adjustments to reconcile net loss to net cash
|
|||||
provided by (used in) operating activities:
|
|||||
Stock compensation
|
210,000
|
--
|
|||
Amortization of debt discount
|
17,585
|
28,889
|
|||
Increase (decrease) from changes in working capital items:
|
|||||
Prepaid expenses
|
2,478
|
(2,500)
|
|||
Other current assets
|
--
|
(3,445)
|
|||
Accounts payable and accrued liabilities
|
55,176
|
108,855
|
|||
Net cash used in operating activities
|
(122,344)
|
(145,942)
|
|||
Cash flows from financing activities:
|
|||||
Proceeds from common stock issuance
|
--
|
100,000
|
|||
Payments on notes payable
|
(3,713)
|
--
|
|||
Proceeds from related-party note payable
|
122,500
|
50,000
|
|||
Net cash provided by financing activities
|
118,787
|
150,000
|
|||
Net (decrease) increase in cash
|
(3,557)
|
4,058
|
|||
Cash and cash equivalents at beginning of year
|
4,667
|
178
|
|||
Cash and cash equivalents at end of period
|
$
|
1,110
|
$
|
4,236
|
|
Supplemental Disclosure of Cash Flow Information:
|
|||||
Cash paid for income taxes
|
$
|
--
|
$
|
--
|
|
Cash paid for interest expense and lines of credit
|
$
|
12,388
|
$
|
12,741
|
|
Noncash Transactions:
|
|||||
Convertible note payable issued in exchange for
|
|||||
existing convertible note payable
|
$
|
--
|
$
|
394,380
|
|
Forgiveness of accounts payable and accrued liabilities
|
$
|
292,128
|
--
|
||
Cancellation of preferred stock
|
$
|
--
|
$
|
1,200
|
|
Beneficial conversion feature on convertible note payable
|
$
|
3,333
|
$
|
50,000
|
●
|
Level 1
: Unadjusted quoted prices in active markets for identical assets and liabilities.
|
●
|
Level 2
: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.
|
●
|
Level 3
: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.
|
●
|
Control Environment
—We did not maintain an effective control environment for internal control over financial reporting.
|
●
|
Segregation of Duties
—As a result of limited resources and staff, we did not maintain proper segregation of incompatible duties. The effect of the lack of segregation of duties potentially affects multiple processes and procedures.
|
●
|
Entity Level Controls
—We failed to maintain certain entity-level controls as defined by the framework issued by COSO. Specifically, our lack of staff does not allow us to effectively maintain a sufficient number of adequately trained personnel necessary to anticipate and identify risks critical to financial reporting. There is a risk that a material misstatement of the financial statements could be caused, or at least not be detected in a timely manner, due to lack of adequate staff with such expertise.
|
●
|
Access to Cash
—One executive had the ability to transfer from our bank accounts.
|
Exhibit
Number*
|
Title of Document
|
Location
|
||
Item 31
|
Rule 13a-14(a)/15d-14(a) Certifications
|
|||
31.01
|
Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Rule 13a-14
|
Attached.
|
||
Item 32
|
Section 1350 Certifications
|
|||
32.01
|
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Attached.
|
||
Item 101
|
Interactive Data
|
|||
101
|
Interactive Data files
|
Attached
|
*
|
All exhibits are numbered with the number preceding the decimal indicating the applicable SEC reference number in Item 601 and the number following the decimal indicating the sequence of the particular document.
|
TETRIDYN SOLUTIONS, INC.
|
|||
Date: November 4, 2016
|
By:
|
/s/ Jeremy P. Feakins | |
Jeremy P. Feakins
|
|||
Chief Executive Officer and
|
|||
Chief Financial Officer
|
1 Year Ocean Thermal Energy (CE) Chart |
1 Month Ocean Thermal Energy (CE) Chart |
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