Income Statement SolarMax Technology, Inc.

Equities

SMXT

US83419H1032

Electric Utilities

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Aug. 26	Certain Stock Options of SolarMax Technology, Inc. are subject to a Lock-Up Agreement Ending on 26-AUG-2024.	CI
Aug. 26	Certain Common Stock of SolarMax Technology, Inc. are subject to a Lock-Up Agreement Ending on 26-AUG-2024.	CI

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Published financial data: SOLARMAX TECHNOLOGY, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2018	2020	2021	2022	2023
Revenues	89.83M	132M	37.74M	44.72M	54.14M
Total Revenues	89.83M	132M	37.74M	44.72M	54.14M
Cost of Goods Sold, Total	80.58M	115M	31.79M	37.24M	42.99M
Gross Profit	9.25M	16.45M	5.95M	7.48M	11.15M
Selling General & Admin Expenses, Total	20.2M	12.71M	12.15M	15.88M	10.67M
Depreciation & Amortization - (IS)	-	-	-	-	-
Other Operating Expenses	-	-	-	-	-
Other Operating Expenses, Total	20.2M	12.71M	12.15M	15.88M	10.67M
Operating Income	-10.95M	3.74M	-6.2M	-8.39M	484K
Interest Expense, Total	-1.95M	-3.21M	-2M	-1.83M	-1.69M
Interest And Investment Income	434K	121K	186K	324K	377K
Net Interest Expenses	-1.51M	-3.09M	-1.81M	-1.5M	-1.31M
Income (Loss) On Equity Invest.	-495K	480K	869K	494K	864K
Currency Exchange Gains (Loss)	-	713K	300K	-938K	-266K
Other Non Operating Income (Expenses)	-1.21M	131K	337K	484K	307K
EBT, Excl. Unusual Items	-14.16M	1.98M	-6.51M	-9.86M	75.56K
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-255K	-	-	-
Asset Writedown	-549K	-	-	-	-
Insurance Settlements	-	-	-	-	264K
Legal Settlements	-	-	76K	-	-
Other Unusual Items	-	720K	2.81M	3.03M	31.03K
EBT, Incl. Unusual Items	-14.71M	2.44M	-3.62M	-6.83M	371K
Income Tax Expense	-5.73K	1.49M	-301K	41.43K	-64.19K
Earnings From Continuing Operations	-14.7M	953K	-3.32M	-6.87M	435K
Net Income to Company	-14.7M	953K	-3.32M	-6.87M	435K
Minority Interest	107K	21.16K	-	-	-
Net Income - (IS)	-14.6M	974K	-3.32M	-6.87M	435K
Net Income to Common Incl Extra Items	-14.6M	974K	-3.32M	-6.87M	435K
Net Income to Common Excl. Extra Items	-14.6M	974K	-3.32M	-6.87M	435K
Per Share Items
Net EPS - Basic	-0.37	0.02	-0.08	-0.17	0.01
Basic EPS - Continuing Operations	-0.37	0.02	-0.08	-0.17	0.01
Basic Weighted Average Shares Outstanding	39.41M	40.01M	39.74M	39.74M	39.74M
Net EPS - Diluted	-0.37	0.02	-0.08	-0.17	0.01
Diluted EPS - Continuing Operations	-0.37	0.02	-0.08	-0.17	0.01
Diluted Weighted Average Shares Outstanding	39.41M	40.16M	39.74M	39.74M	40.03M
Normalized Basic EPS	-0.22	0.03	-0.1	-0.16	0
Normalized Diluted EPS	-0.22	0.03	-0.1	-0.16	0
Supplemental Items
EBITDA	-10.33M	5.22M	-5.84M	-8.12M	665K
EBITA	-10.95M	3.74M	-6.2M	-8.39M	484K
EBIT	-10.95M	3.74M	-6.2M	-8.39M	484K
EBITDAR	-8.63M	6.94M	-4.24M	-6.4M	765K
Total Revenues (As Reported)	89.83M	132M	37.74M	-	-
Effective Tax Rate - (Ratio)	0.04	60.96	8.3	-0.61	-17.32
Current Domestic Taxes	4.75K	6K	3.25K	6K	6K
Current Foreign Taxes	-62.49K	402K	140K	128K	14K
Total Current Taxes	-57.74K	408K	144K	134K	20K
Deferred Domestic Taxes	0	0	0	-	-
Deferred Foreign Taxes	52.01K	1.08M	-444K	-92.74K	-84.19K
Total Deferred Taxes	52.01K	1.08M	-444K	-92.74K	-84.19K
Normalized Net Income	-8.74M	1.26M	-4.07M	-6.16M	47.22K
Interest on Long-Term Debt	-	3.21M	2M	1.83M	1.58M
Supplemental Operating Expense Items
Marketing Expenses	3.37M	-	-	1.1M	1.16M
Selling and Marketing Expenses	3.37M	1.26M	1.21M	1.08M	1.16M
General and Administrative Expenses	16.84M	9.74M	9.34M	13.08M	9.41M
Net Rental Expense, Total	1.7M	1.71M	1.6M	1.71M	100K
Imputed Operating Lease Interest Expense	318K	-	386K	487K	28.33K
Imputed Operating Lease Depreciation	1.38M	-	1.21M	1.23M	71.67K
Stock-Based Comp., G&A Exp. (Total)	200K	22.5K	-	-	-
Stock-Based Comp., Other (Total)	22K	-	-	-	-
Total Stock-Based Compensation	222K	22.5K	-	-	-

Fiscal Period: December	2018	2020	2021	2022	2023
Assets
Cash And Equivalents	9.59M	17.01M	9.89M	3.82M	2.54M
Total Cash And Short Term Investments	9.59M	17.01M	9.89M	3.82M	2.54M
Accounts Receivable, Total	43.66M	23.69M	16.27M	14.51M	7.37M
Other Receivables	4.72M	9.63M	5.7M	4.3M	4.91M
Notes Receivable	-	390K	2.03M	-	-
Total Receivables	48.38M	33.71M	24M	18.81M	12.28M
Inventory	4.03M	2.1M	3.36M	3.4M	2.64M
Prepaid Expenses	759K	868K	803K	1.38M	853K
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	7.84M	4.73M	3.2M	-	-
Other Current Assets, Total	-	1.21M	1.24M	1.67M	1.6M
Total Current Assets	70.6M	59.62M	42.48M	29.09M	19.92M
Gross Property Plant And Equipment	6.68M	6.7M	6.55M	13.36M	11.79M
Accumulated Depreciation	-4.96M	-5.72M	-5.9M	-6.03M	-6.08M
Net Property Plant And Equipment	1.72M	988K	651K	7.33M	5.7M
Long-term Investments	532K	8.64M	9.3M	9.05M	9.7M
Goodwill	7.8M	8.21M	8.43M	7.77M	7.58M
Other Intangibles, Total	0	-	-	-	-
Accounts Receivable Long-Term	28.96M	18.33M	10.66M	6.84M	4.32M
Deferred Tax Assets Long-Term	33.35K	-	18.61K	108K	189K
Deferred Charges Long-Term	978K	-	-	-	-
Other Long-Term Assets, Total	407K	344K	477K	1.28M	1.24M
Total Assets	111M	96.14M	72.02M	61.48M	48.66M
Liabilities
Accounts Payable, Total	-	-	-	-	-
Accrued Expenses, Total	8.29M	8.68M	8.48M	7.23M	10.55M
Short-term Borrowings	37.58M	24.39M	5.98M	4.23M	5.38M
Current Portion of Long-Term Debt	12.06M	27.16M	18.43M	16.83M	20.04M
Current Portion of Leases	-	-	-	1.52M	1.5M
Current Income Taxes Payable	750	397K	173K	171K	140K
Unearned Revenue Current, Total	-	1.8M	1.39M	4.04M	-
Deferred Tax Liability Current	-	421K	-	-	-
Other Current Liabilities	4.59M	6.46M	14.17M	12.48M	5.8M
Total Current Liabilities	62.53M	69.32M	48.63M	46.51M	43.4M
Long-Term Debt	43.74M	28.31M	28.1M	22.15M	14.27M
Long-Term Leases	-	-	-	5.47M	4.08M
Unearned Revenue Non Current	578K	490K	430K	-	-
Deferred Tax Liability Non Current	-	-	-	-	-
Other Non Current Liabilities	2.59M	3.45M	3.31M	3.55M	2.79M
Total Liabilities	109M	102M	80.46M	77.69M	64.54M
Common Stock, Total	68.73K	68.94K	68.94K	40.98K	40.98K
Additional Paid In Capital	55.01M	55.98M	55.76M	55.79M	55.79M
Retained Earnings	-50.34M	-58.87M	-62.19M	-69.06M	-68.62M
Treasury Stock	-1.8M	-1.81M	-1.81M	-1.81M	-1.81M
Comprehensive Income and Other	-1.21M	-591K	-281K	-1.17M	-1.28M
Total Common Equity	1.73M	-5.22M	-8.45M	-16.21M	-15.89M
Minority Interest	-141K	-219K	-	-	-
Total Equity	1.58M	-5.44M	-8.45M	-16.21M	-15.89M
Total Liabilities And Equity	111M	96.14M	72.02M	61.48M	48.66M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	40.27M	40.01M	40.01M	39.74M	45.25M
ECS Total Common Shares Outstanding	39.87M	40.01M	39.74M	39.74M	39.74M
Book Value / Share	0.04	-0.13	-0.21	-0.41	-0.4
Tangible Book Value	-6.07M	-13.43M	-16.88M	-23.98M	-23.47M
Tangible Book Value Per Share	-0.15	-0.34	-0.42	-0.6	-0.59
Total Debt	93.39M	79.86M	52.51M	50.21M	45.27M
Net Debt	83.79M	62.85M	42.63M	46.39M	42.73M
Debt Equivalent Oper. Leases	13.58M	13.7M	12.81M	13.7M	800K
Minority Interest, Total (Incl. Fin. Div)	-141K	-219K	-	-	-
Equity Method Investments, Total	532K	8.64M	9.3M	9.05M	9.7M
Account Code - Inventory Valuation	5	-	5	5	5
Inventories - Raw Materials, Total	-	-	-	476K	-
Inventories - Work In Process, Total	1.08M	147K	58.2K	34.01K	-
Inventories - Finished Goods, Total	2.49M	2.27M	3.71M	3.38M	1.94M
Machinery, Total	3.56M	2.52M	2.52M	2.46M	2.37M
Full Time Employees	212	-	-	115	79
Assets on Operating Lease - Gross	1.86M	1.82M	1.66M	1.66M	1.66M
Accumulated Allowance for Doubtful Accounts (Supple)	281K	1.62M	1.52M	1.19M	4.6K

Fiscal Period: December	2018	2020	2021	2022	2023
Net Income	-14.6M	974K	-3.32M	-6.87M	435K
Depreciation & Amortization - CF	619K	1.48M	360K	1.37M	1.61M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Depreciation & Amortization, Total	619K	1.48M	360K	1.37M	1.61M
Amortization of Deferred Charges, Total - (CF)	-	463K	137K	172K	181K
(Gain) Loss From Sale Of Asset	43.66K	-468K	-314K	-227K	-75.36K
(Gain) Loss on Sale of Investments - (CF)	-	255K	-	-	-
Asset Writedown & Restructuring Costs	549K	-	-	-	-
Provision for Credit Losses	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	495K	-458K	-530K	-494K	-864K
Stock-Based Compensation (CF)	222K	22.5K	-	-	-
Provision and Write-off of Bad Debts	1.6M	242K	-241K	61.74K	56.75K
Other Operating Activities, Total	2.46M	1.73M	-2.7M	866K	558K
Change In Accounts Receivable	-32.07M	-31.65M	5.49M	-422K	5.69M
Change In Inventories	384K	615K	-1.35M	-119K	1.95M
Change In Accounts Payable	20.52M	-1.65M	-18.67M	-2.58M	1.15M
Change in Unearned Revenues	-	-116K	-417K	2.65M	-4.04M
Change in Other Net Operating Assets	4.91M	5.4M	16.2M	3.62M	-2.85M
Cash from Operations	-14.87M	-23.17M	-5.35M	-1.97M	3.81M
Capital Expenditure	-422K	-107K	-	-83.47K	-28K
Sale of Property, Plant, and Equipment	70.8K	20.28K	39.89K	91.8K	21.45K
Cash Acquisitions	-	-	-	-	-
Divestitures	-	11.36M	3.52M	-	-
Investment in Marketable and Equity Securities, Total	-	338K	107K	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	1M	-	-	-	-
Other Investing Activities, Total	-	-390K	-1.64M	-289K	-
Cash from Investing	648K	11.22M	2.03M	-281K	-6.55K
Long-Term Debt Issued, Total	14.1M	25.55M	1.86M	-	-
Total Debt Issued	14.1M	25.55M	1.86M	-	-
Long-Term Debt Repaid, Total	-12.53M	-3.5M	-7.19M	-7.14M	-4.85M
Total Debt Repaid	-12.53M	-3.5M	-7.19M	-7.14M	-4.85M
Issuance of Common Stock	4.83M	-	-	-	-
Other Financing Activities, Total	-933K	1.44M	266K	-356K	-197K
Cash from Financing	5.46M	23.5M	-5.07M	-7.5M	-5.05M
Foreign Exchange Rate Adjustments	-681K	5.47K	-58.48K	519K	-37.86K
Net Change in Cash	-9.45M	11.55M	-8.45M	-9.23M	-1.28M
Supplemental Items
Cash Interest Paid	2.06M	-	-	-	-
Cash Income Tax Paid (Refund)	196K	11.41K	372K	4.52K	177K
Levered Free Cash Flow	-28.81M	-	11.84M	2.11M	1.45M
Unlevered Free Cash Flow	-27.59M	-	12.95M	3.08M	2.33M
Change In Net Working Capital	21.17M	-	-16.46M	-7.04M	-438K
Net Debt Issued / Repaid	1.56M	22.05M	-5.33M	-7.14M	-4.85M

Fiscal Period: December	2018	2020	2021	2022	2023
Profitability
Return on Assets	-6.65	-	-4.61	-7.86	0.55
Return on Total Capital	-7.64	-	-6.54	-13.44	0.95
Return On Equity %	-232.61	-	47.83	55.76	-2.71
Return on Common Equity	-227.75	-	48.59	55.76	-2.71
Margin Analysis
Gross Profit Margin %	10.3	12.5	15.76	16.73	20.59
SG&A Margin	22.49	9.66	32.18	35.5	19.7
EBITDA Margin %	-11.5	3.97	-15.48	-18.15	1.23
EBITA Margin %	-12.19	2.84	-16.43	-18.77	0.89
EBIT Margin %	-12.19	2.84	-16.43	-18.77	0.89
Income From Continuing Operations Margin %	-16.37	0.72	-8.8	-15.37	0.8
Net Income Margin %	-16.25	0.74	-8.8	-15.37	0.8
Net Avail. For Common Margin %	-16.25	0.74	-8.8	-15.37	0.8
Normalized Net Income Margin	-9.73	0.95	-10.77	-13.78	0.09
Levered Free Cash Flow Margin	-32.07	-	31.36	4.72	2.68
Unlevered Free Cash Flow Margin	-30.72	-	34.3	6.89	4.29
Asset Turnover
Asset Turnover	0.87	-	0.45	0.67	0.98
Fixed Assets Turnover	45.32	-	46.07	11.21	8.31
Receivables Turnover (Average Receivables)	2.82	-	1.89	2.91	4.95
Inventory Turnover (Average Inventory)	18.89	-	11.66	11.02	14.22
Short Term Liquidity
Current Ratio	1.13	0.86	0.87	0.63	0.46
Quick Ratio