2022 Q4 Form 10-Q Financial Statement

#000147793222008466 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $5.664M $7.486M
YoY Change 110.16% 49.13%
Cost Of Revenue $3.788M $5.105M
YoY Change 120.53% 57.53%
Gross Profit $1.875M $2.381M
YoY Change 91.92% 33.83%
Gross Profit Margin 33.11% 31.81%
Selling, General & Admin $1.832M $1.325M
YoY Change -2.56% -1.13%
% of Gross Profit 97.68% 55.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $51.63K $51.49K
YoY Change -17.77% 313.74%
% of Gross Profit 2.75% 2.16%
Operating Expenses $1.832M $1.325M
YoY Change -2.56% -1.13%
Operating Profit $43.55K $1.056M
YoY Change -104.82% 140.67%
Interest Expense -$346.2K $317.5K
YoY Change -32.86% 3008.27%
% of Operating Profit -794.93% 30.08%
Other Income/Expense, Net -$325.4K -$168.7K
YoY Change 125.19% 23.05%
Pretax Income -$628.0K $569.4K
YoY Change -50.22% -377.62%
Income Tax $18.00K $0.00
% Of Pretax Income 0.0%
Net Earnings -$646.0K $569.4K
YoY Change -49.47% -375.53%
Net Earnings / Revenue -11.41% 7.61%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.01 $6.088K
COMMON SHARES
Basic Shares Outstanding 92.87M shares 89.87M shares
Diluted Shares Outstanding 93.53M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.504M $1.257M
YoY Change 8.35% 45.17%
Cash & Equivalents $1.504M $1.257M
Short-Term Investments
Other Short-Term Assets $267.4K $562.8K
YoY Change -14.3% 70.82%
Inventory $991.1K $959.6K
Prepaid Expenses
Receivables $2.778M $3.298M
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.540M $6.078M
YoY Change 46.15% 22.25%
LONG-TERM ASSETS
Property, Plant & Equipment $1.829M $1.829M
YoY Change -0.05% -0.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.18K $10.18K
YoY Change 0.0% 0.0%
Total Long-Term Assets $3.800M $3.909M
YoY Change -12.52% -13.13%
TOTAL ASSETS
Total Short-Term Assets $5.540M $6.078M
Total Long-Term Assets $3.800M $3.909M
Total Assets $9.340M $9.987M
YoY Change 14.82% 5.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.947M $3.086M
YoY Change 29.95% 3.71%
Accrued Expenses $110.7K $365.8K
YoY Change -87.73% -66.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $250.0K
YoY Change -100.0% -97.85%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $3.225M $3.891M
YoY Change -79.17% -75.55%
LONG-TERM LIABILITIES
Long-Term Debt $9.883M $12.94M
YoY Change 4967.5%
Other Long-Term Liabilities $3.650M $3.346M
YoY Change 26.23% 19.34%
Total Long-Term Liabilities $13.53M $16.28M
YoY Change 368.05% 432.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.225M $3.891M
Total Long-Term Liabilities $13.53M $16.28M
Total Liabilities $16.76M $20.18M
YoY Change -8.8% 6.33%
SHAREHOLDERS EQUITY
Retained Earnings -$68.70M -$68.05M
YoY Change 2.36% 3.36%
Common Stock $93.09K $89.87K
YoY Change 4.46% 0.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.417M -$10.19M
YoY Change
Total Liabilities & Shareholders Equity $9.340M $9.987M
YoY Change 14.82% 5.45%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$646.0K $569.4K
YoY Change -49.47% -375.53%
Depreciation, Depletion And Amortization $51.63K $51.49K
YoY Change -17.77% 313.74%
Cash From Operating Activities $438.8K $759.3K
YoY Change -14.31% -193.99%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.73K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$10.73K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -191.7K 0.000
YoY Change -1001.93% -100.0%
NET CHANGE
Cash From Operating Activities 438.8K 759.3K
Cash From Investing Activities 0.000 -10.73K
Cash From Financing Activities -191.7K 0.000
Net Change In Cash 247.1K 748.5K
YoY Change -52.69% -190.91%
FREE CASH FLOW
Cash From Operating Activities $438.8K $759.3K
Capital Expenditures $0.00 -$10.73K
Free Cash Flow $438.8K $770.0K
YoY Change -16.11%

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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
818386 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1565786 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-283074 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-304056 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-367755 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-306033 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10727 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10727 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
-10000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
34661 usd
meec Payments Of Equipment Notes Payable
PaymentsOfEquipmentNotesPayable
-2677 usd
meec Payments Of Equipment Notes Payable
PaymentsOfEquipmentNotesPayable
-21750 usd
meec Proceeds From Short Term Debt Related Party
ProceedsFromShortTermDebtRelatedParty
250000 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
246808 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
101250 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
299380 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
247323 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
581027 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-131159 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
274994 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1388307 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
591019 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1257148 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
866013 usd
us-gaap Interest Paid Net
InterestPaidNet
0 usd
us-gaap Interest Paid Net
InterestPaidNet
41082 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
13213 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
4518 usd
meec Stock Issued For Prepaid Services
StockIssuedForPrepaidServices
160000 usd
meec Stock Issued For Prepaid Services
StockIssuedForPrepaidServices
644250 usd
meec Stock Issued For Conversion Of Convertible Notes
StockIssuedForConversionOfConvertibleNotes
0 usd
meec Stock Issued For Conversion Of Convertible Notes
StockIssuedForConversionOfConvertibleNotes
4440000 usd
meec Stock Issued For Interest Payable
StockIssuedForInterestPayable
0 usd
meec Stock Issued For Interest Payable
StockIssuedForInterestPayable
615339 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1829544 usd
meec Method Of Depreciation Description
MethodOfDepreciationDescription
The Company uses the straight-line method of depreciation over estimated useful lives of 2 to 5 years
CY2022Q2 us-gaap Depreciation
Depreciation
342 usd
CY2021Q2 us-gaap Depreciation
Depreciation
12445 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, valuation of equity issuances and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The Company uses estimates in accounting for, among other items, profit share liability, revenue recognition, allowance for doubtful accounts, stock-based compensation, income tax provisions, excess and obsolete inventory reserve and impairment of intellectual property. Actual results could differ from those estimates.</p>
CY2022Q3 us-gaap Share Price
SharePrice
0.24
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3659814 shares
CY2022Q3 meec Weighted Average Common Stock Outstanding
WeightedAverageCommonStockOutstanding
89871132 shares
CY2022Q3 meec Dilutivestockoption
Dilutivestockoption
3659814 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
93530946 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Financial instruments that subject the Company to credit risk consist of cash and equivalents on deposit with financial institutions and accounts receivable. The Company’s cash as of September 30, 2022 and December 31, 2021 is maintained at high-quality financial institutions and has not incurred any losses to date. </p>
CY2022Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1960747 usd
meec Customer And Supplier Concentrationpolicytextblock
CustomerAndSupplierConcentrationpolicytextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">For the nine months ended September 30, 2022, four customers represented 19%, 15%, 13% and 12% of the Company’s revenues, and for the nine months ended September 30, 2021, four customers represented 17%, 15%, 13% and 11% of the Company’s revenues. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">For the nine months ended September 30, 2022, six customers represented 20%, 18%, 16%, 11%, 11%, and 10% of the Company’s accounts receivable, and for the nine months ended September 30, 2021, six customers represented 18%, 15%, 14%, 14%, 14%, and 12% of the Company’s accounts receivable. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">For the nine months ended September 30, 2022, 84% of the Company’s purchases related to three suppliers. For the nine months ended September 30, 2021, 86% of the Company’s purchases related to two suppliers. At September 30, 2022 and 2021, 68% and 66% of the Company’s accounts payable and accrued expenses related to two vendors, respectively. The Company believes there are numerous other suppliers that could be substituted should a supplier become unavailable or non-competitive.</p>
CY2021Q4 meec Less Accumulated Depreciation
LessAccumulatedDepreciation
-2809467 usd
CY2022Q3 us-gaap Inventory Real Estate Construction In Process
InventoryRealEstateConstructionInProcess
1807707 usd
CY2021Q4 us-gaap Inventory Real Estate Construction In Process
InventoryRealEstateConstructionInProcess
1807707 usd
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1829067 usd
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2022-10-31
us-gaap Debt Instrument Maturity Date Range End1
DebtInstrumentMaturityDateRangeEnd1
2025-08-25
CY2022Q3 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
576632 usd
CY2021Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
637084 usd
CY2022Q3 us-gaap Other Inventory
OtherInventory
83357 usd
CY2021Q4 us-gaap Other Inventory
OtherInventory
86118 usd
CY2022Q3 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
299600 usd
CY2021Q4 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
352199 usd
CY2022Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
959589 usd
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1075401 usd
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2842031 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2831304 usd
CY2022Q3 meec Less Accumulated Depreciation
LessAccumulatedDepreciation
-2820671 usd
us-gaap Depreciation
Depreciation
11204 usd
us-gaap Depreciation
Depreciation
56824 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2114197 usd
CY2022Q3 us-gaap Adjustment For Amortization
AdjustmentForAmortization
51150 usd
CY2021Q3 us-gaap Adjustment For Amortization
AdjustmentForAmortization
51150 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
153450 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
153450 usd
CY2022Q3 meec Licenses And Patents
LicensesAndPatents
3068995 usd
CY2021Q4 meec Licenses And Patents
LicensesAndPatents
3068995 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-1108248 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-954798 usd
CY2022Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
204600 usd
CY2021Q2 meec Issuance Of Stock For Conversion Of Convertible Notes Shares
IssuanceOfStockForConversionOfConvertibleNotesShares
60000 shares
CY2021Q2 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
30000 usd
CY2021Q4 meec Common Stock Price Exceed
CommonStockPriceExceed
1.00
CY2021 meec Interest Expenses
InterestExpenses
41319 usd
CY2020 meec Interest Expenses
InterestExpenses
41432 usd
meec Schedule Of Unsecured Notes Payable
ScheduleOfUnsecuredNotesPayable
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>September 30,</strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>December 31,</strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2022</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2021</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Unsecured note payable</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,154,931</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,154,931</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Less fair value adjustment on extinguishment</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(488,274 </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Less discounts and debt issuance costs</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,283,677 </td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Total unsecured note payable</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">12,666,657</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">11,871,254</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Less current portion</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">- </td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"/><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(11,871,254 </td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Unsecured note payable, net of current portion</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">12,666,657</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr></tbody></table>
meec Interest Expenses
InterestExpenses
1204488 usd
meec Interest Expenses
InterestExpenses
1382366 usd
meec Unamortized Balance Of Discount
UnamortizedBalanceOfDiscount
0 usd
CY2022Q3 us-gaap Debt Issuance Costs Line Of Credit Arrangements Gross
DebtIssuanceCostsLineOfCreditArrangementsGross
0 usd
CY2022Q3 meec Extension Of Maturity Date
ExtensionOfMaturityDate
2022-10-31
us-gaap Operating Lease Cost
OperatingLeaseCost
304056 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
0 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
5310 usd
us-gaap Lease Cost
LeaseCost
283074 usd
us-gaap Lease Cost
LeaseCost
309366 usd
CY2021 us-gaap Labor And Related Expense
LaborAndRelatedExpense
615000 usd
meec Option Expiry Term
OptionExpiryTerm
five years
CY2022Q3 meec Exercisable Per Share
ExercisablePerShare
0.21
CY2022Q3 meec Option Value
OptionValue
143745 usd
meec Profit Share Beginning Balance
ProfitShareBeginningBalance
2836743 usd
meec Addition
Addition
0 usd
us-gaap Gain Loss On Foreign Currency Fair Value Hedge Derivatives
GainLossOnForeignCurrencyFairValueHedgeDerivatives
476153 usd
meec Profit Share Ending Balance
ProfitShareEndingBalance
3312896 usd
meec Profit Share Beginning Balance
ProfitShareBeginningBalance
2305308 usd
meec Addition
Addition
0 usd
us-gaap Gain Loss On Foreign Currency Fair Value Hedge Derivatives
GainLossOnForeignCurrencyFairValueHedgeDerivatives
386951 usd
meec Profit Share Ending Balance
ProfitShareEndingBalance
2692259 usd
CY2021 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
12000000 usd
CY2022Q3 meec Purchase Of Pick Up Truck From Cfo
PurchaseOfPickUpTruckFromCfo
10000 usd
CY2022Q3 meec Operating Lease Future Minimum Payments Due Current
OperatingLeaseFutureMinimumPaymentsDueCurrent
92040 usd
CY2022Q3 meec Operating Leases Future Minimum Payments Due Rolling Year Two
OperatingLeasesFutureMinimumPaymentsDueRollingYearTwo
22500 usd
CY2022Q3 meec Operating Leases Future Minimum Payments Due In Four And Five Year
OperatingLeasesFutureMinimumPaymentsDueInFourAndFiveYear
114540 usd
CY2022Q3 meec Less Discount
LessDiscount
-2856 usd
CY2022Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
111684 usd
CY2022Q3 meec Less Current Portion
LessCurrentPortion
-78494 usd
CY2022Q3 meec Operating Lease Obligation Net Of Current Portion
OperatingLeaseObligationNetOfCurrentPortion
33190 usd
us-gaap Unrecorded Unconditional Purchase Obligation Term
UnrecordedUnconditionalPurchaseObligationTerm
P1Y
CY2022Q3 meec Weighted Average Discount Rate
WeightedAverageDiscountRate
0.05 pure
meec Right Of Use Asset Amortization
RightOfUseAssetAmortization
202070 usd
CY2022Q3 meec Operating Lease Liability Current And Non Current
OperatingLeaseLiabilityCurrentAndNonCurrent
283074 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
283074 usd
meec Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Volatility Rate Percent
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedVolatilityRatePercent
0.9683 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Discount For Postvesting Restrictions
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions
0.0262 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
18318326 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.53
meec Weighted Average Remaining Contractual Life Years Beginning Balance
WeightedAverageRemainingContractualLifeYearsBeginningBalance
P2Y10M20D
meec Aggregate Intrinsic Value Beginning Balance
AggregateIntrinsicValueBeginningBalance
2961965 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1200000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
0.21
meec Number Of Shares Expirations
NumberOfSharesExpirations
-400000 shares
us-gaap Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
1.03
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
9750 shares
meec Weighted Average Exercise Price Exercises
WeightedAverageExercisePriceExercises
0.25
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
19108576 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.50
meec Weighted Average Remaining Contractual Life Years Ending Balance
WeightedAverageRemainingContractualLifeYearsEndingBalance
P2Y6M14D
meec Aggregate Intrinsic Value Ending
AggregateIntrinsicValueEnding
158428 usd
meec Stock Issued During Period Shares Stock Options Exercisable
StockIssuedDuringPeriodSharesStockOptionsExercisable
19108576 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.50
meec Options Exercisable Ending Balance
OptionsExercisableEndingBalance
P2Y6M14D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
158428 usd
CY2021Q1 meec Warrants Issued Upon Cashless Exercise Of Warrants
WarrantsIssuedUponCashlessExerciseOfWarrants
705166 shares
CY2021Q1 meec Warrants Purchase Upon Common Stock Shares
WarrantsPurchaseUponCommonStockShares
705166 shares
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.35
CY2021Q1 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
246808 usd
CY2021Q1 meec Warrants Issued Upon Cashless Exercise Of Warrants
WarrantsIssuedUponCashlessExerciseOfWarrants
97675 shares
CY2021Q1 meec Warrants Purchase Upon Common Stock Shares
WarrantsPurchaseUponCommonStockShares
150000 shares
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.45
CY2021Q1 meec Warrants Market Value
WarrantsMarketValue
1.29
CY2021Q1 meec Warrants Issued Upon Cashless Exercise Of Warrants
WarrantsIssuedUponCashlessExerciseOfWarrants
97015 shares
CY2021Q1 meec Warrants Purchase Upon Common Stock Shares
WarrantsPurchaseUponCommonStockShares
175000 shares
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.70
meec Summary Of Common Stock Warrants Outstanding
SummaryOfCommonStockWarrantsOutstanding
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td colspan="15" style="BORDER-BOTTOM: 1px solid;vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Outstanding and Exercisable</strong></p></td></tr><tr style="height:15px"><td colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Exercise Price</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Number Outstanding</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Weighted Average </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Remaining </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Contractual </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Life (years)</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Weighted Average </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Exercise Price</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td style="BORDER-BOTTOM: 1px solid;width:20%;">0.70</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:20%;vertical-align:bottom;text-align:right;">4,285,000</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:20%;vertical-align:bottom;text-align:right;">1.72</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:20%;vertical-align:bottom;text-align:right;">0.70</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td style="BORDER-BOTTOM: 3px double;">0.70</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">4,285,000</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">1.72</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;vertical-align:bottom;text-align:right;">0.70</td><td style="PADDING-BOTTOM: 3px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr></tbody></table>

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