0001076542-12-000208.txt : 20121116 0001076542-12-000208.hdr.sgml : 20121116 20121116155504 ACCESSION NUMBER: 0001076542-12-000208 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121116 DATE AS OF CHANGE: 20121116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WINDGEN ENERGY, INC. CENTRAL INDEX KEY: 0000726037 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 870397815 STATE OF INCORPORATION: UT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-12968 FILM NUMBER: 121211653 BUSINESS ADDRESS: STREET 1: 14550 N. FRANK LLOYD WRIGHT BLVD. STREET 2: SUITE 100 CITY: SCOTTSDALE STATE: AZ ZIP: 85260 BUSINESS PHONE: 408-991-9500 MAIL ADDRESS: STREET 1: 14550 N. FRANK LLOYD WRIGHT BLVD. STREET 2: SUITE 100 CITY: SCOTTSDALE STATE: AZ ZIP: 85260 FORMER COMPANY: FORMER CONFORMED NAME: INMEDICA DEVELOPMENT CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: INMED DEVELOPMENT CORP DATE OF NAME CHANGE: 19840815 10-Q 1 p1052_10q.htm FORM 10-Q FOR QUARTER ENDED SEPTEMBER 30, 2012

Table of Contents

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

þ   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     
For The Quarterly Period Ended September 30, 2012
     
¨   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:  0-12968

 

WINDGEN ENERGY, INC.

(Exact name of registrant as specified in its charter)

  

Utah   87-0397815
(State or other jurisdiction of   (IRS Employer Identification No.)
incorporation or organization)    

 

8432 E. Shea Blvd, Suite 101

Scottsdale, Arizona 85260

(Address of principal executive offices)

 

(480) 991-9500

(Registrant’s telephone number, including area code)

 

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

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  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    þ  

 

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).  Yes ¨ No þ

 

As of November 16, 2012, 47,068,058 shares of the issuer’s common stock were outstanding.

 


WINDGEN ENERGY, INC.

 

Table of Contents

 

    Page
     
Forward-Looking Statements   3
     
PART I.  FINANCIAL INFORMATION
       
Item 1. Financial Statements   4
  Consolidated Balance Sheets as of September 30, 2012 (Unaudited) and December 31, 2011   4
  Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2012 and 2011 (Unaudited)   5
  Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2012 and 2011 (Unaudited)   6
  Notes to the Consolidated Financial Statements   7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations   15
Item 3. Quantitative and Qualitative Disclosures About Market Risk   18
Item 4. Controls and Procedures   19
       
PART II.  OTHER INFORMATION    
       
Item 1. Legal Proceedings   20
Item 1A. Risk Factors   20
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   20
Item 3. Defaults Upon Senior Securities   20
Item 4. Mine Safety Disclosures   20
Item 5. Other Information   20
Item 6. Exhibits   20
       
SIGNATURES   22

2

WINDGEN ENERGY, INC.

 

FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q (“Quarterly Report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and should be read in conjunction with the Financial Statements of WindGen Energy, Inc. (the “Company” or “WindGen”).  Such statements are not historical facts and reflect our current views regarding matters such as operations and financial performance. In general, forward-looking statements are identified by such words or phrases as “expects,” “anticipates,” “believes,” “could,” “approximates,” “estimates,” “may,” “intends,” “predicts,” “projects,” “plans,” or “will,” or the negative of those words or other terminology. These statements are not guarantees of future performance and involve certain known and unknown inherent risks, uncertainties and other factors that are difficult to predict; our actual results could differ materially from those expressed in these forward-looking statements, including those risks and other factors described elsewhere in this Quarterly Report.  The cautionary factors, risks and other factors presented should not be construed as exhaustive.   Other risks not presently known to us, or that we currently believe are immaterial, could also adversely affect our business, financial condition or results of operations.

 

Each forward-looking statement should be read in context with, and with an understanding of, the various disclosures concerning our business made elsewhere in this Quarterly Report, as well as other public reports filed by us with the United States Securities and Exchange Commission. Readers should not place undue reliance on any forward-looking statement as a prediction of actual results of developments. Except as required by applicable law or regulation, we undertake no obligation to update or revise any forward-looking statement contained in this Quarterly Report.

 

3

PART I. FINANCIAL INFORMATION
   
Item 1. Financial Statements

 

 WINDGEN ENERGY, INC.

 

CONSOLIDATED BALANCE SHEETS 

 

 

   September 30,  December 31,
   2012  2011
   (Unaudited)   
ASSETS          
           
Current Assets          
Cash  $   $22 
Other Receivable   24,496    24,464 
Prepaid Expenses & Other   200    2,502 
TOTAL ASSETS  $24,696   $26,988 
           
LIABILITIES & STOCKHOLDERS’ EQUITY          
           
Current Liabilities          
Bank Overdraft  $107   $ 
Related Party Consulting Fees Payable   204,150    162,750 
Accounts Payable   36,438    38,061 
Note Payable   28,144    26,048 
Shareholder Advances   5,665     
Convertible Notes Payable, net of debt discount of $11,770 and $12,572, respectively   54,323    49,412 
Preferred Stock Dividends Payable   21,279    19,860 
           
TOTAL LIABILITIES  $350,106   $296,131 
           
STOCKHOLDERS' EQUITY (DEFICIT)          
Preferred Stock, 10,000,000 shares authorized; Series A Cumulative convertible preferred stock,  8% cumulative, $4.50 par value, 1,000,000 shares designated, 5,254 shares outstanding at September 30, 2012 , (aggregate liquidation preference of $44,923);  5,254 shares outstanding at December 31, 2011 (aggregate liquidation preference of $43,504)   23,644    23,644 
Common Stock, $.001 par value: 100,000,000 shares authorized, 47,068,058 and 42,188,390 shares outstanding at September 30, 2012 and December 31, 2011, respectively   47,068    42,188 
Additional Paid-In Capital   9,602,454    9,430,409 
Stock Subscription Receivable       (10,000)
Accumulated Deficit   (9,998,576)   (9,755,384)
           
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)   (325,410)   (269,143)
           
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY  $24,696   $26,988 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements. 

4

WINDGEN ENERGY, INC.

 

CONSOLIDATED STATEMENTS OF OPERATIONS 

 

 

   (Unaudited)  (Unaudited)
   For the Three Months Ended
September 30,
  For the Nine Months Ended
September 30,
   2012  2011  2012  2011
             
REVENUES  $   $   $   $— 
                     
OPERATING EXPENSES                    
General & Administrative   4,810    49,451    32,585    126,634 
Stock Compensation Expenses for Consulting           50,000     
Legal & Professional Fees   2,063    16,418    40,256    50,227 
Related Party Consulting Fees   15,000    30,000    60,000    90,000 
Total Operating Expenses   21,873    95,869    182,841    266,861 
                     
INCOME (LOSS) FROM OPERATIONS   (21,873)   (95,869)   (182,841)   (266,861)
                     
OTHER INCOME (EXPENSE)                    
Amortization of debt discount   (16,016)   (13,854)   (55,727)   (41,126)
Interest Income (Expense)   (813)   (1,191)   (3,205)   (2,468)
Total Other Income (Expense), Net   (16,829)   (15,045)   (58,932)   (43,594)
                     
NET INCOME (LOSS)   (38,702)   (110,914)   (241,773)   (310,455)
                     
PREFERRED STOCK DIVIDENDS   (473)   (473)   (1,419)   (1,419)
                     
NET INCOME (LOSS) APPLICABLE TO COMMON STOCKHOLDERS  $(39,175)  $(111,387)  $(243,192)  $(311,874)
                     
NET INCOME (LOSS) PER COMMON SHARE (BASIC & DILUTED)  $0.00   $0.00   $(0.01)  $(0.01)
                     
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING                    
BASIC   44,941,342    43,538,263    44,152,347    42,632,859 
DILUTED   49,346,192    43,546,144    48,557,197    42,640,740 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

5

WINDGEN ENERGY, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS 

 

 

   (Unaudited)
   For the Nine Months Ended
   September 30,
   2012  2011
       
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net Loss  $(241,773)  $(310,455)
Adjustments to reconcile net loss to net cash used in operating activities:          
Common stock issued for services   50,000     
Interest expense from debt discount   55,727    41,126 
Related party consulting fee payable   41,400    13,550 
Prepaid expense   2,302    42,634 
Accounts payable   (1,623)   38,330 
Accrued interest payable   3,205    2,468 
Other receivable   (32)   (4,110)
Net cash provided by (used in) Operating Activities   (90,794)   (176,457)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Net cash provided by Investing Activities        
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Bank overdraft   107     
Proceeds from sale of stock       70,800 
Proceeds from notes payable   75,000    85,000 
Proceeds from stock subscription receivable   10,000     
Proceeds from shareholder advances   5,665     
Net cash provided by Financing Activities   90,772    155,800 
           
NET INCREASE (DECREASE) IN CASH   (22)   (20,657)
CASH AT BEGINNING OF PERIOD   22    33,278 
CASH AT END OF PERIOD       12,621 
           
SUPPLEMENTAL DISCLOSURE OF CASH FLOW:          
Cash paid during the year for interest  $   $ 
Cash paid during the year for income taxes  $150   $150 
           
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING & FINANCING ACTIVITIES:          
Stock Subscription Receivable for exercise of stock options  $   $10,000 
Notes Payable Converted to Common Stock  $72,000   $52,000 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

6

WINDGEN ENERGY, INC.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

NOTE 1 – NATURE OF OPERATIONS

 

Nature of Operations

 

From 1989 through 2008, InMedica Development Corporation (“InMedica”) and its then majority-owned subsidiary, MicroCor, Inc. (“MicroCor”) were engaged in research and development of a device to measure hematocrit non-invasively (the “Non-Invasive Hematocrit Technology” and/or the “Technology”).  

 

On December 4, 2009, the Company changed its name from InMedica Development Corporation to WindGen Energy, Inc. (“WindGen”).

 

On June 24, 2010, WindGen terminated the former Development Agreement with Wescor and entered into a new agreement reducing its ownership percentage from 57% to 49%. Since WindGen’s ownership percentage is now less than 50%, MicroCor’s financial statements are no longer consolidated with WindGen’s financial statements. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – MicroCor, Inc.” for complete details.

 

On April 17, 2009, we entered into a license agreement (the “License Agreement”) with Wind Sail Receptor, Inc. of Boulder City, Nevada (“WSR”), pursuant to which we were granted the exclusive license to assemble and market certain of WSR’s wind sail receptor energy generation devices in the United States, Canada, the United Kingdom and Republic of Ireland, with nonexclusive rights in the rest of the world except Latin America. Under the License Agreement, we were to acquire the necessary blades from WSR during the first year after WSR was able to manufacture the blades.  

 

During 2010, the Company issued 1,900,000 shares of the Company’s restricted common stock to WSR in consideration of amending the License Agreement (the “WSR Shares”).  The proposed amendment to the License Agreement between the Company and WSR was not executed. The reasons are various and include, but are not limited to, finalizing details regarding the need for the Company to be involved in assembly of the wind turbines in various license territories outside the US, final pricing that the units would be sold by WSR to the Company, final terms of the product warranty to be provided by WSR, and possible additional exclusive territory added to the License.  Under the terms of the License Agreement, the Company intended to use its best efforts to obtain Federal, State, Local, or Private Grant Funds and to share these Grant Funds with WSR. To date the Company has not been successful in obtaining Grant Funds. No monetary disputes currently exist between the two companies.

 

On March 20, 2012, the Company entered into two new agreements with WSR.  These two agreements replaced the exclusive sales and distribution License Agreement previously held by the Company. One agreement is a perpetual Royalty Agreement whereby WSR will pay to the Company a royalty on each Wind Sail Receptor Small Wind Turbine System sold in the United States and Canada.  A further provision of the new agreement with WSR returns the WSR Shares to the Company. These shares have been canceled on the books and records of the Company as of December 31, 2011, reducing the total issued and outstanding shares of the Company’s Common Stock.  See “Note 4 – Common Stock” below. The second agreement is a Dealer Agreement which awarded the Company a dealership for the exclusive sale and distribution of the Wind Sail Receptor Small Wind Turbines with a blade diameter not to exceed twelve feet for the United Kingdom and the Republic of Ireland. The Company anticipates that at some point during 2012 it will enter into a joint venture in the two territories for the sale, distribution and installation of the small wind turbine systems. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Plan of Operation – Wind Energy” for complete details regarding these agreements.

 

7

WINDGEN ENERGY, INC.

 

Basis of Presentation

 

The Company’s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.  The consolidated financial statements do not include any adjustment relating to recoverability and classification of recorded amounts of assets and liabilities that might be necessary should the Company be unable to continue as a going concern.  The Company generated negative cash flows from operations of $199,056 and $280,681 in 2011 and 2010, respectively, and net losses from operations of $326,869 and $348,363 in 2011 and 2010, respectively.   As of September 30, 2012, the Company had an accumulated deficit of $9,998,576 and a working capital deficit of $325,410. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern.  The Company’s continued existence is dependent upon its ability to execute its operating plan and to obtain additional debt or equity financing.  There can be no assurance the necessary debt or equity financing will be available, or will be available on terms acceptable to the Company.  Management’s operating plan includes pursuing additional fund raising as well as putting in place all the initial requirements in anticipation of the Company generating revenue in 2013.

 

Net Loss per Common Share

 

Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the year.  Diluted net loss per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other common stock equivalents were exercised or converted into common stock.  At September 30, 2012 and 2011, there were 4,404,851 and 7,881 potentially dilutive common stock equivalents, respectively.  The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net loss per common share.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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

 

There are no components of comprehensive income other than the net loss.

 

Cash Equivalents

 

For the purpose of reporting cash flows, the Company considers all highly liquid debt instruments purchased with maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.

 

Concentration of Credit Risk

 

The Company has no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements.  The Company maintains the majority of its cash balances with one financial institution, in the form of demand deposits.

 

Fair Value of Financial Instruments

 

The carrying value of the Company’s financial instruments, including receivables, accounts payable, accrued liabilities, and notes payable at September 30, 2012 and December 31, 2011 approximates their fair values due to the short-term nature of these financial instruments.

 

8

WINDGEN ENERGY, INC.

 

Goodwill and Other Intangible Assets

 

Goodwill and other intangible assets are recorded under the provisions of the Financial Accounting Standards Board (FASB) ASC 350 (formerly Statement ASC No. 142 (SFAS 142), Goodwill and Other Intangible Assets). ASC 350 requires that an intangible asset that is acquired either individually or with a group of other assets (but not those acquired in a business combination) shall be initially recognized and measured based on its fair value.  Goodwill acquired in business combinations is initially computed as the amount paid by the acquiring company in excess of the fair value of the net assets acquired.

 

Costs of internally developing, maintaining and restoring intangible assets (including goodwill) that are not specifically identifiable, have indeterminate lives, or are inherent in a continuing business and related to an entity as a whole, are recognized as an expense when incurred.

 

An intangible asset (excluding goodwill) with a definite useful life is amortized; an intangible asset with an indefinite useful life is not amortized until its useful life is determined to be no longer indefinite.  The remaining useful lives of intangible assets not being amortized are evaluated at least annually to determine whether events and circumstances continue to support an indefinite useful life.  If and when an intangible asset is determined to no longer have an indefinite useful life, the asset shall then be amortized prospectively over its estimated remaining useful life and accounted for in the same manner as other intangibles that are subject to amortization.

 

An intangible asset (including goodwill) that is not subject to amortization shall be tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired.  The impairment test consists of a comparison of the fair value of the intangible assets with its carrying amount.  If the carrying amount of an intangible asset exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess.  In accordance with ASC 350, goodwill is not amortized.

 

On March 20, 2012, the Company entered into two new agreements with Wind Sail Receptor, Inc.  These two agreements replaced the exclusive sales and distribution license previously held by the Company.  As part of these agreements, the 1,900,000 shares (“WSR Shares”) issued to Wind Sail Receptor, Inc. for the licensing rights were returned to the Company and cancelled. ASC 855-10-25 indicates the Company should recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the balance sheet date.  Since the original License Agreement that resulted in the Company recording the intangible asset of $190,000 was being modified and replaced, the Company determined that the stock cancellation and removal of the intangible asset should be recorded as of December 31, 2011.  The financial statements presented as of September 30, 2012 reflect the cancellation of the WSR Shares and the removal from the books of the intangible asset.  No gain or loss was recorded. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Plan of Operation – Wind Energy” for complete details regarding these agreements.

 

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

 

Recent Accounting Standards

 

In December 2011, FASB issued ASU 2011-12 “Comprehensive Income (Topic 220).”  In order to defer only those changes in Update 2011-05 that relate to the presentation of reclassification adjustments, the paragraphs in this Update supersede certain pending paragraphs in Update 2011-05. The amendments are being made to allow the Board time to re-deliberate whether to present on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented. While the Board is considering the operational concerns about the presentation requirements for reclassification adjustments and the needs of financial statement users for additional information about reclassification adjustments, entities should continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect before Update 2011-05. All other requirements in Update 2011-05 are not affected by this Update, including the requirement to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. Public entities should apply these requirements for fiscal years, and interim periods within those years, beginning after December 15, 2011.  Management does not expect the adoption of ASU 2011-11 to have a material effect on the Company’s financial position, results of operations or cash flows.

 

9

WINDGEN ENERGY, INC.

 

In June 2011, FASB issued ASU 2011-05 “Comprehensive Income (Topic 220).”  Under the amendments in this Update, an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. In a single continuous statement, the entity is required to present the components of net income and total net income, the components of other comprehensive income and a total for other comprehensive income, along with the total of comprehensive income in that statement. In the two-statement approach, an entity is required to present components of net income and total net income in the statement of net income. The statement of other comprehensive income should immediately follow the statement of net income and include the components of other comprehensive income and a total for other comprehensive income, along with a total for comprehensive income.  The amendments in this Update should be applied retrospectively. For public entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. Early adoption is permitted. The amendments do not require any transition disclosures.  Management elected early adoption and has presented the total of comprehensive income, the components of net income, and the components of other comprehensive income in a single continuous statement of comprehensive income.

 

In May 2011, FASB issued ASU 2011-04 “Fair Value Measurement (Topic 820).” The amendments in ASU 2011-04 change the wording used to describe the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. The amendments include (1) those that clarify the Board's intent about the application of existing fair value measurement and disclosure requirements and (2) those that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. In addition, to improve consistency in application across jurisdictions some changes in wording are necessary to ensure that U.S. GAAP and IFRS fair value measurement and disclosure requirements are described in the same way (for example, using the word shall rather than should to describe the requirements in U.S. GAAP). The amendments that clarify the Board's intent about the application of  existing fair value measurement and disclosure requirements include (a) the application of the highest and best use and valuation premise concepts, (b) measuring the fair value of an instrument classified in a reporting entity's shareholders' equity, and (c) disclosures about fair value measurements that clarify that a reporting entity should disclose quantitative information about the unobservable inputs used in a fair value measurement that is categorized within Level 3 of the fair value hierarchy. The amendments in this Update that change a particular principle or requirement for measuring fair value or disclosing information about fair value measurements include (a) measuring the fair value of financial instruments that are managed within a portfolio, (b) application of premiums and discounts in a fair value measurement, and (c) additional disclosures about fair value measurements that expand the disclosures about fair value measurements. The amendments in ASU 2011-04 are to be applied prospectively. For public entities, the amendments are effective during interim and annual periods beginning after December 15, 2011. Early application by public entities is not permitted. The Company does not expect the provisions of ASU 2010-29 to have a material effect on its financial position, results of operations or cash flows.

 

The Company has implemented all new accounting pronouncements that are in effect.  These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

NOTE 3 – NOTES PAYABLE

 

On October 21, 2010, the Company borrowed $50,000 from a third party.  The note was due on July 21, 2011 and carried an interest rate of 8% per annum (the “October 21, 2010 Note”).   The note was convertible after six months at a conversion price of 55% of the market price of the common stock.  Since the note contained a beneficial conversion feature, the intrinsic value of the conversion feature was calculated to be $40,909 at the commitment date of October 21, 2010, which was recorded to debt discount and to additional paid-in capital.  The debt discount was amortized to interest expense over a period of six months.   During 2011, the note holder converted the total principal of the note and interest to 1,622,630 shares of common stock pursuant to the conversion formula of the note.  The note holder agreed to a flat fee of $2,000 for interest and has declared the note paid in full.

 

On June 30, 2011, the Company borrowed $25,000 from a third party. The note carries an interest rate of 10% per annum (the “June 30, 2011 Note”). The Company extended the due date of the note to December 31, 2012.  At September 30, 2012, $3,144 in interest was due on the June 30, 2011 Note.

 

10

WINDGEN ENERGY, INC.

 

On July 12, 2011, the Company borrowed $25,000 from a third party.  The note was due on April 5, 2012 and carried an interest rate of 8% per annum (the “July 12, 2011 Note”).   The note was convertible after six months at a conversion price of 58% of the market price of the common stock.  Since the note contained a beneficial conversion feature, the intrinsic value of the conversion feature was calculated to be $18,160 at the commitment date of July 12, 2011, which was recorded to debt discount and to additional paid-in capital.  The debt discount was amortized to interest expense over a period of six months.  During the first two quarters of 2012, the note holder converted the total principal of the note to 770,233 shares of common stock pursuant to the conversion formula of the note.  The July 12, 2011 Note has now been paid in full through conversion and the note holder has forgiven all of the interest payable.

 

On September 12, 2011, the Company borrowed $35,000 from a third party.  The note was due on June 6, 2012 and carried an interest rate of 8% per annum (the “September 12, 2011 Note”).   The note was convertible after six months at a conversion price of 55% of the market price of the common stock. Since the note contained a beneficial conversion feature, the intrinsic value of the conversion feature was calculated to be $28,636 at the commitment date of September 12, 2011, which was recorded to debt discount and to additional paid-in capital.  The debt discount was amortized to interest expense over a period of six months.  During the first and third quarters of 2012, the note holder converted the total principal of the note and interest to 2,421,316 shares of common stock pursuant to the conversion formula of the note.  The note holder agreed to a flat fee of $1,400 for interest and has declared the note paid in full.

 

On January 9, 2012, the Company borrowed an additional $42,500 from a third party.  The note was funded on January 18, 2012. The note was due on October 11, 2012 and carries an interest rate of 8% per annum (the “January 9, 2012 Note”).  The note is convertible after six months at a conversion price of 60% of the market price of the common stock. The Company has the option to prepay the note at any time.  Since the note contains a beneficial conversion feature, the intrinsic value of the conversion feature was calculated at the funding date of January 18, 2012.  The intrinsic value was calculated to be $28,333, which was recorded to debt discount and to additional paid-in capital.  The debt discount was amortized to interest expense over a period of six months.  During the third quarter of 2012, the note holder converted $12,000 of the principal of the note to 1,188,119 shares of common stock pursuant to the conversion formula of the note.  As of September 30, 2012, the principal balance due on the January 9, 2012 Note was $30,500, plus $2,366 in interest. Pursuant to communications with the note holders’ legal counsel, no action is being taken to declare the note in default and it is anticipated that the balance due on the note will be converted to common stock in the future. On September 28, 2012, the last trading day of the quarter, the market price of the common stock was $0.025, the conversion price would have been $0.01375, and the note was convertible into approximately 2,033,333 shares of common stock.

 

On June 4, 2012, the Company borrowed an additional $32,500 from a third party. The note was funded on June 21, 2012.  The note is due on March 6, 2013 and carries an interest rate of 8% per annum (the “June 4, 2012 Note”).   The note is convertible after six months at a conversion price of 55% of the market price of the common stock. The Company has the option to prepay the note at any time.  Since the note contains a beneficial conversion feature, the intrinsic value of the conversion feature was calculated at the funding date of June 21, 2012.  At that date, the market price of the stock was $0.04, the conversion price would have been $0.022 and the note would have been convertible into 1,477,273 shares of common stock.  The intrinsic value was calculated to be $26,591, which was recorded to debt discount and to additional paid-in capital.  The debt discount is being amortized to interest expense over a period of six months.  At September 30, 2012, the remaining debt discount was $11,770.  As of September 30, 2012, the balance due on the June 4, 2012 Note was $32,500, plus $727 in interest. On September 28, 2012, the last trading day of the quarter, the market price of the common stock was $0.025, the conversion price would have been $0.01375, and the note was convertible into approximately 2,363,636 shares of common stock.

 

See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources” for complete details regarding the June 30, 2011 Note, July 12, 2011 Note, September 12, 2011 Note, January 9, 2012 Note and June 4, 2012 Note.

 

11

WINDGEN ENERGY, INC.

 

NOTE 4 – COMMON STOCK

 

The Company is authorized to issue 100,000,000 shares of common stock, $0.001 par value (the “Common Stock”), of which approximately 47,068,058 shares were issued and outstanding on September 30, 2012.  All presently outstanding shares are duly authorized, fully-paid and non-assessable.  Each share of the Common Stock is entitled to one vote on all matters to be voted on by the shareholders, such as the election of certain directors and other matters that directly impact the rights of the holders of such class. There is no cumulative voting in the election of directors. Holders of Common Stock are entitled to receive such dividends as may be declared from time to time by the Board of Directors out of funds legally available therefore. In the event of any dissolution, winding up or liquidation of the Company, the shares of Common Stock will share ratably in all the funds available for distribution after payment of all debts and obligations. The holders of Common Stock are subject to any rights that may be fixed for holders of preferred stock as designated upon issuance.

 

On December 4, 2009, the Company changed its total authorized common shares from 40,000,000 to 100,000,000 shares.

 

During 2009, the Company issued 15,000,000 shares of common stock for cash of $95,000 and a stock subscription receivable of $17,500.  The stock issuances were the result of the exercise of a stock purchase option agreement with Law Investments CR, S.A., a Costa Rica corporation.  During 2011 and 2010, $0 and $7,500, respectively, was paid toward the subscription receivable leaving a balance due of $10,000 at June 30, 2012. During the third quarter of 2012, the balance of $10,000 due on the subscription was paid in full.

 

During 2010, the Company completed the conversion of shares of Series A Preferred (defined in Note 5, below) held by three of the four existing preferred shareholders by issuing 246,834 shares of the Company’s restricted common stock at a price of $0.50 per share plus a $5,000 cash payment to each preferred shareholder. The conversion of these preferred shares reduced the dividends payable from $64,309 at December 31, 2009 to $17,969 at December 31, 2010.  As of September 30, 2012, the total dividends payable on the remaining shares of Series A Preferred was $21,279.  

 

During 2010 the Company issued 1,900,000 shares of the Company’s restricted common stock to Wind Sail Receptor, Inc. (“WSR”) in consideration of an amendment to the Company’s 2009 License Agreement with WSR.  The shares were valued at $0.10 per share.  As of December 31, 2011, the Company recorded the cancellation of the WSR Shares that were returned subsequent to year-end, as part of the new agreements with WSR. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Plan of Operation – Wind Energy” for complete details regarding these agreements.

 

During 2011, the Company issued 1,077,331 shares of common stock for cash of $80,800 pursuant to the Company’s Rule 506 private placement.

 

During 2011, the Company issued 1,622,630 shares of the Company’s restricted common stock for the conversion of debt in the amount of $52,000.

 

During 2011, the Company issued 50,000 shares of the Company’s restricted common stock for a non-refundable retainer fee related to a finder’s fee agreement with BFS Financial, Inc. entered into by the Company.  The shares were valued at $0.10 per share.

 

On January 6, 2012, the Board of Directors awarded 100,000 shares of restricted common stock to Wendy Carriere, the Company’s Secretary/Treasurer, Chief Financial Officer and Director, valued at $0.075 per share, for her services in 2011.  Since the shares were issued for services related to 2011, the shares were recorded as of December 31, 2011.

 

On February 8, 2012, the Company issued 500,000 shares of restricted common stock to Wakabayashi Fund LLC of Tokyo, Japan. The shares are for consulting services to be provided by the Wakabayashi Fund LLC to assist the Company to establish International recognition, international market making, international financial PR/IR, and capital formation.  The shares were valued at $0.10 per share.

 

12

WINDGEN ENERGY, INC.

 

During the first quarter of 2012, the Company issued 1,689,425 shares of the Company’s restricted common stock for the conversion of debt in the amount of $45,000.

 

During the third quarter of 2012, the Company issued 2,690,243 shares of the Company’s restricted common stock for the conversion of debt in the amount of $27,000.

 

NOTE 5 – PREFERRED STOCK

 

The Company is authorized to issue 10,000,000 shares of preferred stock.  The Company’s board of directors designated 1,000,000 shares of this preferred stock as Series A Cumulative Convertible Preferred Stock (“Series A Preferred”) with a par value of $4.50 per share.  Holders of the Series A Preferred receive annual cumulative dividends of 8%, payable quarterly, which dividends are required to be fully paid or set aside before any other dividend on any class or series of stock of the Company is paid.  Holders of the Series A Preferred receive no voting rights but do receive a liquidation preference of $4.50 per share, plus accrued and unpaid dividends.  Series A Preferred stockholders have the right to convert each share of Series A Preferred to the Company’s common stock at a rate of 1.5 common shares to one preferred share.

 

During 2010, the Company completed the conversion of shares of Series A Preferred (defined in Note 5, below) held by three of the four existing preferred shareholders by issuing 246,834 shares of the Company’s restricted common stock at a price of $0.50 per share plus a $5,000 cash payment to each preferred shareholder. The conversion of these preferred shares reduced the dividends payable from $64,309 at December 31, 2009 to $17,969 at December 31, 2010.  As of September 30, 2012, the total dividends payable on the remaining shares of Series A Preferred was $21,279.  

 

On January 30, 2009, the Company entered into an agreement with MicroCor, its subsidiary (the “MicroCor Agreement”).  The MicroCor Agreement  provided for the Company to create a Series B class of preferred stock, without dividend or voting rights (the “Series B Preferred”), which would receive 100% of any future benefit from the sale, spin-off, merger or liquidation of MicroCor or the commercialization of its hematocrit technology.  The shares of the Series B Preferred were to be distributed as a dividend, subject to compliance with federal and state securities laws and regulations, to the Company’s common stockholders, as of January 30, 2009.  The creation of the Series B Preferred would prevent any holder of the Company’s common stock after January 30, 2009 from sharing in any future benefit of or to MicroCor through the expiration date of January 30, 2011.  The Series B Preferred Stock was not issued to the common shareholders of record at January 30, 2009 inasmuch as no benefit occurred prior to the expiration date of January 30, 2011.

 

NOTE 6 – RELATED PARTY TRANSACTIONS

 

During 2012, a shareholder advanced the Company $5,665 to pay various expenses. .

 

From 2009 through 2011, the Company accrued consulting expenses of $162,750 from officers of the Company.  During 2012, the Company has accrued additional consulting expenses of $43,400 for a total due officers of the Company of $204,150.

 

NOTE 7 – UNCERTAIN TAX POSITIONS

 

Effective January 1, 2007, the Company adopted the provisions of ASC 740 (formerly FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109”). ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The adoption of the provisions of ASC 740 did not have a material impact on the Company’s condensed consolidated financial position and results of operations. At September 30, 2012, the Company had no liability for unrecognized tax benefits and no accrual for the payment of related interest.

 

13

WINDGEN ENERGY, INC.

 

Interest costs related to unrecognized tax benefits are classified as “Interest Expense, Net” in the accompanying consolidated statements of operations. Penalties, if any, would be recognized as a component of “Selling, general and administrative expenses”. The Company recognized zero interest expense related to unrecognized tax benefits for the year ended December 31, 2011.  In many cases the Company’s uncertain tax positions are related to tax years that remain subject to examination by relevant tax authorities. With few exceptions, the Company is generally no longer subject to U.S. federal, state, local or non-U.S. income tax examinations by tax authorities for years before 2008. The following describes the open tax years, by major tax jurisdiction, as of December 31, 2011:

 

United States (a)   2008 – Present
__________     
(a) Includes federal as well as state or similar local jurisdictions, as applicable.

 

NOTE 8 – NEW OFFICE LEASE

 

Effective September 1, 2011, the Company moved its offices to 8432 E. Shea Blvd., Suite 101, Scottsdale, Arizona 85260. The Company is occupying the office space at the current address on a month-to-month basis.  The landlord is a non-affiliate shareholder of the Company and is not currently charging the Company rent. The Company may pay to the landlord rent in the form of shares of the Company's restricted common stock at some point in the future.

 

See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – New Office Location” for complete details regarding the Company’s offices.

14

WINDGEN ENERGY, INC.

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Overview

 

WindGen Energy, Inc. (“WindGen” or the “Company”) was incorporated as a Utah corporation on June 16, 1983 under the name of InMedica Development Corporation.  On December 4, 2009, a majority of the Company’s shareholders executed a consent resolution to amend the Company’s Articles of Incorporation to change the Company’s name to WindGen Energy, Inc. (“WindGen” or the “Company”) and to increase the number of authorized common stock shares from 40,000,000 to 100,000,000.  A Certificate of Amendment for such amendments was filed by the Company with the Secretary of State of Utah effective on December 16, 2009.  The name change and the new trading symbol, “WGEI,” were approved by FINRA on March 16, 2010.

 

MicroCor, Inc.

 

In 1985, the Company acquired MicroCor, Inc., a Utah corporation (“MicroCor”), engaged in the development of certain medical technology products. During 2008, MicroCor continued to engage in research and development on MicroCor’s hematocrit technology (a method for measuring hematocrit non-invasively without drawing blood) pursuant to the Joint Development Agreement (the “Wescor Agreement”) with Wescor, Inc., a Utah corporation (“Wescor”). The Agreement provided for Wescor to manage and provide funding for MicroCor’s development of its hematocrit technology. Wescor assumed day-to-day management of MicroCor as of September 7, 2004; however, Wescor breached the Wescor Agreement in 2008 by ceasing to fund additional research, and as of December 30, 2008, the day-to-day management was transferred to three of MicroCor’s Directors: Larry Clark, Ralph Henson and Richard Bruggeman. 

 

On June 24, 2010, the Company, Chi Lin Technology Co., Ltd., a corporation organized and existing under the laws of the Republic of China (“Chi Lin”), MicroCor and Wescor executed an amendment (the “Amendment”) to the Wescor Agreement.  The Company owned 57% of MicroCor as a result of the Wescor Agreement and Wescor and Chi Lin owned the interest in MicroCor.  MicroCor owns three (3) patents covering various aspects of its hematocrit technology.  

 

The Amendment provided for: (i) all debts between the parties to be extinguished and cancelled; (ii) the Company to transfer such stock ownership to Wescor so that Wescor would own 36.8% of MicroCor and the Company would only own 49.0% of MicroCor; and (iii) the Company to loan funds to MicroCor for the maintenance of its patents through 2011.  The Amendment was effective as of March 31, 2010.

 

The Amendment also provides that in the event there are any net revenues from MicroCor’s hematocrit technology in the future, such net revenues will be distributed as follows: (i) the first $150,000 to Wescor; (ii) the Company will be repaid any sums loaned to MicroCor for the patent maintenance; (iii) the next $150,000 split pro-rata 80% to the Company and 20% to Chi Lin; and (iv) the remaining net revenues split pro-rata among MicroCor’s three shareholder’s: the Company (49.0%); Wescor (36.8%) and Chi Lin (14.2%). 

 

As a result of the Company transferring shares in MicroCor to Wescor pursuant to the Amendment, the Company’s ownership in MicroCor became only 49.0%.  Therefore, the financial statements of MicroCor are no longer consolidated into and reported with the financial statements of the Company. 

 

Agreement with MicroCor, Inc. 

 

On January 30, 2009, the Company entered into an agreement with MicroCor, its subsidiary (the “MicroCor Agreement”).  The MicroCor Agreement  provided for the Company to create a Series B class of preferred stock, without dividend or voting rights (the “Series B Preferred”), which would receive 100% of any future benefit from the sale, spin-off, merger or liquidation of MicroCor or the commercialization of its hematocrit technology should such an event occur prior to the expiration of the MicroCor Agreement.  The shares of the Series B Preferred would be distributed as a dividend, subject to compliance with federal and state securities laws and regulations, to the Company’s common stockholders, as of January 30, 2009.  The creation of the Series B Preferred would prevent any holder of the Company’s common stock after January 30, 2009 from sharing in any future benefit of or to MicroCor through the expiration date of January 30, 2011.  The Series B Preferred Stock will no longer be issued to the common shareholders of record at January 30, 2009, as no commercial benefit from MicroCor’s hematocrit technology occurred prior to the expiration date of January 30, 2011. 

15

WINDGEN ENERGY, INC.

 

Plan of Operation - Wind Energy

 

Since January 2009, management has refocused the Company on wind energy devices.  On April 17, 2009, we entered into a license agreement (the “License Agreement”) with Wind Sail Receptor, Inc. of Boulder City, Nevada (“WSR”), pursuant to which we were granted the exclusive license to assemble and market WSR’s wind sail receptor energy generation devices using blades of 15 feet or less in length in the United States, Canada, the United Kingdom and the Republic of Ireland, with nonexclusive rights in the rest of the world except Latin America. Under the License Agreement, we were to acquire 100 blades from WSR during the first year after WSR is able to manufacture the blades.  

 

During 2010, the Company issued 1,900,000 shares of the Company’s restricted common stock to WSR in consideration of amending the License Agreement.  The proposed amendment to the License Agreement between the Company and WSR was not executed. The reasons are various and include, but are not limited to, finalizing details regarding the need for the Company to be involved in assembly of the wind turbines in various license territories outside the US, final pricing that the units would be sold by WSR to the Company, final terms of the product warranty to be provided by WSR, and possible additional exclusive territory added to the License.  Under the terms of the existing License Agreement, the Company intended to use its best efforts to obtain Federal, State, Local, or Private Grant Funds and to share these Grant Funds with WSR up to a sum of $1,000,000. To date the Company has not been successful in obtaining Grant Funds. No monetary disputes currently exist between the two companies.

 

On March 20, 2012, the Company entered into two new agreements with WSR.  These two agreements replaced the exclusive sales and distribution License Agreement previously held by the Company. One agreement is a perpetual Royalty Agreement whereby WSR will pay to the Company a royalty on each Wind Sail Receptor Small Wind Turbine System sold in the United States and Canada.  The royalty amounts payable are $250 for three foot blade diameter units sold, $500 for six foot blade diameter units sold and $1,500 for twelve foot blade diameter units sold. WSR has ordered its first 100 six foot blade diameter units and has indicated they will be ready for sale some time during July 2012.  Once the six foot blade diameter units begin selling, the Company will receive the royalty income on a monthly basis. WSR has indicated it expects to have the twelve foot blade diameter units available for sale by the first quarter of 2013. The three foot blade system is still in development inasmuch as WST is co-developing a totally different type of generator that the blade will be attached to.  Once the sale of the twelve foot blade diameter units begins, the royalty income to the Company will significantly increase. A further provision of the new agreement with WSR returns the 1,900,000 restricted shares of the Company’s Common Stock. These shares have been canceled on the books and records of the Company as of December 31, 2011, reducing the total issued and outstanding shares of the Company’s Common Stock.  See “Note 1” to the financial statements.

 

WSR previously ordered in excess of 100 six foot small wind turbines from a turbine manufacturer in India, 56 of which were received by WSR in August 2012. After close inspection of the  first shipment of these units, WSR has elected not to accept the units as they do not meet the order specifications. The order for the remaining units has been canceled. WSR now intends to order all components parts for its small wind turbines from vendors in the United States and will then assemble the units at the new WSR facility in Boulder City, Nevada. It is expected that the first units will be available for delivery to end users during the first quarter of 2013. 

 

The second agreement is a Dealer Agreement which awarded the Company a dealership for the exclusive sale and distribution of the Wind Sail Receptor Small Wind Turbines with a blade diameter not to exceed twelve feet for the United Kingdom and the Republic of Ireland. The Company anticipates that at some point during the first quarter of 2013 it will enter into a joint venture in the two territories for the sale, distribution and installation of the small wind turbine systems. Prior to being able to sell the small wind systems, the units will first have to go through a European certification process.

 

Other Alternative Energy Products

 

Management of the Company is also considering additional products in the alternative energy field in the future.  At such time as management determines that there are other products which the Company may purchase and/or distribute, the Company may change its name in order to better reflect its development of a broader base of clean alternative energy products more clearly.

 

The Company is currently involved in discussions with a California-based energy storage company involving lithium-ion batteries.  At present a letter of intent (“LOI”)  is being circulated between the parties with the intent that the LOI will become the basis of a definitive purchase agreement for the Company to acquire the assets of the energy storage company. 

 

16

WINDGEN ENERGY, INC.

 

Results of Operations

 

No revenues from operations were received in 2011 and 2010, nor during the three and nine months ended September 30, 2012.  The Company generated negative cash flows from operations of $199,056 and $280,681 in 2011 and 2010, respectively, and net losses from operations of $326,869 and $348,363 in 2011 and 2010, respectively.  As of September 30, 2012, the Company had an accumulated deficit of $9,998,576 and a working capital deficit of $325,410.

 

The Company had a net loss from operations for the three months ended September 30, 2012 of $21,873, as compared to a net loss from operations of $95,869 for the three months ended September 30, 2011.  The Company had a net loss from operations for the nine months ended September 30, 2012 of $182,841, as compared to a net loss from continuing operations of $266,861 for the nine months ended September 30, 2011.  

 

The decreases in the net loss from operations for the three and nine months ended September 30, 2012 resulted primarily from decreased General and Administrative Expenses, Marketing Expenses, and Related Party Consulting Fees.   

 

Liquidity and Capital Resources

 

During the nine months ended September 30, 2012, we sold no shares of restricted common stock.

 

During the fiscal years ended 2009 and 2010, liquidity was generated from the private placement of restricted common stock sold upon the exercise of the options granted to Law Investments CR, S.A., a Costa Rica corporation (“LI”) pursuant to the terms of the December 8, 2008 stock purchase option agreement (the “LI Agreement”).  During 2009, the Company issued 15,000,000 shares of restricted common stock to LI for cash of $95,000 and a stock subscription receivable of $17,500.  During 2010, $7,500 was paid toward the subscription receivable leaving a balance due of $10,000 at June 30, 2012. During the third quarter of 2012, the balance of $10,000 due on the subscription was paid in full.

 

On June 30, 2011, the Company borrowed $25,000 from a third party. The note was due 120 days from the date of the note and carries an interest rate of 10% per annum (the “June 30, 2011 Note”). The Company has extended the due date of the note until December 31, 2012.  At September 30, 2012, $3,144 in interest was due on the note.

 

On July 12, 2011, the Company borrowed $25,000 from a third party.  The note was due on April 5, 2012 and carried an interest rate of 8% per annum (the “July 12, 2011 Note”).   The note was convertible after six months at a conversion price of 58% of the market price of the common stock.  On January 13, 2012, the note holder converted $10,000 of the note to 246,305 shares of common stock pursuant to the conversion formula of the note.  On February 1, 2012, the note holder converted $8,000 of the note to 240,240 shares of common stock pursuant to the conversion formula of the note. On February 14, 2012, the note holder converted the remaining $7,000 of the note to 283,688 shares of common stock pursuant to the conversion formula of the note. The note has now been paid in full through conversion and the note holder has forgiven all of the interest payable.

 

On September 12, 2011, the Company borrowed $35,000 from a third party.  The note was due on June 6, 2012 and carries an interest rate of 8% per annum (the “September 12, 2011 Note”).   The note was convertible after six months at a conversion price of 55% of the market price of the common stock. On March 13, 2012, the note holder converted $8,000 of the note to 363,636 shares of common stock pursuant to the conversion formula of the note.  On March 23, 2012, the note holder converted $12,000 of the note to 555,556 shares of common stock pursuant to the conversion formula of the Note. On August 27, 2012, the note holder converted $12,000 of the note to 1,090,909 shares of common stock pursuant to the conversion formula of the Note. On September 18, 2012, the note holder converted the remaining $3,000 of principal and interest to 411,215 shares of common stock pursuant to the conversion formula of the Note. The note holder agreed to a flat fee of $1,400 for interest and has declared the note paid in full. 

 

17

WINDGEN ENERGY, INC.

 

On January 9, 2012, the Company borrowed an additional $42,500 from a third party.  The note was funded on January 18, 2012. The note was due on October 11, 2012 and carries an interest rate of 8% per annum (the “January 9, 2012 Note”).  The note is convertible after six months at a conversion price of 60% of the market price of the common stock. The Company has the option to prepay the note at any time.  On September 24, 2012, the note holder converted $12,000 of the principal of the note to 1,188,119 shares of common stock pursuant to the conversion formula of the note.  As of September 30, 2012, the principal balance due on the January 9, 2012 Note was $30,500, plus $2,366 in interest. Pursuant to communications with the note holders’ legal counsel, no action is being taken to declare the note in default and it is anticipated that the balance due on the note will be converted to common stock in the future. On September 28, 2012, the last trading day of the quarter, the market price of the common stock was $0.025, the conversion price would have been $0.01375, and the note was convertible into approximately 2,033,333 shares of common stock.

 

On June 4, 2012, the Company borrowed an additional $32,500 from a third party. The note was funded on June 21, 2012.  The note is due on March 6, 2013 and carries an interest rate of 8% per annum (the “June 4, 2012 Note”).   The note is convertible after six months at a conversion price of 55% of the market price of the common stock. The Company has the option to prepay the note at any time.  Since the note contains a beneficial conversion feature, the intrinsic value of the conversion feature was calculated at the funding date of June 21, 2012.  At that date, the market price of the stock was $0.04, the conversion price would have been $0.022 and the note would have been convertible into 1,477,273 shares of common stock.  The intrinsic value was calculated to be $26,591, which was recorded to debt discount and to additional paid-in capital.  The debt discount is being amortized to interest expense over a period of six months.  At September 30, 2012, the remaining debt discount was $11,770.  As of September 30, 2012, the balance due on the June 4, 2012 Note was $32,500, plus $727 in interest. On September 28, 2012, the last trading day of the quarter, the market price of the common stock was $0.025, the conversion price would have been $0.01375, and the note was convertible into approximately 2,363,636 shares of common stock.

 

Going Concern

 

The Company’s independent registered public accounting firm has issued a going concern opinion on the Company’s consolidated financial statements for the years ended December 31, 2011 and 2010.  See “Note 1” to the financial statements. The Company’s liquidity shortage will continue through 2012.

 

The Company’s continued existence is dependent upon its ability to execute its operating plan and to obtain additional debt or equity financing.  There can be no assurance the necessary debt or equity financing will be available, or will be available on terms acceptable to the Company.  Management’s operating plan includes pursuing additional fund raising as well as putting in place all the initial requirements in anticipation of the Company generating revenue in 2013.

 

New Office Location

 

In July 2009, the Company moved its offices to 14550 N. Frank Lloyd Wright Blvd., Suite 100, Scottsdale, Arizona 85260, and began paying rent in the amount of $992.52 per month on a month-to-month basis. The lease for the office expired on July 31, 2011. The Company’s new office address is 8432 E. Shea Blvd., Suite 101, Scottsdale, Arizona 85260. The Company’s phone number remained unchanged.  The Company’s new fax number is 1-888-480-2543.  Effective September 1, 2011, the Company is occupying approximately 400 square feet of office space at the new address on a month-to-month basis.  The landlord is a non-affiliate shareholder of the Company and is not currently charging the Company rent. The Company may pay to the landlord rent in the form of shares of the Company's restricted common stock at some point in the future.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

Not applicable.

18

WINDGEN ENERGY, INC.

 

Item 4. Controls and Procedures

 

Disclosure Controls and Procedures. The Company’s management, with the participation of the Company’s principal executive officer and principal financial officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of the end of the period covered by this Report. Based on such evaluation, the Company’s principal executive officer and principal financial officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures were effective.

 

Internal Control Over Financial Reporting. There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

19

WINDGEN ENERGY, INC.

PART II.   OTHER INFORMATION

 

Item 1.   Legal Proceedings

 

None.

 

Item 1A.   Risk Factors

 

Not applicable.

 

Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3.   Defaults Upon Senior Securities

 

None.

 

Item 4.   Mine Safety Disclosures

 

Not applicable.

 

Item 5.   Other Information

 

None.

 

Item 6.   Exhibits

 

(a) Exhibits

 

Exhibit No.   Description
     
10.1   Joint Development Agreement Amendment between the Company, Chi Lin Technology Co., Ltd., MicroCor, Inc., and Wescor, Inc. (1)
10.2(a)   Exclusive License Agreement between the Company and Wind Sail Receptor, Inc. dated April 17, 2009 (2)
10.2(b)   Dealer Agreement between the Company and Wind Sail Receptor, Inc.  dated March 20, 2012 (3)
10.2(c)   Royalty Agreement between the Company and Wind Sail Receptor, Inc. dated March 20, 2012 (4)
31.1 *   Certification by Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
31.2 *   Certification by Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
32.1 *   Certification by Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act

20

WINDGEN ENERGY, INC.

 

Exhibit No.   Description
     
101.INS *   XBRL Instance Document **
101.SCH *   XBRL Taxonomy Extension Schema Document **
101.CAL *   XBRL Taxonomy Extension Calculation Linkbase Document **
101.DEF *   XBRL Taxonomy Extension Definition Linkbase Document **
101.LAB *   XBRL Taxonomy Extension Labels Linkbase Document **
101.PRE *   XBRL Taxonomy Extension Presentation Linkbase Document **

__________________

* Filed herewith.

** In accordance with Rule 406T of Regulation S-T, this XBRL-related information shall be deemed to be “furnished” and not “filed.”

(1)  Incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed by the Company on on June 30, 2010.

(2)  Incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed by the Company on April 23, 2009.

(3)  Incorporated by reference to Exhibit 10.4(a) of the Annual Report on Form 10-K filed by the Company on April 13, 2012.

(4)  Incorporated by reference to Exhibit 10.4(b) of the Annual Report on Form 10-K filed by the Company on April 13, 2012.

21

WINDGEN ENERGY, INC.

 

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.

 

  WINDGEN ENERGY, INC.  
       
       
Dated:   November 16, 2012 By: /s/  Ronald Conquest  
   

Ronald Conquest

Chairman of the Board, Chief Executive Officer and Director

(Principal Executive Officer)

 
       

 

Dated:   November 16, 2012 By: /s/  Wendy Carriere  
   

Wendy Carriere

Secretary/Treasurer,

Chief Financial Officer and Director

(Principal Financial Officer)

 
       

 

22

EX-31.1 2 p1052_ex31-1.htm 302 CERTIFICATION OF CEO

EXHIBIT 31.1

 

 

RULE 13a-14(a) CERTIFICATION OF CHIEF EXECUTIVE OFFICER

 

 

I, Ronald Conquest, certify that:

 

1.  I have reviewed this Quarterly Report on Form 10-Q of WindGen Energy, 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 control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Date:  November 16, 2012    
     
  By: /s/ Ronald Conquest
    Ronald Conquest
    Chief Executive Officer

 

EX-31.2 3 p1052_ex31-2.htm 302 CERTIFICATION OF CFO

EXHIBIT 31.2

 

 

RULE 13a-14(a) CERTIFICATION OF CHIEF FINANCIAL OFFICER

 

 

I, Wendy Carriere, certify that: 

 

1.  I have reviewed this Quarterly Report on Form 10-Q of WindGen Energy, 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 control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Date:  November 16, 2012    
     
  By: /s/ Wendy Carriere
    Wendy Carriere
    Chief Financial Officer

EX-31.2 4 p1052_ex32-1.htm 906 CERTIFICATION OF CEO AND CFO

EXHIBIT 32.1

 

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

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 Quarterly Report of WindGen Energy, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2012, filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned officers of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of our knowledge:

  (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 material respects, the financial condition and results of operations of the Company, as of, and for the periods presented in the Report.

 

  

Date:  November 16, 2012  
  /s/ Ronald Conquest
 

Ronald Conquest

Chief Executive Officer

   
   
  /s/ Wendy Carriere
 

Wendy Carriere

Chief Financial Officer

 

 

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The amendments include (1) those that clarify the Board's intent about the application of existing fair value measurement and disclosure requirements and (2) those that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. In addition, to improve consistency in application across jurisdictions some changes in wording are necessary to ensure that U.S. GAAP and IFRS fair value measurement and disclosure requirements are described in the same way (for example, using the word shall rather than should to describe the requirements in U.S. GAAP). The amendments that clarify the Board's intent about the application of existing fair value measurement and disclosure requirements include (a) the application of the highest and best use and valuation premise concepts, (b) measuring the fair value of an instrument classified in a reporting entity's shareholders' equity, and (c) disclosures about fair value measurements that clarify that a reporting entity should disclose quantitative information about the unobservable inputs used in a fair value measurement that is categorized within Level 3 of the fair value hierarchy. 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COMMON STOCK (Unaudited)
9 Months Ended
Sep. 30, 2012
Common Stock [Abstract]  
COMMON STOCK

NOTE 4 – COMMON STOCK

 

The Company is authorized to issue 100,000,000 shares of common stock, $0.001 par value (the “Common Stock”), of which approximately 47,068,058 shares were issued and outstanding on September 30, 2012. All presently outstanding shares are duly authorized, fully-paid and non-assessable. Each share of the Common Stock is entitled to one vote on all matters to be voted on by the shareholders, such as the election of certain directors and other matters that directly impact the rights of the holders of such class. There is no cumulative voting in the election of directors. Holders of Common Stock are entitled to receive such dividends as may be declared from time to time by the Board of Directors out of funds legally available therefore. In the event of any dissolution, winding up or liquidation of the Company, the shares of Common Stock will share ratably in all the funds available for distribution after payment of all debts and obligations. The holders of Common Stock are subject to any rights that may be fixed for holders of preferred stock as designated upon issuance.

 

On December 4, 2009, the Company changed its total authorized common shares from 40,000,000 to 100,000,000 shares.

 

During 2009, the Company issued 15,000,000 shares of common stock for cash of $95,000 and a stock subscription receivable of $17,500. The stock issuances were the result of the exercise of a stock purchase option agreement with Law Investments CR, S.A., a Costa Rica corporation. During 2011 and 2010, $0 and $7,500, respectively, was paid toward the subscription receivable leaving a balance due of $10,000 at June 30, 2012. During the third quarter of 2012, the balance of $10,000 due on the subscription was paid in full.

 

During 2010, the Company completed the conversion of shares of Series A Preferred (defined in Note 5, below) held by three of the four existing preferred shareholders by issuing 246,834 shares of the Company’s restricted common stock at a price of $0.50 per share plus a $5,000 cash payment to each preferred shareholder. The conversion of these preferred shares reduced the dividends payable from $64,309 at December 31, 2009 to $17,969 at December 31, 2010. As of September 30, 2012, the total dividends payable on the remaining shares of Series A Preferred was $21,279.

 

During 2010 the Company issued 1,900,000 shares of the Company’s restricted common stock to Wind Sail Receptor, Inc. (“WSR”) in consideration of an amendment to the Company’s 2009 License Agreement with WSR. The shares were valued at $0.10 per share. As of December 31, 2011, the Company recorded the cancellation of the WSR Shares that were returned subsequent to year-end, as part of the new agreements with WSR. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Plan of Operation – Wind Energy” for complete details regarding these agreements.

 

During 2011, the Company issued 1,077,331 shares of common stock for cash of $80,800 pursuant to the Company’s Rule 506 private placement.

 

During 2011, the Company issued 1,622,630 shares of the Company’s restricted common stock for the conversion of debt in the amount of $52,000.

 

During 2011, the Company issued 50,000 shares of the Company’s restricted common stock for a non-refundable retainer fee related to a finder’s fee agreement with BFS Financial, Inc. entered into by the Company. The shares were valued at $0.10 per share.

 

On January 6, 2012, the Board of Directors awarded 100,000 shares of restricted common stock to Wendy Carriere, the Company’s Secretary/Treasurer, Chief Financial Officer and Director, valued at $0.075 per share, for her services in 2011. Since the shares were issued for services related to 2011, the shares were recorded as of December 31, 2011.

 

On February 8, 2012, the Company issued 500,000 shares of restricted common stock to Wakabayashi Fund LLC of Tokyo, Japan. The shares are for consulting services to be provided by the Wakabayashi Fund LLC to assist the Company to establish International recognition, international market making, international financial PR/IR, and capital formation. The shares were valued at $0.10 per share.

 

During the first quarter of 2012, the Company issued 1,689,425 shares of the Company’s restricted common stock for the conversion of debt in the amount of $45,000.

 

During the third quarter of 2012, the Company issued 2,690,243 shares of the Company’s restricted common stock for the conversion of debt in the amount of $27,000.

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NOTES PAYABLE (Unaudited)
9 Months Ended
Sep. 30, 2012
Notes Payable [Abstract]  
NOTES PAYABLE

NOTE 3 – NOTES PAYABLE

 

 

On October 21, 2010, the Company borrowed $50,000 from a third party. The note was due on July 21, 2011 and carried an interest rate of 8% per annum (the “October 21, 2010 Note”). The note was convertible after six months at a conversion price of 55% of the market price of the common stock. Since the note contained a beneficial conversion feature, the intrinsic value of the conversion feature was calculated to be $40,909 at the commitment date of October 21, 2010, which was recorded to debt discount and to additional paid-in capital. The debt discount was amortized to interest expense over a period of six months. During 2011, the note holder converted the total principal of the note and interest to 1,622,630 shares of common stock pursuant to the conversion formula of the note. The note holder agreed to a flat fee of $2,000 for interest and has declared the note paid in full.

 

On June 30, 2011, the Company borrowed $25,000 from a third party. The note carries an interest rate of 10% per annum (the “June 30, 2011 Note”). The Company extended the due date of the note to December 31, 2012. At September 30, 2012, $3,144 in interest was due on the June 30, 2011 Note.

 

 

On July 12, 2011, the Company borrowed $25,000 from a third party. The note was due on April 5, 2012 and carried an interest rate of 8% per annum (the “July 12, 2011 Note”). The note was convertible after six months at a conversion price of 58% of the market price of the common stock. Since the note contained a beneficial conversion feature, the intrinsic value of the conversion feature was calculated to be $18,160 at the commitment date of July 12, 2011, which was recorded to debt discount and to additional paid-in capital. The debt discount was amortized to interest expense over a period of six months. During the first two quarters of 2012, the note holder converted the total principal of the note to 770,233 shares of common stock pursuant to the conversion formula of the note. The July 12, 2011 Note has now been paid in full through conversion and the note holder has forgiven all of the interest payable.

 

On September 12, 2011, the Company borrowed $35,000 from a third party. The note was due on June 6, 2012 and carried an interest rate of 8% per annum (the “September 12, 2011 Note”). The note was convertible after six months at a conversion price of 55% of the market price of the common stock. Since the note contained a beneficial conversion feature, the intrinsic value of the conversion feature was calculated to be $28,636 at the commitment date of September 12, 2011, which was recorded to debt discount and to additional paid-in capital. The debt discount was amortized to interest expense over a period of six months. During the first and third quarters of 2012, the note holder converted the total principal of the note and interest to 2,421,316 shares of common stock pursuant to the conversion formula of the note. The note holder agreed to a flat fee of $1,400 for interest and has declared the note paid in full.

 

On January 9, 2012, the Company borrowed an additional $42,500 from a third party. The note was funded on January 18, 2012. The note was due on October 11, 2012 and carries an interest rate of 8% per annum (the “January 9, 2012 Note”). The note is convertible after six months at a conversion price of 60% of the market price of the common stock. The Company has the option to prepay the note at any time. Since the note contains a beneficial conversion feature, the intrinsic value of the conversion feature was calculated at the funding date of January 18, 2012. The intrinsic value was calculated to be $28,333, which was recorded to debt discount and to additional paid-in capital. The debt discount was amortized to interest expense over a period of six months. During the third quarter of 2012, the note holder converted $12,000 of the principal of the note to 1,188,119 shares of common stock pursuant to the conversion formula of the note. As of September 30, 2012, the principal balance due on the January 9, 2012 Note was $30,500, plus $2,366 in interest. Pursuant to communications with the note holders’ legal counsel, no action is being taken to declare the note in default and it is anticipated that the balance due on the note will be converted to common stock in the future. On September 28, 2012, the last trading day of the quarter, the market price of the common stock was $0.025, the conversion price would have been $0.01375, and the note was convertible into approximately 2,033,333 shares of common stock.

 

 

On June 4, 2012, the Company borrowed an additional $32,500 from a third party. The note was funded on June 21, 2012. The note is due on March 6, 2013 and carries an interest rate of 8% per annum (the “June 4, 2012 Note”). The note is convertible after six months at a conversion price of 55% of the market price of the common stock. The Company has the option to prepay the note at any time. Since the note contains a beneficial conversion feature, the intrinsic value of the conversion feature was calculated at the funding date of June 21, 2012. At that date, the market price of the stock was $0.04, the conversion price would have been $0.022 and the note would have been convertible into 1,477,273 shares of common stock. The intrinsic value was calculated to be $26,591, which was recorded to debt discount and to additional paid-in capital. The debt discount is being amortized to interest expense over a period of six months. At September 30, 2012, the remaining debt discount was $11,770. As of September 30, 2012, the balance due on the June 4, 2012 Note was $32,500, plus $727 in interest. On September 28, 2012, the last trading day of the quarter, the market price of the common stock was $0.025, the conversion price would have been $0.01375, and the note was convertible into approximately 2,363,636 shares of common stock.

 

See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources” for complete details regarding the June 30, 2011 Note, July 12, 2011 Note, September 12, 2011 Note, January 9, 2012 Note and June 4, 2012 Note.

XML 15 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Current Assets    
Cash $ 0 $ 22
Other Receivable 24,496 24,464
Prepaid Expenses and Other 200 2,502
TOTAL ASSETS 24,696 26,988
Current Liabilities:    
Bank Overdraft 107 0
Related Party Consulting Fees Payable 204,150 162,750
Accounts Payable 36,438 38,061
Note Payable 28,144 26,048
Shareholder Advances 5,665 0
Convertible Notes Payable, net of debt discount of $11,770 and $12,572, respectively 54,323 49,412
Preferred Stock Dividends Payable 21,279 19,860
TOTAL LIABILITIES 350,106 296,131
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred Stock, 10,000,000 shares authorized; Series A Cumulative convertible preferred stock, 8% cumulative, $4.50 par value, 1,000,000 shares designated, 5,254 shares outstanding at September 30, 2012, (aggregate liquidation preference of $44,923); 5,254 shares outstanding at December 31, 2011 (aggregate liquidation preference of $43,504) 23,644 23,644
Common Stock, $.001 par value: 100,000,000 shares authorized, 47,068,058 and 42,188,390 shares outstanding at September 30, 2012 and December 31, 2011, respectively 47,068 42,188
Additional Paid-In Capital 9,602,454 9,430,409
Stock Subscription Receivable 0 (10,000)
Accumulated Deficit (9,998,576) (9,755,384)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (325,410) (269,143)
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 24,696 $ 26,988
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NATURE OF OPERATIONS (Unaudited)
9 Months Ended
Sep. 30, 2012
Nature Of Operations [Abstract]  
NATURE OF OPERATIONS

NOTE 1 – NATURE OF OPERATIONS

 

 

Nature of Operations

 

From 1989 through 2008, InMedica Development Corporation (“InMedica”) and its then majority-owned subsidiary, MicroCor, Inc. (“MicroCor”) were engaged in research and development of a device to measure hematocrit non-invasively (the “Non-Invasive Hematocrit Technology” and/or the “Technology”).

 

On December 4, 2009, the Company changed its name from InMedica Development Corporation to WindGen Energy, Inc. (“WindGen”).

 

On June 24, 2010, WindGen terminated the former Development Agreement with Wescor and entered into a new agreement reducing its ownership percentage from 57% to 49%. Since WindGen’s ownership percentage is now less than 50%, MicroCor’s financial statements are no longer consolidated with WindGen’s financial statements. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – MicroCor, Inc.” for complete details.

 

On April 17, 2009, we entered into a license agreement (the “License Agreement”) with Wind Sail Receptor, Inc. of Boulder City, Nevada (“WSR”), pursuant to which we were granted the exclusive license to assemble and market certain of WSR’s wind sail receptor energy generation devices in the United States, Canada, the United Kingdom and Republic of Ireland, with nonexclusive rights in the rest of the world except Latin America. Under the License Agreement, we were to acquire the necessary blades from WSR during the first year after WSR was able to manufacture the blades.

 

During 2010, the Company issued 1,900,000 shares of the Company’s restricted common stock to WSR in consideration of amending the License Agreement (the “WSR Shares”). The proposed amendment to the License Agreement between the Company and WSR was not executed. The reasons are various and include, but are not limited to, finalizing details regarding the need for the Company to be involved in assembly of the wind turbines in various license territories outside the US, final pricing that the units would be sold by WSR to the Company, final terms of the product warranty to be provided by WSR, and possible additional exclusive territory added to the License. Under the terms of the License Agreement, the Company intended to use its best efforts to obtain Federal, State, Local, or Private Grant Funds and to share these Grant Funds with WSR. To date the Company has not been successful in obtaining Grant Funds. No monetary disputes currently exist between the two companies.

 

On March 20, 2012, the Company entered into two new agreements with WSR. These two agreements replaced the exclusive sales and distribution License Agreement previously held by the Company. One agreement is a perpetual Royalty Agreement whereby WSR will pay to the Company a royalty on each Wind Sail Receptor Small Wind Turbine System sold in the United States and Canada. A further provision of the new agreement with WSR returns the WSR Shares to the Company. These shares have been canceled on the books and records of the Company as of December 31, 2011, reducing the total issued and outstanding shares of the Company’s Common Stock. See “Note 4 – Common Stock” below. The second agreement is a Dealer Agreement which awarded the Company a dealership for the exclusive sale and distribution of the Wind Sail Receptor Small Wind Turbines with a blade diameter not to exceed twelve feet for the United Kingdom and the Republic of Ireland. The Company anticipates that at some point during 2012 it will enter into a joint venture in the two territories for the sale, distribution and installation of the small wind turbine systems. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Plan of Operation – Wind Energy” for complete details regarding these agreements.

 

Basis of Presentation

 

The Company’s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The consolidated financial statements do not include any adjustment relating to recoverability and classification of recorded amounts of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. The Company generated negative cash flows from operations of $199,056 and $280,681 in 2011 and 2010, respectively, and net losses from operations of $326,869 and $348,363 in 2011 and 2010, respectively. As of September 30, 2012, the Company had an accumulated deficit of $9,998,576 and a working capital deficit of $325,410. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. The Company’s continued existence is dependent upon its ability to execute its operating plan and to obtain additional debt or equity financing. There can be no assurance the necessary debt or equity financing will be available, or will be available on terms acceptable to the Company. Management’s operating plan includes pursuing additional fund raising as well as putting in place all the initial requirements in anticipation of the Company generating revenue in 2013.

 

Net Loss per Common Share

 

Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the year. Diluted net loss per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other common stock equivalents were exercised or converted into common stock. At September 30, 2012 and 2011, there were 4,404,851 and 7,881 potentially dilutive common stock equivalents, respectively. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net loss per common share.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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

 

There are no components of comprehensive income other than the net loss.

 

Cash Equivalents

 

For the purpose of reporting cash flows, the Company considers all highly liquid debt instruments purchased with maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.

 

Concentration of Credit Risk

 

The Company has no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. The Company maintains the majority of its cash balances with one financial institution, in the form of demand deposits.

 

Fair Value of Financial Instruments

 

The carrying value of the Company’s financial instruments, including receivables, accounts payable, accrued liabilities, and notes payable at September 30, 2012 and December 31, 2011 approximates their fair values due to the short-term nature of these financial instruments.

 

 

Goodwill and Other Intangible Assets

 

Goodwill and other intangible assets are recorded under the provisions of the Financial Accounting Standards Board (FASB) ASC 350 (formerly Statement ASC No. 142 (SFAS 142), Goodwill and Other Intangible Assets). ASC 350 requires that an intangible asset that is acquired either individually or with a group of other assets (but not those acquired in a business combination) shall be initially recognized and measured based on its fair value. Goodwill acquired in business combinations is initially computed as the amount paid by the acquiring company in excess of the fair value of the net assets acquired.

 

Costs of internally developing, maintaining and restoring intangible assets (including goodwill) that are not specifically identifiable, have indeterminate lives, or are inherent in a continuing business and related to an entity as a whole, are recognized as an expense when incurred.

 

An intangible asset (excluding goodwill) with a definite useful life is amortized; an intangible asset with an indefinite useful life is not amortized until its useful life is determined to be no longer indefinite. The remaining useful lives of intangible assets not being amortized are evaluated at least annually to determine whether events and circumstances continue to support an indefinite useful life. If and when an intangible asset is determined to no longer have an indefinite useful life, the asset shall then be amortized prospectively over its estimated remaining useful life and accounted for in the same manner as other intangibles that are subject to amortization.

 

An intangible asset (including goodwill) that is not subject to amortization shall be tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test consists of a comparison of the fair value of the intangible assets with its carrying amount. If the carrying amount of an intangible asset exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. In accordance with ASC 350, goodwill is not amortized.

 

On March 20, 2012, the Company entered into two new agreements with Wind Sail Receptor, Inc. These two agreements replaced the exclusive sales and distribution license previously held by the Company. As part of these agreements, the 1,900,000 shares (“WSR Shares”) issued to Wind Sail Receptor, Inc. for the licensing rights were returned to the Company and cancelled. ASC 855-10-25 indicates the Company should recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the balance sheet date. Since the original License Agreement that resulted in the Company recording the intangible asset of $190,000 was being modified and replaced, the Company determined that the stock cancellation and removal of the intangible asset should be recorded as of December 31, 2011. The financial statements presented as of September 30, 2012 reflect the cancellation of the WSR Shares and the removal from the books of the intangible asset. No gain or loss was recorded. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Plan of Operation – Wind Energy” for complete details regarding these agreements.

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XML 18 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
SIGNIFICANT ACCOUNTING POLICIES (Unaudited)
9 Months Ended
Sep. 30, 2012
Significant Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

 

 

Recent Accounting Standards

 

In December 2011, FASB issued ASU 2011-12 “Comprehensive Income (Topic 220).” In order to defer only those changes in Update 2011-05 that relate to the presentation of reclassification adjustments, the paragraphs in this Update supersede certain pending paragraphs in Update 2011-05. The amendments are being made to allow the Board time to re-deliberate whether to present on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented. While the Board is considering the operational concerns about the presentation requirements for reclassification adjustments and the needs of financial statement users for additional information about reclassification adjustments, entities should continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect before Update 2011-05. All other requirements in Update 2011-05 are not affected by this Update, including the requirement to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. Public entities should apply these requirements for fiscal years, and interim periods within those years, beginning after December 15, 2011. Management does not expect the adoption of ASU 2011-11 to have a material effect on the Company’s financial position, results of operations or cash flows.

 

 

In June 2011, FASB issued ASU 2011-05 “Comprehensive Income (Topic 220).” Under the amendments in this Update, an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. In a single continuous statement, the entity is required to present the components of net income and total net income, the components of other comprehensive income and a total for other comprehensive income, along with the total of comprehensive income in that statement. In the two-statement approach, an entity is required to present components of net income and total net income in the statement of net income. The statement of other comprehensive income should immediately follow the statement of net income and include the components of other comprehensive income and a total for other comprehensive income, along with a total for comprehensive income. The amendments in this Update should be applied retrospectively. For public entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. Early adoption is permitted. The amendments do not require any transition disclosures. Management elected early adoption and has presented the total of comprehensive income, the components of net income, and the components of other comprehensive income in a single continuous statement of comprehensive income.

 

In May 2011, FASB issued ASU 2011-04 “Fair Value Measurement (Topic 820).” The amendments in ASU 2011-04 change the wording used to describe the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. The amendments include (1) those that clarify the Board's intent about the application of existing fair value measurement and disclosure requirements and (2) those that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. In addition, to improve consistency in application across jurisdictions some changes in wording are necessary to ensure that U.S. GAAP and IFRS fair value measurement and disclosure requirements are described in the same way (for example, using the word shall rather than should to describe the requirements in U.S. GAAP). The amendments that clarify the Board's intent about the application of existing fair value measurement and disclosure requirements include (a) the application of the highest and best use and valuation premise concepts, (b) measuring the fair value of an instrument classified in a reporting entity's shareholders' equity, and (c) disclosures about fair value measurements that clarify that a reporting entity should disclose quantitative information about the unobservable inputs used in a fair value measurement that is categorized within Level 3 of the fair value hierarchy. The amendments in this Update that change a particular principle or requirement for measuring fair value or disclosing information about fair value measurements include (a) measuring the fair value of financial instruments that are managed within a portfolio, (b) application of premiums and discounts in a fair value measurement, and (c) additional disclosures about fair value measurements that expand the disclosures about fair value measurements. The amendments in ASU 2011-04 are to be applied prospectively. For public entities, the amendments are effective during interim and annual periods beginning after December 15, 2011. Early application by public entities is not permitted. The Company does not expect the provisions of ASU 2010-29 to have a material effect on its financial position, results of operations or cash flows.

 

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) (USD $)
9 Months Ended 12 Months Ended
Sep. 30, 2012
Dec. 31, 2011
Current Liabilities:    
Convertible Notes Payable, remaining debt discount $ 11,770 $ 12,572
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred Stock, shares authorized (in Shares) 10,000,000 10,000,000
Common Stock, par value (in Dollars per Share) $ 0.001 $ 0.001
Common Stock, shares authorized (in Shares) 100,000,000 100,000,000
Common Stock, shares outstanding (in Shares) 47,068,058 42,188,390
Series A Cumulative Convertible Preferred Stock
   
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred Stock, shares authorized (in Shares) 1,000,000 1,000,000
Preferred Stock, cumulative rate percentage (in Percent) 8.00% 8.00%
Preferred Stock, par value (in Dollars per Share) $ 4.50 $ 4.50
Preferred Stock, aggregate liquidation preference $ 44,923 $ 43,504
Preferred Stock, shares outstanding (in Shares) 5,254 5,254
XML 20 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
NOTES PAYABLE (Narrative) (Details) (Unaudited) (USD $)
9 Months Ended 12 Months Ended 9 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Dec. 31, 2011
Sep. 30, 2012
October 21, 2010 Note [Member]
Sep. 30, 2012
June 30, 2011 Note [Member]
Sep. 30, 2012
July 12, 2011 Note [Member]
Sep. 30, 2012
September 12, 2011 Note [Member]
Sep. 30, 2012
January 9, 2012 Note [Member]
Jun. 21, 2012
June 4, 2012 Note [Member]
Sep. 30, 2012
June 4, 2012 Note [Member]
Debt Instrument [Line Items]                    
Debt issuance date (Date)       Oct. 21, 2010 Jun. 30, 2011 Jul. 12, 2011 Sep. 12, 2011 Jan. 09, 2012   Jun. 04, 2012
Date note was funded (Date)               Jan. 18, 2012   Jun. 21, 2012
Debt instrument face amount       $ 50,000 $ 25,000 $ 25,000 $ 35,000 $ 42,500   $ 32,500
Debt instrument accrued interest         3,144     2,366   727
Debt instrument accrued interest, converted to common stock       2,000     1,400      
Number of months after which note was convertible (in Duration)       6 months   6 months 6 months 6 months   6 months
Conversion price of market price of the common stock (in Percent)       55.00%   58.00% 55.00% 60.00%   55.00%
Debt instrument stated interest rate (in Percent)       8.00% 10.00% 8.00% 8.00% 8.00%   8.00%
Debt instrument maturity date (Date)       Jul. 21, 2011 Dec. 31, 2012 Apr. 05, 2012 Jun. 06, 2012 Oct. 11, 2012   Mar. 06, 2013
Intrinsic value of conversion feature       40,909   18,160 28,636 28,333   26,591
Period that debt discount is being amortized to interest expense (in Duration)       6 months   6 months 6 months 6 months   6 months
Debt instrument converted amount 72,000 52,000 52,000         12,000    
Debt converted shares issued (in Shares)     1,622,630         1,188,119    
Convertible debt, current 54,323   49,412         30,500   32,500
Convertible Notes Payable, remaining debt discount $ 11,770   $ 12,572             $ 11,770
Market price of common stock (in Dollars per share)               $ 0.025 $ 0.04 $ 0.025
Conversion price of the common stock (in Dollars per share)               $ 0.01375 $ 0.022 $ 0.01375
Convertible instrument, if converted, shares issued (in Shares)               2,033,333 1,477,273 2,363,636
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Document and Entity Information
9 Months Ended
Sep. 30, 2012
Nov. 16, 2012
Document and Entity Information [Abstract]    
Entity Registrant Name WINDGEN ENERGY, INC.  
Entity Central Index Key 0000726037  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Document Type 10-Q  
Document Period End Date Sep. 30, 2012  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Entity Common Stock, Shares Outstanding   47,068,058
Entity Well-known Seasoned Issuer No  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
XML 22 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMON STOCK (Narrative) (Details) (Unaudited) (USD $)
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Feb. 29, 2012
Jan. 31, 2012
Mar. 31, 2012
Sep. 30, 2012
Sep. 30, 2011
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Jun. 30, 2012
Common Stock [Abstract]                  
Number of shares of common stock authorized (in Shares)       100,000,000   100,000,000      
Par value of common stock issued (in Dollars per Share)       $ 0.001   $ 0.001      
Number of shares of common stock issued and outstanding (in Shares)       47,068,058   42,188,390      
Effective date of the Board's authorization to increase the number of authorized common shares (Date)       Dec. 04, 2009          
Number of authorized common shares prior to the Board authorization to increase the number of authorized common shares (in Shares)       40,000,000          
Number of shares of common stock issued subsequent to stock purchase option agreement (in Shares)               15,000,000  
Cash proceeds from issuance of stock subsequent to stock purchase option agreement               $ 95,000  
Increase to stock subscription receivable for shares issued               17,500  
Payment received on stock subscription receivable           0 7,500    
Stock subscription receivable                 10,000
Stock subscription receivable, balance paid in full       10,000          
Financial instrument to be converted (Description)             Series A Preferred    
Number of existing preferred shareholders affected by stock conversion (in Shareholders)             3 of 4    
Number of new shares issued under stock conversion (in Shares)             246,834    
Financial instrument issued under stock conversion (Description)             Restricted common stock    
Price per share of newly issued restricted common stock (in Dollars per Share)             $ 0.50    
Cash paid to participating preferred stockholders for conversion incentive             5,000    
Dividends payable       21,279     17,969 64,309  
Stock issued and cancelled during the period (in Shares)             1,900,000    
Shares of issued restricted stock (in Dollars per Share)             $ 0.10    
Proceeds from sale of stock       0 70,800 80,800      
Stock issued during period (in Shares)           1,077,331      
Debt conversion, restricted common stock issued (in Shares)     1,689,425 2,690,243          
Debt conversion, restricted common stock issued, value     $ 45,000 $ 27,000          
Number of shares issued for services (in Shares) 500,000 100,000       50,000      
Per share value, shares issued for services (in Dollars per Share) $ 0.10 $ 0.075       $ 0.10      
XML 23 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
CONSOLIDATED STATEMENTS OF OPERATIONS        
REVENUES $ 0 $ 0 $ 0 $ 0
OPERATING EXPENSES:        
General & Administrative 4,810 49,451 32,585 126,634
Stock Compensation Expenses for Consulting 0 0 50,000 0
Legal & Professional Fees 2,063 16,418 40,256 50,227
Related Party Consulting Fees 15,000 30,000 60,000 90,000
Total Operating Expenses 21,873 95,869 182,841 266,861
INCOME (LOSS) FROM OPERATIONS (21,873) (95,869) (182,841) (266,861)
OTHER INCOME (EXPENSE):        
Amortization of debt discount (16,016) (13,854) (55,727) (41,126)
Interest Income (Expense) (813) (1,191) (3,205) (2,468)
Total Other Income (Expense), Net (16,829) (15,045) (58,932) (43,594)
NET INCOME (LOSS) (38,702) (110,914) (241,773) (310,455)
PREFERRED STOCK DIVIDENDS (473) (473) (1,419) (1,419)
NET INCOME (LOSS) APPLICABLE TO COMMON STOCKHOLDERS $ (39,175) $ (111,387) $ (243,192) $ (311,874)
NET INCOME (LOSS) PER COMMON SHARE (BASIC & DILUTED) (in Dollars per Share) $ 0.00 $ 0.00 $ (0.01) $ (0.01)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:        
BASIC (in Shares) 44,941,342 43,538,263 44,152,347 42,632,859
DILUTED (in Shares) 49,346,192 43,546,144 48,557,197 42,640,740
XML 24 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
UNCERTAIN TAX POSITIONS (Unaudited)
9 Months Ended
Sep. 30, 2012
Uncertain Tax Positions [Abstract]  
UNCERTAIN TAX POSITIONS

NOTE 7 – UNCERTAIN TAX POSITIONS

 

Effective January 1, 2007, the Company adopted the provisions of ASC 740 (formerly FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109”). ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The adoption of the provisions of ASC 740 did not have a material impact on the Company’s condensed consolidated financial position and results of operations. At September 30, 2012, the Company had no liability for unrecognized tax benefits and no accrual for the payment of related interest.

 

Interest costs related to unrecognized tax benefits are classified as “Interest Expense, Net” in the accompanying consolidated statements of operations. Penalties, if any, would be recognized as a component of “Selling, general and administrative expenses”. The Company recognized zero interest expense related to unrecognized tax benefits for the year ended December 31, 2011. In many cases the Company’s uncertain tax positions are related to tax years that remain subject to examination by relevant tax authorities. With few exceptions, the Company is generally no longer subject to U.S. federal, state, local or non-U.S. income tax examinations by tax authorities for years before 2008. The following describes the open tax years, by major tax jurisdiction, as of December 31, 2011:

 

 

United States (a)   2008 – Present
__________    
(a) Includes federal as well as state or similar local jurisdictions, as applicable.

 

XML 25 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY TRANSACTIONS (Unaudited)
9 Months Ended
Sep. 30, 2012
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 6 – RELATED PARTY TRANSACTIONS

 

During 2012, a shareholder advanced the Company $5,665 to pay various expenses.

 

From 2009 through 2011, the Company accrued consulting expenses of $162,750 from officers of the Company.  During 2012, the Company has accrued additional consulting expenses of $43,400 for a total due officers of the Company of $204,150.

XML 26 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
PREFERRED STOCK (Narrative) (Details) (Unaudited) (USD $)
9 Months Ended 12 Months Ended
Sep. 30, 2012
Dec. 31, 2010
Dec. 31, 2011
Dec. 31, 2009
Preferred Stock [Abstract]        
Number of shares of preferred stock authorized (in Shares) 10,000,000   10,000,000  
Preferred stock designated Series A Cumulative Convertible Preferred Stock (in Shares) 1,000,000      
Series A convertible preferred stock, dividend rate (in Percent) 8.00%      
Series A convertible preferred stock par value (in Dollars per Share) $ 4.50      
Liquidation preference holder of Series A Preferred shares are entitled to (in Dollars per Share) $ 4.50      
Conversion basis of each Series A Preferred share (Description) 1.5 common shares to one preferred share      
Financial instrument to be converted (Description)   Series A Preferred    
Number of existing preferred shareholders affected by stock conversion (in Shareholders)   3 of 4    
Number of new shares issued under stock conversion (in Shares)   246,834    
Financial instrument issued under stock conversion (Description)   Restricted common stock    
Price per share of newly issued restricted common stock (in Dollars per Share)   $ 0.50    
Cash paid to participating preferred stockholders for conversion incentive   $ 5,000    
Dividends payable $ 21,279 $ 17,969   $ 64,309
Date of the agreement with subsidiary, MicroCor, to create Series B Preferred stock which would receive all future beneift of hematocrit technology (Date) Jan. 30, 2009      
Percentage of future hematocrit technology benefit owned by sudsidiary after the agreement date (in Percent) 100.00%      
Date of expiration of the agreement with subsidiary, MicroCor, to create Series B Preferred stock which would receive all future benefit of hematocrit technology (Date) Jan. 30, 2011      
XML 27 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
SIGNIFICANT ACCOUNTING POLICIES (Policies) (Unaudited)
9 Months Ended
Sep. 30, 2012
Significant Accounting Policies [Abstract]  
Recent Accounting Standards

Recent Accounting Standards

 

In December 2011, FASB issued ASU 2011-12 “Comprehensive Income (Topic 220).” In order to defer only those changes in Update 2011-05 that relate to the presentation of reclassification adjustments, the paragraphs in this Update supersede certain pending paragraphs in Update 2011-05. The amendments are being made to allow the Board time to re-deliberate whether to present on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented. While the Board is considering the operational concerns about the presentation requirements for reclassification adjustments and the needs of financial statement users for additional information about reclassification adjustments, entities should continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect before Update 2011-05. All other requirements in Update 2011-05 are not affected by this Update, including the requirement to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. Public entities should apply these requirements for fiscal years, and interim periods within those years, beginning after December 15, 2011. Management does not expect the adoption of ASU 2011-11 to have a material effect on the Company’s financial position, results of operations or cash flows.

 

In June 2011, FASB issued ASU 2011-05 “Comprehensive Income (Topic 220).” Under the amendments in this Update, an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. In a single continuous statement, the entity is required to present the components of net income and total net income, the components of other comprehensive income and a total for other comprehensive income, along with the total of comprehensive income in that statement. In the two-statement approach, an entity is required to present components of net income and total net income in the statement of net income. The statement of other comprehensive income should immediately follow the statement of net income and include the components of other comprehensive income and a total for other comprehensive income, along with a total for comprehensive income. The amendments in this Update should be applied retrospectively. For public entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. Early adoption is permitted. The amendments do not require any transition disclosures. Management elected early adoption and has presented the total of comprehensive income, the components of net income, and the components of other comprehensive income in a single continuous statement of comprehensive income.

 

In May 2011, FASB issued ASU 2011-04 “Fair Value Measurement (Topic 820).” The amendments in ASU 2011-04 change the wording used to describe the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. The amendments include (1) those that clarify the Board's intent about the application of existing fair value measurement and disclosure requirements and (2) those that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. In addition, to improve consistency in application across jurisdictions some changes in wording are necessary to ensure that U.S. GAAP and IFRS fair value measurement and disclosure requirements are described in the same way (for example, using the word shall rather than should to describe the requirements in U.S. GAAP). The amendments that clarify the Board's intent about the application of existing fair value measurement and disclosure requirements include (a) the application of the highest and best use and valuation premise concepts, (b) measuring the fair value of an instrument classified in a reporting entity's shareholders' equity, and (c) disclosures about fair value measurements that clarify that a reporting entity should disclose quantitative information about the unobservable inputs used in a fair value measurement that is categorized within Level 3 of the fair value hierarchy. The amendments in this Update that change a particular principle or requirement for measuring fair value or disclosing information about fair value measurements include (a) measuring the fair value of financial instruments that are managed within a portfolio, (b) application of premiums and discounts in a fair value measurement, and (c) additional disclosures about fair value measurements that expand the disclosures about fair value measurements. The amendments in ASU 2011-04 are to be applied prospectively. For public entities, the amendments are effective during interim and annual periods beginning after December 15, 2011. Early application by public entities is not permitted. The Company does not expect the provisions of ASU 2010-29 to have a material effect on its financial position, results of operations or cash flows.

 

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

XML 28 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
NEW OFFICE LEASE (Unaudited)
9 Months Ended
Sep. 30, 2012
New Office Lease [Abstract]  
NEW OFFICE LEASE

NOTE 8 – NEW OFFICE LEASE

 

Effective September 1, 2011, the Company moved its offices to 8432 E. Shea Blvd., Suite 101, Scottsdale, Arizona 85260. The Company is occupying the office space at the current address on a month-to-month basis.  The landlord is a non-affiliate shareholder of the Company and is not currently charging the Company rent. The Company may pay to the landlord rent in the form of shares of the Company's restricted common stock at some point in the future.

 

See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – New Office Location” for complete details regarding the Company’s offices.

XML 29 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
NATURE OF OPERATIONS (Policies) (Unaudited)
9 Months Ended
Sep. 30, 2012
Nature Of Operations [Abstract]  
Basis of Presentation

Basis of Presentation

 

The Company’s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The consolidated financial statements do not include any adjustment relating to recoverability and classification of recorded amounts of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. The Company generated negative cash flows from operations of $199,056 and $280,681 in 2011 and 2010, respectively, and net losses from operations of $326,869 and $348,363 in 2011 and 2010, respectively. As of September 30, 2012, the Company had an accumulated deficit of $9,998,576 and a working capital deficit of $325,410. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. The Company’s continued existence is dependent upon its ability to execute its operating plan and to obtain additional debt or equity financing. There can be no assurance the necessary debt or equity financing will be available, or will be available on terms acceptable to the Company. Management’s operating plan includes pursuing additional fund raising as well as putting in place all the initial requirements in anticipation of the Company beginning operations and generating revenue in 2013.

Net loss per Common Share

Net Loss per Common Share

 

Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the year. Diluted net loss per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other common stock equivalents were exercised or converted into common stock. At September 30, 2012 and 2011, there were 4,404,851 and 7,881 potentially dilutive common stock equivalents, respectively. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net loss per common share.

Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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

Comprehensive Income

 

There are no components of comprehensive income other than the net loss.

Cash equivalents

Cash Equivalents

 

For the purpose of reporting cash flows, the Company considers all highly liquid debt instruments purchased with maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.

Concentration of credit risk

Concentration of Credit Risk

 

The Company has no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. The Company maintains the majority of its cash balances with one financial institution, in the form of demand deposits.

Fair value of Financial Instruments

Fair Value of Financial Instruments

 

The carrying value of the Company’s financial instruments, including receivables, accounts payable, accrued liabilities, and notes payable at September 30, 2012 and December 31, 2011 approximates their fair values due to the short-term nature of these financial instruments.

Goodwill and other intangible assets

Goodwill and Other Intangible Assets

 

Goodwill and other intangible assets are recorded under the provisions of the Financial Accounting Standards Board (FASB) ASC 350 (formerly Statement ASC No. 142 (SFAS 142), Goodwill and Other Intangible Assets). ASC 350 requires that an intangible asset that is acquired either individually or with a group of other assets (but not those acquired in a business combination) shall be initially recognized and measured based on its fair value. Goodwill acquired in business combinations is initially computed as the amount paid by the acquiring company in excess of the fair value of the net assets acquired.

 

Costs of internally developing, maintaining and restoring intangible assets (including goodwill) that are not specifically identifiable, have indeterminate lives, or are inherent in a continuing business and related to an entity as a whole, are recognized as an expense when incurred.

 

An intangible asset (excluding goodwill) with a definite useful life is amortized; an intangible asset with an indefinite useful life is not amortized until its useful life is determined to be no longer indefinite. The remaining useful lives of intangible assets not being amortized are evaluated at least annually to determine whether events and circumstances continue to support an indefinite useful life. If and when an intangible asset is determined to no longer have an indefinite useful life, the asset shall then be amortized prospectively over its estimated remaining useful life and accounted for in the same manner as other intangibles that are subject to amortization.

 

An intangible asset (including goodwill) that is not subject to amortization shall be tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test consists of a comparison of the fair value of the intangible assets with its carrying amount. If the carrying amount of an intangible asset exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. In accordance with ASC 350, goodwill is not amortized.

 

On March 20, 2012, the Company entered into two new agreements with Wind Sail Receptor, Inc. These two agreements replaced the exclusive sales and distribution license previously held by the Company. As part of these agreements, the 1,900,000 shares (“WSR Shares”) issued to Wind Sail Receptor, Inc. for the licensing rights were returned to the Company and cancelled. ASC 855-10-25 indicates the Company should recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the balance sheet date. Since the original License Agreement that resulted in the Company recording the intangible asset of $190,000 was being modified and replaced, the Company determined that the stock cancellation and removal of the intangible asset should be recorded as of December 31, 2011. The financial statements presented as of September 30, 2012 reflect the cancellation of the WSR Shares and the removal from the books of the intangible asset. No gain or loss was recorded. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Plan of Operation – Wind Energy” for complete details regarding these agreements.

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NATURE OF OPERATIONS (Narrative) (Details) (Unaudited) (USD $)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Dec. 31, 2011
Dec. 31, 2010
Product Information [Line Items]            
Date of entity name change (Date) Dec. 04, 2009   Dec. 04, 2009      
Date of Wescor agreement ownership change in subsidiary (Date) Jun. 24, 2010   Jun. 24, 2010      
Research and Development Arrangement Contract to Perform For Others by Type [Line Items]            
Cash Flows generated from operations     $ (90,794) $ (176,457) $ (199,056) $ (280,681)
Net loss from operations (21,873) (95,869) (182,841) (266,861) (326,869) (348,363)
Accumulated Deficit 9,998,576   9,998,576   9,755,384  
Working Capital deficit 325,410   325,410      
Potentially dilutive common stock equivalents (in Shares)     4,404,851 7,881    
License Agreement Terms [Member]
           
Research and Development Arrangement Contract to Perform For Others by Type [Line Items]            
Date of license agreement with Wind Sail Receptor, Inc. (Date) Apr. 17, 2009   Apr. 17, 2009      
Date that the restricted stock was issued in consideration of amendment to license agreement (Year)     2010      
Number of Restricted Common Stock issued pursuant of the license agreement (in Shares)     1,900,000      
Date of new agreements entered into with Wind Sail Receptor, Inc. (Date)     Mar. 20, 2012      
Number of agreements entered into with WSR (in Agreements)     2      
Date restricted shares issued to Wind Sail Receptor cancelled (Date)     Dec. 31, 2011      
Period during which company expects to enter into a joint venture for the sale and distribution of turbines in the UK and Ireland (Year)     2012      
Number of shares returned and cancelled under new agreement (in Shares) 1,900,000   1,900,000      
Value of intangible assets that were modified and replaced $ 190,000   $ 190,000      
Maximum [Member]
           
Minority Interest [Line Items]            
Percentage of ownership in MicroCor (in Percent) 57.00%   57.00%      
Minimum [Member]
           
Minority Interest [Line Items]            
Percentage of ownership in MicroCor (in Percent) 49.00%   49.00%      
Medical Device [Member] | Maximum [Member]
           
Product Information [Line Items]            
Period during which entity engaged in research and development of medical device to measure hematocrit non-invasively (Date)     2008      
Medical Device [Member] | Minimum [Member]
           
Product Information [Line Items]            
Period during which entity engaged in research and development of medical device to measure hematocrit non-invasively (Date)     1989      
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UNCERTAIN TAX POSITIONS (Narrative) (Details) (Unaudited) (USD $)
Sep. 30, 2012
Uncertain Tax Positions [Abstract]  
Unrecognized tax benefits $ 0
Amount of interest payable related to uncertain tax positions $ 0

XML 33 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Loss $ (241,773) $ (310,455)
Adjustments to reconcile net loss to net cash used in operating activities:    
Common stock issued for services 50,000 0
Interest expense from debt discount 55,727 41,126
Related party consulting fee payable 41,400 13,550
Prepaid expense 2,302 42,634
Accounts payable (1,623) 38,330
Accrued interest payable 3,205 2,468
Other receivable (32) (4,110)
Net cash provided by (used in) Operating Activities (90,794) (176,457)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net cash provided by Investing Activities 0 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Bank overdraft 107 0
Proceeds from sale of stock 0 70,800
Proceeds from notes payable 75,000 85,000
Proceeds from stock subscription receivable 10,000 0
Proceeds from shareholder advances 5,665 0
Net cash provided by Financing Activities 90,772 155,800
NET INCREASE (DECREASE) IN CASH (22) (20,657)
CASH AT BEGINNING OF PERIOD 22 33,278
CASH AT END OF PERIOD 0 12,621
SUPPLEMENTAL DISCLOSURE OF CASH FLOW:    
Cash paid during the year for interest 0 0
Cash paid during the year for income taxes 150 150
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Stock Subscription Receivable for exercise of stock options 0 10,000
Notes Payable Converted to Common Stock $ 72,000 $ 52,000
XML 34 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
PREFERRED STOCK (Unaudited)
9 Months Ended
Sep. 30, 2012
Preferred Stock [Abstract]  
PREFERRED STOCK

NOTE 5 – PREFERRED STOCK

 

The Company is authorized to issue 10,000,000 shares of preferred stock. The Company’s board of directors designated 1,000,000 shares of this preferred stock as Series A Cumulative Convertible Preferred Stock (“Series A Preferred”) with a par value of $4.50 per share. Holders of the Series A Preferred receive annual cumulative dividends of 8%, payable quarterly, which dividends are required to be fully paid or set aside before any other dividend on any class or series of stock of the Company is paid. Holders of the Series A Preferred receive no voting rights but do receive a liquidation preference of $4.50 per share, plus accrued and unpaid dividends. Series A Preferred stockholders have the right to convert each share of Series A Preferred to the Company’s common stock at a rate of 1.5 common shares to one preferred share.

 

During 2010, the Company completed the conversion of shares of Series A Preferred (defined in Note 5, below) held by three of the four existing preferred shareholders by issuing 246,834 shares of the Company’s restricted common stock at a price of $0.50 per share plus a $5,000 cash payment to each preferred shareholder. The conversion of these preferred shares reduced the dividends payable from $64,309 at December 31, 2009 to $17,969 at December 31, 2010. As of September 30, 2012, the total dividends payable on the remaining shares of Series A Preferred was $21,279.

 

On January 30, 2009, the Company entered into an agreement with MicroCor, its subsidiary (the “MicroCor Agreement”). The MicroCor Agreement provided for the Company to create a Series B class of preferred stock, without dividend or voting rights (the “Series B Preferred”), which would receive 100% of any future benefit from the sale, spin-off, merger or liquidation of MicroCor or the commercialization of its hematocrit technology. The shares of the Series B Preferred were to be distributed as a dividend, subject to compliance with federal and state securities laws and regulations, to the Company’s common stockholders, as of January 30, 2009. The creation of the Series B Preferred would prevent any holder of the Company’s common stock after January 30, 2009 from sharing in any future benefit of or to MicroCor through the expiration date of January 30, 2011. The Series B Preferred Stock was not issued to the common shareholders of record at January 30, 2009 inasmuch as no benefit occurred prior to the expiration date of January 30, 2011.

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RELATED PARTY TRANSACTIONS (Narrative) (Details) (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2012
Related Party Transactions [Abstract]  
Amount advanced to pay various expenses $ 5,665
Due to related party consulting services accrued FY 2009 through FY 2011 162,750
Due to related party consulting services accrued FY 2012 43,400
Balance due to related parties for consulting services accrued $ 204,150