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Share Name | Share Symbol | Market | Type |
---|---|---|---|
WindGen Energy Inc (CE) | USOTC:WGEI | 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% | 0.000001 | 0.00 | 01:00:00 |
þ |
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended
September 30, 2011
|
||
o
|
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from __________ to __________
|
Utah
|
|
87-0397815
|
(State or other jurisdiction of
|
|
(IRS Employer
Identification No.)
|
incorporation or organization)
|
|
|
Large accelerated filer o | Accelerated filer o |
Non-accelerated filer o | Small reporting company þ |
|
Page No.
|
|
Forward-Looking Statements | 3 | |
4 | ||
4
|
||
5
|
||
6
|
||
7
|
||
19
|
||
22
|
||
22
|
||
23
|
||
23
|
||
23
|
||
23
|
||
23
|
||
23
|
||
24
|
||
Signatures |
25
|
|
Item 1. |
Financial Statements
|
September 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash
|
$
|
12,621
|
$
|
33,278
|
||||
Other Receivable
|
24,464
|
20,355
|
||||||
Prepaid Expenses & Other
|
7,967
|
50,601
|
||||||
Total Current Assets
|
45,052
|
104,234
|
||||||
Licensing Rights - Wind Sail Receptor, Inc.
|
190,000
|
190,000
|
||||||
TOTAL ASSETS
|
$
|
235,052
|
$
|
294,234
|
||||
LIABILITIES & STOCKHOLDERS’ EQUITY/(DEFICIT)
|
||||||||
Current Liabilities:
|
||||||||
Related Party Consulting Fees Payable
|
139,050
|
125,500
|
||||||
Accounts Payable
|
42,317
|
3,987
|
||||||
Note Payable
|
25,630
|
–
|
||||||
Convertible Notes Payable, net of
debt discount of $32,943 and $27,273, respectively
|
27,619
|
23,451
|
||||||
Preferred Stock Dividends Payable
|
19,387
|
17,969
|
||||||
Total Current Liabilities
|
254,003
|
170,907
|
||||||
TOTAL LIABILITIES
|
$
|
254,003
|
$
|
170,907
|
||||
STOCKHOLDERS' EQUITY/(DEFICIT)
|
||||||||
Preferred Stock, 10,000,000 shares authorized; Series A Cumulative convertible preferred stock, 8% cumulative, $4.50 par value, 1,000,000 shares designated, 5,254 shares outstanding at September 30, 2011 and December 31, 2010, respectively (aggregate liquidation preference of
$43,031
)
|
23,644
|
23,644
|
||||||
Common Stock, $.001 par value: 100,000,000 shares authorized, 43,805,057 and 41,238,429 shares outstanding at September 30, 2011 and December 31, 2010, respectively
|
43,805
|
|
41,238
|
|||||
Additional Paid-In Capital
|
9,596,292
|
9,429,263
|
||||||
Stock Subscription Receivable
|
(10,000
|
) |
(10,000
|
)
|
||||
Accumulated Deficit
|
(9,672,692
|
) |
(9,360,818
|
)
|
||||
TOTAL STOCKHOLDERS’ EQUITY/(DEFICIT)
|
(18,951
|
) |
123,327
|
|||||
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY/(DEFICIT)
|
$
|
235,052
|
$
|
294,234
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
For the Three Months Ended
September 30,
|
For the Nine Months Ended
September 30,
|
||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
REVENUES
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
||||||||
OPERATING EXPENSES
|
||||||||||||||||
General & Administrative
|
49,451
|
25,282
|
126,634
|
103,441
|
||||||||||||
Legal & Professional Fees
|
16,418
|
26,966
|
50,227
|
49,936
|
||||||||||||
Related Party Consulting Fees
|
30,000
|
30,000
|
90,000
|
90,000
|
||||||||||||
Total Operating Expenses
|
95,869
|
82,248
|
266,861
|
243,377
|
||||||||||||
INCOME (LOSS) FROM OPERATIONS
|
(95,869
|
) |
(82,248
|
)
|
(266,861
|
) |
(243,377
|
)
|
||||||||
OTHER INCOME (EXPENSE)
|
||||||||||||||||
Interest Income (Expense)
|
(1,191
|
) |
146
|
(2,468
|
) |
(501
|
)
|
|||||||||
Amortization of debt discount
|
(13,854
|
) |
–
|
(41,126 | ) |
–
|
||||||||||
Total Other Income (Expense), Net
|
(15,045
|
) |
146
|
(43,594
|
) |
(501
|
)
|
|||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS
|
(110,914
|
) |
(82,102
|
)
|
(310,455
|
) |
(243,878
|
)
|
||||||||
DISCONTINUED OPERATIONS (Note 7)
|
||||||||||||||||
Income (Loss) from operations of MicroCor, Inc. (including gain on disposal of $355,000)
|
–
|
–
|
–
|
343,488
|
||||||||||||
NET INCOME (LOSS)
|
(110,914
|
) |
(82,102
|
)
|
(310,455
|
) |
99,610
|
|||||||||
PREFERRED STOCK DIVIDENDS
|
(473
|
) |
(1,891
|
)
|
(1,419
|
) |
(5,674
|
)
|
||||||||
NET INCOME (LOSS) APPLICABLE TO COMMON STOCKHOLDERS
|
$
|
(111,387
|
) |
$
|
(83,993
|
)
|
$
|
(311,874
|
) |
$
|
93,936
|
|||||
NET INCOME (LOSS) PER COMMON SHARE (BASIC & DILUTED)
|
$
|
0.00
|
$
|
(0.00
|
)
|
$
|
(0.01
|
) |
$
|
(0.00
|
)
|
|||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
|
||||||||||||||||
BASIC
|
43,538,263
|
36,249,721
|
42,632,859
|
35,577,298
|
||||||||||||
DILUTED
|
43,546,144
|
36,257,602
|
42,640,740
|
35,585,129
|
(Unaudited)
|
||||||||
For the Nine Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net Loss/Income
|
$
|
(310,455
|
)
|
$
|
99,610
|
|||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Interest expense from debt discount
|
41,126 |
–
|
||||||
Related party consulting fee payable
|
13,550 |
75,000
|
||||||
Gain on deconsolidation of MicroCor
|
–
|
(355,000
|
)
|
|||||
Write-down of other receivable
|
–
|
21,119
|
||||||
Prepaid expense
|
42,634
|
–
|
||||||
Accounts payable
|
38,330
|
12,359
|
||||||
Related party payable
|
–
|
(28,445
|
)
|
|||||
Accrued interest payable
|
2,468
|
501
|
||||||
Other receivable
|
(4,110
|
)
|
(388
|
)
|
||||
Net cash provided by (used in) Continuing Activities
|
(176,457 | ) |
(175,244
|
)
|
||||
Net cash provided by (used in) Discontinued Activities
|
–
|
7,120
|
||||||
Net cash provided by (used in) Operating Activities
|
(176,457 | ) |
(168,124
|
)
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Net cash provided by Investing Activities
|
–
|
–
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from sale of stock
|
70,800 |
236,423
|
||||||
Proceeds from notes payable
|
85,000 |
–
|
||||||
Proceeds from stock subscription receivable
|
–
|
7,500
|
||||||
Payments for conversion of preferred stock
|
–
|
(15,000
|
)
|
|||||
Payments on notes
|
–
|
(11,939
|
)
|
|||||
Payments on notes related party loan
|
–
|
(42,143
|
)
|
|||||
Net cash provided by Financing Activities
|
155,800 |
174,841
|
||||||
NET INCREASE (DECREASE) IN CASH
|
(20,657 | ) |
6,717
|
|||||
CASH AT BEGINNING OF PERIOD
|
33,278
|
14,118
|
||||||
CASH AT END OF PERIOD
|
12,621 |
20,835
|
||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
|
||||||||
Cash paid during the year for interest
|
$
|
–
|
$
|
5,418
|
||||
Cash paid during the year for income taxes
|
$
|
150
|
$
|
–
|
||||
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING & FINANCING ACTIVITIES:
|
||||||||
Stock Subscription Receivable for Exercise of Stock Options
|
$
|
10,000
|
$
|
10,000
|
||||
Related Party Payables Converted to Common Stock
|
$
|
–
|
$
|
10,000
|
||||
Notes Payable Converted to Common Stock
|
$
|
52,000 |
$
|
10,875
|
||||
Conversion of Preferred Stock and Accrued Dividends to Common Stock
|
$
|
–
|
$
|
108,416
|
For the Quarters Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
Net Income (Loss)
|
$
|
(110,914
|
)
|
$
|
(82,102
|
)
|
||
Less: preferred dividends
|
(473
|
)
|
(1,891
|
)
|
||||
Income (Loss) available to common stockholders used in basic EPS
|
$
|
(111,387
|
)
|
$
|
(83,993
|
)
|
||
Convertible preferred stock
|
473
|
1,891
|
||||||
Convertible notes payable
|
–
|
–
|
||||||
Income (Loss) available to common stockholders after assumed
|
||||||||
conversion of dilutive securities
|
$
|
(110,914
|
)
|
$
|
(82,102
|
)
|
||
Weighted average number of common shares used in basic EPS
|
43,538,263
|
36,249,721
|
||||||
Effect of dilutive securities:
|
||||||||
Convertible preferred stock
|
7,881
|
7,881
|
||||||
Convertible notes payable
|
–
|
–
|
||||||
Options
|
–
|
–
|
||||||
Weighted average number of common shares and dilutive potential
|
||||||||
common stock used in diluted EPS
|
43,546,144
|
36,257,602
|
For the Nine Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
Sales
|
$
|
–
|
$
|
–
|
||||
General and administrative
|
–
|
–
|
||||||
Legal and professional
|
–
|
–
|
||||||
Interest Expense
|
–
|
–
|
||||||
Gain on deconsolidation of MicroCor
|
–
|
355,000
|
||||||
Net Income (Loss) attributable to noncontolling interest
|
–
|
(11,512
|
)
|
|||||
Net Income (Loss) from discontinued operations
|
$
|
–
|
$
|
343,488
|
For the Three Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
Sales
|
$
|
–
|
$
|
–
|
||||
General and administrative
|
–
|
–
|
||||||
Legal and professional
|
–
|
–
|
||||||
Interest Expense
|
–
|
–
|
||||||
Gain on deconsolidation of MicroCor
|
–
|
–
|
||||||
Net Income (Loss) attributable to noncontolling interest
|
–
|
–
|
||||||
Net Income (Loss) from discontinued operations
|
$
|
–
|
$
|
–
|
United States (a)
|
2007 – Present
|
|
__________
|
||
(a) Includes federal as well as state or similar local jurisdictions, as applicable.
|
Item 2 . |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
.
|
Item 3 . |
Quantitative and Qualitative Disclosures About Market Risk.
|
Item 4 . |
Controls and Procedures.
|
PART II. |
OTHER INFORMATION
|
Item 1. |
Legal Proceedings.
None.
|
Item 1A. |
Risk Factors.
Not applicable.
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds.
|
Item 3. |
Defaults Upon Senior Securities.
None.
|
Item 4. |
(Removed and Reserved)
|
Item 5. |
Other Information.
None.
|
Exhibits
|
Exhibit No.
|
Description
|
|
31.1*
|
Certification by Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
|
|
31.2*
|
Certification by Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
|
|
32.1*
|
Certification by Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
|
|
32.2*
|
Certification by Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
|
|
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 Labels Linkbase Document **
|
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document **
|
*
|
Filed herewith.
|
**
|
In accordance with Rule 406T of Regulation S-T, this XBRL-related information shall be deemed to be “furnished” and not “filed.”
|
WINDGEN ENERGY, INC. | |||
Dated: November 18, 2011
|
By:
|
/s/ Ronald Conquest | |
Ronald Conquest
Chairman of the Board
and Chief Executive Officer
(Principal
Executive Officer)
|
|||
Dated: November 18, 2011
|
By:
|
/s/ Wendy Carriere | |
Wendy Carriere
Secretary/Treasurer,
Chief Financial Officer and Director
(Principal Accounting Officer)
|
|||
1 Year WindGen Energy (CE) Chart |
1 Month WindGen Energy (CE) Chart |
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