0001615774-18-012396.txt : 20181109 0001615774-18-012396.hdr.sgml : 20181109 20181109141308 ACCESSION NUMBER: 0001615774-18-012396 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 43 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181109 DATE AS OF CHANGE: 20181109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: APPLIED ENERGETICS, INC. CENTRAL INDEX KEY: 0000879911 STANDARD INDUSTRIAL CLASSIFICATION: SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812] IRS NUMBER: 770262908 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-14015 FILM NUMBER: 181172484 BUSINESS ADDRESS: STREET 1: 2480 W RUTHRAUFF ROAD, SUITE 140Q STREET 2: SUITE 140Q CITY: TUCSON STATE: AZ ZIP: 85705 BUSINESS PHONE: 520-628-7415 MAIL ADDRESS: STREET 1: 2480 W RUTHRAUFF ROAD, SUITE 140Q STREET 2: SUITE 140Q CITY: TUCSON STATE: AZ ZIP: 85705 FORMER COMPANY: FORMER CONFORMED NAME: IONATRON, INC. DATE OF NAME CHANGE: 20040429 FORMER COMPANY: FORMER CONFORMED NAME: US HOME & GARDEN INC DATE OF NAME CHANGE: 19950714 FORMER COMPANY: FORMER CONFORMED NAME: NATURAL EARTH TECHNOLOGIES INC DATE OF NAME CHANGE: 19930328 10-Q 1 s113774_10q.htm 10-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

☒  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2018

 

OR

 

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________ to __________

 

Commission File Number 001-14015

 

APPLIED ENERGETICS, INC.

 

 

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware 

77-0262908 

(State or Other Jurisdiction of Incorporation or Organization)   (IRS Employer Identification Number)

 

2480 W Ruthrauff Road, Suite 140 Q  
Tucson, Arizona 85705
(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s telephone number, including area code (520) 628-7415

   

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒  No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer: ☐ Accelerated filer:  ☐
Non-accelerated filer:  ☐ (Do not check if a smaller reporting company) Smaller reporting company: ☒
  Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the exchange act. ☐

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

 

As of November 8, 2018 there were 198,697,396 shares of the issuer’s common stock, par value $.001 per share, outstanding.

 

 

 

 

 

APPLIED ENERGETICS, INC.

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

  

PART I. FINANCIAL INFORMATION
     
ITEM 1. Condensed Consolidated Financial Statements  
     
  Condensed Consolidated Balance Sheets as of September 30, 2018 (Unaudited) and December 31, 2017 1
     
  Condensed Consolidated Statements of Operations for the three months ended September 30, 2018 and 2017 (Unaudited) 2
     
  Condensed Consolidated Statements of Operations for the nine months ended September 30, 2018 and 2017 (Unaudited) 3
     
  Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017 (Unaudited) 4
     
  Notes to Condensed Consolidated Financial Statements 5
     
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 14
     
ITEM 4. Controls and Procedures 19
     
PART II. OTHER INFORMATION
     
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 20
     
ITEM 6. Exhibits 22
     
SIGNATURES 23

 

i 

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

APPLIED ENERGETICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   September 30, 2018   December 31, 2017 
   (Unaudited)     
ASSETS        
Current assets          
Cash and cash equivalents  $327,203   $2,764 
Other receivables   312    312 
Other assets   11,721    — 
Total current assets   339,236    3,076 
Long-term assets          
Property and equipment   38,887    — 
Other long-term assets   255,893    — 
Total long-term assets   294,780    — 
TOTAL ASSETS  $634,016   $3,076 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)          
Current liabilities          
Accounts payable  $209,989   $80,743 
Accrued compensation   347,333    266,480 
Accrued officer compensation   206,000    230,500 
Notes payable net of unamortized discount of $-0- at September 30, 2018 and $102,219 at December 31, 2017   —    53,097 
Due to related parties   50,000    — 
Accrued expenses   68,776    185,927 
Accrued dividends   48,079    48,079 
Total current liabilities   930,177    864,826 
Total liabilities   930,177    864,826 
Commitments and contingencies          
           
Stockholders’ equity (deficit)          
Series A Convertible Preferred Stock, $.001 par value, 2,000,000 shares authorized; 13,602 shares issued and outstanding at September 30, 2018 and at December 31, 2017   14    14 
Common stock, $.001 par value, 500,000,000 shares authorized; 197,697,396 and 157,785,520 shares issued and outstanding at September 30, 2018 and at December 31, 2017, respectively   197,697    157,785 
Additional paid-in capital   81,778,672    79,452,635 
Accumulated deficit   (82,272,544)   (80,472,184)
Total stockholders’ equity (deficit)   (296,161)   (861,750)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)  $634,016   $3,076 

  

- 1 - 

 

 

APPLIED ENERGETICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   For the three months ended September 30, 
   2018   2017 
         
Operating expenses          
General and administrative  $723,316   $180,353 
Research and development   48,508    — 
           
Total operating expenses   771,824    180,353 
           
Operating loss   (771,824)   (180,353)
           
Other (expense)          
Interest (expense)   (174)   (451)
Total other (expense)   (174)   (451)
           
Net loss   (771,998)   (180,804)
           
Preferred stock dividends   (8,501)   (8,501)
           
Net loss attributable to common stockholders  $(780,499)  $(189,305)
           
Net loss per common share – basic and diluted  $(0.01)  $(0.01)
           
Weighted average number of shares outstanding, basic and diluted   192,260,657    157,785,520 

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

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APPLIED ENERGETICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   For the nine months ended September 30, 
   2018   2017 
         
Operating expenses          
General and administrative  $1,457,539   $463,834 
Research and development   98,000    — 
           
Total operating expenses   1,555,539    463,834 
           
Operating loss   (1,555,539)   (463,834)
           
Other income/(expense)          
Interest (expense)   (244,820)   (451)
Total other income   (244,820)   (451)
           
Net loss   (1,800,359)   (464,285)
           
Preferred stock dividends   (25,504)   (25,504)
           
Net loss attributable to common stockholders  $(1,825,863)  $(489,789)
           
Net loss per common share – basic and diluted  $(0.01)  $(0.01)
           
Weighted average number of shares outstanding, basic and diluted   177,799,785    155,118,854 

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

- 3 - 

 

 

APPLIED ENERGETICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   For the nine months ended
September 30,		 
   2018   2017 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss  $(1,800,359)  $(464,285)
Adjustments to reconcile net loss to net cash used in operating activities:          
Non-cash stock based compensation expense   45,905    65,309 
Warrant expense   —    40,590 
Loss on early payoff of note payable   174,412    — 
Shares issued for services   398,674    — 
Amortization of beneficial conversion feature   204,119    — 
Amortization of financing costs   22,721    172 
Interest expense   17,806    279 
Changes in assets and liabilities:          
Other long-term assets   (255,893)   — 
Prepaids and deposits   (19,895)   — 
Accounts payable   158,353    24,376 
Accrued expenses and compensation   (60,799)   234,900 
Net cash used in operating activities   (1,114,956)   (98,659)
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchase of equipment   (38,887)   — 
Net cash used in investing activities   (38,887)   — 
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from notes payable net of financing costs   149,750    50,000 
Proceeds from issuance of common stock   1,690,000    62,500 
Repayment on notes payable   (361,468)   — 
Net cash provided by financing activities   1,478,282    112,500 
           
Net increase in cash and cash equivalents   324,439    13,841 
           
Cash and cash equivalents, beginning of period   2,764    680 
           
Cash and cash equivalents, end of period  $327,203   $14,521 
Supplemental Cash Flow Information          
Cash paid for interest  $12,949   $— 
Cash paid for taxes  $—   $— 

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

- 4 - 

 

 

APPLIED ENERGETICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2018

(Unaudited)

 

1.         BASIS OF PRESENTATION

 

The accompanying interim unaudited condensed consolidated financial statements include the accounts of Applied Energetics, Inc. and its wholly owned subsidiary North Star Power Engineering, Inc. as of September 30, 2018 (collectively, “company,” “Applied Energetics,” “we,” “our” or “us”). All intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented have been made. The results for the three-month and nine-month periods ended September 30, 2018, may not be indicative of the results for the entire year. The interim unaudited condensed consolidated financial statements should be read in conjunction with the company’s audited consolidated financial statements contained in our Annual Report on Form 10-K.

 

LIQUIDITY AND MANAGEMENT’S PLAN

 

The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the nine months ended September 30, 2018, the company incurred a net loss of approximately $1,800,000, had negative cash flows from operations of approximately $1,115,000, investing activities reflected the acquisition of equipment for $39,000, financing activities reflected $1,690,000 proceeds from issuance of common stock, $150,000 proceeds from a note payable, partially offset by $361,000 repayment on note payable and expects to incur additional future losses due to the reactivation of its business activities. These matters raise substantial doubt as to the company’s ability to continue as a going concern unless the company is able to obtain additional financing for its continuing operations. The financial statements do not include any adjustments relating to the recoverability of assets and the amount or classification of liabilities that might be necessary should the company be unable to continue as a going concern.

 

As of September 30, 2018, the company had approximately $327,000 in cash and cash equivalents.

 

USE OF ESTIMATES

 

The preparation of consolidated financial statements in conformity with United States Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its assumptions on historical experiences and on various other estimates that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. In addition, management considers the basis and methodology used in developing and selecting these estimates, the trends in and amounts of these estimates, specific matters affecting the amount of and changes in these estimates, and any other relevant matters related to these estimates, including significant issues concerning accounting principles and financial statement presentation. Such estimates and assumptions could change in the future, as more information becomes known which could materially impact the amounts reported and disclosed herein. Significant estimates include measurements of income tax assets and liabilities.

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

The company has reviewed issued accounting pronouncements and plans to adopt those that are applicable to it. The company does not expect the adoption of any other pronouncements to have an impact on its results of operations or financial position.

 

- 5 - 

 

 

APPLIED ENERGETICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2018

(Unaudited)

 

2.         SHARE-BASED COMPENSATION

 

Share-Based Compensation – Contractors

 

For the nine months ended September 30, 2018 and 2017, share-based compensation expense totaled approximately $46,000 and $65,000, respectively.

 

There was no related income tax benefit recognized because our deferred tax assets are fully offset by a valuation allowance.

 

We determine the fair value of option grant share-based awards at their grant date, using a Black-Scholes-Merton Option-Pricing Model applying the assumptions in the following table:

 

   Nine months ended September 30, 
   2018   2017 
Expected life (years)    N/A     5 
Dividend yield    N/A     0%
Expected volatility    N/A     80%
Risk free interest rates    N/A     1.97%
Weighted average fair value of options at grant date    N/A    $0.02980 

 

For the nine months ended September 30, 2018, no options to purchase stock were granted, additionally, no options to purchase stock were exercised, expired or forfeited; no restricted stock units were granted, vested or forfeited; and no restricted stock awards were granted, vested or forfeited. At September 30, 2018, options to purchase 14,000,000 shares of common stock were outstanding with a weighted average exercise price of $0.136 with a weighted average remaining contract term of approximately 3.5 years with an aggregate intrinsic value of $103,000. At September 30, 2018 options for 3,500,000 shares were exercisable.

 

As of September 30, 2018, there was approximately $51,000 of unrecognized compensation cost related to unvested stock options granted and outstanding, net of estimated forfeitures. The cost is expected to be recognized on a weighted average basis over a period of approximately three years.

 

During the nine months ended September 30, 2017 the company granted each member of the Scientific Advisory Board options to purchase 2 million shares of $.001 par value common stock at a price of $0.05 per share for a total of 8,000,000 shares being granted. These options have a five year term and vest to the extent of 500,000 shares on the first anniversary of the grant and to the extent of 62,500 options per month during the 24 months following the initial vesting date.

 

During the nine months ended September 30, 2017 the company also granted each member of the Scientific Advisory Board performance options to purchase 1.5 million shares of $0.001 par value common stock at a price of $0.25 per share for a total of 6,000,000 shares being granted. These options have a five year term and vest on the date the company has cumulative revenues of $5 million.

 

On July 16, 2018, the company entered into a Master Services Agreement (the “Agreement”) with Westpark Advisors, LLC. The Agreement calls for Westpark Advisors to perform certain development and operational services, subject to a minimum hours requirement of 1,920, as follows:

 

In exchange for services detailed in the Agreement, Westpark Advisors is to receive compensation as follows: $16,700 per month in cash; upon signing of the Agreement, options to purchase 250,000 shares of the Company’s common stock, at an exercise price of $0.13 per share, which vest every 90 days in four equal tranches and expire as to each tranche three years after the vesting date; and additional options to purchase one million shares of the Company’s common stock, at an exercise price of $0.13 per share, upon the successful award of a contract in excess of $500,000 which Westpark Advisors sourced, captured and pursued. The Agreement also calls for the Company to reimburse Westpark Advisors for all reasonable expenses that have been pre-approved in writing. The option agreements have not yet been issued.

 

- 6 - 

 

 

APPLIED ENERGETICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2018

(Unaudited)

 

3.         NET LOSS PER SHARE

 

Basic net loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period before giving effect to stock options, stock warrants, restricted stock units and convertible securities outstanding, which are considered to be dilutive common stock equivalents. Diluted net loss per common share is calculated based on the weighted average number of common and potentially dilutive shares outstanding during the period after giving effect to convertible preferred stock, stock options, warrants and restricted stock units. Contingently issuable shares are included in the computation of basic loss per share when issuance of the shares is no longer contingent. Due to the losses from continuing operations for the nine months ended September 30, 2018 and 2017, basic and diluted loss per common share were the same, as the effect of potentially dilutive securities would have been anti-dilutive.

 

Potentially dilutive securities not included in the diluted loss per share calculation, due to net losses from continuing operations, were as follows:

 

   Nine months ended September 30, 
   2018   2017 
         
Options to purchase common shares   14,000,000    14,000,000 
Warrants to purchase common shares   —    1,320,598 
Convertible preferred stock   43,215    40,381 
           
Total potentially dilutive securities   14,043,215    15,360,979 

 

4.         DIVIDENDS

 

Dividends on Preferred Stock are accrued when the amount and kind of dividend is determined and are payable quarterly on the first day of February, May, August and November, in cash or shares of common stock. The holders of shares of Series A Convertible Preferred Stock are entitled to receive dividends at the initial rate of 6.5% of the liquidation preference per share (the “Initial Dividend Rate”), payable, at the option of the corporation, in cash or shares of common stock or a combination of cash and common stock. Upon the occurrence of the company’s failure to pay dividends in the five business days following a dividend payment date (a “Payment Default”), the dividend rate shall immediately and automatically increase to 7.5% of the liquidation preference per share for as long as such Payment Default continues (or return to the Initial Dividend Rate at such time as such Payment Default no longer continues), and if a Payment Default shall occur on two consecutive Dividend Payment Dates, the dividend rate shall immediately and automatically increase to 10% of the Liquidation Preference for as long as such Payment Default continues and shall immediately and automatically return to the Initial Dividend Rate at such time as the Payment Default is no longer continuing.

 

As of September 30, 2018, we had 13,602 shares of our 6.5% Series A Convertible Preferred Stock outstanding. The company has not paid the dividends commencing with the quarterly dividend due August 1, 2013. Dividend arrearages as of September 30, 2018 was approximately $179,000. Our Board of Directors suspended the declaration of the dividend, commencing with the dividend payable as of February 1, 2015 since we did not have a surplus (as such term is defined in the Delaware general corporation Law) as of December 31, 2014, until such time as we have a surplus or net profits for a fiscal year.

 

Our Series A Preferred Stock has a liquidation preference of $25.00 per Share. The Series A Preferred Stock bears dividends at the rate of 6.5% of the liquidation preference per share per annum, which accrues from the date of issuance, and is payable quarterly. Dividends may be paid in: (i) cash, (ii) shares of our common stock (valued for such purpose at 95% of the weighted average of the last sales prices of our common stock for each of the trading days in the ten trading day period ending on the third trading day prior to the applicable dividend payment date), provided that the issuance and/or resale of all such shares of our common stock are then covered by an effective registration statement or (iii) any combination of the foregoing. If the company fails to make a dividend payment within five business days following a dividend payment date, the dividend rate shall immediately and automatically increase by 1% from 6.5% of the liquidation preference per offered share of Series A preferred stock to 7.5% of such liquidation preference. If a payment default shall occur on two consecutive dividend payment dates, the dividend rate shall immediately and automatically increase to 10% of the liquidation preference for as long as such payment default continues and shall immediately and automatically return to the initial dividend rate at such time as the payment default is no longer continuing.

 

- 7 - 

 

 

APPLIED ENERGETICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2018

(Unaudited)

 

5.               NOTES PAYABLE

 

On September 15, 2017 the company borrowed $53,000 under a convertible note maturing June 20, 2018. The note bears interest of 12% payable at maturity. Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid. The note is convertible into shares of the company’s $0.001 par value common stock after March 24, 2018 (the “Initial Conversion Date”). The conversion rate is variable and will be 58% of the average of the lowest one-day trading price during the twenty trading days preceding the holders notice of conversion. The number of shares issuable on conversion is limited to 4.99% of the company’s then issued and outstanding common stock. The company at the request of the note holder has reserved 36,369,879 shares of its $0.001 common stock for conversion. The note can be prepaid at the company’s option until the Initial Conversion Date. The company issued the note holder warrants to purchase 1,320,598 shares of it’s $0.001 par value common stock at an exercise price of $0.0301, The Warrants are exercisable at any time over a 7-year period commencing on the date of issuance. The company calculated a beneficial conversion feature of $53,000 on this note against which approximately $53,000 has been amortized.

 

The above transaction of a note for $53,000 and attached warrants of 1,320,598 shares were put in place by previous management. On March 12, 2018, the company’s newly elected board of directors discussed its options concerning the above referenced loan and attached warrant and agreed that it would be in the best interest of the company and its shareholders to pay in full the $53,000 convertible note funded on October 18, 2017, and additionally repurchase the warrant. On March 16, 2018, the company paid in full the $53,000 convertible note and cancelled its associated warrant to purchase 1,320,598 shares of common stock in a negotiated transaction. This note carried special early stock conversion rights at a material discount to market, and was considered to be a dilutive derivative event that could harm the future abilities of the company to operate and raise money. The total cost to the company to pay off this $53,000 note before the conversion date was $81,000. Additionally, the company cancelled the above referenced attached warrant which allowed the loan holder to purchase 1,320,598 shares of common stock at a material discount to the market. This warrant was given to the noteholder by previous management as an incentive to make the above referenced loan. The cost to the company to cancel the warrant was $40,000. The total combined cost to the company to cancel the loan and warrant was $121,000. The payment was comprised of $56,000 principal and accrued interest, prepayment premium of $25,000 and $40,000 to buy back the warrant. The note was paid in full on March 16, 2018. The company borrowed the $121,000 used to pay off this loan before the conversion date, via an interest free loan from two directors of the company.

 

On October 18, 2017 the company borrowed $33,000 under a convertible note maturing July 20, 2018. The note bears interest of 12% payable at maturity. Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid. The note is convertible into shares of the company’s $0.001 par value common stock after April 16, 2018 (the “Initial Conversion Date”). The conversion rate is variable and will be 58% of the average of the lowest one-day trading price during the twenty trading days preceding the holders notice of conversion. The number of shares issuable on conversion is limited to 4.99% of the company’s then issued and outstanding common stock. The company at the request of the note holder has reserved 18,062,397 shares of its $0.001 common stock for conversion. The note can be prepaid at the company’s option until the Initial Conversion Date. The company calculated a beneficial conversion feature of approximately $24,000 on this note against which $14,000 has been amortized.

 

- 8 - 

 

 

APPLIED ENERGETICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2018

(Unaudited)

 

The above transaction of a note for $33,000 was put in place by previous management. On April 10, 2018, the company’s newly elected board of directors discussed its options concerning the above referenced convertible loan funded on October 18, 2017 in the amount of $33,000 and agreed that it would be in the best interest of the company and its shareholders to pay in full the referenced note which was put in place by previous management. This note carried special early stock conversion rights at a material discount to market and was considered by the company to be a dilutive derivative event that could harm the future abilities of the company to operate and raise money. The cost to the company to pay off this $33,000 note before the conversion date was $51,000. The payment was comprised of $35,000 principal and accrued interest, and prepayment premium of $16,000. The note was paid in full on April 12, 2018.

 

On November 16, 2017 the company borrowed $38,000 under a convertible note maturing August 20, 2018. The note bears interest of 12% payable at maturity. Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid. The note is convertible into shares of the company’s $0.001 par value common stock after May 16, 2018 (the “Initial Conversion Date”). The conversion rate is variable and will be 58% of the average of the lowest one-day trading price during the twenty trading days preceding the holders notice of conversion. The number of shares issuable on conversion is limited to 4.99% of the company’s then issued and outstanding common stock. The company at the request of the Note Holder has reserved 20,716,914 shares of its $0.001 common stock for conversion. The note can be prepaid at the company’s option until the Initial Conversion Date. The company calculated a beneficial conversion feature of approximately $28,000 on this note against which $13,000 has been amortized.

 

The above transaction of a note for $38,000 was put in place by previous management. On May 4, 2018 the company’s newly elected board of directors discussed its options concerning the above referenced convertible loan funded on November 16, 2017 in the amount of $38,000 and agreed that it would be in the best interest of the company and its shareholders to pay in full the referenced note which was put in place by previous management. This note carried special early stock conversion rights at a material discount to market and was considered by the company to be a dilutive derivative event that could harm the future abilities of the company to operate and raise money. The cost to the company to pay off this $38,000 note before the conversion date was $58,000. The payment was comprised of $40,000 principal and accrued interest, and prepayment premium of $18,000. The note was paid in full on May 7, 2018.

 

On December 27, 2017 the company borrowed $28,000 under a convertible note maturing September 20, 2018. The note bears interest of 12% payable at maturity. Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid. The note is convertible into shares of the company’s $0.001 par value common stock after April 16, 2018 (the “Initial Conversion Date”). The conversion rate is variable and will be 58% of the average of the lowest one-day trading price during the twenty trading days preceding the holders notice of conversion. The number of shares issuable on conversion is limited to 4.99% of the company’s then issued and outstanding common stock. The company at the request of the note holder has reserved 17,164,750 shares of its $0.001 common stock for conversion. The note can be prepaid at the company’s option until the Initial Conversion Date. The company calculated a beneficial conversion feature of approximately $20,000 on this note against which $7,000 has been amortized.

 

The above transaction of a note for $28,000 was put in place by previous management. On May 4, 2018 the company’s newly elected board of directors discussed its options concerning the above referenced convertible loan funded on December 27, 2017 in the amount of $28,000 and agreed that it would be in the best interest of the company and its shareholders to pay in full the referenced note which was put in place by previous management. This note carried special early stock conversion rights at a material discount to market and was considered by the company to be a dilutive derivative event that could harm the future abilities of the company to operate and raise money. The cost to the company to pay off this $28,000 note before the conversion date was $41,000. The payment was comprised of $29,000 principal and accrued interest, and prepayment premium of $12,000. The note was paid in full on May 18, 2018.

 

- 9 - 

 

 

APPLIED ENERGETICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2018

(Unaudited)

 

On January 8, 2018 the company borrowed $105,000 under a convertible note maturing August 28, 2018. The note bears interest of 12% payable at maturity. Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty-four percent (24%) per annum from the due date thereof until the same is paid. The note is convertible into shares of the company’s $0.001 par value common stock after April 27, 2018 (the “Initial Conversion Date”). The conversion rate is variable and will be 55% of the lowest one-day trading price during the twenty trading days preceding the holders notice of conversion. The number of shares issuable on any conversion is limited to 4.99% of the company’s then issued and outstanding common stock. The note holder may increase the 4,99% limit to 9.99% on 61 days prior notice to the company. The company, at the request of the note holder, has reserved 40 million shares of its $0.001 common stock for conversion. The note can be prepaid at the company’s option until May 29, 2018. The company also entered into a security agreement pledging substantially all of its assets except for those related to Laser Guided Energy as collateral for the note.

 

The above transaction of a note for $105,000 was put in place by previous management. On April 25, 2018, the company’s newly elected board of directors discussed its options concerning the above referenced convertible loan funded on January 08, 2017 in the amount of $105,000, the board agreed that it would be in the best interest of the company and its shareholders to pay in full the referenced note before its conversion date. The note carried special early stock conversion rights at a material discount to market, in addition it pledged virtually all the assets of the company as collateral. The company’s board of directors considered this to be a significant derivative event that was extremely dilutive to existing shareholders. Additionally, it was the opinion of the company’s board of directors that this loan harmed the future abilities of the company to operate as a going concern and would make it nearly impossible to raise money in the future. The cost to the company to pay off this $105,000 note before the conversion date was $163,000 The payment was executed as paid in full on April 27, 2018 and was comprised of $109,000 principal and accrued interest, and a prepayment premium of $54,000 for a total of $163,000.

 

On March 8, 2018 the company borrowed $26,500 under a convertible note maturing December 15, 2018. The note bears interest of 12% payable at maturity. Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid. The note is convertible into shares of the company’s $0.001 par value common stock after September 5, 2018 (the “Initial Conversion Date”). The conversion rate is variable and will be 51% of the average of the lowest one day trading price during the thirty trading days preceding the holders notice of conversion. The number of shares issuable on conversion is limited to 4.99% of the company’s then issued and outstanding Common Stock. The company at the request of the Note Holder has reserved 11,008,640 shares of its $0.001 common stock for conversion. The note can be prepaid at the company’s option until the Initial Conversion Date.

 

The above transaction of a note for $26,500 was put in place by previous management. On May 4, 2018 the company’s newly elected board of directors discussed its options concerning the above referenced convertible loan funded on December 27, 2017 in the amount of $26,500 and agreed that it would be in the best interest of the company and its shareholders to pay in full the referenced note which was put in place by previous management. This note carried special early stock conversion rights at a material discount to market and was considered by the company to be a dilutive derivative event that could harm the future abilities of the company to operate and raise money. The cost to the company to pay off this $26,500 note before the conversion date was $37,000. The payment was comprised of $27,000 principal and accrued interest, and prepayment premium of $10,000. The note was paid in full on May 18, 2018.

 

- 10 - 

 

 

APPLIED ENERGETICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2018

(Unaudited)

 

The following reconciles notes payable as of September 30, 2018 and December 31, 2017:

 

   September 30, 2018   December 31, 2017 
Convertible notes payable  $(98,903)  $152,000 
Accrued interest   (3,317)   3,316 
Financing costs   (13,250)   (12,000)
Amortization of financing costs   22,721    2,529 
Beneficial conversion feature   (111,370)   (124,689)
Amortization of beneficial conversion feature   204,119    31,941 
   $—   $53,097 

  

6.               DUE TO RELATED PARTIES

 

During the three months ended June 30, 2018, the company, under its new management, has borrowed $2,500, giving a total borrowed of $132,000 from two members of its board of directors. These loans are interest free and are payable on demand. On May 1, 2018, both directors submitted subscription agreements for $60,000 for 1,000,000 shares of company common stock, each to be settled with the company’s debt. On July 23, 2018, the remaining balance of $12,000 was paid back to one director.

 

It has come to the board’s attention that on July 31, 2018, our now deceased CEO deposited $50,000 into the company’s account. Although it has been suggested that the funds may have been intended for use toward Mr. Dearmin’s healthcare, the board does not know for certain what the purpose of the funds were or the nature of any intended investment. Accordingly, the board is investigating the appropriate disposition of the funds which will likely be to the estate of Mr. Dearmin. Until such a determination is made, the board does not intend to use these funds for any corporate purpose. For reporting purposes, the company has treated the deposit as a due to related party.

 

7.               EQUITY

 

On December 4, 2017 previous management entered into a financial services agreement with BMA Securities for which, on January 26, 2018, it issued 5,000,000 shares of stock valued at $150,000.

 

On January 24, 2018, we issued 1,242,710 shares of common stock in settlement of invoices valued at $38,524.26 with a vendor. This transaction was consummated by previous management to pay its attorney fees.

 

On April 12, 2018 the company received $120,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock.

 

On April 16, 2018 the company received $30,000 from an individual based on a subscription agreement with the company for which the company issued 500,000 shares of its common stock.

 

On April 17, 2018 the company received $100,000 from an individual based on a subscription agreement with the company for which the company issued 1,666,667 shares of its common stock.

 

On April 26, 2018 the company received $90,000 from an individual based on a subscription agreement with the company for which the company issued 1,500,000 shares of its common stock.

 

On May 4, 2018 the company received $30,000 from an individual based on a subscription agreement with the company for which the company issued 500,000 shares of its common stock.

 

On May 8, 2018 the company received $120,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock.

 

On May 14, 2018 the company received $30,000 from an individual based on a subscription agreement with the company for which the company issued 500,000 shares of its common stock.

 

- 11 - 

 

 

APPLIED ENERGETICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2018

(Unaudited)

 

On May 14, 2018 the company received $200,000 from an individual based on a subscription agreement with the company for which the company issued 3,333,333 shares of its common stock.

 

On May 15, 2018 the company received $30,000 from an individual based on a subscription agreement with the company for which the company issued 500,000 shares of its common stock.

 

On May 16, 2018 the company received $20,000 from an individual based on a subscription agreement with the company for which the company issued 333,333 shares of its common stock.

 

On May 25, 2018 the company received $600,000 from an individual based on a subscription agreement with the company for which the company issued 10,000,000 shares of its common stock.

 

On June 13, 2018 the company received $140,000 from an individual based on a subscription agreement with the company for which the company issued 2,333,333 shares of its common stock.

 

On September 20, 2018 the company received $120,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock.

 

On September 25, 2018 the company received a total of $60,000 from two individuals based on subscription agreements with the company for which the company issued 1,000,000 shares of its common stock.

 

On October 3, 2018 the company received $90,000 from an individual based on a subscription agreement with the company for which the company issued 1,500,000 shares of its common stock.

 

Effective October 19, 2018 the company received $20,000 and a note for $100,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock. The note is non-interest bearing and is to be paid in five monthly payments of $20,000 starting November 20, 2018.

 

On October 22, 2018 the company received $30,000 from an individual based on a subscription agreement with the company for which the company issued 500,000 shares of its common stock.

 

Effective October 30, 2018, AERG entered into a Mutual Release and Hold Harmless Agreement (“Agreement”) with Gregory Fettig and Mr. Fettig’s former law firm, Duff Bornsen and Fettig, LLP (collectively, the “Fettig Parties”). The Agreement resolves claims concerning the issuance of 5,000,000 shares of AERG common stock, par value $.001 per share, to the Fettig Parties as authorized by prior Company director George Farley as compensation for legal services rendered to the Company by the Fettig Parties valued at $5,000. The Agreement also resolves claims concerning unpaid invoices to AERG for legal services performed by the Fettig Parties.

 

Pursuant to the Agreement, AERG paid the Fettig Parties an aggregate of $12,000, representing full satisfaction of fees for legal services of $9,825 plus additional consideration of $2,175. The Fettig Parties agreed to surrender to AERG the stock certificate representing the 5,000,000 shares.

 

The Agreement also contains standard representations and warranties and mutual releases and indemnification provisions.

 

On November 1, 2018 the company received $120,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock.

 

8.                LEGAL PROCEEDINGS

 

In its Current Report on Form 8-K, filed April 9, 2018, Applied Energetics, Inc. indicated that its management was engaged in corporate due diligence on previous company financial and stock transactions with particular attention on large dilutive events, including issuance of shares that were registered on the Company’s Registration Statement on Form S-1 and as executive compensation from March 2, 2015.

 

On July 3, 2018, having determined that sufficient evidence existed of wrongdoing by prior management, with our legal counsel, Enterprise Counsel Group, located in Irvine, CA and our Delaware counsel located in Wilmington, DE, we commenced a lawsuit in the Court of Chancery of the State of Delaware.

 

In connection with the lawsuit, we have filed a Verified Complaint with the following six causes of action:

 

1.            Breach of Fiduciary Duty of Loyalty against George Farley

 

2.            Breach of Fiduciary Duty of Care against George Farley 

 

3.            Aiding and Abetting Breach of Fiduciary Duty against AnnMarieCo LLC (“AMC”) 

 

4.            Conversion against George Farley 

 

- 12 - 

 

 

APPLIED ENERGETICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2018

(Unaudited)

 

5.            Fraudulent Transfer against George Farley and AMC

 

6.            Injunctive Relief against George Farley and AMC

 

We have also filed for a Temporary Restraining Order to prohibit the shares indicated in the complaint to be transferred or sold until the court makes a final judgement.

 

On August 14, 2018, the Delaware Court of Chancery issued an order requiring the Company to post a bond in the total amount of $200,446.52. On August 21, 2018, the Company posted the bond via Atlantic Specialty Insurance Company acting as surety. Pursuant to the contract between the Company and Atlantic Specialty Insurance Company, the Company deposited $200,446.52 in cash as collateral for the surety agreement.

 

On August 23, 2018, the Delaware Court of Chancery court extended the hearing date on the Company’s motion for a preliminary injunction to October 23, 2018, and simultaneously ordered an increase in the bond amount of $55,446.52. On August 30, 2018, the Company posted the increased bond amount, again with Atlantic Specialty Insurance Company acting as surety, and deposited the additional $55,446.52 in cash with the surety.

 

On October 16, 2018, the Delaware Court of Chancery, Vice Chancellor Tamika Montgomery-Reeves presiding, entered a scheduling order continuing the hearing date on the Company’s motion for a preliminary injunction against defendants George Farley and AMC to December 14, 2018.

 

The October 16, 2018 order also required the Company to increase its bond amount by an additional $185,301.86 ($80,301.86 for AMC and $105,000.00 for Mr. Farley) to account for the continued hearing date. On October 24, 2018, the Company posted the additional bond amount of $185,301.86.

 

We may from time to time be involved in legal proceedings arising from the normal course of business.

 

9.               SUBSEQUENT EVENTS

 

On October 3, 2018 the company received $90,000 from an individual based on a subscription agreement with the company for which the company issued 1,500,000 shares of its common stock.

 

Effective October 19, 2018 the company received $20,000 and a note for $100,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock. The note is non-interest bearing and is to be paid in five monthly payments of $20,000 starting November 20, 2018.

 

On October 22, 2018 the company received $30,000 from an individual based on a subscription agreement with the company for which the company issued 500,000 shares of its common stock.

 

On October 16, 2018, the Delaware Court of Chancery, Vice Chancellor Tamika Montgomery-Reeves presiding, entered a scheduling order continuing the hearing date on the Company’s motion for a preliminary injunction against defendants George Farley and AMC to December 14, 2018.

 

The October 16, 2018 order also required the Company to increase its bond amount by an additional $185,301.86 ($80,301.86 for AMC and $105,000.00 for Mr. Farley) to account for the continued hearing date. On October 24, 2018, the Company posted the additional bond amount of $185,301.86.

 

Effective October 30, 2018, AERG entered into a Mutual Release and Hold Harmless Agreement (“Agreement”) with Gregory Fettig and Mr. Fettig’s former law firm, Duff Bornsen and Fettig, LLP (collectively, the “Fettig Parties”). The Agreement resolves claims concerning the issuance of 5,000,000 shares of AERG common stock, par value $.001 per share, to the Fettig Parties as authorized by prior Company director George Farley as compensation for legal services rendered to the Company by the Fettig Parties valued at $5,000. The Agreement also resolves claims concerning unpaid invoices to AERG for legal services performed by the Fettig Parties.

 

Pursuant to the agreement, AERG paid the Fettig Parties an aggregate of $12,000, representing full satisfaction of fees for legal services of $9,825 plus additional consideration of $2,175. The Fettig Parties agreed to surrender to AERG the stock certificate representing the 5,000,000 shares.

 

The agreement also contains standard representations and warranties and mutual releases and indemnification provisions.

 

On November 1, 2018 the company received $120,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock.

 

The company’s management has evaluated subsequent events occurring after September 30, 2018, the date of our most recent balance sheet, through the date our financial statements were issued. Where applicable, all material subsequent events have been disclosed in their respective footnotes.

 

- 13 - 

 

 

APPLIED ENERGETICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2018

(Unaudited) 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Our discussion and analysis of the financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and the related disclosures included elsewhere herein and in Management’s Discussion and Analysis of Financial Condition and Results of Operations included as part of our Annual Report on Form 10-K for the year ended December 31, 2017.

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the securities laws. Forward-looking statements include all statements that do not relate solely to the historical or current facts and can be identified by the use of forward-looking words such as “may”, “believe”, “will”, “would”, “could”, “should”, “expect”, “project”, “anticipate”, “estimates”, “possible”, “plan”, “strategy”, “target”, “prospect” or “continue” and other similar terms and phrases. These forward-looking statements are based on the current plans and expectations of our management and are subject to a number of uncertainties and risks that could significantly affect our current plans and expectations, as well as future results of operations and financial condition and may cause our actual results, performances or achievements to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Important factors that could cause our actual results to differ materially from our expectations are described in Item 1A (Risk Factors) of our Annual Report on Form 10-K, for the year ended December 31, 2017. Although we believe that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to have been correct. We do not assume any obligation to update these forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting such forward-looking statements.

 

RECENT EVENTS

 

Tom Dearmin Passing

On August 6, 2018, the company announced that its President and Acting Chief Executive Officer, Thomas C. Dearmin, died due to unexpectedly severe complications from a recent illness on August 3, 2018 in Orange County, CA. Tom was a dear friend to all of us here at the company, and his value was exponential as he helped the company through this transition period of building a new management team and putting the company on a new path. Tom was, and always will be, the symbol of Applied Energetics core values and dedication to its employees and partners. He will be missed dearly, and we intend to continue on the path to which he led us. On behalf of everyone here at the company, we extend our deepest sympathies to Tom’s family.

 

On August 6th, the board of directors held a meeting at which it discussed the continuity of the company’s strategic direction and operations while the board undertakes a search for Mr. Dearmin’s successor. Brad Adamczyk has agreed to assume Mr. Dearmin’s managerial responsibilities and, accordingly, was elected to serve as the Principle Executive Officer. Westpark Advisors, through its agreement with the company described below, continues to lead Business Development in Washington D.C. and Steve McCahon continues to lead the Scientific Lab in Tucson, AZ.

 

Westpark Advisors

As previously reported on Form 8-K, on July 16, 2018, Applied Energetics, Inc. entered into a Master Services Agreement (the “Agreement”) with Westpark Advisors, LLC. The Agreement calls for Westpark Advisors to perform certain development and operational services, subject to a minimum hours requirement of 1,920, as follows:

 

In exchange for services detailed in the Agreement, Westpark Advisors is to receive compensation as follows: $16,700 per month in cash; upon signing of the Agreement, options to purchase 250,000 shares of the Company’s common stock, at an exercise price of $0.13 per share, which vest every 90 days in four equal tranches and expire as to each tranche three years after the vesting date; and additional options to purchase one million shares of the Company’s common stock, at an exercise price of $0.13 per share, upon the successful award of a contract in excess of $500,000 which Westpark Advisors sourced, captured and pursued. The Agreement also calls for the Company to reimburse Westpark Advisors for all reasonable expenses that have been pre-approved in writing.

 

- 14 - 

 

 

APPLIED ENERGETICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2018

(Unaudited)

 

Westpark is retained to assist the company in launching its comprehensive sales and marketing strategy for the greater Washington DC area and broader DoD markets. Westpark Advisors is expected to focus on the company’s 2nd generation Banshee Counter-IED technologies, along with Laser Guided Energy and the company’s novel laser technologies. Westpark Advisors is to provide business development, program management and strategy consulting services, including sales and marketing of the company’s product line. We expect that their expansive network and knowledge of the defense market will prove valuable in relaunching the company’s brand, products, and capabilities. Managing Director, Patrick Williams is to serve as Westpark’s account lead and provide full-time support to the company.

 

Legal

 

As previously reported in our Current Report on Form 8-K on July 3, 2018, we commenced a lawsuit in the Court of Chancery of the State of Delaware against prior management.

 

The lawsuit pertains to the following six causes of action:

 

  1. Breach of Fiduciary Duty of Loyalty against George Farley

 

  2. Breach of Fiduciary Duty of Care against George Farley

 

  3. Aiding and Abetting Breach of Fiduciary Duty against AnnMarieCo LLC (“AMC”)

 

  4. Conversion against George Farley

 

  5. Fraudulent Transfer against George Farley and AMC

 

  6. Injunctive Relief against George Farley and AMC

 

We have also filed for a Temporary Restraining Order to prohibit the shares indicated in the complaint to be transferred or sold until the court makes a final judgement.

 

In its Current Report on Form 8-K filed July 9, 2018, Applied Energetics, Inc. (the “Company”) indicated that it had filed a lawsuit against George Farley and AnnMarieCo LLC (“AMC”) in the Court of Chancery in the state of Delaware. This report provides an update on the progress of the litigation.

 

In connection with the lawsuit, the Company requested a temporary restraining order prohibiting Mr. Farley and AMC from selling their 25 million shares of the Company’s common stock which the Company alleges were improperly issued. On July 20, 2018, the Delaware Court of Chancery, Vice Chancellor Tamika Montgomery-Reeves presiding, entered a “status quo” order upon the stipulation of the parties, whereby Mr. Farley and AMC agreed not to transfer, alienate or sell any of their shares pending a ruling on the Company’s motion for a preliminary injunction.

 

On July 26, 2018, the Delaware Court of Chancery entered a scheduling order setting dates and deadlines for, among other matters, a hearing and briefing schedule on the amount of the bond the Company would be required to post to maintain the “status quo” order through the preliminary injunction hearing, a hearing and briefing schedule on the motion for a preliminary injunction, and a discovery schedule.

 

Also, in connection with the lawsuit, on August 8, 2018, the Company filed a motion to disqualify Mr. Farley’s attorney, Ryan Whalen, who had previously represented the Company.

 

On August 14, 2018, the Delaware Court of Chancery issued an order requiring the Company to post a bond in the total amount of $200,446.52. On August 21, 2018, the Company posted the bond via Atlantic Specialty Insurance Company acting as surety. Pursuant to the contract between the Company and Atlantic Specialty Insurance Company, the Company deposited $200,446.52 in cash as collateral for the surety agreement.

 

- 15 - 

 

 

APPLIED ENERGETICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2018

(Unaudited)

 

On August 23, 2018, the Delaware Court of Chancery court extended the hearing date on the Company’s motion for a preliminary injunction to October 23, 2018, and simultaneously ordered an increase in the bond amount of $55,446.52. On August 30, 2018, the Company posted the increased bond amount, again with Atlantic Specialty Insurance Company acting as surety, and deposited the additional $55,446.52 in cash with the surety.

 

On September 7, 2018, the Delaware Court of Chancery entered an order setting a briefing schedule on the Company’s motion to disqualify Mr. Whalen.

 

On September 10, 2018, the Delaware Court of Chancery entered an order governing the production and exchange of confidential documents and information among the parties in discovery.

 

 In another Current Report on Form 8-K filed September 13, 2018, the Company updated the status of the litigation to include events that occurred up to that date. This report further updates the progress of the litigation.

 

On October 16, 2018, the Delaware Court of Chancery, Vice Chancellor Tamika Montgomery-Reeves presiding, entered a scheduling order continuing the hearing date on the Company’s motion for a preliminary injunction against defendants George Farley and AMC to December 14, 2018.

 

The October 16, 2018 order also required the Company to increase its bond amount by an additional $185,301.86 ($80,301.86 for AMC and $105,000.00 for Mr. Farley) to account for the continued hearing date. On October 24, 2018, the Company posted the additional bond amount of $185,301.86.

 

As with any litigation, the Company cannot predict the outcome with certainty, but the Company expects to provide further updates on the status of the litigation as circumstances warrant.

 

Capital Program

 

As of Sept 20, 2018, we commenced an approximately $600-750 thousand-dollar offering of 10-12.5 million shares of the company’s common stock at a price of $0.06 per share. We believe this funding will provide management with short term operating capital, legal expenses while also creating flexibility for the next phase of the company’s business plan. As of the date of this report, the company has collected approximately $440,000 from this equity offering.

 

Overview

 

Applied Energetics, Inc. is a corporation organized and existing under the laws of the State of Delaware. Our executive office is located at 2480 W Ruthrauff Road, Suite 140 Q, Tucson, Arizona, 85705 and our telephone number is (520) 628-7415.

 

AE owns and controls critical intellectual property that is integral and necessary for the development of Ultra-Short Pulse (“USP”) Lasers, Laser Guided Energy (“LGE”) and Direct Discharge Electrical products for military and commercial applications. AE owns 30, 19 approved patents, of which 10 are classified by the DoD. and 11 Government Sensitive Patent Applications (“GSPA”)’s, which are defined as ‘held under secrecy order of the US government’. These GSPA’s are reviewed each year by the government agency that classified the application and allows AE greatly extended protection rights. The classified patents have no expiration date until such time as they are no longer classified after which that they will have the normal 17-year patent protection. Our patent portfolio was recently reviewed by the newly elected board and verified with the US Patent Office as current as of April 9, 2018. Our patent portfolio is also viewable at or website www.aergs.com. We expect to increase our patent portfolio in the near future.

 

- 16 - 

 

 

APPLIED ENERGETICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2018

(Unaudited)

 

RESULTS OF OPERATIONS

 

COMPARISON OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018 AND 2017:

 

   2018   2017 
         
General and administrative  $(723,316)  $(180,353)
Research and development   (48,508)   — 
Interest (expense)   (174)   (451)
Net loss  $(771,998)  $(180,804)

 

GENERAL AND ADMINISTRATIVE

 

General and administrative expenses increased approximately $543,000 to $723,000 for the three months ended September 30, 2018 compared to $180,000 for the three months ended September 30, 2017 primarily due to the increase of professional expenses of $513,000 and an increase in supplied and insurance expense of $28,000.

 

RESEARCH AND DEVELOPMENT

 

Research and development expenses increased approximately $49,000 to $49,000 for the three months ended September 30, 2018 compared to $-0- for the three months ended September 30, 2017 primarily due to the initiation of research and development activities through our teaming agreement with Applied Optical Sciences, Inc.

 

NET LOSS

 

Our operations for the three months ended September 30, 2018 resulted in a net loss of approximately $772,000, an increase of approximately $591,000 compared to the $181,000 loss for the three months ended September 30, 2017 primarily due to an increase in professional fees, the increase in research and development costs and an increase in supplies and insurance expense. 

 

- 17 - 

 

 

RESULTS OF OPERATIONS

 

COMPARISON OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 AND 2017:

 

   2018   2017 
General and administrative  $(1,457,539)  $(463,834)
Research and development   (98,000)   — 
Interest (expense)   (244,820)   (451)
Net loss  $(1,800,359)  $(464,285)

 

GENERAL AND ADMINISTRATIVE

 

General and administrative expenses increased approximately $994,000 to $1,458,000 for the nine months ended September 30, 2018 compared to $464,000 for the nine months ended September 30, 2017 primarily due to the increase of professional expenses of $781,000, recognition of a loss on the early payoff of notes payable for $174,000 and an increase in supplied and insurance expense of $35,000.

 

RESEARCH AND DEVELOPMENT

 

Research and development expenses increased approximately $98,000 to $98,000 for the nine months ended September 30, 2018 compared to $-0- for the nine months ended September 30, 2017 primarily due to the initiation of research and development activities through our teaming agreement with Applied Optical Sciences, Inc.

 

INTEREST EXPENSE

 

Interest expense increased $244,370 to $244,820 for the nine months ended September 30, 2018 compared to $451 for the nine months ended September 30, 2017 primarily due to the increased level of borrowing by the company.

 

NET LOSS

 

Our operations for the nine months ended September 30, 2018 resulted in a net loss of approximately $1,800,000, an increase of approximately $1,336,000 compared to the $464,000 loss for the nine months ended September 30, 2017 due to an increase in professional fees, loss on an early payoff of notes as well as increased borrowings and associated fees and an increase in insurance expense.

 

LIQUIDITY AND CAPITAL RESOURCES

 

At September 30, 2018, we had approximately $327,000 of cash and cash equivalents, an increase of approximately $324,000 from December 31, 2017. During the first nine months of 2018, the net cash outflow from operating activities was approximately $1,115,000. This amount was comprised primarily of our net loss of $1,800,000, an increase in other long term assets of $256,000, a decrease in accrued expenses, deposits and deferred rent of $61,000 and an increase in prepaid expenses and deposits of $20,000, partially offset by shares issued for services of $399,000, amortization of beneficial conversion feature of $204,000, loss on the early payoff on a note payable of $174,000, an increase in accounts payable of $158,000, noncash stock based compensation of $46,000, amortization of financing costs of $23,000, and interest expense of $18,000. Investing activities reflected the purchase of equipment for $39,000, and financing activities reflected $1,690,000 proceeds from issuance of common stock, $150,000 proceeds from a note payable, partially offset by $361,000 repayment on note payable, resulting in net cash inflow of approximately $324,000.

 

In their report accompanying our financial statements, our independent auditors stated that our financial statements for the year ended December 31, 2017 were prepared assuming that we would continue as a going concern, and that they have substantial doubt as to our ability to continue as a going concern. Our auditors’ have noted that our recurring losses from operations and need to raise additional capital to sustain operations raise substantial doubt about our ability to continue as a going concern.

 

- 18 -

 

 

BACKLOG OF ORDERS

 

At November 9, 2018, we had a backlog (workload remaining on signed contracts) of $0, to be completed within the next twelve months.

 

ITEM 4. CONTROLS AND PROCEDURES

 

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

 

Our management, with the participation of our Principal Executive Officer, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2018. Based on that evaluation, our Principal Executive Officer has concluded that our disclosure controls and procedures as of September 30, 2018 are not effective to ensure that information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms.

 

Changes in internal controls over financial reporting

 

There was no change in our internal controls over financial reporting that occurred during the period covered by this report, which has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

 

- 19 -

 

 

PART II – OTHER INFORMATION

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

On January 24, 2018 the company issued 497,084 shares of its common stock to an individual for approximately $15,000 in services.

 

On January 24, 2018 the company issued 745,262 shares of its common stock to a company individual for approximately $23,000 in services.

 

On January 26, 2018 the company issued 5,000,000 shares of its common stock to a company for $150,000 in services.

 

On April 12, 2018 the company received $120,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock.

 

On April 16, 2018 the company received $30,000 from an individual based on a subscription agreement with the company for which the company issued 500,000 shares of its common stock.

 

On April 17, 2018 the company received $100,000 from an individual based on a subscription agreement with the company for which the company issued 1,666,667 shares of its common stock.

 

On April 26, 2018 the company received $90,000 from an individual based on a subscription agreement with the company for which the company issued 1,500,000 shares of its common stock.

 

During the six months ended June 30, 2018, the company, under its new management, has borrowed a total of $132,000 from Mr. Bradford T Adamczyk, the company’s CEO and director, and Jonathan Barcklow, the company’s director. These loans are interest free and are payable on demand. On May 1, 2018, both directors submitted subscription agreements for $60,000 for 1,000,000 shares of company common stock, each to be settled with the company’s debt. On July 23, 2018, the remaining balance of $12,000 was paid back to one director.

 

On May 4, 2018 the company received $30,000 from an individual based on a subscription agreement with the company for which the company issued 500,000 shares of its common stock.

 

On May 8, 2018 the company received $120,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock.

 

On May 14, 2018 the company received $30,000 from an individual based on a subscription agreement with the company for which the company issued 500,000 shares of its common stock.

 

On May 14, 2018 the company received $200,000 from an individual based on a subscription agreement with the company for which the company issued 3,333,333 shares of its common stock.

 

On May 15, 2018 the company received $30,000 from an individual based on a subscription agreement with the company for which the company issued 500,000 shares of its common stock.

 

On May 16, 2018 the company received $20,000 from an individual based on a subscription agreement with the company for which the company issued 333,333 shares of its common stock.

 

On May 25, 2018 the company received $600,000 from an individual based on a subscription agreement with the company for which the company issued 10,000,000 shares of its common stock.

 

On June 13, 2018 the company received $140,000 from an individual based on a subscription agreement with the company for which the company issued 2,333,333 shares of its common stock.

 

- 20 -

 

 

On September 11 24, 2018 the company issued 3,502,500 shares of its common stock to an individual for $210,150 in services.

 

On September 20, 2018 the company received $120,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock.

 

On September 25, 2018 the company received a total of $60,000 from two individuals based on subscription agreements with the company for which the company issued 1,000,000 shares of its common stock.

 

On October 3, 2018 the company received $90,000 from an individual based on a subscription agreement with the company for which the company issued 1,500,000 shares of its common stock.

 

Effective October 19, 2018 the company received $20,000 and a note for $100,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock. The note is non-interest bearing and is to be paid in five monthly payments of $20,000 starting November 20, 2018.

  

On October 22, 2018 the company received $30,000 from an individual based on a subscription agreement with the company for which the company issued 500,000 shares of its common stock.

 

On November 1, 2018 the company received $120,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock.

 

- 21 -

 

 

ITEM 6.  EXHIBITS

 

EXHIBIT
NUMBER		   DESCRIPTION
31   Certification of Principal Executive Officer and Chief Financial Officer Pursuant to Exchange Act Rule 13a-14(a).
32   Principal Executive Officer and Principal Financial Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
101.INS   XBRL Instance Document
101.SCH   XBRL Schema Document
101.CAL   XBRL Calculation Linkbase Document
101.DEF   XBRL Definition Linkbase Document
101.LAB   XBRL Label Linkbase Document
101.PRE   XBRL Presentation Linkbase Document

 

- 22 -

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

APPLIED ENERGETICS, INC.  
   
By /s/ Bradford T Adamczyk  
    Bradford T Adamczyk
  Principal Executive Officer		  

 

Date: November 9, 2018

 

- 23 -

 EX-31 2 s113774_ex31.htm EXHIBIT 31

EXHIBIT 31

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND

CHIEF FINANCIAL OFFICER PURSUANT

TO EXCHANGE ACT RULE 13a-14(a)

 

I, Bradford T Adamczyk, the Principal Executive Officer of Applied Energetics, Inc., certify that:

 

1.       I have reviewed this report on Form 10-Q of Applied Energetics Inc.;

 

2.       Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.       Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.       The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)      Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)     Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)      Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)     Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.       The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)      All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

/s/ Bradford T Adamczyk  
Bradford T Adamczyk  
Principal Executive Officer  
   
Date: November 9, 2018  

 

 

 EX-32 3 s113774_ex32.htm EXHIBIT 32

EXHIBIT 32

 

CERTIFICATION OF PRINCIPAL EXECUTIVE
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the filing by Applied Energetics, Inc. (the “company”) of its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018 (the “Report”) I, Bradford T Adamczyk , Principal Executive Officer of the company, certify pursuant to 18 U.S.C. Section. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

 

(i)        the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(ii)       the information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the company.

 

This certificate is being made for the exclusive purpose of compliance by the principal executive officer of Applied Energetics, Inc. with the requirements of Section 906 of the Sarbanes-Oxley Act of 2002, and may not be used for any other purposes. A signed original of this written statement required by Section 906 has been provided to Applied Energetics, Inc. and will be retained by Applied Energetics, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

/s/ Bradford T Adamczyk  
Bradford T Adamczyk  
Principal Executive Officer  
   
Date: November 9, 2018  

 

 

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Arrangements by Share-based Payment Award [Table] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Exercise Price Range [Axis] Share-based compensation expense Income tax benefit related to share based compensation Share-based compensation, option awards, granted Common stock, par value (in dollars per share) Exercise price of options granted (in dollars per share) Number of options vesting on first anniversary from grant date Number of options vesting monthly from grant date Term of options vest Term of options Cumulative revenue targeted Share-based compensation, options exercised Share-based compensation, options forfeited Share-based compensation, options expired Share-based compensation, non-option instruments granted Share-based compensation, non-option instruments vested Share-based compensation, non-option instruments forfeited Share-based compensation, options outstanding Share-based compensation, options outstanding, weighted average exercise price (in dollars per share) Share-based compensation, options outstanding, weighted average remaining contractual term Unrecognized compensation costs related to unvested equity awards, net of estimated forfeitures Weighted average basis over period Options outstanding aggregate intrinsic value Options exercisable (in shares) Services fees Additional options to purchase Amount sourced Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Antidilutive Securities [Axis] Equity Components [Axis] Total potentially dilutive securities Stockholders' Equity Note [Abstract] Initial dividend rate Increase in dividend rate on default of payment Increase in dividend rate on two consecutive default of payment Series A convertible preferred stock outstanding (in shares) Amount of arrears dividend Series A covertible preferred stock liquidation preference (in dollars per share) Percentage of weighted average of common stock sales price Percentage of increase in dividend rate Convertible notes payable Accrued interest Financing costs Amortization of financing costs Beneficial conversion feature Amortization of beneficial conversion feature Notes payable Statement [Table] Statement [Line Items] Debt face amount Debt maturity date Debt interest rate (in percent) Description of interest rate terms Conversion price (in dollars per share) Convertible note, initial maturity date Description of conversion for convertible notes Number of shares reserved for conversion (in shares) Number of warrants purchase Issued of warrants or exercise price Issued of warrants or exercisable Debt issuance of amortized Convertible beneficial conversion feature Convertible beneficial conversion amortized Repayment of convertible notes Cancellation of warrant purchase Conversion and cancellation cost of notes and warrants Payment of principal and accrued interest Prepayment premium Borrowings for repayment of notes Borrowed Number of common stock issued Common stock, value Repayment of debt Common stock,par value Compensation for legal services Fees for legal services Additional consideration Surrendered shares Note face amount Interest rate terms Frequency of periodic payment Periodic payment Date of first required payment Litigation settlement, award Issue of bond, value Security deposit Amount of accrued officer compensation. It represent for amortization of beneficial conversion factor. It represent for amortization of beneficial conversion factor. Amount of dividend rate increase if distribution not made within five business days following dividend payment date. It represents number of shares cancellation of warrant purchase. It represent for class of warrant or right from which warrants or right exercisable. It represents value of conversion and cancellation cost of notes and warrants. It represents the number of shares reserved for conversion of stock. Written promise to pay a note which can be exchanged for a specified quantity of securities (typically common stock), at the option of the issuer or the holder. Written promise to pay a note which can be exchanged for a specified quantity of securities (typically common stock), at the option of the issuer or the holder. Written promise to pay a note which can be exchanged for a specified quantity of securities (typically common stock), at the option of the issuer or the holder. Written promise to pay a note which can be exchanged for a specified quantity of securities (typically common stock), at the option of the issuer or the holder. Written promise to pay a note which can be exchanged for a specified quantity of securities (typically common stock), at the option of the issuer or the holder. It represent for convertible of number of warrants purchase. Amount of a favorable spread to a debt holder between the amount of debt being converted and the value of the securities received upon conversion. This is an embedded conversion feature of convertible debt issued that is in-the-money at the commitment date. Information by range of option prices pertaining to options granted. Information related to holder of the shares and warrants. Individual person that is legally permitted to enter into a contract and be sued if that person fails to meet the obligations imposed by a contract. It represents value of loss on early payoff of note payable. Period the derivative contract is outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Period of options vesting monthly from grant date, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. It refers to number of options vesting on first anniversary from grant date. Person serving on the board of directors (who collectively have responsibility for governing the entity). Valuation of dividends payable in shares, percent of the weighted average of common stock sales price on the last ten trading days ending on the third trading day prior to applicable dividend payment date. Series A convertible preferred stock, dividend rate increased, if company fails to pay dividends on two consecutive dividend payment dates. Series A Convertible Preferred Stock, increased dividend rate, if company fails to pay dividends within five days of dividend payment date. It represents the prepayment premium. It refers to amount of revenue target at which options granted will vest. The member represent subscription agreement. Information by range of option prices pertaining to options granted. Information by title of individual or nature of relationship to individual or group of individuals. The member represent master services agreement. The member represent westpark advisors llc. The member represent financial services agreement. The member represent bma securities. The member represent two individual. The member represent annmarie co llc. The member represent george farley. The amount of bond value. The member represent bond. The member represent surety agreement member. The member represent atlantic specialty insurance company. Net number of share options (or share units) granted during the period. The amount sourced by company. Information about vendor. It represent mutual release and hold harmless Agreement. It represent fetting parties. It represents amount of compensation for legal services. It repreents amount of additional consideration. Individual1Member Assets, Current Assets Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Operating Expenses Operating Income (Loss) Interest Expense, Other Other Nonoperating Expense Dividends, Preferred Stock, Stock Net Income (Loss) Available to Common Stockholders, Basic Increase (Decrease) in Other Receivables Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Accounts Payable Payments to Acquire Machinery and Equipment Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Payments of Debt Issuance Costs Amortization of Debt Issuance Costs Number of months from grant date over which 62,500 options will vest monthly (in Duration) EX-101.PRE 9 aerg-20180930_pre.xml XBRL PRESENTATION FILE XML 10 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2018
Nov. 08, 2018
Document And Entity Information    
Entity Registrant Name APPLIED ENERGETICS, INC.  
Entity Central Index Key 0000879911  
Document Type 10-Q  
Trading Symbol AERG  
Document Period End Date Sep. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Small Business true  
Entity's Reporting Status Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Emerging Growth Company false  
Entity Ex Transition Period false  
Entity Common Stock, Shares Outstanding   198,697,396
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2018  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 327,203 $ 2,764
Other receivables 312 312
Other assets 11,721
Total current assets 339,236 3,076
Long-term assets    
Property and equipment 38,887
Other long-term assets 255,893
Total long-term assets 294,780
TOTAL ASSETS 634,016 3,076
Current liabilities    
Accounts payable 209,989 80,743
Accrued compensation 347,333 266,480
Accrued officer compensation 206,000 230,500
Notes payable net of unamortized discount of $-0- at September 30, 2018 and $102,219 at December 31, 2017 53,097
Due to related parties 50,000
Accrued expenses 68,776 185,927
Accrued dividends 48,079 48,079
Total current liabilities 930,177 864,826
Total liabilities 930,177 864,826
Commitments and contingencies
Stockholders' equity (deficit)    
Series A Convertible Preferred Stock, $.001 par value, 2,000,000 shares authorized; 13,602 shares issued and outstanding at September 30, 2018 and at December 31, 2017 14 14
Common stock, $.001 par value, 500,000,000 shares authorized; 197,697,396 and 157,785,520 shares issued and outstanding at September 30, 2018 and at December 31, 2017, respectively 197,697 157,785
Additional paid-in capital 81,778,672 79,452,635
Accumulated deficit (82,272,544) (80,472,184)
Total stockholders' equity (deficit) (296,161) (861,750)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 634,016 $ 3,076
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Statement of Financial Position [Abstract]    
Notes payable of unamortized discount $ 0 $ 102,219
Series A convertible preferred stock, par value (in dollars per Share) $ 0.001 $ 0.001
Series A convertible preferred stock, authorized 2,000,000 2,000,000
Series A convertible preferred stock, issued 13,602 13,602
Series A convertible preferred stock, outstanding 13,602 13,602
Common stock, par value (in dollars per Share) $ 0.001 $ 0.001
Common stock, authorized 500,000,000 500,000,000
Common stock, issued 197,697,396 157,785,520
Common stock, outstanding 197,697,396 157,785,520
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Operating expenses        
General and administrative $ 723,316 $ 180,353 $ 1,457,539 $ 463,834
Research and development 48,508 98,000
Total operating expenses 771,824 180,353 1,555,539 463,834
Operating loss (771,824) (180,353) (1,555,539) (463,834)
Other income/(expense)        
Interest (expense) (174) (451) (244,820) (451)
Total other income (174) (451) (244,820) (451)
Net loss (771,998) (180,804) (1,800,359) (464,285)
Preferred stock dividends (8,501) (8,501) (25,504) (25,504)
Net loss attributable to common stockholders $ (780,499) $ (189,305) $ (1,825,863) $ (489,789)
Net loss per common share - basic and diluted (in dollars per share) $ (0.01) $ (0.01) $ (0.01) $ (0.01)
Weighted average number of shares outstanding, basic and diluted (in shares) 192,260,657 157,785,520 177,799,785 155,118,854
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,800,359) $ (464,285)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash stock based compensation expense 45,905 65,309
Warrant expense 40,590
Loss on early payoff of note payable 174,412
Shares issued for services 398,674
Amortization of beneficial conversion feature 204,119
Amortization of financing costs 22,721 172
Interest expense 17,806 279
Changes in assets and liabilities:    
Other long-term assets (255,893)
Prepaids and deposits (19,895)
Accounts payable 158,353 24,376
Accrued expenses and compensation (60,799) 234,900
Net cash used in operating activities (1,114,956) (98,659)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (38,887)
Net cash used in investing activities (38,887)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from notes payable net of financing costs 149,750 50,000
Proceeds from issuance of common stock 1,690,000 62,500
Repayment on notes payable (361,468)
Net cash provided by financing activities 1,478,282 112,500
Net increase in cash and cash equivalents 324,439 13,841
Cash and cash equivalents, beginning of period 2,764 680
Cash and cash equivalents, end of period 327,203 14,521
Supplemental Cash Flow Information    
Cash paid for interest 12,949
Cash paid for taxes
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION

1.         BASIS OF PRESENTATION

 

The accompanying interim unaudited condensed consolidated financial statements include the accounts of Applied Energetics, Inc. and its wholly owned subsidiary North Star Power Engineering, Inc. as of September 30, 2018 (collectively, “company,” “Applied Energetics,” “we,” “our” or “us”). All intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented have been made. The results for the three-month and nine-month periods ended September 30, 2018, may not be indicative of the results for the entire year. The interim unaudited condensed consolidated financial statements should be read in conjunction with the company’s audited consolidated financial statements contained in our Annual Report on Form 10-K.

 

LIQUIDITY AND MANAGEMENT’S PLAN

 

The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the nine months ended September 30, 2018, the company incurred a net loss of approximately $1,800,000, had negative cash flows from operations of approximately $1,115,000, investing activities reflected the acquisition of equipment for $39,000, financing activities reflected $1,690,000 proceeds from issuance of common stock, $150,000 proceeds from a note payable, partially offset by $361,000 repayment on note payable and expects to incur additional future losses due to the reactivation of its business activities. These matters raise substantial doubt as to the company’s ability to continue as a going concern unless the company is able to obtain additional financing for its continuing operations. The financial statements do not include any adjustments relating to the recoverability of assets and the amount or classification of liabilities that might be necessary should the company be unable to continue as a going concern.

 

As of September 30, 2018, the company had approximately $327,000 in cash and cash equivalents.

 

USE OF ESTIMATES

 

The preparation of consolidated financial statements in conformity with United States Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its assumptions on historical experiences and on various other estimates that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. In addition, management considers the basis and methodology used in developing and selecting these estimates, the trends in and amounts of these estimates, specific matters affecting the amount of and changes in these estimates, and any other relevant matters related to these estimates, including significant issues concerning accounting principles and financial statement presentation. Such estimates and assumptions could change in the future, as more information becomes known which could materially impact the amounts reported and disclosed herein. Significant estimates include measurements of income tax assets and liabilities.

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

The company has reviewed issued accounting pronouncements and plans to adopt those that are applicable to it. The company does not expect the adoption of any other pronouncements to have an impact on its results of operations or financial position.
XML 16 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
SHARE-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2018
Share-based Compensation [Abstract]  
SHARE-BASED COMPENSATION

2.         SHARE-BASED COMPENSATION

 

Share-Based Compensation – Contractors

 

For the nine months ended September 30, 2018 and 2017, share-based compensation expense totaled approximately $46,000 and $65,000, respectively.

 

There was no related income tax benefit recognized because our deferred tax assets are fully offset by a valuation allowance.

 

We determine the fair value of option grant share-based awards at their grant date, using a Black-Scholes-Merton Option-Pricing Model applying the assumptions in the following table:

 

    Nine months ended September 30,  
    2018     2017  
Expected life (years)      N/A        5  
Dividend yield      N/A        0 %
Expected volatility      N/A        80 %
Risk free interest rates      N/A        1.97 %
Weighted average fair value of options at grant date      N/A      $ 0.02980  

 

For the nine months ended September 30, 2018, no options to purchase stock were granted, additionally, no options to purchase stock were exercised, expired or forfeited; no restricted stock units were granted, vested or forfeited; and no restricted stock awards were granted, vested or forfeited. At September 30, 2018, options to purchase 14,000,000 shares of common stock were outstanding with a weighted average exercise price of $0.136 with a weighted average remaining contract term of approximately 3.5 years with an aggregate intrinsic value of $103,000. At September 30, 2018 options for 3,500,000 shares were exercisable.

 

As of September 30, 2018, there was approximately $51,000 of unrecognized compensation cost related to unvested stock options granted and outstanding, net of estimated forfeitures. The cost is expected to be recognized on a weighted average basis over a period of approximately three years.

 

During the nine months ended September 30, 2017 the company granted each member of the Scientific Advisory Board options to purchase 2 million shares of $.001 par value common stock at a price of $0.05 per share for a total of 8,000,000 shares being granted. These options have a five year term and vest to the extent of 500,000 shares on the first anniversary of the grant and to the extent of 62,500 options per month during the 24 months following the initial vesting date.

 

During the nine months ended September 30, 2017 the company also granted each member of the Scientific Advisory Board performance options to purchase 1.5 million shares of $0.001 par value common stock at a price of $0.25 per share for a total of 6,000,000 shares being granted. These options have a five year term and vest on the date the company has cumulative revenues of $5 million.

 

On July 16, 2018, the company entered into a Master Services Agreement (the “Agreement”) with Westpark Advisors, LLC. The Agreement calls for Westpark Advisors to perform certain development and operational services, subject to a minimum hours requirement of 1,920, as follows:

 

In exchange for services detailed in the Agreement, Westpark Advisors is to receive compensation as follows: $16,700 per month in cash; upon signing of the Agreement, options to purchase 250,000 shares of the Company’s common stock, at an exercise price of $0.13 per share, which vest every 90 days in four equal tranches and expire as to each tranche three years after the vesting date; and additional options to purchase one million shares of the Company’s common stock, at an exercise price of $0.13 per share, upon the successful award of a contract in excess of $500,000 which Westpark Advisors sourced, captured and pursued. The Agreement also calls for the Company to reimburse Westpark Advisors for all reasonable expenses that have been pre-approved in writing. The option agreements have not yet been issued.
XML 17 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
NET LOSS PER SHARE
 9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
NET LOSS PER SHARE

3.         NET LOSS PER SHARE

 

Basic net loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period before giving effect to stock options, stock warrants, restricted stock units and convertible securities outstanding, which are considered to be dilutive common stock equivalents. Diluted net loss per common share is calculated based on the weighted average number of common and potentially dilutive shares outstanding during the period after giving effect to convertible preferred stock, stock options, warrants and restricted stock units. Contingently issuable shares are included in the computation of basic loss per share when issuance of the shares is no longer contingent. Due to the losses from continuing operations for the nine months ended September 30, 2018 and 2017, basic and diluted loss per common share were the same, as the effect of potentially dilutive securities would have been anti-dilutive.

 

Potentially dilutive securities not included in the diluted loss per share calculation, due to net losses from continuing operations, were as follows:

 

    Nine months ended September 30,  
    2018     2017  
             
Options to purchase common shares     14,000,000       14,000,000  
Warrants to purchase common shares     —       1,320,598  
Convertible preferred stock     43,215       40,381  
                 
Total potentially dilutive securities     14,043,215       15,360,979  
XML 18 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
DIVIDENDS
 9 Months Ended
Sep. 30, 2018
Dividends [Abstract]  
DIVIDENDS

4.         DIVIDENDS

 

Dividends on Preferred Stock are accrued when the amount and kind of dividend is determined and are payable quarterly on the first day of February, May, August and November, in cash or shares of common stock. The holders of shares of Series A Convertible Preferred Stock are entitled to receive dividends at the initial rate of 6.5% of the liquidation preference per share (the “Initial Dividend Rate”), payable, at the option of the corporation, in cash or shares of common stock or a combination of cash and common stock. Upon the occurrence of the company’s failure to pay dividends in the five business days following a dividend payment date (a “Payment Default”), the dividend rate shall immediately and automatically increase to 7.5% of the liquidation preference per share for as long as such Payment Default continues (or return to the Initial Dividend Rate at such time as such Payment Default no longer continues), and if a Payment Default shall occur on two consecutive Dividend Payment Dates, the dividend rate shall immediately and automatically increase to 10% of the Liquidation Preference for as long as such Payment Default continues and shall immediately and automatically return to the Initial Dividend Rate at such time as the Payment Default is no longer continuing.

 

As of September 30, 2018, we had 13,602 shares of our 6.5% Series A Convertible Preferred Stock outstanding. The company has not paid the dividends commencing with the quarterly dividend due August 1, 2013. Dividend arrearages as of September 30, 2018 was approximately $179,000. Our Board of Directors suspended the declaration of the dividend, commencing with the dividend payable as of February 1, 2015 since we did not have a surplus (as such term is defined in the Delaware general corporation Law) as of December 31, 2014, until such time as we have a surplus or net profits for a fiscal year. 

 

Our Series A Preferred Stock has a liquidation preference of $25.00 per Share. The Series A Preferred Stock bears dividends at the rate of 6.5% of the liquidation preference per share per annum, which accrues from the date of issuance, and is payable quarterly. Dividends may be paid in: (i) cash, (ii) shares of our common stock (valued for such purpose at 95% of the weighted average of the last sales prices of our common stock for each of the trading days in the ten trading day period ending on the third trading day prior to the applicable dividend payment date), provided that the issuance and/or resale of all such shares of our common stock are then covered by an effective registration statement or (iii) any combination of the foregoing. If the company fails to make a dividend payment within five business days following a dividend payment date, the dividend rate shall immediately and automatically increase by 1% from 6.5% of the liquidation preference per offered share of Series A preferred stock to 7.5% of such liquidation preference. If a payment default shall occur on two consecutive dividend payment dates, the dividend rate shall immediately and automatically increase to 10% of the liquidation preference for as long as such payment default continues and shall immediately and automatically return to the initial dividend rate at such time as the payment default is no longer continuing.
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NOTES PAYABLE
 9 Months Ended
Sep. 30, 2018
Notes Payable [Abstract]  
NOTES PAYABLE

5.               NOTES PAYABLE

 

On September 15, 2017 the company borrowed $53,000 under a convertible note maturing June 20, 2018. The note bears interest of 12% payable at maturity. Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid. The note is convertible into shares of the company’s $0.001 par value common stock after March 24, 2018 (the “Initial Conversion Date”). The conversion rate is variable and will be 58% of the average of the lowest one-day trading price during the twenty trading days preceding the holders notice of conversion. The number of shares issuable on conversion is limited to 4.99% of the company’s then issued and outstanding common stock. The company at the request of the note holder has reserved 36,369,879 shares of its $0.001 common stock for conversion. The note can be prepaid at the company’s option until the Initial Conversion Date. The company issued the note holder warrants to purchase 1,320,598 shares of it’s $0.001 par value common stock at an exercise price of $0.0301, The Warrants are exercisable at any time over a 7-year period commencing on the date of issuance. The company calculated a beneficial conversion feature of $53,000 on this note against which approximately $53,000 has been amortized.

 

The above transaction of a note for $53,000 and attached warrants of 1,320,598 shares were put in place by previous management. On March 12, 2018, the company’s newly elected board of directors discussed its options concerning the above referenced loan and attached warrant and agreed that it would be in the best interest of the company and its shareholders to pay in full the $53,000 convertible note funded on October 18, 2017, and additionally repurchase the warrant. On March 16, 2018, the company paid in full the $53,000 convertible note and cancelled its associated warrant to purchase 1,320,598 shares of common stock in a negotiated transaction. This note carried special early stock conversion rights at a material discount to market, and was considered to be a dilutive derivative event that could harm the future abilities of the company to operate and raise money. The total cost to the company to pay off this $53,000 note before the conversion date was $81,000. Additionally, the company cancelled the above referenced attached warrant which allowed the loan holder to purchase 1,320,598 shares of common stock at a material discount to the market. This warrant was given to the noteholder by previous management as an incentive to make the above referenced loan. The cost to the company to cancel the warrant was $40,000. The total combined cost to the company to cancel the loan and warrant was $121,000. The payment was comprised of $56,000 principal and accrued interest, prepayment premium of $25,000 and $40,000 to buy back the warrant. The note was paid in full on March 16, 2018. The company borrowed the $121,000 used to pay off this loan before the conversion date, via an interest free loan from two directors of the company.

 

On October 18, 2017 the company borrowed $33,000 under a convertible note maturing July 20, 2018. The note bears interest of 12% payable at maturity. Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid. The note is convertible into shares of the company’s $0.001 par value common stock after April 16, 2018 (the “Initial Conversion Date”). The conversion rate is variable and will be 58% of the average of the lowest one-day trading price during the twenty trading days preceding the holders notice of conversion. The number of shares issuable on conversion is limited to 4.99% of the company’s then issued and outstanding common stock. The company at the request of the note holder has reserved 18,062,397 shares of its $0.001 common stock for conversion. The note can be prepaid at the company’s option until the Initial Conversion Date. The company calculated a beneficial conversion feature of approximately $24,000 on this note against which $14,000 has been amortized. 

 

The above transaction of a note for $33,000 was put in place by previous management. On April 10, 2018, the company’s newly elected board of directors discussed its options concerning the above referenced convertible loan funded on October 18, 2017 in the amount of $33,000 and agreed that it would be in the best interest of the company and its shareholders to pay in full the referenced note which was put in place by previous management. This note carried special early stock conversion rights at a material discount to market and was considered by the company to be a dilutive derivative event that could harm the future abilities of the company to operate and raise money. The cost to the company to pay off this $33,000 note before the conversion date was $51,000. The payment was comprised of $35,000 principal and accrued interest, and prepayment premium of $16,000. The note was paid in full on April 12, 2018.

 

On November 16, 2017 the company borrowed $38,000 under a convertible note maturing August 20, 2018. The note bears interest of 12% payable at maturity. Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid. The note is convertible into shares of the company’s $0.001 par value common stock after May 16, 2018 (the “Initial Conversion Date”). The conversion rate is variable and will be 58% of the average of the lowest one-day trading price during the twenty trading days preceding the holders notice of conversion. The number of shares issuable on conversion is limited to 4.99% of the company’s then issued and outstanding common stock. The company at the request of the Note Holder has reserved 20,716,914 shares of its $0.001 common stock for conversion. The note can be prepaid at the company’s option until the Initial Conversion Date. The company calculated a beneficial conversion feature of approximately $28,000 on this note against which $13,000 has been amortized.

 

The above transaction of a note for $38,000 was put in place by previous management. On May 4, 2018 the company’s newly elected board of directors discussed its options concerning the above referenced convertible loan funded on November 16, 2017 in the amount of $38,000 and agreed that it would be in the best interest of the company and its shareholders to pay in full the referenced note which was put in place by previous management. This note carried special early stock conversion rights at a material discount to market and was considered by the company to be a dilutive derivative event that could harm the future abilities of the company to operate and raise money. The cost to the company to pay off this $38,000 note before the conversion date was $58,000. The payment was comprised of $40,000 principal and accrued interest, and prepayment premium of $18,000. The note was paid in full on May 7, 2018.

 

On December 27, 2017 the company borrowed $28,000 under a convertible note maturing September 20, 2018. The note bears interest of 12% payable at maturity. Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid. The note is convertible into shares of the company’s $0.001 par value common stock after April 16, 2018 (the “Initial Conversion Date”). The conversion rate is variable and will be 58% of the average of the lowest one-day trading price during the twenty trading days preceding the holders notice of conversion. The number of shares issuable on conversion is limited to 4.99% of the company’s then issued and outstanding common stock. The company at the request of the note holder has reserved 17,164,750 shares of its $0.001 common stock for conversion. The note can be prepaid at the company’s option until the Initial Conversion Date. The company calculated a beneficial conversion feature of approximately $20,000 on this note against which $7,000 has been amortized.

 

The above transaction of a note for $28,000 was put in place by previous management. On May 4, 2018 the company’s newly elected board of directors discussed its options concerning the above referenced convertible loan funded on December 27, 2017 in the amount of $28,000 and agreed that it would be in the best interest of the company and its shareholders to pay in full the referenced note which was put in place by previous management. This note carried special early stock conversion rights at a material discount to market and was considered by the company to be a dilutive derivative event that could harm the future abilities of the company to operate and raise money. The cost to the company to pay off this $28,000 note before the conversion date was $41,000. The payment was comprised of $29,000 principal and accrued interest, and prepayment premium of $12,000. The note was paid in full on May 18, 2018. 

 

On January 8, 2018 the company borrowed $105,000 under a convertible note maturing August 28, 2018. The note bears interest of 12% payable at maturity. Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty-four percent (24%) per annum from the due date thereof until the same is paid. The note is convertible into shares of the company’s $0.001 par value common stock after April 27, 2018 (the “Initial Conversion Date”). The conversion rate is variable and will be 55% of the lowest one-day trading price during the twenty trading days preceding the holders notice of conversion. The number of shares issuable on any conversion is limited to 4.99% of the company’s then issued and outstanding common stock. The note holder may increase the 4,99% limit to 9.99% on 61 days prior notice to the company. The company, at the request of the note holder, has reserved 40 million shares of its $0.001 common stock for conversion. The note can be prepaid at the company’s option until May 29, 2018. The company also entered into a security agreement pledging substantially all of its assets except for those related to Laser Guided Energy as collateral for the note.

 

The above transaction of a note for $105,000 was put in place by previous management. On April 25, 2018, the company’s newly elected board of directors discussed its options concerning the above referenced convertible loan funded on January 08, 2017 in the amount of $105,000, the board agreed that it would be in the best interest of the company and its shareholders to pay in full the referenced note before its conversion date. The note carried special early stock conversion rights at a material discount to market, in addition it pledged virtually all the assets of the company as collateral. The company’s board of directors considered this to be a significant derivative event that was extremely dilutive to existing shareholders. Additionally, it was the opinion of the company’s board of directors that this loan harmed the future abilities of the company to operate as a going concern and would make it nearly impossible to raise money in the future. The cost to the company to pay off this $105,000 note before the conversion date was $163,000 The payment was executed as paid in full on April 27, 2018 and was comprised of $109,000 principal and accrued interest, and a prepayment premium of $54,000 for a total of $163,000.

 

On March 8, 2018 the company borrowed $26,500 under a convertible note maturing December 15, 2018. The note bears interest of 12% payable at maturity. Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid. The note is convertible into shares of the company’s $0.001 par value common stock after September 5, 2018 (the “Initial Conversion Date”). The conversion rate is variable and will be 51% of the average of the lowest one day trading price during the thirty trading days preceding the holders notice of conversion. The number of shares issuable on conversion is limited to 4.99% of the company’s then issued and outstanding Common Stock. The company at the request of the Note Holder has reserved 11,008,640 shares of its $0.001 common stock for conversion. The note can be prepaid at the company’s option until the Initial Conversion Date.

 

The above transaction of a note for $26,500 was put in place by previous management. On May 4, 2018 the company’s newly elected board of directors discussed its options concerning the above referenced convertible loan funded on December 27, 2017 in the amount of $26,500 and agreed that it would be in the best interest of the company and its shareholders to pay in full the referenced note which was put in place by previous management. This note carried special early stock conversion rights at a material discount to market and was considered by the company to be a dilutive derivative event that could harm the future abilities of the company to operate and raise money. The cost to the company to pay off this $26,500 note before the conversion date was $37,000. The payment was comprised of $27,000 principal and accrued interest, and prepayment premium of $10,000. The note was paid in full on May 18, 2018.

  

The following reconciles notes payable as of September 30, 2018 and December 31, 2017:

  

    September 30, 2018     December 31, 2017  
Convertible notes payable   $ (98,903 )   $ 152,000  
Accrued interest     (3,317 )     3,316  
Financing costs     (13,250 )     (12,000 )
Amortization of financing costs     22,721       2,529  
Beneficial conversion feature     (111,370 )     (124,689 )
Amortization of beneficial conversion feature     204,119       31,941  
    $ —     $ 53,097
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
DUE TO RELATED PARTIES
 9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
DUE TO RELATED PARTIES

6.               DUE TO RELATED PARTIES

 

During the three months ended June 30, 2018, the company, under its new management, has borrowed $2,500, giving a total borrowed of $132,000 from two members of its board of directors. These loans are interest free and are payable on demand. On May 1, 2018, both directors submitted subscription agreements for $60,000 for 1,000,000 shares of company common stock, each to be settled with the company’s debt. On July 23, 2018, the remaining balance of $12,000 was paid back to one director.

 

It has come to the board’s attention that on July 31, 2018, our now deceased CEO deposited $50,000 into the company’s account. Although it has been suggested that the funds may have been intended for use toward Mr. Dearmin’s healthcare, the board does not know for certain what the purpose of the funds were or the nature of any intended investment. Accordingly, the board is investigating the appropriate disposition of the funds which will likely be to the estate of Mr. Dearmin. Until such a determination is made, the board does not intend to use these funds for any corporate purpose. For reporting purposes, the company has treated the deposit as a due to related party.
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
EQUITY
 9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
EQUITY

7.               EQUITY 

 

On December 4, 2017 previous management entered into a financial services agreement with BMA Securities for which, on January 26, 2018, it issued 5,000,000 shares of stock valued at $150,000. 

 

On January 24, 2018, we issued 1,242,710 shares of common stock in settlement of invoices valued at $38,524.26 with a vendor. This transaction was consummated by previous management to pay its attorney fees. 

 

On April 12, 2018 the company received $120,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock. 

 

On April 16, 2018 the company received $30,000 from an individual based on a subscription agreement with the company for which the company issued 500,000 shares of its common stock. 

 

On April 17, 2018 the company received $100,000 from an individual based on a subscription agreement with the company for which the company issued 1,666,667 shares of its common stock. 

 

On April 26, 2018 the company received $90,000 from an individual based on a subscription agreement with the company for which the company issued 1,500,000 shares of its common stock. 

 

On May 4, 2018 the company received $30,000 from an individual based on a subscription agreement with the company for which the company issued 500,000 shares of its common stock. 

 

On May 8, 2018 the company received $120,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock. 

 

On May 14, 2018 the company received $30,000 from an individual based on a subscription agreement with the company for which the company issued 500,000 shares of its common stock. 

 

On May 14, 2018 the company received $200,000 from an individual based on a subscription agreement with the company for which the company issued 3,333,333 shares of its common stock. 

 

On May 15, 2018 the company received $30,000 from an individual based on a subscription agreement with the company for which the company issued 500,000 shares of its common stock. 

 

On May 16, 2018 the company received $20,000 from an individual based on a subscription agreement with the company for which the company issued 333,333 shares of its common stock. 

 

On May 25, 2018 the company received $600,000 from an individual based on a subscription agreement with the company for which the company issued 10,000,000 shares of its common stock. 

 

On June 13, 2018 the company received $140,000 from an individual based on a subscription agreement with the company for which the company issued 2,333,333 shares of its common stock. 

 

On September 20, 2018 the company received $120,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock. 

 

On September 25, 2018 the company received a total of $60,000 from two individuals based on subscription agreements with the company for which the company issued 1,000,000 shares of its common stock. 

 

On October 3, 2018 the company received $90,000 from an individual based on a subscription agreement with the company for which the company issued 1,500,000 shares of its common stock. 

 

Effective October 19, 2018 the company received $20,000 and a note for $100,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock. The note is non-interest bearing and is to be paid in five monthly payments of $20,000 starting November 20, 2018. 

 

On October 22, 2018 the company received $30,000 from an individual based on a subscription agreement with the company for which the company issued 500,000 shares of its common stock.

 

Effective October 30, 2018, AERG entered into a Mutual Release and Hold Harmless Agreement (“Agreement”) with Gregory Fettig and Mr. Fettig’s former law firm, Duff Bornsen and Fettig, LLP (collectively, the “Fettig Parties”). The Agreement resolves claims concerning the issuance of 5,000,000 shares of AERG common stock, par value $.001 per share, to the Fettig Parties as authorized by prior Company director George Farley as compensation for legal services rendered to the Company by the Fettig Parties valued at $5,000. The Agreement also resolves claims concerning unpaid invoices to AERG for legal services performed by the Fettig Parties. 

 

Pursuant to the Agreement, AERG paid the Fettig Parties an aggregate of $12,000, representing full satisfaction of fees for legal services of $9,825 plus additional consideration of $2,175. The Fettig Parties agreed to surrender to AERG the stock certificate representing the 5,000,000 shares. 

 

The Agreement also contains standard representations and warranties and mutual releases and indemnification provisions. 

 

On November 1, 2018 the company received $120,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock.
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
LEGAL PROCEEDINGS
 9 Months Ended
Sep. 30, 2018
Loss Contingency [Abstract]  
LEGAL PROCEEDINGS

8.                LEGAL PROCEEDINGS

 

In its Current Report on Form 8-K, filed April 9, 2018, Applied Energetics, Inc. indicated that its management was engaged in corporate due diligence on previous company financial and stock transactions with particular attention on large dilutive events, including issuance of shares that were registered on the Company’s Registration Statement on Form S-1 and as executive compensation from March 2, 2015.

 

On July 3, 2018, having determined that sufficient evidence existed of wrongdoing by prior management, with our legal counsel, Enterprise Counsel Group, located in Irvine, CA and our Delaware counsel located in Wilmington, DE, we commenced a lawsuit in the Court of Chancery of the State of Delaware.

 

In connection with the lawsuit, we have filed a Verified Complaint with the following six causes of action:

 

1.            Breach of Fiduciary Duty of Loyalty against George Farley

 

2.            Breach of Fiduciary Duty of Care against George Farley 

 

3.            Aiding and Abetting Breach of Fiduciary Duty against AnnMarieCo LLC (“AMC”) 

 

4.            Conversion against George Farley 

  

5.            Fraudulent Transfer against George Farley and AMC

  

6.            Injunctive Relief against George Farley and AMC

 

We have also filed for a Temporary Restraining Order to prohibit the shares indicated in the complaint to be transferred or sold until the court makes a final judgement.

 

On August 14, 2018, the Delaware Court of Chancery issued an order requiring the Company to post a bond in the total amount of $200,446.52. On August 21, 2018, the Company posted the bond via Atlantic Specialty Insurance Company acting as surety. Pursuant to the contract between the Company and Atlantic Specialty Insurance Company, the Company deposited $200,446.52 in cash as collateral for the surety agreement.

 

On August 23, 2018, the Delaware Court of Chancery court extended the hearing date on the Company’s motion for a preliminary injunction to October 23, 2018, and simultaneously ordered an increase in the bond amount of $55,446.52. On August 30, 2018, the Company posted the increased bond amount, again with Atlantic Specialty Insurance Company acting as surety, and deposited the additional $55,446.52 in cash with the surety.

 

On October 16, 2018, the Delaware Court of Chancery, Vice Chancellor Tamika Montgomery-Reeves presiding, entered a scheduling order continuing the hearing date on the Company’s motion for a preliminary injunction against defendants George Farley and AMC to December 14, 2018.

 

The October 16, 2018 order also required the Company to increase its bond amount by an additional $185,301.86 ($80,301.86 for AMC and $105,000.00 for Mr. Farley) to account for the continued hearing date. On October 24, 2018, the Company posted the additional bond amount of $185,301.86.

 

We may from time to time be involved in legal proceedings arising from the normal course of business.
XML 23 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUBSEQUENT EVENTS
 9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

9.               SUBSEQUENT EVENTS

 

On October 3, 2018 the company received $90,000 from an individual based on a subscription agreement with the company for which the company issued 1,500,000 shares of its common stock.

 

On October 19, 2018 the company received $20,000 from an individual based on a subscription agreement with the company for which the company issued 333,333 shares of its common stock.

 

On October 22, 2018 the company received $30,000 from an individual based on a subscription agreement with the company for which the company issued 500,000 shares of its common stock.

 

On October 16, 2018, the Delaware Court of Chancery, Vice Chancellor Tamika Montgomery-Reeves presiding, entered a scheduling order continuing the hearing date on the Company’s motion for a preliminary injunction against defendants George Farley and AMC to December 14, 2018.

 

The October 16, 2018 order also required the Company to increase its bond amount by an additional $185,301.86 ($80,301.86 for AMC and $105,000.00 for Mr. Farley) to account for the continued hearing date. On October 24, 2018, the Company posted the additional bond amount of $185,301.86.

 

Effective October 19, 2018 the company received $20,000 and a note for $100,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock. The note is non-interest bearing and is to be paid in five monthly payments of $20,000 starting November 20, 2018.

 

Pursuant to the agreement, AERG paid the Fettig Parties an aggregate of $12,000, representing full satisfaction of fees for legal services of $9,825 plus additional consideration of $2,175. The Fettig Parties agreed to surrender to AERG the stock certificate representing the 5,000,000 shares.

 

The agreement also contains standard representations and warranties and mutual releases and indemnification provisions.

 

On November 1, 2018 the company received $120,000 from an individual based on a subscription agreement with the company for which the company issued 2,000,000 shares of its common stock.

 

The company’s management has evaluated subsequent events occurring after September 30, 2018, the date of our most recent balance sheet, through the date our financial statements were issued. Where applicable, all material subsequent events have been disclosed in their respective footnotes.
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
BASIS OF PRESENTATION (Policies)
 9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
LIQUIDITY AND MANAGEMENT'S PLAN

LIQUIDITY AND MANAGEMENT’S PLAN

 

The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the nine months ended September 30, 2018, the company incurred a net loss of approximately $1,800,000, had negative cash flows from operations of approximately $1,115,000, investing activities reflected the acquisition of equipment for $39,000, financing activities reflected $1,690,000 proceeds from issuance of common stock, $150,000 proceeds from a note payable, partially offset by $361,000 repayment on note payable and expects to incur additional future losses due to the reactivation of its business activities. These matters raise substantial doubt as to the company’s ability to continue as a going concern unless the company is able to obtain additional financing for its continuing operations. The financial statements do not include any adjustments relating to the recoverability of assets and the amount or classification of liabilities that might be necessary should the company be unable to continue as a going concern.

 

As of September 30, 2018, the company had approximately $327,000 in cash and cash equivalents.
USE OF ESTIMATES

USE OF ESTIMATES

 

The preparation of consolidated financial statements in conformity with United States Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its assumptions on historical experiences and on various other estimates that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. In addition, management considers the basis and methodology used in developing and selecting these estimates, the trends in and amounts of these estimates, specific matters affecting the amount of and changes in these estimates, and any other relevant matters related to these estimates, including significant issues concerning accounting principles and financial statement presentation. Such estimates and assumptions could change in the future, as more information becomes known which could materially impact the amounts reported and disclosed herein. Significant estimates include measurements of income tax assets and liabilities.
RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

 

The company has reviewed issued accounting pronouncements and plans to adopt those that are applicable to it. The company does not expect the adoption of any other pronouncements to have an impact on its results of operations or financial position.
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
SHARE-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2018
Share-based Compensation [Abstract]  
Schedule of share- based compensation

We determine the fair value of option grant share-based awards at their grant date, using a Black-Scholes-Merton Option-Pricing Model applying the assumptions in the following table:

  

    Nine months ended September 30,  
    2018     2017  
Expected life (years)      N/A        5  
Dividend yield      N/A        0 %
Expected volatility      N/A        80 %
Risk free interest rates      N/A        1.97 %
Weighted average fair value of options at grant date      N/A      $ 0.02980  
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
NET LOSS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Schedule of net loss per share

Potentially dilutive securities not included in the diluted loss per share calculation, due to net losses from continuing operations, were as follows: 

 

    Nine months ended September 30,  
    2018     2017  
             
Options to purchase common shares     14,000,000       14,000,000  
Warrants to purchase common shares     —       1,320,598  
Convertible preferred stock     43,215       40,381  
                 
Total potentially dilutive securities     14,043,215       15,360,979

XML 27 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
NOTES PAYABLE (Tables)
 9 Months Ended
Sep. 30, 2018
Notes Payable [Abstract]  
Schedule of notes payable

The following reconciles notes payable as of September 30, 2018 and December 31, 2017:

  

    September 30, 2018     December 31, 2017  
Convertible notes payable   $ (98,903 )   $ 152,000  
Accrued interest     (3,317 )     3,316  
Financing costs     (13,250 )     (12,000 )
Amortization of financing costs     22,721       2,529  
Beneficial conversion feature     (111,370 )     (124,689 )
Amortization of beneficial conversion feature     204,119       31,941  
    $ —     $ 53,097
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
BASIS OF PRESENTATION (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]            
Net loss $ (771,998) $ (180,804) $ (1,800,359) $ (464,285)    
Cash flows from operations     (1,114,956) (98,659)    
Purchase of equipment     (38,887)    
Proceeds from issuance of common stock     1,690,000 62,500    
Proceeds from note payable     149,750 50,000    
Repayment on note payable     (361,468)    
Cash and cash equivalents $ 327,203 $ 14,521 $ 327,203 $ 14,521 $ 2,764 $ 680
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
SHARE-BASED COMPENSATION (Details) - $ / shares
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Share-based Compensation [Abstract]    
Expected life (years)   5 years
Dividend yield 0.00%
Expected volatility 80.00%
Risk free interest rates 1.97%
Weighted average fair value of options at grant date (in dollars per share) $ 0.02980
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
SHARE-BASED COMPENSATION (Details Narrative) - USD ($)
 9 Months Ended
Jul. 16, 2018
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense   $ 45,905 $ 65,309  
Common stock, par value (in dollars per share)   $ 0.001   $ 0.001
Unrecognized compensation costs related to unvested equity awards, net of estimated forfeitures   $ 51,000    
Weighted average basis over period   3 years    
Master Services Agreement [Member] | Westpark Advisors, LLC [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 16,700      
Share-based compensation, option awards, granted 250,000      
Exercise price of options granted (in dollars per share) $ 0.13      
Term of options vest 90 days      
Term of options 3 years      
Additional options to purchase 1,000,000      
Amount sourced $ 500,000      
Employee Stock Option [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation, option awards, granted   0    
Share-based compensation, options exercised   0    
Share-based compensation, options forfeited   0    
Share-based compensation, options expired   0    
Share-based compensation, options outstanding   14,000,000    
Share-based compensation, options outstanding, weighted average exercise price (in dollars per share)   $ 0.136    
Share-based compensation, options outstanding, weighted average remaining contractual term   3 years 6 months    
Options outstanding aggregate intrinsic value   $ 103,000    
Options exercisable (in shares)   3,500,000    
Employee Stock Option [Member] | $.25 per Share Price [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation, option awards, granted     6,000,000  
Employee Stock Option [Member] | $.25 per Share Price [Member] | Two Board of Director [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation, option awards, granted     1,500,000  
Common stock, par value (in dollars per share)     $ 0.001  
Exercise price of options granted (in dollars per share)     $ 0.25  
Term of options     5 years  
Cumulative revenue targeted     $ 5,000,000  
Employee Stock Option [Member] | $.05 per Share Price [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation, option awards, granted     8,000,000  
Employee Stock Option [Member] | $.05 per Share Price [Member] | Two Board of Director [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation, option awards, granted     2,000,000  
Common stock, par value (in dollars per share)     $ 0.001  
Exercise price of options granted (in dollars per share)     $ 0.05  
Number of options vesting on first anniversary from grant date     500,000  
Number of options vesting monthly from grant date     62,500  
Term of options vest     24 months  
Term of options     5 years  
Restricted Stock [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation, non-option instruments granted   0    
Share-based compensation, non-option instruments vested   0    
Share-based compensation, non-option instruments forfeited   0    
Restricted Stock Units (RSUs) [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation, non-option instruments granted   0    
Share-based compensation, non-option instruments vested   0    
Share-based compensation, non-option instruments forfeited   0    
XML 31 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
NET LOSS PER SHARE (Details) - shares
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total potentially dilutive securities 14,043,215 15,360,979
Options to Purchase Common Shares [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total potentially dilutive securities 14,000,000 14,000,000
Warrants to purchase common shares [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total potentially dilutive securities 1,320,598
Convertible Preferred Stock [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total potentially dilutive securities 43,215 40,381
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
DIVIDENDS (Details Narrative) - USD ($)
 9 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Stockholders' Equity Note [Abstract]    
Initial dividend rate 6.50%  
Increase in dividend rate on default of payment 7.50%  
Increase in dividend rate on two consecutive default of payment 10.00%  
Series A convertible preferred stock outstanding (in shares) 13,602 13,602
Amount of arrears dividend $ 179,000  
Series A covertible preferred stock liquidation preference (in dollars per share) $ 25.00  
Percentage of weighted average of common stock sales price 95.00%  
Percentage of increase in dividend rate 1.00%  
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
NOTES PAYABLE (Details) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Notes Payable [Abstract]    
Convertible notes payable $ (98,903) $ 152,000
Accrued interest (3,317) 3,316
Financing costs (13,250) (12,000)
Amortization of financing costs 22,721 2,529
Beneficial conversion feature (111,370) (124,689)
Amortization of beneficial conversion feature 204,119 31,941
Notes payable $ 53,097
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
NOTES PAYABLE (Details Narrative) - USD ($)
 9 Months Ended 12 Months Ended
May 04, 2018
Apr. 25, 2018
Apr. 10, 2018
Mar. 12, 2018
Mar. 08, 2018
Jan. 08, 2018
Dec. 27, 2017
Nov. 16, 2017
Oct. 18, 2017
Sep. 15, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Debt face amount                     $ (98,903)   $ 152,000
Convertible beneficial conversion feature                     111,370   $ 124,689
Repayment of convertible notes                     $ 361,468  
Conversion and cancellation cost of notes and warrants       $ 121,000                  
12% Convertible Notes Due June 20, 2018 [Member]                          
Debt face amount                   $ 53,000      
Debt maturity date                   Jun. 20, 2018      
Debt interest rate (in percent)                   12.00%      
Description of interest rate terms                   <p style="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid.</font></p>      
Conversion price (in dollars per share)                   $ 0.001      
Convertible note, initial maturity date                   Mar. 24, 2018      
Description of conversion for convertible notes                   <p style="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The conversion rate is variable and will be 58% of the average of the lowest one day trading price during the twenty trading days preceding the holders notice of conversion. The number of shares issuable on conversion is limited to 4.99% of the company’s then issued and outstanding common stock.</font></p>      
Repayment of convertible notes       53,000                  
Conversion and cancellation cost of notes and warrants       81,000                  
Payment of principal and accrued interest       25,000                  
12% Convertible Notes Due June 20, 2018 [Member] | Two Directors [Member]                          
Borrowings for repayment of notes       $ 121,000                  
12% Convertible Notes Due June 20, 2018 [Member] | Note warrant [Member]                          
Conversion price (in dollars per share)                   $ 0.001      
Number of warrants purchase                   1,320,598      
Issued of warrants or exercise price                   $ 0.0301      
Issued of warrants or exercisable                   7 years      
Convertible beneficial conversion feature                   $ 53,000      
Convertible beneficial conversion amortized                   $ 53,000      
Cancellation of warrant purchase       1,320,598                  
Payment of principal and accrued interest       $ 40,000                  
Prepayment premium       $ 40,000                  
12% Convertible Notes Due June 20, 2018 [Member] | Note holder [Member]                          
Conversion price (in dollars per share)                   $ 0.001      
Number of shares reserved for conversion (in shares)                   36,369,879      
12% Convertible Notes Due July 20, 2018 [Member]                          
Debt face amount                 $ 33,000        
Debt maturity date                 Jul. 20, 2018        
Debt interest rate (in percent)                 12.00%        
Description of interest rate terms                 <p style="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid.</font></p>        
Conversion price (in dollars per share)                 $ 0.001        
Convertible note, initial maturity date                 Apr. 16, 2018        
Description of conversion for convertible notes                 <p style="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The conversion rate is variable and will be 58% of the average of the lowest one day trading price during the twenty trading days preceding the holders notice of conversion. The number of shares issuable on conversion is limited to 4.99% of the Company’s then issued and outstanding Common Stock.</font></p>        
Convertible beneficial conversion feature                 $ 24,000        
Convertible beneficial conversion amortized                 $ 14,000        
Repayment of convertible notes     $ 33,000                    
Conversion and cancellation cost of notes and warrants     51,000                    
Payment of principal and accrued interest     35,000                    
Prepayment premium     $ 16,000                    
12% Convertible Notes Due July 20, 2018 [Member] | Note holder [Member]                          
Conversion price (in dollars per share)                 $ 0.001        
Number of shares reserved for conversion (in shares)                 18,062,397        
12% Convertible Notes Due August 20, 2018 [Member]                          
Debt face amount               $ 38,000          
Debt maturity date               Aug. 20, 2018          
Debt interest rate (in percent)               12.00%          
Description of interest rate terms               <p style="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid.</font></p>          
Conversion price (in dollars per share)               $ 0.001          
Convertible note, initial maturity date               May 16, 2018          
Description of conversion for convertible notes               <p><font style="font: 10pt Times New Roman, Times, Serif">The conversion rate is variable and will be 58% of the average of the lowest one-day trading price during the twenty trading days preceding the holders notice of conversion. The number of shares issuable on conversion is limited to 4.99% of the company’s then issued and outstanding common stock.</font></p>          
Convertible beneficial conversion feature               $ 28,000          
Convertible beneficial conversion amortized               $ 13,000          
Repayment of convertible notes $ 38,000                        
Conversion and cancellation cost of notes and warrants 58,000                        
Payment of principal and accrued interest 40,000                        
Prepayment premium 18,000                        
12% Convertible Notes Due August 20, 2018 [Member] | Note holder [Member]                          
Conversion price (in dollars per share)               $ 0.001          
Number of shares reserved for conversion (in shares)               20,716,914          
12% Convertible Notes Due September 20, 2018 [Member]                          
Debt face amount             $ 28,000            
Debt maturity date             Sep. 20, 2018            
Debt interest rate (in percent)             12.00%            
Description of interest rate terms             <p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt"></p>            
Conversion price (in dollars per share)             $ 0.001            
Convertible note, initial maturity date             Apr. 16, 2018            
Description of conversion for convertible notes             <p style="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The conversion rate is variable and will be 58% of the average of the lowest one day trading price during the twenty trading days preceding the holders notice of conversion. The number of shares issuable on conversion is limited to 4.99% of the Company’s then issued and outstanding Common Stock.</font></p>            
Convertible beneficial conversion feature             $ 20,000            
Convertible beneficial conversion amortized             $ 7,000            
Repayment of convertible notes 28,000                        
Conversion and cancellation cost of notes and warrants 41,000                        
Payment of principal and accrued interest 29,000                        
Prepayment premium 12,000                        
12% Convertible Notes Due September 20, 2018 [Member] | Note holder [Member]                          
Conversion price (in dollars per share)             $ 0.001            
Number of shares reserved for conversion (in shares)             17,164,750            
12% Convertible Notes Due August 28, 2018 [Member]                          
Debt face amount           $ 105,000              
Debt maturity date           Aug. 28, 2018              
Debt interest rate (in percent)           12.00%              
Description of interest rate terms           <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty-four percent (24%) per annum from the due date thereof until the same is paid.</font></p>              
Conversion price (in dollars per share)           $ 0.001              
Convertible note, initial maturity date           Apr. 27, 2018              
Description of conversion for convertible notes           <p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The conversion rate is variable and will be 55% of the lowest one-day trading price during the twenty trading days preceding the holders notice of conversion. The number of shares issuable on any conversion is limited to 4.99% of the company’s then issued and outstanding common stock. The note holder may increase the 4,99% limit to 9.99% on 61 days prior notice to the company, the company, at the request of the note holder has reserved 40 million shares of its $0.001 common stock for conversion.</font></p>              
Repayment of convertible notes   $ 105,000                      
Conversion and cancellation cost of notes and warrants   163,000                      
Payment of principal and accrued interest   109,000                      
Prepayment premium   $ 54,000                      
12% Convertible Notes Due August 28, 2018 [Member] | Note holder [Member]                          
Conversion price (in dollars per share)           $ 0.001              
Number of shares reserved for conversion (in shares)           40,000,000              
12% Convertible Notes Due December 15, 2018 [Member]                          
Debt face amount         $ 26,500                
Debt maturity date         Dec. 15, 2018                
Debt interest rate (in percent)         12.00%                
Description of interest rate terms         <p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid.</font></p>                
Conversion price (in dollars per share)         $ 0.001                
Convertible note, initial maturity date         Sep. 05, 2018                
Description of conversion for convertible notes         <p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The conversion rate is variable and will be 51% of the average of the lowest one day trading price during the thirty trading days preceding the holders notice of conversion. The number of shares issuable on conversion is limited to 4.99% of the company’s then issued and outstanding Common Stock.</font></p>                
Repayment of convertible notes 26,500                        
Conversion and cancellation cost of notes and warrants 37,000                        
Payment of principal and accrued interest 27,000                        
Prepayment premium $ 10,000                        
12% Convertible Notes Due December 15, 2018 [Member] | Note holder [Member]                          
Conversion price (in dollars per share)         $ 0.001                
Number of shares reserved for conversion (in shares)         11,008,640                
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
DUE TO RELATED PARTIES (Details Narrative) - USD ($)
 3 Months Ended
Jul. 31, 2018
Jul. 23, 2018
Jun. 30, 2018
Sep. 30, 2018
May 01, 2018
Dec. 31, 2017
Common stock, value       $ 197,697   $ 157,785
Two Board of Director [Member]            
Borrowed     $ 132,000      
Two Board of Director [Member] | Subscription Agreements [Member]            
Number of common stock issued         1,000,000  
Common stock, value         $ 60,000  
One Board of Director [Member] | Subscription Agreements [Member]            
Repayment of debt   $ 12,000        
CEO [Member]            
Borrowed $ 50,000          
New Management [Member]            
Borrowed     $ 2,500      
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
EQUITY (Details Narrative) - USD ($)
 1 Months Ended
Oct. 30, 2018
Oct. 19, 2018
Oct. 30, 2018
Nov. 01, 2018
Oct. 22, 2018
Oct. 03, 2018
Sep. 30, 2018
Sep. 25, 2018
Sep. 20, 2018
Jun. 13, 2018
May 25, 2018
May 16, 2018
May 15, 2018
May 14, 2018
May 08, 2018
May 04, 2018
Apr. 26, 2018
Apr. 17, 2018
Apr. 16, 2018
Apr. 12, 2018
Jan. 26, 2018
Jan. 24, 2018
Dec. 31, 2017
Common stock, value             $ 197,697                               $ 157,785
Common stock,par value             $ 0.001                               $ 0.001
Note face amount             $ (98,903)                               $ 152,000
Vendor [Member]                                              
Number of common stock issued                                           1,242,710  
Common stock, value                                           $ 38,524  
Financial Services Agreement [Member] | BMA Securities [Member]                                              
Number of common stock issued                                         5,000,000    
Common stock, value                                         $ 150,000    
Individual [Member] | Subscription Agreements [Member]                                              
Number of common stock issued                 2,000,000 2,333,333 10,000,000 333,333 500,000 500,000 2,000,000 500,000 1,500,000 1,666,667 500,000 2,000,000      
Common stock, value                 $ 120,000 $ 140,000 $ 600,000 $ 20,000 $ 30,000 $ 30,000 $ 120,000 $ 30,000 $ 90,000 $ 100,000 $ 30,000 $ 120,000      
Individual [Member] | Subscription Agreements [Member]                                              
Number of common stock issued                           3,333,333                  
Common stock, value                           $ 200,000                  
Two Individual [Member] | Subscription Agreements [Member]                                              
Number of common stock issued               1,000,000                              
Common stock, value               $ 60,000                              
Subsequent Event [Member] | Fettig Parties [Member]                                              
Surrendered shares     5,000,000                                        
Subsequent Event [Member] | Mutual Release And Hold Harmless Agreement [Member] | Fettig Parties [Member]                                              
Number of common stock issued 5,000,000   5,000,000                                        
Common stock,par value $ 0.001   $ 0.001                                        
Compensation for legal services $ 5,000                                            
Fees for legal services 9,825                                            
Additional consideration $ 2,175                                            
Subsequent Event [Member] | Individual [Member] | Subscription Agreements [Member]                                              
Number of common stock issued   2,000,000   2,000,000 500,000 1,500,000                                  
Common stock, value   $ 20,000   $ 120,000 $ 30,000 $ 90,000                                  
Note face amount   $ 100,000                                          
Interest rate terms   <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The note is non-interest bearing</font></p>                                          
Frequency of periodic payment   <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">to be paid in five monthly payments</font></p>                                          
Periodic payment   $ 20,000                                          
Date of first required payment   Nov. 20, 2018                                          
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
LEGAL PROCEEDINGS (Details Narrative) - USD ($)
Oct. 24, 2018
Oct. 23, 2018
Oct. 16, 2018
Aug. 14, 2018
Aug. 30, 2018
Aug. 21, 2018
Surety Agreement [Member] | Atlantic Specialty Insurance Company [Member]            
Security deposit         $ 55,447 $ 200,447
Bond [Member]            
Litigation settlement, award       $ 200,447    
Bond [Member] | Subsequent Event [Member]            
Litigation settlement, award $ 185,302 $ 55,447 $ 185,302      
Bond [Member] | AnnMarieCo LLC [Member] | Subsequent Event [Member]            
Litigation settlement, award     80,302      
Bond [Member] | George Farley [Member] | Subsequent Event [Member]            
Litigation settlement, award     $ 105,000      
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
 1 Months Ended
Oct. 30, 2018
Oct. 24, 2018
Oct. 23, 2018
Oct. 19, 2018
Oct. 16, 2018
Aug. 14, 2018
Oct. 30, 2018
Nov. 01, 2018
Oct. 22, 2018
Oct. 03, 2018
Sep. 30, 2018
Sep. 20, 2018
Jun. 13, 2018
May 25, 2018
May 16, 2018
May 15, 2018
May 14, 2018
May 08, 2018
May 04, 2018
Apr. 26, 2018
Apr. 17, 2018
Apr. 16, 2018
Apr. 12, 2018
Dec. 31, 2017
Common stock, value                     $ 197,697                         $ 157,785
Common stock,par value                     $ 0.001                         $ 0.001
Note face amount                     $ (98,903)                         $ 152,000
Bond [Member]                                                
Litigation settlement, award           $ 200,447                                    
Bond [Member] | George Farley [Member] | Subsequent Event [Member]                                                
Litigation settlement, award         $ 105,000                                      
Subscription Agreements [Member] | Individual [Member]                                                
Number of common stock issued                       2,000,000 2,333,333 10,000,000 333,333 500,000 500,000 2,000,000 500,000 1,500,000 1,666,667 500,000 2,000,000  
Common stock, value                       $ 120,000 $ 140,000 $ 600,000 $ 20,000 $ 30,000 $ 30,000 $ 120,000 $ 30,000 $ 90,000 $ 100,000 $ 30,000 $ 120,000  
Subsequent Event [Member] | Fettig Parties [Member]                                                
Surrendered shares             5,000,000                                  
Subsequent Event [Member] | Bond [Member]                                                
Litigation settlement, award   $ 185,302 $ 55,447   185,302                                      
Subsequent Event [Member] | Bond [Member] | AnnMarieCo LLC [Member]                                                
Litigation settlement, award         $ 80,302                                      
Subsequent Event [Member] | Subscription Agreements [Member] | Individual [Member]                                                
Number of common stock issued       2,000,000       2,000,000 500,000 1,500,000                            
Common stock, value       $ 20,000       $ 120,000 $ 30,000 $ 90,000                            
Note face amount       $ 100,000                                        
Interest rate terms       <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The note is non-interest bearing</font></p>                                        
Frequency of periodic payment       <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">to be paid in five monthly payments</font></p>                                        
Periodic payment       $ 20,000                                        
Date of first required payment       Nov. 20, 2018                                        
Subsequent Event [Member] | Subscription Agreements [Member] | Individual [Member]                                                
Number of common stock issued       2,000,000       2,000,000 500,000 1,500,000                            
Common stock, value       $ 20,000       $ 120,000 $ 30,000 $ 90,000                            
Subsequent Event [Member] | Mutual Release And Hold Harmless Agreement [Member] | Fettig Parties [Member]                                                
Number of common stock issued 5,000,000           5,000,000                                  
Common stock,par value $ 0.001           $ 0.001                                  
Compensation for legal services $ 5,000                                              
Fees for legal services 9,825                                              
Additional consideration $ 2,175                                              
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