2022 Q3 Form 10-Q Financial Statement

#000121390022050009 Filed on August 22, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $1.195M $2.024M $9.904M
YoY Change 399.35% 52.95% -48.64%
Cost Of Revenue $1.055M $1.229M $1.420M
YoY Change 890.96% -19.23% -90.08%
Gross Profit $140.7K $795.3K $8.485M
YoY Change 5.81% -502.17% 70.67%
Gross Profit Margin 11.77% 39.3% 85.67%
Selling, General & Admin $2.806M $3.179M $2.513M
YoY Change -30.66% -8.71% -7.81%
% of Gross Profit 1994.36% 399.75% 29.61%
Research & Development $0.00 $13.77K $0.00
YoY Change -100.0%
% of Gross Profit 0.0% 1.73% 0.0%
Depreciation & Amortization $49.49K $53.58K $454.6K
YoY Change -88.78% 7.67% -3.83%
% of Gross Profit 35.18% 6.74% 5.36%
Operating Expenses $2.462M $3.927M $1.363M
YoY Change -45.35% 21.95% -55.71%
Operating Profit -$2.322M -$3.131M $7.122M
YoY Change -46.9% -8.38% 276.02%
Interest Expense $364.1K -$489.8K -$869.2K
YoY Change 82.88% 191.22%
% of Operating Profit -12.2%
Other Income/Expense, Net -$29.33K $7.918K
YoY Change 2495.49% -94.93%
Pretax Income -$2.351M -$3.123M -$808.6K
YoY Change -43.68% -4.24% -152.06%
Income Tax -$655.9K
% Of Pretax Income
Net Earnings -$2.242M -$3.259M -$808.6K
YoY Change -46.3% -0.08% -152.06%
Net Earnings / Revenue -187.55% -161.04% -8.16%
Basic Earnings Per Share -$0.05 -$0.07
Diluted Earnings Per Share -$0.05 -$0.07 -$17.10K
COMMON SHARES
Basic Shares Outstanding 47.03M shares 47.34M shares
Diluted Shares Outstanding 47.34M shares 47.34M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.567M $6.880M $8.219M
YoY Change -72.81% -63.83% -66.54%
Cash & Equivalents $3.026M $4.498M $6.286M
Short-Term Investments $1.541M $2.382M $1.932M
Other Short-Term Assets $2.444M $1.327M $620.1K
YoY Change 38.03% -12.15% -33.54%
Inventory
Prepaid Expenses $1.601M $1.248M $582.1K
Receivables $2.222M $2.826M $5.416M
Other Receivables $136.1K $678.0K $10.60M
Total Short-Term Assets $9.368M $11.71M $24.85M
YoY Change -69.69% -67.04% -37.14%
LONG-TERM ASSETS
Property, Plant & Equipment $964.3K $1.072M $1.166M
YoY Change -54.06% -52.09% -5.17%
Goodwill
YoY Change
Intangibles $6.659M $6.879M $7.100M
YoY Change -36.5%
Long-Term Investments €13.00M $0.00
YoY Change 1996.23% -100.0%
Other Assets $20.10M $11.74M $4.805M
YoY Change 604.78% 353.39% 82.23%
Total Long-Term Assets $28.25M $20.32M $13.81M
YoY Change 38.52% -5.02% -40.46%
TOTAL ASSETS
Total Short-Term Assets $9.368M $11.71M $24.85M
Total Long-Term Assets $28.25M $20.32M $13.81M
Total Assets $37.62M $32.03M $38.67M
YoY Change -26.67% -43.73% -38.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.211M $1.516M $757.1K
YoY Change 132.62% -33.72% -80.89%
Accrued Expenses $3.712M $4.604M $8.568M
YoY Change -76.1% -76.79% -59.7%
Deferred Revenue $8.039M $8.098M
YoY Change
Short-Term Debt $533.3K $189.4K $55.00K
YoY Change 752.36% 179.25% -20.27%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.04M $16.25M $19.08M
YoY Change -54.32% -57.31% -52.45%
LONG-TERM LIABILITIES
Long-Term Debt $1.134M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $48.59K $99.21K $342.0K
YoY Change -96.89% -95.77% -91.69%
Total Long-Term Liabilities $1.183M $99.21K $342.0K
YoY Change -24.32% -95.77% -91.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.04M $16.25M $19.08M
Total Long-Term Liabilities $1.183M $99.21K $342.0K
Total Liabilities $18.23M $16.35M $19.42M
YoY Change -53.11% -59.54% -56.1%
SHAREHOLDERS EQUITY
Retained Earnings -$91.03M -$88.79M -$85.53M
YoY Change 14.38%
Common Stock $47.03K $47.03K $47.03K
YoY Change 0.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $99.75K $99.75K $99.75K
YoY Change
Treasury Stock Shares
Shareholders Equity $3.226M $5.255M $8.882M
YoY Change
Total Liabilities & Shareholders Equity $37.62M $32.03M $38.67M
YoY Change -26.67% -43.73% -38.37%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.242M -$3.259M -$808.6K
YoY Change -46.3% -0.08% -152.06%
Depreciation, Depletion And Amortization $49.49K $53.58K $454.6K
YoY Change -88.78% 7.67% -3.83%
Cash From Operating Activities -$11.18M $6.312M -$2.345M
YoY Change 430.22% -215.04% -117.26%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $9.052K -$60.96K
YoY Change -100.0% -62.29% -90.73%
Acquisitions
YoY Change
Other Investing Activities -$8.347M -$6.970M -$1.855M
YoY Change 3447.3% 102.52%
Cash From Investing Activities -$8.347M -$6.979M -$1.916M
YoY Change 150836.35% 28973.05% 21.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.83M 0.000 0.000
YoY Change 7133704.0%
NET CHANGE
Cash From Operating Activities -11.18M $6.312M -2.345M
Cash From Investing Activities -8.347M -$6.979M -1.916M
Cash From Financing Activities 17.83M 0.000 0.000
Net Change In Cash -1.695M -$1.789M -4.261M
YoY Change -19.84% -67.28% -135.48%
FREE CASH FLOW
Cash From Operating Activities -$11.18M $6.312M -$2.345M
Capital Expenditures $0.00 $9.052K -$60.96K
Free Cash Flow -$11.18M $6.303M -$2.284M
YoY Change 431.62% -214.37% -116.04%

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nature of Operations</b></span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify">Pacific Green Technologies Inc. (the “Company”) was incorporated in the state of Delaware, USA on March 10, 1994. The Company is in the business of acquiring, developing, and marketing environmental technologies, with a focus on emission control technologies.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify">The condensed consolidated interim financial statements of the Company should be read in conjunction with the consolidated financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2022. In the opinion of management, the accompanying condensed consolidated interim financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify">The preparation of these condensed consolidated interim financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year.</p>
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The Company received $7.0 million (£5.35 million) on April 1, 2022, $1.9 million (£1.43 million) during May 2022 and a further $0.5 million (£0.41 million) in June 2022. It will receive the remaining $7.6 million (£5.81 million) demand in July and August 2022 as project cash requirements demand.
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CY2022Q2 us-gaap Related Party Transaction Description Of Transaction
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(a)As at June 30, 2022, the Company owed $83,196 to (March 31, 2022 – $4,250) companies controlled by a director and officer of the Company. The amounts owing are unsecured, non-interest bearing, and due on demand. (b)During the three months ended June 30, 2022, the Company incurred $220,838 (2021 – $205,752) in consulting fees, salaries, and commissions to companies controlled by a director of the Company.   (c)During the three months ended June 30, 2022, the Company incurred $54,866 (2021– $12,750) in consulting fees to a director, or companies controlled by a director of the Company. (d)During the three months ended June 30, 2022, the Company incurred $250,368 (2021– $nil) in consulting fees to a director, or companies controlled by a director of a Subsidiary of the Company.
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CY2022Q2 pgtk Imputed Interest
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CY2022Q2 pgtk Operating Lease Obligations
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CY2017Q3 us-gaap Other Commitments Description
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The parties will fund the venture proportionately, 50.1% by the Company and 49.9% by the Supplier, and excess operating cash flows will be distributed on a quarterly basis.
CY2022Q2 us-gaap Other Tax Expense Benefit
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CY2021Q2 pgtk Income Tax Reconciliation Permanent Differences And Other
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CY2021Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022Q2 pgtk Tax Benefit Measured Percentage
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CY2022Q2 us-gaap Operating Loss Carryforwards
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CY2022Q2 us-gaap Deferred Tax Assets Unrealized Losses On Availablefor Sale Securities Gross
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CY2022Q2 dei Document Fiscal Year Focus
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