2023 Q1 Form 10-Q Financial Statement

#000121390023011331 Filed on February 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2021 Q4
Revenue $779.9K $3.640M $2.642M
YoY Change -92.13% 37.76% -43.28%
Cost Of Revenue $532.0K $3.018M $1.328M
YoY Change -62.52% 127.16% -63.36%
Gross Profit $247.9K $622.5K $1.314M
YoY Change -97.08% -52.62% 27.15%
Gross Profit Margin 31.79% 17.1% 49.73%
Selling, General & Admin $2.483M $3.370M $3.827M
YoY Change -1.18% -11.94% -0.96%
% of Gross Profit 1001.45% 541.41% 291.31%
Research & Development $0.00
YoY Change
% of Gross Profit 0.0%
Depreciation & Amortization $262.7K $45.60K $449.1K
YoY Change -42.21% -89.85% 2.64%
% of Gross Profit 105.97% 7.33% 34.18%
Operating Expenses $2.464M $2.666M $0.00
YoY Change 80.77% -100.0%
Operating Profit -$2.216M -$2.043M $1.314M
YoY Change -131.12% -255.52% -138.7%
Interest Expense -$1.567M -$181.7K -$2.100K
YoY Change 80.34% 8553.81% -100.98%
% of Operating Profit -0.16%
Other Income/Expense, Net -$187.5K $32.69K
YoY Change -673.6%
Pretax Income -$4.089M -$2.231M -$2.981M
YoY Change 405.71% -25.18% -6.26%
Income Tax
% Of Pretax Income
Net Earnings -$3.592M -$2.224M -$2.981M
YoY Change 344.26% -25.4% -6.26%
Net Earnings / Revenue -460.56% -61.1% -112.84%
Basic Earnings Per Share -$0.05 -$0.01
Diluted Earnings Per Share -$0.08 -$0.05 -$63.00K
COMMON SHARES
Basic Shares Outstanding 47.28M shares 47.03M shares 47.32M shares
Diluted Shares Outstanding 47.34M shares 47.32M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.217M $2.602M $10.89M
YoY Change -85.19% -76.1% -8.46%
Cash & Equivalents $1.160M $2.500M $9.798M
Short-Term Investments $56.48K $101.4K $1.089M
Other Short-Term Assets $789.6K $1.161M $763.0K
YoY Change 27.34% 52.15% 59.84%
Inventory
Prepaid Expenses $325.8K $1.098M
Receivables $1.391M $2.375M $11.34M
Other Receivables $359.5K $510.2K $64.25K
Total Short-Term Assets $3.757M $6.648M $23.05M
YoY Change -84.88% -71.16% -49.84%
LONG-TERM ASSETS
Property, Plant & Equipment $1.200M $945.7K $2.000M
YoY Change 2.86% -52.71% -20.15%
Goodwill
YoY Change
Intangibles $6.706M $6.439M
YoY Change -5.54%
Long-Term Investments $65.14K
YoY Change -97.02%
Other Assets $18.90M $36.37M $3.370M
YoY Change 293.36% 979.45% 843.79%
Total Long-Term Assets $26.81M $46.44M $19.95M
YoY Change 94.12% 132.78% -5.11%
TOTAL ASSETS
Total Short-Term Assets $3.757M $6.648M $23.05M
Total Long-Term Assets $26.81M $46.44M $19.95M
Total Assets $30.57M $53.09M $43.00M
YoY Change -20.95% 23.45% -35.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $692.5K $1.166M $716.3K
YoY Change -8.53% 62.77% -48.33%
Accrued Expenses $2.714M $3.118M $11.90M
YoY Change -68.33% -73.79% -57.2%
Deferred Revenue $8.751M $8.039M
YoY Change 8.07%
Short-Term Debt $2.459M $10.55M $60.05K
YoY Change 4371.18% 17469.58% -23.32%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.54M $25.04M $32.51M
YoY Change -18.56% -22.97% -31.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $8.237M $0.00
YoY Change
Other Long-Term Liabilities $212.6K $2.312M $992.4K
YoY Change -37.83% 132.92% -63.23%
Total Long-Term Liabilities $212.6K $10.55M $992.4K
YoY Change -37.83% 962.9% -63.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.54M $25.04M $32.51M
Total Long-Term Liabilities $212.6K $10.55M $992.4K
Total Liabilities $31.41M $35.59M $33.50M
YoY Change 61.75% 6.23% -33.14%
SHAREHOLDERS EQUITY
Retained Earnings -$96.85M -$93.26M
YoY Change 13.23%
Common Stock $372.3K $47.03K
YoY Change 691.62%
Preferred Stock
YoY Change
Treasury Stock (at cost) $99.75K $99.75K
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity -$848.1K $1.336M $9.499M
YoY Change
Total Liabilities & Shareholders Equity $30.57M $53.09M $43.00M
YoY Change -20.95% 23.45% -35.8%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income -$3.592M -$2.224M -$2.981M
YoY Change 344.26% -25.4% -6.26%
Depreciation, Depletion And Amortization $262.7K $45.60K $449.1K
YoY Change -42.21% -89.85% 2.64%
Cash From Operating Activities $14.09M -$1.224M -$6.015M
YoY Change -700.98% -79.66% 41.75%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$7.990K -$20.00K
YoY Change -100.0% -60.05% 39.66%
Acquisitions 7.127M gbps
YoY Change
Other Investing Activities -$10.96M -$16.58M $0.00
YoY Change 490.78% -100.0%
Cash From Investing Activities -$10.96M -$16.58M -$20.00K
YoY Change 471.98% 82783.45% -120.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.036M 17.11M -99.75K
YoY Change -17256.31%
NET CHANGE
Cash From Operating Activities 14.09M -1.224M -6.015M
Cash From Investing Activities -10.96M -16.58M -20.00K
Cash From Financing Activities -6.036M 17.11M -99.75K
Net Change In Cash -2.900M -686.9K -6.135M
YoY Change -31.93% -88.8% 48.05%
FREE CASH FLOW
Cash From Operating Activities $14.09M -$1.224M -$6.015M
Capital Expenditures $0.00 -$7.990K -$20.00K
Free Cash Flow $14.09M -$1.216M -$5.995M
YoY Change -717.02% -79.72% 41.76%

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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 0pt 0pt 0.25in; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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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us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
205824 usd
us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
544850 usd
CY2022Q4 us-gaap Business Development
BusinessDevelopment
104545 usd
CY2021Q4 us-gaap Business Development
BusinessDevelopment
624004 usd
us-gaap Business Development
BusinessDevelopment
246490 usd
CY2022Q4 pgtk Cost Of Goods And Service Sold
CostOfGoodsAndServiceSold
3017505 usd
CY2021Q4 pgtk Cost Of Goods And Service Sold
CostOfGoodsAndServiceSold
1983259 usd
pgtk Cost Of Goods And Service Sold
CostOfGoodsAndServiceSold
5300727 usd
pgtk Cost Of Goods And Service Sold
CostOfGoodsAndServiceSold
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CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
8038674 usd
CY2022Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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us-gaap Lease Expiration Date1
LeaseExpirationDate1
2023-02-09
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
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CY2022Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
757102 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3117847 usd
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8567795 usd
CY2022Q1 us-gaap Loans Payable Fair Value Disclosure
LoansPayableFairValueDisclosure
55003 usd
CY2022Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
235238 usd
CY2022Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
214887 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
4519033 usd
CY2022Q1 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
9594787 usd
CY2022Q4 pgtk Account Payable And Accrued Liabilities Current
AccountPayableAndAccruedLiabilitiesCurrent
4519033 usd
CY2022Q1 pgtk Account Payable And Accrued Liabilities Current
AccountPayableAndAccruedLiabilitiesCurrent
9594787 usd
CY2022Q2 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
28250000 gbp
CY2022Q2 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
34900000 usd
CY2022Q2 us-gaap Loans Receivable Description Of Variable Rate Basis
LoansReceivableDescriptionOfVariableRateBasis
The Facilities Agreement comprises a development facility at 4.5% above bank base rate until December 31, 2023 at which point it will be reclassified as a 5-year term loan on a 10-year amortization profile, until maturity on December 31, 2028. The term loan will bear interest at 4.5% above bank base rate for 20% of the balance, and a fixed rate of 7.173% for the 5-year period on the remaining 80% of the balance. There is also a revolving credit facility of up to £1.19 million ($1.47 million) available until March 31, 2024.
CY2022Q4 us-gaap Long Term Notes And Loans
LongTermNotesAndLoans
8236888 usd
CY2022Q4 us-gaap Long Term Notes And Loans
LongTermNotesAndLoans
6820310 gbp
CY2022Q4 us-gaap Other Loans Payable Current
OtherLoansPayableCurrent
261755 usd
CY2022Q4 us-gaap Other Loans Payable Current
OtherLoansPayableCurrent
216739 gbp
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Nonaccrual Percent Past Due
FinancingReceivableExcludingAccruedInterestNonaccrualPercentPastDue
0.22 pure
CY2022Q4 us-gaap Investment Interest Rate
InvestmentInterestRate
0.02 pure
CY2022Q4 us-gaap Investment Interest Rate
InvestmentInterestRate
0.02 pure
CY2022Q4 us-gaap Investment Interest Rate
InvestmentInterestRate
0.02 pure
CY2022Q4 us-gaap Loans Payable To Bank
LoansPayableToBank
10550533 usd
CY2022Q4 us-gaap Long Term Loans Payable
LongTermLoansPayable
8236888 usd
us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
18787421 usd
pgtk Warrant Balance Beginning Of Period
WarrantBalanceBeginningOfPeriod
865451 usd
CY2022 pgtk Warrant Balance Beginning Of Period
WarrantBalanceBeginningOfPeriod
2425107 usd
pgtk Warranty Expense
WarrantyExpense
201340 usd
CY2022 pgtk Warranty Expense
WarrantyExpense
-731529 usd
pgtk Expense Incurred
ExpenseIncurred
-419525 usd
CY2022 pgtk Expense Incurred
ExpenseIncurred
-828127 usd
pgtk Warrant Balance End Of Period
WarrantBalanceEndOfPeriod
647266 usd
CY2022 pgtk Warrant Balance End Of Period
WarrantBalanceEndOfPeriod
865451 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
108502 usd
CY2022 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
4250 usd
CY2022Q4 pgtk Consulting Fees
ConsultingFees
206843 usd
CY2021Q4 pgtk Consulting Fees
ConsultingFees
297723 usd
pgtk Consulting Fees
ConsultingFees
633753 usd
pgtk Consulting Fees
ConsultingFees
297723 usd
us-gaap Interest And Fee Income Other Loans
InterestAndFeeIncomeOtherLoans
346770 usd
us-gaap Line Of Credit Facility Expiration Period
LineOfCreditFacilityExpirationPeriod
P12M
us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
42419 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
797500 shares
CY2022Q4 pgtk Fair Value Of Stock Options Granted
FairValueOfStockOptionsGranted
162566 usd
CY2021Q4 pgtk Fair Value Of Stock Options Granted
FairValueOfStockOptionsGranted
13789 usd
pgtk Fair Value Of Stock Options Granted
FairValueOfStockOptionsGranted
189478 usd
pgtk Fair Value Of Stock Options Granted
FairValueOfStockOptionsGranted
41518 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0444 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P2Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.18 pure
CY2022Q4 us-gaap Property Plant And Equipment Owned Net
PropertyPlantAndEquipmentOwnedNet
945728 usd
CY2022Q4 us-gaap Intangible Assets Current
IntangibleAssetsCurrent
6438954 usd
CY2022Q4 pgtk Right Of Use Asset
RightOfUseAsset
2680731 usd
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentAssets
10065413 usd
CY2022Q1 us-gaap Property Plant And Equipment Owned Net
PropertyPlantAndEquipmentOwnedNet
1166241 usd
CY2022Q1 us-gaap Intangible Assets Current
IntangibleAssetsCurrent
7099748 usd
CY2022Q1 pgtk Right Of Use Asset
RightOfUseAsset
739091 usd
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentAssets
9005080 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
440779 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
360717 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
138949 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
527337 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
281608 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
233690 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
233690 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2336900 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3752173 usd
CY2022Q4 pgtk Imputed Interest
ImputedInterest
1121045 usd
CY2022Q4 pgtk Operating Lease Obligations
OperatingLeaseObligations
2631129 usd
us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
-7705115 usd
us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
-8073276 usd
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-7705115 usd
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-8073276 usd
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1618074 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1695388 usd
pgtk Income Tax Reconciliation Permanent Differences And Other
IncomeTaxReconciliationPermanentDifferencesAndOther
151871 usd
pgtk Income Tax Reconciliation Permanent Differences And Other
IncomeTaxReconciliationPermanentDifferencesAndOther
94034 usd
us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
6686 usd
us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
12482 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1459517 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1588872 usd
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.50 pure
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
28400000 usd
CY2022Q4 us-gaap Deferred Tax Assets Unrealized Losses On Availablefor Sale Securities Gross
DeferredTaxAssetsUnrealizedLossesOnAvailableforSaleSecuritiesGross
4800000 usd
CY2022Q1 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2022Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2022Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
usd
CY2021Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
usd
CY2021Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
usd
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.17
pgtk Interest Accretion On Finance Lease
InterestAccretionOnFinanceLease
usd
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
usd
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
usd
dei Entity Central Index Key
EntityCentralIndexKey
0001553404

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