CDTi ADVANCED MATERIALS, INC.
(Exact name of registrant as specified in its charter)
Delaware | 06-1393453 |
State or other jurisdiction of | (I.R.S. Employer |
incorporation or organization | Identification No.) |
1641 Fiske Place
Oxnard, CA 93033
(Address of principal executive offices) (Zip Code)
CDTi ADVANCED MATERIALS, INC.
Index to Financial Statements
Audited Consolidated Financial Statements
Reports of Independent Registered Public Accounting Firm2
Consolidated Balance Sheets as of December 31, 2021 and 2020 3
Consolidated Statements of Comprehensive Loss for the years ended December 31, 2021 and 2020 4
Consolidated Statements of Stockholders' Equity for the years ended December 31, 2021 and 2020 5
Consolidated Statements of Cash Flows for the years ended December 31, 2021 and 2020 6
Notes to Consolidated Financial Statements 7
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of
CDTi Advanced Materials, Inc.
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheet of CDTi Advanced Materials, Inc. (the Company) as of December 31, 2021 ad 2020, and the related consolidated statements of comprehensive loss, stockholders' equity, and cash flows for the years ended December 31, 2021 and 2020, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for the years ended December 31, 2021 and 2020, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) "PCAOB" and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted un the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.
Critical Audit Matters
Critical audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.
Rose, Snyder & Jacobs LLP
Encino, California
We have served as the Company's auditor since 2017
March 31, 2022
CDTi ADVANCED MATERIALS, INC.
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
December 31, 2021
2020
ASSETS |
Current assets:
Cash $ 1,460 $ | 1,823 |
746
Accounts receivable, net of allowance for doubtful accounts of $70 Inventories
Prepaid expenses and other current assets
1,221 909346
86
Total current assets 3,936 | 3,502 |
Property and equipment, net
Intangible assets, net
3,502
Other assets
206 404120
140
112
Total assets $ | 4,666 | $ | 4,320 |
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:
Accounts payable
Accrued expenses and other current liabilities Liability for income taxes
$
682 $ 1,085861
341
818
Total current liabilities 2,628 | 2,091 |
2,091
Total liabilities
Commitments and contingencies (Note 12) Stockholders' equity:
Preferred stock, par value $0.01 per share: authorized 100,000; no shares issued and outstanding
2,628
2,091
Accumulated deficit (233,762) | (233,373) |
41 241,578 (6,017) (233,373)
Common stock, par value $0.01 per share: 50,000,000 shares authorized, 4,501,301 and 4,101,301 issued and outstanding at December 31, 2021 and 2020, respectively
Additional paid-in capital
Accumulated other comprehensive loss
45 241,834(6,077)
Total stockholders' equity
2,040 2,229
Total liabilities and stockholders' equity
$
See accompanying notes to the consolidated financial statements.
4,666$ 4,320
CDTi ADVANCED MATERIALS, INC.
Consolidated Statements of Comprehensive Loss
(in thousands, except per share amounts)
Years Ended December 31,2021
2020
Gross profit 1,977 | 1,709 |
4,993 3,284 1,709
Revenues
Cost of revenues
$
6,371$ 4,394
Operating expenses:
Research and development Selling, general and administrative
7912,264
851
2,359
Total operating expenses 3,055 | 3,210 |
Operating loss
3,210
(1,078)
(1,501)
Other income, net 771 | 519 |
Loss before income tax
519
(307)
(982)
Benefit/(Provision) for income taxes (82) | (48) |
Net loss
(48)
(389)
(1,030)
Foreign currency translation adjustments (60) | 69 |
(961)
Comprehensive loss
$
See accompanying notes to the consolidated financial statements.
(449) $
69
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CDTi Advanced Materials Inc. published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 16:04:04 UTC.