$BCHT

2023 Q3 Form 10-Q Financial Statement

#000147793223006218 Filed on August 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $6.747M $4.112M $5.129M
YoY Change -9.87% -19.83% 125.87%
Cost Of Revenue $4.472M $2.651M $3.363M
YoY Change -12.4% -21.18% 125.76%
Gross Profit $2.275M $1.461M $1.765M
YoY Change -4.44% -17.26% 126.09%
Gross Profit Margin 33.72% 35.52% 34.42%
Selling, General & Admin $2.459M $1.762M $1.460M
YoY Change 85.54% 20.74% 15.7%
% of Gross Profit 108.08% 120.67% 82.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.37K $543.00 $2.118K
YoY Change -79.86% -74.36% -89.71%
% of Gross Profit 0.46% 0.04% 0.12%
Operating Expenses $2.459M $1.762M $1.460M
YoY Change 85.54% 20.74% 15.7%
Operating Profit -$183.8K -$301.9K $305.7K
YoY Change -117.41% -198.75% -163.57%
Interest Expense $344.2K $339.4K $503.9K
YoY Change 8.4% -32.63% -55.01%
% of Operating Profit 164.84%
Other Income/Expense, Net -$300.0K -$122.9K -$158.5K
YoY Change 77.79% -22.47% 23.06%
Pretax Income -$827.5K -$764.2K -$356.7K
YoY Change -245.33% 114.25% -79.38%
Income Tax $0.00 $315.00 $0.00
% Of Pretax Income
Net Earnings -$827.5K -$764.5K -$356.7K
YoY Change -245.33% 114.34% -79.38%
Net Earnings / Revenue -12.26% -18.59% -6.95%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.01 -$0.01 -$3.991K
COMMON SHARES
Basic Shares Outstanding 94.29M shares 94.25M shares 89.12M shares
Diluted Shares Outstanding 94.28M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.500M $1.946M $508.6K
YoY Change 98.86% 282.65% -69.89%
Cash & Equivalents $2.497M $1.946M $508.6K
Short-Term Investments
Other Short-Term Assets $230.0K $87.90K $611.1K
YoY Change -59.13% -85.62% 25.3%
Inventory $801.6K $891.2K $847.7K
Prepaid Expenses
Receivables $2.549M $2.043M $2.963M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.074M $4.969M $4.930M
YoY Change -0.06% 0.78% 28.63%
LONG-TERM ASSETS
Property, Plant & Equipment $1.820M $1.828M $1.819M
YoY Change -0.5% 0.49% -1.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.00K $10.18K $10.18K
YoY Change -1.77% 0.0% 0.0%
Total Long-Term Assets $3.607M $3.676M $4.029M
YoY Change -7.71% -8.75% -13.62%
TOTAL ASSETS
Total Short-Term Assets $6.074M $4.969M $4.930M
Total Long-Term Assets $3.607M $3.676M $4.029M
Total Assets $9.682M $8.645M $8.960M
YoY Change -3.05% -3.51% 5.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.200M $3.079M $2.859M
YoY Change 36.09% 7.67% 26.9%
Accrued Expenses $40.00K $33.06K $629.8K
YoY Change -89.07% -94.75% -45.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $13.37M
YoY Change -100.0% -100.0%
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $4.404M $3.279M $17.03M
YoY Change 13.16% -80.75% 370.81%
LONG-TERM LIABILITIES
Long-Term Debt $10.88M $10.55M $0.00
YoY Change -15.91% -100.0%
Other Long-Term Liabilities $4.250M $3.952M $3.177M
YoY Change 27.01% 24.39% 15.66%
Total Long-Term Liabilities $15.13M $14.50M $3.177M
YoY Change -7.09% 356.28% -77.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.404M $3.279M $17.03M
Total Long-Term Liabilities $15.13M $14.50M $3.177M
Total Liabilities $19.54M $17.78M $20.21M
YoY Change -3.16% -12.03% 13.49%
SHAREHOLDERS EQUITY
Retained Earnings -$71.74M -$70.91M -$68.62M
YoY Change 5.41% 3.33% 4.56%
Common Stock $94.30K $94.27K $89.87K
YoY Change 4.93% 4.89% 0.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.856M -$9.131M -$11.25M
YoY Change
Total Liabilities & Shareholders Equity $9.682M $8.645M $8.960M
YoY Change -3.05% -3.51% 5.43%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$827.5K -$764.5K -$356.7K
YoY Change -245.33% 114.34% -79.38%
Depreciation, Depletion And Amortization $10.37K $543.00 $2.118K
YoY Change -79.86% -74.36% -89.71%
Cash From Operating Activities $560.0K -$545.1K -$118.1K
YoY Change -26.24% 361.61% -69.44%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
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 0.000 0.000 250.0K
YoY Change -100.0% 166.98%
NET CHANGE
Cash From Operating Activities 560.0K -545.1K -118.1K
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000 0.000 250.0K
Net Change In Cash 560.0K -545.1K 131.9K
YoY Change -25.19% -513.18% -145.05%
FREE CASH FLOW
Cash From Operating Activities $560.0K -$545.1K -$118.1K
Capital Expenditures $0.00
Free Cash Flow $560.0K
YoY Change -27.27%

Facts In Submission

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dei Entity Registrant Name
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MIDWEST ENERGY EMISSIONS CORP.
dei Entity Incorporation State Country Code
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meec Organization Description
OrganizationDescription
Midwest Energy Emissions Corp. and owns 85% of ME2C Acquisition Corp. A decision was made in January 2023 to liquidate these entities. As such, as of December 31, 2022, the Company wrote off the assets for these entities and recorded a $95,500 loss
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us-gaap Concentration Risk Credit Risk
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<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 June 30, 2023 and December 31, 2022 is maintained at high-quality financial institutions and has not incurred any losses to date. </p>
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<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>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">For the six months ended June 30, 2023, 87% of the Company’s purchases related to three suppliers. For the six months ended June 30, 2022, 92% of the Company’s purchases related to four suppliers. At June 30, 2023 and 2022, 74% and 57% 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>
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The Company uses the straight-line method of depreciation over estimated useful lives of 2 to 5 years
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InterestExpenseOther
328265 usd
CY2022Q2 us-gaap Interest Expense Other
InterestExpenseOther
462483 usd
us-gaap Interest Expense Other
InterestExpenseOther
652923 usd
us-gaap Interest Expense Other
InterestExpenseOther
919884 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
2838952 usd
meec Fair Value Of Sharing Profit
FairValueOfSharingProfit
1954383 usd
us-gaap Schedule Of Closed Block Assets And Liabilities
ScheduleOfClosedBlockAssetsAndLiabilities
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Profit Share as of January 1, 2023</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;">3,638,260</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 style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Addition</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;">-</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 0px 0px 0in">Loss on change in fair value of profit share</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;">313,897</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="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Profit Share as of June 30, 2023</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;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">3,952,157</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Profit Share as of January 1, 2022</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,836,743</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 0px 0px 0in">Addition</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;">-</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 style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Loss on change in fair value of profit share</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;">307,417</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:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Profit Share as of June 30, 2022</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;">3,144,160</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 Profit Share Beginning Balance
ProfitShareBeginningBalance
3638260 usd
meec Addition
Addition
0 usd
us-gaap Gain Loss On Foreign Currency Fair Value Hedge Derivatives
GainLossOnForeignCurrencyFairValueHedgeDerivatives
313897 usd
meec Profit Share Ending Balance
ProfitShareEndingBalance
3952157 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
307417 usd
meec Profit Share Ending Balance
ProfitShareEndingBalance
3144160 usd
CY2023Q1 meec License And Supply Agreement Description
LicenseAndSupplyAgreementDescription
the Company shall pay Dakin a license fee of $12,500 per month for a three-year period commencing as of the effective date and pay Dakin a royalty on all sales in the United States of the products comprising the Dakin IP made by the Company
CY2023Q2 srt Life Insurance In Force Net
LifeInsuranceInForceNet
75000 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
31504 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
51563 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
33058 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
43262 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
0 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
11289 usd
CY2023Q2 meec Lease Obligations Repayments Of Principal Payments Current
LeaseObligationsRepaymentsOfPrincipalPaymentsCurrent
33750 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
33750 usd
CY2023Q2 meec Less Discount
LessDiscount
-692 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
20059 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
201634 usd
CY2023Q2 meec Stock Based Compensation Expense
StockBasedCompensationExpense
158414 usd
CY2022Q2 meec Stock Based Compensation Expense
StockBasedCompensationExpense
268536 usd
meec Stock Based Compensation Expense
StockBasedCompensationExpense
320306 usd
meec Stock Based Compensation Expense
StockBasedCompensationExpense
450283 usd
CY2022Q2 meec Exercisable Per Share
ExercisablePerShare
0.21
CY2022Q2 meec Option Value
OptionValue
143745 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P2Y6M
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
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
18876912 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.50
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y3M21D
meec Aggregate Intrinsic Value Beginning Balance
AggregateIntrinsicValueBeginningBalance
246666 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
500000 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
0.40
meec Number Of Shares Expirations
NumberOfSharesExpirations
-137241 shares
us-gaap Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
0.26
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
1545467 shares
meec Weighted Average Exercise Price Exercises
WeightedAverageExercisePriceExercises
0.25
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.52
meec Weighted Average Remaining Contractual Life Years Ending Balance
WeightedAverageRemainingContractualLifeYearsEndingBalance
P2Y25D
meec Aggregate Intrinsic Value Ending
AggregateIntrinsicValueEnding
370447 usd
meec Stock Issued During Period Shares Stock Options Exercisable
StockIssuedDuringPeriodSharesStockOptionsExercisable
17194204 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.53
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y10M28D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
370447 usd
CY2023Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.29
meec Stock Issued During Period Shares Stock Options Exercised For Cash
StockIssuedDuringPeriodSharesStockOptionsExercisedForCash
850000 shares
meec Stock Issued During Period Shares Stock Options Exercised For Cashless
StockIssuedDuringPeriodSharesStockOptionsExercisedForCashless
695467 shares

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