$PLUG
PLUG POWER INC

2014 Q3 Form 10-Q Financial Statement

#000100329714000434 Filed on August 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q4
Revenue $19.88M $17.32M $8.000M
YoY Change 329.69% 131.03% 35.59%
Cost Of Revenue $9.217M $5.908M $11.20M
YoY Change 17.99% 62.64% 17.89%
Gross Profit $10.66M $11.41M -$3.100M
YoY Change -434.8% 195.31% -13.89%
Gross Profit Margin 53.64% 65.89% -38.75%
Selling, General & Admin $4.951M $4.831M $3.500M
YoY Change 79.82% 50.26% -12.5%
% of Gross Profit 46.42% 42.33%
Research & Development $1.644M $1.398M $800.0K
YoY Change 113.73% 69.77% -38.46%
% of Gross Profit 15.41% 12.25%
Depreciation & Amortization $1.110M $1.080M $1.050M
YoY Change 5.71% 11.34% -11.76%
% of Gross Profit 10.41% 9.46%
Operating Expenses $6.594M $6.230M $4.800M
YoY Change 87.23% 54.24% -20.0%
Operating Profit -$10.70M -$6.642M -$7.900M
YoY Change 33.69% 0.39% -17.71%
Interest Expense $1.000M $9.500M -$20.90M
YoY Change -112.05% -451.85% -2000.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$9.676M $3.900M -$28.90M
YoY Change -40.66% -141.94% 240.0%
Income Tax -$324.7K $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$9.351M $3.877M -$28.90M
YoY Change -41.17% -141.59% 240.0%
Net Earnings / Revenue -47.03% 22.38% -361.25%
Basic Earnings Per Share $0.02
Diluted Earnings Per Share -$55.42K $0.02 -$277.4K
COMMON SHARES
Basic Shares Outstanding 167.3M shares 159.9M shares 102.6M shares
Diluted Shares Outstanding 176.2M shares

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $156.5M $168.6M $5.000M
YoY Change 1322.73% 2178.38% -46.81%
Cash & Equivalents $156.5M $168.6M $5.027M
Short-Term Investments
Other Short-Term Assets $6.000M $5.100M $1.900M
YoY Change 185.71% 155.0% -5.0%
Inventory $21.93M $19.76M $10.41M
Prepaid Expenses
Receivables $15.00M $16.50M $6.400M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $199.5M $209.9M $23.71M
YoY Change 634.7% 841.37% -0.95%
LONG-TERM ASSETS
Property, Plant & Equipment $5.590M $5.285M $5.278M
YoY Change -3.74% -39.95% -21.33%
Goodwill
YoY Change
Intangibles $2.099M $2.707M $2.902M
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.100M $500.0K $500.0K
YoY Change 320.0% -37.5%
Total Long-Term Assets $12.34M $11.18M $11.64M
YoY Change -4.22% -20.69% -24.98%
TOTAL ASSETS
Total Short-Term Assets $199.5M $209.9M $23.71M
Total Long-Term Assets $12.34M $11.18M $11.64M
Total Assets $211.8M $221.1M $35.36M
YoY Change 429.1% 507.44% -10.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.903M $9.303M $3.094M
YoY Change 91.39% 181.91% -13.03%
Accrued Expenses $5.763M $2.791M $3.069M
YoY Change 210.52% 99.34% -19.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $800.0K $800.0K $700.0K
YoY Change 14.29% 14.29% 0.0%
Total Short-Term Liabilities $21.88M $19.49M $12.60M
YoY Change 74.1% 74.03% -26.03%
LONG-TERM LIABILITIES
Long-Term Debt $2.400M $2.700M $3.100M
YoY Change -27.27% -22.86% 138.46%
Other Long-Term Liabilities $408.8K $1.202M $765.3K
YoY Change -48.55% -90.23% -38.67%
Total Long-Term Liabilities $408.8K $1.202M $765.3K
YoY Change -48.55% -92.39% -38.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.88M $19.49M $12.60M
Total Long-Term Liabilities $408.8K $1.202M $765.3K
Total Liabilities $46.81M $47.85M $50.86M
YoY Change 32.37% 77.23% 108.18%
SHAREHOLDERS EQUITY
Retained Earnings -$930.9M -$921.5M -$849.4M
YoY Change 13.45% 7.98%
Common Stock $1.735M $1.674M $1.064M
YoY Change -99.79% -99.87%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.572M $2.122M $1.552M
YoY Change 65.66% 0.0%
Treasury Stock Shares 362.2K shares 282.3K shares 165.9K shares
Shareholders Equity $163.8M $170.9M -$17.87M
YoY Change
Total Liabilities & Shareholders Equity $211.8M $221.1M $35.36M
YoY Change 429.1% 507.44% -10.4%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q4
OPERATING ACTIVITIES
Net Income -$9.351M $3.877M -$28.90M
YoY Change -41.17% -141.59% 240.0%
Depreciation, Depletion And Amortization $1.110M $1.080M $1.050M
YoY Change 5.71% 11.34% -11.76%
Cash From Operating Activities -$11.10M -$11.04M -$8.940M
YoY Change 58.35% 120.8% 93.51%
INVESTING ACTIVITIES
Capital Expenditures -$680.0K -$230.0K $30.00K
YoY Change 871.43% 228.57% -85.71%
Acquisitions
YoY Change
Other Investing Activities $10.00K $440.0K $30.00K
YoY Change -86.63%
Cash From Investing Activities -$670.0K $210.0K $60.00K
YoY Change 857.14% -93.48% -72.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $116.4M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -390.0K 116.2M 2.990M
YoY Change -103.67% 2377.61% -30.63%
NET CHANGE
Cash From Operating Activities -11.10M -11.04M -8.940M
Cash From Investing Activities -670.0K 210.0K 60.00K
Cash From Financing Activities -390.0K 116.2M 2.990M
Net Change In Cash -12.16M 105.4M -5.890M
YoY Change -442.54% 3520.96% 6444.44%
FREE CASH FLOW
Cash From Operating Activities -$11.10M -$11.04M -$8.940M
Capital Expenditures -$680.0K -$230.0K $30.00K
Free Cash Flow -$10.42M -$10.81M -$8.970M
YoY Change 50.14% 119.27% 85.71%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style=" margin-right: 0in; margin-left: 0in; font-size: 12pt; font-family : Times New Roman;"><strong><font style=" font-size: 10pt;">1.&#160; Nature of Operations&#160;</font></strong></p> <p style=" margin-right: 0in; margin-left: 0in; font-size: 12pt; font-family : Times New Roman; margin: 0in; margin-bottom: .0001pt; text-indent: .2in;"><strong><em><font style=" font-size: 10pt;">Description of Business&#160;</font></em></strong></p> <p style=" font-size: 12pt; font-family : Times New Roman; /* margin-top: 4.5pt; */ text-align: justify; text-indent: 0.4in; margin-left: 0in; margin-right: 0in;"><font style=" font-size: 10pt;">Plug Power Inc. is a leading provider of alternative energy technology focused on the design, development, commercialization and manufacture of fuel cell systems for the industrial off-road (forklift or material handling) market.</font></p> <p style=" font-size: 12pt; font-family : Times New Roman; text-align: justify; text-indent: 0.4in; margin-left: 0in; margin-right: 0in; margin-top: 0in;"><font style=" font-size: 10pt;">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.</font></p> <p style=" margin-bottom: .0001pt; font-size: 12pt; font-family : Times New Roman; margin-top: 9.0pt; text-align: justify; text-indent: 0.4in; margin-left: 0in; margin-right: 0in;"><font style=" font-size: 10pt;">We sell and continue to develop fuel cell product solutions to replace lead-acid batteries in material handling vehicles and industrial trucks for some of North America's largest distribution and manufacturing businesses. We are focusing our efforts on material handling applications (forklifts) at multi-shift high volume manufacturing and high throughput distribution sites where our products and services provide a unique combination of productivity, flexibility and environmental benefits. Our current product line includes: GenDrive, a hydrogen fueled PEM fuel cell system providing power to material handling vehicles; GenKey, our turn-key solution offering complete simplicity to customers transitioning their material handling vehicles to fuel cell power; GenFuel, our hydrogen fueling delivery system; and GenCare, our ongoing maintenance program for both the GenDrive fuel cells and GenFuel products.</font></p> <p style=" margin-bottom: .0001pt; font-size: 12pt; font-family : Times New Roman; margin-top: 9.0pt; text-align: justify; text-indent: 0.4in; margin-left: 0in; margin-right: 0in;"><font style=" font-size: 10pt;">We sell our products worldwide, with a primary focus on North America, through our direct product sales force, leveraging relationships with original equipment manufacturers, or OEMs, and their dealer networks. We are party to a joint venture based in France with Axane, S.A. under the name HyPulsion, S.A.S., to develop and sell hydrogen fuel cell systems for the European material handling market. We sell to businesses, government agencies and commercial consumers.</font></p> <p style=" margin-bottom: .0001pt; font-size: 12pt; font-family : Times New Roman; margin-top: 9.0pt; text-align: justify; text-indent: 0.4in; margin-left: 0in; margin-right: 0in;"><font style=" font-size: 10pt;"></font></p> <p style=" margin-bottom: .0001pt; font-size: 12pt; font-family : Times New Roman; margin-top: 9.0pt; text-align: justify; text-indent: 0.4in; margin-left: 0in; margin-right: 0in;"><font style=" font-size: 10pt;">O</font>n<font style=" font-size: 10pt;"> April 2, 2014, we acquired substantially all of the assets of ReliOn, a developer of hydrogen fuel cell stack technology based in Spokane, Washington. As consideration for the acquisition, we issued <font>530,504</font> shares of our common stock and assumed certain specified liabilities of ReliOn. The shares were valued at $<font>4,000,000</font> based on the $<font>7.54</font> closing sale price of our common stock on the Nasdaq Capital Market on April 1, 2014</font></p> <p style=" margin-bottom: .0001pt; font-size: 12pt; font-family : Times New Roman; margin-top: 9.0pt; text-align: justify; text-indent: 0.4in; margin-left: 0in; margin-right: 0in;"><font style=" font-size: 10pt;">Unless the context indicates otherwise, the terms &#147;Company,&#148; &#147;Plug Power,&#148; &#147;we,&#148; &#147;our&#148; or &#147;us&#148; as used herein refers to Plug Power Inc. and its subsidiaries.</font></p> <p style=" margin-right: 0in; margin-left: 0in; font-size: 12pt; font-family : Times New Roman; text-indent: .2in;"><strong><em><font style=" font-size: 10pt;">&#160;Liquidity&#160;</font></em></strong></p> <p style=" font-size: 12pt; font-family : Times New Roman; text-align: justify; text-indent: 0.4in; margin-left: 0in; margin-right: 0in;"><font style=" font-size: 10pt;">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, funding the growth in our GenKey &#147;turn-key&#148; solution which also includes the installation of our customer's hydrogen infrastructure as well as delivery of the hydrogen molecule, and continued development and expansion of our products. Our ability to achieve profitability and meet future liquidity needs and capital requirements 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, we may be required to delay, reduce and/or cease our operations and/or seek bankruptcy protection.</font></p> <p style=" font-size: 12pt; font-family : Times New Roman; text-align: justify; text-indent: 0.4in; margin-left: 0in; margin-right: 0in;"><font style=" font-size: 10pt;">We have experienced and continue to experience negative cash flows from operations and net losses attributable to common shareholders. We incurred a net loss attributable to common shareholders of $</font><font><font style=" font-size: 10pt;">72.1</font></font><font style=" font-size: 10pt;"> million for the </font><font style=" font-size: 10pt;">six months ended</font><font style=" font-size: 10pt;"> </font><font style=" font-size: 10pt;">June 30, 2014</font><font style=" font-size: 10pt;">, and net losses attributable to common shareholders of $</font><font><font style=" font-size: 10pt;">62.8</font></font><font style=" font-size: 10pt;"> million, $</font><font><font style=" font-size: 10pt;">31.9</font></font><font style=" font-size: 10pt;"> million and $</font><font><font style=" font-size: 10pt;">27.5</font></font><font style=" font-size: 10pt;"> million for the years ended December 31, 2013, </font><font style=" font-size: 10pt;">2012</font><font style=" font-size: 10pt;"> and </font><font style=" font-size: 10pt;">2011</font><font style=" font-size: 10pt;">, respectively, and we have an accumulated deficit of $</font><font><font style=" font-size: 10pt;">921.8</font></font><font style=" font-size: 10pt;"> million at June 30, 2014. Substantially all of our accumulated deficit has been incurred in connection with our operating expenses, research and development expenses, and from general and administrative costs associated with our operations.</font></p> <p style=" font-size: 12pt; font-family : Times New Roman; text-align: justify; text-indent: 0.4in; margin-left: 0in; margin-right: 0in;"><font style=" font-size: 10pt;">Net cash used in operating activities for the six months ended June 30, 2014 was $</font><font><font style=" font-size: 10pt;">19.9</font></font><font style=" font-size: 10pt;"> million. Additionally, on June 30, 2014, we had cash and cash equivalents of $</font><font><font style=" font-size: 10pt;">168.6</font></font><font style=" font-size: 10pt;"> million and net working capital of $</font><font><font style=" font-size: 10pt;">190.4</font></font><font style=" font-size: 10pt;"> million. This compares to $</font><font><font style=" font-size: 10pt;">5.0</font></font><font style=" font-size: 10pt;"> million and $</font><font><font style=" font-size: 10pt;">11.1</font></font><font style=" font-size: 10pt;"> million, respectively, at December 31, 2013.</font></p> <p style=" font-size: 12pt; font-family : Times New Roman; text-align: justify; text-indent: 0.4in; margin-left: 0in; margin-right: 0in;"><font style=" font-size: 10pt;">On January 15, 2014 we completed an underwritten public offering of </font><font><font style=" font-size: 10pt;">10,000,000</font></font><font style=" font-size: 10pt;"> shares of common stock and accompanying warrants to purchase </font><font><font style=" font-size: 10pt;">4,000,000</font></font><font style=" font-size: 10pt;"> shares of common stock. The shares and the warrants were sold together in a fixed combination, with each combination consisting of </font><font><font style=" font-size: 10pt;">one</font></font><font style=" font-size: 10pt;"> share of common stock and </font><font><font style=" font-size: 10pt;">0.40</font></font><font style=" font-size: 10pt;"> of a warrant to purchase </font><font><font style=" font-size: 10pt;">one</font></font><font style=" font-size: 10pt;"> share of common stock, at a price of $</font><font><font style=" font-size: 10pt;">3.00</font></font><font style=" font-size: 10pt;"> per fixed combination for gross proceeds of $</font><font><font style=" font-size: 10pt;">30.0</font></font><font style=" font-size: 10pt;"> million. The securities were placed with a single institutional investor. The warrants have an exercise price of $</font><font><font style=" font-size: 10pt;">4.00</font></font><font style=" font-size: 10pt;"> per share, are immediately exercisable and will expire on January 15, 2019. The total net proceeds to Plug Power from the January 2014 public offering were $</font><font><font style=" font-size: 10pt;">27,970,256</font></font><font style=" font-size: 10pt;">.</font></p> <p style=" font-size: 12pt; font-family : Times New Roman; text-align: justify; text-indent: 0.4in; margin-left: 0in; margin-right: 0in;"><font style=" font-size: 10pt;">On March 11, 2014, we completed an underwritten public offering of </font><font><font style=" font-size: 10pt;">3,902,440</font></font><font style=" font-size: 10pt;"> shares of common stock. The shares were sold at $</font><font><font style=" font-size: 10pt;">5.74</font></font><font style=" font-size: 10pt;"> per share for gross proceeds of approximately $</font><font><font style=" font-size: 10pt;">22.4</font></font><font style=" font-size: 10pt;"> million. The shares were placed with a single institutional investor. The total net proceeds to Plug Power from the March 2014 public offering were $</font><font><font style=" font-size: 10pt;">21,308,987</font></font><font style=" font-size: 10pt;">.</font></p> <p style=" font-size: 12pt; font-family : Times New Roman; text-align: justify; text-indent: 0.4in; margin-left: 0in; margin-right: 0in;"><font style=" font-size: 10pt;">On April 30, 2014, we completed an underwritten public offering of </font><font><font style=" font-size: 10pt;">22,600,000</font></font><font style=" font-size: 10pt;"> shares of common stock. The shares were sold at $</font><font><font style=" font-size: 10pt;">5.50</font></font><font style=" font-size: 10pt;"> per share for gross proceeds of approximately $</font><font><font style=" font-size: 10pt;">124.3</font></font><font style=" font-size: 10pt;"> million. The total net proceeds to Plug Power from the April 2014 public offering were $</font><font><font style=" font-size: 10pt;">116,443,375</font></font><font style=" font-size: 10pt;">.</font></p> <p style=" font-size: 12pt; font-family : Times New Roman; text-align: justify; text-indent: 0.4in; margin-left: 0in; margin-right: 0in;"><font style=" font-size: 10pt;">To date, we have funded our operations primarily through public and private offerings of common and preferred stock, a sale-leaseback of our building, our previous line of credit and maturities and sales of our available-for-sale securities. The Company believes that its current cash, cash equivalents, cash generated from future sales, cash generated from the exercise of outstanding warrants, and cash generated from recent public offerings will provide sufficient liquidity to fund operations for at least the next </font><font><font style=" font-size: 10pt;">twelve</font></font><font style=" font-size: 10pt;"> months. This projection is based on our current expectations regarding product sales, cost structure, cash burn rate and operating assumptions.</font></p> </div>
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plug Minimum Period For Which Entity Believes That Existing Resources Will Provide Sufficientliquidity To Fund Operations
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style=" font-size: 12pt; font-family : Times New Roman; text-align: justify; text-indent: 38px;"><strong><em><font><font style=" font-size: 10pt;">Use of Management Estimates:</font></font></em></strong><em><font><font style=" font-size: 10pt;"> </font></font></em><font><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></font></p> </div>
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us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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CY2013Q2 us-gaap Sales Revenue Services Net
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us-gaap Sales Revenue Services Net
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us-gaap Sales Revenue Services Net
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2922673 USD
CY2014Q2 plug Service Revenue
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327543 USD
CY2013Q2 plug Service Revenue
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plug Service Revenue
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plug Service Revenue
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CY2014Q2 us-gaap Revenues
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CY2013Q2 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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us-gaap Cost Of Goods Sold
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us-gaap Cost Of Goods Sold
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us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
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dei Entity Registrant Name
EntityRegistrantName
PLUG POWER INC
dei Entity Central Index Key
EntityCentralIndexKey
0001093691
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
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Non-accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
CY2014Q3 dei Entity Common Stock Shares Outstanding
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167345074 shares

Files In Submission

Name View Source Status
0001003297-14-000434-index-headers.html Edgar Link pending
0001003297-14-000434-index.html Edgar Link pending
0001003297-14-000434.txt Edgar Link pending
0001003297-14-000434-xbrl.zip Edgar Link pending
eshibit311.htm Edgar Link pending
eshibit312.htm Edgar Link pending
eshibit321.htm Edgar Link pending
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esplugpower10q.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
plug-20140630.xml Edgar Link completed
plug-20140630.xsd Edgar Link pending
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