The Peck Company Holdings Reports Third Quarter 2020 Results
Backlog Increased to Company Record $56 Million
SOUTH BURLINGTON, Vt.–(BUSINESS WIRE)–
The Peck Company Holdings, Inc. (NASDAQ: PECK) (the “Company” or “Peck”), a leading commercial solar engineering, procurement and construction (EPC) company, today announced the Company’s financial results for the third quarter ended September 30, 2020 (“Q3 2020”).
Key Highlights for Q3 2020
- Backlog increased to $56 million, from $16 million a year earlier
- Awarded $7.256 million contract for 5.3MW project in Rhode Island
- Awarded $2.365 million contract for 6.8MW project in Maine
- Awarded $7.641 million portfolio for 10.5MW of projects in Vermont
- Announced proposed acquisition of Sunworks
- Recognized as a top solar contractor for 2020, presented by Solar Power World
Management Commentary
The Peck Company Holdings Chairman of the Board and Chief Executive Officer, Jeffrey Peck, commented, “While we did resume and commence all projects previously impacted by the COVID-19 pandemic, Vermont’s State of Emergency was extended to November 15, 2020 resulting in more unpredictability. We continue to provide service and maintenance in support of critical infrastructure including utilities and telecommunications.”
Mr. Peck, continued, “With no projects cancelled, but many pushed out, our backlog has swelled to $56 million. Our record demand includes projects in our home state of Vermont as well as our regional expansion into Maine and Rhode Island. Our first project in Rhode Island is a milestone we are very excited about in helping with their renewable energy goals. We look forward to our continued expansion into Rhode Island, Maine, other states in the northeast and coast to coast. We expect to realize nearly all of the backlog within the next 12 months and anticipate that revenue growth will return and accelerate as we return to some normalcy post the COVID-19 pandemic.”
Mr. Peck, concluded, “Our previously announced proposed acquisition of Sunworks remains on track to close by the end of the year. We are excited for the potential of the two companies becoming one in creating an industry leading solar EPC with a national presence.”
Financial Results for the Three Months Ended September 30, 2020
Revenue for the three months ended September 30, 2020 was $5.0 million, a decrease of $6.8 million, or 58%, compared to $11.7 million for the three months ended September 30, 2019. Due to the State of Emergency declared by the State of Vermont, the Company was unable to complete or begin several projects due to the current COVID-19 pandemic.
Backlog at September 30, 2020 was $56 million, compared to the corresponding period in 2019 of $16 million. The Company expects to realize nearly all of the backlog within the next 12 months.
Gross profit for the three months ended September 30, 2020 was $0.2 million, a decrease of $1.2 million, or 84%, compared to $1.4 million for the three months ended September 30, 2019. The resulting gross margin was 4.8% for the three months ended September 30, 2020, compared to 12.3% for the three months ended September 30, 2019. Lower gross margin for the three months ended September 30, 2020 was the result of maintaining our labor force during the uncertainty of the COVID-19 pandemic. The Company was able to secure a loan through the CARES Act Payroll Protection Program to support our workforce.
General and administrative expenses for the three months ended September 30, 2020 were $0.7 million, a decrease of $0.3 million, or 27%, compared to $1.0 million for the three months ended September 30, 2019. G&A expense decreased primarily due to tighter internal controls implemented over expense management. In addition, the utilization of remote work capabilities reduced expenditures related to facility usage, compared to the three months ended September 30, 2019.
Warehousing and other operating expenses for the three months ended September 30, 2020 were $0.2 million, a decrease of $0.1 million, or 39%, compared to $0.3 million for the three months ended September 30, 2019. Warehousing and other operating expenses include Company-owned solar array depreciation and salaries associated with Company-owned solar arrays, general warehousing costs, project-related travel and performance related expenses.
Operating loss for the three months ended September 30, 2020 was $0.7 million, compared to an operating income of $0.2 million for the three months ended September 30, 2019. The decrease in operating income was the result of a lack of revenue generated from operations due to the uncertainty of the COVID-19 pandemic and the Stay at Home orders issued in the State of Vermont.
Depreciation expenses for the three months ended September 30, 2020 were $0.1 million, compared to $0.2 million for the three months ended September 30, 2019. Depreciation expenses were stable when compared to the three months ended September 30, 2019 as the Company has not had significant capital expenditures for the three months ended September 30, 2020.
Income tax benefit for the three months ended September 30, 2020 was $0.2 million compared to the income tax provision for the three months ended September 30, 2019 of $0.5 million.
Net loss for the three months ended September 30, 2020 was $0.5 million, compared to a net income of $0.8 million for the there months ended September 30, 2019. The net loss was the result of a lack of revenue generated from operations due to the uncertainty of the COVID-19 pandemic and the State of Emergency declared by the State of Vermont. The resulting earnings per share (EPS) for the three months ended September 30, 2020 was a loss of ($0.13) per diluted share, compared to a profit of $0.01 for the three months ended September 30, 2019.
Adjusted EBITDA for the three months ended September 30, 2020 was a loss of $0.5 million, compared to income of $0.4 million for the three months ended September 30, 2019.
Adjusted EPS for the three months ended September 30, 2020 was a loss of ($0.10), compared to a profit of $0.08 for the three months ended September 30, 2019.
Financial Results for the Nine Months Ended September 30, 2020
Revenue for the nine months ended September 30, 2020 was $11.7 million, a decrease of $10.2 million, or 46%, compared to $21.9 million for the nine months ended September 30, 2019.
Gross profit for the nine months ended September 30, 2020 was $0.6 million, a decrease of $3.4 million, or 86%, compared to $4.0 million for the nine months ended September 30, 2019. The resulting gross margin was 4.8% for the six months ended September 30, 2020, compared to 18.4% for the nine months ended September 30, 2019.
General and administrative expenses for the nine months ended September 30, 2020 were $2.2 million, an increase of $0.2 million, or 11%, compared to $2.0 million for the nine months ended September 30, 2019.
Warehousing and other operating expenses for the nine months ended September 30, 2020 were $0.6 million, a decrease of $0.4 million, or 46%, compared to $1.0 million for the nine months ended September 30, 2019.
Operating loss for the nine months ended September 30, 2020 was $2.2 million, compared to an operating income of $1.0 million for the nine months ended September 30, 2019.
Depreciation expenses for the nine months ended September 30, 2020 were $0.4 million, compared to $0.5 million for the nine months ended September 30, 2019.
Income tax benefit for the nine months ended September 30, 2020 was $0.6 million compared to the income tax provision for the nine months ended September 30, 2019 of $1.6 million.
Net loss for the nine months ended September 30, 2020 was $1.8 million, compared to a net loss of $0.7 million for the nine months ended September 30, 2019. The resulting earnings per share (EPS) for the nine months ended September 30, 2020 was a loss of ($0.37) per diluted share, compared to a loss of ($0.17) for the nine months ended September 30, 2019.
Adjusted EBITDA for the nine months ended September 30, 2020 was a loss of $1.7 million, compared to income of $1.7 million for the nine months ended September 30, 2019.
Adjusted EPS for the nine months ended September 30, 2020 was a loss of ($0.33), compared to a profit of $0.42 for the nine months ended September 30, 2019.
The reconciliations of EBITDA, Adjusted EBITDA to net (loss) income, the most directly comparable financial measure calculated and presented in accordance with GAAP, are shown in the table below:
|
|
Three months ended |
|
Nine months ended |
||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Net income (loss) |
|
$ |
(515,680 |
) |
|
$ |
76,155 |
|
$ |
(1,777,342 |
) |
|
$ |
(697,909 |
) |
|
Depreciation and amortization |
|
|
138,164 |
|
|
|
155,169 |
|
|
|
448,188 |
|
|
|
466,222 |
|
Other expense, net |
|
|
72,554 |
|
|
|
54,671 |
|
|
|
218,730 |
|
|
|
158,217 |
|
Income Tax |
|
|
(209,000) |
|
|
48,468 |
|
|
|
(630,585 |
) |
|
|
1,555,330 |
|
|
EBITDA |
|
|
(513,962 |
) |
|
|
334,463 |
|
|
|
(1,741,009 |
) |
|
|
1,481,860 |
|
Other costs |
|
|
– |
|
|
|
78,388 |
|
|
|
– |
|
|
|
243,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
(513,962 |
) |
|
|
412,851 |
|
|
|
(1,741,009 |
) |
|
|
1,725,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average shares outstanding |
|
|
5,298,159 |
|
|
|
5,474,695 |
|
|
|
5,298,159 |
|
|
|
4,071,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings per share |
|
|
(0.10 |
) |
|
|
0.08 |
|
|
|
(0.33 |
) |
|
|
0.42 |
|
Certain Non-GAAP Measures
We periodically review the following key non-GAAP measures to evaluate our business and trends, measure our performance, prepare financial projections and make strategic decisions.
EBITDA, Adjusted EBITDA and Earnout Adjusted EBITDA
Included in this presentation are discussions and reconciliations of earnings before interest, income tax and depreciation and amortization (“EBITDA”) and EBITDA adjusted for certain non-cash, non-recurring or non-core expenses (“Adjusted EBITDA”) to net income in accordance with GAAP. Adjusted EBITDA excludes certain non-cash and other expenses, certain legal services costs, professional and consulting fees and expenses, and one-time business combination expenses and certain adjustments. We believe that these non-GAAP measures illustrate the underlying financial and business trends relating to our results of operations and comparability between current and prior periods. We also use these non-GAAP measures to establish and monitor operational goals.
These non-GAAP measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute or superior to, the other measures of financial performance prepared in accordance with GAAP. Using only the non-GAAP financial measures, particularly Adjusted EBITDA, to analyze our performance would have material limitations because such calculations are based on a subjective determination regarding the nature and classification of events and circumstances that investors may find significant. We compensate for these limitations by presenting both the GAAP and non-GAAP measures of our operating results. Although other companies may report measures entitled “Adjusted EBITDA” or similar in nature, numerous methods may exist for calculating a company’s Adjusted EBITDA or similar measures. As a result, the methods that we use to calculate Adjusted EBITDA may differ from the methods used by other companies to calculate their non-GAAP measures.
About The Peck Company Holdings, Inc.
Headquartered in South Burlington, VT, The Peck Company Holdings, Inc. is a 2nd-generation family business founded in 1972 and rooted in values that align people, purpose, and profitability. Ranked by Solar Power World as one of the leading commercial solar contractors in the Northeastern United States, the Company provides EPC services to solar energy customers for projects ranging in size from several kilowatts for residential properties to multi-megawatt systems for large commercial and utility scale projects. The Company has installed over 125 megawatts worth of solar systems since it started installing solar in 2012 and continues its focus on profitable growth opportunities. Please visit www.peckcompany.com for additional information.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
No Offer or Solicitation
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval with respect to the proposed transaction with Sunworks or otherwise. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Additional Information and Where to Find It
In connection with the proposed transaction with Sunworks, on October 1, 2020, we filed with the SEC a registration statement on Form S-4 (Registration No. 333-249183) (the “Registration Statement”), which included a document that serves as a prospectus of Peck and a joint proxy statement of Sunworks and Peck (the “Joint Proxy Statement”). These materials have not yet been declared effective, are not yet final and may be amended. After the Registration Statement has been declared effective by the SEC, the Joint Proxy Statement will be delivered to stockholders of Sunworks and Peck. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SECURITY HOLDERS OF SUNWORKS AND PECK ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE PROPOSED TRANSACTION FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Free copies of the Joint Proxy Statement, as well as other filings containing information about Peck and Sunworks, may be obtained at the SEC’s website, www.sec.gov, when they are filed. Stockholders and investors will also be able to obtain these documents, when they are filed, free of charge, by directing a request to The Peck Company Holdings, Inc., 4050 Williston Road, #511 South Burlington, Vermont 05403, Attention: Corporate Secretary, or by calling (802) 658-3378, or to Sunworks, Inc., 1030 Winding Creek Road, Suite 100, Roseville CA 95678, Attention: Corporate Secretary, or by calling (916) 409-6900, or by accessing Peck’s website at www.peckcompany.com under the “Company – Investors” tab or by accessing the Sunworks’ website at www.sunworksusa.com under the “Investor Relations” tab.
Participants in the Solicitation
Peck, and its respective directors, and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies from the stockholders of Peck in connection with the proposed transaction. Information about Peck’s directors and executive officers is available in its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on April 14, 2020. Information regarding all of the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the Joint Proxy Statement regarding the proposed transaction and other relevant materials to be filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.
The Peck Company Holdings, Inc. |
||||||||
|
|
September 30, |
|
December 31, |
||||
Assets |
|
|
|
|
||||
Current Assets: |
|
|
|
|
||||
Cash |
|
$ |
118,450 |
|
|
$ |
95,930 |
|
Accounts receivable, net of allowance |
|
|
9,998,463 |
|
|
|
7,294,605 |
|
Costs and estimated earnings in excess of billings |
|
|
1,241,667 |
|
|
|
1,272,372 |
|
Other current assets |
|
|
147,431 |
|
|
|
201,326 |
|
Total current assets |
|
|
11,506,011 |
|
|
|
8,864,233 |
|
|
|
|
|
|
||||
Property and equipment: |
|
|
|
|
||||
Building and improvements |
|
|
672,727 |
|
|
|
672,727 |
|
Vehicles |
|
|
1,283,364 |
|
|
|
1,283,364 |
|
Tools and equipment |
|
|
517,602 |
|
|
|
517,602 |
|
Solar arrays |
|
|
6,386,025 |
|
|
|
6,386,025 |
|
|
|
|
8,859,718 |
|
|
|
8,859,718 |
|
Less accumulated depreciation |
|
|
(2,641,196 |
) |
|
|
(2,193,007 |
) |
|
|
|
6,218,522 |
|
|
|
6,666,711 |
|
Other Assets: |
|
|
|
|
||||
Investment in GreenSeed Investors, LLC |
|
|
4,824,444 |
|
|
|
– |
|
Investment in Solar Project Partners, LLC |
|
|
96,052 |
|
|
|
– |
|
Captive insurance investment |
|
|
198,105 |
|
|
|
140,875 |
|
|
|
|
|
|
||||
Total assets |
|
$ |
22,843,134 |
|
|
$ |
15,671,819 |
|
|
|
|
|
|
||||
Liabilities and Stockholders’ Equity |
|
|
|
|
||||
|
|
|
|
|
||||
Current Liabilities: |
|
|
|
|
||||
Accounts payable, includes bank overdrafts of $524,324 and $1,496,695 at September 30, 2020 and December 31, 2019, respectively |
|
$ |
3,245,792 |
|
|
$ |
4,274,517 |
|
Accrued expenses |
|
|
74,674 |
|
|
|
119,211 |
|
Billings in excess of costs and estimated earnings on uncompleted contracts |
|
|
3,301,903 |
|
|
|
126,026 |
|
Due to stockholders |
|
|
37,315 |
|
|
|
342,718 |
|
Line of credit |
|
|
4,907,521 |
|
|
|
3,185,041 |
|
Current portion of deferred compensation |
|
|
27,880 |
|
|
|
27,880 |
|
Current portion of long-term debt |
|
|
352,814 |
|
|
|
426,254 |
|
Total current liabilities |
|
|
11,947,899 |
|
|
|
8,501,647 |
|
|
|
|
|
|
||||
Long-term liabilities: |
|
|
|
|
||||
Deferred compensation, net of current portion |
|
|
65,633 |
|
|
|
88,883 |
|
Deferred tax liability |
|
|
467,146 |
|
|
|
1,098,481 |
|
Long-term debt, net of current portion |
|
|
3,202,541 |
|
|
|
1,966,047 |
|
Total liabilities |
|
|
15,683,219 |
|
|
|
11,655,058 |
|
|
|
|
|
|
||||
Commitments and Contingencies (Note 9) |
|
|
|
|
||||
|
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
|
||||
Preferred stock – 0.0001 par value 1,000,000 shares authorized, 200,000 and 0 issued and outstanding at September 30, 2020 and December 31, 2019, respectively (Liquidation Value of $5,000,000) |
|
|
20 |
|
|
|
– |
|
Common stock – 0.0001 par value 49,000,000 shares authorized, 5,298,159 issued and outstanding as of September 30, 2020 and December 31, 2019, respectively |
|
|
529 |
|
|
|
529 |
|
Additional paid-in capital-common stock |
|
|
5,508,388 |
|
|
|
412,356 |
|
Retained earnings |
|
|
1,650,978 |
|
|
|
3,603,876 |
|
Total Stockholders’ equity |
|
|
7,159,915 |
|
|
|
4,016,761 |
|
Total liabilities and stockholders’ equity |
|
$ |
22,843,134 |
|
|
$ |
15,671,819 |
|
The Peck Company Holdings, Inc. |
||||||||||||||||
|
Three Months ended |
|
Nine Months ended |
|||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Earned revenue |
|
$ |
4,966,026 |
|
|
$ |
11,749,580 |
|
|
$ |
11,720,932 |
|
|
$ |
21,878,170 |
|
Cost of earned revenue |
|
|
4,728,328 |
|
|
|
10,308,936 |
|
|
|
11,162,439 |
|
|
|
17,846,681 |
|
Gross profit |
|
|
237,698 |
|
|
|
1,440,644 |
|
|
|
558,493 |
|
|
|
4,031,489 |
|
|
|
|
|
|
|
|
|
|
||||||||
Warehousing and other operating expenses |
|
|
180,471 |
|
|
|
294,154 |
|
|
|
556,927 |
|
|
|
1,034,965 |
|
General and administrative expenses |
|
|
709,353 |
|
|
|
967,196 |
|
|
|
2,190,763 |
|
|
|
1,980,886 |
|
Total operating expenses |
|
|
889,824 |
|
|
|
1,261,350 |
|
|
|
2,747,690 |
|
|
|
3,015,851 |
|
Operating income |
|
|
(652,126 |
) |
|
|
179,294 |
|
|
|
(2,189,197 |
) |
|
|
1,015,638 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other expenses |
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
|
(72,554 |
) |
|
|
(54,671 |
) |
|
|
(218,730 |
) |
|
|
(158,217 |
) |
|
|
|
|
|
|
|
|
|
||||||||
(Loss) income before income taxes |
|
|
(724,680 |
) |
|
|
124,623 |
|
|
|
(2,407,927 |
) |
|
|
857,421 |
|
(Benefit) provision for income taxes |
|
|
(209,000 |
) |
|
|
48,468 |
|
|
|
(630,585 |
) |
|
|
1,555,330 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income |
|
(515,680 |
) |
|
76,155 |
|
(1,777,342 |
) |
|
(697,909 |
) | |||||
|
|
|
|
|
|
|
|
|
||||||||
Net income applicable to preferred shareholders |
|
|
(175,556 |
) |
|
|
– |
|
|
|
(175,556 |
) |
|
|
– |
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income available to share of common stockholders |
|
$ |
(691,236 |
) |
|
$ |
76,155 |
|
|
$ |
(1,952,898 |
) |
|
$ |
(697,909 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income available to common stockholder: |
|
|
|
|
|
|
|
|
||||||||
Weighted average shares of common stock outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
|
5,298,159 |
|
|
|
5,474,695 |
|
|
|
5,298,159 |
|
|
|
4,071,497 |
|
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
$ |
(0.13 |
) |
|
$ |
0.01 |
|
|
$ |
(0.37 |
) |
|
$ |
(0.17 |
) |
The Peck Company Holdings, Inc. |
||||||||
|
|
2020 |
|
2019 |
||||
Cash flows from operating activities |
|
|
|
|
||||
Net loss |
|
$ |
(1,777,342 |
) |
|
$ |
(697,909 |
) |
|
|
|
|
|
||||
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
||||
Depreciation |
|
|
448,189 |
|
|
|
466,222 |
|
Deferred finance charge amortization |
|
|
3,277 |
|
|
|
– |
|
Bad debt expense |
|
|
164,292 |
|
|
|
– |
|
Deferred tax (benefit) provision |
|
|
(631,335 |
) |
|
|
1,527,311 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(2,868,150 |
) |
|
|
(5,103,347 |
) |
Other current assets |
|
|
53,895 |
|
|
|
(210,852 |
) |
Costs and estimated earnings in excess of billings |
|
|
30,705 |
|
|
|
(2,709,006 |
) |
Accounts payable |
|
|
(1,028,725 |
) |
|
|
2,085,197 |
|
Accrued expenses |
|
|
(44,537 |
) |
|
|
43,425 |
|
Billings in excess of costs and estimated earnings on uncompleted contracts |
|
|
3,175,877 |
|
|
|
645,385 |
|
Deferred compensation |
|
|
(23,250 |
) |
|
|
(20,165 |
) |
Net cash used in operating activities |
|
|
(2,497,104 |
) |
|
|
(3,973,739 |
) |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
|
||||
Purchase of solar arrays and equipment |
|
|
– |
|
|
|
(39,243 |
) |
Investment costs |
|
|
– |
|
|
|
(129,100 |
) |
Cash surrender value of life insurance |
|
|
– |
|
|
|
(54,689 |
) |
Investment in captive insurance |
|
|
(57,230 |
) |
|
|
(60,063 |
) |
Net cash used in investing activities |
|
|
(57,230 |
) |
|
|
(283,095 |
) |
|
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
|
||||
Net borrowings on line of credit |
|
|
2,232,580 |
|
|
|
4,027,476 |
|
Payments of line of credit |
|
|
(510,100 |
) |
|
|
– |
|
Proceeds from long-term debt |
|
|
1,487,624 |
|
|
|
– |
|
Payments of long-term debt |
|
|
(327,847 |
) |
|
|
(230,629 |
) |
Payments to stockholders |
|
|
(305,403 |
) |
|
|
– |
|
Due to stockholders |
|
|
– |
|
|
|
395,070 |
|
Stockholder distributions paid |
|
|
– |
|
|
|
(219,600 |
) |
Net cash provided by financing activities |
|
|
2,576,854 |
|
|
|
3,972,317 |
|
Net increase (decrease) in cash |
|
|
22,520 |
|
|
|
(284,517 |
) |
Cash, beginning of period |
|
|
95,930 |
|
|
|
313,217 |
|
Cash, end of period |
|
$ |
118,450 |
|
|
$ |
28,700 |
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information |
|
|
|
|
||||
|
|
|
|
|
||||
Cash paid during the year for: |
|
|
|
|
||||
Interest |
|
$ |
215,453 |
|
|
$ |
158,217 |
|
Income taxes |
|
|
366 |
|
|
|
5,859 |
|
|
|
|
|
|
||||
Supplemental schedule of non-cash investing and financing activities: |
|
|
|
|
||||
Shares of Preferred Stock issued for investment |
|
$ |
5,000,000 |
|
|
$ |
– |
|
Warrants issued for investment |
|
$ |
96,052 |
|
|
$ |
– |
|
Preferred dividends satisfied with distribution from investment |
|
$ |
175,556 |
|
|
|
||
Vehicle purchased and financed |
|
$ |
– |
|
|
$ |
127,161 |
|
Accrued S corporation distributions which have not been paid |
|
$ |
– |
|
|
$ |
266,814 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005348/en/
Michael d’Amato
[email protected]
p802-264-2040
ClearThink
[email protected]
KEYWORDS: Vermont United States North America
INDUSTRY KEYWORDS: Alternative Energy Energy Environment Other Energy Utilities
MEDIA: