Ecosphere Technologies, Inc.

Financials

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets    
Cash $ 7,757 $ 18,984
Accounts receivable, net 10,385
Inventory, net 224,573 950,604
Prepaid expenses and other current assets 24,190 27,226
Total current assets 266,905 996,814
Property and equipment, net 1,231,154 1,114,646
Patents, net 167,409 170,209
Deposits 83,004 79,915
Total assets 1,748,472 2,361,584
Current liabilities    
Accounts payable 1,371,830 1,570,018
Accounts payable, related party 29,450
Accrued liabilities 3,207,610 2,767,025
Customer deposits 269,500 1,563,400
Current portion of deferred revenue 25,000 25,000
Current portion of convertible notes payable, net of discounts 6,826,519 6,544,737
Current portion of notes payable, net of discounts 852,149 856,304
Related party notes and loans payable 300,340 190,340
Current portion of financing obligations 10,439 12,122
Current portion of capital lease obligation 16,326
Obligation secured by revenues 745,000 200,000
Fair value of liability of derivative instruments 120,642 160,656
Total current liabilities 13,758,479 13,905,928
Deferred revenue, net of current portion 419,792 426,042
Notes payable, net of current portion 791,500 791,000
Financing obligations, net of current portion 16,216 18,920
Total liabilities 14,985,987 15,141,890
Redeemable convertible cumulative preferred stock 3,989,471 3,968,783
Commitments and contingencies (Note 12)
Ecosphere Technologies, Inc. stockholders' deficit    
Common stock, $0.01 par value; 300,000,000 shares authorized; 180,284,191 and 173,713,047 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively 1,802,840 1,737,129
Common stock issuable, $0.01 par value; 0 and 1,000,000 issuable at March 31, 2017 and December 31, 2016, respectively 10,000
Additional paid-in capital 122,357,114 122,176,226
Accumulated deficit (140,656,567) (139,872,236)
Total Ecosphere Technologies, Inc. stockholders' deficit (16,496,613) (15,948,881)
Noncontrolling interest in consolidated subsidiaries (730,373) (800,208)
Total stockholders' deficit (17,226,986) (16,749,089)
Total liabilities, redeemable convertible cumulative preferred stock and stockholders' deficit 1,748,472 2,361,584
Series A Preferred Stock [Member]    
Current liabilities    
Redeemable convertible cumulative preferred stock 1,276,619 1,270,994
Series B Preferred Stock [Member]    
Current liabilities    
Redeemable convertible cumulative preferred stock $ 2,712,852 $ 2,697,789
v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues    
Equipment sales and licensing $ 1,300,150 $ 6,250
Aftermarket part and product sales 6,704 730
Royalties 10,385
Total revenues 1,317,239 6,980
Cost of revenues    
Equipment sales and licensing 788,899
Aftermarket part and product sales 9,255 490
Royalties 1,915  
Total cost of revenues 800,069 490
Gross profit 517,170 6,490
Operating expenses    
Selling, general and administrative 857,243 1,559,267
Depreciation and amortization 57,837 81,471
Bad debt 3,643
Total operating expenses 915,080 1,644,381
Loss from operations (397,910) (1,637,891)
Other income (expense)    
Interest expense (356,600) (209,002)
Loss on debt extinguishment (120,310)
Change in fair value of derivative instruments 40,014
Other, net 1,258
Total other expenses, net (316,586) (328,054)
Net loss (714,496) (1,965,945)
Preferred stock dividends (20,688) (20,688)
Net loss applicable to common stock before allocation to non-controlling interest (735,184) (1,986,633)
Less: net (income) loss applicable to non-controlling interest in consolidated subsidiaries (69,835) 193,380
Net loss applicable to Ecosphere Technologies, Inc. common stock $ (805,019) $ (1,793,253)
Net loss per common share applicable to common stock    
Basic $ (0.00) $ (0.01)
Diluted $ (0.00) $ (0.01)
Weighted average number of common shares outstanding    
Basic 177,838,929 165,946,007
Diluted 177,838,929 165,946,007
v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating Activities:    
Net loss applicable to Ecosphere Technologies, Inc. common stock $ (805,019) $ (1,793,253)
Adjustments to reconcile net loss applicable to Ecosphere Technologies, Inc. common stock to net cash used in operating activities:    
Preferred stock dividends 20,688 20,688
Depreciation and amortization 59,752 81,471
Non-controlling interest in income (loss) of consolidated subsidiaries 69,835 (193,380)
Amortization of discount on notes payable 122,472 27,730
Stock-based compensation expense 6,586 655,480
Loss on debt extinguishment 120,310
Gain from change in fair value of derivative liability (40,014)
Bad debt expense 3,643
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (10,385) 46,307
Decrease in prepaid expenses and other current assets 3,036 10,323
Decrease (increase) in inventory 726,031 (112,366)
Increase in deposits (3,089) (3,214)
(Decrease) increase in accounts payable (217,084) 113,140
Increase in related party accounts payable 29,450
Increase in accrued liabilities 452,392 327,778
Decrease in deferred revenue (6,250) (6,250)
(Decrease) increase in customer deposits (1,293,900) 150,000
Net cash used in operating activities (885,499) (551,593)
Investing Activities:    
Purchase of property and equipment (173,461) (2,080)
Cash receipts from sale of fixed asset 50,000
Payment of patent costs (5,525)
Net cash (used in) provided by investing activities (173,461) 42,395
Financing Activities:    
Proceeds from issuance of convertible notes payable and warrants 394,550 554,000
Proceeds from issuance of related party note payable 130,000 37,552
Proceeds for obligation secured by revenues 545,000
Repayment of related party note payable (20,000) (4,000)
Repayments of capital lease obligations (2,574)
Repayments of vehicle and equipment financing (1,817) (21,410)
Restricted funds held in escrow (15,000)
Bank overdraft fee (37,319)
Net cash provided by financing activities 1,047,733 511,249
Net (decrease) increase in cash (11,227) 2,051
Cash at beginning of period 18,984 94
Cash at end of period 7,757 2,145
Supplemental disclosures of cash flow information:    
Cash paid for interest 5,673 7,787
Cash paid for income taxes
Non-cash investing and financing activities    
Accrued preferred stock dividends 20,688 20,688
Conversion of convertible debt 250,701 50,000
Reclassification of financing and capital lease obligations to accounts payable 18,896
Reclassification of note payable to convertible notes payable $ 4,155

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