2024 Q2 Form 10-K Financial Statement

#000149315224014864 Filed on April 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.380M $1.320M $8.253M
YoY Change -51.2% -9.07% -68.98%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $144.0K $160.9K $638.5K
YoY Change -9.54% -9.58% -9.39%
% of Gross Profit
Operating Expenses $1.524M $1.481M $8.891M
YoY Change -48.97% -9.13% -67.45%
Operating Profit -$1.524M -$8.891M
YoY Change -48.97% -67.45%
Interest Expense $120.00 -$260.00 -$1.630K
YoY Change -116.67% -99.88% -99.23%
% of Operating Profit
Other Income/Expense, Net $80.12K -$4.016M -$4.016M
YoY Change 10966.3% -1985.44%
Pretax Income -$1.444M -$5.497M -$12.91M
YoY Change -51.67% 198.35% -53.1%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.444M -$5.531M -$13.13M
YoY Change -51.75% 179.68% -52.54%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 -$0.07
Diluted Earnings Per Share -$0.01 -$0.03 -$0.07
COMMON SHARES
Basic Shares Outstanding 190.2M shares 183.9M shares 178.6M shares
Diluted Shares Outstanding 190.2M shares 178.6M shares

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $92.83K $10.06K $10.06K
YoY Change -81.71% -97.57% -97.57%
Cash & Equivalents $92.83K $10.06K
Short-Term Investments
Other Short-Term Assets $42.05K $258.2K $258.2K
YoY Change -76.91% 231.7% 231.7%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $134.9K $268.3K $268.3K
YoY Change -80.44% -45.52% -45.52%
LONG-TERM ASSETS
Property, Plant & Equipment $15.84M $16.41M $16.41M
YoY Change -17.08% -4.31% -4.31%
Goodwill
YoY Change
Intangibles $9.010K $1.000K
YoY Change 801.0% 0.0%
Long-Term Investments $0.00 $726.3K $726.3K
YoY Change -100.0% 437.41% -81.8%
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $15.85M $17.13M $17.13M
YoY Change -34.51% -23.15% -23.15%
TOTAL ASSETS
Total Short-Term Assets $134.9K $268.3K $268.3K
Total Long-Term Assets $15.85M $17.13M $17.13M
Total Assets $15.98M $17.40M $17.40M
YoY Change -35.78% -23.63% -23.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.769M $4.175M $4.175M
YoY Change -11.83% -17.06% -17.06%
Accrued Expenses $37.22K $411.1K $411.1K
YoY Change -96.07% -8.1% -8.1%
Deferred Revenue
YoY Change
Short-Term Debt $512.7K $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.119M $6.236M $6.236M
YoY Change -23.56% -17.11% -17.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $201.8K $201.8K
YoY Change -100.0% -94.53% -94.53%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $201.8K $201.8K
YoY Change -100.0% -94.53% -94.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.119M $6.236M $6.236M
Total Long-Term Liabilities $0.00 $201.8K $201.8K
Total Liabilities $6.119M $6.438M $6.438M
YoY Change -47.1% -42.57% -42.57%
SHAREHOLDERS EQUITY
Retained Earnings -$49.60M -$47.20M
YoY Change 24.99% 38.52%
Common Stock $59.46M $58.17M
YoY Change 12.18% 27.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.863M $10.96M $10.96M
YoY Change
Total Liabilities & Shareholders Equity $15.98M $17.40M $17.40M
YoY Change -35.78% -23.63% -23.63%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$1.444M -$5.531M -$13.13M
YoY Change -51.75% 179.68% -52.54%
Depreciation, Depletion And Amortization $144.0K $160.9K $638.5K
YoY Change -9.54% -9.58% -9.39%
Cash From Operating Activities -$791.8K $17.83K -$2.456M
YoY Change -66.34% -99.14% 8.38%
INVESTING ACTIVITIES
Capital Expenditures $89.68K $329.5K $2.534M
YoY Change -86.92% -93.29% -75.92%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$89.68K -$329.5K -$2.534M
YoY Change -86.92% -95.5% -82.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.185M
YoY Change 37.2%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 974.3K 200.0K 4.585M
YoY Change -68.8% -87.5% -70.92%
NET CHANGE
Cash From Operating Activities -791.8K 17.83K -2.456M
Cash From Investing Activities -89.68K -329.5K -2.534M
Cash From Financing Activities 974.3K 200.0K 4.585M
Net Change In Cash 92.83K -111.7K -404.5K
YoY Change 9.29% -96.94% -53.4%
FREE CASH FLOW
Cash From Operating Activities -$791.8K $17.83K -$2.456M
Capital Expenditures $89.68K $329.5K $2.534M
Free Cash Flow -$881.5K -$311.7K -$4.989M
YoY Change -70.98% -88.98% -60.98%

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<p id="xdx_849_eus-gaap--UseOfEstimates_zEVwjjARRxh" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_866_zA631o2Tb316">Use of Estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 4.5pt; 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 consolidated 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 consolidated 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, 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, stock options, stock-based compensation, going concern assessment, impairment of non-current assets, and assignment of the useful lives of property, plant, 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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2023 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p id="xdx_804_eus-gaap--LossContingencyDisclosures_zKb0iAEDdHjl" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_821_zSy4PmN6JTwk">Contingencies</span> </span></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"> </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 consolidated 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 <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 consolidated financial statements.</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0pt 0pt 0"><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; text-align: left; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the Years Ended December 31, 2023 and 2022</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0pt 0pt 0"><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"> </div></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><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> <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">15.</span></td> <td style="text-align: left"><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"> </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 a consultant of the <span id="xdx_900_eus-gaap--LossContingencyActionsTakenByDefendant_c20230101__20231231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zL8tvlOr0Wph" title="Contingency, taken by defendant 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 trial date for the case has been scheduled for April 22, 2024.</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 Sunnyland Farms Inc., an entity unrelated to the Company, have each filed claims for declaratory judgment seeking to determine by court order whether defendant is entitled to <span id="xdx_90F_eus-gaap--LossContingencyActionsTakenByDefendant_c20230101__20231231_zrKNWwmYc6Cd" title="Contingency, taken by defendant description">(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.</span> 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: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 us-gaap Loss Contingency Actions Taken By Defendant
LossContingencyActionsTakenByDefendant
(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.

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