0001096906-12-000731.txt : 20120330 0001096906-12-000731.hdr.sgml : 20120330 20120330102231 ACCESSION NUMBER: 0001096906-12-000731 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120330 DATE AS OF CHANGE: 20120330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GROTE MOLEN INC CENTRAL INDEX KEY: 0001456212 STANDARD INDUSTRIAL CLASSIFICATION: HOUSEHOLD APPLIANCES [3630] IRS NUMBER: 000000000 STATE OF INCORPORATION: NV FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-53979 FILM NUMBER: 12726521 BUSINESS ADDRESS: STREET 1: 322 WEST GRIFFITH ROAD CITY: POCATELLO STATE: ID ZIP: 83201 BUSINESS PHONE: 208-234-9352 MAIL ADDRESS: STREET 1: 322 WEST GRIFFITH ROAD CITY: POCATELLO STATE: ID ZIP: 83201 10-K 1 grotemolen10k.htm GROTE MOLEN, INC. 10K 2011-12-31 grotemolen10k.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
 
Form 10-K

(Mark One)
 
[ X ]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2011.

[     ]  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 0-18958
GROTE MOLEN, INC.
(Exact name of registrant as specified in charter)

NEVADA
20-1282850
(State or other jurisdiction of incorporation or organization)
  (IRS Employer Identification No.)
 
  
322 West Griffith Road, Pocatello, Idaho
83201
(Address of principal executive offices)
(Zip Code)

Registrant’s telephone number, including area code:  (208) 234-9352

Securities registered under Section 12(b) of the Act:  None

Securities registered under Section 12(g) of the Exchange Act:  Common Stock, $0.001 Par Value

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
  
Yes ¨ No x
     
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
  
Yes ¨ No x
     
Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections.
    
     
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 past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
  
Yes x 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 x  No ¨
     
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (22.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K
  
x


 
 
 

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

Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
¨ 
Smaller reporting company
x
(Do not check if a smaller reporting company)
    

Indicate by check mark whether the issuer is a shell company (as defined in rule 12b-2 of the Exchange Act).
Yes ¨ No x

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

As of June 30, 2011, based on the $0.10 price at which the common equity was sold in our private placement of securities in 2009, the aggregate market value of the 3,000,000 shares held by non-affiliates was approximately $300,000.


APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
Yes ¨ No ¨

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of March 23, 2012, there were 21,000,000 shares of the issuer’s common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the following documents if incorporated by reference and the part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated:  (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933.  The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980).

None.


 
 
 

GROTE MOLEN, INC.

TABLE OF CONTENTS TO ANNUAL REPORT ON FORM 10-K

YEAR ENDED DECEMBER 31, 2011



   
PAGE(s)
 
PART I
  
     
Item 1.
Business
2
Item 1A.
Risk Factors
5
Item 1B.
Unresolved Staff Comments
10
Item 2.
Properties
10
Item 3.
Legal Proceedings
10
Item 4.
Mine Safety Disclosures
10
     
 
PART II
  
     
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
11
Item 6.
Selected Financial Data
12
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
12
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
16
Item 8.
Financial Statements and Supplementary Data
16
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial  Disclosure
17
Item 9A.
Controls and Procedures
17
Item 9B.
Other Information
17
     
 
PART III
  
     
Item 10.
Directors, Executive Officers and Corporate Governance
18
Item 11.
Executive Compensation
20
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
21
Item 13.
Certain Relationships and Related Transactions, and Director Independence
21
Item 14.
Principal Accounting Fees and Services
22
Item 15.
Exhibits, Financial Statement Schedules
23
     
 
SIGNATURES
24


 
1
 

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.  These statements reflect the Company’s views with respect to future events based upon information available to it at this time.  These forward-looking statements are subject to certain uncertainties and other factors that could cause actual results to differ materially from these statements.  These uncertainties and other factors include, but are not limited to, the risk factors described in Part I, Item 1A herein under the caption “Risk Factors.”  The words “anticipates,” “believes,” “estimates,” “expects,” “plans,” “projects,” “targets” and similar expressions identify forward-looking statements.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.  The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changes in assumptions, future events or otherwise.

Part I

Item 1.  Business

General

Grote Molen, Inc. was incorporated under the laws of Nevada in March 2004.  We also operate a wholly-owned subsidiary by the name of BrownWick, LLC, which was organized as an Idaho limited liability company in June 2005.  Unless otherwise indicated, Grote Molen, Inc. and BrownWick, LLC are referred to collectively herein as “we,” “us,” or the “Company.”

We are engaged in the business of distributing our proprietary line of grain mills, known as the “WonderMill,” for home use.  Our WonderMills are available in electric and manual models and are used to grind wheat, rice and other small grains, but will also grind legumes and beans as large as garbanzos. Our electric WonderMill can mill about 12 cups of flour in 3 minutes and is adjustable to provide a texture ranging from a fine pastry flour to a coarse flour.  We sell our grain mills on a wholesale basis to retail dealers in all fifty states.  Our mills are manufactured to our specifications under contract with manufacturers in India and Korea and we are dependent on such suppliers to provide us with our inventory of products. There can be no assurance that we will be successful in continuing to expand our business or that our sales will not decline in the future.  We believe we will require substantial additional capital in order to expand our business and no assurance can be given that we will be successful in raising such additional capital.

We currently have only two employees consisting of John B. Hofman and Bruce P. Crane, our officers, directors and principal stockholders.  We are dependent on Messrs. Hofman and Crane for the execution of our business plan.

Corporate History

We were organized under the laws of Nevada on March 15, 2004.  Our wholly-owned subsidiary, Brownwick, LLC, was organized under the laws of Idaho on June 5, 2005 and was acquired by us in August 2005 in exchange for shares of our common stock.

Since our organization in 2004 we: (i) issued 5,000,000 shares of our common stock in July 2004 to John Hofman for $4,000 in cash and $1,000 in services; (ii) issued 10,000,000 shares of our common stock in August 2005 to John Hofman and Bruce Crane to acquire BrownWick, LLC; (iii) issued an additional 5,000,000 shares of our common stock in August 2005 to Bruce Crane for $5,000 in cash; and (iv) issued 1,000,000 shares of our common stock during the first quarter of 2009 to 31 accredited investors for aggregate proceeds of $100,000.  As a result, as of December 31, 2011, we had a total of 21,000,000 shares of our common stock outstanding, which were held by 31 stockholders of record.

Our WonderMill Grinders

We are engaged in the business of manufacturing and distributing our proprietary line of electric and manual grain mills, known respectively as the “WonderMill” and the “Wonder Junior Hand Grain Mill.” The market for our WonderMill grinders consists primarily of home users and small natural foods restaurants desiring to grind their own grains due to the increased nutrients found in freshly ground whole wheat flour as compared to bleached white flour in which the bran and germ are removed prior to grinding.  Our Wonder Junior Hand Grain Mill is also purchased by persons for use as an emergency preparedness device because it can be operated without electricity to grind the whole wheat which is often stored in bulk for emergency situations.  Our WonderMill and Wonder Junior Hand Grain Mill both contain stainless steel blades and self cleaning milling chambers.  Our WonderMills and Wonder Junior Hand Grain Mills are sold with limited lifetime warranties and warranty work is performed at our service center in Pocatello, Idaho or at our authorized service locations in Australia, Canada and the United Kingdom.


 
2
 

We believe our electric WonderMill is one of the quietest and fastest electric flour mills available.  It may be used to grind wheat, rice and other small grains at temperatures that preserve nutrients, but will also grind legumes and beans as large as garbanzos. The WonderMill is adjustable to provide a texture ranging from fine pastry flour to coarse flour. Our electric WonderMill has a relatively large capacity and a 1250 watt motor that enables it to grind approximately 100 pounds of flour in one hour.  The electric WonderMill has also been designed to be easy to use. The user simply fills the hopper, selects the grinding setting, turns it on and it begins to grind the grain. There are no small parts or gaskets to misplace, and cleaning the WonderMill is quick, easy and almost dust free. The list price for our electric WonderMill is $259.95.

We believe our Wonder Junior Hand Grain Mill is a high quality and versatile hand mill. The Wonder Junior will grind wheat, rice and other small grains and will also grind legumes and beans as large as garbanzos. It can be adjusted to create very fine flour or coarse cracked grains for cereals. By swapping the stone heads for the stainless steel burr heads a user can also make peanut butter or other nut butters, can grind flax or any other oily or wet grain, and can grind herbs and spices, soy beans, and legumes. The whole Wonder Junior mill is powder-coated making it safe to wash for easy clean up. The hopper is large and holds over one quart. The octagon shape of the hopper makes it easy to fill. And because the Wonder Junior is one-piece construction the user does not need to worry about the hopper coming off during milling like some other hand grain mill models. The Wonder Junior also contains a heavy-duty patented double clamp which attaches to tables or counters up to two inches thick.  The Wonder Junior Hand Grain Mill uses large lifetime lubricated bearings and has a heavy base that can be bolted to any table or counter if desired.  We believe the stone heads on the Wonder Junior are approximately one-third thicker than most of the competing manual grain mills which are designed to result in a smoother operation. In seconds, the high-quality stainless steel burr heads can be put on the Wonder Junior for milling wet or oily grains.  The Wonder Junior is also easy to use. The user simply loads the easy-fill hopper, turns the handle, and it begins to grind flour or other grains. The list price for the Wonder Junior Hand Grain Mill is $219.95.

Manufacturing

Our mills are manufactured to our specifications under contract with a manufacturer in India for our Wonder Junior Hand Grain Mill and in Korea for our electric WonderMill and we are dependent on such suppliers to provide us with our inventory of products.  Such manufacturers manufacture our products pursuant to purchase orders provided by us from time to time and then drop ship the products to our warehouse in Pocatello, Idaho and to our authorized resellers in Australia and the United Kingdom.  We typically order a minimum of 500 products in each purchase order and we attempt to maintain an inventory of 1,000 products in our warehouse.  We submit payment with our purchase orders and we submit our purchase orders based on sales projections that take into account the prior year’s sales, sales in the current year, general economic conditions and other factors.  The lead time between submission of a purchase order and delivery of finished products is approximately 60 days for our electric WonderMill and approximately 90 days for our Wonder Junior Hand Grain Mill.  If we should underestimate sales and fail to timely submit purchase orders for new products, we could face delays in providing our products to dealers and their customers which could have a negative effect on our reputation and result in a decline in our product sales.  If we should overestimate sales, we will have invested our capital in products that remain in our warehouse or in the facilities of our authorized resellers, which will have a negative effect on our financial condition and results of operations.  No assurances can be given that we will be able to accurately predict sales so as to maintain an optimal level of inventory in our system.

Our products are assembled using parts that we believe to be readily available from several sources and we believe the assembly process could be performed by a number of different manufacturers in India and Asia.  However, we are dependent on our current manufacturers to provide timely deliveries of quality parts and products in order to meet customer demand for the timely delivery of our products.  Furthermore, the ability of our manufacturers and their suppliers to timely deliver raw materials, parts and finished goods may be affected by events beyond their control, such as the inability of shippers to timely deliver merchandise due to work stoppages or slowdowns, or significant weather and health conditions (such as SARS) affecting manufacturers and/or shippers.  Any adverse change in such things as our relationship with our third party manufacturers, the financial condition of such manufacturers, our ability to import our products from such manufacturers and their ability to manufacture and deliver our products on a timely basis could have a material adverse effect on our business, results of operations and financial condition.  No assurance can be given that we could quickly or effectively replace any of our manufacturers if the need arose, and we cannot assure you that we could retrieve tooling and molds possessed by either of our manufacturers.  Our dependence on these two manufacturers could also adversely affect our ability to react quickly and effectively to changes in the market for our products.  The use of international manufacturers also subjects us to several significant risks that are beyond our control and the control of our manufacturers including, among other things, labor unrest, social, political and economic instability, restrictions on transfers of funds, domestic and international customs and tariffs, unexpected changes in regulatory environments and potentially adverse tax consequences.

 
3
 
Labor in India and Korea has historically been readily available at relatively low cost as compared to labor costs in North America.  However, both countries have experienced rapid social, political and economic changes in recent years. We cannot assure you that labor will continue to be available to us in India or Korea at costs consistent with historical levels or that changes in labor or other laws will not be enacted which would have a material adverse effect on our operations in such countries.  A substantial increase in labor costs in India or Korea could have a material adverse effect on our business, results of operations and financial condition.

Marketing and Sales

We sell our grain mills on a wholesale basis to retail dealers in all fifty states, in Australia, Canada, the United Kingdom and other foreign countries and to several online retailers.  We maintain a website at www.thewondermill.com that includes information about our products, video demonstrations, dealer locator information, customer reviews, recipes for use with WonderMill products, information with regard to grain varieties and where to purchase them, customer support and repair forms and information on how to become a dealer.  John Hofman and Bruce Crane, our officers, directors and principal stockholders, each own retail stores that purchase our WonderMill grain mills from us on the same terms as other retailers.  Sales to these related parties for our 2011 and 2010 fiscal years were $108,083 and $82,886, respectively, which amounted to 6% and 7%, respectively, of our total sales.  In addition, we have one other customer that accounted for 12% and 10%, respectively, of our total sales during our 2011 and 2010 fiscal years.    The loss of any of these major customers would be expected to have a material adverse effect on our results of operations.

We incur advertising costs of a non-direct nature due in connection with advertising on our website and to our authorized dealers.  During our fiscal years ended December 31, 2011 and 2010 our advertising costs were $19,520 and $8,734, respectively.

Intellectual Property

We hold a patent on our Wonder Junior Hand Grain Mill and we hold trademarks on the design of the electric WonderMill and the name “WonderMill.”  We also hold a copyright on the Wonder Junior Hand Grain Mill.  However, no assurance can be given that this patent and these trademarks will provide sufficient protection against potential competitors and we may be unable to successfully assert our intellectual property rights or these rights may be invalidated, circumvented or challenged.  Any such inability, particularly with respect to our product names, or a successful intellectual property challenge or infringement proceeding against us, could have a material adverse effect on our business.

Facilities

Our offices are located at 322 West Griffith Road, Pocatello, Idaho  83201, where our telephone number is (208) 234-9352.  Our facilities consist of approximately 3,000 square feet of warehouse and office space located in a building owned by Big John’s Store LLC, a company owned by John Hofman, our president, director and principal stockholder.  Such space is shared with Big John’s Store LLC, a retail store owned by Mr. Hofman.  Such space is provided to us under an Idaho Management Agreement with Big John’s Store LLC pursuant to which we pay a flat monthly rate for management services and the use of such space.  Such agreement is on a month-to-month basis.

 
4
 
Competition
 
The home grain grinding industry is intensely competitive with respect to price, quality, features and durability and it is often difficult to entice customers to try a new product.  There are also many well-established competitors with substantially greater financial and other resources than the Company.  Such competitors include a large number of national and regional companies and most of our competitors have been in existence for a substantially longer period than have we and are better established.  We believe our primary competitors are Blendtec which produces the Blendtec Grain Mill, Nutrimill, which produces the Nutrimill Wheat Grinder, Country Living, which produces the Country Living Grain Mill, and Chris Enterprises, which produces the Family Grain Mill.  Almost all of such competitors are more established and have more experience and financial and human resources than do we.  As such, there can be no assurance that we will be able to compete effectively in our chosen market.  In addition, a change in the pricing, marketing or promotional strategies or product mix of one or more of these competitors could have a material adverse impact on our sales and earnings.

Government Regulation

Our operations are subject to numerous Federal, state and local government regulations, including those relating to the manufacture and distribution of electric and food preparation equipment and the importation of manufactured products from foreign countries.  Our electric WonderMills meet the applicable requirements of Underwriters Laboratories (UL), Canadian Standards Association (CSA), and have received CE mark approval in Europe. The failure to comply with such requirements or increase in the cost of compliance could adversely affect our operations.  Our company is subject to licensing and regulation by a number of governmental authorities, which include health, safety, sanitation, building and fire agencies in Idaho. We are also subject to Federal and state environmental regulations, but these have not had a material effect on our operations to date.  Our operations are also subject to Federal and state laws governing such matters as wages, working conditions, citizenship requirements and overtime.

Employees and Consultants

We currently have two employees, both of whom are officers and directors of the Company.  None of our employees is represented by a labor union and we believe our relationship with our employees to be good.  The loss of our officers, particularly our president, would have a material adverse impact on our business and there is no assurance that we could locate qualified replacements.  We have not entered into employment agreements with our officers and we do not carry “key man” life insurance on their lives.
 
Item 1A.  Risk Factors
 
Risk Factors

Our business involves significant risks.  Prospective investors are cautioned not to make an investment in our stock unless they can afford to lose their entire investment.  Prospective investors should carefully consider the following risk factors and the other information included in this annual report before deciding to buy our stock.

We only manufacture and distribute one product line and this lack of diversification subjects us to additional risks in the event sales of such product line should decline

We manufacture and distribute only the WonderMill and Wonder Junior Hand Grain Mill and we are dependent on sales of such products in order to conduct profitable operations.  If sales of such WonderMill products should decline for any reason including, changes in consumer taste, the introduction of new competing products, damage to our reputation in connection with product liability or customer complaints, or any number of other reasons, such decrease in sales may be anticipated to have a material adverse effect on our results of operations.

Our reliance on manufacturing facilities and suppliers in India and Korea could make us vulnerable to supply interruptions related to the political, legal and cultural environments in India and Korea

Our products are manufactured by third-party manufacturers in India and Korea. Our ability to continue to select reliable vendors who provide timely deliveries of quality parts and products will impact our success in meeting customer demand for timely delivery of quality products. Furthermore, the ability of third-party manufacturers to timely deliver finished goods and/or raw materials, may be affected by events beyond their control, such as inability of shippers to timely deliver merchandise due to work stoppages or slowdowns, or significant weather and health conditions (such as SARS) affecting manufacturers and/or shippers.  Any adverse change in, among other things, any of the following could have a material adverse effect on our business, results of operations and financial condition:
 

 
5
 

 
•
  
our relationship with third-party manufacturers;
 
 
•
  
the financial condition of our third-party manufacturers or their suppliers;
 
 
•
  
our ability to import products from these third-party manufacturers; or
 
 
•
  
our third-party manufacturers’ ability to manufacture and deliver outsourced products on a timely basis.

We cannot assure you that we could quickly or effectively replace any of our manufacturers if the need arose, and we cannot assure you that we could retrieve tooling and molds possessed by any of our third-party manufacturers.  Our dependence on these two suppliers could also adversely affect our ability to react quickly and effectively to changes in the market for our products. In addition, international manufacturing is subject to significant risks, including, among other things:
 
 
•
  
labor unrest;
 
 
•
  
social, political and economic instability;
 
 
•
  
restrictions on transfer of funds;
 
 
•
  
domestic and international customs and tariffs;
 
 
•
  
unexpected changes in regulatory environments; and
 
 
•
  
potentially adverse tax consequences.

Labor in India and Korea has historically been readily available at relatively low cost as compared to labor costs in North America.  However, both countries have experienced rapid social, political and economic changes in recent years. We cannot assure you that labor will continue to be available to us in India or Korea at costs consistent with historical levels or that changes in labor or other laws will not be enacted which would have a material adverse effect on our operations in such countries. A substantial increase in labor costs in India or Korea could have a material adverse effect on our business, results of operations and financial condition.  No assurances can be given that our business will not be affected by the aforementioned risks, each of which could have a material adverse effect on our business, results of operations and financial condition.  The foregoing factors may have a material adverse effect on our ability to increase or maintain our supply of products, our financial condition or the results of our operations.

Three customers account for a significant percent of our total sales and the loss of any of such customers could adversely affect our results of operations and financial condition
 
During our 2011 and 2010 fiscal years,  purchases of our WonderMill products by two retail stores owned by John Hofman and Bruce Crane, our officers, directors and principal stockholders, accounted for approximately 6% and 7%, respectively, of our total sales.  In addition, purchases by one other customer accounted for 12% and 10%, respectively, of our total sales during our 2011 and 2010 fiscal years.  The loss of any of these major customers would be expected to have a material adverse effect on our results of operations and financial condition.

Changes in the retail industry and markets for consumer products affecting our customers or retailing practices could negatively impact existing customer relationships and our results of operations

 
6
 

We sell our WonderMill grain mills to retail dealers, including natural foods stores, emergency preparedness stores, and mass merchant retailers. A significant deterioration in the financial condition of our major customers or a significant number of our smaller customers could have a material adverse effect on our sales and profitability. A bankruptcy filing by a key customer or customers could also have a material adverse effect on our business, results of operations and financial condition.  In addition, as a result of the desire of retailers to more closely manage inventory levels, there is a growing trend among retailers to make purchases on a “just-in-time” basis. This requires us to shorten our lead time for production in certain cases and more closely anticipate demand, which could in the future require us to carry additional inventories.

Our business involves the potential for product recalls, product liability and other claims against us, which could affect our earnings and financial condition

As a manufacturer and distributor of consumer products, we are subject to the Consumer Products Safety Act, which empowers the Consumer Products Safety Commission to exclude from the market products that are found to be unsafe or hazardous.  Under certain circumstances, the Consumer Products Safety Commission could require us to repurchase or recall one or more of our products.  Additionally, laws regulating certain consumer products exist in some cities and states and more restrictive laws and regulations may be adopted in the future. Any repurchase or recall of our products could be costly to us and could damage our reputation. If we were required to remove, or we voluntarily removed, our products from the market, our reputation could be tarnished and we might have large quantities of finished products that we could not sell.

We also face exposure to product liability claims in the event that one of our products is alleged to have resulted in property damage, bodily injury or other adverse effects.  Although we maintain product liability insurance in amounts that we believe are reasonable, we cannot assure you that we will be able to maintain such insurance on acceptable terms, if at all, in the future or that product liability claims will not exceed the amount of insurance coverage. Additionally, we do not maintain product recall insurance. As a result, product recalls or product liability claims could have a material adverse effect on our business, results of operations and financial condition.  In addition, we face potential exposure to unusual or significant litigation arising out of alleged defects in our products or otherwise. We spend time and resources to comply with governmental and other applicable standards.  However, compliance with these standards does not necessarily prevent individual or class action lawsuits, which can entail significant cost and risk.  We do not maintain insurance against many types of claims involving alleged defects in our products that do not involve personal injury or property damage.  As a result, these types of claims could have a material adverse effect on our business, results of operations and financial condition.
 
The infringement or loss of our proprietary rights could have an adverse effect on our business

We believe that our rights in owned and licensed names are a significant part of our business and that our ability to create demand for our products is dependent to a large extent on our ability to exploit these trademarks. The breadth or degree of protection that these trademarks afford us may be insufficient, or we may be unable to successfully leverage our trademarks in the future. The costs associated with protecting our intellectual property rights, including litigation costs, may be material.  We may be unable to successfully assert our intellectual property rights or these rights may be invalidated, circumvented or challenged.  Any such inability, particularly with respect to the names of our products, or a successful intellectual property challenge or infringement proceeding against us, could have a material adverse effect on us.  In addition, because our business strategy is heavily dependent upon the use of brand names, adverse publicity with respect to products that are not sold by us, but bear the same brand names, could have a material adverse effect on us.
     
Government regulations could adversely impact our operations

Throughout the world, most federal, state, provincial and local authorities require Underwriters Laboratory, Inc. or other safety regulation certification prior to marketing electrical appliances in those jurisdictions. Our electric WonderMill product has such certifications. However, our product may not continue to meet such specifications. Many foreign, federal, state and local governments also have enacted laws and regulations that govern the labeling and packaging of products and limit the sale of products containing certain materials deemed to be environmentally sensitive. A determination that we are not in compliance with such rules and regulations could result in the imposition of fines or an award of damages to private litigants.

 
7
 

We face risks related to the current economic crisis

The continued credit crisis and related turmoil in the global financial system has had and may continue to have an impact on our business and our financial condition. Global economic conditions have significantly impacted economic markets within certain sectors, with the financial sector and retail businesses being particularly impacted. Our ability to generate revenue from sales of our WonderMill grain mills depends significantly on discretionary consumer spending. It is difficult to predict new general economic conditions that could impact consumer and customer demand for our products or our ability to manage normal commercial relationships with our customers, suppliers and creditors.  The recent continuation of a number of negative economic factors, including heightened investor concerns about the credit quality of mortgages, constraints on the supply of credit to households, continuing increases in energy prices, lower equity prices, softening home values, uncertainty and perceived weakness in the labor market and general consumer fears of a shallow recovery or renewed recession could have a negative impact on discretionary consumer spending. If the current situation deteriorates significantly, our business could be negatively impacted, including as a result of reduced demand for our products or supplier or customer disruptions. Any significant decrease in discretionary consumer spending could have a material adverse effect on our revenues, results of operations and financial condition. In addition, our ability to access the capital markets may be severely restricted at a time when we would like or need to do so, which could have an impact on our flexibility to react to changing economic and business conditions.

We may not be able to continue to absorb the costs of being a public company

As a reporting company under the Exchange Act, we are required to file quarterly, annual and current reports with the SEC, to prepare unaudited interim financial statements and annual audited financial statements, to periodically review our disclosure controls and our control over internal financial accounting, and otherwise to comply with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the provisions of Federal and state law applicable to public companies.  Our status as a publicly reporting company results in significant additional costs, primarily in the form of legal and accounting fees, that we estimate to range from approximately $40,000 to $70,000 per year, and there is no assurance that we will be able to continue to absorb the costs of being a public reporting company or that such costs will not have a material adverse effect on our results of operations and financial condition.  In addition, if our stock should ever become listed on a national stock exchange, we will incur additional costs in complying with the requirements of such exchange.

We will be required to establish and maintain acceptable internal controls related to financial reporting which will be difficult, time consuming and expensive

As a public reporting company, our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act).  Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.  Such controls will be reviewed by our independent registered public accounting firm in connection with the annual audit of our financial statements and in the future such firm may be required to provide a report with respect to our internal control over financial reporting.  Since we do not have employees with the requisite accounting expertise or experience or an internal audit or accounting group, we will need to rely on consultants and other outside experts to assist us in establishing and maintaining internal control over financial reporting which is anticipated to be expensive.  There is no assurance that we will be able to pay the costs of establishing such controls or that we will be able to establish controls that are free from material weaknesses.

We depend on our officers and the loss of their services would have an adverse effect on our business

We have only two employees, both of whom are officers of the Company.  We are dependent on our officers, particularly our president, to operate our business and the loss of such person would have an adverse impact on our operations until such time as he could be replaced, if he could be replaced.  We do not have employment agreements with our officers and we do not carry key man life insurance on their lives.  (See “Management.”)

Because we are significantly smaller than the majority of our competitors, we may lack the resources needed to capture market share

 
8
 


The home grain grinding business is highly competitive and is affected by changes in consumer tastes, as well as national, regional and local economic conditions and demographic trends. Our sales can be affected by changes in consumer tastes and practices, the costs of purchasing fresh ground grain at retail outlets, the popularity of grinding grain at home for health and emergency preparedness reasons, and the type, price and quality of competing grinders available in the marketplace. The home grain grinding business is extremely competitive with respect to price, quality, features and durability.  We compete with a variety of other manufacturers of home grain grinders including national and regional companies with name brand recognition who manufacture more than just a single product or product line.  Many of our competitors have been in existence longer and have a more established market presence and substantially greater financial, marketing and other resources than do we.  New competitors may emerge and may develop new or innovative grain grinding products that compete with our WonderMill. No assurance can be given that we will be able to continue to compete successfully in the home grain grinding business.

There is currently no trading market for our stock and there is no assurance that any market will develop in the future, which means a purchaser of our shares may not be able to resell the shares in the future

There is currently no trading market for our stock, and there can be no assurance that an active or liquid trading market for our stock will develop in the future. As a result, an investment in our common stock must be considered an “illiquid” investment and a purchaser may not be able to resell the shares acquired by him, her or it in the future.  (See “Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.”)

Our stock will be subject to special sales practice requirements that could have an adverse impact on any trading market that may develop for our stock

Our stock will be subject to special sales practice requirements applicable to “penny stocks” which are imposed on broker-dealers who sell low-priced securities of this type.  These rules may be anticipated to affect the ability of broker-dealers to sell our stock, which may in turn be anticipated to have an adverse impact on the market price for our stock if and when a trading market should develop.  (See “Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.”)

Our officers and directors own a majority of our issued and outstanding shares and other stockholders have little or no ability to elect directors or influence corporate matters

As of March 23, 2012, our officers, directors and founding stockholders were the beneficial owners of approximately 85.7% of our issued and outstanding shares of common stock.  Such persons will be able to determine the outcome of actions taken by us that require stockholder approval. For example, they will be able to elect all of our directors and control the policies and practices of the Company. (See “Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.”)

All of our issued and outstanding shares are currently eligible for sale under Rule 144, which may have an adverse impact on any trading market that may develop for our common stock

Of the 21,000,000 issued and outstanding shares of our common stock, approximately 18,000,000 shares constitute restricted securities held by affiliates of the Company and 3,000,000 shares constitute shares held by non-affiliates which may currently be traded without restriction.   Once restricted shares have been held by shareholders who are non-affiliates for more than one year, such non-affiliates are able to sell such shares in any market for our common stock without limitation.  For stockholders who are “affiliates” of the Company, which generally includes officers, directors and 10% or greater stockholders, Rule 144 generally requires that they not make any sales unless the Company is current in the filing of periodic reports with the SEC, that they file notices on Form 144 with respect to such sales, and that their public sales of restricted securities do not exceed the greater of 1% of the Company’s issued and outstanding shares of common stock or 1% of the average trading volume on a national exchange during the preceding four weeks.  The possibility of sales under Rule 144 may, in the future, have a depressive effect on the price of the Company’s securities in any market which may develop.

We do not anticipate paying dividends in the foreseeable future

 
9
 

We have never paid dividends on our stock. The payment of dividends, if any, on the common stock in the future is at the discretion of the board of directors and will depend upon our earnings, if any, capital requirements, financial condition and other relevant factors. The board of directors does not intend to declare any dividends on our common stock in the foreseeable future.

We have only two directors and they are not independent directors, which means our board of directors may be influenced by the concerns, issues or objectives of management to a greater extent than would occur with a number of independent directors

We have only two directors and they are not independent directors.  As a result, our board of directors may be influenced by the concerns, issues or objectives of management to a greater extent than would occur with independent board members. In addition, we do not have the benefit of having persons independent of management review, comment and direct our corporate strategies and objectives and oversee our reporting processes, our disclosure controls and procedures and our internal control over financial reporting.
 
We have the ability to issue additional shares of common stock and to issue shares of preferred stock without stockholder approval

The Company is authorized to issue up to 100,000,000 shares of common stock.  To the extent of such authorization, the officers of the Company have the ability, without seeking stockholder approval, to issue additional shares of common stock in the future for such consideration as they believe to be sufficient. The issuance of additional common stock in the future will reduce the proportionate ownership and voting power of the Company’s current stockholders.   The Company is also authorized to issue up to 5,000,000 shares of preferred stock, the rights and preferences of which may be designated in series by the board of directors. To the extent of any authorizations, such designations may be made without stockholder approval. The designation and issuance of a series of preferred stock in the future could create additional securities which may have voting, dividend, liquidation preferences or other rights that are superior to those of the common stock, which could effectively deter any takeover attempt of the Company.

Item 1B.  Unresolved Staff Comments.

Not Applicable.  The Company is a “smaller reporting company.”

Item 2.  Properties.

Our offices are located at 322 West Griffith Road, Pocatello, Idaho  83201, where our telephone number is (208) 234-9352.  Our facilities consist of approximately 3,000 square feet of warehouse and office space located in a building owned by Big John’s Store LLC, a company owned by John Hofman, our president, director and principal stockholder, which is shared with Big John’s, a retail store owned by Mr. Hofman.  Such space is provided to us under an Idaho Management Agreement with Big John’s Store LLC pursuant to which we pay a flat rate of $10,700 per month for management services and the use of such space.  Such agreement is on a month-to-month basis.

Item 3.  Legal Proceedings.

The Company is not a party to any material legal proceedings, and to our knowledge, no such legal proceedings have been threatened against us.

Item 4.  Mine Safety Disclosures.

Not Applicable.

 
10
 
Part II

Item 5.  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

In November 2011, the Company’s common stock became included on the OTC Bulletin Board under the symbol “GROT.”  However,  there currently is no active trading market for the Company's stock and there can be no assurance that an active trading market for the Company's stock will develop in the future.

On March 23, 2012, the bid and asked prices for the Company’s common stock on the OTC Bulletin Board were $0.10 and $10.00, respectively.

At March 23, 2012, there were 31 holders of record of the Company's common stock, as reported by the Company's transfer agent.  In computing the number of holders of record, each broker-dealer and clearing corporation holding shares on behalf of its customers is counted as a single stockholder.

No dividends have ever been paid on the Company's securities, and the Company has no current plans to pay dividends in the foreseeable future.
 
Special Sales Practice Requirements with Regard to “Penny Stocks”

In order to protect investors from patterns of fraud and abuse that have occurred in the market for low priced securities commonly referred to as “penny stocks,” the SEC has adopted regulations that generally define a “penny stock” to be any equity security having a market price (as defined) less than $5.00 per share, or an exercise price of less than $5.00 per share, subject to certain exceptions.  We anticipate that the price of our stock in any trading market that may develop in the future would be well below $5.00 per share and that our stock will be subject to the “penny stock” regulations.  As a result, broker-dealers selling our common stock will be subject to additional sales practices when they sell our stock to persons other than established clients and “accredited investors.”  For transactions covered by these rules, before the transaction is executed, the broker-dealer must make a special customer suitability determination, receive the purchaser’s written consent to the transaction and deliver a risk disclosure document relating to the penny stock market.  The broker-dealer  must also  disclose the  commission  payable to both the broker-dealer and the registered representative taking the order, current quotations  for the securities  and, if applicable, the fact that the broker-dealer is the sole market maker and the broker-dealer’s presumed control over the market.  Monthly statements must be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks.  Such “penny stock” rules may restrict trading in our common stock and may deter broker-dealers from effecting transactions in our common stock.

Transfer Agent

Action Stock Transfer Corp., 7069 South Highland Dr., Suite 300, Salt Lake City, UT 84121, Telephone:  (801) 274-1088, serves as the transfer agent and registrar for our common stock.

Recent Sales of Unregistered Securities

During our 2011 fiscal year, we did not sell any unregistered securities.

Issuer Purchases of Equity Securities

We have not adopted a stock repurchase plan and we did not purchase any shares of our equity securities during the 2011 fiscal year.

 
11
 
Item 6.  Selected Financial Data

Not Applicable.  The Company is a “smaller reporting company.”

Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion in conjunction with our financial statements, which are included elsewhere in this report.  The following information contains forward-looking statements. (See “Forward-Looking Statements” and “Item 1A. Risk Factors.”)

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.  These statements reflect the Company’s views with respect to future events based upon information available to it at this time.  These forward-looking statements are subject to certain uncertainties and other factors that could cause actual results to differ materially from these statements.  These uncertainties and other factors include, but are not limited to the risk factors described in Part I, Item 1A hereof under the caption “Risk Factors.”  The words “anticipates,” “believes,” “estimates,” “expects,” “plans,” “projects,” “targets” and similar expressions identify forward-looking statements.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.  The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changes in assumptions, future events or otherwise.

General

Grote Molen, Inc. (“Grote Molen”) was incorporated under the laws of the State of Nevada on March 15, 2004. BrownWick, LLC (“BrownWick”), a wholly-owned subsidiary, was formed in the State of Idaho on June 5, 2005. The principal business of Grote Molen and BrownWick (collectively the “Company”) is to distribute electrical and hand operated grain mills and related accessories for home use.

Critical Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires our management to make assumptions, estimates and judgments that affect the amounts reported in the financial statements, including the notes thereto, and related disclosures of commitments and contingencies, if any. We consider our critical accounting policies to be those that require the more significant judgments and estimates in the preparation of financial statements, including the following:

Accounts Receivable

Trade accounts receivable are carried at original invoice amount less an estimate made for doubtful accounts. We determine the allowance for doubtful accounts by identifying potential troubled accounts and by using historical experience and future expectations applied to an aging of accounts. Trade accounts receivable are written off when deemed uncollectible. Recoveries of trade accounts receivable previously written off are recorded as income when received. We determined that no allowance for doubtful accounts was required at December 31, 2011 and December 31, 2010.

Inventories

Inventories, consisting primarily of grain mills, parts and accessories, are stated at the lower of cost or market, with cost determined using primarily the first-in-first-out (FIFO) method. We purchase substantially all inventories from two foreign suppliers, and have been dependent on those suppliers for substantially all inventory purchases since we commenced operations.

Deposits
 
At times, we are required to pay advance deposits toward the purchase of inventories from our principal suppliers. Such advance payments are recorded as deposits, a current asset in the accompanying consolidated financial statements.

 
12
 
Property and Equipment

Property and equipment are carried at cost, less accumulated depreciation. Depreciation is computed using the straight-line method based on the estimated useful lives of the assets, which range from 3 to 10 years. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed and any resulting gain or loss is recognized in operations for the period. The cost of maintenance and repairs is charged to operations as incurred. Significant renewals and betterments are capitalized.

Intangible Assets

Intangible assets are recorded at cost, less accumulated amortization. Amortization is computed using the straight-line method based on the estimated useful lives or contractual lives of the assets, which range from 10 to 30 years.

Impairment of Long-Lived Assets

We periodically review our long-lived assets, including intangible assets, for impairment when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. No events or changes in circumstances have occurred to indicate that the carrying amount of our long-lived assets may not be recoverable. Therefore, no impairment loss was recognized during the years ended December 31, 2011 and 2010.

Revenue Recognition

We record revenue from the sales of grain mills and accessories in accordance with the underlying sales agreements when the products are shipped, the selling price is fixed and determinable, and collection is reasonably assured.

Warranties

We provide limited warranties to our customers for certain of our products sold.  We perform warranty work at our service center in Pocatello, Idaho or at other authorized service locations.  Warranty expenses have not been material to our consolidated financial statements.

Research and Development Costs

Research and development costs are expensed as incurred in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification™ (“ASC”) Topic 730, Research and Development. The costs of materials and other costs acquired for research and development activities are charged to expense as incurred. Salaries, wages, and other related costs of personnel, as well as other facility operating costs are allocated to research and development expense through management’s estimate of the percentage of time spent by personnel in research and development activities. We had no material research and development costs for the years ended December 31, 2011 and 2010.

Income Taxes

We account for income taxes in accordance with FASB ASC Topic 740, Income Taxes, using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

FASB ASC Topic 740, Income Taxes, requires us to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, we must measure the tax position to determine the amount to recognize in our consolidated  financial statements. We performed a review of our material tax positions in accordance with recognition and measurement standards established by ASC Topic 740 and concluded we had no unrecognized tax benefit which would affect the effective tax rate if recognized for the years ended December 31, 2011 and 2010.

 
13
 
We include interest and penalties arising from the underpayment of income taxes, if any, in our consolidated statements of operations in general and administrative expenses. As of December 31, 2011 and December 31, 2010, we had no accrued interest or penalties related to uncertain tax positions.

Fair Value of Financial Instruments

Our financial instruments consist of cash, accounts receivable, accounts payable and notes payable. The carrying amount of cash, accounts receivable and accounts payable approximates fair value because of the short-term nature of these items. The carrying amount of the notes payable approximates fair value because the interest rates on the notes approximate market rates of interest.

Results of Operations

Sales

Our business is not seasonal; however, our quarterly sales, including sales to related parties, may fluctuate materially from period to period.  For the year ended December 31, 2011, our sales increased to $1,681,439 from $1,223,509 for the year ended December 31, 2010, an increase of $457,930, or approximately 37%.  The increase in sales in the current year resulted primarily as a result of successful marketing of our hand operated grain mills.  We also increased significantly our advertising during the current year, with positive results.

We have historically derived a portion of our revenues from sales to related parties.  Each of our two principal stockholders own companies that are significant customers. Our sales were comprised of the following for the years ended December 31:

   
2011
    
2010
  
             
Sales
   $ 1,573,356     $ 1,140,623  
Sales – related parties
     108,083       82,886  
                 
Total sales
   $ 1,681,439     $ 1,223,509  

Sales to related parties represented approximately 6% and 7% of total sales for the years ended December 31, 2011 and 2010, respectively.

Cost of Sales

Cost of sales for the year ended December 31, 2011 was $1,201,801, compared to $846,021 for the year ended December 31, 2010, an increase of $355,780, or approximately 42%.  This increase in cost of sales is primarily attributed to the increase in sales in the current year.  Cost of sales as a percentage of sales may fluctuate from period to period, based on the mix of products sold during a particular period and pricing arrangements with our suppliers.  Cost of sales as a percentage of sales was approximately 71% for the year ended December 31, 2011, compared to approximately 69% for the year ended December 31, 2010.  We purchase substantially all inventories from two foreign suppliers, and have been dependent on those suppliers for substantially all inventory purchases since we commenced operations.

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $400,742 for the year ended December 31, 2011, compared to $308,121 for the year ended December 31, 2010, an increase of $92,621 or approximately 30%.  The increase in these expenses in the current year is primarily attributed to an increase in our monthly management fee, advertising, website development expenses, medical related benefits and outgoing freight expenses.

 
14
 


Pursuant to an agreement effective in February 2011, we pay a monthly management fee to a company owned by one of the major stockholders of the Company to manage the day-to-day business activities of the Company and provide business space. The agreement is on a month-to-month basis and can be cancelled at any time by the vote of management. We paid monthly management fees in varying amounts to this related party pursuant to prior agreements approved by the stockholders of the Company.  Effective February 1, 2011, the monthly fee was increased from $9,200 to $10,700 as a result of the increase in its costs of providing the space to the Company.  Also included in management fees are monthly payments of $150 to another major stockholder of the Company for expense reimbursement.  Included in selling, general and administrative expenses were management fees totaling $128,700 and $112,200 for the years ended December 31, 2011 and 2010, respectively.

Depreciation and Amortization Expense

Depreciation and amortization expense currently is not material to our business and has remained relatively constant for both years presented.  Depreciation and amortization expense was $2,582 and $2,456 for the years ended December 31, 2011 and 2010, respectively.

Research and Development Expenses

Research and development activities are not currently significant to our business.  We did not incur material research and development expenses in the years ended December 31, 2011 and 2010.

Other Expense

Other expense includes interest expense on indebtedness to related and non-related parties.  Total interest expense – related parties remained fairly constant for both years presented and was $18,115 and $18,041 for the years ended December 31, 2011 and 2010, respectively.  Interest expense to non-related parties was $1,656 for the year ended December 31, 2011, due to new notes payable to non-related parties added during the current year.

Liquidity and Capital Resources

As of December 31, 2011, we had total current assets of $756,104, including cash of $251,401, and current liabilities of $227,895, resulting in working capital of $528,209.  Our current assets and working capital included inventories of $118,584 and deposits of $335,490.  At times, we are required to pay significant advance deposits toward the purchase of inventories from our principal suppliers.  In addition, as of December 31, 2011, we had total stockholders’ equity of $404,935.  We have financed our operations, the acquisition of inventories, and the payment of vendor deposits from our operations, short-term loans from our principal stockholders and non-related parties, and from the issuance of our common stock.

For the year ended December 31, 2011, net cash provided by operating activities was $126,349, as a result of our net income of $42,015, non-cash expenses of $2,582, decreases in inventories of $41,763, deposits of $49,054 and prepaid expenses of $1,789, and increases in accounts payable of $110, accrued interest payable – related parties of $5,011, accrued interest payable of $1,656 and income taxes payable of $4,190, partially offset by an increase in accounts receivable of $21,821.

By comparison, for the year ended December 31, 2010, net cash used in operating activities was $777, as a result of increases in accounts receivable of $167, deposits of $132,791 and prepaid expenses of $1,953 and decreases in accounts payable of $8,176 and income taxes payable of $9,723, partially offset by our net income of $37,177, non-cash expenses of $2,456, decrease in inventories of $107,983, and an increase in accrued interest payable – related parties of $4,417.

For the year ended December 31, 2010, we had net cash used in investing activities of $848 consisting of the acquisition of property and equipment.  We had no cash used in or provided by investing activities in the year ended December 31, 2011.

For the year ended December 31, 2011, net cash provided by financing activities was $13,293, comprised of proceeds from the issuance of notes payable of $35,000, partially offset by repayment of long-term debt – related party of $21,707.

 
15
 
For the year ended December 31, 2010, net cash provided by financing activities was $12,280, comprised of $15,000 from the proceeds of notes payable – related parties, partially offset by repayment of long-term debt – related party of $2,720.

At December 31, 2011, we had short-term notes payable – related parties totaling $95,627, which are payable to our principal stockholders, are unsecured, bear interest at 6% per annum and are generally due on demand.  In addition, at December 31, 2011, we had short-term notes payable to non-related parties totaling $35,000, which are unsecured, bear interest at 8% per annum and are due on demand.

At December 31, 2011, we had long-term debt – related party of $172,380 (current portion $37,164) payable to a principal stockholder, bearing interest at 6.97% per annum and due in monthly installments of $4,000 through February 2016.  Effective June 1, 2011, the parties agreed to increase the monthly payment on the long-term debt – related party from $1,362 to $4,000.

Accrued interest payable – related parties was $23,463 and $18,452 at December 31, 2011 and 2010, respectively.

We believe we will have adequate funds to meet our obligations for the next twelve months from our current cash and projected cash flows from operations.

Recent Accounting Pronouncements

There were no new accounting pronouncements issued during the year ended December 31, 2011 and through the date of this filing that we believe are applicable or would have a material impact on the consolidated financial statements of the Company.

Off-Balance Sheet Arrangements

Pursuant to an agreement effective in February 2011, we pay a monthly management fee to a company owned by one of the major stockholders of the Company to manage the day-to-day business activities of the Company and provide business space. The agreement is on a month-to-month basis and can be cancelled at any time by the vote of management. We paid monthly management fees in varying amounts to this related party pursuant to prior agreements approved by the stockholders of the Company.  Effective February 1, 2011, the monthly fee was increased from $9,200 to $10,700 as a result of the increase in the costs of providing the space to the Company.

We also pay another major stockholder of the Company at the rate of $150 per month for expense reimbursement.

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk

Not Applicable.  The Company is a “smaller reporting company.”

Item 8.  Financial Statements and Supplementary Data

The following financial statements are being filed with this report and are located immediately following the signature page.

Index to Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm
Consolidated Balance Sheets as of December 31, 2011 and 2010
Consolidated Statements of Operations for the years ended December 31, 2011 and 2010
Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2011 and 2010
Consolidated Statements of Cash Flows for the years ended December 31, 2011 and 2010
Notes to Consolidated Financial Statements

 
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Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our President and Treasurer who serves as our principal executive and principal financial officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (“the Exchange Act”) as of December 31, 2011, the end of the period covered by this report.  Based upon that evaluation, our President and Treasurer, concluded that our disclosure controls and procedures as of December 31, 2011 were effective such that the information required to be disclosed by us in reports filed under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to our management, including our President and Treasurer, as appropriate to allow timely decisions regarding disclosure.  A controls system cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

Management’s Report on Internal Control over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined under Exchange Act Rules 13a-15(f).  Our internal control system is designed to provide reasonable assurance to our management and board of directors regarding the preparation and fair presentation of published financial statements.  Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.  Based on our evaluation under that framework, management concluded that our internal control over financial reporting was effective as of December 31, 2011.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting during the quarter ended December 31, 2011 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

None.
 

 
17
 

Part III

Item 10.  Directors, Executive Officers and Corporate Governance

Directors and Executive Officers

The following table indicates the name, age, term of office and position held by each of our officers and directors.  The term of office for each officer position is for one year or until his or her successor is duly elected and qualified by the board of directors.  The term of office for a director is for one year or until his or her successor is duly elected and qualified by the stockholders.


 
 
Name
 
 
Age
Term
Of
Office
 
 
                 Positions Held
John B. Hofman
   52
   2012
                 President, Secretary, Treasurer and Director
Bruce P. Crane
   65
   2012
                 Vice President and Director
________________________

Certain biographical information for the Company’s directors and officers is set forth below.

John B. Hofman is the founder of the Company and has served as its president, secretary, treasurer and a director since its inception in March 2004.  From 1987 to the present, Mr. Hofman has owned and operated Big John’s Store LLC, a retail store in Pocatello, Idaho specializing in retailing grain mills, small kitchen appliances, and other healthy living products.  Big John’s Store LLC also operates a web-based business which markets the same healthy living products.  Mr. Hofman also owns and operates Big John’s Mini-Storage LLC, a self-storage business with over 400 units.  During the past twenty years, Mr. Hofman has served on the board of directors of Creative Technologies LLC and Distribution Direct LLC.  Mr. Hofman spends approximately 75% of his available business time (thirty hours per week) working for Grote Molen, Inc.  Mr. Hofman graduated from Idaho State University in 1987 with a B.S. degree in Economics.

Bruce P. Crane has served as our vice president and a director since August 1, 2005.  From 1981 to the present, Mr. Crane has owned and operated Kitchen Kneads, a store in Ogden, Utah which markets and retails health-related products to Utah and to Internet-based customers throughout the world.  During this time Mr. Crane has had extensive experience in the marketing and distribution of grain mills and small kitchen appliances, and has established a broad dealer network in his own business.  Mr. Crane is also a partner in Scotch Brothers Trucking.  During the past twenty years, Mr. Crane has served on the board of directors of Creative Technologies LLC and Distribution Direct LLC.  Mr. Crane graduated from Brigham Young University with a B.S. degree in business in 1969.

Family Relationships

There are no family relationships among our directors, executive officers or persons nominated or chosen to become directors or executive officers.

Board of Directors

Our board of directors consists of two persons, John B. Hofman and Bruce P. Crane.  Such persons are not “independent” within the meaning of Rule 4200(a)(15) of the NASDAQ Marketplace because they are officers and employees of the Company.

Our board of directors has not appointed any standing committees, there is no separately designated audit committee and the entire board of directors acts as our audit committee.  The board of directors does not have an independent “financial expert” because it does not believe the scope of the Company’s activities to date has justified the expenses involved in obtaining such a financial expert.  In addition, our securities are not listed on a national exchange and we are not subject to the special corporate governance requirements of any such exchange.

 
18
 
The Company does not have a compensation committee and the entire board participates in the consideration of executive officer and director compensation.  The Company’s president and vice president are also members of the Company’s board of directors and they participate in determining the amount and form of executive and director compensation.  To date, the Company has not engaged independent compensation consultants to determine or recommend the amount or form of executive or director compensation.

The Company does not have a standing nominating committee and the Company’s entire board of directors performs the functions that would customarily be performed by a nominating committee.  The board of directors does not believe a separate nominating committee is required at this time due to the limited size of the Company’s business operations and the limited resources of the Company which do not permit it to compensate its directors.  The board of directors has not established policies with regard to the consideration of director candidates recommended by security holders or the minimum qualifications of such candidates.

Code of Ethics

We have not adopted a Code of Ethics that applies to our executive officers, including our principal executive, financial and accounting officers.  We do not believe the adoption of a code of ethics at this time would provide any meaningful additional protection to the Company because we have only two officers and our business operations are not extensive or complex.

Director Meetings and Stockholder Meeting Attendance

The Board of Directors held no formal meetings during 2011, but the directors met during 2011 for informal discussions and took action by unanimous written consents in lieu of meetings.  Our policy is to encourage, but not require, members of the Board of Directors to attend annual stockholder meetings. We did not hold an annual stockholder meeting during the 2011 year.

Communications with Directors

Shareholders may communicate with the Board of Directors or any individual director by sending written communications addressed to the Board of Directors, or any individual director, to: Grote Molen, Inc., Attention: Corporate Secretary, 322 West Griffith Road, Pocatello, Idaho 83201.  All communications will be compiled by the corporate secretary and forwarded to the Board of Directors or any individual director, as appropriate. In order to facilitate a response to any such communication, the Company’s Board of Directors suggests, but does not require, that any such submission include the name and contact information of the shareholder submitting the communication.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act requires our directors and executive officers, and persons who own more than 10 percent of a registered class of our equity securities to file reports of securities ownership and changes in such ownership with the SEC.  Officers, directors, and greater than ten percent shareholders also are required by rules promulgated by the SEC to furnish us with copies of all Section 16(a) reports they file.

Based solely on a review of the copies of such reports furnished to us, we believe that all Section 16(a) filing requirements were timely met during 2011.

 
19
 
Item 11.  Executive Compensation

The following table sets forth certain information regarding the annual compensation paid to our chief executive officer in all capacities for the fiscal years ended December 31, 2011 and 2010.

Summary Compensation Table
 
Name and
Principal
Position
 
Year
  
 
Salary
    
 
Bonus
    
Stock
Awards
    
 
Option
Awards
    
Non-Equity
Incentive Plan
Compensation
    
All Other
Compensation
    
 
Total
  
                                             
John B. Hofman
2011
     -       -       -       -       -     $ 147,148     $ 147,148  
President(1)
2010
     -       -       -       -       -     $ 130,179     $ 130,179  
                                                           
Bruce P. Crane
2011
     -       -       -       -       -     $ 28,700     $ 28,700  
Vice President(2)
2010
     -       -       -       -       -     $ 22,579     $ 22,579  
                                                           
 
(1)
Consists of: (i) payments made to Big John’s Store LLC, a company managed and owned by John Hofman, under an Idaho Management Agreement with Big John’s Store LLC for the provision of management services and office and warehouse space in the amount of $126,900 during 2011 and $110,400 during 2010; (ii) medical insurance premiums in the amount of $14,098 during 2011 and $13,629 during 2010; and (iii) contributions to a Health Savings Account for the benefit of Mr. Hofman in the amount of $6,150 during 2011 and 2010.
 
(2)
Consists of: (i) expense reimbursement of $1,800 during 2011 and 2010; (ii) medical insurance premiums in the amount of $19,750 during 2011 and $13,629 during 2010; and (iii) contributions to a Health Savings Account for the benefit of Mr. Crane in the amount of $7,150 during 2011 and 2010.

We have not granted our officers or directors any stock options, stock awards or other forms of equity compensation.

We do not have any retirement, pension or profit sharing plans covering our officers or directors, and we are not contemplating implementing any such plans at this time.

Officer Compensation

John Hofman and Bruce Crane, our President and Vice President, respectively, are our only employees.  We do not pay any direct compensation to our officers for service in such capacities.  However, we pay a management fee to Big John’s Store LLC, a company owned by John B. Hofman, for the provision of management services and office and warehouse space, which payments totaled $126,900 during our 2011 fiscal year and $110,400 during our 2010 fiscal year.  We also pay Bruce Crane $150 per month for expense reimbursement.  In August 2009, we also began paying the premiums for such persons’ medical and dental insurance which amounted to $14,098 for Mr. Hofman and $19,750 for Mr. Crane during our 2011 fiscal year and $13,629 for each of such persons during our 2010 fiscal year.  In both 2011 and 2010, we also made contributions to the Health Savings Accounts of Messrs. Hofman and Crane in the amount of $6,150 and $7,150, respectively, which were the maximum contributions permitted for such years.  We plan to continue to pay such medical insurance premiums and to make annual contributions to such Health Savings Accounts in the future.  We also reimburse our officers for reasonable costs and expenses incurred by them in connection with our business.  We have not entered into an employment agreement with any of our officers.

Director Compensation

Our directors do not currently receive any compensation for serving in their capacities as directors and we have not compensated our directors for service in such capacity in the past.

 
20
 

Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following table sets forth as of March 23, 2012 the number of shares of the Company’s common stock, par value $0.001, owned of record or beneficially by each person known to be the beneficial owner of 5% or more of the issued and outstanding shares of the Company’s common stock, and by each of the Company’s officers and directors, and by all officers and directors as a group.  On such date, there were 21,000,000 issued and outstanding shares of our common stock.  The Company does not have any options, warrants or convertible securities outstanding and none of the share figures listed in the following table consist of securities that may be acquired by the holder within sixty days.


 
Title of Class
 
Beneficial Owner (1)
  
Amount
    
Percentage
 Ownership
         
Officers and Directors
 
        
  Common Stock
  John B. Hofman
     8,000,000       38.1 %
  Common Stock
  Bruce P. Crane
     10,000,000       47.6 %
  Common Stock
  All Executive Officers
                
 
    And Directors as a Group
   (2 Persons)
     18,000,000       85.7 %
 
____________________________________________________
 
 
(1)  Except as otherwise noted, shares are owned beneficially and of record, and such record stockholder has sole voting, investment, and dispositive power over the shares indicated.

Item 13.  Certain Relationships and Related Transactions and Director Independence

Unless otherwise indicated, the terms of the following transactions between related parties were not determined as a result of arm’s length negotiations.

As of December 31, 2011, we were indebted to Bruce Crane, an officer, director and principal stockholder of the Company, in the aggregate principal amount of $172,380 which is payable in monthly installments pursuant to a promissory note maturing in 2016 and bearing interest at a rate of 6.97% per annum.  As of December 31, 2011, we were also indebted to Mr. Crane in the aggregate amount of $3,500 pursuant to a demand note bearing interest at 6% per annum and in the aggregate amount of $939 pursuant to non-interest bearing advances with no formal repayment terms.  As of December 31, 2011, we were indebted to John Hofman, an officer, director and principal stockholder of the Company, in the aggregate principal amount of $83,000 pursuant to demand notes bearing interest at 6% per annum and in the aggregate amount of $8,188 pursuant to non-interest bearing advances with no formal repayment terms.

Brownwick, LLC, our wholly-owned subsidiary, entered into that certain Idaho Management Agreement dated as of February 1, 2011, with Big John’s Store LLC, a company owned by John Hofman, our president, director and a principal stockholder, pursuant to which we pay a monthly management fee to Big John’s Store LLC to manage our day-to-day business activities and provide us with office and warehouse space.  The agreement is on a month-to-month basis and can be cancelled at any time by the vote of management.  We have historically paid monthly management fees in varying amounts to Big John’s Store LLC pursuant to prior agreements approved by our stockholders.  The monthly fee was increased from $9,200 to $10,700 effective as of February 1, 2011 as a result of the increase in Big John’s Store’s costs of providing such space to the Company.  The monthly fee will be evaluated on an annual basis to take into account any future increases in Big John’s Store’s costs of providing the warehouse/office space, however there are no plans to increase the monthly fee at this time.  The total management fees paid to Big John’s Store LLC during our 2011 and 2010 fiscal years was $126,900 and $110,400, respectively.  The terms of the Idaho Management Agreement are not the result of arm’s length negotiations.

Brownwick, LLC also pays Bruce Crane $150 per month for expense reimbursement.

 
21
 

Each of John Hofman and Bruce Crane, our officers, directors and principal stockholders, own retail companies that purchase grain mills and other products from the Company.  Sales to these related parties totaled $108,083 and $82,886 for the years ended December 31, 2011 and 2010, respectively, or approximately 6% and 7%, respectively, of our total sales for such periods.  Accounts receivable from these related parties were $14,819 and $13,205 at December 31, 2011 and 2010, respectively.  Sales to these related parties are on the same terms as sales to unrelated third parties.

Director Independence

Our board of directors consists of two persons, John B. Hofman and Bruce P. Crane.  Such persons are not “independent” within the meaning of Rule 4200(a)(15) of the NASDAQ Marketplace because they are officers and employees of the Company.

Indemnification

Our articles of incorporation provide that to the fullest extent permitted by Nevada law, now or hereafter in force, no director of the Company shall be personally liable to the Company or its stockholders for monetary damages for breach of fiduciary duty as a director.  In addition, Section 78.037 of the Nevada corporation law, Article Fourteenth of our articles of incorporation, and Section VII of our bylaws generally provide for indemnification of our directors and officers in a variety of circumstances, which may include liabilities under the Securities Act of 1933, as amended.  Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons pursuant to the foregoing provisions, we have been informed that in the opinion of the Securities and Exchange Commission such indemnification is contrary to public policy as expressed in the Securities Act and, therefore, is unenforceable.

Item 14.  Principal Accounting Fees and Services

Pritchett, Siler & Hardy, P.C. served as the Company’s independent registered public accounting firm for the fiscal years ended December 31, 2011 and 2010.

During the fiscal years ended December 31, 2011 and 2010, fees for services provided by Pritchett, Siler & Hardy, P.C. were as follows:

 
Year Ended
 
December 31,
   
 
2011
2010
Audit Fees
   $ 23,000     $ 18,100  
Audit-Related Fees
     -       -  
Tax Fees
     -       -  
All Other Fees
     -       -  
Total
   $ 23,000     $ 18,100  

“Audit Fees” consisted of fees billed for services rendered for the audit of the Company’s annual financial statements, review of financial statements included in the Company’s quarterly reports on Form 10-Q, and other services normally provided in connection with statutory and regulatory filings.  “Audit-Related Fees” consisted of fees billed for due diligence procedures in connection with acquisitions and divestitures and consultation regarding financial accounting and reporting matters.  “Tax Fees” consisted of fees billed for tax payment planning and tax preparation services.  “All Other Fees” consisted of fees billed for services in connection with legal matters and technical accounting research.

The Company’s Board of Directors functions as its audit committee. It is the policy of the Company for all work performed by our principal accountant to be approved in advance by the Board of Directors. All of the services described above in this Item 14 were approved in advance by our Board of Directors.

 
22
 

Item 15.  Exhibits, Financial Statement Schedules

      The following documents are included as exhibits to this report.

(a) Exhibits
 
Exhibit
Number
  
SEC Reference Number
  
 
 
Title of Document
  
 
 
Location
             
3.1
  
3
  
Articles of  Incorporation
  
Incorporated byReference(1)
3.2
  
3
  
Bylaws
  
Incorporated by Reference(1)
10.1
  
10
  
Promissory Note from the Company to Bruce Crane dated December 23, 2005
  
Incorporated by Reference(1)
10.2
  
10
  
Promissory Note from the Company to Bruce Crane dated December 1, 2007
  
Incorporated by Reference(1)
10.3
  
10
  
 Promissory Note from the Company to John Hofman dated September 12, 2005
  
Incorporated by Reference(1)
10.4
  
10
  
Promissory Note from the Company to John Hofman dated June 11, 2008
  
Incorporated by Reference(1)
10.5
  
10
  
Exclusive Manufacturing Agreement with Korean Manufacturer dated July 7, 2010
  
Incorporated by Reference(2)
10.6
  
10
  
Form of Authorized Dealer Agreement entered into with customers purchasing over $500 of product per year
  
Incorporated by Reference(2)
10.7
  
10
  
Authorized Dealer Agreement with Big John’s LLC dated May 10, 2006
  
Incorporated by Reference(2)
10.8
  
10
  
Authorized Dealer Agreement with Kitchen Kneads dated August 29, 2005
  
Incorporated by Reference(2)
10.9
  
10
  
Promissory Note from the Company to John Hofman dated October 7, 2010
  
Incorporated by Reference(3)
10.10
  
10
  
Promissory Note from the Company to John Hofman dated December 27, 2010
  
Incorporated by Reference(3)
10.11
  
10
  
Idaho Management Agreement between Big John’s Store LLC and Brownwick, LLC dated as of February 1, 2011
  
Incorporated by Reference(4)
10.12
  
10
  
Promissory Note dated March 22, 2011
  
Incorporated by Reference(4)
10.13
  
10
  
Amendment to Promissory Note from the Company to Bruce Crane dated as of June 1, 2011
  
Incorporated by Reference(5)
10.14
  
10
  
Promissory Note dated July 21, 2011
  
Incorporated by Reference(6)
21.1
  
21
  
Schedule of the Registrant’s Subsidiaries
  
This Filing
31.1
  
31
  
Section 302 Certification of Chief Executive and Chief Financial Officer
  
This Filing
32.1
  
32
  
Section 1350 Certification of Chief Executive and Chief Financial Office
  
This Filing
101.ins
  
101
  
XBRL.Instance
    
101.xsd
  
101
  
XBRL.Schema
    
101.cal
  
101
  
XBRL.Calculation
    
101.def
  
101
  
XBRL.Definition
    
101.lab
  
101
  
XBRL.Label
    
101.pre
  
101
  
XBRL.Presentation
    

(1)  Incorporated by reference to the Company’s Registration Statement on Form 10-12G filed May 14, 2010.
(2)  Incorporated by reference to Amendment No. 1 to the Company’s Registration Statement on Form 10-12G filed July 13, 2010.
(3)  Incorporated by reference to the Company’s 2010 Annual Report on Form 10-K filed March 31, 2011.
(4)  Incorporated by reference to the Company’s March 31, 2011 Report on Form 10-Q filed May 13, 2011.
(5)  Incorporated by reference to the Company’s June 30, 2011 Report on Form 10-Q filed August 12, 2011.
(6)  Incorporated by reference to the Company’s September 30, 2011 Report on Form 10-Q filed November 10, 2011.

 
23
 

 
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.


 
Grote Molen, Inc.
   
   
Dated:  March 30, 2012
By /s/ John B. Hofman
 
John B. Hofman
 
President, Secretary and Treasurer
 
(Principal Executive and Accounting Officer)
 
In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Dated: March 30, 2012
By /s/ John B. Hofman
 
John B. Hofman
 
President, Secretary, Treasurer and Director
 
 (Principal Executive and Accounting Officer)
   
   
Dated: March 30, 2012
By /s/ Bruce P. Crane
 
Bruce P. Crane
 
Director



 
24
 

GROTE MOLEN, INC. AND SUBSIDIARY
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS


Report of Independent Registered Public Accounting Firm
F-2
   
Consolidated Balance Sheets as of December 31, 2011 and December 31, 2010
F-3
   
Consolidated Statements of Operations for the Years Ended December 31, 2011 and 2010
F-4
   
 Consolidated Statements of Stockholders’ Equity for the Years Ended  December 31, 2011 and 2010
F-5
   
Consolidated Statements of Cash Flows for the Years Ended December 31, 2011 and 2010
F-6
   
Notes to Consolidated Financial Statements
F-7



 
 
F - 1
 

 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



Board of Directors
Grote Molen, Inc. and Subsidiary
Pocatello, Idaho

We have audited the accompanying consolidated balance sheets of Grote Molen, Inc. and Subsidiary as of December 31, 2011 and 2010 and the related consolidated statements of operations, stockholders' equity and cash flows for each of the years in the two-year period ended December 31, 2011. Grote Molen, Inc. and Subsidiary’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Grote Molen, Inc. and Subsidiary as of December 31, 2011 and 2010 and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2011 in conformity with accounting principles generally accepted in the United States of America.



/s/ PRITCHETT, SILER & HARDY, P.C.

Salt Lake City, Utah
March 30, 2012


 
 
F - 2
 

GROTE MOLEN, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS

   
December 31,
  
   
2011
    
2010
  
ASSETS
            
Current Assets:
            
   Cash
   $ 251,401     $ 111,759  
   Accounts Receivable
     50,287       28,466  
   Inventories
     118,584       160,347  
   Deposits
     335,490       384,544  
   Prepaid Expenses
     342       2,131  
                 
   Total Current Assets
     756,104       687,247  
                 
Property and Equipment, net
     7,386       8,916  
Intangible Assets, net
     4,556       5,608  
                 
   Total Assets
   $ 768,046     $ 701,771  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
          
Current Liabilities:
                
   Accounts Payable
   $ 30,795     $ 30,685  
   Accrued Interest Payable – Related Parties
     23,463       18,452  
   Accrued Interest Payable
     1,656       -  
   Income Taxes Payable
     4,190       -  
   Current Portion of Long-Term Debt – Related Party
     37,164       2,917  
   Notes Payable – Related Parties
     95,627       95,627  
   Notes Payable
     35,000       -  
                 
   Total Current Liabilities
     227,895       147,681  
                 
Long-Term Debt – Related Party
     135,216       191,170  
                 
   Total Liabilities
     363,111       338,851  
                 
Stockholders' Equity:
                
   Preferred Stock, $.001 Par Value, 5,000,000 Shares Authorized, No Shares Issued and Outstanding
     -       -  
   Common Stock, $.001 Par Value, 100,000,000 Shares Authorized, 21,000,000 Shares Issued and Outstanding
     21,000       21,000  
   Additional Paid-In Capital
     89,000       89,000  
   Retained Earnings
     294,935       252,920  
                 
   Total Stockholders’ Equity
     404,935       362,920  
                 
   Total Liabilities and Stockholders’ Equity
   $ 768,046     $ 701,771  

See Notes to Consolidated Financial Statements

 
 
F - 3
 

GROTE MOLEN, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS

   
Years Ended December 31,
  
   
2011
    
2010
  
             
Sales
   $ 1,681,439     $ 1,223,509  
                 
Cost of Sales
     1,201,801       846,021  
                 
Gross Profit
     479,638       377,488  
                 
Operating Costs and Expenses:
                
   Selling, General and Administrative
     400,742       308,121  
   Depreciation and Amortization
     2,582       2,456  
                 
   Total Operating Costs and Expenses
     403,324       310,577  
                 
Income From Operations
     76,314       66,911  
                 
Other Expense:
                
   Interest Expense – Related Parties
     18,115       18,041  
   Interest Expense
     1,656       -  
                 
   Total Other Expense
     19,771       18,041  
                 
Income Before Income Taxes
     56,543       48,870  
                 
Provision for Income Taxes
     14,528       11,693  
                 
Net Income
   $ 42,015     $ 37,177  
                 
Net Income Per Common Share -
                
   Basic and Diluted
   $ 0.00     $ 0.00  
                 
Weighted Average Shares Outstanding -
                
   Basic and Diluted
     21,000,000       21,000,000  
 
See Notes to Consolidated Financial Statements


 
 
F - 4
 

GROTE MOLEN, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010
  
                               
   
 
    
 
    
Additional
Paid-In
Capital
    
Retained
Earnings
    
Total
  
   
Preferred Stock
    
Common Stock
  
   
Shares
    
Amount
    
Shares
    
Amount
  
                                           
Balance, December 31, 2009
     -     $ -       21,000,000     $ 21,000     $ 89,000     $ 215,743     $ 325,743  
Net Income
     -       -       -       -       -       37,177       37,177  
                                                         
Balance, December 31, 2010
     -       -       21,000,000       21,000       89,000       252,920       362,920  
Net Income
     -       -       -       -       -       42,015       42,015  
                                                         
Balance, December 31, 2011
     -     $ -       21,000,000     $ 21,000     $ 89,000     $ 294,935     $ 404,935  
 
 
See Notes to Consolidated Financial Statements

 
 
F - 5
 

GROTE MOLEN, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS

   
Years Ended December 31,
  
   
2011
    
2010
  
Cash Flows from Operating Activities
            
   Net Income
   $ 42,015     $ 37,177  
   Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities:
                
      Depreciation and Amortization
     2,582       2,456  
      (Increase) Decrease in:
                
         Accounts Receivable
     (21,821 )     (167 )
         Inventories
     41,763       107,983  
         Deposits
     49,054       (132,791 )
         Prepaid Expenses
     1,789       (1,953 )
      Increase (Decrease) in:
                
         Accounts Payable
     110       (8,176 )
         Accrued Interest Payable – Related Parties
     5,011       4,417  
         Accrued Interest Payable
     1,656       -  
         Income Taxes Payable
     4,190       (9,723 )
   Net Cash Provided by (Used in) Operating Activities
     126,349       (777 )
                 
Cash flows from Investing Activities:
                
   Acquisition of Property and Equipment
     -       (848 )
 
                
   Net Cash Used in Investing Activities
     -       (848 )
                 
Cash Flows from Financing Activities:
                
   Proceeds from Issuance of Notes Payable
     35,000       -  
   Proceeds from Issuance of Notes Payable – Related Parties
     -       15,000  
   Repayment of Long-Term Debt – Related Party
     (21,707 )     (2,720 )
                 
  Net Cash Provided by Financing Activities
     13,293       12,280  
                 
Net Increase (Decrease) in Cash
     139,642       10,655  
 
                
Cash, Beginning of Year
     111,759       101,104  
Cash, End of Year
   $ 251,401     $ 111,759  
 
See Notes to Consolidated Financial Statements

 
 
 
F - 6
 

GROTE MOLEN, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2011 AND 2010


NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNICANT ACCOUNTING POLICIES

Organization

Grote Molen, Inc. (“Grote Molen”) was incorporated under the laws of the State of Nevada on March 15, 2004.  BrownWick, LLC (“BrownWick”), a wholly-owned subsidiary, was formed in the State of Idaho on June 5, 2005.  The principal business of Grote Molen and BrownWick (collectively the “Company”) is to distribute grain mills and related accessories for home use.

Principles of Consolidation

The consolidated financial statements include the accounts of Grote Molen and BrownWick.  All significant inter-company balances and transactions have been eliminated.

Cash and Cash Equivalents

For purposes of the consolidated statements of cash flows, we consider all highly liquid investments with an original maturity date of three months or less to be cash equivalents.  Since inception, the Company has not held any short-term investments considered to be cash equivalents.

Accounts Receivable

Trade accounts receivable are carried at original invoice amount less an estimate made for doubtful accounts.  We determine the allowance for doubtful accounts by identifying potential troubled accounts and by using historical experience and future expectations applied to an aging of accounts.  Trade accounts receivable are written off when deemed uncollectible.  Recoveries of trade accounts receivable previously written off are recorded as income when received.  We determined that no allowance for doubtful accounts was required at December 31, 2011 and 2010.

Inventories

Inventories, consisting primarily of grain mills, parts and accessories, are stated at the lower of cost or market, with cost determined using primarily the first-in-first-out (FIFO) method.  We purchase substantially all inventories from two foreign suppliers, and have been dependent on those suppliers for substantially all inventory purchases since we commenced operations.

Deposits

At times, we are required to pay advanced deposits toward the purchase of inventories from our principal suppliers.  Such advanced payments are recorded as deposits, a current asset in the accompanying consolidated financial statements.

Property and Equipment

Property and equipment are carried at cost, less accumulated depreciation.  Depreciation is computed using the straight-line method based on the estimated useful lives of the assets, which range from 3 to 10 years.  Depreciation expense was $1,530 and $1,404 for the years ended December 31, 2011 and 2010, respectively.  When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed and any resulting gain or loss is recognized in operations for the period.  The cost of maintenance and repairs is charged to operations as incurred.  Significant renewals and betterments are capitalized.

 
 
F - 7
 

Intangible Assets

Intangible assets are recorded at cost, less accumulated amortization.  Amortization is computed using the straight-line method based on the estimated useful lives or contractual lives of the assets, which range from 10 to 30 years.  Amortization expense was $1,052 for each of the years ended December 31, 2011 and 2010.

Impairment of Long-Lived Assets

We periodically review our long-lived assets, including intangible assets, for impairment when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable.  No events or changes in circumstances have occurred to indicate that the carrying amount of our long-lived assets may not be recoverable.  Therefore, no impairment loss was recognized during the years ended December 31, 2011 and 2010.

Revenue Recognition

We record revenue from the sales of grain mills and accessories in accordance with the underlying sales agreements when the products are shipped, the selling price is fixed and determinable, and collection is reasonably assured.

Warranties

We provide limited warranties to our customers for certain of our products sold.  We perform warranty work at our service center in Pocatello, Idaho or at other authorized service locations.  Warranty expenses have not been material to our consolidated financial statements.

Research and Development Costs

Research and development costs are expensed as incurred in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification™ (“ASC”) Topic 730, Research and Development.  The costs of materials and other costs acquired for research and development activities are charged to expense as incurred.  Salaries, wages, and other related costs of personnel, as well as other facility operating costs are allocated to research and development expense through management’s estimate of the percentage of time spent by personnel in research and development activities.  We had no material research and development costs for the years ended December 31, 2011 and 2010.

Advertising

Advertising costs are non-direct in nature, and are expensed over the periods in which the advertising takes place.  Advertising expense totaled $19,520 and $8,734 for the years ended December 31, 2011 and 2010, respectively.

Shipping and Handling

The Company recognizes shipping handling fees in accordance with ASC 605, Shipping and  Handling Fees and Costs.  Accordingly, amounts charged to customers are included in the Company’s revenue and shipping costs are included in selling, general and administrative expenses.  For the years ended December 31, 2011 and 2010, these costs amounted to $60,060 and $39,864, respectively.

 
 
F - 8
 

Concentration of Credit Risk

Financial instruments that potentially subject us to concentration of credit risk consist primarily of cash and trade receivables.

In the normal course of business, we provide credit terms to our customers.  Accordingly, we perform ongoing credit evaluations of our customers and maintain allowances for possible losses as appropriate.

We maintain our cash in bank deposit accounts, which, at times, may exceed federally insured limits.  We have not experienced any losses in such accounts and believe we are not exposed to any significant credit risk on cash.

Income Taxes

We account for income taxes in accordance with FASB ASC Topic 740, Income Taxes, using the asset and liability method.  Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

Earnings Per Share

The computation of basic earnings per common share is based on the weighted average number of shares outstanding during the period.

The computation of diluted earnings per common share is based on the weighted average number of shares outstanding during the period plus the common stock equivalents which would arise from the exercise of stock options and warrants outstanding using the treasury stock method and the average market price per share during the period.  Common stock equivalents are not included in the diluted earnings per share calculation when their effect is anti dilutive.  We have not granted any stock options or warrants since inception of the Company.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Comprehensive Income (Loss)

Comprehensive income (loss) is the same as net income (loss).


 
 
F - 9
 

NOTE 2 – DETAIL OF CERTAIN BALANCE SHEET ACCOUNTS

Accounts receivable consist of the following at December 31:

   
2011
    
2010
  
             
Trade accounts receivable – related parties
   $ 14,819     $ 13,205  
Trade accounts receivable
     30,468       10,261  
Employee advances
     5,000       5,000  
                 
    $ 50,287     $ 28,466  

Property and equipment consist of the following at December 31:

   
2011
    
2010
  
             
Office equipment
   $ 3,527     $ 3,527  
Warehouse equipment
     10,097       10,097  
Website development
     2,000       2,000  
                 
      15,624       15,624  
Accumulated depreciation
     (8,238 )     (6,708 )
                 
    $ 7,386     $ 8,916  

Intangible assets consist of the following at December 31:

   
2011
    
2010
  
             
License
   $ 10,500     $ 10,500  
Patent
     100       100  
                 
      10,600       10,600  
Accumulated amortization
     (6,044 )     (4,992 )
                 
    $ 4,556     $ 5,608  


 
 
F - 10
 

NOTE 3 – RELATED PARTY DEBT

Notes payable – related parties are unsecured and are comprised of the following at December 31:

   
2011
    
2010
  
             
Note payable to a stockholder, due on demand, with interest at 6% per annum
   $ 30,000     $ 30,000  
                 
Note payable to a stockholder, due on demand, with interest at 6% per annum
     3,500       3,500  
                 
Note payable to a stockholder, due on demand, with interest at 6% per annum
     38,000       38,000  
                 
Note payable to a stockholder, due on demand, with interest at 6% per annum
     10,000       10,000  
                 
Note payable to a stockholder, due on demand, with interest at 6% per annum
     5,000       5,000  
                 
Non-interest bearing advances from stockholders, with no formal repayment terms
     9,127       9,127  
                 
Total
   $ 95,627     $ 95,627  

Long-term debt – related party is comprised of the following at December 31:

   
2011
    
2010
  
             
Note payable to a stockholder, due in monthly installments of $4,000 through February 2016, with interest at 6.97 % per annum
   $  172,380     $  194,087  
Less current portion
     (37,164 )     (2,917 )
                 
Long-term portion
   $ 135,216     $ 191,170  
 
Future maturities of long-term debt – related party are as follows:

Years Ending December 31:
      
       
2012
   $ 37,164  
2013
     39,837  
2014
     42,702  
2015
     45,774  
2016
     6,903  
      172,380  
Less current portion
     (37,164 )
         
Long-term portion
   $ 135,216  

 
 
F - 11
 


Effective June 1, 2011, the parties agreed to increase the monthly payment on the long-term debt – related party from $1,362 to $4,000.

Interest expense on this related party debt was $18,115 and $18,041 for the years ended December 31, 2011 and 2010, respectively.  Accrued interest payable to related parties was $23,463 and $18,452 at December 31, 2011 and 2010, respectively.

NOTE 4 – NOTES PAYABLE

The notes payable of $35,000 at December 31, 2011 are comprised of two notes payable to a non-related party, are unsecured, payable upon demand, and bear interest at 8% per annum.  Accrued interest payable on the notes payable was $1,656 at December 31, 2011.
 
NOTE 5 – INCOME TAXES

The reconciliation of the provision for income taxes computed at the U.S. federal statutory tax rate to the Company’s effective tax rate is as follows for the years ended December 31:

   
2011
    
2010
  
             
Federal provision at statutory rate
   $ 22,052     $ 19,059  
State income tax, net of federal benefit
     2,477       2,268  
Impact of graduated rates
     (12,358 )     (11,498 )
Change in valuation allowance
     2,357       1,864  
                 
     Provision for income taxes
   $ 14,528     $ 11,693  

Deferred tax assets (liabilities) are comprised of the following at December 31:

   
2011
    
2010
  
             
Current asset – related party interest expense
   $ 7,978     $ 6,273  
Long-term liability – depreciation and amortization
     (1,870 )     (2,522 )
                 
      6,108       3,751  
Valuation allowance
     (6,108 )     (3,751 )
                 
    $ -     $ -  

In recording the valuation allowances, we were unable to conclude that it is more likely than not that all or a portion of a net deferred tax asset will be realized.

FASB ASC Topic 740, Income Taxes, requires us to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position.  If the more-likely-than-not threshold is met, we must measure the tax position to determine the amount to recognize in our consolidated financial statements.  We performed a review of our material tax positions in accordance with recognition and measurement standards established by ASC Topic 740 and concluded we had no unrecognized tax benefit which would affect the effective tax rate if recognized for the years ended December 31, 2011 and 2010.

 
 
F - 12
 


We include interest and penalties arising from the underpayment of income taxes, if any, in our consolidated statements of operations in general and administrative expenses.  As of December 31, 2011 and 2010, we had no accrued interest or penalties related to uncertain tax positions.

We file income tax returns in the U.S. federal jurisdiction and in the state of Idaho.  All U.S. federal and Idaho state income tax returns from 2008 through the year ended December 31, 2011 are subject to examination.
 
NOTE 6 – RELATED PARTY TRANSACTIONS

Pursuant to an agreement effective in June 2007, we pay a monthly management fee to a company owned by one of the major stockholders of the Company to manage our day-to-day business activities and to provide business space.  We paid monthly management fees in varying amounts to this related party pursuant to prior agreements approved by the stockholders of the Company.  The agreement is on a month-to-month basis and can be cancelled at any time by the vote of management.  Effective February 1, 2011, the monthly fee was increased to $10,700.  Also included in management fees are monthly payments of $150 to another major stockholder of the Company for expense reimbursement.  Included in selling, general and administrative expenses were management fees totaling $128,700 and $112,200 for the years ended December 31, 2011 and 2010, respectively.

Each of the two principal stockholders of the Company own companies that are our customers.  Sales to these related parties totaled $108,083 and $82,886 for the years ended December 31, 2011 and 2010, respectively, or approximately 6% and 7%, respectively.  Accounts receivable from these related parties totaled $14,819 and $13,205 at December 31, 2011 and 2010, respectively.

See Note 3 for discussion of related party debt and interest expense.

NOTE 7 – CAPITAL STOCK

The Company’s preferred stock may have such rights, preferences and designations and may be issued in such series as determined by our Board of Directors.  No shares were issued and outstanding at December 31, 2011 and 2010.

NOTE 8 – SUPPLEMENTAL STATEMENT OF CASH FLOWS INFORMATION

During the years ended December 31, 2011 and 2010, we had no non-cash financing and investing activities.

We paid cash for income taxes of $8,647 and $23,107 for the years ended December 31, 2011 and 2010, respectively.  We paid cash for interest of $13,103 and $13,624 for the years ended December 31, 2011 and 2010, respectively.


 
 
F - 13
 


NOTE 9 – FAIR VALUE OF FINANCIAL INSTRUMENTS

Our financial instruments consist of cash, accounts receivable, accounts payable and notes payable.  The carrying amount of cash, accounts receivable and accounts payable approximates fair value because of the short-term nature of these items.  The carrying amount of the notes payable approximates fair value because the interest rates on the notes approximate market rates of interest.
 
NOTE 10 – SIGNIFICANT CONCENTRATIONS

In addition to the sales to related parties discussed in Note 6, we had sales to one customer that accounted for approximately 12% and 10% of total sales for the years ended December 31, 2011 and 2010, respectively.

We purchase substantially all inventories from two foreign suppliers, and have been dependent on those suppliers for substantially all inventory purchases since we commenced operations.

NOTE 11 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

There were no new accounting pronouncements issued during the year ended December 31, 2011 and through the date of this filing that we believe are applicable or would have a material impact on the consolidated financial statements of the Company.

NOTE 12 – SUBSEQUENT EVENTS

We have evaluated events occurring after the date of our accompanying balance sheets through the date the financial statements were issued.  We did not identify any material subsequent events requiring adjustment to or disclosure in our accompanying consolidated financial statements.


 
 
F - 14
 

EX-21.1 2 grotemolen10kexh211.htm SCHEDULE OF THE REGISTRANT?S SUBSIDIARIES grotemolen10kexh211.htm
Exhibit 21.1

Schedule of Subsidiaries

The Company has the following subsidiaries:

 
(a)
Brownwick, LLC, an Idaho limited liability company.
 
 
 

 
 EX-31.1 3 grotemolen10kexh311.htm SECTION 302 CERTIFICATION OF CHIEF EXECUTIVE AND CHIEF FINANCIAL OFFICER grotemolen10kexh311.htm
Exhibit 31.1

I, John B. Hofman, certify that:

1.
I have reviewed this report on Form 10-K of Grote Molen, 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 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.


Date: March 30, 2012
/s/ John B. Hofman
 
John B. Hofman
 
President, Secretary and Treasurer
 
 (Principal Executive Officer and
 
Principal Financial Officer)

 
 
 
 
 EX-32.1 4 grotemolen10kexh321.htm SECTION 1350 CERTIFICATION OF CHIEF EXECUTIVE AND CHIEF FINANCIAL OFFICE grotemolen10kexh321.htm

Exhibit 32.1
CERTIFICATION 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 Annual Report of Grote Molen, Inc. (the “Company”) on Form 10-K for the fiscal year ended December 31, 2011 as filed with the Securities and Exchange Commission on or about the date hereof (the “Report”), I, John B. Hofman, President, Secretary and Treasurer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

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

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
 

March 30, 2012
/s/ John B. Hofman
 
John B. Hofman
 
President, Secretary and Treasurer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act has been furnished to Grote Molen, Inc. and will be retained by Grote Molen, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
 
 
 
 
 
 EX-101.INS 5 grote-20111231.xml XBRL.INSTANCE 342 2131 756104 687247 7386 8916 4556 5608 768046 701771 30795 30685 23463 18452 1656 37164 2917 95627 95627 35000 227895 147681 135216 191170 363111 338851 21000 21000 89000 89000 294935 252920 404935 362920 768046 701771 1681439 21821 167 -41763 -107983 -49054 132791 -1789 1953 110 -8176 5011 4417 1656 -9723 126349 -777 35000 21707 2720 13293 12280 139642 10655 111759 101104 251401 10-K 2011-12-31 false GROTE MOLEN INC 0001456212 --12-31 Smaller Reporting Company Yes No No 2011 FY 251401 111759 50287 28466 118584 160347 335490 384544 0.001 0.001 5000000 5000000 0.001 0.001 100000000 100000000 21000000 21000000 21000000 21000000 1223509 1201801 846021 479638 377488 2582 2456 403324 310577 76314 66911 18115 18041 1656 19771 18041 56543 48870 14528 11693 42015 37177 21000000 21000000 21000000 21000000 21000 89000 215743 325743 21000000 37177 21000 89000 252920 21000000 300000 4190 400742 308121 42015 21000 89000 294935 21000000 4190 -848 -848 15000 <!--egx--><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-WEIGHT:bold">NOTE 1 &#8211; ORGANIZATION AND SUMMARY OF SIGNICANT ACCOUNTING POLICIES</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Organization</font></font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:36pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Grote Molen, Inc. (&#8220;Grote Molen&#8221;) was incorporated under the laws of the State of Nevada on March 15, 2004.&#160;&#160;BrownWick, LLC (&#8220;BrownWick&#8221;), a wholly-owned subsidiary, was formed in the State of Idaho on June 5, 2005.&#160;&#160;The principal business of Grote Molen and BrownWick (collectively the &#8220;Company&#8221;) is to distribute grain mills and related accessories for home use.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Principles of Consolidation</font></font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:36pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">The consolidated financial statements include the accounts of Grote Molen and BrownWick.&#160;&#160;All significant inter-company balances and transactions have been eliminated.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Cash and Cash Equivalents</font></font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:36pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">For purposes of the consolidated statements of cash flows, we consider all highly liquid investments with an original maturity date of three months or less to be cash equivalents.&#160;&#160;Since inception, the Company has not held any short-term investments considered to be cash equivalents.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Accounts Receivable</font></font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:36pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Trade accounts receivable are carried at original invoice amount less an estimate made for doubtful accounts.&#160;&#160;We determine the allowance for doubtful accounts by identifying potential troubled accounts and by using historical experience and future expectations applied to an aging of accounts.&#160;&#160;Trade accounts receivable are written off when deemed uncollectible.&#160;&#160;Recoveries of trade accounts receivable previously written off are recorded as income when received.&#160;&#160;We determined that no allowance for doubtful accounts was required at December 31, 2011 and 2010.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Inventories</font></font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:36pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Inventories, consisting primarily of grain mills, parts and accessories, are stated at the lower of cost or market, with cost determined using primarily the first-in-first-out (FIFO) method.&#160;&#160;We purchase substantially all inventories from two foreign suppliers, and have been dependent on those suppliers for substantially all inventory purchases since we commenced operations.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt" align="left"><font 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2px solid; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">9,127</font></td><td width="1%" style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td></tr><tr bgcolor="white"><td width="58%" valign="bottom"><font style="DISPLAY:inline">&#160; </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td></tr><tr bgcolor="#cceeff"><td width="58%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:-18pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Total</font></div></td><td width="1%" style="PADDING-BOTTOM:4px" align="right" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="8%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">95,627</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="PADDING-BOTTOM:4px" align="right" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="BORDER-BOTTOM:black 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style="DISPLAY:inline">&#160; </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="9%" colspan="2" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="9%" colspan="2" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td></tr><tr bgcolor="#cceeff"><td width="58%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:18pt; TEXT-INDENT:-18pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Note payable to a stockholder, due in monthly</font><font style="DISPLAY:inline">&#160;installments of $4,000 through February 2016, with</font><font style="DISPLAY:inline">&#160;interest at 6.97 % per 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style="PADDING-BOTTOM:2px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">)</font></td></tr><tr bgcolor="#cceeff"><td width="58%" valign="bottom"><font style="DISPLAY:inline">&#160; </font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td></tr><tr bgcolor="white"><td width="58%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Long-term portion</font></div></td><td width="1%" style="PADDING-BOTTOM:4px" align="right" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="8%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">135,216</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="PADDING-BOTTOM:4px" align="right" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font 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valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">37,164</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td></tr><tr bgcolor="white"><td width="69%" align="left" valign="bottom"><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline"><font style="MARGIN-LEFT:36pt"></font>2013</font></div></td><td width="1%" align="right" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">39,837</font></td><td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td></tr><tr bgcolor="#cceeff"><td width="69%" align="left" valign="bottom"><div 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align="left"><font style="DISPLAY:inline">Long-term portion</font></div></td><td width="1%" style="PADDING-BOTTOM:4px" align="right" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td><td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">$</font></td><td width="8%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline">135,216</font></td><td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline">&#160;</font></td></tr></table></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br>&#160;</div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline"><font style="MARGIN-LEFT:36pt"></font>Effective June 1, 2011, the parties agreed to increase the monthly payment on the long-term debt &#8211; related party from $1,362 to $4,000.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline"><font style="MARGIN-LEFT:36pt"></font>Interest expense on this related party debt was $18,115 and $18,041 for the years ended December 31, 2011 and 2010, respectively.&#160;&#160;Accrued interest payable to related parties was $23,463 and $18,452 at December 31, 2011 and 2010, respectively.</font><br></br></div> <!--egx--><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-WEIGHT:bold">NOTE 6 &#8211; RELATED PARTY TRANSACTIONS</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:36pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Pursuant to an agreement effective in June 2007, we pay a monthly management fee to a company owned by one of the major stockholders of the Company to manage our day-to-day business activities and to provide business space.&#160;&#160;We paid monthly management fees in varying amounts to this related party pursuant to prior agreements approved by the stockholders of the Company.&#160;&#160;The agreement is on a month-to-month basis and can be cancelled at any time by the vote of management.&#160;&#160;Effective February 1, 2011, the monthly fee was increased to $10,700.&#160;&#160;Also included in management fees are monthly payments of $150 to another major stockholder of the Company for expense reimbursement.&#160;&#160;Included in selling, general and administrative expenses were management fees totaling $128,700 and $112,200 for the years ended December 31, 2011 and 2010, respectively.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:36pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Each of the two 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align="left"><font style="DISPLAY:inline">The Company&#8217;s preferred stock may have such rights, preferences and designations and may be issued in such series as determined by our Board of Directors.&#160;&#160;No shares were issued and outstanding at December 31, 2011 and 2010.</font><br></br></div> <!--egx--><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold">NOTE 8 &#8211; SUPPLEMENTAL STATEMENT OF CASH FLOWS INFORMATION</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:36pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">During the years ended December 31, 2011 and 2010, we had no non-cash financing and investing activities.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:36pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">We paid cash for income taxes of $8,647 and $23,107 for the years ended December 31, 2011 and 2010, respectively.&#160;&#160;We paid cash for interest of $13,103 and $13,624 for the years ended December 31, 2011 and 2010, respectively.</font></div> <!--egx--><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold">NOTE 9 &#8211; FAIR VALUE OF FINANCIAL INSTRUMENTS</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:36pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">Our financial instruments consist of cash, accounts receivable, accounts payable and notes payable.&#160;&#160;The carrying amount of cash, accounts receivable and accounts payable approximates fair value because of the short-term nature of these items.&#160;&#160;The carrying amount of the notes payable approximates fair value because the interest rates on the notes approximate market rates of interest.</font></div> <!--egx--><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold">NOTE 10 &#8211; SIGNIFICANT CONCENTRATIONS</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:36pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">In addition to the sales to related parties discussed in Note 6, we had sales to one customer that accounted for approximately 12% and 10% of total sales for the years ended December 31, 2011 and 2010, respectively.</font></div><div style="DISPLAY:block; TEXT-INDENT:0pt"><br></br></div><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:36pt; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline">We purchase substantially all inventories from two foreign suppliers, and have been dependent on those suppliers 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Related Party Debt
 12 Months Ended
Dec. 31, 2011
Related Party Debt  
Related Party Debt
NOTE 3 – RELATED PARTY DEBT


Notes payable – related parties are unsecured and are comprised of the following at December 31:


   
2011
  
2010
 
        
Note payable to a stockholder, due on demand, with interest at 6% per annum
 $30,000  $30,000 
          
Note payable to a stockholder, due on demand, with interest at 6% per annum
  3,500   3,500 
          
Note payable to a stockholder, due on demand, with interest at 6% per annum
  38,000   38,000 
          
Note payable to a stockholder, due on demand, with interest at 6% per annum
  10,000   10,000 
          
Note payable to a stockholder, due on demand, with interest at 6% per annum
  5,000   5,000 
          
Non-interest bearing advances from stockholders, with no formal repayment terms
  9,127   9,127 
          
Total
 $95,627  $95,627 


Long-term debt – related party is comprised of the following at December 31:


   
2011
  
2010
 
        
Note payable to a stockholder, due in monthly installments of $4,000 through February 2016, with interest at 6.97 % per annum
 $ 172,380  $ 194,087 
Less current portion
  (37,164)  (2,917)
          
Long-term portion
 $135,216  $191,170 
 
Future maturities of long-term debt – related party are as follows:


Years Ending December 31:
   
     
2012
 $37,164 
2013
  39,837 
2014
  42,702 
2015
  45,774 
2016
  6,903 
    172,380 
Less current portion
  (37,164)
      
Long-term portion
 $135,216 


 
Effective June 1, 2011, the parties agreed to increase the monthly payment on the long-term debt – related party from $1,362 to $4,000.


Interest expense on this related party debt was $18,115 and $18,041 for the years ended December 31, 2011 and 2010, respectively.  Accrued interest payable to related parties was $23,463 and $18,452 at December 31, 2011 and 2010, respectively.
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M4D=)3BU,1494.C!P=#L@5$585"U)3D1%3E0Z,'!T.R!-05)'24XM4DE'2%0Z M,'!T)R!A;&EG;CTS1&QE9G0^/&9O;G0@6EN9R!B86QA;F-E('-H965T2!M871E XML 14 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Detail of Certain Balance Sheet Accounts
 12 Months Ended
Dec. 31, 2011
BalanceSheetRelatedDisclosures  
BalanceSheetRelatedDisclosures
NOTE 2 – DETAIL OF CERTAIN BALANCE SHEET ACCOUNTS


Accounts receivable consist of the following at December 31:


   
2011
  
2010
 
        
Trade accounts receivable – related parties
 $14,819  $13,205 
Trade accounts receivable
  30,468   10,261 
Employee advances
  5,000   5,000 
          
   $50,287  $28,466 


Property and equipment consist of the following at December 31:


   
2011
  
2010
 
        
Office equipment
 $3,527  $3,527 
Warehouse equipment
  10,097   10,097 
Website development
  2,000   2,000 
          
    15,624   15,624 
Accumulated depreciation
  (8,238)  (6,708)
          
   $7,386  $8,916 


Intangible assets consist of the following at December 31:


   
2011
  
2010
 
        
License
 $10,500  $10,500 
Patent
  100   100 
          
    10,600   10,600 
Accumulated amortization
  (6,044)  (4,992)
          
   $4,556  $5,608 
 

XML 15 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2011
Dec. 31, 2010
Cash $ 251,401 $ 111,759
Accounts Receivable 50,287 28,466
Inventories 118,584 160,347
Deposits 335,490 384,544
Prepaid Expenses 342 2,131
Total Current Assets 756,104 687,247
Property and Equipment, net 7,386 8,916
Intangible Assets, net 4,556 5,608
Total Assets 768,046 701,771
Accounts Payable 30,795 30,685
Accrued Interest Payable - Related Parties 23,463 18,452
Accrued Interest Payable 1,656  
Income Taxes Payable 4,190  
Current Portion of Long-Term Debt - Related Party 37,164 2,917
Notes Payable - Related Parties 95,627 95,627
Notes Payable 35,000  
Total Current Liabilities 227,895 147,681
Long-Term Debt - Related Party 135,216 191,170
Total Liabilities 363,111 338,851
Preferred Stock, $.001 Par Value, 5,000,000 Shares Authorized, No Shares Issued and Outstanding      
Common Stock, $.001 Par Value, 100,000,000 Shares Authorized, 21,000,000 Shares Issued and 21,000 21,000
Additional Paid-In Capital 89,000 89,000
Retained Earnings 294,935 252,920
Total Stockholders' Equity 404,935 362,920
Total Liabilities and Stockholders' Equity $ 768,046 $ 701,771
XML 16 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Net Income $ 42,015 $ 37,177
Depreciation and Amortization 2,582 2,456
(Increase) Decrease in Accounts Receivable (21,821) (167)
(Increase) Decrease in Inventories 41,763 107,983
(Increase) Decrease in Deposits 49,054 (132,791)
(Increase) Decrease in Prepaid Expenses 1,789 (1,953)
Increase (Decrease) in Accounts Payable 110 (8,176)
Increase (Decrease) in Accrued Interest Payable - Related Parties 5,011 4,417
Increase (Decrease) in Accrued Interest Payable 1,656  
Increase (Decrease) in Income Taxes Payable 4,190 (9,723)
Net Cash Provided by (Used in) Operating Activities 126,349 (777)
Acquisition of Property and Equipment   (848)
Net Cash Used in Investing Activities   (848)
Proceeds from Issuance of Notes Payable 35,000  
Proceeds from Issuance of Notes Payable - Related Parties   15,000
Repayment of Long-Term Debt - Related Party (21,707) (2,720)
Net Cash Provided by Financing Activities 13,293 12,280
Net Increase (Decrease) in Cash 139,642 10,655
Cash, Beginning of Year 111,759 101,104
Cash, End of Year $ 251,401 $ 111,759
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Organization and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2011
Accounting Policies  
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNICANT ACCOUNTING POLICIES


Organization


Grote Molen, Inc. (“Grote Molen”) was incorporated under the laws of the State of Nevada on March 15, 2004.  BrownWick, LLC (“BrownWick”), a wholly-owned subsidiary, was formed in the State of Idaho on June 5, 2005.  The principal business of Grote Molen and BrownWick (collectively the “Company”) is to distribute grain mills and related accessories for home use.


Principles of Consolidation


The consolidated financial statements include the accounts of Grote Molen and BrownWick.  All significant inter-company balances and transactions have been eliminated.


Cash and Cash Equivalents


For purposes of the consolidated statements of cash flows, we consider all highly liquid investments with an original maturity date of three months or less to be cash equivalents.  Since inception, the Company has not held any short-term investments considered to be cash equivalents.


Accounts Receivable


Trade accounts receivable are carried at original invoice amount less an estimate made for doubtful accounts.  We determine the allowance for doubtful accounts by identifying potential troubled accounts and by using historical experience and future expectations applied to an aging of accounts.  Trade accounts receivable are written off when deemed uncollectible.  Recoveries of trade accounts receivable previously written off are recorded as income when received.  We determined that no allowance for doubtful accounts was required at December 31, 2011 and 2010.


Inventories


Inventories, consisting primarily of grain mills, parts and accessories, are stated at the lower of cost or market, with cost determined using primarily the first-in-first-out (FIFO) method.  We purchase substantially all inventories from two foreign suppliers, and have been dependent on those suppliers for substantially all inventory purchases since we commenced operations.


Deposits


At times, we are required to pay advanced deposits toward the purchase of inventories from our principal suppliers.  Such advanced payments are recorded as deposits, a current asset in the accompanying consolidated financial statements.


Property and Equipment


Property and equipment are carried at cost, less accumulated depreciation.  Depreciation is computed using the straight-line method based on the estimated useful lives of the assets, which range from 3 to 10 years.  Depreciation expense was $1,530 and $1,404 for the years ended December 31, 2011 and 2010, respectively.  When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed and any resulting gain or loss is recognized in operations for the period.  The cost of maintenance and repairs is charged to operations as incurred.  Significant renewals and betterments are capitalized.


Intangible Assets


Intangible assets are recorded at cost, less accumulated amortization.  Amortization is computed using the straight-line method based on the estimated useful lives or contractual lives of the assets, which range from 10 to 30 years.  Amortization expense was $1,052 for each of the years ended December 31, 2011 and 2010.


Impairment of Long-Lived Assets


We periodically review our long-lived assets, including intangible assets, for impairment when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable.  No events or changes in circumstances have occurred to indicate that the carrying amount of our long-lived assets may not be recoverable.  Therefore, no impairment loss was recognized during the years ended December 31, 2011 and 2010.


Revenue Recognition


We record revenue from the sales of grain mills and accessories in accordance with the underlying sales agreements when the products are shipped, the selling price is fixed and determinable, and collection is reasonably assured.


Warranties


We provide limited warranties to our customers for certain of our products sold.  We perform warranty work at our service center in Pocatello, Idaho or at other authorized service locations.  Warranty expenses have not been material to our consolidated financial statements.


Research and Development Costs


Research and development costs are expensed as incurred in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification™ (“ASC”) Topic 730, Research and Development.  The costs of materials and other costs acquired for research and development activities are charged to expense as incurred.  Salaries, wages, and other related costs of personnel, as well as other facility operating costs are allocated to research and development expense through management’s estimate of the percentage of time spent by personnel in research and development activities.  We had no material research and development costs for the years ended December 31, 2011 and 2010.


Advertising


Advertising costs are non-direct in nature, and are expensed over the periods in which the advertising takes place.  Advertising expense totaled $19,520 and $8,734 for the years ended December 31, 2011 and 2010, respectively.


Shipping and Handling


The Company recognizes shipping handling fees in accordance with ASC 605, Shipping and  Handling Fees and Costs.  Accordingly, amounts charged to customers are included in the Company’s revenue and shipping costs are included in selling, general and administrative expenses.  For the years ended December 31, 2011 and 2010, these costs amounted to $60,060 and $39,864, respectively.
  
Concentration of Credit Risk


Financial instruments that potentially subject us to concentration of credit risk consist primarily of cash and trade receivables.


In the normal course of business, we provide credit terms to our customers.  Accordingly, we perform ongoing credit evaluations of our customers and maintain allowances for possible losses as appropriate.


We maintain our cash in bank deposit accounts, which, at times, may exceed federally insured limits.  We have not experienced any losses in such accounts and believe we are not exposed to any significant credit risk on cash.


Income Taxes


We account for income taxes in accordance with FASB ASC Topic 740, Income Taxes, using the asset and liability method.  Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.


Earnings Per Share


The computation of basic earnings per common share is based on the weighted average number of shares outstanding during the period.


The computation of diluted earnings per common share is based on the weighted average number of shares outstanding during the period plus the common stock equivalents which would arise from the exercise of stock options and warrants outstanding using the treasury stock method and the average market price per share during the period.  Common stock equivalents are not included in the diluted earnings per share calculation when their effect is anti dilutive.  We have not granted any stock options or warrants since inception of the Company.


Use of Estimates in the Preparation of Financial Statements


The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.


Comprehensive Income (Loss)


Comprehensive income (loss) is the same as net income (loss).
XML 19 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL (USD $)
Dec. 31, 2011
Dec. 31, 2010
Preferred stock par value $ 0.001 $ 0.001
Preferred stock shares authorized 5,000,000 5,000,000
Preferred stock shares issued      
Preferred stock shares outstanding      
Common stock par value $ 0.001 $ 0.001
Common stock shares authorized 100,000,000 100,000,000
Common stock shares issued 21,000,000 21,000,000
Common stock shares outstanding 21,000,000 21,000,000
XML 20 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Recently Issued Accounting Pronouncements
 12 Months Ended
Dec. 31, 2011
Accounting Changes and Error Corrections  
Description of New Accounting Pronouncements Not yet Adopted [Text Block]
NOTE 11 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS


There were no new accounting pronouncements issued during the year ended December 31, 2011 and through the date of this filing that we believe are applicable or would have a material impact on the consolidated financial statements of the Company.
XML 21 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
 12 Months Ended
Dec. 31, 2011
Mar. 23, 2012
Jun. 30, 2011
Document and Entity Information      
Entity Registrant Name GROTE MOLEN INC    
Document Type 10-K    
Document Period End Date Dec. 31, 2011    
Amendment Flag false    
Entity Central Index Key 0001456212    
Current Fiscal Year End Date --12-31    
Entity Common Stock, Shares Outstanding   21,000,000  
Entity Filer Category Smaller Reporting Company    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Well-known Seasoned Issuer No    
Document Fiscal Year Focus 2011    
Document Fiscal Period Focus FY    
Entity Public Float     $ 300,000
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Subsequent Events
 12 Months Ended
Dec. 31, 2011
Subsequent Events  
Subsequent Events [Text Block]
NOTE 12 – SUBSEQUENT EVENTS


We have evaluated events occurring after the date of our accompanying balance sheets through the date the financial statements were issued.  We did not identify any material subsequent events requiring adjustment to or disclosure in our accompanying consolidated financial statements.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Sales $ 1,681,439 $ 1,223,509
Cost of Sales 1,201,801 846,021
Gross Profit 479,638 377,488
Selling, General and Administrative 400,742 308,121
Depreciation and Amortization 2,582 2,456
Total Operating Costs and Expenses 403,324 310,577
Income From Operations 76,314 66,911
Interest Expense - Related Parties 18,115 18,041
Interest Expense 1,656  
Total Other Expense 19,771 18,041
Income Before Income Taxes 56,543 48,870
Provision for Income Taxes 14,528 11,693
Net Income $ 42,015 $ 37,177
Net Income Per Common Share - Basic and Diluted      
Weighted Average Shares Outstanding - Basic 21,000,000 21,000,000
Weighted Average Shares Outstanding - Diluted 21,000,000 21,000,000
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Related Party Transactions
 12 Months Ended
Dec. 31, 2011
Related Party Disclosures  
Related Party Transactions Disclosure [Text Block]
NOTE 6 – RELATED PARTY TRANSACTIONS


Pursuant to an agreement effective in June 2007, we pay a monthly management fee to a company owned by one of the major stockholders of the Company to manage our day-to-day business activities and to provide business space.  We paid monthly management fees in varying amounts to this related party pursuant to prior agreements approved by the stockholders of the Company.  The agreement is on a month-to-month basis and can be cancelled at any time by the vote of management.  Effective February 1, 2011, the monthly fee was increased to $10,700.  Also included in management fees are monthly payments of $150 to another major stockholder of the Company for expense reimbursement.  Included in selling, general and administrative expenses were management fees totaling $128,700 and $112,200 for the years ended December 31, 2011 and 2010, respectively.


Each of the two principal stockholders of the Company own companies that are our customers.  Sales to these related parties totaled $108,083 and $82,886 for the years ended December 31, 2011 and 2010, respectively, or approximately 6% and 7%, respectively.  Accounts receivable from these related parties totaled $14,819 and $13,205 at December 31, 2011 and 2010, respectively.


See Note 3 for discussion of related party debt and interest expense.
XML 25 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
 12 Months Ended
Dec. 31, 2011
Income Taxes  
Income Tax Disclosure [Text Block]
NOTE 5 – INCOME TAXES


The reconciliation of the provision for income taxes computed at the U.S. federal statutory tax rate to the Company’s effective tax rate is as follows for the years ended December 31:


   
2011
  
2010
 
        
Federal provision at statutory rate
 $22,052  $19,059 
State income tax, net of federal benefit
  2,477   2,268 
Impact of graduated rates
  (12,358)  (11,498)
Change in valuation allowance
  2,357   1,864 
          
Provision for income taxes
 $14,528  $11,693 


Deferred tax assets (liabilities) are comprised of the following at December 31:


   
2011
  
2010
 
        
Current asset – related party interest expense
 $7,978  $6,273 
Long-term liability – depreciation and amortization
  (1,870)  (2,522)
          
    6,108   3,751 
Valuation allowance
  (6,108)  (3,751)
          
   $-  $- 


In recording the valuation allowances, we were unable to conclude that it is more likely than not that all or a portion of a net deferred tax asset will be realized.


FASB ASC Topic 740, Income Taxes, requires us to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position.  If the more-likely-than-not threshold is met, we must measure the tax position to determine the amount to recognize in our consolidated financial statements.  We performed a review of our material tax positions in accordance with recognition and measurement standards established by ASC Topic 740 and concluded we had no unrecognized tax benefit which would affect the effective tax rate if recognized for the years ended December 31, 2011 and 2010.


We include interest and penalties arising from the underpayment of income taxes, if any, in our consolidated statements of operations in general and administrative expenses.  As of December 31, 2011 and 2010, we had no accrued interest or penalties related to uncertain tax positions.


We file income tax returns in the U.S. federal jurisdiction and in the state of Idaho.  All U.S. federal and Idaho state income tax returns from 2008 through the year ended December 31, 2011 are subject to examination.
XML 26 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2011
Fair Value Measures and Disclosures  
Fair Value Disclosures [Text Block]
NOTE 9 – FAIR VALUE OF FINANCIAL INSTRUMENTS


Our financial instruments consist of cash, accounts receivable, accounts payable and notes payable.  The carrying amount of cash, accounts receivable and accounts payable approximates fair value because of the short-term nature of these items.  The carrying amount of the notes payable approximates fair value because the interest rates on the notes approximate market rates of interest.
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Capital Stock
 12 Months Ended
Dec. 31, 2011
Equity  
Stockholders' Equity Note Disclosure [Text Block]
NOTE 7 – CAPITAL STOCK


The Company’s preferred stock may have such rights, preferences and designations and may be issued in such series as determined by our Board of Directors.  No shares were issued and outstanding at December 31, 2011 and 2010.
XML 28 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Supplemental Statement of Cash Flows Information
 12 Months Ended
Dec. 31, 2011
Statement of Cash Flows, Supplemental Disclosures  
Cash Flow, Supplemental Disclosures [Text Block]
NOTE 8 – SUPPLEMENTAL STATEMENT OF CASH FLOWS INFORMATION


During the years ended December 31, 2011 and 2010, we had no non-cash financing and investing activities.


We paid cash for income taxes of $8,647 and $23,107 for the years ended December 31, 2011 and 2010, respectively.  We paid cash for interest of $13,103 and $13,624 for the years ended December 31, 2011 and 2010, respectively.
XML 29 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Significant Concentrations
 12 Months Ended
Dec. 31, 2011
Risks and Uncertainties  
Concentration Risk Disclosure [Text Block]
NOTE 10 – SIGNIFICANT CONCENTRATIONS


In addition to the sales to related parties discussed in Note 6, we had sales to one customer that accounted for approximately 12% and 10% of total sales for the years ended December 31, 2011 and 2010, respectively.


We purchase substantially all inventories from two foreign suppliers, and have been dependent on those suppliers for substantially all inventory purchases since we commenced operations.
XML 30 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)
Common Stock
Additional Paid-In Capital
Retained Earnings
Total
Balance at Dec. 31, 2009 $ 21,000 $ 89,000 $ 215,743 $ 325,743
Balance - Shares at Dec. 31, 2009 21,000,000      
Net Income     37,177 37,177
Balance at Dec. 31, 2010 21,000 89,000 252,920 362,920
Balance - Shares at Dec. 31, 2010 21,000,000      
Net Income     42,015 42,015
Balance at Dec. 31, 2011 $ 21,000 $ 89,000 $ 294,935 $ 404,935
Balance - Shares at Dec. 31, 2011 21,000,000      
XML 31 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Notes Payable
 12 Months Ended
Dec. 31, 2011
Debt  
Debt Disclosure [Text Block]
NOTE 4 – NOTES PAYABLE


The notes payable of $35,000 at December 31, 2011 are comprised of two notes payable to a non-related party, are unsecured, payable upon demand, and bear interest at 8% per annum.  Accrued interest payable on the notes payable was $1,656 at December 31, 2011.
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