• Filing Date: 2013-11-12
  • Form Type: 10-Q
  • Description: Quarterly report
v2.4.0.8
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) (USD $)
Common Stock
Additional Paid-In Capital
Additional Paid-In Capital - Warrants
Accumulated Deficit During the Development Stage
Total
Balance at Nov. 18, 2007           
Balance (in shares) at Nov. 18, 2007            
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Common shares issued to founders for cash 1,974 13,026     15,000
Common shares issued to founders for cash (in shares) 1,973,685        
Common shares issued for cash - others 2,500 35,000     38,000
Common shares issued for cash - others (in shares) 2,500,001        
Net loss       (4,477) (4,477)
Balance at Mar. 31, 2008 4,474 48,526   (4,477) 48,523
Balance (in shares) at Mar. 31, 2008 4,473,686        
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net loss       (31,115) (35,115)
Balance at Mar. 31, 2009 4,474 48,526   (35,592) 17,408
Balance (in shares) at Mar. 31, 2009 4,473,686        
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
To reflect the issuance of shares in the merger of Magnolia Solar Corp., net of the cancellation of founders shares 19,356 289,144   (126,151) 182,349
To reflect the issuance of shares in the merger of Magnolia Solar Corp., net of the cancellation of founders shares (in shares) 19,356,314        
To reflect the issuance of warrants in the issuance of the Original Issue Discount Promissory Notes     412,830   412,830
To reflect the issuance of warrants to the Placement Agent     454,976   454,976
Net loss (1 April 2009 Through 30 December 2009)       (5,719) (5,719)
Net loss (30 December 2009 Through 31 December 2009)       (49,440) (49,440)
Balance at Dec. 31, 2009 23,830 337,670 867,806 (216,902) 1,012,404
Balance (in shares) at Dec. 31, 2009 23,830,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Common shares issued for services rendered 100 82,400     82,500
Common shares issued for services rendered (in shares) 100,000        
Net loss       (1,543,775) (1,543,775)
Balance at Dec. 31, 2010 23,930 420,070 867,806 (1,760,677) (448,871)
Balance (in shares) at Dec. 31, 2010 23,930,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Common shares issued for services rendered 400 78,350     78,750
Common shares issued for services rendered (in shares) 400,000        
To reflect the issuance of shares issued in Conversion of OID Notes 1,040 258,960     260,000
To reflect the issuance of shares issued in Conversion of OID notes (in shares) 1,040,000        
To reflect the issuance of penalty shares related to Amendment of OID Notes 1,300 271,700     273,000
To reflect the issuance of penalty shares related to Amendment of OID Notes (in shares) 1,300,000        
Value of warrants issued for services     94,491   94,491
Net loss       (2,239,631) (2,239,631)
Balance at Dec. 31, 2011 26,670 1,029,080 962,297 (4,000,308) (1,982,261)
Balance (in shares) at Dec. 31, 2011 26,670,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Common shares issued for services rendered 1,155 688,845     690,000
Common shares issued for services rendered (in shares) 1,155,000        
Common stock issued for payment of interest 342 29,658     30,000
Common shares issued for payment of interest (in shares) 342,063        
Net loss       (926,571) (926,571)
Balance at Dec. 31, 2012 28,167 1,747,583 962,297 (4,926,879) (2,188,832)
Balance (in shares) at Dec. 31, 2012 28,167,063       28,167,063
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Common shares issued for services rendered 427 20,733       21,160
Common shares issued for services rendered (in shares) 426,875        
Common stock issued for payment of interest 3,711 126,289       130,000
Common shares issued for payment of interest (in shares) 3,710,764        
Net loss          (222,476) (222,476)
Balance at Sep. 30, 2013 $ 32,305 $ 1,894,605 $ 962,297 $ (5,149,355) $ (2,260,148)
Balance (in shares) at Sep. 30, 2013 32,304,702       32,304,702