Basis of Presentation and Nature of Organization
|9 Months Ended|
Sep. 30, 2015
|Accounting Policies [Abstract]|
|Basis of Presentation and Nature of Organization||
NOTE 1 BASIS OF PRESENTATION AND NATURE OF ORGANIZATION
WindStream Technologies, Inc. (the Company), is engaged in the development and commercialization of wind driven electrical generation. The Companys facilities are located in North Vernon, Indiana. The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (SEC) and expressed in U.S. dollars. The Companys fiscal year end is December 31.
On March 24, 2014, Windaus Global Energy, Inc. filed an Articles of Amendment with the Secretary of State of the State of Wyoming effecting a name change of Windaus Global Energy, Inc. to WindStream Technologies, Inc. (the Name Change). Windaus Global Energy, Inc. has notified the Financial Industry Regulatory Authority (FINRA) of the Name Change and a new trading symbol, WSTI was assigned effective March 27, 2014. The new CUSIP number for the Companys common stock is 97382J102.
On October 26, 2013, the Company formed a 99.9% owned subsidiary company in India, Windstream Energy Technologies India Private Limited, (WET), located in Hyderabad to perform various commercial activities including reselling, manufacturing, repairing, importing and exporting various types of renewable energy sources including turbines, windmills, solar-wind hybrids and other devices. A Board of Directors was established consisting of the Chief Executive Officer of the Company and an Indian national. At the time of formation, the Parent Company received 10,000 shares of stock in the wholly-owned subsidiary, and WET did not have any significant assets or liabilities.
On December 11, 2013, WET held a board of directors meeting to approve opening a bank account and the investor began funding the working capital line.
India - Noncontrolling interest
In October 2014, the Company entered into an agreement with unrelated third parties, whereby in exchange for $2 million, these investors would receive 8,184 shares of stock in WET, or a 45% interest of WET. These are in addition to the 10,000 shares owned by the Company, and the Company retained a 55% ownership in WET, making it a majority-owned subsidiary. The Company also has three of the five board seats on the board of directors of WET.
In November and December 2014, WET leased office space, approximately 9,500 square feet, and manufacturing space, approximately 50,000 square feet, in India in connection with expanding its operations. The office space lease is a month-to-month lease with annual rent of approximately $24,000. The office space was occupied in December 2014. The manufacturing facility lease is a six-year lease with annual rent of approximately $120,000. The manufacturing space lease commenced on April 1, 2015 when WET occupied the space.
As of September 30, 2015, approximately $1,259,000 of the $2 million purchase price of the WET stock had been funded by the third party investors.
In December 2013, the Company filed documents to incorporate a 100% owned subsidiary in Peru, Windstream Technologies Latin America S.A (the Peru subsidiary). The Peru subsidiary has appointed a temporary board of directors as required by local regulation, but the Peru subsidiary has had no operations, has entered into no contracts, opened no bank accounts and has not begun any business activity.
The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
No definition available.