2013 Q4 Form 10-Q Financial Statement
#000100329713000535 Filed on November 14, 2013
Income Statement
| Concept | 2013 Q4 | 2013 Q3 | 2012 Q4 |
|---|---|---|---|
| Revenue | $8.000M | $4.627M | $5.900M |
| YoY Change | 35.59% | -3.12% | -50.42% |
| Cost Of Revenue | $11.20M | $7.812M | $9.500M |
| YoY Change | 17.89% | -27.99% | -22.13% |
| Gross Profit | -$3.100M | -$3.185M | -$3.600M |
| YoY Change | -13.89% | -47.55% | 1100.0% |
| Gross Profit Margin | -38.75% | -68.84% | -61.02% |
| Selling, General & Admin | $3.500M | $2.753M | $4.000M |
| YoY Change | -12.5% | -9.84% | 14.29% |
| % of Gross Profit | |||
| Research & Development | $800.0K | $769.0K | $1.300M |
| YoY Change | -38.46% | -40.16% | -35.0% |
| % of Gross Profit | |||
| Depreciation & Amortization | $1.050M | $1.050M | $1.190M |
| YoY Change | -11.76% | -0.94% | 8.18% |
| % of Gross Profit | |||
| Operating Expenses | $4.800M | $3.522M | $6.000M |
| YoY Change | -20.0% | -18.82% | -1.64% |
| Operating Profit | -$7.900M | -$8.001M | -$9.600M |
| YoY Change | -17.71% | -32.09% | 50.0% |
| Interest Expense | -$20.90M | -$8.300M | $1.100M |
| YoY Change | -2000.0% | -653.33% | -237.5% |
| % of Operating Profit | |||
| Other Income/Expense, Net | |||
| YoY Change | |||
| Pretax Income | -$28.90M | -$16.31M | -$8.500M |
| YoY Change | 240.0% | 57.92% | 18.06% |
| Income Tax | $0.00 | -$410.3K | $0.00 |
| % Of Pretax Income | |||
| Net Earnings | -$28.90M | -$15.90M | -$8.500M |
| YoY Change | 240.0% | 53.94% | 18.06% |
| Net Earnings / Revenue | -361.25% | -343.55% | -144.07% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$277.4K | -$188.8K | -$222.5K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 102.6M shares | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2013 Q4 | 2013 Q3 | 2012 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $5.000M | $11.00M | $9.400M |
| YoY Change | -46.81% | 15.79% | -32.37% |
| Cash & Equivalents | $5.027M | $10.96M | $9.380M |
| Short-Term Investments | |||
| Other Short-Term Assets | $1.900M | $2.100M | $2.000M |
| YoY Change | -5.0% | 31.25% | 5.26% |
| Inventory | $10.41M | $9.769M | $8.550M |
| Prepaid Expenses | |||
| Receivables | $6.400M | $4.301M | $4.022M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $23.71M | $27.15M | $23.94M |
| YoY Change | -0.95% | -14.35% | -39.39% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $5.278M | $5.807M | $6.708M |
| YoY Change | -21.33% | -21.53% | -22.89% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | $2.902M | ||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $500.0K | $500.0K | $0.00 |
| YoY Change | -61.54% | -100.0% | |
| Total Long-Term Assets | $11.64M | $12.88M | $15.52M |
| YoY Change | -24.98% | -7.32% | -4.2% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $23.71M | $27.15M | $23.94M |
| Total Long-Term Assets | $11.64M | $12.88M | $15.52M |
| Total Assets | $35.36M | $40.03M | $39.46M |
| YoY Change | -10.4% | -12.21% | -29.16% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $3.094M | $4.129M | $3.558M |
| YoY Change | -13.03% | -24.92% | -24.29% |
| Accrued Expenses | $3.069M | $1.856M | $3.828M |
| YoY Change | -19.83% | -11.62% | 19.63% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $3.400M |
| YoY Change | -100.0% | -100.0% | -37.04% |
| Long-Term Debt Due | $700.0K | $700.0K | $700.0K |
| YoY Change | 0.0% | ||
| Total Short-Term Liabilities | $12.60M | $12.57M | $17.04M |
| YoY Change | -26.03% | -21.95% | 0.23% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $3.100M | $3.300M | $1.300M |
| YoY Change | 138.46% | ||
| Other Long-Term Liabilities | $765.3K | $794.7K | $1.248M |
| YoY Change | -38.67% | -87.58% | -87.0% |
| Total Long-Term Liabilities | $765.3K | $794.7K | $1.248M |
| YoY Change | -38.67% | -87.58% | -87.0% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $12.60M | $12.57M | $17.04M |
| Total Long-Term Liabilities | $765.3K | $794.7K | $1.248M |
| Total Liabilities | $50.86M | $35.36M | $24.43M |
| YoY Change | 108.18% | 57.17% | -8.16% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$849.4M | -$820.5M | -$786.6M |
| YoY Change | 7.98% | ||
| Common Stock | $1.064M | $823.3M | $802.2M |
| YoY Change | -99.87% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | $1.552M | $1.552M | $1.552M |
| YoY Change | 0.0% | ||
| Treasury Stock Shares | 165.9K shares | 165.9K shares | 165.9K shares |
| Shareholders Equity | -$17.87M | $2.217M | $15.03M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $35.36M | $40.03M | $39.46M |
| YoY Change | -10.4% | -12.21% | -29.16% |
Cashflow Statement
| Concept | 2013 Q4 | 2013 Q3 | 2012 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$28.90M | -$15.90M | -$8.500M |
| YoY Change | 240.0% | 53.94% | 18.06% |
| Depreciation, Depletion And Amortization | $1.050M | $1.050M | $1.190M |
| YoY Change | -11.76% | -0.94% | 8.18% |
| Cash From Operating Activities | -$8.940M | -$7.010M | -$4.620M |
| YoY Change | 93.51% | -1.82% | -67.37% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $30.00K | -$70.00K | $210.0K |
| YoY Change | -85.71% | -72.0% | -223.53% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $30.00K | $0.00 | $0.00 |
| YoY Change | |||
| Cash From Investing Activities | $60.00K | -$70.00K | $220.0K |
| YoY Change | -72.73% | -72.0% | -229.41% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $9.151M | ||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 2.990M | 10.63M | 4.310M |
| YoY Change | -30.63% | 963.0% | -20.33% |
| NET CHANGE | |||
| Cash From Operating Activities | -8.940M | -7.010M | -4.620M |
| Cash From Investing Activities | 60.00K | -70.00K | 220.0K |
| Cash From Financing Activities | 2.990M | 10.63M | 4.310M |
| Net Change In Cash | -5.890M | 3.550M | -90.00K |
| YoY Change | 6444.44% | -155.56% | -98.99% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$8.940M | -$7.010M | -$4.620M |
| Capital Expenditures | $30.00K | -$70.00K | $210.0K |
| Free Cash Flow | -$8.970M | -$6.940M | -$4.830M |
| YoY Change | 85.71% | 0.73% | -65.48% |
Facts In Submission
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="page: WordSection1"><!--StartFragment--> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <strong style="FONT-SIZE: 10pt">2. Basis of Presentation</strong></p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.4in"> <strong><em style="FONT-SIZE: 10pt">Principles of Consolidation:</em></strong> <font style="FONT-SIZE: 10pt">The accompanying unaudited condensed interim consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. It is the Company's policy to reclassify prior period consolidated financial statements to conform to current period presentation.</font></p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.4in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.4in"> <strong><em style="FONT-SIZE: 10pt">Interim Financial Statements</em></strong><strong style="FONT-SIZE: 10pt">:</strong> <font style="FONT-SIZE: 10pt">The accompanying unaudited condensed interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly, in accordance with U.S. generally accepted accounting principles (GAAP), the financial position, results of operations and cash flows for all periods presented, have been made. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year.</font></p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.4in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.4in"> Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K filed for the fiscal year ended December 31, 2012.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.4in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.4in"> The information presented in the accompanying condensed consolidated balance sheet as of December 31, 2012 has been derived from the Company's December 31, 2012 audited consolidated financial statements. All other information has been derived from the Company's unaudited condensed consolidated financial statements as of September 30, 2013 and for the three and nine months ended September 30, 2013 and 2012.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.4in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.4in"> <strong><em style="FONT-SIZE: 10pt">Use of Management Estimates:</em></strong><font style="FONT-SIZE: 10pt">The unaudited condensed interim consolidated financial statements have been prepared in conformity with GAAP, which require 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p> <p style="FONT-FAMILY: 'Times New Roman','serif'; MARGIN: 0in 0in 0pt"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.4in"> <strong><em style="FONT-SIZE: 10pt">Significant Accounting Policies:</em></strong></p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 24.5pt"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"> Warrant accounting</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.4in"> We account for common stock warrants in accordance with applicable accounting guidance provided in Accounting Standards Codification (ASC) 815, Derivatives and Hedging - Contracts in Entity's Own Equity, as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreement. In compliance with applicable securities law, registered common stock warrants that require the issuance of registered shares upon exercise and do not sufficiently preclude an implied right to cash settlement are accounted for as derivative liabilities. We classify these derivative warrant liabilities on the condensed consolidated balance sheets as a long term liability, which is revalued at each balance sheet date subsequent to the initial issuance. We use the Black-Scholes pricing model to value the derivative warrant liability. The Black-Scholes pricing model, which is based, in part, upon unobservable inputs for which there is little or no market data, requires the Company to develop its own assumptions.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.4in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.4in"> The Company used the following assumptions for its common stock warrants issued on May 31, 2011. The risk-free interest rate for May 31, 2011 (issuance date), December 31, 2012, and September 30, 2013 were 0.75%, 0.31% and 0.59%, respectively. The volatility of the market price of the Company's common stock for May 31, 2011, December 31, 2012 and September 30, 2013 were 94.4%, 73.5%, and 111.2%, respectively. The expected average term of the warrant used for all periods was 2.5 years.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.4in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.4in"> The Company used the following assumptions for its common stock warrants issued on February 20, 2013. The risk-free interest rate for February 20, 2013 (issuance date) and September 30, 2013 were 0.85% and 1.60%, respectively. The volatility of the market price of the Company's common stock for February 20, 2013 and September 30, 2013 were 102.0% and 98.4%, respectively. The expected average term of the warrant used for February 20, 2013 and September 30, 2013 were 5.0 years and 4.4 years, respectively.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.4in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.4in"> There was no expected dividend yield for the warrants granted. If factors change and different assumptions are used, the warrant liability and the change in estimated fair value could be materially different. Generally, as the market price of our common stock increases, the fair value of the warrant increases, and conversely, as the market price of our common stock decreases, the fair value of the warrant decreases. Also, a significant increase in the volatility of the market price of the Company's common stock, in isolation, would result in a significantly higher fair value measurement; and a significant decrease in volatility would result in a significantly lower fair value measurement. Changes in the fair value of the warrants are reflected in the condensed consolidated statement of operations as change in fair value of common stock warrant liability.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-ALIGN: justify"> Joint Venture</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-ALIGN: justify; TEXT-INDENT: 0.4in"> We account for investments in joint ventures in which we have significant influence in accordance with applicable accounting guidance in Subtopic 323-10, <em>Investments - Equity Method and Joint Ventures - Overall</em>. On February 29, 2012 we completed the formation of our joint venture with Axane, S.A., a subsidiary of Air Liquide, under the name HyPulsion (the JV). The principal purpose of the JV is to develop and sell hydrogen fuel cell systems for the European material handling market. Axane contributed cash at the closing and will make additional fixed cash contributions in 2013 and 2014 in exchange for an initial 55% ownership of the JV, subject to certain conditions. We have not contributed any cash to the JV and we are not obligated to contribute any cash. We contributed to the JV the right to use our technology, including design and technology know-how on GenDrive systems, in exchange for an initial 45% ownership of the JV. </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-ALIGN: justify; TEXT-INDENT: 24.5pt"> On April 19, 2013 Axane purchased an additional 25% ownership interest in HyPulsion from the Company for a cash purchase price of $3.3 million (Euro 2.5 million). We now own 20% and Axane owns 80% of HyPulsion, and we will share in 20% of the profits from the JV. The Company has the right to purchase an additional 60% of HyPulsion from Axane at any time between January 4, 2018 and January 29, 2018 at a formula price. If the Company exercises its purchase right, Axane will have the right, at any time between February 1, 2018 and December 31, 2021, to require the Company to buy the remaining 20% interest at a formula price.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-ALIGN: justify; TEXT-INDENT: 24.5pt"> In addition, the Company and HyPulsion also entered into an engineering service agreement under which, among other things, the Company will provide HyPulsion with engineering and technical services for a new fuel cell assembly line and manufacturing execution system. Under the service agreement, HyPulsion has paid the Company approximately $659,000 (Euro 500,000) in the aggregate for services to be performed by the Company.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.4in"> In accordance with the equity method of accounting, the Company will increase its investment in the JV by its share of any earnings, and decrease its investment in the JV by its share of any losses. Losses in excess of the investment must be restored from future profits before we can recognize our proportionate share of profits. As of September 30, 2013, the Company had a zero basis for its investment in the JV. </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"> Redeemable Preferred Stock</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-ALIGN: justify; TEXT-INDENT: 24.5pt"> On May 8, 2013, the Company entered into a Securities Purchase Agreement with Air Liquide, pursuant to which the Company agreed to issue and sell 10,431 shares of the Company's Series C Redeemable Convertible Preferred Stock, par value $0.01 per share, for an aggregate purchase price of approximately $2.6 million (Euro 2 million) in cash, as more fully discussed in Note 6, Redeemable Preferred Stock. We account for preferred stock as temporary equity in accordance with applicable accounting guidance in Accounting Standards Codification (ASC) 480, <em>Distinguishing Liabilities from Equity. </em> Dividends on the redeemable preferred stock are accounted for as a reduction (increase) in the net income (loss) attributable to common shareholders.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-ALIGN: justify; TEXT-INDENT: 24.5pt"> In connection with the Air Liquide Investment, as outlined under Joint Venture and Redeemable Preferred Stock above, the Company considered the relative fair value of the components involved in its allocation of the overall investment and the associated accounting.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.2in"> <strong><em style="FONT-SIZE: 10pt">Recent Accounting Pronouncements:</em></strong></p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 8.15pt 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 24.5pt"> There are no recently issued accounting standards with pending adoptions that the Company's management currently anticipates will have any material impact upon its financial statements.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 8.15pt 0in 0pt; TEXT-INDENT: 24.5pt"> </p> <!--EndFragment--></div> </div> | ||
| CY2013Q3 | us-gaap |
Capital Leased Assets Gross
CapitalLeasedAssetsGross
|
3098921 | USD |
| CY2012Q4 | us-gaap |
Capital Leased Assets Gross
CapitalLeasedAssetsGross
|
3098921 | USD |
| CY2013Q3 | us-gaap |
Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
|
700367 | USD |
| CY2012Q4 | us-gaap |
Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
|
650379 | USD |
| CY2013Q3 | us-gaap |
Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
|
773045 | USD |
| CY2012Q4 | us-gaap |
Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
|
1304749 | USD |
| CY2013Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
10959955 | USD |
| CY2012Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
9380059 | USD |
| CY2012Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
9461404 | USD |
| CY2011Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
13856893 | USD |
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
1579896 | USD | |
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-4395489 | USD | |
| CY2013Q3 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights
|
0.15 | |
| CY2013Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2012Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2013Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
245000000 | shares |
| CY2012Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
245000000 | shares |
| CY2013Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
102603967 | shares |
| CY2012Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
38404764 | shares |
| CY2013Q3 | us-gaap |
Common Stock Value
CommonStockValue
|
1026040 | USD |
| CY2012Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
384048 | USD |
| CY2013Q3 | us-gaap |
Contract Revenue Cost
ContractRevenueCost
|
730486 | USD |
| CY2012Q3 | us-gaap |
Contract Revenue Cost
ContractRevenueCost
|
791322 | USD |
| us-gaap |
Contract Revenue Cost
ContractRevenueCost
|
1883361 | USD | |
| us-gaap |
Contract Revenue Cost
ContractRevenueCost
|
2389844 | USD | |
| CY2013Q3 | us-gaap |
Contracts Revenue
ContractsRevenue
|
461808 | USD |
| CY2012Q3 | us-gaap |
Contracts Revenue
ContractsRevenue
|
502269 | USD |
| us-gaap |
Contracts Revenue
ContractsRevenue
|
1229734 | USD | |
| us-gaap |
Contracts Revenue
ContractsRevenue
|
1475338 | USD | |
| CY2013Q3 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
7812018 | USD |
| CY2012Q3 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
10848860 | USD |
| us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
24783518 | USD | |
| us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
28552076 | USD | |
| CY2013Q3 | us-gaap |
Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
|
13800000 | USD |
| CY2013Q3 | us-gaap |
Deferred Revenue
DeferredRevenue
|
453000 | USD |
| CY2012Q4 | us-gaap |
Deferred Revenue
DeferredRevenue
|
560000 | USD |
| CY2013Q3 | us-gaap |
Deferred Revenue Current
DeferredRevenueCurrent
|
3387383 | USD |
| CY2012Q4 | us-gaap |
Deferred Revenue Current
DeferredRevenueCurrent
|
2950375 | USD |
| CY2013Q3 | us-gaap |
Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
|
5827323 | USD |
| CY2012Q4 | us-gaap |
Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
|
4362092 | USD |
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
1432698 | USD | |
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
1459159 | USD | |
| us-gaap |
Dividends Common Stock Stock
DividendsCommonStockStock
|
USD | ||
| CY2013Q3 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.19 | |
| CY2012Q3 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.27 | |
| us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.51 | ||
| us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.71 | ||
| us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
|
997 | USD | |
| us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
|
2029 | USD | |
| us-gaap |
Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
|
3234717 | USD | |
| us-gaap |
Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
|
USD | ||
| CY2013Q3 | us-gaap |
Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
|
USD | |
| CY2013Q3 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
-14529299 | USD |
| CY2012Q4 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
-12864382 | USD |
| CY2013Q3 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
16900000 | USD |
| CY2012Q4 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
16900000 | USD |
| CY2013Q3 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
3467536 | USD |
| CY2012Q4 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
5270571 | USD |
| us-gaap |
Finite Lived Intangible Assets Translation Adjustments
FiniteLivedIntangibleAssetsTranslationAdjustments
|
1136835 | USD | |
| CY2012 | us-gaap |
Finite Lived Intangible Assets Translation Adjustments
FiniteLivedIntangibleAssetsTranslationAdjustments
|
1234953 | USD |
| us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
55768 | USD | |
| us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-57680 | USD | |
| CY2013Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-16305631 | USD |
| CY2012Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-10325464 | USD |
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-34202774 | USD | |
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-23388120 | USD | |
| CY2013Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-410259 | USD |
| CY2012Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
USD | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-410259 | USD | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
USD | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-2065461 | USD | |
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
1787625 | USD | |
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
279308 | USD | |
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-5728228 | USD | |
| us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
1902239 | USD | |
| us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
2201139 | USD | |
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
1218197 | USD | |
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
2650413 | USD | |
| us-gaap |
Increase Decrease In Notes Receivable Current
IncreaseDecreaseInNotesReceivableCurrent
|
-45399 | USD | |
| us-gaap |
Increase Decrease In Notes Receivable Current
IncreaseDecreaseInNotesReceivableCurrent
|
585611 | USD | |
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
131670 | USD | |
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-341585 | USD | |
| CY2013Q3 | us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
26028 | USD |
| CY2012Q3 | us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
80046 | USD |
| us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
83109 | USD | |
| us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
171260 | USD | |
| CY2013Q3 | us-gaap |
Interest Expense Other
InterestExpenseOther
|
124651 | USD |
| CY2012Q3 | us-gaap |
Interest Expense Other
InterestExpenseOther
|
59349 | USD |
| us-gaap |
Interest Expense Other
InterestExpenseOther
|
354180 | USD | |
| us-gaap |
Interest Expense Other
InterestExpenseOther
|
158162 | USD | |
| us-gaap |
Interest Paid Net
InterestPaidNet
|
354723 | USD | |
| us-gaap |
Interest Paid Net
InterestPaidNet
|
152123 | USD | |
| CY2013Q3 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
635927 | USD |
| CY2012Q4 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
659274 | USD |
| CY2013Q3 | us-gaap |
Inventory Net
InventoryNet
|
9768654 | USD |
| CY2012Q4 | us-gaap |
Inventory Net
InventoryNet
|
8550457 | USD |
| CY2013Q3 | us-gaap |
Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
|
8968730 | USD |
| CY2012Q4 | us-gaap |
Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
|
7576862 | USD |
| CY2013Q3 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
163997 | USD |
| CY2012Q4 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
314321 | USD |
| CY2013Q3 | us-gaap |
Liabilities
Liabilities
|
35364066 | USD |
| CY2012Q4 | us-gaap |
Liabilities
Liabilities
|
24429699 | USD |
| CY2013Q3 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
40031761 | USD |
| CY2012Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
39460002 | USD |
| CY2013Q3 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
12565672 | USD |
| CY2012Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
17039200 | USD |
| CY2013Q3 | us-gaap |
Lines Of Credit Current
LinesOfCreditCurrent
|
USD | |
| CY2012Q4 | us-gaap |
Lines Of Credit Current
LinesOfCreditCurrent
|
3380835 | USD |
| us-gaap |
Nature Of Operations
NatureOfOperations
|
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="page: WordSection1"><!--StartFragment--> <p style="FONT-FAMILY: 'Times New Roman','serif'; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.2in"> <strong><em style="FONT-SIZE: 10pt">Description of Business</em></strong></p> <p style="FONT-FAMILY: 'Times New Roman','serif'; MARGIN: 0in 0in 0pt 0.3in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> Plug Power Inc., or the Company, is a leading provider of alternative energy technology and is involved in the design, development, commercialization and manufacture of fuel cell systems for the industrial off-road (forklift or material handling) market.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> We are focused on proton exchange membrane, or PEM, fuel cell and fuel processing technologies and fuel cell/battery hybrid technologies, from which multiple products are available. A fuel cell is an electrochemical device that combines hydrogen and oxygen to produce electricity and heat without combustion. Hydrogen is derived from hydrocarbon fuels such as liquid petroleum gas, or LPG, natural gas, propane, methanol, ethanol, gasoline or biofuels. Hydrogen can also be obtained from the electrolysis of water. Hydrogen can be purchased directly from industrial gas providers or can be produced on-site at consumer locations.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> We concentrate our efforts on developing, manufacturing and selling our hydrogen-fueled PEM GenDrive<sup>®</sup> products on commercial terms for industrial off-road (forklift or material handling) applications, with a focus on multi-shift high volume manufacturing and high throughput distribution sites. </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> We have previously invested in development and sales activities for low-temperature remote-prime power GenSys<sup>®</sup> products and our GenCore<sup>®</sup> product, which is a hydrogen fueled PEM fuel cell system to provide back-up power for critical infrastructure. While Plug Power will continue to service and support GenSys and/or GenCore products on a limited basis, our main focus is our GenDrive product line.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> We sell our products worldwide, with a primary focus on North America, through our direct product sales force, original equipment manufacturers, or OEMs, and their dealer networks. We sell to business, industrial and government consumers.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> We were organized in the State of Delaware on June 27, 1997 and became a public company listed on the NASDAQ exchange on October 29, 1999. We were originally a joint venture between Edison Development Corporation and Mechanical Technology Incorporated. In 2007, we acquired all the issued and outstanding equity of Cellex Power Products, Inc., or Cellex, and General Hydrogen Corporation, or General Hydrogen.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> Through these acquisitions, and our continued GenDrive product development efforts, Plug Power became the first fuel cell company to offer a complete suite of products: Class 1 - sit-down counterbalance trucks, Class 2 - stand-up reach trucks and Class 3 - rider pallet trucks.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 1pt"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> Unless the context indicates otherwise, the terms "Company," "Plug Power," "we," "our" or "us" as used herein refers to Plug Power Inc. and its subsidiaries.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; MARGIN: 0in 0in 0pt"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.2in"> <strong><em style="FONT-SIZE: 10pt"> Liquidity</em></strong></p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> Our cash requirements relate primarily to working capital needed to operate and grow our business, including funding operating expenses, growth in inventory to support both shipments of new units and servicing the installed base, and continued development and expansion of our products. Our ability to meet our future liquidity needs, capital requirements, and to achieve profitability will depend upon numerous factors, including the timing and quantity of product orders and shipments; the timing and amount of our operating expenses; the timing and costs of working capital needs; the timing and costs of building a sales base; the timing and costs of developing marketing and distribution channels; the timing and costs of product service requirements; the timing and costs of hiring and training product staff; the extent to which our products gain market acceptance; the timing and costs of product development and introductions; the extent of our ongoing and any new research and development programs; and changes in our strategy or our planned activities. If we are unable to fund our operations without additional external financing and therefore cannot sustain future operations, we may be required to delay, reduce and/or cease our operations and/or seek bankruptcy protection.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; MARGIN: 0in 0in 0pt"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> We have experienced and continue to experience negative cash flows from operations and we expect to continue to incur net losses in the foreseeable future. We incurred a net loss of $33.8 million for the nine months ended September 30, 2013, and net losses of $31.9 million, $27.5 million and $47.0 million for the years ended December 31, 2012, 2011 and 2010, respectively. We have an accumulated deficit of $820.5 million at September 30, 2013. Substantially all of our accumulated deficit has resulted from costs incurred in connection with our operating expenses, research and development expenses and from general and administrative costs associated with our operations. We expect that for fiscal year 2013, our operating cash burn will be approximately $20 million, as revised.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> Net cash used in operating activities for the nine months ended September 30, 2013 was $17.9 million. Additionally, on September 30, 2013, we had cash and cash equivalents of $11.0 million and net working capital of $14.6 million. This compares to $9.4 million and $6.9 million, respectively, at December 31, 2012.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> We were party to a Loan and Security Agreement with Silicon Valley Bank, or SVB, which expired as of March 29, 2013. The SVB loan facility provided up to $15 million of availability, subject to borrowing base limitations, to support working capital needs. Given its expiration, we no longer have access to this facility. As of December 31, 2012, $3.4 million was outstanding under the loan agreement. This amount was subsequently paid in full in January, 2013. The Company maintains all of its operating bank accounts with SVB and we are seeking to reestablish our credit facility with SVB during the first quarter of 2014.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> To date, we have funded our operations primarily through public and private offerings of common and preferred stock, our line of credit and maturities and sales of our available-for-sale securities. The Company's current sources of capital, and other funds, include the raising of $2.3 million (net of issuance costs) in a public equity offering completed in February, 2013, $2.8 million from the exercise of warrants in 2013, $2.6 million from a sale-leaseback transaction of its real estate in Latham, NY completed on March 27, 2013, a $6.5 million strategic investment from Air Liquide (Air Liquide Investment) completed on May 8, 2013, and $10.6 million (net of issuance costs) in a public equity offering completed on September 16, 2013. The Air Liquide Investment includes the purchase of preferred stock, an increase in Air Liquide's ownership interest in the HyPulsion joint venture, and an engineering services contract. We believe that our current cash, cash raised from the aforementioned recent financing and investing activities, cash generated from future sales, and access to a potential new credit facility should provide sufficient liquidity to fund our operations into the second quarter of 2014. This projection is based on our current expectations regarding product sales, cost structure, cash burn rate and operating assumptions.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 1pt"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> In addition to the aforementioned funds, and other funds that will provide additional short term liquidity, we are currently exploring various other alternatives including strategic partnerships and government programs that may be available to us, as well as trying to generate additional revenue and increase margins. However, at this time we have no commitments to obtain any additional funds, and there can be no assurance such funds will be available on acceptable terms or at all. If we are unable to obtain additional funding and improve our operations, our financial condition and results of operations may be materially adversely affected and we may not be able to continue operations.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> Additionally, even if we raise additional capital through additional equity or debt financing, strategic alternatives or otherwise, there can be no assurances that any such capital infusion will be sufficient to enable us to develop our business to a level where it will be profitable or generate positive cash flow. If we raise additional funds through the issuance of equity or convertible debt securities, the percentage ownership of our stockholders could be significantly diluted, and these newly issued securities may have rights, preferences or privileges senior to those of existing stockholders. If we incur additional debt, a substantial portion of our operating cash flow may be dedicated to the payment of principal and interest on such indebtedness, thus limiting funds available for our business activities. The terms of any debt securities issued could also impose significant restrictions on our operations. Broad market and industry factors may seriously harm the market price of our common stock, regardless of our operating performance, and may adversely impact our ability to raise additional funds. In addition, if our common stock is delisted from the NASDAQ Capital Market, as noted in Part II, Item 1A, "Risk Factors" of our most recently filed Annual Report on Form 10-K with the Securities and Exchange Commission, filed on April 1, 2013, it may limit our ability to raise additional funds. If we raise additional funds through collaborations and/or licensing arrangements, we might be required to relinquish significant rights to our technologies, or grant licenses on terms that are not favorable to us.</p> <p style="FONT-FAMILY: 'Times New Roman','serif'; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"> </p> <p style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> The condensed consolidated financial statements for the three and nine month periods ended September 30, 2013 and the year ended December 31, 2012 were prepared on the basis of a going concern which contemplates that the Company will be able to realize assets and discharge liabilities in the normal course of business. Accordingly, they do not give effect to adjustments that would be necessary should the Company be required to liquidate its assets. The ability of the Company to meet its total liabilities of $35.4 million at September 30, 2013, and to continue as a going concern is dependent upon the availability of future funding, continued growth in orders and shipments, and the Company's ability to profitably meet its after-sale service commitments with its existing customers. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.</p> <!--EndFragment--></div> </div> | ||
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Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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16376979 | USD | |
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Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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11385160 | USD | |
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Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
3146665 | USD | |
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Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-234489 | USD | |
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Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-17944745 | USD | |
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Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-15548189 | USD | |
| CY2013Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-15895372 | USD |
| CY2012Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
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-10325464 | USD |
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Net Income Loss
NetIncomeLoss
|
-33792515 | USD | |
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Net Income Loss
NetIncomeLoss
|
-23388120 | USD | |
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Net Income Loss
NetIncomeLoss
|
-31900000 | USD |
| CY2011 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-27500000 | USD |
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Net Income Loss
NetIncomeLoss
|
-47000000 | USD |
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Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-15947280 | USD |
| CY2012Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-10325464 | USD |
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Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-33861726 | USD | |
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Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-23388120 | USD | |
| CY2013Q3 | us-gaap |
Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
|
525298 | USD |
| CY2012Q4 | us-gaap |
Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
|
570697 | USD |
| CY2013Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-8000579 | USD |
| CY2012Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-11781027 | USD |
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Operating Income Loss
OperatingIncomeLoss
|
-20995359 | USD | |
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Operating Income Loss
OperatingIncomeLoss
|
-27127885 | USD | |
| CY2013Q3 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
737500000 | USD |
| CY2013Q3 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
25268 | USD |
| CY2012Q3 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
110625 | USD |
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Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
-56828 | USD | |
| us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
106585 | USD | |
| CY2013Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-15870104 | USD |
| CY2012Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-10214839 | USD |
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Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-33849343 | USD | |
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Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-23281535 | USD | |
| CY2013Q3 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
1079673 | USD |
| CY2012Q4 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
USD | |
| CY2013Q3 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
794662 | USD |
| CY2012Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
1247833 | USD |
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Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
1934265 | USD | |
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Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
1402230 | USD | |
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Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
144752 | USD | |
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Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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USD | ||
| CY2013Q2 | us-gaap |
Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
|
0.08 | pure |
| CY2013Q3 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
51908 | USD |
| CY2012Q3 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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USD | |
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Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
69211 | USD | |
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Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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USD | ||
| CY2013Q3 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
2120127 | USD |
| CY2012Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
1988457 | USD |
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Proceeds From Divestiture Of Interest In Joint Venture
ProceedsFromDivestitureOfInterestInJointVenture
|
3234717 | USD | |
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Proceeds From Divestiture Of Interest In Joint Venture
ProceedsFromDivestitureOfInterestInJointVenture
|
-292389 | USD | |
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Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
|
2595400 | USD | |
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Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
|
2000000 | EUR | |
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Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
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USD | ||
| us-gaap |
Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
|
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Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
|
-4405110 | USD | |
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Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
|
-500000 | USD | |
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Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
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USD | ||
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Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
56700 | USD | |
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Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
57900 | USD | |
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Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
2849460 | USD | |
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Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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USD | ||
| CY2013Q3 | us-gaap |
Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
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1413225 | USD |
| CY2012Q4 | us-gaap |
Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
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2671409 | USD |
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Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
|
1848240 | USD | |
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Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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1915253 | USD | |
| CY2013Q3 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
33976954 | USD |
| CY2012Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
34103088 | USD |
| CY2013Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
5806724 | USD |
| CY2012Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
6708237 | USD |
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Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
|
516177 | USD | |
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Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
|
USD | ||
| CY2013Q3 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
768965 | USD |
| CY2012Q3 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
1284975 | USD |
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Research And Development Expense
ResearchAndDevelopmentExpense
|
2343030 | USD | |
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Research And Development Expense
ResearchAndDevelopmentExpense
|
4089509 | USD | |
| CY2013Q3 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
500000 | USD |
| CY2012Q4 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
USD | |
| CY2013Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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-820507992 | USD |
| CY2012Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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-786646266 | USD |
| CY2013Q3 | us-gaap |
Revenues
Revenues
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4626816 | USD |
| CY2012Q3 | us-gaap |
Revenues
Revenues
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4775654 | USD |
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Revenues
Revenues
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18569197 | USD | |
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Revenues
Revenues
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20186893 | USD | |
| CY2013Q3 | us-gaap |
Sale Leaseback Transaction Amount Due Under Financing Arrangement
SaleLeasebackTransactionAmountDueUnderFinancingArrangement
|
2507800 | USD |
| CY2012Q4 | us-gaap |
Sale Leaseback Transaction Amount Due Under Financing Arrangement
SaleLeasebackTransactionAmountDueUnderFinancingArrangement
|
USD | |
| CY2013Q1 | us-gaap |
Sale Leaseback Transaction Net Proceeds
SaleLeasebackTransactionNetProceeds
|
2600000 | USD |
| CY2013Q3 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
4165008 | USD |
| CY2012Q3 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
4273385 | USD |
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Sales Revenue Net
SalesRevenueNet
|
17339463 | USD | |
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Sales Revenue Net
SalesRevenueNet
|
18711555 | USD | |
| CY2013Q3 | us-gaap |
Sales Revenue Services Gross
SalesRevenueServicesGross
|
36000 | USD |
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Sales Revenue Services Gross
SalesRevenueServicesGross
|
107000 | USD | |
| CY2013Q3 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
2753030 | USD |
| CY2012Q3 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
3053434 | USD |
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Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
8849730 | USD | |
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Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
10556495 | USD | |
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Share Based Compensation
ShareBasedCompensation
|
1576577 | USD | |
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Share Based Compensation
ShareBasedCompensation
|
1500352 | USD | |
| CY2013Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
2216616 | USD |
| CY2012Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
15030303 | USD |
| us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
10422424 | USD | |
| us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
1561422 | USD | |
| CY2013Q3 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
2451079 | USD |
| CY2012Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
USD | |
| CY2013Q3 | us-gaap |
Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
|
8119916 | USD |
| CY2013Q3 | us-gaap |
Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
|
0.01 | |
| CY2013Q3 | us-gaap |
Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
|
10431 | shares |
| CY2013Q3 | us-gaap |
Temporary Equity Shares Issued
TemporaryEquitySharesIssued
|
10431 | shares |
| CY2012Q4 | us-gaap |
Temporary Equity Shares Issued
TemporaryEquitySharesIssued
|
0 | shares |
| CY2013Q3 | us-gaap |
Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
|
10431 | shares |
| CY2012Q4 | us-gaap |
Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
|
0 | shares |
| CY2013Q3 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
165906 | shares |
| CY2012Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
165906 | shares |
| CY2013Q3 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
1552382 | USD |
| CY2012Q4 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
1552382 | USD |
| CY2013Q3 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
800000 | USD |
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="page: WordSection1"><!--StartFragment--><strong><em style="FONT-SIZE: 10pt">Use of Management Estimates:</em></strong><font style="FONT-SIZE: 10pt">The unaudited condensed interim consolidated financial statements have been prepared in conformity with GAAP, which require 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font> <!--EndFragment--><br /> <br /> </div> </div> | ||
| CY2013Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
84150851 | shares |
| CY2012Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
37977052 | shares |
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
67194806 | shares | |
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
33107175 | shares |
