x |
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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o
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TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF
1934
|
Delaware
(State
or other jurisdiction of incorporation
or organization)
|
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33-0922627
(I.R.S.
Employer Identification
No.)
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|
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1260
S. Highway 89, Building 1, Suite H-5
Chino
Valley, Arizona
(Address
of principal executive offices)
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86323
(Zip
Code)
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Large accelerated filer o |
Accelerated
filer o
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Non -accelerated filer o (do not check if a smaller reporting company) |
Smaller
reporting company x
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Page
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PART
I FINANCIAL INFORMATION
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Item
1. Financial Statements
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2
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Consolidated
Balance Sheets
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2
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Consolidated
Statements of Operations
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3
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Consolidated
Statements of Stockholders' Equity (Deficit)
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4
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Consolidated
Statements of Cash Flows
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5
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Notes
to Consolidated Financial Statements
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6
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Item
2. Management's Discussion and Analysis or Plan of Operation
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14
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Item
3. Quantitative and Qualitative Disclosures About Market Risk
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26
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Item
4. Controls and Procedures
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26
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PART
II OTHER INFORMATION
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27
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Item
1. Legal Proceedings
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27
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Item
1A. Risk Factors
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27
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Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds
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27
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Item
3. Defaults Upon Senior Securities
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27
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Item
4. Submission of Matters to a Vote of Security Holders
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27
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Item
5. Other Information
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28
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Item
6. Exhibits
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28
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SIGNATURES
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29
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MARCH
31,
2008
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DECEMBER
31,
2007
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||||||
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(Unaudited)
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|
|||||
ASSETS
|
|
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|||||
|
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|
|||||
Current
Assets:
|
|
|
|||||
Cash
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$
|
1,144,480
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$
|
8,079
|
|||
Prepaid
expenses and Other Current Assets
|
207,688
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114,355
|
|||||
Total
Current Assets
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$
|
1,352,168
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$
|
122,434
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|||
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|||||||
HCGT
Patent
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461,881
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461,881
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|||||
Investment
in Liquatech Pty Ltd
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8
|
8
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|||||
Property
and equipment, net of depreciation
|
52,173
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47,415
|
|||||
CO2
License
|
6,000,000
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6,000,000
|
|||||
Intellectual
property, net of amortization
|
7,500
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7,500
|
|||||
Total
Assets
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$
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7,873,730
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$
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6,639,238
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|||
LIABILITIES
AND STOCKHOLDERS' EQUITY
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|||||||
Current
Liabilities:
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|||||||
Accounts
payable
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$
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1,054,657
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$
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978,473
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|||
Accrued
expenses
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9,321
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26,620
|
|||||
Deferred
lease
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40,038
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39,924
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|||||
Shareholder
loans
|
229,298
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223,057
|
|||||
Total
Current Liabilities
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$
|
1,333,314
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$
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1,268,074
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|||
|
|||||||
Stockholders'
Equity:
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|||||||
Common
stock, $0.001 par value, 100,000,000 shares authorized;
|
|||||||
45,718,847
and 42,709,739 shares issued and outstanding at March 31, 2008
and
December 31, 2007, respectively
|
45,719
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42,709
|
|||||
Additional
paid-in capital
|
28,821,308
|
26,475,275
|
|||||
Deficit
accumulated during development stage
|
(21,583,791
|
)
|
(20,547,037
|
)
|
|||
Accumulated
other comprehensive income
|
(742,821
|
)
|
(599,783
|
)
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|||
|
|||||||
Total
Stockholders' Equity
|
6,540,415
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5,371,164
|
|||||
Total
Liabilities and Stockholders' Equity
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$
|
7,873,730
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$
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6,639,238
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FOR
THE THREE MONTHS
ENDED
MARCH 31,
|
CUMULATIVE
AMOUNTS
FROM
APRIL
26, 2000 TO
MARCH
31,
|
||||||||
|
2008
|
2007
|
2008
|
|||||||
Operating
Expenses:
|
|
|
|
|||||||
General
and administrative
|
$
|
1,195,374
|
$
|
262,441
|
$
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15,721,743
|
||||
Write
off of China Joint Venture Investment
|
—
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—
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477,252
|
|||||||
Unrealised
foreign exchange (gain)/loss
|
(152,581
|
)
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—
|
(711,402
|
)
|
|||||
Research
and development
|
—
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—
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1,200,466
|
|||||||
Impairment
loss on intellectual property
|
—
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—
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4,836,373
|
|||||||
Total
Operating Expenses
|
1,042,793
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262,441
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21,524,432
|
|||||||
Loss
from operations
|
(1,042,793
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)
|
(262,441
|
)
|
(21,524,432
|
)
|
||||
Other
income (expense)
|
||||||||||
Write
Back Director’s Loan
|
—
|
—
|
25,682
|
|||||||
Interest
income
|
6,857
|
545
|
46,644
|
|||||||
Interest
expense
|
(818
|
)
|
—
|
(107,922
|
)
|
|||||
Gain
(loss) on disposition of assets
|
—
|
—
|
(22,594
|
)
|
||||||
Provision
for taxes
|
—
|
—
|
(1,169
|
)
|
||||||
Net
loss
|
$
|
(1,036,754
|
)
|
$
|
(261,896
|
)
|
$
|
(21,583,791
|
)
|
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|
||||||||||
Loss
per share
|
$
|
(0.02
|
)
|
$
|
(0.01
|
)
|
||||
|
||||||||||
Weighted
average number of common shares outstanding
|
44,734,700
|
18,154,674
|
Common
Stock
|
||||||||||||||||||||||
Shares
issued
Par
|
Par
Value
$0.001
|
Additional
paid-in
capital
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Shares
subscribed
|
Deficit
accumulated during
development
stage
|
Accumulated
other
comprehensive
income/(loss)
|
Total
Stockholders'
equity
(deficit)
|
||||||||||||||||
Balance
at inception- April 26, 2000
|
—
|
$
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—
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$
|
—
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$
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—
|
$
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—
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$
|
—
|
$
|
—
|
|||||||||
Issuance
of stock for intellectual
property
|
4,000,000
|
4,000
|
—
|
—
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—
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—
|
4,000
|
|||||||||||||||
Issuance
of stock to directors
|
650,000
|
650
|
—
|
—
|
—
|
—
|
650
|
|||||||||||||||
Net
loss
|
—
|
—
|
—
|
—
|
(18,973
|
)
|
—
|
(18,973
|
)
|
|||||||||||||
Balance
December 31, 2000
|
4,650,000
|
4,650
|
—
|
—
|
(18,973
|
)
|
—
|
(14,323
|
)
|
|||||||||||||
Issuance
of stock for cash
|
997,000
|
997
|
996,003
|
—
|
—
|
—
|
997,000
|
|||||||||||||||
Issuance
of stock for intellectual
property
|
1,000,000
|
1,000
|
999,000
|
—
|
—
|
—
|
1,000,000
|
|||||||||||||||
Net
loss
|
—
|
—
|
—
|
—
|
(1,638,743
|
)
|
—
|
(1,638,743
|
)
|
|||||||||||||
Balance
December 31, 2001
|
6,647,000
|
6,647
|
1,995,003
|
—
|
(1,657,716
|
)
|
—
|
343,934
|
||||||||||||||
Issuance
of stock for cash
|
585,000
|
585
|
584,415
|
—
|
—
|
—
|
585,000
|
|||||||||||||||
Net
loss
|
—
|
—
|
—
|
—
|
(662,710
|
)
|
—
|
(662,710
|
)
|
|||||||||||||
Balance
December 31, 2002
|
7,232,000
|
7,232
|
2,579,418
|
—
|
(2,320,426
|
)
|
—
|
266,224
|
||||||||||||||
Issuance
of stock for cash
|
583,985
|
584
|
875,470
|
—
|
—
|
—
|
876,054
|
|||||||||||||||
Issuance
of stock for services
|
50,000
|
50
|
189,950
|
—
|
—
|
—
|
190,000
|
|||||||||||||||
Common
stock subscribed
|
—
|
—
|
—
|
44,097
|
—
|
—
|
44,097
|
|||||||||||||||
Net
loss
|
—
|
—
|
—
|
—
|
(1,106,906
|
)
|
—
|
(1,106,906
|
)
|
|||||||||||||
Adjustment
for foreign currency
translation
|
—
|
—
|
—
|
—
|
—
|
23,637
|
23,637
|
|||||||||||||||
Comprehensive
loss
|
—
|
—
|
—
|
—
|
—
|
—
|
(1,083,269
|
)
|
||||||||||||||
Balance
December 31, 2003
|
7,865,985
|
7,866
|
3,644,838
|
44,097
|
(3,427,332
|
)
|
23,637
|
293,106
|
||||||||||||||
Issuance
of stock for intellectual
property
|
1,000,000
|
1,000
|
3,299,000
|
—
|
—
|
—
|
3,300,000
|
|||||||||||||||
Stock
subscribed issued
|
29,398
|
29
|
44,068
|
(44,097
|
)
|
—
|
—
|
—
|
||||||||||||||
Issuance
of stock for cash
|
978,370
|
978
|
616,149
|
—
|
—
|
—
|
617,127
|
|||||||||||||||
Issuance
of stock for services
|
30,000
|
30
|
37,470
|
—
|
—
|
—
|
37,500
|
|||||||||||||||
Common
stock subscribed
|
—
|
—
|
—
|
890,230
|
—
|
—
|
890,230
|
|||||||||||||||
Net
loss
|
—
|
—
|
—
|
—
|
(5,159,117
|
)
|
—
|
(5,159,117
|
)
|
|||||||||||||
Adjustment
for foreign currency translation
|
—
|
—
|
—
|
—
|
—
|
135,903
|
135,903
|
|||||||||||||||
Comprehensive
loss
|
—
|
—
|
—
|
—
|
—
|
—
|
(5,023,214
|
)
|
||||||||||||||
Balance
December 31, 2004
|
9,903,753
|
9,903
|
7,641,525
|
890,230
|
(8,586,449
|
)
|
159,540
|
114,749
|
||||||||||||||
Issuance
of stock for cash
|
3,845,638
|
3,845
|
1,853,673
|
(890,230
|
)
|
—
|
—
|
967,288
|
||||||||||||||
Issuance
of stock for note
|
588,235
|
588
|
299,412
|
—
|
—
|
—
|
300,000
|
|||||||||||||||
Issuance
of stock for services
|
78,784
|
79
|
97,759
|
—
|
—
|
—
|
97,838
|
|||||||||||||||
Common
stock subscribed (62,500 shares)
|
—
|
—
|
—
|
50,000
|
—
|
—
|
50,000
|
|||||||||||||||
Net
loss
|
—
|
—
|
—
|
—
|
(1,737,846
|
)
|
—
|
(1,737,846
|
)
|
|||||||||||||
Adjustment
for foreign currency
translation
|
—
|
—
|
—
|
—
|
—
|
(148,541
|
)
|
(148,541
|
)
|
|||||||||||||
Comprehensive
loss
|
—
|
—
|
—
|
—
|
—
|
—
|
(1,886,387
|
)
|
||||||||||||||
Balance
December 31, 2005
|
14,416,410
|
14,415
|
9,892,369
|
50,000
|
(10,324,295
|
)
|
10,999
|
(356,512
|
)
|
|||||||||||||
Issuance
of stock for cash
|
2,192,691
|
2,194
|
934,629
|
(50,000
|
)
|
—
|
—
|
886,823
|
||||||||||||||
Issuance
of stock for acquisition of Methgen Inc
|
763,700
|
764
|
495,641
|
—
|
—
|
—
|
496,405
|
|||||||||||||||
Issuance
of stock for services
|
622,627
|
623
|
540,602
|
—
|
—
|
—
|
541,225
|
|||||||||||||||
Net
loss
|
—
|
—
|
—
|
—
|
(1,873,231
|
)
|
—
|
(1,873,231
|
)
|
|||||||||||||
Adjustment
for foreign currency translation
|
—
|
—
|
—
|
—
|
—
|
25,622
|
25,622
|
|||||||||||||||
Comprehensive
loss
|
—
|
—
|
—
|
—
|
—
|
—
|
(1,847,609
|
)
|
||||||||||||||
Balance
December 31, 2006
|
17,995,428
|
17,996
|
11,863,241
|
—
|
(12,197,526
|
)
|
36,621
|
(279,668
|
)
|
|||||||||||||
Issuance
of stock for cash
|
8,224,322
|
8,224
|
3,107,241
|
—
|
—
|
—
|
3,115,465
|
|||||||||||||||
Issuance
of stock for services
|
6,489,989
|
6,489
|
5,514,793
|
—
|
—
|
—
|
5,521,282
|
|||||||||||||||
Issuance
of stock for license
|
10,000,000
|
10,000
|
5,990,000
|
—
|
—
|
—
|
6,000,000
|
|||||||||||||||
Net
loss
|
—
|
—
|
—
|
—
|
(8,349,511
|
)
|
—
|
(8,349,511
|
)
|
|||||||||||||
Adjustment
for foreign currency translation
|
—
|
—
|
—
|
—
|
—
|
(636,404
|
)
|
(636,404
|
)
|
|||||||||||||
Comprehensive
loss
|
—
|
—
|
—
|
—
|
—
|
—
|
(8,985,915
|
)
|
||||||||||||||
Balance
December 31, 2007
|
42,709,739
|
$
|
42,709
|
$
|
26,475,275
|
$
|
—
|
$
|
(20,547,037
|
)
|
$
|
(
599,783
|
)
|
$
|
5,371,164
|
|||||||
Issuance
of stock for cash
|
2,567,440
|
2,567
|
2,056,325
|
2,058,892
|
||||||||||||||||||
Issuance
of stock for services
|
441,668
|
443
|
289,708
|
290,151
|
||||||||||||||||||
Net
loss
|
—
|
—
|
—
|
—
|
(1,036,754
|
)
|
—
|
(1,036,754
|
)
|
|||||||||||||
Adjustment
for foreign currency translation
|
(143,038
|
)
|
(143,038
|
)
|
||||||||||||||||||
Comprehensive
loss
|
(1,179,792
|
)
|
||||||||||||||||||||
Balance
March 31, 2008
|
45,718,847
|
$
|
45,719
|
$
|
28,821,308
|
—
|
$
|
(21,583,791
|
)
|
$
|
(742,821
|
)
|
$
|
6,540,415
|
||||||||
|
FOR
THE THREE MONTHS
ENDED
MARCH 31,
|
CUMULATIVE
AMOUNTS FROM INCEPTION
(APRIL
26, 2000) THROUGH MARCH 31,
|
||||||||
|
2008
|
2007
|
2008
|
|||||||
Cash
flows from operating activities:
|
||||||||||
Net
loss
|
$
|
(1,036,754
|
)
|
$
|
(261,896
|
)
|
$
|
(21,583,791
|
)
|
|
Adjustments
to reconcile net loss to net cash used
in operating activities:
|
||||||||||
Amortization
and depreciation
|
4,147
|
3,712
|
72,966
|
|||||||
Amounts
credited to provisions
|
821
|
—
|
2,598
|
|||||||
Impairment
of intellectual property
|
—
|
—
|
4,836,373
|
|||||||
Shares
issued for services
|
290,150
|
22,063
|
6,678,646
|
|||||||
Disposition
of property
|
—
|
—
|
22,594
|
|||||||
Unrealised
foreign exchange gains on intercompany loans
|
(152,581
|
)
|
—
|
(711,402
|
)
|
|||||
Write
Back of Director Loan
|
—
|
—
|
(25,682
|
)
|
||||||
Changes
in assets and liabilities:
|
||||||||||
Decrease/(increase)
in Accruals
|
(18,505
|
)
|
135,995
|
(32,487
|
)
|
|||||
Decrease/(increase)
in prepaid expenses and Other Current Assets
|
(86,889
|
)
|
(67,244
|
)
|
(202,263
|
)
|
||||
Other
Accounts Receivable
|
—
|
—
|
(1,743
|
)
|
||||||
Decrease/(increase)
in other Accounts Receivable
|
22,011
|
—
|
||||||||
Increase
(decrease) in accounts payable
|
30,723
|
—
|
1,009,196
|
|||||||
Increase
(decrease) in accrued payroll taxes
|
—
|
9,612
|
22,210
|
|||||||
Net
cash used in operations
|
(968,888
|
)
|
(135,747
|
)
|
(9,912,785
|
)
|
||||
|
||||||||||
Cash
flows used by investing activities:
|
||||||||||
Acquisition
of HCGT Patent
|
—
|
—
|
(461,881
|
)
|
||||||
Investment
in Liquatech Pty Ltd
|
—
|
—
|
(8
|
)
|
||||||
Disposal/(Acquisition)
of equipment
|
—
|
—
|
(135,812
|
)
|
||||||
Acquisition
of intangible asset- license
|
—
|
(7,500
|
)
|
(7,500
|
)
|
|||||
Net
cash used in investing activities
|
—
|
(7,500
|
)
|
(605,201
|
)
|
|||||
|
||||||||||
Cash
flows from financing activities:
|
||||||||||
Issuance
of common stock
|
2,058,892
|
100,000
|
11,387,976
|
|||||||
Loan
from shareholders (incl Note Payable)
|
—
|
114,226
|
230,046
|
|||||||
Principal
repayment of finance lease
|
(1,701
|
)
|
—
|
(6,479
|
)
|
|||||
Deferred
lease
|
—
|
—
|
46,703
|
|||||||
Net
cash from financing activities
|
2,057,191
|
214,226
|
11,658,246
|
|||||||
Comprehensive
gain/(loss) on translation
|
48,098
|
1,744
|
4,220
|
|||||||
Net
increase (decrease) in cash
|
1,136,401
|
72,723
|
1,144,480
|
|||||||
Cash,
beginning of period
|
8,079
|
5,517
|
—
|
|||||||
Cash,
end of period
|
$
|
1,144,480
|
$
|
78,240
|
$
|
1,144,480
|
||||
Supplemental
Disclosure of non-cash Investing and financing
activities:
|
||||||||||
Issuance
of stock for intellectual property
|
—
|
—
|
4,836,373
|
|||||||
Issuance
of stock for services
|
$
|
290,151
|
$
|
140,170
|
$
|
6,678,646
|
||||
Issuance
of stock subscribed
|
—
|
—
|
50,000
|
|||||||
Issuance
of stock for acquisition of Methgen Inc.
|
—
|
—
|
496,405
|
|||||||
Issuance
of stock for CO2 License
|
—
|
—
|
6,000,000
|
1. |
INTERIM
FINANCIAL INFORMATION
|
2.
|
ORGANIZATION
AND HISTORY
|
3. |
SUMMARY
OF SIGNIFICANT ACCOUNTING
POLICIES
|
4.
|
GOING
CONCERN
|
5.
|
INTELLECTUAL
PROPERTY
|
6.
|
COMMON
STOCK
|
7.
|
SHAREHOLDER
LOANS
|
8.
|
SEGMENT
INFORMATION
|
|
|
United
States
|
Australia
|
|||||||
|
|
|
|
|||||||
Net
Loss for three months ended March 31
|
2008
|
$
|
(1,089,525
|
)
|
$
|
52,771
|
||||
|
2007
|
$
|
(114,529
|
)
|
$
|
(147,367
|
)
|
|||
Long
lived assets (net)
|
2008
|
$
|
6,469,389
|
$
|
52,173
|
|||||
|
2007
|
$
|
27,690
|
$
|
56,475
|
9.
|
COMMITMENTS
AND CONTINGENCIES
|
· |
Tighter
environmental regulations governing the disposal of waste
water;
|
· |
Rising
demand for fresh water;
|
· |
Scarcity
of new water supplies;
and
|
· |
Strong
political support for water reuse in the United States, Europe
and
Australia.
|
· |
5-30MW
electrical output;
|
· |
Utilizes
waste products for
fuel;
|
· |
Destroys
methane at the sub-combustible concentrations in mine vent
air;
|
· |
Stable
operation with variable and low quality fuels, including
biomass;
|
· |
Based
on proven mainstream
technology;
|
· |
Economically
viable and sustainable;
and
|
· |
Able
to satisfy qualification requirements for greenhouse
gas trading
schemes.
|
· |
Recognition
under the U.S. and Australian Federal Government’s joint “Climate Action
Partnership” as one of seven technologies selected for collaborative
assistance to encourage rapid up take in the market
place;
|
· |
Recognized
as a potential “Clean Development Mechanism” under the United Nations
Framework Convention for Climate Change;
and
|
· |
A
Clean Coal Technology recognized under the Methane to Markets
program.
|
· |
Mine
sites (with surplus saline mine water and processing
water);
|
· |
Pulp
mills and wood pulp
products;
|
· |
Mineral
processing;
|
· |
Power
generation;
|
· |
Food
manufacture;
|
· |
Municipal
landfill leachate; and
|
· |
Other
water desalination
processes (i.e.,
reverse osmosis).
|
· |
Greatly
reducing the volume of reject brine
water;
|
· |
In
some cases facilitating the recovery of valuable
salt by-products;
and
|
· |
Recovering
additional pure water.
|
· |
Water
Distillation System (all based on Australian Provisional
Patent
Application PQ5402/Filing date
02.02.00)
|
· |
Water
Distillation System (a different design to PQ5402
based on Australian
Provisional Patent Application 2004905255/Filing
date
14.09.04)
|
· |
A
Distributor for a Flowable Medium (based on
Aust Provisional Patent
Application 2005904279/Filing date
09.08.05)
|
· |
A
Combustion Apparatus based upon Australian Provisional
Patent Application
2006907028
|
Date
Issued
|
Amount
|
Name
of Stockholder
|
Cash/Services
|
Description
of Transaction
|
January
28, 2008
|
$2,000,000
|
R
Finch
|
Cash
|
Private
Placement
|
January
31, 2008
|
$
20,000
|
Villaglade
P/L ATF Villaglade Unit Trust
|
Cash
|
Private
Placement
|
January
31, 2008
|
$
18,892
|
D
Bianchin
|
Cash
|
Private
Placement
|
January
31, 2008
|
$
8,750
|
Jardine
Consulting Services Pty ltd
|
Services
|
Consulting
Contract entitlement
|
January
31, 2008
|
$
8,750
|
Australia
Corporation Consulting Pty Ltd
|
Services
|
Consulting
Contract entitlement
|
January
31, 2008
|
$
14,583
|
M
Bailey
|
Services
|
Consulting
Contract entitlement
|
January
31, 2008
|
$
3,500
|
M
Bailey
|
Services
|
Director
entitlement
|
January
31, 2008
|
$
3,500
|
G
Beeson
|
Services
|
Director
entitlement
|
January
31, 2008
|
$
175,000
|
Topic
Marine Inc
|
Services
|
Consulting
Services Contract
|
January
31, 2008
|
$
20,000
|
Jackenval
Pty Ltd
|
Cash
|
Private
Placement
|
March
11, 2008
|
$
10,080
|
A.
Harris
|
Services
|
Advisory
Board entitlement
|
March
11, 2008
|
$
10,080
|
G.
Harris
|
Services
|
Advisory
Board entitlement
|
March
11, 2008
|
$
10,080
|
A.
Krem
|
Services
|
Advisory
Board entitlement
|
March
11, 2008
|
$
10,080
|
E.
Edwards
|
Services
|
Advisory
Board entitlement
|
March
11, 2008
|
$
10,080
|
S.
Symms
|
Services
|
Advisory
Board entitlement
|
March
19, 2008
|
$
7,000
|
Jardine
Consulting Services Pty Ltd
|
Services
|
Consulting
Contract entitlement
|
March
19,2008
|
$
7,000
|
Australia
Corporation Consulting Pty Ltd
|
Services
|
Consulting
Contract entitlement
|
March
19, 2008
|
$
11,667
|
M
Bailey
|
Services
|
Consulting
Contract entitlement
|
Exhibit
Number
|
|
Description
|
31
|
|
Certification
of Chief Executive Officer and Chief Financial Officer Pursuant to
Section
302 of the Sarbanes-Oxley Act
|
|
|
|
32
|
|
Certification
of Chief Executive Officer and Chief Financial Officer Pursuant to
Section
906 of the Sarbanes-Oxley Act
|
EESTECH,
INC.
|
||
|
|
|
By: | /s/ Murray Bailey | |
Name:
Murray Bailey
Title:
Chief Executive Officer
|
||
/s/ Ian Hutcheson | ||
Name:
Ian Hutcheson
Title:
Chief Financial Officer
|