Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-KA - AMERICAN DG ENERGY INC | v305059_8ka.htm |
Exhibit 99.1
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended December 31, 2011 and December 31, 2010
| 2011 | 2010 | |||||||
| Revenues | ||||||||
| Energy revenues | $ | 1,435,082 | $ | 1,298,882 | ||||
| Turnkey & other revenues | 34,194 | 77,066 | ||||||
| 1,469,276 | 1,375,948 | |||||||
| Cost of sales | ||||||||
| Fuel, maintenance and installation | 1,027,806 | 975,850 | ||||||
| Depreciation expense | 343,078 | 226,674 | ||||||
| 1,370,884 | 1,202,524 | |||||||
| Gross profit | 98,392 | 173,424 | ||||||
| Operating expenses | ||||||||
| General and administrative | 766,593 | 424,484 | ||||||
| Selling | 562,916 | 106,518 | ||||||
| Engineering | 227,128 | 145,840 | ||||||
| 1,556,637 | 676,842 | |||||||
| Loss from operations | (1,458,245 | ) | (503,418 | ) | ||||
| Other income (expense), net | ||||||||
| Interest and other income | 8,820 | 11,438 | ||||||
| Interest expense | (286,168 | ) | (29,046 | ) | ||||
| Change in fair value of warrant liability | (82,621 | ) | 59,681 | |||||
| (359,969 | ) | 42,073 | ||||||
| Loss before income taxes | (1,818,214 | ) | (461,345 | ) | ||||
| Provision for state income taxes | 17,071 | (4,020 | ) | |||||
| Consolidated net loss | (1,801,143 | ) | (465,365 | ) | ||||
| Income attributable to the noncontrolling interest | 30,609 | (60,569 | ) | |||||
| Net loss attributable to American DG Energy Inc. | $ | (1,770,534 | ) | $ | (525,934 | ) | ||
| Net loss per share - basic and diluted | $ | (0.04 | ) | $ | (0.01 | ) | ||
| Weighted average shares outstanding - | ||||||||
| basic and diluted | 45,879,469 | 44,994,322 | ||||||
| Non-GAAP financial disclosure | ||||||||
| Loss from operations | $ | (1,458,245 | ) | $ | (503,418 | ) | ||
| Depreciation expense | 361,110 | 243,689 | ||||||
| Stock based compensation | 187,795 | 89,533 | ||||||
| Adjusted EBITDA | (909,340 | ) | (170,196 | ) | ||||
| Grants from rebates and incentives | 182,931 | 22,852 | ||||||
| Total EBITDA cash outflows | $ | (726,409 | ) | $ | (147,344 | ) | ||
| E-1 |
CONSOLIDATED STATEMENTS OF OPERATIONS
For the years ending December 31, 2011 and December 31, 2010
| 2011 | 2010 | |||||||
| Revenues | ||||||||
| Energy revenues | $ | 5,705,418 | $ | 5,043,744 | ||||
| Turnkey & other revenues | 317,450 | 591,021 | ||||||
| 6,022,868 | 5,634,765 | |||||||
| Cost of sales | ||||||||
| Fuel, maintenance and installation | 3,827,539 | 3,625,404 | ||||||
| Depreciation expense | 1,265,009 | 867,923 | ||||||
| 5,092,548 | 4,493,327 | |||||||
| Gross profit | 930,320 | 1,141,438 | ||||||
| Operating expenses | ||||||||
| General and administrative | 2,384,774 | 1,487,040 | ||||||
| Selling | 1,496,764 | 602,597 | ||||||
| Engineering | 763,260 | 733,504 | ||||||
| 4,644,798 | 2,823,141 | |||||||
| Loss from operations | (3,714,478 | ) | (1,681,703 | ) | ||||
| Other income (expense) | ||||||||
| Interest and other income | 40,234 | 51,385 | ||||||
| Interest expense | (532,544 | ) | (125,131 | ) | ||||
| Change in fair value of warrant liability | 427,042 | 59,681 | ||||||
| (65,268 | ) | (14,065 | ) | |||||
| Loss before income taxes | (3,779,746 | ) | (1,695,768 | ) | ||||
| Provision for state income taxes | - | (14,730 | ) | |||||
| Consolidated net loss | (3,779,746 | ) | (1,710,498 | ) | ||||
| Income attributable to the noncontrolling interest | (4,199 | ) | (197,505 | ) | ||||
| Net loss attributable to American DG Energy Inc. | $ | (3,783,945 | ) | $ | (1,908,003 | ) | ||
| Net loss per share - basic and diluted | $ | (0.08 | ) | $ | (0.04 | ) | ||
| Weighted average shares outstanding - | ||||||||
| basic and diluted | 45,705,793 | 43,525,374 | ||||||
| Non-GAAP financial disclosure | ||||||||
| Loss from operations | $ | (3,714,478 | ) | $ | (1,681,703 | ) | ||
| Depreciation expense | 1,315,861 | 911,125 | ||||||
| Stock based compensation | 667,000 | 228,736 | ||||||
| Adjusted EBITDA | (1,731,617 | ) | (541,842 | ) | ||||
| Grants from rebates and incentives | 510,069 | 451,603 | ||||||
| Total EBITDA cash outflows | $ | (1,221,548 | ) | $ | (90,239 | ) | ||
| E-2 |
CONSOLIDATED STATEMENTS OF OPERATIONS
For the years ending December 31, 2011 and December 31, 2010
EuroSite Power Inc. ONLY (without American DG Energy Inc.)
| 2011 | 2010 | |||||||
| Revenues | ||||||||
| Energy revenues | $ | - | $ | - | ||||
| Turnkey & other revenues | - | - | ||||||
| - | - | |||||||
| Cost of sales | ||||||||
| Fuel, maintenance and installation | - | - | ||||||
| Depreciation expense | - | - | ||||||
| - | - | |||||||
| Gross profit | - | - | ||||||
| Operating expenses | ||||||||
| General and administrative | 854,502 | 39,805 | ||||||
| Selling | 527,253 | - | ||||||
| Engineering | - | - | ||||||
| 1,381,755 | 39,805 | |||||||
| Loss from operations | (1,381,755 | ) | (39,805 | ) | ||||
| Other income (expense) | ||||||||
| Interest and other income | 333 | - | ||||||
| Interest expense | - | - | ||||||
| 333 | - | |||||||
| Loss before income taxes | (1,381,422 | ) | (39,805 | ) | ||||
| Provision for state income taxes | - | - | ||||||
| Net loss | $ | (1,381,422 | ) | $ | (39,805 | ) | ||
| Net loss per share - basic and diluted | $ | (0.03 | ) | $ | (0.00 | ) | ||
| Weighted-average shares outstanding - | ||||||||
| basic and diluted | 53,229,633 | 51,195,767 | ||||||
| Non-GAAP financial disclosure | ||||||||
| Loss from operations | $ | (1,381,755 | ) | $ | (39,805 | ) | ||
| Depreciation expense | - | - | ||||||
| Stock based compensation | 474,695 | - | ||||||
| Adjusted EBITDA | (907,060 | ) | (39,805 | ) | ||||
| Grants from rebates and incentives | - | - | ||||||
| Total cash outflows | $ | (907,060 | ) | $ | (39,805 | ) | ||
| E-3 |
CONSOLIDATED BALANCE SHEETS
For the years ending December 31, 2011 and December 31, 2010
| 2011 | 2010 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 17,801,025 | $ | 3,921,054 | ||||
| Restricted cash | - | 65,790 | ||||||
| Short-term investments | - | - | ||||||
| Accounts receivable, net | 879,630 | 661,435 | ||||||
| Unbilled revenue | 18,825 | 117,846 | ||||||
| Due from related party | 21,140 | 52,432 | ||||||
| Inventory | 634,120 | 487,724 | ||||||
| Prepaid and other current assets | 322,276 | 86,089 | ||||||
| Total current assets | 19,677,016 | 5,392,370 | ||||||
| Property, plant and equipment, net | 14,690,117 | 14,362,444 | ||||||
| Accounts receivable, long-term | 82,664 | 17,034 | ||||||
| Other assets, long-term | 53,504 | - | ||||||
| TOTAL ASSETS | $ | 34,503,301 | $ | 19,771,848 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 520,608 | $ | 482,917 | ||||
| Accrued expenses and other current liabilities | 589,032 | 370,774 | ||||||
| Due to related party | 313,847 | 2,560,720 | ||||||
| Capital lease obligations | 3,365 | 3,365 | ||||||
| Total current liabilities | 1,426,852 | 3,417,776 | ||||||
| Long-term liabilities: | ||||||||
| Convertible debentures | 19,400,000 | - | ||||||
| Warrant liability | 249,561 | 676,603 | ||||||
| Capital lease obligations, long-term | 3,365 | 6,730 | ||||||
| Other long-term liabilities | 43,052 | - | ||||||
| Total liabilities | 21,122,830 | 4,101,109 | ||||||
| Stockholders’ equity: | ||||||||
| American DG Energy Inc. shareholders’ equity: | ||||||||
| Common stock, $0.001 par value; 100,000,000 shares authorized; 46,001,404 and 45,598,029 issued and outstanding at December 31, 2011 and 2010, respectively | 46,001 | 45,598 | ||||||
| Additional paid-in capital | 30,399,370 | 28,905,660 | ||||||
| Accumulated deficit | (17,931,058 | ) | (14,147,113 | ) | ||||
| Total American DG Energy Inc. stockholders’ equity | 12,514,313 | 14,804,145 | ||||||
| Noncontrolling interest | 866,158 | 866,594 | ||||||
| Total stockholders’ equity | 13,380,471 | 15,670,739 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 34,503,301 | $ | 19,771,848 | ||||
| E-4 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ending December 31, 2011 and December 31, 2010
| 2011 | 2010 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | (3,783,945 | ) | $ | (1,908,003 | ) | ||
| Income attributable to noncontrolling interest | 4,199 | 197,505 | ||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 1,315,861 | 911,125 | ||||||
| Provision for losses on accounts receivable | 110,229 | 57,576 | ||||||
| Amortization of deferred financing costs | 2,256 | 8,526 | ||||||
| Change in fair value of warrant liability | (427,042 | ) | (59,681 | ) | ||||
| Stock-based compensation | 667,000 | 228,736 | ||||||
| Changes in operating assets and liabilities | ||||||||
| (Increase) decrease in: | ||||||||
| Restricted cash | 65,790 | (65,790 | ) | |||||
| Accounts receivable and unbilled revenue | (295,033 | ) | (188,572 | ) | ||||
| Due from related party | 31,292 | 193,857 | ||||||
| Inventory | (146,396 | ) | (108,421 | ) | ||||
| Prepaid and other current assets | (224,283 | ) | 9,504 | |||||
| Increase (decrease) in: | ||||||||
| Accounts payable | 37,691 | (257,557 | ) | |||||
| Accrued expenses and other current liabilities | 218,258 | (24,274 | ) | |||||
| Other long-term liabilities | 43,052 | - | ||||||
| Due to related party | 153,127 | 143,189 | ||||||
| Net cash used in operating activities | (2,227,944 | ) | (862,280 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Purchases of property and equipment | (1,643,534 | ) | (5,771,223 | ) | ||||
| Sale of short-term investments | - | 678,921 | ||||||
| Net cash used in investing activities | (1,643,534 | ) | (5,092,302 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from issuance of convertible debentures | 17,000,000 | - | ||||||
| Proceeds from issuance of warrants | - | 736,284 | ||||||
| Proceeds from exercise of warrants | - | 350,000 | ||||||
| Proceeds from sale of common stock, net of costs | - | 1,286,855 | ||||||
| Proceeds from sale of subsidiary common stock, net of costs | 1,148,401 | 2,226,019 | ||||||
| Proceeds from exercise of stock options | 33,838 | 54,775 | ||||||
| Proceeds from related party line of credit | - | 2,400,000 | ||||||
| Convertible debenture transaction costs | (67,664 | ) | (21,556 | ) | ||||
| Principal payments on capital lease obligations | (3,365 | ) | (3,365 | ) | ||||
| Cancellation of restricted stock | (20 | ) | - | |||||
| Distributions to noncontrolling interest | (359,741 | ) | (302,598 | ) | ||||
| Net cash provided by financing activities | 17,751,449 | 6,726,414 | ||||||
| Net increase in cash and cash equivalents | 13,879,971 | 771,832 | ||||||
| Cash and cash equivalents, beginning of the year | 3,921,054 | 3,149,222 | ||||||
| Cash and cash equivalents, end of the year | $ | 17,801,025 | $ | 3,921,054 | ||||
| Supplemental disclosures of cash flows information: | ||||||||
| Cash paid during the year for: | ||||||||
| Interest | $ | 343,750 | $ | 114,116 | ||||
| Income taxes | $ | 91,931 | $ | 31,329 | ||||
| Non-cash investing and financing activities: | ||||||||
| Conversion of convertible debentures to common stock | $ | - | $ | 5,320,000 | ||||
| Conversion of due to related party to convertible debentures | $ | 2,400,000 | $ | - | ||||
| Forgiveness of related party debt in exchange for reduction in noncontrolling interest | $ | - | $ | 124,111 | ||||
| E-5 |