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Share Name | Share Symbol | Market | Type |
---|---|---|---|
enSurge Inc (CE) | USOTC:ESGI | 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% | 0.0002 | 0.00 | 01:00:00 |
Nevada
|
87-0431533
|
(State or other jurisdiction
of incorporation or organization)
|
(IRS Employer Identification No.)
|
Page
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PART I-FINANCIAL INFORMATION
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||
Item 1. Financial Statements
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||
Consolidated Balance Sheets (Unaudited) as of
March 31, 2013 and December 31, 2012
|
3
|
|
(Unaudited) for the Three Months Ended March 31, 2013 and 2012 and from inception of exploration stage to March 31, 2013
|
4
|
|
Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2013 and 2012 and from inception of exploration stage to March 31, 2013
|
5
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Notes to Consolidated Financial Statements (Unaudited)
|
6
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
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9
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Item 3. Quantitative and Qualitative Disclosures About Market Risk. ………………………
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10
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Item 4. Controls and Procedures
|
10
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PART II - OTHER INFORMATION
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||
Item 1. Legal Proceedings
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11
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Item 1A. Risk Factors
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11
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
11
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|
Item 3. Defaults Upon Senior Securities
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11
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Item 4. Mine Safety Disclosure
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11 | |
Item 5. Other Information
|
11 | |
Item 6. Exhibits
|
11 | |
Signatures
|
12 |
March 31,
2013
|
December 31,
2012
|
|||||||
ASSETS
|
(Unaudited)
|
|
||||||
Current Assets
|
||||||||
Cash
|
$ | 614 | $ | 15,252 | ||||
Total Current Assets
|
614 | 15,252 | ||||||
Fixed assets (net of depreciation)
|
47,166 | 49,451 | ||||||
Total Other Assets
|
47,166 | 49,451 | ||||||
Total Assets
|
$ | 47,780 | $ | 64,703 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
Current Liabilities
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||||||||
Trade accounts payable
|
$ | 186,471 | $ | 171,750 | ||||
Accrued liabilities
|
267,202 | 171,875 | ||||||
Accrued interest
|
56,333 | 14,771 | ||||||
Notes payable
|
1,662,500 | 1,662,500 | ||||||
Proceeds for common stock to be issued
|
1,360,000 | 1,360,000 | ||||||
Warrants derivative liability
|
76,438 | 903,142 | ||||||
Total Current Liabilities
|
3,608,944 | 4,284,038 | ||||||
Stockholders' Deficit
|
||||||||
Common stock - $0.001 par value; 100,000,000 shares authorized; 34,038,726 and 34,038,726 shares outstanding, respectively
|
34,038 | 34,038 | ||||||
Additional paid-in-capital
|
55,209,889 | 55,209,889 | ||||||
Accumulated deficit
|
(23,315,973 | ) | (23,315,973 | ) | ||||
Exploration stage deficit
|
(35,489,118 | ) | (36,147,289 | ) | ||||
Total Stockholders' Deficit
|
(3,561,164 | ) | (4,219,335 | ) | ||||
Total Liabilities and Stockholders' Deficit
|
$ | 47,780 | $ | 64,703 |
From Inception of
|
||||||||||||
Exploration Stage
|
||||||||||||
For the Three Months Ended |
January 1, 2010
|
|||||||||||
March 31, |
Through
|
|||||||||||
2013
|
2012
|
March 31, 2013
|
||||||||||
Sales
|
$ | - | $ | - | $ | - | ||||||
Expenses
|
||||||||||||
General and administrative
|
126,972 | 960,206 | 29,776,607 | |||||||||
Total Expenses
|
126,972 | 960,206 | 29,776,607 | |||||||||
Operating Loss
|
(126,972 | ) | (960,206 | ) | (29,776,607 | ) | ||||||
Other income (expense)
|
||||||||||||
Gain (Loss) on derivative
|
826,704 | 8,090,003 | 7,986,241 | |||||||||
Derivative day-one loss
|
- | - | (11,970,479 | ) | ||||||||
Interest expense
|
(41,562 | ) | (27,500 | ) | (1,731,832 | ) | ||||||
Interest income
|
1 | 139 | 3,559 | |||||||||
Net Income (Loss)
|
$ | 658,171 | $ | 7,102,436 | $ | (35,489,118 | ) | |||||
Basic Net Gain Per Common Share
|
$ | 0.02 | $ | 0.22 | ||||||||
Basic Weighted Average Common Shares Outstanding
|
34,038,726 | 32,607,407 | ||||||||||
Diluted Net Gain Per Common Share
|
$ | 0.02 | $ | 0.17 | ||||||||
Diluted Weighted Average Common Shares Outstanding
|
42,368,726 | 40,678,506 |
From Inception of
|
||||||||||||
Exploration Stage
|
||||||||||||
For the Three Months Ended
|
January 1, 2010
|
|||||||||||
March 31, |
Through
|
|||||||||||
2013
|
2012
|
March 31, 2013
|
||||||||||
Cash Flows From Operating Activities
|
||||||||||||
Net income (loss)
|
$ | 658,171 | $ | 7,102,435 | $ | (35,489,118 | ) | |||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||||||
Common stock and options issued for services
|
- | 718,402 | 26,738,679 | |||||||||
Warrant derivative liability
|
(826,704 | ) | (8,090,003 | ) | (7,986,242 | ) | ||||||
Amortization of debt discount
|
- | - | 110,000 | |||||||||
Stock issued for interest
|
- | - | 90,000 | |||||||||
Non-cash interest expense
|
- | - | 302,500 | |||||||||
Derivative day-one loss
|
- | - | 11,970,479 | |||||||||
Depreciation expense
|
2,285 | 1,629 | 11,724 | |||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Increase (decrease) in trade accounts payable
|
14,721 | 19,537 | 177,785 | |||||||||
Increase (decrease) in accrued expenses
|
41,562 | - | 38,000 | |||||||||
Increase (decrease) in accrued liabilities
|
95,327 | 27,500 | 270,797 | |||||||||
Net Cash Used in Operating Activities
|
14,638 | (220,500 | ) | (3,765,396 | ) | |||||||
Cash Flows From Investing Activities
|
||||||||||||
Investment in fixed assets
|
- | - | (58,890 | ) | ||||||||
Net Cash Provided (Used) by Investing Activities
|
- | - | (58,890 | ) | ||||||||
Cash Flows From Financing Activities
|
||||||||||||
Proceeds from notes payable
|
- | - | 1,750,000 | |||||||||
Repayments of notes payable
|
- | - | (500,000 | ) | ||||||||
Proceeds from exercise of warrants for
common stock to be issued
|
- | - | 1,360,000 | |||||||||
Purchase treasury stock
|
- | - | (60,000 | ) | ||||||||
Proceeds from issuance of common stock
|
- | 380,000 | 1,274,900 | |||||||||
Net Cash Provided (Used) by Financing Activities
|
- | 380,000 | 3,824,900 | |||||||||
Net Increase (decrease) in Cash
|
(14,638 | ) | 159,500 | 614 | ||||||||
Cash at Beginning of Period
|
15,252 | 214,517 | - | |||||||||
Cash at End of Period
|
$ | 614 | $ | 374,017 | $ | 614 | ||||||
Non-Cash Investing and Financing Activities:
|
||||||||||||
Cash paid for interest
|
$ | - | $ | - | ||||||||
Cash paid for taxes
|
$ | - | $ | - |
Range of
exercise price
|
Number
Outstanding
|
Weighted Average
Remaining
Contractual Life
(in years)
|
Weighted Average
Exercise Price
|
Aggregate
Intrinsic
Value
|
|||||||||||
$ | 0.14 to $1.00 | 8,330,000 |
3.12 years
|
$ | 0.49 | $ | (3,998,400 | ) |
31.1
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)
|
101.INS
|
XBRL Instance
|
101.XSD
|
XBRL Schema
|
101.CAL
|
XBRL Calculation
|
101.DEF
|
XBRL Definition
|
101.LAB
|
XBRL Label
|
101.PRE
|
XBRL Presentation
|
ENSURGE, INC.
|
||
May 21, 2013
|
By:
|
/s/ Jeff A. Hanks
|
Jeff A. Hanks, Chief Executive Officer
(
Principal Executive Officer)
|
||
May 21, 2013
|
By:
|
/s/ Jeff A. Hanks
|
Jeff A. Hanks, Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
|
1 Year enSurge (CE) Chart |
1 Month enSurge (CE) Chart |
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