2023 Q2 Form 10-Q Financial Statement

#000143774923012552 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue $1.481M $1.065M
YoY Change 41.32% 7.14%
Gross Profit -$1.481M -$1.070M
YoY Change 41.86% 7.65%
Gross Profit Margin
Selling, General & Admin $3.352M $3.430M
YoY Change 15.87% 4.0%
% of Gross Profit
Research & Development $525.0K $445.0K
YoY Change 0.77% -19.24%
% of Gross Profit
Depreciation & Amortization $200.0K $100.0K
YoY Change 100.0% 0.0%
% of Gross Profit
Operating Expenses $525.0K $445.0K
YoY Change 0.77% -19.24%
Operating Profit -$4.855M -$4.516M
YoY Change 22.76% 4.78%
Interest Expense $255.0K $176.0K
YoY Change 2025.0%
% of Operating Profit
Other Income/Expense, Net $96.00K -$90.00K
YoY Change -87.83% -8.16%
Pretax Income -$4.759M -$4.606M
YoY Change 50.32% 4.49%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.759M -$4.606M
YoY Change 50.32% 4.44%
Net Earnings / Revenue
Basic Earnings Per Share -$0.06 -$0.06
Diluted Earnings Per Share -$0.06 -$0.06
COMMON SHARES
Basic Shares Outstanding 83.14M 81.34M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.196M $3.355M
YoY Change -3.56% -62.89%
Cash & Equivalents $6.196M $3.355M
Short-Term Investments
Other Short-Term Assets $183.0K $15.53M
YoY Change -98.95% 509.98%
Inventory $631.0K $302.0K
Prepaid Expenses
Receivables $104.0K $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.114M $19.19M
YoY Change -70.52% 59.02%
LONG-TERM ASSETS
Property, Plant & Equipment $11.95M $11.89M
YoY Change 261.28% 327.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.000M $2.000M
YoY Change 0.0% 0.0%
Other Assets $445.0K $463.0K
YoY Change -50.17% -47.8%
Total Long-Term Assets $14.77M $14.77M
YoY Change 118.74% -31.31%
TOTAL ASSETS
Total Short-Term Assets $7.114M $19.19M
Total Long-Term Assets $14.77M $14.77M
Total Assets $21.88M $33.96M
YoY Change -29.15% 1.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $776.0K $770.0K
YoY Change -13.59% -24.88%
Accrued Expenses $1.986M $1.508M
YoY Change -14.8% -47.8%
Deferred Revenue
YoY Change
Short-Term Debt $34.00K $5.945M
YoY Change
Long-Term Debt Due $61.00K $62.00K
YoY Change 15.09% 19.23%
Total Short-Term Liabilities $3.112M $11.79M
YoY Change -11.52% 180.86%
LONG-TERM LIABILITIES
Long-Term Debt $2.926M $2.933M
YoY Change 3603.8% 3053.76%
Other Long-Term Liabilities $100.0K $166.0K
YoY Change -93.77% -90.03%
Total Long-Term Liabilities $3.026M $3.099M
YoY Change 79.69% 76.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.112M $11.79M
Total Long-Term Liabilities $3.026M $3.099M
Total Liabilities $6.138M $14.88M
YoY Change 18.02% 149.98%
SHAREHOLDERS EQUITY
Retained Earnings -$208.6M -$203.9M
YoY Change 9.0% 8.3%
Common Stock $225.0M $223.5M
YoY Change 3.62% 3.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.74M $19.08M
YoY Change
Total Liabilities & Shareholders Equity $21.88M $33.96M
YoY Change -29.15% 1.16%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$4.759M -$4.606M
YoY Change 50.32% 4.44%
Depreciation, Depletion And Amortization $200.0K $100.0K
YoY Change 100.0% 0.0%
Cash From Operating Activities $8.335M -$2.863M
YoY Change -401.99% -20.23%
INVESTING ACTIVITIES
Capital Expenditures $248.0K $5.255M
YoY Change -134.69% 1936.82%
Acquisitions
YoY Change
Other Investing Activities -$41.00K $33.00K
YoY Change -34.92% -95.11%
Cash From Investing Activities -$289.0K -$5.222M
YoY Change -62.85% -1352.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.205M $4.358M
YoY Change -663.92% 6.94%
NET CHANGE
Cash From Operating Activities 8.335M -$2.863M
Cash From Investing Activities -289.0K -$5.222M
Cash From Financing Activities -5.205M $4.358M
Net Change In Cash 2.841M -$3.727M
YoY Change -208.64% -512.74%
FREE CASH FLOW
Cash From Operating Activities $8.335M -$2.863M
Capital Expenditures $248.0K $5.255M
Free Cash Flow $8.087M -$8.118M
YoY Change -495.45% 111.02%

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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3355000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
9040000 usd
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
2000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
155000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
3000 usd
CY2023Q1 aqms Change In Property And Equipment Resulting From Change In Accounts Payable
ChangeInPropertyAndEquipmentResultingFromChangeInAccountsPayable
412000 usd
CY2022Q1 aqms Change In Property And Equipment Resulting From Change In Accounts Payable
ChangeInPropertyAndEquipmentResultingFromChangeInAccountsPayable
-253000 usd
CY2023Q1 aqms Change In Property And Equipment Resulting From Change In Accrued Expenses
ChangeInPropertyAndEquipmentResultingFromChangeInAccruedExpenses
210000 usd
CY2022Q1 aqms Change In Property And Equipment Resulting From Change In Accrued Expenses
ChangeInPropertyAndEquipmentResultingFromChangeInAccruedExpenses
0 usd
CY2023Q1 aqms Change In Equity Resulting From Change In Accrued Expenses
ChangeInEquityResultingFromChangeInAccruedExpenses
608000 usd
CY2022Q1 aqms Change In Equity Resulting From Change In Accrued Expenses
ChangeInEquityResultingFromChangeInAccruedExpenses
0 usd
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><span style="text-decoration: underline; "><em style="font: inherit;">1.</em> Organization</span></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 26pt; text-indent: 0pt; text-align: justify;">Aqua Metals (NASDAQ: <span style="text-decoration: underline; ">AQMS</span>) is engaged in the business of applying its commercialized clean, water-based recycling technology principles to develop the clean and cost-efficient recycling solutions for both lead and lithium-ion (“Li”) batteries. Our recycling process is a patented hydro and electrometallurgical technology that is a novel, proprietary and patented process we developed and named AquaRefining. AquaRefining is a low-emissions, closed-loop recycling technology that replaces polluting furnaces and hazardous chemicals with electricity-powered electroplating to recover valuable metals and materials from spent batteries with higher purity, lower emissions, and with minimal waste. The modular “Aqualyzers” cleanly generate ultra-pure metal <em style="font: inherit;">one</em> atom at a time, closing the sustainability loop for the rapidly growing energy storage economy.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 26pt; text-indent: 0pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 26pt; text-indent: 0pt; text-align: justify;">We are in the process of demonstrating that Li AquaRefining, which is fundamentally non-polluting, can create the highest quality and highest yields of recovered minerals from lithium-ion batteries with lower waste streams and lower costs than existing alternatives. We have already demonstrated at our pilot facility our ability to recover key valuable minerals in lithium-ion batteries, such as lithium hydroxide, copper, nickel, cobalt, and other compounds in <em style="font: inherit;">2022.</em> Our goal is to process commercial quantities of nickel, cobalt, and copper in a pure metal form that can be sold to the general metals and superalloy markets and can be made into battery precursor compound materials with known processes already used in the mining industry. We have installed, commissioned, and began to operate the <em style="font: inherit;">first</em> Li AquaRefining pilot plant, scaling towards a commercial demonstration operation through <em style="font: inherit;">2023.</em></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 26pt; text-indent: 0pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 26pt; text-indent: 0pt; text-align: justify;">Our focus for the lead market is providing equipment and licensing of our lead acid battery recycling technologies in an enabler model which allows us to work with anyone in the industry globally and address the entire marketplace. Our focus for the lithium market includes operating our <em style="font: inherit;">first</em>-of-a-kind lithium battery recycling facility, utilizing electricity to recycle instead of intensive chemical processes, fossil fuels, or high-temperature furnaces.</p>
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 26pt; text-align: justify; text-indent: 0pt;"><span style="text-decoration: underline; ">Use of estimates</span></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 26pt; text-align: justify; text-indent: 0pt;">The preparation of the condensed consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the period. Significant items subject to such estimates and assumptions include the carrying amount and valuation of long-lived assets, valuation allowances for deferred tax assets, the determination of stock-based compensation expense and the determination of the fair value of stock warrants issued. Actual results could differ from those estimates.</p>
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6356165
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5144657
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 pure
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 26pt; text-align: justify; text-indent: 0pt;"><span style="text-decoration: underline; ">Concentration of credit risk</span></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 26pt; text-align: justify; text-indent: 0pt;">The Company did <span style="-sec-ix-hidden:c97532937"><span style="-sec-ix-hidden:c97532938">not</span></span> generate revenue during the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2023</em> or for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2022</em>. The Company has no accounts receivable as of <em style="font: inherit;"> March 31, 2023</em>. As of <em style="font: inherit;"> December 31, 2022</em>, accounts receivable consisted of proceeds from the sale of equipment.</p>
CY2023Q1 aqms Percentage Of Revenue From Products Transferred At Point In Time
PercentageOfRevenueFromProductsTransferredAtPointInTime
1 pure
CY2023Q1 us-gaap Sales Type Lease Net Investment In Lease Excluding Accrued Interest After Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseExcludingAccruedInterestAfterAllowanceForCreditLoss
17000000.0 usd
CY2023Q1 aqms Salestype Lease Net Investment In Lease Excluding Accrued Interest After Allowance For Credit Loss Implied Interest Rate
SalestypeLeaseNetInvestmentInLeaseExcludingAccruedInterestAfterAllowanceForCreditLossImpliedInterestRate
0.005 pure
CY2023Q1 aqms Proceeds From Sales Type Lease Payments Financing Activities
ProceedsFromSalesTypeLeasePaymentsFinancingActivities
283000 usd
CY2023Q1 us-gaap Sales Type Lease Lease Income
SalesTypeLeaseLeaseIncome
18000 usd
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
28000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
28000 usd
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
0 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
0 usd
CY2023Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
274000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
250000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
302000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
278000 usd
CY2023Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
510632
CY2023Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
577000 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13292000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8837000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1398000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1494000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11894000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7343000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
100000 usd
CY2022Q1 us-gaap Depreciation
Depreciation
100000 usd
CY2023Q1 aqms Accrued Property And Equipment Current
AccruedPropertyAndEquipmentCurrent
560000 usd
CY2022Q4 aqms Accrued Property And Equipment Current
AccruedPropertyAndEquipmentCurrent
770000 usd
CY2023Q1 aqms Accrued Class Action Settlement Liabilities Current
AccruedClassActionSettlementLiabilitiesCurrent
0 usd
CY2022Q4 aqms Accrued Class Action Settlement Liabilities Current
AccruedClassActionSettlementLiabilitiesCurrent
500000 usd
CY2023Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
601000 usd
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
418000 usd
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
77000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
51000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
270000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
41000 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1508000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1780000 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
400000 usd
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
630000 usd
CY2023Q1 aqms Stock Issued During Period Shares Issued For Class Action Settlement
StockIssuedDuringPeriodSharesIssuedForClassActionSettlement
469366
CY2023Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
192707
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
66000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
150000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
65000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
141000 usd
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
15000 usd
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
15000 usd
CY2023Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
2000 usd
CY2022Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
3000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y7M6D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0616 pure
CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0749 pure
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
267000 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due In Next Rolling Twelve Months
FinanceLeaseLiabilityPaymentsDueInNextRollingTwelveMonths
66000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
170000 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due In Rolling Year Two
FinanceLeaseLiabilityPaymentsDueInRollingYearTwo
32000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
0 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due In Rolling Year Three
FinanceLeaseLiabilityPaymentsDueInRollingYearThree
0 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
21000 usd
CY2023Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
5000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
416000 usd
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
93000 usd
CY2023Q1 us-gaap Notes Payable Current
NotesPayableCurrent
5945000 usd
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
5899000 usd
CY2023Q1 us-gaap Long Term Notes Payable
LongTermNotesPayable
2902000 usd
CY2022Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
0 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
687000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
605000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0

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