Attached files
| file | filename |
|---|---|
| 8-K - VISION HYDROGEN Corp | form8-k.htm |
Exhibit 99.01
H/Cell Energy Reports FY2018 Second Quarter Financial Results
Flemington, NJ, August 10, 2018 (GLOBE NEWSWIRE) — H/Cell Energy Corporation (OTCQB-HCCC) (“HCCC”), a company that designs and implements clean energy solutions featuring hydrogen energy systems, has announced financial results for its fiscal 2018 second quarter ended June 30, 2018.
For the three months ended June 30, 2018, HCCC generated revenue of $2,009,825 and net income of $13,955 or $0.00 in earnings per share, fully diluted. For the six months ended June 30, 2018, HCCC generated revenue of $3,736,149 and a net loss of $97,014 or $(0.01) in earnings per share.
Matthew Hidalgo, CFO of HCCC, commented, “We are very pleased to announce a profitable quarter with record revenue for the company. We had a profitable quarter inclusive of non-cash charges of $64,432 which does not affect the cash flow performance or working capital of HCCC. The company is performing well and is creating more revenue producing opportunities as indicated by our active bid list, which totaled approximately $8.1 million as of June 30, 2018. Our financial condition remains solid with $460,538 in cash, $3,792,845 in assets and $427,535 in working capital as of June 30, 2018. Although we are still a young company from a shareholder value perspective, we continue to grow and add value for our investors. HCCC will be making an effort to generate more investor interest in the months ahead. We remain very encouraged about the future.”
About H/Cell Energy Corporation:
H/Cell Energy Corporation is an integrator that focuses on the design and implementation of clean energy solutions including solar, battery, fuel cell and hydrogen generation systems. In addition, through its subsidiaries, HCCC also provides environmental systems and security systems integration. HCCC serves the residential, commercial and government sectors. Please visit our website at www.hcellenergy.com for more information.
Forward Looking Statements:
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on current expectations and actual results could differ materially. H/Cell Energy Corporation does not undertake an obligation to update or revise any forward-looking statement. The information set forth herein speaks only as of the date hereof.
H/Cell Energy Corporation
Investor Relations
908-837-9097 x-2
H/CELL ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, 2018 | December 31, 2017 | |||||||
| (Unaudited) | (Audited) | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 460,538 | $ | 455,700 | ||||
| Accounts receivable (net retention) | 1,321,820 | 808,050 | ||||||
| Prepaid expenses | 14,467 | 14,669 | ||||||
| Costs and earnings in excess of billings | 58,970 | 51,531 | ||||||
| Total current assets | 1,855,795 | 1,329,950 | ||||||
| Property and equipment, net | 403,941 | 102,573 | ||||||
| Security deposits and other non-current assets | 21,344 | 8,416 | ||||||
| Deferred tax asset | 44,257 | 44,257 | ||||||
| Customer lists, net | 93,887 | - | ||||||
| Goodwill | 1,373,621 | - | ||||||
| Total assets | $ | 3,792,845 | $ | 1,485,196 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 951,769 | $ | 631,385 | ||||
| Management fees payable – related party | 15,000 | 31,257 | ||||||
| Earn out payable | 182,056 | |||||||
| Billings in excess of costs and earnings | 93,099 | 87,206 | ||||||
| Sales and withholding tax payable | 59,894 | 61,239 | ||||||
| Current equipment notes payable | 33,407 | - | ||||||
| Current capital lease payable | 67,289 | - | ||||||
| Income tax payable | 25,746 | 98,313 | ||||||
| Total current liabilities | 1,428,260 | 909,400 | ||||||
| Noncurrent liabilities | ||||||||
| Capital leases | 166,965 | - | ||||||
| Equipment notes payable | 128,919 | - | ||||||
| Convertible note payable – related party, net of discount | 8,891 | - | ||||||
| Total noncurrent liabilities | 304,775 | - | ||||||
| Total liabilities | 1,733,035 | 909,400 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Preferred stock - $0.0001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding | - | - | ||||||
| Common stock - $0.0001 par value; 25,000,000 shares authorized; 7,586,024 and 7,041,579 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively | 758 | 704 | ||||||
| Additional paid-in capital | 2,949,459 | 1,335,656 | ||||||
| Accumulated deficit | (828,768 | ) | (731,754 | ) | ||||
| Accumulated other comprehensive loss | (61,639 | ) | (28,810 | ) | ||||
| Total stockholders’ equity | 2,059,810 | $ | 575,796 | |||||
| TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY | $ | 3,792,845 | $ | 1,485,196 | ||||
H/CELL ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS – OTHER COMPREHENSIVE INCOME
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Revenue | ||||||||||||||||
| Construction income | $ | 2,009,825 | $ | 1,906,495 | $ | 3,704,360 | $ | 3,757,250 | ||||||||
| Related party | - | 24,163 | 31,789 | 40,253 | ||||||||||||
| Total revenue | 2,009,825 | 1,930,658 | 3,736,149 | 3,797,503 | ||||||||||||
| Cost of goods sold | ||||||||||||||||
| Direct costs | 1,253,043 | 1,147,909 | 2,462,456 | 2,561,729 | ||||||||||||
| Direct costs – related party | - | 34,440 | 31,617 | 50,345 | ||||||||||||
| Total cost of goods sold | 1,253,043 | 1,182,349 | 2,494,073 | 2,612,074 | ||||||||||||
| Gross profit | 756,782 | 748,309 | 1,242,076 | 1,185,429 | ||||||||||||
| Operating expenses | ||||||||||||||||
| General and administrative expenses | 687,831 | 498,124 | 1,243,015 | 945,369 | ||||||||||||
| Management fees – related party | 19,500 | 45,000 | 39,000 | 91,000 | ||||||||||||
| Total operating expenses | 707,331 | 543,124 | 1,282,015 | 1,036,369 | ||||||||||||
| Income (loss) from operations | 49,451 | 205,185 | (39,939 | ) | 149,060 | |||||||||||
| Income tax provision (benefit) | - | - | - | - | ||||||||||||
| Income (loss) before other income and expense | $ | 49,451 | $ | 205,185 | $ | (39,939 | ) | $ | 149,060 | |||||||
| Other income (loss) | (6,738 | ) | 2,297 | (6,738 | ) | 2,298 | ||||||||||
| Other expenses | ||||||||||||||||
| Interest expense | 10,146 | - | 14,092 | - | ||||||||||||
| Interest expense – related party | 18,676 | - | 32,891 | - | ||||||||||||
| Loss on fixed asset disposal | (64 | ) | - | 3,354 | - | |||||||||||
| Total other expenses | 28,758 | - | 50,337 | - | ||||||||||||
| Net income (loss) | $ | 13,955 | $ | 207,482 | $ | (97,014 | ) | $ | 151,358 | |||||||
| Other comprehensive income (loss), net | ||||||||||||||||
| Foreign currency translation adjustment | (22,570 | ) | 7,048 | (32,829 | ) | 18,417 | ||||||||||
| Comprehensive income (loss) | $ | (8,615 | ) | $ | 214,530 | $ | (129,843 | ) | $ | 169,775 | ||||||
| Earnings (loss) per share | ||||||||||||||||
| Basic | $ | 0.00 | $ | 0.03 | $ | (0.01 | ) | $ | 0.02 | |||||||
| Diluted | $ | 0.00 | $ | 0.03 | $ | (0.01 | ) | $ | 0.02 | |||||||
| Weighted average common shares outstanding | ||||||||||||||||
| Basic | 7,483,980 | 7,039,357 | 7,450,235 | 6,355,468 | ||||||||||||
| Diluted | 8,819,225 | 7,948,091 | 7,450,235 | 7,259,155 | ||||||||||||