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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Znergy Inc (CE) | USOTC:ZNRG | 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 |
☒ |
Quarterly report pursuant Section 13 or 15(d) of the Securities Exchange Act of 1934
|
☐ |
Transition report pursuant Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Nevada
|
|
46-1845946
|
(State or other jurisdiction of incorporation
or organization)
|
|
(I.R.S. Employer Identification No.)
|
6102 South MacDill Avenue, Suite G
Tampa, FL 33611
|
|
33611
|
(Address of principal executive offices)
|
|
(Zip Code)
|
800-931-5662
|
(Registrant’s telephone number, including area code)
|
Large accelerated filer
☐
|
|
Accelerated filer
☐
|
Non-accelerated filer
☐
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
☒
|
Emerging growth company
☐
|
|
|
PART I - FINANCIAL INFORMATION
|
3
|
||
|
Item 1.
|
3
|
|
|
Item 2.
|
12
|
|
|
Item 3.
|
16
|
|
|
Item 4.
|
16
|
|
|
|
||
Part II - OTHER INFORMATION
|
18
|
||
|
Item 1.
|
18
|
|
|
Item 5.
|
18
|
|
|
Item 6.
|
19
|
|
|
|
|
|
20
|
CONTENTS:
|
|
|
|
4
|
|
|
|
5
|
|
|
|
6
|
|
|
|
7
|
|
|
|
8
|
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
June 30,
|
June 30,
|
|||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Revenue
|
$
|
284,562
|
$
|
6,160
|
$
|
428,241
|
$
|
12,240
|
||||||||
Cost of revenue
|
115,281
|
-
|
173,327
|
-
|
||||||||||||
Gross profit
|
169,281
|
6,160
|
254,914
|
12,240
|
||||||||||||
Selling, general and administrative expenses
|
1,549,969
|
562,749
|
2,413,615
|
600,069
|
||||||||||||
Loss from operations
|
(1,380,688
|
)
|
(556,589
|
)
|
(2,158,701
|
)
|
(587,829
|
)
|
||||||||
Provision for income taxes
|
-
|
-
|
-
|
-
|
||||||||||||
Net loss
|
$
|
(1,380,688
|
)
|
$
|
(556,589
|
)
|
$
|
(2,158,701
|
)
|
$
|
(587,829
|
)
|
||||
Net loss per common share - basic and diluted
|
$
|
(0.01
|
)
|
$
|
(0.00
|
)
|
$
|
(0.01
|
)
|
$
|
(0.00
|
)
|
||||
Weighted average number of shares outstanding
- basic and diluted
|
204,266,206
|
181,423,626
|
201,269,197
|
213,509,016
|
Total
|
||||||||||||||||||||
Additional
|
Stockholders’
|
|||||||||||||||||||
Common Stock
|
Paid in
|
Accumulated
|
Equity
|
|||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
(Deficit)
|
||||||||||||||||
Balance at December 31, 2016
|
193,150,000
|
$
|
19,315
|
$
|
7,626,099
|
$
|
(7,951,648
|
)
|
$
|
(306,234
|
)
|
|||||||||
Common Shares and Options issued for services
|
13,250,000
|
1,325
|
1,666,696
|
-
|
1,668,021
|
|||||||||||||||
506b Offering:
|
||||||||||||||||||||
Common Shares and Warrants issued for cash
|
10,600,000
|
1,059
|
793,941
|
-
|
795,000
|
|||||||||||||||
Common Shares and Warrants issued for debt conversion
|
4,324,960
|
433
|
843,025
|
-
|
843,458
|
|||||||||||||||
Net loss
|
(2,158,701
|
)
|
(2,158,701
|
)
|
||||||||||||||||
Balance at June 30, 2017
|
$
|
221,324,960
|
$
|
22,132
|
$
|
10,929,761
|
$
|
(10,110,349
|
)
|
$
|
841,544
|
For the Six
|
For the Six
|
|||||||
Months Ended
|
Months Ended
|
|||||||
June 30,
|
June 30,
|
|||||||
2017
|
2016
|
|||||||
CASH FLOWS USED IN OPERATING ACTIVITIES:
|
||||||||
Net loss
|
$
|
(2,158,701
|
)
|
$
|
(587,829
|
)
|
||
Adjustments to reconcile net loss to net cash
used in operating activities:
|
||||||||
Depreciation and amortization
|
467
|
2,500
|
||||||
Common stock and options issued for services
|
1,668,021
|
500,000
|
||||||
Accounts receivable
|
(204,431
|
)
|
(9,440
|
)
|
||||
Prepaid expenses
|
2,500
|
-
|
||||||
Inventory
|
(34,126
|
)
|
-
|
|||||
Accounts payable & accrued expenses
|
318,940
|
47,436
|
||||||
Customer deposits
|
(3,060
|
)
|
-
|
|||||
Net cash used in operating activities
|
(410,390
|
)
|
(47,333
|
)
|
||||
CASH FLOWS USED IN INVESTING ACTIVITIES:
|
||||||||
Equipment & furniture
|
-
|
(1,213
|
)
|
|||||
Net cash used in investing activities
|
-
|
(1,213
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from common stock
|
795,000
|
-
|
||||||
Repayment of advances from third parties
|
(6,000
|
)
|
||||||
Payments of Loan from Related Parties
|
(260
|
)
|
||||||
Advances from third parties
|
226,750
|
48,900
|
||||||
Net cash provided by financing activities
|
1,015,490
|
48,900
|
||||||
INCREASE IN CASH
|
605,100
|
354
|
||||||
CASH, BEGINNING OF PERIOD
|
40,507
|
1,279
|
||||||
CASH, END OF PERIOD
|
$
|
645,607
|
$
|
1,633
|
||||
Supplemental Disclosures
|
||||||||
Non-cash investing and financing activities:
|
||||||||
Transfer of assets and liabilities to related party
for return of common shares
|
$
|
-
|
$
|
1,018,679
|
||||
Common Stock and warrants issued for the Conversion of Debt
|
$
|
843,458
|
$
|
-
|
|
June 30,
2017
|
December 31, 2016
|
||||||
Loans from related party
|
$
|
100,967
|
$
|
135,749
|
Weighted
|
||||||||
Number
|
Average
|
|||||||
Of
|
Exercise
|
|||||||
Options
|
Price
|
|||||||
Options outstanding at beginning of year
|
7,400,000
|
$
|
0.10
|
|||||
Changes during the period:
|
||||||||
Granted - at market price
|
31,600,000
|
$
|
0.10
|
|||||
Exercised
|
-
|
|||||||
Expired
|
-
|
|||||||
Options outstanding at end of period
|
39,000,000
|
$
|
0.10
|
|||||
Options exercisable at end of period
|
4,850,149
|
$
|
0.10
|
|||||
Weighted average fair value of options granted during the period
|
$
|
3,073,200
|
$ | 0.10 |
Weighted
|
||||||||
Number
|
Average
|
|||||||
Of
|
Exercise
|
|||||||
Warrants
|
Price
|
|||||||
Warrants outstanding at beginning of year
|
-
|
|||||||
Changes during the period:
|
||||||||
Granted
|
14,924,960
|
$
|
0.15
|
|||||
Exercised
|
-
|
|||||||
Expired
|
-
|
|||||||
Warrants outstanding at end of period
|
14,924,960
|
$
|
0.15
|
|||||
Warrants exercisable at end of period
|
14,924,960
|
|||||||
Weighted average fair value of warrants granted during the period
|
$
|
367,662
|
||||||
Total warrant costs incurred during the period
|
$
|
367,662
|
Exhibit No.
|
|
Description
|
3.1
|
|
Articles of Incorporation for BIDC (previously filed as an exhibit to the Company’s registration statement on Form S-1, filed with the Commission on June 10, 2013)
|
3.2
|
|
Bylaws of BIDC (previously filed as an exhibit to the Company’s registration statement on Form S-1, filed with the Commission on June 10, 2013)
|
3.3
|
|
Amended and Restated Articles of Incorporation, as filed with the Nevada Secretary of State on July 15, 2016
|
10.1
|
|
Share Exchange Agreement, dated as of October 26, 2015 (previously filed as an exhibit to the Company’s Current Report on Form 8-K, filed with the Commission on October 27, 2015)
|
10.2
|
|
Master Stock Purchase Agreement (previously filed as an exhibit to the Company’s Current Report on Form 8-K, filed with the Commission on February 12, 2016)
|
10.3
|
|
Employment Agreement with Dave Baker (previously filed as an exhibit to the Company’s Current Report on Form 8-K, filed with the Commission on October 4, 2016)
|
10.4
|
|
Employment Agreement with Dave Baker (previously filed as an exhibit to the Company’s Current Report on Form 8-K, filed with the Commission on May 15, 2017)
|
10.5
|
|
Employment Agreement with Christopher Floyd (previously filed as an exhibit to the Company’s Current Report on Form 8-K, filed with the Commission on May 15, 2017)
|
31.1
|
|
|
31.2
|
|
|
32.1
|
|
|
32.2
|
|
|
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 Labels Linkbase Document*
|
101 PRE
|
|
XBRL Presentation Linkbase Document*
|
By:
/s/ Dave Baker
|
|
|
Dave Baker
|
||
Chief Executive Officer and Director
|
||
(Principal Executive Officer)
|
||
Date: August 14, 2017
|
|
By:
/s/ Christopher J. Floyd
|
|
|
Christopher J. Floyd
|
||
Chief Financial Officer and Director
|
||
(Principal Financial Officer)
|
||
Date: August 14, 2017
|
|
1 Year Znergy (CE) Chart |
1 Month Znergy (CE) Chart |
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