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10-Q 1 v203578_10q.htm
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File No.: 000-30291 |
Utah | 87-0429950 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
18B East 5th Street Paterson, NJ 07524 (Address of principal executive offices) |
Large accelerated filter o | Accelerated filter o | |
Non-accelerated filter o (Do not check if a smaller reporting company) | Smaller reporting company x |
Transitional Small Business Disclosure Format: Yes
o
No
x
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sorry, Message sieht etwas komisch aus ... ariva hat beim Editor irgendwelche Konvertierungsprobleme ... für jede Tabellenzeile wird über der Tabelle eine Leerzeile eingefügt ... grmpf ... man muss also ein wenig runter Scrollen ...oder sicht das Quell-Dokument direkt anschauen
Quelle: www.sec.gov/Archives/edgar/data/1130126/...805/v203578_10q.htm
September 30, | December 31, | |||||||
2010 | 2009 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash | $ | 34,314 | $ | 7,254 | ||||
Receivables | 13,000 | 112,282 | ||||||
Prepaid expenses | 11,062 | 8,227 | ||||||
Total current assets | 58,376 | 127,763 | ||||||
Other assets: | ||||||||
Leased Mineral Reserves, net | 5,166,903 | 5,187,317 | ||||||
Mine development, net | 28,307 | 113,207 | ||||||
Equipment, net | 106,118 | 133,184 | ||||||
Deposits | 83,643 | 48,986 | ||||||
Total assets | $ | 5,443,347 | $ | 5,610,457 | ||||
LIABILITIES AND DEFICIENCY IN STOCKHOLDERS' EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts payable and accrued expenses (Note 3) | $ | 3,770,419 | $ | 3,060,061 | ||||
Loans payable-current portion, net (Note 4) | 2,816,874 | 996,995 | ||||||
Total current liabilities | 6,587,293 | 4,057,056 | ||||||
Long-Term Liabilities: | ||||||||
Loans payable-long term portion, net (Note 4) | 94,945 | 2,075,927 | ||||||
Restructured debt - long term portion, net (Note 4) | 1,789,157 | 558,833 | ||||||
Related party loans, net (Note 4) | 713,818 | 300,468 | ||||||
Total long-term liabilities | 2,597,920 | 2,935,228 | ||||||
Total liabilities | 9,185,213 | 6,992,284 | ||||||
Commitments and contingencies (Note 7) | - | - | ||||||
Deficiency in stockholders' equity | ||||||||
Preferred stock, par value $0.001, 25,000,000 shares authorized | ||||||||
SERIES A - issued and outstanding 20,726 shares | 21 | 21 | ||||||
SERIES B - issued and outstanding 48,284 shares | 48 | 48 | ||||||
SERIES C - issued and outstanding 260,000 shares | 260 | 260 | ||||||
Common stock, par value $0.0001, 2,500,000,000 shares authorized (Note 6) issued and outstanding 467,800,655 and 17,457,239 shares as of September 30, 2010 and December 31, 2009, respectively | 46,781 | 1,746 | ||||||
Common stock to be issued | - | 5,648 | ||||||
Equity allowance | (587,500 | ) | (587,500 | ) | ||||
Paid-in capital | 70,591,581 | 69,846,336 | ||||||
Accumulated deficit | (73,793,057 | ) | (70,648,386 | ) | ||||
Total deficiency in stockholders' equity | (3,741,866 | ) | (1,381,827 | ) | ||||
Total liabilities and deficiency in stockholders' equity | $ | 5,443,347 | $ | 5,610,457 |
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For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Coal revenues | $ | 784,841 | $ | 348,334 | $ | 2,243,192 | $ | 678,648 | ||||||||
Production costs | (974,641 | ) | (655,566 | ) | (2,803,820 | ) | (1,344,334 | ) | ||||||||
Gross loss | (189,800 | ) | (307,232 | ) | (560,628 | ) | (665,686 | ) | ||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 300,633 | 574,981 | 1,008,836 | 1,295,002 | ||||||||||||
Depreciation and amortization | 44,310 | 40,862 | 132,379 | 118,802 | ||||||||||||
Total operating expenses | 344,943 | 615,843 | 1,141,215 | 1,413,804 | ||||||||||||
Net loss from operations | (534,743 | ) | (923,075 | ) | (1,701,843 | ) | (2,079,490 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Gain (loss) on debt settlements | - | (1,200,305 | ) | 16,026 | (1,201,226 | ) | ||||||||||
Interest, net | (460,933 | ) | (233,189 | ) | (1,458,854 | ) | (526,738 | ) | ||||||||
Net loss before income taxes | (995,676 | ) | (2,356,569 | ) | (3,144,671 | ) | (3,807,454 | ) | ||||||||
Provision for income taxes | - | - | - | - | ||||||||||||
Net loss | $ | (995,676 | ) | $ | (2,356,569 | ) | $ | (3,144,671 | ) | $ | (3,807,454 | ) | ||||
Basic and diluted (loss) per common share | $ | (0.0040 | ) | $ | (2.2533 | ) | $ | (0.0251 | ) | $ | (6.5806 | ) | ||||
Weighted average common shares outstanding | 248,790,264 | 1,045,821 | 125,146,163 | 578,589 |
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2010 | 2009 | |||||||
Operating Activities | ||||||||
Net loss | $ | (3,144,671 | ) | $ | (3,807,454 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 132,379 | 118,802 | ||||||
Stock issued for interest | 11,768 | - | ||||||
Stock issued for services | 247,120 | 571,348 | ||||||
Stock compensation | 100,000 | - | ||||||
Gain (loss) on debt settlements | (16,026 | ) | 1,201,226 | |||||
Amortization of discount on convertible notes - interest expense | 982,065 | 142,022 | ||||||
Amortization of deferred issuance costs | - | 226 | ||||||
Amortization of royalty costs | 2,647 | 12,316 | ||||||
Changes in operating assets and liabilities: | ||||||||
Decrease (Increase) in receivables | 99,282 | (120,873 | ) | |||||
Increase in prepaid expenses | (2,835 | ) | (8,835 | ) | ||||
Increase in accounts payable and accrued expenses | 1,083,112 | 984,801 | ||||||
Net cash used in operating activities | (505,159 | ) | (906,421 | ) | ||||
Investing Activities | ||||||||
Mine development | - | - | ||||||
Equipment purchased | - | (12,000 | ) | |||||
Restricted cash | - | (19,651 | ) | |||||
Security deposits | (34,657 | ) | (5,916 | ) | ||||
Net cash used in investing activities | (34,657 | ) | (37,567 | ) | ||||
Financing Activities | ||||||||
Repayment of borrowings | (1,131,407 | ) | (167,069 | ) | ||||
Borrowings | 1,698,283 | 1,097,869 | ||||||
Net cash provided by financing activities | 566,876 | 930,800 | ||||||
Increase (decrease) in cash | 27,060 | (13,188 | ) | |||||
Cash at beginning of period | 7,254 | 13,439 | ||||||
Cash at end of period | $ | 34,314 | $ | 251 | ||||
Supplemental Disclosures of Cash Flow Information | ||||||||
Cash paid during the period: | ||||||||
Interest | $ | - | $ | 2,621 | ||||
Services | $ | 35,774 | $ | 2,300 | ||||
Income taxes | $ | - | $ | - | ||||
Non-cash financing activites: | ||||||||
Conversions of note principal and interest | $ | 636,025 | $ | 705,771 |
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PATERSON, N.J., Nov. 30, 2010 (GLOBE NEWSWIRE) -- Kentucky Energy, Inc. (Pink Sheets:QMIN) (Kentucky Energy), a Kentucky based operator of energy and mineral related properties, today announced the financial results for September 30, 2010.
The Company's coal revenues were $2,243,192 for the nine months ended September 30, 2010, as compared to $678,648 for the nine months ended September 30, 2009, an increase of approximately 231%. For the third quarter, the Company's coal revenues were $764,841 for the three months ended September 30, 2010, as compared to $348,334 for the three months ended September 30, 2009, an increase of 125%.
The Company incurred an operation loss of $344,943 for the three months ended September 30, 2010, compared to an operating loss of $615,843 for the three months ended September 30, 2009. For the year to date, the Company incurred an operating loss of $1,701,843 for the nine months ended September 30, 2010, compared to an operating loss of $2,079,490 for the nine months ended September 30, 2009.
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FORM 10-K
Commission File Number 000-32131
Utah | 87-0429950 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
18B East 5th Street Paterson, NJ 07524 (Address of principal executive offices, including zip code) |
Large accelerated filter o | Accelerated filter o | |
Non-accelerated filter o | (Do not check if a smaller reporting company) | Smaller reporting company x |
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Kentucky Energy, Inc. (Registrant) | |||
Date: May 12, 2011 | By: | Eugene Chiaramonte, Jr. | |
Eugene Chiaramonte, Jr., President | |||
Source: www.sec.gov/Archives/edgar/data/1130126/...11-028513-index.htm
Form 10-Q - Quarterly report [Sections 13 or 15(d)]
SEC Accession No. 0001144204-11-031876
Filing Date 2011-05-23
Accepted 2011-05-23 17:03:55
Period of Report 2011-03-31
Filing Date Changed 2011-05-23
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File No.: 000-30291 |
Utah | 87-0429950 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
18B East 5th Street Paterson, NJ 07524 (Address of principal executive offices) |
Large accelerated filter o | Accelerated filter o |
Non-accelerated filter o (Do not check if a smaller reporting company) | Smaller reporting company x |
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