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Green Energy Management (fka GRMS) RSS Feed

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Created
10/19/08
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GREEN ENERGY MANAGEMENT SERVICES HOLDINGS, INC.

(formerly CDSS Wind Down Inc. and Southside Electric Corporation, Inc.)
 
CONDENSED CONSOLIDATED BALANCE SHEETS
 
   
September 30,
2010
   
December 31,
2009
 
   
(Unaudited)
   
(Audited)
 
ASSETS
 
 
   
 
 
Current
 
 
   
 
 
Cash
  $ 459,179     $ 18,241  
Contract receivables
    33,735       220,652  
Prepaid expenses
    101,904       3,710  
                 
Total Current Assets
    594,818       242,603  
                 
Property and equipment-net
    87,604       79,339  
Licensing agreement
    633,600       -  
Other assets
    8,440       -  
                 
Total Assets
  $ 1,324,462     $ 321,942  
                 
LIABILITIES
               
Current
               
Accounts payable - trade
  $ 275,812     $ 222,370  
Line of Credit
    -       195,000  
Note payable - Current portion
    12,223       10,877  
Advances from stockholders
    -       38,550  
Other accrued liabilities
    134,962       3,802  
                 
Total Current Liabilities
    422,997       470,599  
                 
Note payable - long-term portion
    43,027       52,351  
                 
Total Liabilities
    466,024       522,950  
                 
STOCKHOLDERS' EQUITY (DEFICIT)
               
Common stock, $0.0001 par value, 500,000,000 shares authorized; 442,003,636 and 351,691,756 shares issued and outstanding on September 30, 2010 and December 31, 2009, respectively
    44,200       35,169  
Additional paid-in capital
    2,020,402       (34,169 )
Subscription receivable
    (50,000 )     -  
Retained deficit
    (1,156,164 )     (202,008 )
                 
Total Stockholders' Equity (Deficit)
    858,438       (201,008 )
                 
Total Liabilities & Stockholders' Equity (Deficit)
  $ 1,324,462     $ 321,942  
 
 
See accompanying notes to condensed consolidated financial statements.

 


GREEN ENERGY MANAGEMENT SERVICES HOLDINGS, INC.
(formerly CDSS Wind Down Inc. and Southside Electric Corporation, Inc.)
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
   
Three months ended September 30,
   
Nine months ended September 30,
 
   
2010
   
2009
   
2010
   
2009
 
   
 
   
 
   
 
   
 
 
Contract revenue earned
  $ -     $ 504,097     $ 291,311     $ 1,464,452  
Cost of revenue earned
    -       320,246       270,163       1,280,804  
                                 
Gross profit (loss)
    -       183,851       21,148       183,648  
                                 
Selling, general and administrative expenses
    578,988       72,601       989,348       246,153  
Gain on settlement of trade payables
    (24,029 )     -       (24,029 )     -  
                                 
Operating income (loss)
    (554,959 )     111,250       (944,171 )     (62,505 )
                                 
Miscellaneous income
    1,462       -       1,112       -  
Loss on sale of assets
    -       (3,220 )     -       (3,220 )
Interest expense, net
    (2,823 )     (1,244 )     (11,097 )     (6,443 )
                                 
Total other income (expense)
    (1,361     (4,464 )     (9,985     (9,663 )
                                 
Net income (loss) before income taxes
    (556,320 )     106,786       (954,156 )     (72,168 )
                                 
Income taxes
    -       -       -       -  
                                 
Net income (loss)
  $ (556,320 )   $ 106,786     $ (954,156 )   $ (72,168 )
                                 
Net income (loss) per common share - basic and diluted
  $ 0.00     $ 0.00     $ 0.00     $ 0.00  
                                 
Weighted average number of common shares outstanding
    390,961,398       351,691,756       364,925,482       351,691,756  
 
 
See accompanying notes to condensed consolidated financial statements.

 


GREEN ENERGY MANAGEMENT SERVICES HOLDINGS, INC.
(formerly CDSS Wind Down Inc. and Southside Electric Corporation, Inc.)
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
  (Unaudited)
 
   
Nine Months Ended September 30,
 
   
2010
   
2009
 
Cash flows from operating activities:
           
Net loss for the period
  $ (954,156 )   $ (72,168 )
Adjustments to reconcile net loss to net cash (used in) operating activities:
               
Depreciation
    5,851       7,180  
Stock-based compensation
    90,000       -  
        Gain on forgiveness of trade payables     (24,029 )        
Loss on sale of vehicle
    -       4,250  
Net change in assets and liabilities:
               
Decrease in contract receivables
    186,917       27,710  
Increase in prepaid expenses
    (98,194 )     -  
(Increase) decrease in other assets
    (8,440 )     5,374  
Increase (decrease) in accounts payable - trade
    77,471       (12,765 )
Decrease in billings in excess of costs and estimated earnings on uncompleted contracts
    -       (70,496 )
Increase (decrease) in advances from shareholders
    (38,550 )     3,552  
Increase in accrued liabilities
    131,160       674  
Net cash (used in) operating activities
    (631,970 )     (106,689 )
                 
Cash flows from investing activities:
               
Cash distributions prior to merger
    (9,998 )     -  
Purchases of property and equipment
    (14,116 )     -  
                 
Net cash (used in) investing activities
    (24,114 )     -  
                 
Cash flows from financing activities:
               
Net proceeds from line of credit
    5,000       43,581  
Repayment of debt on installment notes
    (7,978 )     -  
Cash proceeds from merger transaction
    1,100,000       -  
                 
Net cash provided by financing activities
    1,097,022       43,581  
                 
Net increase (decrease) in cash
    440,938       (63,108 )
Cash - beginning of period
    18,241       70,143  
                 
Cash - end of period
  $ 459,179     $ 7,035  
                 
Supplemental disclosure of cash flow information:
               
Cash payments for interest
  $ 11,105     $ 6,443  
 
 
See accompanying notes to condensed consolidated financial statements.

 

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