EUROSITE POWER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, | December 31, | |||
2022 | 2021 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 2,163,685 | $ | 2,039,265 |
Accounts receivable | 473,130 | 399,446 | ||
Value added and other tax receivable | - | |||
UK energy tax incentives receivable | - | |||
Inventory | 222,920 | 203,317 | ||
Other current assets | 133,550 | 257,342 | ||
Total current assets | 2,993,285 | 2,899,371 | ||
Property and equipment, net | 8,117,655 | 8,470,989 | ||
Other assets, long-term | 600,075 | 664,772 | ||
TOTAL ASSETS | $ | 11,711,015 | $ | 12,035,131 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Accounts payable | $ | 104,434 | $ | 182,351 |
Accrued expenses and other current liabilities | 258,625 | 202,768 | ||
Value added and other tax payable | 72,805 | 63,359 | ||
Note payable - bank, short-term | 399,686 | 500,832 | ||
Total current liabilities | 835,550 | 949,310 | ||
Long-term liabilities: | ||||
Note payable - bank | 1,269,276 | 1,334,942 | ||
Note payable - related party | - | |||
Total liabilities | 2,104,826 | 2,284,252 | ||
Stockholders' equity: | ||||
Common Stock, $0.001 par value; 100,000,000 shares authorized; | ||||
82,263,525 issued at June 30, 2022 and December 31, 2021 | 82,264 | 82,264 | ||
Additional paid-in capital | 22,895,266 | 22,895,266 | ||
Capital contributions | ||||
Accumulated deficit | (13,193,564) | (13,179,332) | ||
Cumulative translation adjustment (CTA) | (177,776) | (47,319) | ||
Total stockholders' equity | 9,606,189 | 9,750,879 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 11,711,014 | $ | 12,035,131 |
Principal Offices: | EuroSite Power Limited Registered Office: | EuroSite Power Holdings Limited Registered Office: |
Sky View, | Sky View, | Themistokli Dervi, 3 |
Argosy Road, East Midlands Airport, | Argosy Road, East Midlands Airport, | Julia House |
Castle Donnington, Derby | Castle Donnington, Derby | 1066 Nicosia, CYPRUS |
DE74 2SA | DE74 2SA | Registered in Cyprus Number: HE379271 |
UNITED KINGDOM | UNITED KINGDOM | EuroSite Power Inc. Registered Office: |
+44 (0)844 693 2848 | Registered in England Number: 07379560 | Corporation Trust Center, 1209 Orange Street, |
info@eurositepower.co.uk | Wilmington, DE 19801 United States of America |
EUROSITE POWER INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended | ||||
June | June | |||
2022 | 2021 | |||
Revenues | ||||
Energy revenues | $ | 1,289,417 | $ | 1,111,329 |
Turnkey and other revenues | 23,275 | 12,205 | ||
1,312,692 | 1,123,535 | |||
Cost of sales | ||||
Fuel, maintenance and installation | 722,171 | 581,999 | ||
Site impairments | - | - | ||
Site Depreciation expense | 178,201 | 204,748 | ||
900,372 | 786,747 | |||
Gross profit | 412,320 | 336,788 | ||
Operating expenses | 45.0% | 48.2% | ||
General and administrative | 178,858 | 150,529 | ||
Selling | 122,526 | 47,661 | ||
Engineering | 121,867 | 98,027 | ||
423,251 | 296,217 | |||
Gain / (Loss) from operations | (10,931) | 40,571 | ||
Other income (expense) | ||||
Interest income | ||||
Interest expense, net of debt premium amortization | (26,285) | (33,786) | ||
Debt conversion expense | ||||
(26,285) | (33,786) | |||
Gain / (Loss) before income taxes | (37,216) | 6,785 | ||
Benefit for income taxes | - | 128,816 | ||
Net Gain / (loss) | $ | (37,216) | $ | 135,601 |
Net gain /(loss) per share - basic and diluted | $ | (0.0005) | $ | 0.002 |
Weighted-average shares outstanding - basic and diluted | 82,263,525 | 82,263,525 | ||
Non-GAAP financial disclosure | ||||
Gain / (Loss) from operations | $ | (10,931) | $ | 40,571 |
Total Depreciation expense | 170,901 | 206,010 | ||
Site Impairments | - | - | ||
Aborted acquisition costs | - | - | ||
Stock based compensation | - | 12,000 | ||
Adjusted EBITDA | $ | 159,970 | $ | 258,581 |
EUROSITE POWER INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Six Months Ended | ||||
June | June | |||
2022 | 2021 | |||
Revenues | ||||
Energy revenues | $ | 2,866,718 | $ | 1,940,527 |
Turnkey and other revenues | 34,312 | 15,996 | ||
2,901,030 | 1,956,523 | |||
Cost of sales | ||||
Fuel, maintenance and installation | 1,630,062 | 1,004,454 | ||
Site impairments | - | - | ||
Site Depreciation expense | 368,345 | 402,710 | ||
1,998,407 | 1,407,165 | |||
Gross profit | 902,623 | 549,358 | ||
Operating expenses | ||||
General and administrative | 374,092 | 312,494 | ||
Selling | 202,581 | 84,303 | ||
Engineering | 262,846 | 188,616 | ||
839,519 | 585,413 | |||
Gain / (loss) from operations | 63,104 | (36,055) | ||
Other income (expense) | ||||
Interest income | ||||
Interest expense, net of debt premium amortization | (54,204) | (62,128) | ||
Debt conversion expense | ||||
(54,204) | (62,128) | |||
Gain/ (loss) before income taxes | 8,900 | (98,183) | ||
(Provision) / Benefit for income taxes | (23,133) | 128,816 | ||
Net Gain / (loss) | $ | (14,232) | $ | 30,633 |
Net Gain / (loss) per share - basic and diluted | $ | (0.0002) | $ | 0.0004 |
Weighted-average shares outstanding - basic and diluted | 82,263,525 | 82,263,525 | ||
Non-GAAP financial disclosure | ||||
Gain / (loss) from operations | $ | 63,104 | $ | (36,055) |
Total Depreciation expense | 361,329 | 405,436 | ||
Site Impairments | - | - | ||
Aborted acquisition costs | - | - | ||
Stock based compensation | - | 12,000 | ||
Adjusted EBITDA | $ | 424,433 | $ | 381,381 |
EUROSITE POWER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended | |||||
June | June | ||||
2021 | 2021 | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net Gain / (Loss) | $ | (14,232) | $ | 30,633 | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Non cash debt conversion expense | |||||
Depreciation | 361,329 | 405,436 | |||
Stock-based compensation | - | 12,000 | |||
Changes in operating assets and liabilities | |||||
(Increase) decrease in: | |||||
Accounts receivable | (73,684) | 5,507 | |||
Value added and other tax receivable | 9,446 | 17,067 | |||
Accrued UK energy tax incentives | - | (139,480) | |||
Inventory | (19,602) | 19,057 | |||
Prepaid and other current assets | 123,792 | 35,355 | |||
Other assets, long term | 64,697 | - | |||
Increase (decrease) in: | |||||
Accounts payable | (77,918) | (175,152) | |||
Due to related party | - | - | |||
Accrued expenses and other current liabilities | 55,857 | 7,988 | |||
Capital Contributions to Joint Venture / Associate | - | 21,617 | |||
Net cash used in operating activities | 429,684 | 240,027 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Purchases of property and equipment | (7,995) | (190,175) | |||
Net cash used in investing activities | (7,995) | (190,175) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from sale of Common Stock net of costs | |||||
Payments on note payable | (382,137) | (202,268) | |||
Proceeds from loan payable - bank | 215,326 | 347,327 | |||
Net cash provided by (used in) financing activities | (166,812) | 145,059 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | (130,458) | (24,542) | |||
Net increase (decrease) in cash and cash equivalents | 124,420 | 170,370 | |||
Cash and cash equivalents, beginning of the period | 2,039,265 | 1,924,988 | |||
Cash and cash equivalents, end of the period | $ | 2,163,685 | $ | 2,095,358 | |
EUROSITE POWER INC.
STATEMENT OF CHANGES IN EQUITY
(Unaudited)
Called up | Capital contribution | Profit and loss | Cumulative Translation | ||
share capital | reserve | account | Adjustment (CTA) | Total equity | |
$ | $ | $ | $ | $ | |
At 31 December 2021 | 82,264 | 22,895,266 | (13,179,332) | (47,319) | 9,750,879 |
Gain / (Loss) for the year to date | - | - | (14,232) | - | (14,232) |
Stock based compensation | - | - | - | - | |
Movement in CTA | - | - | - | (130,456) | (130,456) |
At 30 June 2022 | 82,264 | 22,895,266 | (13,193,564) | (177,775) | 9,606,189 |
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EuroSite Power Inc. published this content on 11 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2022 13:16:03 UTC.