American DG Energy Reports Second Quarter 2013 Financial Performance
Second quarter energy revenue increases by 53% compared to a year ago
WALTHAM, Mass., Aug. 13, 2013 /PRNewswire/ -- American DG Energy Inc. (NYSE MKT: ADGE), a leading On-Site Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, reported total revenues of $1,769,783 in the second quarter of 2013, compared to $1,192,957 for the same period in 2012, an increase of 48%. GAAP diluted loss per share (EPS) was $(0.02) in the second quarter of 2013, compared with $(0.05) for the same period in 2012.
Major Highlights:
Financial
- Energy revenue increased by 53% to $1,732,497 in the second quarter of 2013, compared to $1,136,265 for the same period in 2012. Utility rates for thermal energy (such as natural gas) decreased approximately 2% and electricity rates decreased by 4% in the second quarter of 2013 compared to the same period in 2012, which lowered our energy revenue for the period.
- EBITDA cash outflows for American DG Energy in North America were $137,567 in the second quarter of 2013. The EuroSite Power cash outflows were $446,432; therefore, our consolidated EBITDA cash outflows were $583,999 in the second quarter of 2013.
- Energy gross profit margin without depreciation was 34% in the second quarter of 2013.
- EuroSite Power issued 4% Senior Unsecured Convertible Notes Due 2015 and raised $4.0 million; $2.9 million from accredited investors and $1.1 million from conversion of an American DG Energy note.
- We finished the second quarter of 2013 with approximately $10.8 million in cash.
- The total revenue value of our On-Site Utility energy agreements since inception is approximately $285 million using various market assumptions and estimates made by the Company.
Operations
- Total energy production increased by 55% to 24.6 million kWh in the second quarter of 2013 compared to the same period in 2012. This energy production was attributable to the following core markets:
Housing |
25 |
% |
Healthcare |
23 |
% |
Hospitality |
19 |
% |
Fitness |
19 |
% |
Education |
9 |
% |
Other |
5 |
% |
TOTAL |
100 |
% |
- We currently operate 104 energy systems and our current backlog consists of 37 energy systems.
- We signed the following new contracts
- 300 kW Combined Heat and Power (CHP) system with two buildings in New Jersey.
- 100 kW CHP system with Roko Health Club in York, United Kingdom (UK).
- 100 kW CHP system with Bury St Edmunds Leisure Center in Suffolk, UK.
- 100 kW CHP system with Leisure Connection for the Dunstable Leisure Centre in Dunstable, UK.
- We commenced operations at the following:
- Two 450-ton chillers at Doral Arrowwood Hotel and Conference Center in Rye, New York, in addition to the 375 kW CHP systems already operating at the property since 2011.
- 75 kW CHP system at YMCA in Greenwich, Connecticut.
- 100 kW CHP system at Roko Health Club in GiIlingham, UK.
- 100 kW CHP system at DoubleTree by Hilton in Cambridge, UK.
- 100 kW CHP system at Roko Health Club in Nottingham, UK.
American DG Energy will hold its earnings conference call today, August 13, 2013 at 10:00 a.m. Eastern Time. To listen, call (800) 860-2442 within the U.S, (866) 605-3852 from Canada or (412) 858-4600 from other international locations. Participants should reference American DG Energy to access the call. Please begin dialing at least 10 minutes before the scheduled starting time. The earnings press release will be available on our web site at www.americandg.com in the "Investors" section under "News Releases."
The earnings conference call will be recorded and available for playback one hour after the end of the call through Friday, September 13, 2013. To listen to the playback, call (877) 344-7529 within the U.S. or (412) 317-0088 outside the U.S. and use Conference Number 10032396.
The earnings conference call will be webcast live. To register for and listen to the webcast, go to www.americandg.com/webcast. Following the call, the webcast will be archived for 30 days.
About American DG Energy
American DG Energy supplies low-cost energy to its customers through distributed power generating systems. We are committed to providing institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by local utilities - without any capital or start-up costs to the energy user - through our On-Site Utility energy solutions. American DG Energy is headquartered in Waltham, Massachusetts. Learn more about how American DG Energy reduces energy costs at www.americandg.com or follow us on Facebook and Twitter.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company's website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
CONSOLIDATED STATEMENT OF OPERATIONS For the Three Months Ended June 30, 2013 and June 30, 2012 (unaudited) |
|||||||
Three Months Ended |
|||||||
June 30, 2013 |
June 30, 2012 |
||||||
(unaudited) |
(unaudited) |
||||||
Revenues |
|||||||
Energy revenues |
$ |
1,732,497 |
$ |
1,136,265 |
|||
Turnkey & other revenues |
37,286 |
56,692 |
|||||
1,769,783 |
1,192,957 |
||||||
Cost of sales |
|||||||
Fuel, maintenance and installation |
1,136,802 |
694,746 |
|||||
Depreciation expense |
329,302 |
534,888 |
|||||
1,466,104 |
1,229,634 |
||||||
Gross profit |
303,679 |
(36,677) |
|||||
Operating expenses |
|||||||
General and administrative |
844,418 |
677,371 |
|||||
Selling |
277,388 |
624,159 |
|||||
Engineering |
267,588 |
300,265 |
|||||
1,389,394 |
1,601,795 |
||||||
Loss from operations |
(1,085,715) |
(1,638,472) |
|||||
Other income (expense), net |
|||||||
Interest and other income |
42,144 |
13,682 |
|||||
Interest expense |
(260,537) |
(447,477) |
|||||
Change in fair value of warrant liability |
208,187 |
(44,602) |
|||||
(10,206) |
(478,397) |
||||||
Loss before provision for state income taxes |
(1,095,921) |
(2,116,869) |
|||||
Benefit (provision) for state income taxes |
(7,055) |
7,140 |
|||||
Consolidated net loss |
(1,102,976) |
(2,109,729) |
|||||
(Income) loss attributable to the noncontrolling interest |
54,484 |
60,764 |
|||||
Net loss attributable to American DG Energy Inc. |
$ |
(1,048,492) |
$ |
(2,048,965) |
|||
Net loss per share - basic and diluted |
$ |
(0.02) |
$ |
(0.04) |
|||
Weighted average shares outstanding - basic and diluted |
48,619,404 |
46,639,141 |
|||||
Non-GAAP financial disclosure |
|||||||
Loss from operations |
$ |
(1,085,715) |
$ |
(1,638,472) |
|||
Depreciation expense |
355,044 |
548,673 |
|||||
Stock based compensation |
146,672 |
189,130 |
|||||
Adjusted EBITDA |
(583,999) |
(900,669) |
|||||
Grants from rebates and incentives (reduction in basis of property) |
— |
260,701 |
|||||
Total cash outflows |
$ |
(583,999) |
$ |
(639,968) |
CONSOLIDATED STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2013 and June 30, 2012 (unaudited) |
|||||||
Six Months Ended |
|||||||
June 30, 2013 |
June 30, 2012 |
||||||
(unaudited) |
(unaudited) |
||||||
Revenues |
|||||||
Energy revenues |
$ |
3,746,934 |
$ |
2,587,834 |
|||
Turnkey & other revenues |
82,161 |
107,525 |
|||||
3,829,095 |
2,695,359 |
||||||
Cost of sales |
|||||||
Fuel, maintenance and installation |
2,520,585 |
1,697,558 |
|||||
Depreciation expense |
656,990 |
829,584 |
|||||
3,177,575 |
2,527,142 |
||||||
Gross profit |
651,520 |
168,217 |
|||||
Operating expenses |
|||||||
General and administrative |
1,482,843 |
1,445,323 |
|||||
Selling |
690,186 |
1,044,335 |
|||||
Engineering |
556,156 |
580,077 |
|||||
2,729,185 |
3,069,735 |
||||||
Loss from operations |
(2,077,665) |
(2,901,518) |
|||||
Other income (expense), net |
|||||||
Interest and other income |
66,288 |
26,440 |
|||||
Interest expense |
(559,346) |
(741,033) |
|||||
Change in fair value of warrant liability |
319,006 |
(261,336) |
|||||
(174,052) |
(975,929) |
||||||
Loss before provision for state income taxes |
(2,251,717) |
(3,877,447) |
|||||
Provision for state income taxes |
(41,639) |
(11,962) |
|||||
Consolidated net loss |
(2,293,356) |
(3,889,409) |
|||||
(Income) loss attributable to the noncontrolling interest |
75,813 |
70,751 |
|||||
Net loss attributable to American DG Energy Inc. |
$ |
(2,217,543) |
$ |
(3,818,658) |
|||
Net loss per share - basic and diluted |
$ |
(0.05) |
$ |
(0.08) |
|||
Weighted average shares outstanding - basic and diluted |
48,555,424 |
46,639,141 |
|||||
Non-GAAP financial disclosure |
|||||||
Loss from operations |
$ |
(2,077,665) |
$ |
(2,901,518) |
|||
Depreciation expense |
694,697 |
857,224 |
|||||
Stock based compensation |
283,360 |
379,857 |
|||||
Adjusted EBITDA |
(1,099,608) |
(1,664,437) |
|||||
Grants from rebates and incentives (reduction in basis of property) |
146,318 |
260,701 |
|||||
Total cash outflows |
$ |
(953,290) |
$ |
(1,403,736) |
CONSOLIDATING STATEMENT OF OPERATIONS For the Three Months Ended June 30, 2013 (unaudited) |
|||||||||||||||
Three Months Ended |
|||||||||||||||
June 30, 2013 |
|||||||||||||||
American DG Energy* |
EuroSite Power |
Eliminations |
Total |
||||||||||||
Revenues |
|||||||||||||||
Energy revenues |
$ |
1,541,743 |
$ |
190,754 |
$ |
— |
$ |
1,732,497 |
|||||||
Turnkey & other revenues |
37,286 |
— |
— |
37,286 |
|||||||||||
1,579,029 |
190,754 |
— |
1,769,783 |
||||||||||||
Cost of sales |
|||||||||||||||
Fuel, maintenance and installation |
960,401 |
176,401 |
— |
1,136,802 |
|||||||||||
Depreciation expense |
312,003 |
17,299 |
— |
329,302 |
|||||||||||
1,272,404 |
193,700 |
— |
1,466,104 |
||||||||||||
Gross profit (loss) |
306,625 |
(2,946) |
— |
303,679 |
|||||||||||
Operating expenses |
|||||||||||||||
General and administrative |
473,135 |
371,283 |
— |
844,418 |
|||||||||||
Selling |
148,818 |
128,570 |
— |
277,388 |
|||||||||||
Engineering |
233,086 |
34,502 |
— |
267,588 |
|||||||||||
855,039 |
534,355 |
— |
1,389,394 |
||||||||||||
Loss from operations |
(548,414) |
(537,301) |
— |
(1,085,715) |
|||||||||||
Other income (expense), net |
|||||||||||||||
Interest and other income |
41,576 |
568 |
— |
42,144 |
|||||||||||
Interest expense |
(240,045) |
(20,492) |
— |
(260,537) |
|||||||||||
Change in fair value of warrant liability |
208,187 |
— |
— |
208,187 |
|||||||||||
9,718 |
(19,924) |
— |
(10,206) |
||||||||||||
Loss before provision for state income taxes |
(538,696) |
(557,225) |
— |
(1,095,921) |
|||||||||||
Benefit (provision) for state income taxes |
(7,055) |
— |
— |
(7,055) |
|||||||||||
Consolidated net loss |
(545,751) |
(557,225) |
— |
(1,102,976) |
|||||||||||
(Income) loss attributable to the noncontrolling interest |
(60,862) |
— |
115,346 |
54,484 |
|||||||||||
Net loss attributable to American DG Energy Inc. |
$ |
(606,613) |
$ |
(557,225) |
$ |
115,346 |
$ |
(1,048,492) |
|||||||
Net loss per share - basic and diluted |
$ |
(0.01) |
$ |
(0.02) |
|||||||||||
Weighted average shares outstanding - basic and diluted |
48,619,404 |
48,619,404 |
|||||||||||||
Non-GAAP financial disclosure |
|||||||||||||||
Loss from operations |
$ |
(548,414) |
$ |
(537,301) |
$ |
— |
$ |
(1,085,715) |
|||||||
Depreciation expense |
337,745 |
17,299 |
— |
355,044 |
|||||||||||
Stock based compensation |
73,102 |
73,570 |
— |
146,672 |
|||||||||||
Adjusted EBITDA |
(137,567) |
(446,432) |
— |
(583,999) |
|||||||||||
Grants from rebates and incentives (reduction in basis of property) |
— |
— |
— |
— |
|||||||||||
Total EBITDA cash outflows |
$ |
(137,567) |
$ |
(446,432) |
$ |
— |
$ |
(583,999) |
|||||||
* American DG Energy includes related LLC. |
CONSOLIDATING STATEMENT OF OPERATIONS For the Three Months Ended June 30, 2012 (unaudited) |
|||||||||||||||
Three Months Ended |
|||||||||||||||
June 30, 2012 |
|||||||||||||||
American DG Energy* |
EuroSite Power |
Eliminations |
Total |
||||||||||||
Revenues |
|||||||||||||||
Energy revenues |
$ |
1,136,265 |
$ |
— |
$ |
— |
$ |
1,136,265 |
|||||||
Turnkey & other revenues |
29,098 |
27,594 |
— |
56,692 |
|||||||||||
1,165,363 |
27,594 |
— |
1,192,957 |
||||||||||||
Cost of sales |
|||||||||||||||
Fuel, maintenance and installation |
674,642 |
20,104 |
— |
694,746 |
|||||||||||
Depreciation expense |
534,888 |
— |
— |
534,888 |
|||||||||||
1,209,530 |
20,104 |
— |
1,229,634 |
||||||||||||
Gross profit (loss) |
(44,167) |
7,490 |
— |
(36,677) |
|||||||||||
Operating expenses |
|||||||||||||||
General and administrative |
417,809 |
259,562 |
— |
677,371 |
|||||||||||
Selling |
466,938 |
157,221 |
— |
624,159 |
|||||||||||
Engineering |
266,273 |
33,992 |
— |
300,265 |
|||||||||||
1,151,020 |
450,775 |
— |
1,601,795 |
||||||||||||
Loss from operations |
(1,195,187) |
(443,285) |
— |
(1,638,472) |
|||||||||||
Other income (expense), net |
|||||||||||||||
Interest and other income |
9,509 |
4,173 |
— |
13,682 |
|||||||||||
Interest expense |
(447,477) |
— |
— |
(447,477) |
|||||||||||
Change in fair value of warrant liability |
(44,602) |
— |
— |
(44,602) |
|||||||||||
(482,570) |
4,173 |
— |
(478,397) |
||||||||||||
Loss before provision for state income taxes |
(1,677,757) |
(439,112) |
— |
(2,116,869) |
|||||||||||
Benefit (provision) for state income taxes |
7,140 |
— |
— |
7,140 |
|||||||||||
Consolidated net loss |
(1,670,617) |
(439,112) |
— |
(2,109,729) |
|||||||||||
(Income) loss attributable to the noncontrolling interest |
(25,589) |
— |
86,353 |
60,764 |
|||||||||||
Net loss attributable to American DG Energy Inc. |
$ |
(1,696,206) |
$ |
(439,112) |
$ |
86,353 |
$ |
(2,048,965) |
|||||||
Net loss per share - basic and diluted |
$ |
(0.04) |
$ |
(0.04) |
|||||||||||
Weighted average shares outstanding - basic and diluted |
46,639,141 |
46,639,141 |
|||||||||||||
Non-GAAP financial disclosure |
|||||||||||||||
Loss from operations |
$ |
(1,195,187) |
$ |
(443,285) |
$ |
— |
$ |
(1,638,472) |
|||||||
Depreciation expense |
547,963 |
710 |
— |
548,673 |
|||||||||||
Stock based compensation |
67,108 |
122,022 |
— |
189,130 |
|||||||||||
Adjusted EBITDA |
(580,116) |
(320,553) |
— |
(900,669) |
|||||||||||
Grants from rebates and incentives (reduction in basis of property) |
260,701 |
— |
— |
260,701 |
|||||||||||
Total EBITDA cash outflows |
$ |
(319,415) |
$ |
(320,553) |
$ |
— |
$ |
(639,968) |
|||||||
* American DG Energy includes related LLC. |
CONSOLIDATING STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2013 (unaudited) |
|||||||||||||||
Six Months Ended |
|||||||||||||||
June 30, 2013 |
|||||||||||||||
American DG Energy* |
EuroSite Power |
Eliminations |
Total |
||||||||||||
Revenues |
|||||||||||||||
Energy revenues |
$ |
3,439,072 |
$ |
307,862 |
$ |
— |
$ |
3,746,934 |
|||||||
Turnkey & other revenues |
82,161 |
— |
— |
82,161 |
|||||||||||
3,521,233 |
307,862 |
— |
3,829,095 |
||||||||||||
Cost of sales |
|||||||||||||||
Fuel, maintenance and installation |
2,249,714 |
270,871 |
— |
2,520,585 |
|||||||||||
Depreciation expense |
624,527 |
32,463 |
— |
656,990 |
|||||||||||
2,874,241 |
303,334 |
— |
3,177,575 |
||||||||||||
Gross profit (loss) |
646,992 |
4,528 |
— |
651,520 |
|||||||||||
Operating expenses |
|||||||||||||||
General and administrative |
916,294 |
566,549 |
— |
1,482,843 |
|||||||||||
Selling |
380,398 |
309,788 |
— |
690,186 |
|||||||||||
Engineering |
489,945 |
66,211 |
— |
556,156 |
|||||||||||
1,786,637 |
942,548 |
— |
2,729,185 |
||||||||||||
Loss from operations |
(1,139,645) |
(938,020) |
— |
(2,077,665) |
|||||||||||
Other income (expense), net |
|||||||||||||||
Interest and other income |
64,490 |
1,798 |
— |
66,288 |
|||||||||||
Interest expense |
(533,601) |
(25,745) |
— |
(559,346) |
|||||||||||
Change in fair value of warrant liability |
319,006 |
— |
— |
319,006 |
|||||||||||
(150,105) |
(23,947) |
— |
(174,052) |
||||||||||||
Loss before provision for state income taxes |
(1,289,750) |
(961,967) |
— |
(2,251,717) |
|||||||||||
Benefit (provision) for state income taxes |
(41,639) |
— |
— |
(41,639) |
|||||||||||
Consolidated net loss |
(1,331,389) |
(961,967) |
— |
(2,293,356) |
|||||||||||
(Income) loss attributable to the noncontrolling interest |
(123,315) |
— |
199,128 |
75,813 |
|||||||||||
Net loss attributable to American DG Energy Inc. |
$ |
(1,454,704) |
$ |
(961,967) |
$ |
199,128 |
$ |
(2,217,543) |
|||||||
Net loss per share - basic and diluted |
$ |
(0.03) |
$ |
(0.05) |
|||||||||||
Weighted average shares outstanding - basic and diluted |
48,555,424 |
48,555,424 |
|||||||||||||
Non-GAAP financial disclosure |
|||||||||||||||
Loss from operations |
$ |
(1,139,645) |
$ |
(938,020) |
$ |
— |
$ |
(2,077,665) |
|||||||
Depreciation expense |
662,234 |
32,463 |
— |
694,697 |
|||||||||||
Stock based compensation |
181,995 |
101,365 |
— |
283,360 |
|||||||||||
Adjusted EBITDA |
(295,416) |
(804,192) |
— |
(1,099,608) |
|||||||||||
Grants from rebates and incentives (reduction in basis of property) |
146,318 |
— |
— |
146,318 |
|||||||||||
Total EBITDA cash outflows |
$ |
(149,098) |
$ |
(804,192) |
$ |
— |
$ |
(953,290) |
|||||||
* American DG Energy includes related LLC. |
CONSOLIDATING STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2012 (unaudited) |
|||||||||||||||
Six Months Ended |
|||||||||||||||
June 30, 2012 |
|||||||||||||||
American DG Energy* |
EuroSite Power |
Eliminations |
Total |
||||||||||||
Revenues |
|||||||||||||||
Energy revenues |
$ |
2,587,834 |
$ |
— |
$ |
— |
$ |
2,587,834 |
|||||||
Turnkey & other revenues |
79,931 |
27,594 |
— |
107,525 |
|||||||||||
2,667,765 |
27,594 |
— |
2,695,359 |
||||||||||||
Cost of sales |
|||||||||||||||
Fuel, maintenance and installation |
1,677,454 |
20,104 |
— |
1,697,558 |
|||||||||||
Depreciation expense |
829,584 |
— |
— |
829,584 |
|||||||||||
2,507,038 |
20,104 |
— |
2,527,142 |
||||||||||||
Gross profit (loss) |
160,727 |
7,490 |
— |
168,217 |
|||||||||||
Operating expenses |
|||||||||||||||
General and administrative |
869,516 |
575,807 |
— |
1,445,323 |
|||||||||||
Selling |
749,340 |
294,995 |
— |
1,044,335 |
|||||||||||
Engineering |
546,085 |
33,992 |
— |
580,077 |
|||||||||||
2,164,941 |
904,794 |
— |
3,069,735 |
||||||||||||
Loss from operations |
(2,004,214) |
(897,304) |
— |
(2,901,518) |
|||||||||||
Other income (expense), net |
|||||||||||||||
Interest and other income |
17,299 |
9,141 |
— |
26,440 |
|||||||||||
Interest expense |
(741,033) |
— |
— |
(741,033) |
|||||||||||
Change in fair value of warrant liability |
(261,336) |
— |
— |
(261,336) |
|||||||||||
(985,070) |
9,141 |
— |
(975,929) |
||||||||||||
Loss before provision for state income taxes |
(2,989,284) |
(888,163) |
— |
(3,877,447) |
|||||||||||
Benefit (provision) for state income taxes |
(11,962) |
— |
— |
(11,962) |
|||||||||||
Consolidated net loss |
(3,001,246) |
(888,163) |
— |
(3,889,409) |
|||||||||||
(Income) loss attributable to the noncontrolling interest |
(82,206) |
— |
152,957 |
70,751 |
|||||||||||
Net loss attributable to American DG Energy Inc. |
$ |
(3,083,452) |
$ |
(888,163) |
$ |
152,957 |
$ |
(3,818,658) |
|||||||
Net loss per share - basic and diluted |
$ |
(0.07) |
$ |
(0.08) |
|||||||||||
Weighted average shares outstanding - basic and diluted |
46,639,141 |
46,639,141 |
|||||||||||||
Non-GAAP financial disclosure |
|||||||||||||||
Loss from operations |
$ |
(2,004,214) |
$ |
(897,304) |
$ |
— |
$ |
(2,901,518) |
|||||||
Depreciation expense |
856,514 |
710 |
— |
857,224 |
|||||||||||
Stock based compensation |
127,865 |
251,992 |
— |
379,857 |
|||||||||||
Adjusted EBITDA |
(1,019,835) |
(644,602) |
— |
(1,664,437) |
|||||||||||
Grants from rebates and incentives (reduction in basis of property) |
260,701 |
— |
— |
260,701 |
|||||||||||
Total EBITDA cash outflows |
$ |
(759,134) |
$ |
(644,602) |
$ |
— |
$ |
(1,403,736) |
|||||||
* American DG Energy includes related LLC. |
CONSOLIDATED BALANCE SHEETS As of June 30, 2013 and December 31, 2012 (unaudited) |
|||||||
June 30, |
December 31, |
||||||
ASSETS |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
10,815,833 |
$ |
13,362,919 |
|||
Accounts receivable, net |
871,243 |
761,678 |
|||||
Unbilled revenue |
19,437 |
19,492 |
|||||
Due from related party |
678,340 |
18,372 |
|||||
Inventory |
2,974,270 |
2,920,444 |
|||||
Prepaid and other current assets |
330,296 |
308,164 |
|||||
Total current assets |
15,689,419 |
17,391,069 |
|||||
Property, plant and equipment, net |
20,144,242 |
17,253,648 |
|||||
Accounts receivable, long-term |
36,000 |
46,800 |
|||||
Other assets, long-term |
42,104 |
47,216 |
|||||
TOTAL ASSETS |
$ |
35,911,765 |
$ |
34,738,733 |
|||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ |
505,214 |
$ |
765,618 |
|||
Accrued expenses and other current liabilities |
566,879 |
532,420 |
|||||
Due to related party |
55,955 |
41,812 |
|||||
Capital lease obligations |
1,683 |
3,365 |
|||||
Total current liabilities |
1,129,731 |
1,343,215 |
|||||
Long-term liabilities: |
|||||||
Convertible debentures |
22,300,000 |
19,400,000 |
|||||
Warrant liability |
70,448 |
389,454 |
|||||
Capital lease obligations, long-term |
— |
— |
|||||
Other long-term liabilities |
22,640 |
29,444 |
|||||
Total liabilities |
23,522,819 |
21,162,113 |
|||||
Stockholders' equity: |
|||||||
American DG Energy Inc. stockholders' equity: |
|||||||
Common stock, $0.001 par value; 100,000,000 shares authorized; 48,807,195 and 48,490,733 issued and outstanding at June 30, 2013 and December 31, 2012, respectively |
48,807 |
48,491 |
|||||
Additional paid-in capital |
37,787,431 |
37,001,439 |
|||||
Accumulated deficit |
(26,674,388) |
(24,456,845) |
|||||
Total American DG Energy Inc. stockholders' equity |
11,161,850 |
12,593,085 |
|||||
Noncontrolling interest |
1,227,096 |
983,535 |
|||||
Total stockholders' equity |
12,388,946 |
13,576,620 |
|||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
35,911,765 |
$ |
34,738,733 |
CONSOLIDATED STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2013 and June 30, 2012 (unaudited) |
|||||||
Six Months Ended |
|||||||
June 30, 2013 |
June 30, 2012 |
||||||
(unaudited) |
(unaudited) |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|||||||
Net loss |
$ |
(2,217,543) |
$ |
(3,818,658) |
|||
Income (loss) attributable to noncontrolling interest |
(75,813) |
(70,751) |
|||||
Adjustments to reconcile net loss to net cash used in operating activities: |
|||||||
Depreciation and amortization |
694,697 |
857,224 |
|||||
Provision for losses on accounts receivable |
64,134 |
74,291 |
|||||
Amortization of deferred financing costs |
5,112 |
1,176 |
|||||
Increase (decrease) in fair value of warrant liability |
(319,006) |
261,336 |
|||||
Noncash interest expense |
528,489 |
712,921 |
|||||
Stock-based compensation |
283,360 |
379,857 |
|||||
Changes in operating assets and liabilities: |
|||||||
(Increase) decrease in: |
|||||||
Accounts receivable and unbilled revenue |
(162,844) |
(81,911) |
|||||
Due from related party |
(659,968) |
(47,360) |
|||||
Inventory |
(53,826) |
(491,118) |
|||||
Prepaid and other current assets |
3,312 |
(59,013) |
|||||
Increase (decrease) in: |
|||||||
Accounts payable |
(260,404) |
(34,929) |
|||||
Accrued expenses and other current liabilities |
34,459 |
81,661 |
|||||
Due to related party |
14,143 |
267,486 |
|||||
Other long-term liabilities |
(6,804) |
(6,804) |
|||||
Net cash used in operating activities |
(2,128,502) |
(1,974,592) |
|||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|||||||
Purchases of property and equipment |
(3,123,791) |
(933,687) |
|||||
Net cash used in investing activities |
(3,123,791) |
(933,687) |
|||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|||||||
Proceeds from issuance of subsidiary convertible debentures, net of costs |
2,874,556 |
— |
|||||
Proceeds from issuance of warrants |
— |
7,500 |
|||||
Proceeds from sale of common stock, net of costs |
— |
1,560,000 |
|||||
Proceeds from sale of subsidiary common stock, net of costs |
(4,558) |
— |
|||||
Proceeds from exercise of stock options |
— |
114,882 |
|||||
Purchases of common stock, net of costs |
— |
(750,000) |
|||||
Principal payments on capital lease obligations |
(1,682) |
(1,682) |
|||||
Distributions to noncontrolling interest |
(163,109) |
(144,092) |
|||||
Net cash provided by financing activities |
2,705,207 |
786,608 |
|||||
Net (decrease) increase in cash and cash equivalents |
(2,547,086) |
(2,121,671) |
|||||
Cash and cash equivalents, beginning of the period |
13,362,919 |
17,801,025 |
|||||
Cash and cash equivalents, end of the period |
$ |
10,815,833 |
$ |
15,679,354 |
SOURCE American DG Energy Inc.
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