QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 2013
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California
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33-0984450
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
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o
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Accelerated filer
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o
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Non-accelerated filer
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o
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Smaller reporting company
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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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Condensed Balance Sheets as of June 30, 2013 and December 31, 2012
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1
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Condensed Statements of Operations for the three months and six months ended
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June 30, 2013 and June 30, 2012
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2
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Condensed Statements of Cash Flows for the six months ended
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June 30, 2013 and June 30, 2012
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3
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Notes to the Condensed Financial Statements
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4
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Item 2. Management’s Discussion and Analysis of the Financial Condition and Results of Operations
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9
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Item 3. Quantitative and Qualitative Disclosures about Market Risk
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12
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Item 4. Controls and Procedures
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12
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PART II - OTHER INFORMATION
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Item 1. Legal Proceedings
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13
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Item 1A. Risk Factors
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13
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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13
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Item 3. Defaults Upon Senior Securities
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13
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Item 5. Other Information
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13
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Item 6. Exhibits
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14
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OMNITEK ENGINEERING CORP.
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||||||||
Condensed Balance Sheets
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||||||||
ASSETS
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||||||||
June 30,
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December 31,
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|||||||
2013
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2012
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|||||||
(unaudited)
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||||||||
CURRENT ASSETS
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||||||||
Cash
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$ | 1,998,546 | $ | 3,192,761 | ||||
Accounts receivable, net
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27,112 | 120,547 | ||||||
Accounts receivable - related parties
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21,012 | 26,455 | ||||||
Inventory
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1,822,603 | 1,133,595 | ||||||
Prepaid expense
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11,062 | 7,440 | ||||||
Deposits
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208,445 | 331,760 | ||||||
Short-term investments, net
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202,207 | - | ||||||
Total Current Assets
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4,290,987 | 4,812,558 | ||||||
FIXED ASSETS, net
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97,396 | 14,560 | ||||||
OTHER ASSETS
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||||||||
Long-term investments, net
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830,309 | 1,201,671 | ||||||
Intellectual property, net
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3,955 | 5,218 | ||||||
Total Other Assets
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834,264 | 1,206,889 | ||||||
TOTAL ASSETS
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$ | 5,222,647 | $ | 6,034,007 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
CURRENT LIABILITIES
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||||||||
Accounts payable and accrued expenses
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$ | 63,066 | $ | 317,106 | ||||
Accrued management compensation
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232,716 | 264,717 | ||||||
Accounts payable - related parties
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3,070 | - | ||||||
Customer deposits
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214,578 | 184,109 | ||||||
Total Current Liabilities
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513,430 | 765,932 | ||||||
Total Liabilities
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513,430 | 765,932 | ||||||
STOCKHOLDERS' EQUITY
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||||||||
Common stock, 125,000,000 shares authorized no par value
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||||||||
19,749,582 and 19,749,582 shares issued and outstanding,
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||||||||
respectively
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8,196,061 | 8,196,061 | ||||||
Additional paid-in capital
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4,928,125 | 4,867,169 | ||||||
Accumulated deficit
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(8,414,969 | ) | (7,795,155 | ) | ||||
Total Stockholders' Equity
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4,709,217 | 5,268,075 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 5,222,647 | $ | 6,034,007 | ||||
The accompanying notes are an integral part of these condensed financial statements.
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OMNITEK ENGINEERING CORP.
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||||||||||||||||
Condensed Statements of Operations (unaudited)
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||||||||||||||||
For the Three
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For the Three
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For the Six
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For the Six
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|||||||||||||
Months Ended
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Months Ended
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Months Ended
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Months Ended
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|||||||||||||
June 30
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June 30
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June 30
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June 30
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|||||||||||||
2013
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2012
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2013
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2012
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|||||||||||||
REVENUES
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$ | 197,210 | $ | 380,531 | $ | 546,539 | $ | 686,900 | ||||||||
COST OF GOODS SOLD
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143,846 | 149,449 | 347,932 | 350,061 | ||||||||||||
GROSS MARGIN
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53,364 | 231,082 | 198,607 | 336,839 | ||||||||||||
OPERATING EXPENSES
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||||||||||||||||
General and administrative
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370,582 | 1,198,267 | 722,874 | 1,435,590 | ||||||||||||
Research and development expense
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51,777 | 48,254 | 102,136 | 77,148 | ||||||||||||
Depreciation and amortization expense
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14,066 | 1,533 | 27,336 | 2,990 | ||||||||||||
Total Operating Expenses
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436,425 | 1,248,054 | 852,346 | 1,515,728 | ||||||||||||
LOSS FROM OPERATIONS
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(383,061 | ) | (1,016,972 | ) | (653,739 | ) | (1,178,889 | ) | ||||||||
OTHER INCOME (EXPENSE)
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||||||||||||||||
Interest expense
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- | (82 | ) | (13 | ) | (490 | ) | |||||||||
Interest income
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13,668 | 1,174 | 34,738 | 1,174 | ||||||||||||
Total Other Income (Expense)
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13,668 | 1,092 | 34,725 | 684 | ||||||||||||
LOSS BEFORE INCOME TAXES
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(369,393 | ) | (1,015,880 | ) | (619,014 | ) | (1,178,205 | ) | ||||||||
INCOME TAX EXPENSE
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- | - | 800 | 800 | ||||||||||||
NET LOSS
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$ | (369,393 | ) | $ | (1,015,880 | ) | $ | (619,814 | ) | $ | (1,179,005 | ) | ||||
BASIC AND DILUTED LOSS PER SHARE
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$ | (0.02 | ) | $ | (0.05 | ) | $ | (0.03 | ) | $ | (0.06 | ) | ||||
WEIGHTED AVERAGE NUMBER
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||||||||||||||||
OF COMMON SHARES OUTSTANDING BASIC AND DILUTED
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19,749,582 | 19,661,571 | 19,749,582 | 18,429,153 | ||||||||||||
The accompanying notes are an integral part of these condensed financial statements.
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OMNITEK ENGINEERING CORP.
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||||||||
Condensed Statements of Cash Flows (unaudited)
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||||||||
For the Six
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For the Six
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|||||||
Months Ended
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Months Ended
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|||||||
June 30,
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June 30,
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|||||||
2013
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2012
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|||||||
OPERATING ACTIVITIES
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Net loss
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$ | (619,814 | ) | $ | (1,179,005 | ) | ||
Adjustments to reconcile net loss to
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||||||||
net cash used by operating activities:
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||||||||
Amortization and depreciation expense
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8,180 | 2,991 | ||||||
Amortization of premium on investments
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19,155 | 6,204 | ||||||
Options and warrants granted
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60,956 | 518,415 | ||||||
Stock issued for services
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||||||||
Changes in operating assets and liabilities:
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||||||||
Accounts receivable
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93,435 | (72,618 | ) | |||||
Accounts receivable–related parties
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5,443 | (10,132 | ) | |||||
Deposits
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123,315 | (134,058 | ) | |||||
Prepaid Expense
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(3,622 | ) | 1,675 | |||||
Inventory
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(689,008 | ) | 97,440 | |||||
Accounts payable and accrued expenses
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(254,040 | ) | 7,326 | |||||
Customer deposits
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30,469 | 5,128 | ||||||
Accounts payable-related parties
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3,070 | 56 | ||||||
Accrued management compensation
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(32,001 | ) | (59,063 | ) | ||||
Net Cash Used in Operating Activities
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(1,254,462 | ) | (815,641 | ) | ||||
INVESTING ACTIVITIES
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||||||||
Maturity of long-term investments
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150,000 | (1,228,223 | ) | |||||
Purchase of property and equipment
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(89,753 | ) | - | |||||
Net Cash Provided by (Used in) Investing Activities
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60,247 | (1,228,223 | ) | |||||
FINANCING ACTIVITIES
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||||||||
Issuance of common stock for cash
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- | 5,536,762 | ||||||
Repayment of note payable
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- | (40,000 | ) | |||||
Exercise of warrants and options for cash
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- | - | ||||||
Proceeds of Note Payable
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- | 40,000 | ||||||
Net Cash Provided by Financing Activities
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- | 5,536,762 | ||||||
NET INCREASE (DECREASE) IN CASH
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(1,194,215 | ) | 3,492,898 | |||||
CASH AT BEGINNING OF YEAR
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3,192,761 | 31,196 | ||||||
CASH AT END OF PERIOD
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$ | 1,998,546 | $ | 3,524,094 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS
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||||||||
CASH PAID FOR:
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Interest
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$ | - | $ | 490 | ||||
Income taxes
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$ | 800 | $ | 800 | ||||
NON CASH FINANCING ACTIVITIES:
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Common stock issued for debt
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$ | - | $ | - | ||||
The accompanying notes are an integral part of these condensed financial statements.
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June 30,
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December 31,
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|||||||
Location : Vista and San Marcos, CA respectively
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2013
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2012
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||||||
Raw materials
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$ | 737,412 | $ | 806,700 | ||||
Finished goods
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1,712,720 | 684,273 | ||||||
In transit
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- | 270,151 | ||||||
Allowance for obsolete inventory
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(627,529 | ) | (627,529 | ) | ||||
Total
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$ | 1,822,603 | $ | 1,133,595 |
June 30,
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December 31,
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|||||||
2013
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2012
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|||||||
Production equipment
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$ | 60,501 | $ | 14,814 | ||||
Computers/Office equipment
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3,716 | - | ||||||
Tooling equipment
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10,020 | 5,300 | ||||||
Leasehold Improvements
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35,629 | |||||||
Less: accumulated depreciation
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(12,470 | ) | (5,554 | ) | ||||
Total
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$ | 97,396 | $ | 14,560 |
June 30,
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December 31,
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|||||||
2012
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2012
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|||||||
Amounts due to the president
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$
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165,397
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$
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197,398
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||||
Amounts due to other officers of the company
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67,319
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67,319
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||||||
Total
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$
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232,716
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$
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264,717
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In April 2007, the Company’s shareholders approved its 2006 Long-Term Incentive Plan (“the 2006 Plan”). Under the 2006 plan, the Company may issue up to 10,000,000 shares of both Incentive Stock Options to employees only and Non-Qualified Stock Options to employees and consultants at its discretion. As of June 30, 2013 the Company has a total of 2,620,000 options issued under the plan. On August 3, 2011, the Board of Directors adopted the Omnitek Engineering Corp. 2011 Long-term Incentive Plan (the “2011 Plan”), under which 1,000,000 shares of Company’s Common Stock were reserved for issuance of both Incentive Stock Options to employees only and Non-Qualified Stock Options to employees and consultants at its discretion. As of June 30, 2013 the Company has a total of 540,000 options issued under the 2011 plan.
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June 30,
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December 31,
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|||||||||||||||
2013
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2012
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|||||||||||||||
Weighted-Average
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Weighted-Average
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|||||||||||||||
Shares
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Exercise Price
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Shares
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Exercise Price
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|||||||||||||
Outstanding at beginning of year
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6,085,313 | $ | 2.29 | 2,820,000 | $ | 0.73 | ||||||||||
Granted
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- | - | 3,265,313 | 3.64 | ||||||||||||
Exercised
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- | - | - | - | ||||||||||||
Expired or cancelled
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- | - | - | - | ||||||||||||
Outstanding at end of year
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6,085,313 | 2.29 | 6,085,313 | 2.29 | ||||||||||||
Exercisable
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5,665,313 | $ | 2.27 | 5,612,813 | $ | 2.09 |
Range of Exercise Prices
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Number Outstanding
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Weighted-Average Remaining Contractual Life
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Number Exercisable
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Weighted-Average Exercise Price
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$ | 0.01-0.50 | 200,000 |
1.28 years
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200,000 | $ | 0.38 | |||||||||
$ | 0.51-0.75 | 1,580,000 |
1.35 years
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1,580,000 | 0.63 | ||||||||||
$ | 0.76-1.00 | 1,040,000 |
1.36 years
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1,040,000 | 0.94 | ||||||||||
$ | 1.01-2.00 | 90,000 |
4.98 years
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50,000 | 1.79 | ||||||||||
$ | 2.01-3.00 | 455,000 |
6.31 years
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75,000 | 2.57 | ||||||||||
$ | 3.01-4.00 | 2,720,313 |
3.78 years
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2,720,313 | 3.88 | ||||||||||
$ | 0.01-4.00 | 6,085,313 |
2.86 years
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5,665,313 | $ | 2.27 |
NOTE 5 - SUBSEQUENT EVENTS
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Exhibit
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Number
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Description of Exhibit
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3.1
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Amended and Restated Articles of Incorporation(1)
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3.2
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Amended and Restated By-Laws Adopted July 12, 2012 (2)
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31.1
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CEO certification pursuant to Section 302 of The Sarbanes – Oxley Act of 2002 (3)
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31.2
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CFO certification pursuant to Section 302 of The Sarbanes – Oxley Act of 2002 (3)
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32.1
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CEO and CFO certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (3)
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101
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The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended S, 2011 formatted in Extensible Business Reporting Language (“XBRL”): (i) the balance sheets (unaudited) ; (ii) the statements of operations (unaudited); (iii) the statements of cash flows (unaudited); and, (iv) related notes. (3)
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(1)
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Previously filed on Form on Form 10 on April 27, 2010
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(2)
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Previously filed on Form 8-K on August 2, 2012
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(3)
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Filed herewith
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(4)
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Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files submitted under Exhibit 101 are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
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Omnitek Engineering Corp.
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![]() |
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Dated: August 13, 2013
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By: Werner Funk
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|||||
Its: Chief Executive Officer President and Secretary
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|||||
Dated: August 13, 2013
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/s/ Janice M. Quigley
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||||
By: Janice M. Quigley
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Its: Chief Financial Officer
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|||||
![]() |
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Dated: August 13, 2013
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By: Werner Funk, Director
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Dated: August 13, 2013
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/s/ Janice M. Quigley
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Janice M. Quigley, Director
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Note 2 - Significant Accounting Policies: Inventory: Schedule of Inventory, Current (Tables)
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6 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
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||||||||||||||||||||||
Tables/Schedules | ||||||||||||||||||||||
Schedule of Inventory, Current |
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Condensed Statements of Operations (unaudited) (USD $)
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3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
|
Jun. 30, 2012
|
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Income Statement | ||||
REVENUES | $ 197,210 | $ 380,531 | $ 546,539 | $ 686,900 |
COST OF GOODS SOLD | 143,846 | 149,449 | 347,932 | 350,061 |
GROSS MARGIN | 53,364 | 231,082 | 198,607 | 336,839 |
OPERATING EXPENSES | ||||
General and administrative | 370,582 | 1,198,267 | 722,874 | 1,435,590 |
Research and development expense | 51,777 | 48,254 | 102,136 | 77,148 |
Depreciation and amortization expense | 14,066 | 1,533 | 27,336 | 2,990 |
Total Operating Expenses | 436,425 | 1,248,054 | 852,346 | 1,515,728 |
LOSS FROM OPERATIONS | (383,061) | (1,016,972) | (653,739) | (1,178,889) |
OTHER INCOME (EXPENSE) | ||||
Interest expense | (82) | (13) | (490) | |
Interest income | 13,668 | 1,174 | 34,738 | 1,174 |
Total Other Income (Expense) | 13,668 | 1,092 | 34,725 | 684 |
LOSS BEFORE INCOME TAXES | (369,393) | (1,015,880) | (619,014) | (1,178,205) |
INCOME TAX EXPENSE | 800 | 800 | ||
NET LOSS | $ (369,393) | $ (1,015,880) | $ (619,814) | $ (1,179,005) |
BASIC AND DILUTED LOSS PER SHARE | $ (0.02) | $ (0.05) | $ (0.03) | $ (0.06) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING BASIC AND DILUTED | 19,749,582 | 19,661,571 | 19,749,582 | 18,429,153 |
Note 2 - Significant Accounting Policies: Use of Estimates (Policies)
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6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Policies | |
Use of Estimates | Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Note 2 - Significant Accounting Policies: Property and Equipment: Property, Plant and Equipment (Details) (USD $)
|
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Property, Plant, and Equipment, Owned, Accumulated Depreciation | $ (12,470) | $ (5,554) |
FIXED ASSETS, net | 97,396 | 14,560 |
Other Machinery and Equipment
|
||
Property, Plant and Equipment, Other, Gross | 60,501 | 14,814 |
Computer Equipment
|
||
Property, Plant and Equipment, Other, Gross | 3,716 | |
Tools, Dies and Molds
|
||
Property, Plant and Equipment, Other, Gross | 10,020 | 5,300 |
Leasehold Improvements
|
||
Property, Plant and Equipment, Other, Gross | $ 35,629 |
Note 2 - Significant Accounting Policies: Property and Equipment: Property, Plant and Equipment (Tables)
|
6 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||
Tables/Schedules | |||||||||||||||||||||||||
Property, Plant and Equipment |
|
Note 2 - Significant Accounting Policies: Held To Maturity Investments (Details) (USD $)
|
6 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Details | ||
Accumulated Capitalized Interest Costs | $ 38,556 | |
Unamortized Debt Issuance Expense | 1,032,516 | |
Amortization of Debt Discount (Premium) | $ 19,156 | $ 6,204 |
Note 2 - Significant Accounting Policies: Basic and Diluted Loss Per Share (Details)
|
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
|
Details | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,977,875 | 2,169,855 |
Note 4 - Stock Options and Warrants: Schedule of Share-based Compensation, Stock Options and Warrants, Activity (Details) (USD $)
|
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
|
Details | ||
Options, Outstanding | 6,085,313 | 2,820,000 |
Options, Outstanding, Weighted Average Exercise Price | $ 2.29 | $ 0.73 |
Options, Grants in Period | 0 | 3,265,313 |
Options, Granted, Weighted Average Exercise Price | $ 3.64 | |
Options, Outstanding | 6,085,313 | 6,085,313 |
Options, Outstanding, Weighted Average Exercise Price | $ 2.29 | $ 2.29 |
Options, Exercisable | 5,665,313 | 5,612,813 |
Options, Exercisable, Weighted Average Exercise Price | $ 2.27 | $ 2.09 |
Note 2 - Significant Accounting Policies: Property and Equipment (Details) (USD $)
|
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
|
Details | ||
Depreciation | $ 6,916 | $ 3,250 |
Note 1 - Condensed Financial Statements
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Notes | |
Note 1 - Condensed Financial Statements | NOTE 1 - CONDENSED FINANCIAL STATEMENTS
The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at June 30, 2013, and for all periods presented herein, have been made.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2012 audited financial statements. The results of operations for the periods ended June 30, 2013 and 2012 are not necessarily indicative of the operating results for the full years. |
Note 3 - Related Party Transactions
|
6 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
||||||||||||||||
Notes | ||||||||||||||||
Note 3 - Related Party Transactions | NOTE 3 - RELATED PARTY TRANSACTIONS
Accounts Receivable Related Parties The Company holds a non-controlling interest in various distributors in exchange for use of the Companys name and logo. As of December 31, 2012, the Company owned a 15% interest in Omnitek Engineering Thailand Co. Ltd., a 20% interest in Omnitek Peru S.A.C., and a 5% interest in Omnitek Stationary, Inc. As of June 30, 2013 and December 31, 2012, the Company was owed $21,012 and $26,455, respectively, by related parties for the purchase of products.
Accounts Payable Related Parties The Company regularly incurs expenses that are paid for by related parties and purchases goods and services from related parties. As of June 30, 2013 and December 31, 2012, the Company owed related parties for such expenses, goods and services in the amounts of $3,069 and $-0-, respectively.
Accrued Management Expenses During the periods ended June 30, 2012 and December 31, 2012, the Companys president and chief financial officer were due amounts for services performed for the Company. As of June 30, 2012 and December 31, 2012 the accrued management fees consisted of the following:
|
Note 2 - Significant Accounting Policies: Recent Accounting Pronouncements (Policies)
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Companys financial position, or statements. |
Note 4 - Stock Options and Warrants
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
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Note 4 - Stock Options and Warrants | NOTE 4 - STOCK OPTIONS AND WARRANTS
In April 2007, the Companys shareholders approved its 2006 Long-Term Incentive Plan (the 2006 Plan). Under the 2006 plan, the Company may issue up to 10,000,000 shares of both Incentive Stock Options to employees only and Non-Qualified Stock Options to employees and consultants at its discretion. As of June 30, 2013 the Company has a total of 2,620,000 options issued under the plan. On August 3, 2011, the Board of Directors adopted the Omnitek Engineering Corp. 2011 Long-term Incentive Plan (the 2011 Plan), under which 1,000,000 shares of Companys Common Stock were reserved for issuance of both Incentive Stock Options to employees only and Non-Qualified Stock Options to employees and consultants at its discretion. As of June 30, 2013 the Company has a total of 540,000 options issued under the 2011 plan.
Additionally, the Company has outstanding Warrants in the amount of 2,925,313.
During the six months ended June 30, 2013 the Company issued -0- options and warrants.
During the six months ended June 30, 2013 and 2012, the Company recognized expense of $60,956 and $518,415, respectively, for options and warrants that vested during the periods pursuant to ASC Topic 718. Total remaining amount of compensation expense to be recognized in future periods is $468,142.
A summary of the status of the options and warrants granted at June 30, 2013 and December 31, 2012 and changes during the periods then ended is presented below:
A summary of the status of the options and warrants granted at June 30, 2013 and December 31, 2012 and changes during the periods then ended is presented below:
In accordance with ASC 855-10, Company management reviewed all material events through the date of this report. There are no material subsequent events to report. |
Note 3 - Related Party Transactions (Details) (USD $)
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Jun. 30, 2013
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Dec. 31, 2012
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Accounts receivable -related party | $ 21,012 | $ 26,455 |
Accounts payable - related parties | $ 3,070 | $ 0 |
Omnitek Engineering Thailand Co Ltd
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Noncontrolling Interest, Ownership Percentage by Parent | 15.00% | |
Omnitek Peru SAC
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Noncontrolling Interest, Ownership Percentage by Parent | 20.00% | |
Omnitek Stationary, Inc.
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Noncontrolling Interest, Ownership Percentage by Parent | 5.00% |