$BGXX
Bright Green Corp

2022 Q3 Form 10-Q Financial Statement

#000149315222022413 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.637M $12.69M $534.5K
YoY Change 1184.81% 5099.34% 118.92%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $140.3K $194.7K $191.8K
YoY Change -25.97% 3.86% 3.47%
% of Gross Profit
Operating Expenses $5.777M $12.88M $726.4K
YoY Change 819.6% 2885.86% 69.1%
Operating Profit -$5.777M -$12.88M -$726.3K
YoY Change 819.6% 2885.86%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$5.777M -$12.88M -$726.4K
YoY Change 819.6% 2885.87% 69.1%
Income Tax
% Of Pretax Income
Net Earnings -$5.777M -$12.88M -$726.4K
YoY Change 819.6% 2885.86% 69.1%
Net Earnings / Revenue
Basic Earnings Per Share -$0.04 -$0.08
Diluted Earnings Per Share -$35.73K -$80.73K -$4.610K
COMMON SHARES
Basic Shares Outstanding 159.8M shares 159.6M shares 157.6M shares
Diluted Shares Outstanding 161.7M shares 158.9M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.062M $179.0K $648.2K
YoY Change 197.54% -87.12%
Cash & Equivalents $4.062M $179.0K $648.2K
Short-Term Investments
Other Short-Term Assets $90.59K $105.5K $120.6K
YoY Change 9.11% 1219.13%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $4.153M $284.5K $768.7K
YoY Change 182.83% -79.65%
LONG-TERM ASSETS
Property, Plant & Equipment $12.42M $9.557M $7.959M
YoY Change 72.09% 29.06%
Goodwill
YoY Change
Intangibles $1.000K $1.000K
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.428M
YoY Change
Total Long-Term Assets $13.85M $9.558M $7.960M
YoY Change 91.87% 29.05%
TOTAL ASSETS
Total Short-Term Assets $4.153M $284.5K $768.7K
Total Long-Term Assets $13.85M $9.558M $7.960M
Total Assets $18.00M $9.842M $8.729M
YoY Change 107.25% 11.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.048M $1.403M $739.9K
YoY Change 1026.08% 1325.55%
Accrued Expenses $379.1K $100.8K $52.81K
YoY Change -17.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.819M $1.896M $1.185M
YoY Change 1450.17% 760.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.035M $2.005M $0.00
YoY Change 521.47% 408.95%
Total Long-Term Liabilities $2.034M $2.005M $0.00
YoY Change 521.47% 408.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.819M $1.896M $1.185M
Total Long-Term Liabilities $2.034M $2.005M $0.00
Total Liabilities $4.854M $3.901M $1.185M
YoY Change 853.14% 535.13%
SHAREHOLDERS EQUITY
Retained Earnings -$32.10M -$20.02M
YoY Change
Common Stock $41.40M $25.96M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.15M $5.941M $7.544M
YoY Change
Total Liabilities & Shareholders Equity $18.00M $9.842M $8.729M
YoY Change 107.25% 11.79%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$5.777M -$12.88M -$726.4K
YoY Change 819.6% 2885.86% 69.1%
Depreciation, Depletion And Amortization $140.3K $194.7K $191.8K
YoY Change -25.97% 3.86% 3.47%
Cash From Operating Activities -$804.2K -$3.677M $137.9K
YoY Change 54.03% 630.26%
INVESTING ACTIVITIES
Capital Expenditures -$3.001M -$1.792M -$822.3K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$1.428M
YoY Change
Cash From Investing Activities -$4.429M -$1.792M -$822.3K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.117M 5.000M 50.00K
YoY Change 1732.62% 179.13%
NET CHANGE
Cash From Operating Activities -804.2K -3.677M 137.9K
Cash From Investing Activities -4.429M -1.792M -822.3K
Cash From Financing Activities 9.117M 5.000M 50.00K
Net Change In Cash 3.883M -469.2K -634.4K
YoY Change -15854.44% -136.44%
FREE CASH FLOW
Cash From Operating Activities -$804.2K -$3.677M $137.9K
Capital Expenditures -$3.001M -$1.792M -$822.3K
Free Cash Flow $2.197M -$1.885M $960.2K
YoY Change 274.37%

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us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_848_eus-gaap--UseOfEstimates_zTjZZtkVBL2i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"/> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zQ466pEzcKD">Use of Estimates</span></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. This applies in particular to valuation allowance for deferred tax assets and assignment of the useful lives of property and equipment. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</span></p>
CY2022Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2021Q4 us-gaap Time Deposit Liability Above Us Insurance Limit
TimeDepositLiabilityAboveUsInsuranceLimit
1032565 usd
CY2022Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
81996 usd
CY2022Q2 us-gaap Land
Land
260000 usd
CY2021Q4 us-gaap Land
Land
260000 usd
CY2022Q2 us-gaap Construction In Progress Gross
ConstructionInProgressGross
2835040 usd
CY2021Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
302717 usd
CY2022Q2 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
8883851 usd
CY2021Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
8883851 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12060887 usd
CY2022Q2 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
1000 usd
CY2021Q4 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
1000 usd
CY2022Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1000 usd
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1000 usd
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
159818490 shares
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
159818490 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
157544500 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
157544500 shares
CY2022Q2 us-gaap Due To Officers Or Stockholders Current
DueToOfficersOrStockholdersCurrent
392194 usd
CY2021Q4 us-gaap Due To Officers Or Stockholders Current
DueToOfficersOrStockholdersCurrent
392194 usd
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p id="xdx_801_eus-gaap--LossContingencyDisclosures_zmodKiXXU8J1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_825_z0aaHPh4RER5">Contingencies</span></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the ordinary course of business, the Company is routinely defendants in, or parties to a number of pending and threatened legal actions including actions brought on behalf of various classes of claimants. In view of the inherent difficulty of predicting the outcome of such matters, the Company cannot state what the eventual outcome of such matters will be. Legal provisions are established when it becomes probable that the Company will incur an expense related to a legal action and the amount can be reliably estimated. Such provisions are recorded at the best estimate of the amount required to settle any obligation related to these legal actions as at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Management and internal and external experts are involved in estimating any amounts that may be required. The actual costs of resolving these claims may vary significantly from the amount of the legal provisions. The Company’s estimate involves significant judgement, given the varying stages of the proceedings, the fact that the Company’s liability, if any, has yet to be determined and the fact that the underlying matters will change from time to time. Other than as set forth below, the Company is not presently a party to any litigation. The Company is not able to make a reliable assessment of the potential losses as these matters are at an early stage, accordingly, no amounts have been accrued in the condensed financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRIGHT GREEN CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Condensed Financial Statements (Unaudited)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the Three Months and Six Months Ended June 30, 2022 and 2021</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed in United States Dollars)</span></p> <div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></div></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Contingencies (continued)</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bright Green Corporation v. John Fikany, State of New Mexico, County of Cibola, Thirteenth Judicial District</i>. In this matter, the Company filed a complaint for declaratory judgment against the former acting Chief Executive Officer of the <span id="xdx_90C_eus-gaap--OtherCommitmentsDescription_c20220101__20220630_zGG1jMU0Fveh" title="Other commitments description">Bright Green Group of Companies, an entity unrelated to the Company, to determine if defendant is entitled to 5,000,000 shares of the Company’s common stock, based on a failure to fulfill agreed upon conditions precedent to earning such shares from the Company</span>. Defendant counterclaimed and filed a third-party claim against a director of the Company, and her spouse, for claims including wrongful termination and breach of contract. The Company denies defendants allegations and have set forth arguments refuting defendant’s counterclaims and third-party claims. The case is in the discovery phase. The</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company is exploring potential dispositive motions against the counter and third-party claims.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bright Green Corporation v. Jerry Capussi, State of New Mexico, County of Cibola, Thirteenth Judicial District</i>. In this matter, the Company and defendant, a former consultant of BGGI, a predecessor to the Company, have each filed claims for declaratory judgment seeking to determine by court order whether defendant is entitled to (i) shares of common stock in the Company (amounting to no more than 108,000 shares) or (ii) fair market value of defendant’s equity ownership of BGGI. The lawsuit is in early discovery stages, and the Company is preparing arguments for a summary judgment motion. There are no claims for specific monetary liability against either party.</span></p>
us-gaap Other Commitments Description
OtherCommitmentsDescription
Bright Green Group of Companies, an entity unrelated to the Company, to determine if defendant is entitled to 5,000,000 shares of the Company’s common stock, based on a failure to fulfill agreed upon conditions precedent to earning such shares from the Company

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