2022 Q4 Form 10-Q Financial Statement

#000149315222032289 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.452M $5.637M $438.7K
YoY Change 98.35% 1184.81% -56.99%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $177.9K $140.3K $189.5K
YoY Change -6.1% -25.97% -9.77%
% of Gross Profit
Operating Expenses $1.629M $5.777M $628.2K
YoY Change 76.87% 819.6% -48.93%
Operating Profit -$5.777M -$628.2K
YoY Change 819.6%
Interest Expense -$213.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.842M -$5.777M -$628.2K
YoY Change 99.99% 819.6% -48.93%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.978M -$5.777M -$628.2K
YoY Change 114.66% 819.6% -48.93%
Net Earnings / Revenue
Basic Earnings Per Share -$0.04 $0.00
Diluted Earnings Per Share -$0.01 -$35.73K -$3.967K
COMMON SHARES
Basic Shares Outstanding 169.3M shares 159.8M shares 157.0M shares
Diluted Shares Outstanding 161.7M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $414.6K $4.062M $1.365M
YoY Change -67.68% 197.54%
Cash & Equivalents $414.6K $4.062M $1.365M
Short-Term Investments
Other Short-Term Assets $77.85K $90.59K $83.03K
YoY Change -53.72% 9.11%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $492.4K $4.153M $1.468M
YoY Change -66.06% 182.83%
LONG-TERM ASSETS
Property, Plant & Equipment $17.15M $12.42M $7.216M
YoY Change 133.96% 72.09%
Goodwill
YoY Change
Intangibles $1.000K $1.000K
YoY Change 0.0%
Long-Term Investments $135.2K
YoY Change
Other Assets $1.158M $1.428M
YoY Change
Total Long-Term Assets $22.30M $13.85M $7.217M
YoY Change 204.18% 91.87%
TOTAL ASSETS
Total Short-Term Assets $492.4K $4.153M $1.468M
Total Long-Term Assets $22.30M $13.85M $7.217M
Total Assets $22.79M $18.00M $8.685M
YoY Change 159.53% 107.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.034M $2.048M $181.9K
YoY Change 3257.34% 1026.08%
Accrued Expenses $447.3K $379.1K
YoY Change 2381.42%
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 $7.523M $2.819M $181.9K
YoY Change 4379.2% 1450.17%
LONG-TERM LIABILITIES
Long-Term Debt $3.686M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $2.035M $327.4K
YoY Change -100.0% 521.47%
Total Long-Term Liabilities $3.686M $2.034M $327.4K
YoY Change 839.87% 521.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.523M $2.819M $181.9K
Total Long-Term Liabilities $3.686M $2.034M $327.4K
Total Liabilities $11.21M $4.854M $509.2K
YoY Change 1901.13% 853.14%
SHAREHOLDERS EQUITY
Retained Earnings -$34.08M -$32.10M
YoY Change 431.29%
Common Stock $45.65M $41.40M
YoY Change 211.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.58M $13.15M $8.176M
YoY Change
Total Liabilities & Shareholders Equity $22.79M $18.00M $8.685M
YoY Change 159.53% 107.25%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$1.978M -$5.777M -$628.2K
YoY Change 114.66% 819.6% -48.93%
Depreciation, Depletion And Amortization $177.9K $140.3K $189.5K
YoY Change -6.1% -25.97% -9.77%
Cash From Operating Activities $2.078M -$804.2K -$522.1K
YoY Change -429.31% 54.03% 174.8%
INVESTING ACTIVITIES
Capital Expenditures $4.907M -$3.001M
YoY Change -1720.92%
Acquisitions
YoY Change
Other Investing Activities -$2.419M -$1.428M
YoY Change
Cash From Investing Activities -$7.326M -$4.429M
YoY Change 2319.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $564.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.600M 9.117M 497.5K
YoY Change 88.05% 1732.62% 161.83%
NET CHANGE
Cash From Operating Activities 2.078M -804.2K -522.1K
Cash From Investing Activities -7.326M -4.429M
Cash From Financing Activities 1.600M 9.117M 497.5K
Net Change In Cash -3.648M 3.883M -24.65K
YoY Change 4304.58% -15854.44%
FREE CASH FLOW
Cash From Operating Activities $2.078M -$804.2K -$522.1K
Capital Expenditures $4.907M -$3.001M
Free Cash Flow -$2.829M $2.197M
YoY Change 762.02%

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ProceedsFromLongTermLinesOfCredit
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CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-32098200 usd
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-6413744 usd
CY2022Q3 BGXX Working Capital Deficit
WorkingCapitalDeficit
1333760 usd
CY2021Q4 BGXX Working Capital Deficit
WorkingCapitalDeficit
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us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
12186733 usd
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
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us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
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CY2022Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
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CY2022Q3 us-gaap Line Of Credit
LineOfCredit
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us-gaap Advertising Expense
AdvertisingExpense
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us-gaap Advertising Expense
AdvertisingExpense
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us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_zt4q5hwmy523" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_zQ3UpiGWK632">Use of Estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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, valuation of warrants and stock-based compensation 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> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2021Q4 us-gaap Time Deposit Liability Above Us Insurance Limit
TimeDepositLiabilityAboveUsInsuranceLimit
1032565 usd
CY2022Q3 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
88690 usd
CY2022Q3 us-gaap Land
Land
260000 usd
CY2021Q4 us-gaap Land
Land
260000 usd
CY2022Q3 us-gaap Construction In Progress Gross
ConstructionInProgressGross
5829420 usd
CY2021Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
302717 usd
CY2022Q3 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
8883851 usd
CY2021Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
8883851 usd
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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2644553 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2117804 usd
CY2022Q3 us-gaap Property Plant And Equipment Net
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12417408 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7328764 usd
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
54507 usd
CY2022Q3 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
1000 usd
CY2021Q4 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
1000 usd
CY2022Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1000 usd
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1000 usd
us-gaap Payments For Purchase Of Other Assets1
PaymentsForPurchaseOfOtherAssets1
2855945 usd
BGXX Payments For Acquire Property Deposits
PaymentsForAcquirePropertyDeposits
1427973 usd
us-gaap Payments For Deposits
PaymentsForDeposits
1427972 usd
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
1511067 usd
CY2022Q3 us-gaap Interest Payable Current
InterestPayableCurrent
54507 usd
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
54507 usd
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
169342300 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
800000 usd
us-gaap Legal Fees
LegalFees
55617 usd
CY2022Q3 us-gaap Escrow Deposit
EscrowDeposit
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CY2022Q3 us-gaap Share Price
SharePrice
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CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
1.743 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0341 pure
BGXX Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dilutive Issuance Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDilutiveIssuanceRate
0.15 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
4489662 usd
CY2021Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
102000 usd
CY2021Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
34000 shares
CY2022Q3 us-gaap Due To Officers Or Stockholders Current
DueToOfficersOrStockholdersCurrent
392194 usd
CY2021Q4 us-gaap Due To Officers Or Stockholders Current
DueToOfficersOrStockholdersCurrent
392194 usd
CY2022Q3 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
2034497 usd
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p id="xdx_801_eus-gaap--LossContingencyDisclosures_z0kHzDfX1Nlk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_822_zUGhuDlffOH6">Contingencies</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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 may routinely be a defendant in, or party 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 condensed 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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_90F_eus-gaap--OtherCommitmentsDescription_c20220101__20220930_zdNlOVqlNnl3" 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 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the Three Months and Nine Months Ended September 30, 2022 and 2021</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed in United States Dollars)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"> </div></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </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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