Attached files
| file | filename |
|---|---|
| EX-32 - XTREME GREEN ELECTRIC VEHICLES INC. | v176243_ex32.htm |
| EX-31 - XTREME GREEN ELECTRIC VEHICLES INC. | v176243_ex31.htm |
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
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x
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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For the
quarterly period ended June 30, 2009
OR
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o
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
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For the
transition period from ______________ to ______________
Commission
File Number 000-52502
XTREME
GREEN PRODUCTS INC.
(Exact
name of registrant as specified in its charter)
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Nevada
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26-2373311
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(State
or other jurisdiction of Incorporation or organization)
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(I.R.S.
Employer Identification Number)
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5475
Wynn Road, Suite 100, Las Vegas, Nevada
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89118
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code:
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(702)
233-4804
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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 o No x
Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer" and "large accelerated filer" in Rule 12b-2 of the Exchange Act (Check
one):
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Large
accelerated filer
o
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Accelerated
filer o
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Non-accelerated
filer o
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Smaller
reporting company
x
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Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).
Yes o No x
The
number of shares outstanding of issuer's common stock, $0.001 par value as of
March 2, 2010: 42,643,225.
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Page
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PART
I - Financial Information
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1
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Item
1: Financial Statements
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1
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Consolidated
Balance Sheets June 30, 2009 (Unaudited) and December 31,
2008
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1
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Consolidated
Statements of Operations For the Three and Six Months Ended June 30,
2009 and 2008 (Unaudited) and the period from Inception to June 30, 2009
(Unaudited)
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2
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Consolidated
Statements of Cash Flows for the Six Months Ended June 30, 2009 and 2008
(Unaudited) and the period from Inception to June 30, 2009
(Unaudited)
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3
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Notes
to Consolidated Financial Statements (Unaudited)
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4
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Item
2: Management's Discussion and Analysis of Financial Condition and Results
of Operations
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6
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Item 4T: Controls and
Procedures
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9
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PART
II - Other Information
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10
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Item
1: Legal Proceedings
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10
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Item
2: Unregistered Sales of Equity Securities and Use of
Proceeds
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10
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Item
5: Other Information
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10
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Item
6: Exhibits
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10
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Signatures
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11
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PART
I. FINANCIAL INFORMATION
XTREME
GREEN PRODUCTS INC.
(A
Development Stage Company)
Consolidated
Balance Sheets
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June
30,
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December
31,
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|||||||
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2009
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2008
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|||||||
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(Unaudited)
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||||||||
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ASSETS
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||||||||
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Current
assets:
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||||||||
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Cash
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$ | 39,441 | $ | 20,341 | ||||
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Inventory
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90,797 | 8,766 | ||||||
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Prepaid
expenses
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14,845 | - | ||||||
| 145,083 | 29,107 | |||||||
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Property
and equipment
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62,418 | - | ||||||
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TOTAL
ASSETS
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$ | 207,501 | $ | 29,107 | ||||
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LIABILITIES
AND STOCKHOLDERS' DEFICIT
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||||||||
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Current
liabilities:
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||||||||
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Accounts
payable
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$ | 27,764 | $ | 13,334 | ||||
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Customer
deposits
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5,200 | - | ||||||
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Accrued
expenses
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140,000 | 20,000 | ||||||
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Due
to stockholders
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123,209 | 107,993 | ||||||
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Total
current liabilities
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296,173 | 141,327 | ||||||
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Stockholders'
deficit:
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||||||||
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Common
stock, $0.0001 par value, 100,000,000 shares authorized; 39,762,225 and
38,943,800 shares issued and outstanding, respectively
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3,976 | 3,895 | ||||||
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Additional
paid-in capital
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1,643,885 | 1,234,753 | ||||||
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Deficit
accumulated during the development stage
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(1,736,533 | ) | (1,350,868 | ) | ||||
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Total
stockholders' deficit
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(88,672 | ) | (112,220 | ) | ||||
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TOTAL
LIABILITIES AND STOCKHOLDERS' DEFICIT
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$ | 207,501 | $ | 29,107 | ||||
See the
accompanying notes to the financial statements.
- 1
-
XTREME
GREEN PRODUCTS INC.
(A
Development Stage Company)
Consolidated
Statements of Operations - Unaudited
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For the
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||||||||||||||||||||
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Period From
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||||||||||||||||||||
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May 21, 2007
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||||||||||||||||||||
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(Inception)
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||||||||||||||||||||
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Through
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Three Months Ended June 30,
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Six Months Ended June 30,
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June 30,
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||||||||||||||||||
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2009
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2008
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2009
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2008
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2009
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Sales
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$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
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Cost
of sales
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- | - | - | - | - | |||||||||||||||
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Gross
profit
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- | - | - | - | - | |||||||||||||||
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Costs
and expenses:
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General
and administrative
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220,688 | 95,764 | 370,453 | 112,022 | 739,673 | |||||||||||||||
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General
and administrative - stock based compensation
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15,213 | - | 15,213 | - | 371,860 | |||||||||||||||
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Purchased
research and development
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- | - | - | - | 625,000 | |||||||||||||||
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Total
costs and expenses
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235,901 | 95,764 | 385,666 | 112,022 | 1,736,533 | |||||||||||||||
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Net
loss
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$ | (235,901 | ) | $ | (95,764 | ) | $ | (385,666 | ) | $ | (112,022 | ) | $ | (1,736,533 | ) | |||||
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Per
share information - basic and diluted:
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||||||||||||||||||||
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Loss
per common share
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$ | (0.01 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.00 | ) | ||||||||
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Weighted
average common shares outstanding
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39,547,863 | 38,480,877 | 39,343,578 | 38,364,064 | ||||||||||||||||
See the
accompanying notes to the financial statements.
- 2
-
XTREME
GREEN PRODUCTS INC.
(A
Development Stage Company)
Consolidated
Statements of Cash Flows – Unaudited
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For the
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||||||||||||
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Period From
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||||||||||||
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May 21, 2007
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||||||||||||
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(Inception)
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Through
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||||||||||||
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Six Months Ended June 30,
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June 30,
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|||||||||||
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2009
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2008
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2009
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Cash
flows from operating activities:
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Net
loss
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$ | (385,666 | ) | $ | (112,022 | ) | $ | (1,736,533 | ) | |||
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Adjustments
to reconcile net loss to net cash used in operating
activities:
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||||||||||||
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Stock-based
compensation
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15,213 | - | 371,860 | |||||||||
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Purchased
research and development
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- | - | 625,000 | |||||||||
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Changes
in operating assets and liabilities:
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(Increase)
in prepaid expenses
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(14,845 | ) | (14,845 | ) | ||||||||
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(Increase)
inventory
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(82,031 | ) | (2,000 | ) | (90,796 | ) | ||||||
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Increase
(decrease) in accounts payable
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14,430 | (1,100 | ) | 27,764 | ||||||||
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Increase
in accrued expenses
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120,000 | 10,000 | 140,000 | |||||||||
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Increase
in customer deposits
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5,200 | - | 5,200 | |||||||||
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Net
cash used in operating activities
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(327,699 | ) | (105,122 | ) | (672,350 | ) | ||||||
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Cash
flows from investing activities:
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Purchase
of property and equipment
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(62,418 | ) | - | (62,418 | ) | |||||||
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Cash
used in acquisition of Belarus Capital Corp.
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- | - | (125,000 | ) | ||||||||
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Net
cash used in investing activities
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(62,418 | ) | - | (187,418 | ) | |||||||
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Cash
flows from financing activities:
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Common
stock issued for cash
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394,000 | 135,000 | 776,000 | |||||||||
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Loans
from stockholders, net of repayments
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15,217 | (6,903 | ) | 123,209 | ||||||||
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Net
cash provided by financing activities
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409,217 | 128,097 | 899,209 | |||||||||
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Net
increase in cash
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19,100 | 22,975 | 39,441 | |||||||||
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Cash
- beginning of period
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20,341 | 5,909 | - | |||||||||
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Cash
- end of period
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$ | 39,441 | $ | 28,884 | $ | 39,441 | ||||||
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Supplemental Cash Flow
Information:
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||||||||||||
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Value
of common stock issued as consideration in acquisition of Belarus Capital
Corp.
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$ | - | $ | - | $ | 500,000 | ||||||
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Cash
paid for interest
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$ | - | $ | - | $ | - | ||||||
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Cash
paid for income taxes
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$ | - | $ | - | $ | - | ||||||
See the
accompanying notes to the financial statements.
- 3
-
XTREME
GREEN PRODUCTS INC.
NOTES
TO FINANCIAL STATEMENTS
June
30, 2009
(UNAUDITED)
(1) Basis
of Presentation
The
accompanying unaudited consolidated financial statements have been prepared in
accordance with generally accepted accounting principles (GAAP) for interim
financial information and Rule 8.03 of Regulation S-X. They do not include all
of the information and footnotes required by GAAP for complete financial
statements. In the opinion of management, all adjustments (consisting only of
normal recurring adjustments) considered necessary for a fair presentation have
been included.
The
results of operations for the periods presented are not necessarily indicative
of the results to be expected for the full year. For further information,
refer to the financial statements of the Company as of and for the year
ended December 31, 2008, including notes thereto.
(2) Earnings
Per Share
Basic
earnings (loss) per share is calculated by dividing net income (loss) by the
weighted average number of common shares outstanding for the period. Diluted
earnings (loss) per share is calculated by dividing net income (loss) by the
weighted average number of common shares and dilutive common stock equivalents
outstanding. During periods in which the Company incurs losses, anti-dilutive
common stock equivalents are not considered in the computation.
(3) Basis
of Reporting
The
Company’s financial statements are presented on a going concern basis, which
contemplates the realization of assets and satisfaction of liabilities in the
normal course of business.
The
Company has experienced a significant loss from operations as a result of its
investment necessary to achieve its operating plan, which is long-range in
nature. From inception to June 30, 2009, the Company has incurred a cumulative
net loss of $1,736,533 and has a working capital deficit of $151,090 at
June 30, 2009. In addition, the Company has no revenue generating
operations.
The
Company’s ability to continue as a going concern is contingent upon its ability
to attain profitable operations and secure financing. In addition, the Company’s
ability to continue as a going concern must be considered in light of the
problems, expenses and complications frequently encountered by entrance into
established markets and the competitive environment in which the Company
operates.
The
Company is pursuing financing for its operations and seeking additional private
investments. In addition, the Company is seeking to establish its revenue base.
Failure to secure such financing or to raise additional equity capital and to
establish its revenue base may result in the Company depleting its available
funds and not being able pay its obligations.
The
financial statements do not include any adjustments to reflect the possible
future effects on the recoverability and classification of assets or the amounts
and classification of liabilities that may result from the possible inability of
the Company to continue as a going concern.
(4) Inventory
Inventory
consists principally of parts, supplies and finished goods which are valued at
the lower of cost or market on a first in – first out basis.
(5) Property
and Equipment
During
the period ended June 30, 2009, the Company purchased property and equipment
aggregating $62,418 consisting principally of production equipment which it will
begin depreciating when it is placed in service during July 2009.
(6)
Stockholders’ (Deficit)
During
the six months ended June 30, 2009, the Company issued 788,000 shares of common
stock pursuant to a private placement at a price of $0.50 per shares and
received cash proceeds of $394,000.
During
the six months ended June 30, 2009, the Company issued an aggregate of 30,426
shares of common stock for services rendered and recorded stock based
compensation of $15,213. The value ascribed to these shares of $0.50 per share
was based on the price at which the Company had sold shares pursuant to a
private placement.
- 4
-
(7)
Subsequent Events
Subsequent
to June 30, 2009, the Company issued 381,000 shares of common stock pursuant to
a private placement at a price of $0.50 per shares and received cash proceeds of
$190,500.
On
January 28, 2010, the Company entered into and consummated the transaction
contemplated under a Subscription Agreement with one investor. Under the terms
of the Agreement, the Company agreed to issue 2,500,000 shares of its common
stock at $0.40 per share and warrants to purchase an additional 7,500,000 shares
in three tranches, as follows: a three year warrant to purchase 2,500,000 shares
of common stock at $0.40 per share; a four year warrant to purchase 2,500,000
shares at $0.65 per share; and a five year warrant to purchase 2,500,000 shares
of common stock at $0.75 per share.
One half
of the securities were issued on January 28, 2010 for a purchase price of
$500,000. The remaining shares were issued at the second closing that
occurred on March 1, 2010.
In
connection with the purchase this individual was elected to the board of
directors and was granted 5 year options to purchase 150,000 shares at $.50 per
share.
- 5
-
Item
2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Forward-Looking
Statements
The
information herein contains forward-looking statements. All statements other
than statements of historical fact made herein are forward looking. In
particular, the statements herein regarding industry prospects and future
results of operations or financial position are forward-looking statements.
These forward-looking statements can be identified by the use of words such as
“believes,” “estimates,” “could,” “possibly,” “probably,” anticipates,”
“projects,” “expects,” “may,” “will,” or “should” or other variations or similar
words. No assurances can be given that the future results anticipated by the
forward-looking statements will be achieved. Forward-looking statements reflect
management’s current expectations and are inherently uncertain. Our actual
results may differ significantly from management’s expectations.
The
following discussion and analysis should be read in conjunction with our
financial statements, included herewith. This discussion should not be construed
to imply that the results discussed herein will necessarily continue into the
future, or that any conclusion reached herein will necessarily be indicative of
actual operating results in the future. Such discussion represents only the best
present assessment of our management.
Overview
Xtreme
Green Products Inc. (“Xtreme”, “we”, “our”, “us”) was incorporated under the
laws of the State of Nevada on May 21, 2007. We are a development stage company
and as such, we have not generated any revenue since our inception. We have
developed a line of electric powered products such as personal mobility
vehicles, motor scooters, light trucks (UTV) and ATVs. We also intend to develop
additional products such as, people movers and golf cars. Our product line will
be based on our proprietary “green” energy management system and electric
propulsion system. These products will have the power and ability of gas powered
engines, but without the particulate pollution or noise pollution.
Pursuant
to the terms of a Share Purchase Agreement dated August 16, 2007, we purchased
5,000,000 shares of common stock of Belarus Capital Corp. (“Belarus” or the
“Company”) in a private purchase transaction in exchange for $125,000 in cash
and 1,000,000 shares of our common stock. At the time of the closing of this
transaction, the 5,000,000 shares represented 100% of the issued and outstanding
shares of common stock of Belarus. We funded the cash portion of the purchase
cost through a combination of a $40,000 loan from one of our founding
stockholders and from the proceeds of a private placement of 184,000 shares of
our common stock at $0.50 per share. The value ascribed to the 1,000,000 shares
of Xtreme stock issued in this transaction was $500,000 ($0.50 per share) which
resulted in a total purchase cost of $625,000 related to the purchase of the
Belarus shares. As a result of this transaction, Belarus became a wholly-owned
subsidiary of Xtreme.
Recent
Developments
On
November 12, 2008, the shareholders of Xtreme entered into a Share Exchange
Agreement (the “Exchange Agreement”) with Belarus pursuant to which Belarus
purchased from the Xtreme shareholders 37,837,800 shares of Xtreme common stock
which represented approximately 97.43% of the then issued and outstanding shares
of Xtreme in exchange for the issuance of 37,837,800 shares of common stock of
Belarus. In connection with the Exchange Agreement, Xtreme surrendered to
Belarus for cancellation, all 5,000,000 shares of common stock of Belarus that
it owned and as a result, Xtreme became a subsidiary of Belarus and Belarus
succeeded to the business of Xtreme as its sole business. Subsequently, Belarus
changed its name to Xtreme Green Products Inc.
Critical
Accounting Policies and Estimates
The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires us 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 periods. As the number of variables and assumptions affecting the
probable future resolution of the uncertainties increase, these judgments become
even more subjective and complex. Actual results may differ from these
estimates.
We have
identified the following critical accounting policies, described below, that are
the most important to the portrayal of our current financial condition and
results of operations.
- 6
-
Stock-Based
Compensation
In
December 2004, the FASB issued SFAS 123 (revised 2004) "Share-Based Payment".
This Statement requires that the cost resulting from all share-based
transactions be recorded in the financial statements. The Statement establishes
fair value as the measurement objective in accounting for share-based payment
arrangements and requires all entities to apply a fair-value-based measurement
in accounting for share-based payment transactions with employees. The Statement
also establishes fair value as the measurement objective for transactions in
which an entity acquires goods or services from non-employees in share-based
payment transactions. The Statement replaces SFAS 123 "Accounting for
Stock-Based Compensation" and supersedes APB Opinion No. 25 "Accounting for
Stock Issued to Employees". The provisions of this Statement were effective for
the Company beginning with its fiscal year ending December 31,
2007.
Basis
of Reporting
The
Company’s financial statements are presented on a going concern basis, which
contemplates the realization of assets and satisfaction of liabilities in the
normal course of business.
Results
of Operations
Three
months ended June 30, 2009 compared to the three months ended June 30,
2008
Revenue
We did
not generate any revenue in the three month periods ended June 30, 2009 or
2008.
Costs and
expenses
General
and administrative expenses were $220,688 for the three months ended June 30,
2009 compared to $95,674 for the three months ended June 30,
2008. Our general and administrative expenses consist primarily of
(i) salaries and wages; (ii) product design and other related product
development costs and; (iii) professional fees such as legal and accounting fees
related to our organizational activities and our merger with Belarus in November
2008.
During
the three months ended June 30, 2009, we incurred stock based compensation
expense of $15,213 related to issuance of 30,426 shares of our restricted common
stock to two consultants in exchange for services rendered. The fair
market value ascribed to these shares of $0.50 per share was based on the price
at which we had recently sold shares pursuant to a private
placement. We did not incur stock based compensation expense during
the three months ended June 30, 2008.
Net
loss
Our net
loss for the three months ended June 30, 2009 was $235,901 or $0.01 per share
compared to a net loss of $95,674 or $0.00 per share for the three months ended
June 30, 2008.
Six
months ended June 30, 2009 compared to the six months ended June 30,
2008
Revenue
We did
not generate any revenue in the six month periods ended June 30, 2009 or
2008.
Costs
and expenses
General
and administrative expenses were $370,453 for the six months ended June 30, 2009
compared to $112,022 for the six months ended June 30, 2008. Our
general and administrative expenses consist primarily of (i) salaries and wages;
(ii) product design and other related product development costs and; (iii)
professional fees such as legal and accounting fees related to our
organizational activities and our merger with Belarus in November
2008.
During
the six months ended June 30, 2009, we incurred stock based compensation expense
of $15,213 related to issuance of 30,426 shares of our restricted common stock
to two consultants in exchange for services rendered. The fair market
value ascribed to these shares of $0.50 per share was based on the price at
which we had recently sold shares pursuant to a private placement. We
did not incur stock based compensation expense during the six months ended June
30, 2008.
Net
loss
Our net
loss for the six months ended June 30, 2009 was $385,666 or $0.01 per share
compared to a net loss of $112,022 or $0.00 per share for the six months ended
June 30, 2008.
- 7
-
Liquidity
and Capital Resources
Since our
inception (May 21, 2007) and through June 30, 2009, we have incurred a
cumulative net loss of $1,736,533. The notes to our unaudited financial
statements include language that raises doubt about our ability to continue as a
going concern. At June 30, 2009, we had cash of $39,441, a net
working capital deficit of $151,090 and we owed our stockholders an aggregate of
$123,209. Of this total, $80,000 was due in full on December 31, 2009. The
remaining stockholder loan is due on demand.
Our ability
to continue as a going concern is contingent upon our ability to secure
additional financing, increase ownership equity and develop profitable
operations. In addition, our ability to continue as a going concern must be
considered in light of the problems, expenses and complications frequently
encountered by entrance into established markets and the competitive environment
in which we operate.
We
are pursuing financing for our operations and we are seeking
additional private investments. In addition, we are seeking to
establish our revenue base. Failure to secure such financing or to raise
additional equity capital and to establish our revenue base may cause us to
deplete our available funds and not be able to pay our
obligations.
The
financial statements do not include any adjustments to reflect the possible
future effects on the recoverability and classification of assets or the amounts
and classification of liabilities that may result from the possible inability to
continue as a going concern.
During the six months ended June 30, 2009, we sold 788,000 shares of restricted common stock and received proceeds $394,000. These proceeds were used for general working capital purposes. Subsequent to June 30, the Company issued 381,000 shares of common stock pursuant to a private placement at a price of $0.50 per shares and received cash proceeds of $190,500.
On
January 28, 2010, we entered into and consummated a transaction under a
Subscription Agreement with one investor. Under the terms of the
Agreement, we agreed to issue 2,500,000 shares of its common stock at $0.40
per share and warrants to purchase an additional 7,500,000 shares in three
tranches, as follows: a three year warrant to purchase 2,500,000 shares of
common stock at $0.40 per share; a four year warrant to purchase 2,500,000
shares at $0.65 per share; and a five year warrant to purchase 2,500,000 shares
of common stock at $0.75 per share. One half of the securities were issued on
January 28, 2010 for a purchase price of $500,000. The remaining shares were
issued at a second closing that occurred on March 1, 2010.
To date
we have generated no revenues. The resulting lack of available cash from our
operations may have an adverse impact on our liquidity, activities and
operations. Until we successfully develop, manufacture, market and sell our
products, we will not generate significant revenues and we may not be
successful. There can be no assurances that we will achieve revenues during the
next twelve months or at all. If we cannot generate sufficient revenues to
continue operations, we may be forced to suspend or cease
operations.
Since our
inception, we have financed the costs associated with our operational and
investing activities through (i) the sale of shares of our common stock pursuant
to private placements, and (ii) loans from certain of our stockholders. To the
extent that it becomes necessary to raise additional cash in the future, we may
seek to raise it though the sale of debt or equity securities or from additional
loans from our stockholders. There can be no assurances that we will be able to
continue to sell shares of our common stock or borrow additional funds from any
of our stockholders or third parties in order to fund the costs associated with
our future operating and investing activities.
If we are successful at raising
additional equity capital, it may be on terms which would result in substantial
dilution to existing shareholders. If our costs and expenses prove to be greater
than we currently anticipate, or if we change our current business plan in a
manner that will increase our costs, we may be forced to suspend or cease
operations.
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Off-Balance
Sheet Arrangements
We do not
have any off balance sheet arrangements that are reasonably likely to have a
current or future effect on our financial condition, revenues, results of
operations, liquidity or capital expenditures.
Item
4T. Controls and Procedures
(a)
Evaluation of Disclosure Controls and Procedures
Disclosure
controls and procedures are controls and other procedures that are designed to
ensure that information required to be disclosed by us in the reports that we
file or submit under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) is recorded, processed, summarized and reported, within the time
periods specified in the Securities and Exchange Commission's rules and forms.
Disclosure controls and procedures include, without limitation, controls and
procedures designed to ensure that information required to be disclosed by us in
the reports that we file under the Exchange Act is accumulated and communicated
to our management, including our principal executive and financial officers, as
appropriate to allow timely decisions regarding required
disclosure.
The
Company’s management, under the supervision and with the participation of the
Company's Chief Executive Officer and Chief Financial (and principal accounting)
Officer, carried out an evaluation of the effectiveness of the design and
operation of the Company's disclosure controls and procedures (as defined in
Rule 13a-15(e) and 15d-15(e) of the Exchange Act) as of June 30,
2009. Based upon that evaluation, the Chief Executive Officer and
Chief Financial Officer concluded that the Company’s disclosure controls and
procedures were ineffective as of the end of the period covered by this
report.
The
Company continues to improve procedures with regard to its disclosure
controls and procedures.
(b)
Changes in Internal Controls.
There was
no change in our internal controls over financial reporting that has materially
affected, or is reasonable likely to materially affect, our internal
control over financial reporting during the quarter covered by this
Report.
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PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
From time
to time, we may become involved in various lawsuits and legal proceedings which
arise in the ordinary course of business. However, litigation is subject to
inherent uncertainties, and an adverse result in these or other matters may
arise from time to time that may harm our business. Except as described below,
we are currently not aware of any such legal proceedings that we believe will
have, individually or in the aggregate, a material adverse affect on our
business, financial condition or operating results.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
In April
2009, we sold 104,000 shares of restricted common stock at a price of $0.50 per
share to four investors and received total cash consideration of
$52,000.
In May
2009, we sold 200,000 shares of restricted common stock at a price of $0.50 per
share to five investors and received total cash consideration of
$100,000.
In June
2009, we sold 216,000 shares of restricted common stock at a price of $0.50 per
share to twelve investors and received total cash consideration of
$108,000.
The above
securities were issued pursuant to an exemption from the registration
requirements of the Securities Act of 1933, as amended, under Section 4(2)
thereunder, as they were issued in reliance on the recipients’ representation
that they were accredited (as such term is defined in Regulation D), without
general solicitation and represented by certificates that were imprinted with a
restrictive legend. In addition, all recipients were provided with sufficient
access to Company information.
Item
5. Other Information
None.
Item
6. Exhibits
|
31
|
Certifications
of the Chief Executive Officer and Chief Financial Officer pursuant to
Rule 13a-14(a)
|
|
32
|
Certifications
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
|
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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.
|
Xtreme
Green Products Inc.
(Registrant)
|
||
|
Date:
March 4, 2010
|
/s/ Sanford
Leavitt
|
|
|
Sanford
Leavitt
|
||
|
Chief
Executive Officer
(Principal
Executive Officer)
|
||
|
Date:
March 4, 2010
|
/s/ Neil
Roth
|
|
|
Neil
Roth
|
||
|
Chief
Financial Officer
(Principal
Financial and Accounting
Officer)
|
||
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