$SLNH
Soluna Holdings, Inc

2014 Q3 Form 10-Q Financial Statement

#000100329714000382 Filed on August 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q4
Revenue $1.940M $2.478M $1.570M
YoY Change -16.02% 9.31% -30.22%
Cost Of Revenue $780.0K $997.0K $600.0K
YoY Change -11.36% 24.47% -41.75%
Gross Profit $1.160M $1.481M $970.0K
YoY Change -19.44% 1.02% -20.49%
Gross Profit Margin 59.79% 59.77% 61.78%
Selling, General & Admin $900.0K $932.0K $790.0K
YoY Change 2.27% 0.54% 79.55%
% of Gross Profit 77.59% 62.93% 81.44%
Research & Development $310.0K $371.0K $370.0K
YoY Change 3.33% 20.85% 12.12%
% of Gross Profit 26.72% 25.05% 38.14%
Depreciation & Amortization $20.00K $30.00K $20.00K
YoY Change 0.0% 36.36% -33.33%
% of Gross Profit 1.72% 2.03% 2.06%
Operating Expenses $1.210M $1.303M $1.170M
YoY Change 2.54% 5.59% 53.95%
Operating Profit -$50.00K $178.0K -$200.0K
YoY Change -119.23% -23.28% -143.48%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$380.0K
YoY Change 3700.0%
Pretax Income -$50.00K $178.0K $3.050M
YoY Change -119.23% -26.14% 593.18%
Income Tax $0.00 -$230.0K
% Of Pretax Income -7.54%
Net Earnings -$50.00K $178.0K $3.300M
YoY Change -131.25% 78.0% 617.39%
Net Earnings / Revenue -2.58% 7.18% 210.19%
Basic Earnings Per Share $0.03
Diluted Earnings Per Share -$0.25 $0.03 $15.00
COMMON SHARES
Basic Shares Outstanding 5.257M shares 5.257M shares
Diluted Shares Outstanding 5.495M shares

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $900.0K $800.0K $1.200M
YoY Change -10.0% 0.0% 300.0%
Cash & Equivalents $774.0K $1.211M
Short-Term Investments
Other Short-Term Assets $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 0.0%
Inventory $900.0K $818.0K $742.0K
Prepaid Expenses
Receivables $1.000M $1.300M $800.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.800M $3.046M $2.913M
YoY Change -15.15% 6.06% -8.88%
LONG-TERM ASSETS
Property, Plant & Equipment $100.0K $132.0K $146.0K
YoY Change 0.0% 6.45% 13.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.500M $1.500M $1.500M
YoY Change 15.38% 7.14% 0.0%
Total Long-Term Assets $1.700M $1.608M $1.621M
YoY Change 30.77% 8.14% -1.64%
TOTAL ASSETS
Total Short-Term Assets $2.800M $3.046M $2.913M
Total Long-Term Assets $1.700M $1.608M $1.621M
Total Assets $4.500M $4.654M $4.534M
YoY Change -2.17% 6.77% -6.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0K $529.0K $149.0K
YoY Change 0.0% 115.04% -28.37%
Accrued Expenses $1.100M $949.0K $993.0K
YoY Change 0.0% 1.06% -5.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.300M $1.478M $1.142M
YoY Change 0.0% 24.73% -38.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.300M $1.478M $1.142M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.300M $1.500M $1.100M
YoY Change -71.74% -66.67% -78.85%
SHAREHOLDERS EQUITY
Retained Earnings -$118.8M -$118.5M
YoY Change -2.63% -2.99%
Common Stock $63.00K $63.00K
YoY Change -99.95% -99.95%
Preferred Stock
YoY Change
Treasury Stock (at cost) $13.75M $13.75M
YoY Change 0.0% 0.0%
Treasury Stock Shares 1.005M shares 1.005M shares
Shareholders Equity $3.100M $3.176M $3.392M
YoY Change
Total Liabilities & Shareholders Equity $4.500M $4.654M $4.534M
YoY Change -2.17% 6.77% -6.42%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q4
OPERATING ACTIVITIES
Net Income -$50.00K $178.0K $3.300M
YoY Change -131.25% 78.0% 617.39%
Depreciation, Depletion And Amortization $20.00K $30.00K $20.00K
YoY Change 0.0% 36.36% -33.33%
Cash From Operating Activities $160.0K $60.00K $250.0K
YoY Change -15.79% -154.55% -204.17%
INVESTING ACTIVITIES
Capital Expenditures $30.00K $30.00K $40.00K
YoY Change 0.0% 300.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$20.00K
YoY Change -100.0%
Cash From Investing Activities -$30.00K -$30.00K -$60.00K
YoY Change 0.0% -400.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.00K
YoY Change
NET CHANGE
Cash From Operating Activities 160.0K 60.00K 250.0K
Cash From Investing Activities -30.00K -30.00K -60.00K
Cash From Financing Activities 30.00K
Net Change In Cash 130.0K 30.00K 220.0K
YoY Change -18.75% -130.0% -191.67%
FREE CASH FLOW
Cash From Operating Activities $160.0K $60.00K $250.0K
Capital Expenditures $30.00K $30.00K $40.00K
Free Cash Flow $130.0K $30.00K $210.0K
YoY Change -18.75% -127.27% -184.0%

Facts In Submission

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CY2013Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
5256883 shares
CY2013Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 USD
CY2014Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 USD
CY2013Q4 mkty Variable Interest Entity Nonconsolidated Carrying Amount Assets Cash
VariableInterestEntityNonconsolidatedCarryingAmountAssetsCash
25000 USD
CY2013Q4 mkty Variable Interest Entity Nonconsolidated Carrying Amount Assets Prepaid Expenses And Other Current Assets
VariableInterestEntityNonconsolidatedCarryingAmountAssetsPrepaidExpensesAndOtherCurrentAssets
1000 USD
CY2013Q4 mkty Variable Interest Entity Nonconsolidated Carrying Amount Assets Accounts Payable
VariableInterestEntityNonconsolidatedCarryingAmountAssetsAccountsPayable
3000 USD
CY2013Q4 mkty Variable Interest Entity Nonconsolidated Carrying Amount Assets Related Party Note Payable
VariableInterestEntityNonconsolidatedCarryingAmountAssetsRelatedPartyNotePayable
380000 USD
CY2014Q2 mkty Number Of Votes Entitled To Common Stock Holders
NumberOfVotesEntitledToCommonStockHolders
1 item
CY2014Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
1500000 USD
CY2014Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure
CY2014Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34 pure
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EffectiveIncomeTaxRateContinuingOperations
0.647 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
5256883 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
713566 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
502000 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1215566 shares
us-gaap Nature Of Operations
NatureOfOperations
<div id='EdgarSAA123457890000' style="font-family : 'Helvetica';"> <p style=" margin-top: 0in; margin-left: 0in; text-align: left; font-size: 10pt; font-family : Helvetica; letter-spacing: -.15pt;"><strong>1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Nature of Operations</strong></p> <p style=" margin-top: 0in; margin-right: 9.0pt; margin-left: 0in; text-align: left; font-size: 10pt; font-family : Helvetica; letter-spacing: -.15pt;"><strong><em>Description of Business</em></strong></p> <p style=" font-size: 10pt; font-family : Helvetica; text-align: justify; margin-left: 0in; margin-right: 0in; margin-top: 0in;"><font size="10pt;">Mechanical Technology, Incorporated (MTI or the Company), a New York corporation, was incorporated in <font>1961</font>. The Company's core business is conducted through MTI Instruments, Inc. (MTI Instruments), a wholly-owned subsidiary and the sole component of the Company's Test and Measurement Instrumentation segment. Through the year ended December 31, 2013, the Company also operated in a New Energy segment with business conducted through MTI MicroFuel Cells, Inc. (MTI Micro). On December 31, 2013, as a result of a stock warrant exercise, the Company transferred management of MTI Micro to Dr. Walter L. Robb (a member of the Company's and MTI Micro's board of directors) and his new management team. The Company is consequently <font>no</font> longer reporting MTI Micro as a variable interest entity (VIE) as of the close of business on December 31, 2013 (date of MTI Micro deconsolidation).&#160;</font></p> <p style=" margin: 0in; margin-bottom: .0001pt; font-size: 10pt; font-family : Helvetica; text-align: justify; margin-left: 0in; margin-right: 0in; margin-top: 0in;"><font size="10pt;">MTI Instruments was incorporated in New York on March 8, 2000 and is a supplier of: precision linear displacement solutions, vibration measurement and system balancing systems, and wafer inspection tools, consisting of electronic gauging instruments for position, displacement and vibration application within the industrial manufacturing/production markets, as well as the research, design and process development market; tensile stage systems for materials testing at academic and industrial research settings; and engine vibration analysis systems for both military and commercial aircraft. These tools, systems and solutions are developed for markets and applications that require the precise measurements and control of products, processes, and the development and implementation of automated manufacturing, assembly, and consistent operation of complex machinery.&#160;</font></p> <p style=" margin: 0in; margin-bottom: .0001pt; font-size: 10pt; font-family : Helvetica; text-align: justify;">&#160;</p> <p style=" margin: 0in; margin-bottom: .0001pt; font-size: 10pt; font-family : Helvetica; text-align: justify; margin-left: 0in; margin-right: 0in; margin-top: 0in;"><font size="10pt;">MTI Micro was incorporated in Delaware on March 26, 2001, and, until its operations were suspended in late 2011, had been developing a handheld energy-generating device to replace current lithium-ion and similar rechargeable battery systems in many handheld electronic devices for the military and consumer markets.</font></p> <p style=" margin: 0in; margin-bottom: .0001pt; font-size: 10pt; font-family : Helvetica; text-align: justify; margin-left: 0in; margin-right: 0in; margin-top: 0in;">&#160;</p> <p style=" margin-top: 0in; margin-right: 9.0pt; margin-left: 0in; text-align: left; font-size: 10pt; font-family : Helvetica; letter-spacing: -.15pt;"><strong><em>Liquidity</em></strong></p> <p style=" font-size: 10pt; font-family : Helvetica; margin-right: 0in; margin-left: 0in; margin-bottom: .0001pt; margin-top: 0in;">&#160;</p> <p style=" margin: 0in; margin-bottom: .0001pt; font-size: 10pt; font-family : Helvetica; text-align: justify; margin-left: 0in; margin-right: 0in; margin-top: 0in;">The Company has incurred significant losses primarily due to its past efforts to fund MTI Micro's direct methanol fuel cell product development and commercialization programs, and has an accumulated deficit of approximately $118.8 million and working capital of approximately $1.6 million at June 30, 2014.</p> <p style=" margin: 0in; margin-bottom: .0001pt; font-size: 10pt; font-family : Helvetica;">&#160;</p> <p style=" margin: 0in; margin-bottom: .0001pt; font-size: 10pt; font-family : Helvetica; text-align: justify; margin-left: 0in; margin-right: 0in; margin-top: 0in;"><font size="10pt;">Based on the Company's projected cash requirements for operations and capital expenditures for 2014, its current available cash of approximately $<font>774</font> thousand, the $<font>1.0</font> million available from its existing line of credit at MTI Instruments, current cash flow requirements and revenue and expense projections, management believes it will have adequate resources to fund operations and capital expenditures for at least the next <font>twelve</font> months.</font></p> <p style=" margin: 0in; margin-bottom: .0001pt; font-size: 10pt; font-family : Helvetica;">&#160;</p> <p style=" margin: 0in; margin-bottom: .0001pt; font-size: 10pt; font-family : Helvetica; margin-left: 0in; margin-right: 0in; margin-top: 0in;"><font size="10pt;">However, the Company may need to do one or more of the following to raise additional resources, or reduce its cash requirements:</font></p> <p style=" margin: 0in; margin-bottom: .0001pt; font-size: 10pt; font-family : Helvetica; margin-top: 3.0pt;">&#160;</p> <p style=" margin-bottom: 3.0pt; font-size: 10pt; font-family : Helvetica; margin-top: 0in; margin-right: 0in; margin-left: .5in; text-indent: -.25in;">1)&#160;&#160;&#160;&#160;&#160;&#160; Reduce its current expenditure run rate;</p> <p style=" margin-bottom: 3.0pt; font-size: 10pt; font-family : Helvetica; margin-top: 0in; margin-right: 0in; margin-left: .5in; text-indent: -.25in;">2)&#160;&#160;&#160;&#160;&#160;&#160; Defer its capital expenditures;</p> <p style=" margin-bottom: 3.0pt; font-size: 10pt; font-family : Helvetica; margin-top: 0in; margin-right: 0in; margin-left: .5in; text-indent: -.25in;">3)&#160;&#160;&#160;&#160;&#160;&#160; Defer its hiring plans; and</p> <p style=" margin-bottom: 3.0pt; font-size: 10pt; font-family : Helvetica; margin-top: 0in; margin-right: 0in; margin-left: .5in; text-indent: -.25in;">4)&#160;&#160;&#160;&#160;&#160;&#160; Secure additional debt or equity financing.</p> <p style=" margin: 0in; margin-bottom: .0001pt; font-size: 10pt; font-family : Helvetica;">&#160;</p> <p style=" margin: 0in; margin-bottom: .0001pt; font-size: 10pt; font-family : Helvetica; text-align: justify; margin-left: 0in; margin-right: 0in; margin-top: 0in;"><font size="10pt;">There is no guarantee that such resources will be available to the Company on terms acceptable to it, or at all, or that such resources will be received in a timely manner, if at all, or that the Company will be able to reduce its expenditure run-rate, defer its capital expenditures or hiring plans without materially and adversely effecting its business.</font></p> </div>
CY2014Q2 mkty Working Capital
WorkingCapital
1600000 USD
CY2014Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
1000000 USD
mkty Minimum Period For Which Management Believes It Will Have Adequate Resources To Fund Operations And Capital Expenditures
MinimumPeriodForWhichManagementBelievesItWillHaveAdequateResourcesToFundOperationsAndCapitalExpenditures
P12M
CY2013Q2 us-gaap Depreciation
Depreciation
22000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
41000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 item
CY2013 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 item
dei Entity Registrant Name
EntityRegistrantName
MECHANICAL TECHNOLOGY INC
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0000064463
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 Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
dei Entity Voluntary Filers
EntityVoluntaryFilers
No

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