We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Energy and Technology Corp (PK) | USOTC:ENGT | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.025 | 0.025 | 0.08 | 0.00 | 13:00:09 |
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE
|
333-143215
|
26-0198662
|
||
(State or other jurisdiction of
incorporation or organization)
|
(Commission File No.)
|
(IRS Employee Identification No.)
|
Securities registered under Section 12(b) of the Exchange Act: |
None.
|
|
Securities registered under Section 12(g) of the Exchange Act: |
Common Stock, par value $0.001 per share
(Title of Class)
|
Item 1.
|
Financial Statements
|
1 |
Item 2.
|
Management’s Discussion and Analysis of Financial Condition
|
12 |
Item 3
|
Quantitative and Qualitative Disclosures About Market Risk
|
16 |
Item 4T.
|
Control and Procedures
|
16 |
PART II—OTHER INFORMATION
|
17 | |
17 | ||
Item 1
|
Legal Proceedings
|
17 |
Item 1A
|
Risk Factors
|
17 |
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
17 |
Item 3.
|
Defaults Upon Senior Securities
|
17 |
Item 4.
|
Submission of Matters to a Vote of Security Holders
|
17 |
Item 5.
|
Other Information
|
17 |
Item 6.
|
Exhibits and Reports on Form 8-K
|
17 |
SIGNATURE
|
18 |
●
|
general economic and industry conditions;
|
●
|
our capital requirements and dependence on the sale of our equity securities;
|
●
|
the liquidity of the Company’s common stock will be affected by the lack of a trading market;
|
●
|
industry competition;
|
●
|
shortages in availability of qualified personnel;
|
●
|
legal and financial implications of unexpected catastrophic events;
|
●
|
regulatory or legislative changes effecting the industries we serve; and
|
●
|
reliance on, and the ability to attract, key personnel.
|
ENERGY & TECHNOLOGY, CORP.
|
||||||||
Consolidated Balance Sheets
|
||||||||
As of March 31, 2013 and December 31, 2012
|
||||||||
March 31,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash and Cash Equivalents
|
$ | 2,348,146 | $ | 2,879,195 | ||||
Accounts Receivable
|
||||||||
Trade, Net of Allowance for Doubtful Accounts of $16,640 and $16,640 at March 31, 2013 and December 31, 2012, respectively
|
209,217 | 197,158 | ||||||
Other
|
17,524 | 16,324 | ||||||
Inventory
|
2,377,202 | 2,878,085 | ||||||
Prepaid Expenses
|
106,505 | 99,001 | ||||||
Deferred Tax Asset
|
1,051,179 | 875,441 | ||||||
Total Current Assets
|
6,109,773 | 6,945,204 | ||||||
Property and Equipment
|
||||||||
Held for Operations, Net of Accumulated Depreciation of 4,719,069 and $4,474,876 at March 31, 2013 and December 31, 2012, respectively
|
4,337,210 | 4,581,403 | ||||||
Held for Investment
|
1,114,311 | 1,095,583 | ||||||
Total Property and Equipment
|
5,451,521 | 5,676,986 | ||||||
Other Assets
|
||||||||
Patent, Net of Accumulated Amortization of $160,761 and $153,524 at March 31, 2013 and December 31, 2012, respectively
|
414,995 | 422,191 | ||||||
Deposits
|
4,988 | 4,988 | ||||||
Other Assets
|
20,504 | 16,389 | ||||||
Total Other Assets
|
440,487 | 443,568 | ||||||
Total Assets
|
$ | 12,001,781 | $ | 13,065,758 |
ENERGY & TECHNOLOGY, CORP.
|
||||||||
Consolidated Balance Sheets
|
||||||||
As of March 31, 2013 and December 31, 2012
|
||||||||
March 31,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Liabilities and Stockholders' Equity
|
||||||||
Current Liabilities
|
||||||||
Current Maturities of Notes Payable
|
$ | 510,754 | $ | 491,557 | ||||
Accounts Payable
|
1,898,252 | 2,220,045 | ||||||
Accrued Payroll and Payroll Liabilities
|
50,504 | 62,348 | ||||||
Accrued Rent
|
1,825,000 | 1,787,500 | ||||||
Income Taxes Payable
|
34,502 | 41,342 | ||||||
Total Current Liabilities
|
4,319,012 | 4,602,792 | ||||||
Long-Term Liabilities
|
||||||||
Notes Payable, Less Current Maturities
|
293,207 | 405,422 | ||||||
Deferred Taxes Payable
|
747,854 | 811,025 | ||||||
Due to Affiliates
|
2,329,441 | 2,450,033 | ||||||
Total Long-Term Liabilities
|
3,370,502 | 3,666,480 | ||||||
Total Liabilities
|
7,689,514 | 8,269,272 | ||||||
Stockholders' Equity
|
||||||||
Preferred Stock - $.001 Par Value; 10,000,000 Shares Authorized,
|
||||||||
None Issued
|
- | - | ||||||
Common Stock - $.001 Par Value; 250,000,000 Shares Authorized, 169,144,950
|
||||||||
Shares and 169,144,950 shares Issued and Outstanding at March 31,
|
||||||||
2013, and December 31, 2012, respectively
|
169,145 | 169,145 | ||||||
Discount on Common Stock
|
(115,100 | ) | (115,100 | ) | ||||
Paid-In Capital
|
4,288,830 | 4,288,830 | ||||||
Retained Earnings
|
(30,608 | ) | 453,611 | |||||
Total Stockholders' Equity
|
4,312,267 | 4,796,486 | ||||||
Total Liabilities and Stockholders' Equity
|
$ | 12,001,781 | $ | 13,065,758 |
ENERGY & TECHNOLOGY, CORP.
|
||||||||
Consolidated Statements of Operations
|
||||||||
For the Three Months Ended March 31, 2013 and 2012
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
March 31,
|
|||||||
2013
|
2012
|
|||||||
Revenues
|
$ | 960,675 | $ | 3,438,678 | ||||
Cost of Revenues
|
||||||||
Materials and Supplies
|
535,853 | 1,754,757 | ||||||
Subcontract Labor
|
161,737 | 256,849 | ||||||
Depreciation
|
203,174 | 171,646 | ||||||
Labor and Related Costs
|
101,555 | 140,094 | ||||||
Repairs and Maintenance
|
10,057 | 150,627 | ||||||
Insurance
|
56,272 | 24,381 | ||||||
Other Costs
|
25,931 | 19,055 | ||||||
Patent Amortization
|
7,196 | 7,196 | ||||||
Total Cost of Revenues
|
1,101,775 | 2,524,605 | ||||||
Gross Profit
|
(141,100 | ) | 914,073 | |||||
Operating Expenses
|
||||||||
Salaries and Wages
|
108,564 | 133,466 | ||||||
Taxes, Fees and Other
|
0 | 57,907 | ||||||
Professional Services
|
207,043 | 98,752 | ||||||
Rent
|
49,780 | 59,616 | ||||||
Depreciation
|
41,019 | 41,140 | ||||||
Travel, Lodging and Meals
|
29,023 | 14,028 | ||||||
Utilities
|
12,936 | 33,699 | ||||||
Office Supplies and Expenses
|
26,696 | 16,699 | ||||||
Communications
|
11,045 | 12,799 | ||||||
Other
|
62,828 | 35,646 | ||||||
Total Operating Expenses
|
548,934 | 503,752 | ||||||
Income (Loss) from Operations
|
(690,034 | ) | 410,321 | |||||
Other Income (Expense)
|
||||||||
Investment Income (Expense)
|
7,407 | 4,316 | ||||||
Interest (Expense)
|
(40,501 | ) | (39,537 | ) | ||||
Total Other Income (Expense)
|
(33,094 | ) | (35,221 | ) | ||||
Income (Loss) Before Provision for Income Taxes
|
(723,128 | ) | 375,100 | |||||
Provision for Income Taxes Expense (Benefit)
|
(238,909 | ) | 125,952 | |||||
Net Income (Loss)
|
$ | (484,219 | ) | $ | 249,148 | |||
Earnings (Loss) per Share - Basic
|
NM
|
NM
|
||||||
Earnings (Loss) per Share - Diluted
|
NM
|
NM
|
ENERGY & TECHNOLOGY, CORP.
|
||||||||||||||||||||||||
Consolidated Statements of Changes in Stockholders' Equity
|
||||||||||||||||||||||||
For the Year Ended December 31, 2012 and the Three Months Ended March 31, 2013
|
||||||||||||||||||||||||
Discount on
|
Additional
|
Total
|
||||||||||||||||||||||
Common Stock
|
Capital
|
Paid-In
|
Retained
|
Stockholders'
|
||||||||||||||||||||
Shares
|
Amount
|
Stock
|
Capital
|
Earnings
|
Equity
|
|||||||||||||||||||
Balance at December 31, 2011
|
169,052,400 | $ | 169,052 | $ | (115,100 | ) | $ | 4,229,195 | $ | 807,587 | $ | 5,090,734 | ||||||||||||
Bonus shares issued
|
92,550 | 93 | - | 59,635 | - | 59,728 | ||||||||||||||||||
Net (Loss)
|
- | - | - | - | (353,976 | ) | (353,976 | ) | ||||||||||||||||
Balance at December 31, 2012
|
169,144,950 | 169,145 | (115,100 | ) | 4,288,830 | 453,611 | 4,796,486 | |||||||||||||||||
Net (Loss)
|
- | - | - | - | (484,219 | ) | (484,219 | ) | ||||||||||||||||
Balance at March 31, 2013
|
169,144,950 | $ | 169,145 | $ | (115,100 | ) | $ | 4,288,830 | $ | (30,608 | ) | $ | 4,312,267 |
ENERGY & TECHNOLOGY, CORP.
|
||||||||
Consolidated Statements of Cash Flows
|
||||||||
For the Three Months Ended March 31, 2013 and 2012
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
March 31,
|
|||||||
2013
|
2012
|
|||||||
Cash Flows from Operating Activities
|
||||||||
Net (Loss) Income
|
$ | (484,219 | ) | $ | 249,148 | |||
Adjustments to Reconcile Net Income to Net Cash Provided by
|
||||||||
Operating Activities
|
||||||||
Depreciation
|
244,193 | 212,786 | ||||||
Amortization of Patent Costs
|
7,196 | 7,196 | ||||||
Deferred Income Taxes
|
(238,909 | ) | 125,952 | |||||
Changes in Assets and Liabilities
|
||||||||
Trade Receivables
|
(12,059 | ) | 824,549 | |||||
Other Receivables
|
(1,200 | ) | (750 | ) | ||||
Inventory
|
500,883 | (108,546 | ) | |||||
Prepaid Expenses
|
(7,504 | ) | 14,998 | |||||
Accounts Payable
|
(321,793 | ) | 1,385,144 | |||||
Accrued Payroll and Payroll Liabilities
|
(11,844 | ) | (5,376 | ) | ||||
Income Taxes Payable
|
(6,840 | ) | - | |||||
Accrued Rent
|
37,500 | 37,500 | ||||||
Net Cash Provided by (Used in) Operating Activities
|
(294,596 | ) | 2,742,601 | |||||
Cash Flows from Investing Activities
|
||||||||
Increase (Decrease) in Other Assets
|
(4,115 | ) | (1,422 | ) | ||||
Purchase of Property and Equipment
|
(18,728 | ) | (11,226 | ) | ||||
Net Cash Provided by (Used in) Investing Activities
|
(22,843 | ) | (12,648 | ) | ||||
Cash Flows from Financing Activities
|
||||||||
Borrowings from (Payments to) Affiliates
|
(120,592 | ) | (28,317 | ) | ||||
Proceeds from Notes Payable
|
134,006 | - | ||||||
Payments on Notes Payable
|
(227,024 | ) | (68,490 | ) | ||||
Net Cash Provided by (Used in) Financing Activities
|
(213,610 | ) | (96,807 | ) | ||||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(531,049 | ) | 2,633,146 | |||||
Cash and Cash Equivalents, Beginning of Year
|
2,879,195 | 943,894 | ||||||
Cash and Cash Equivalents, End of Year
|
$ | 2,348,146 | $ | 3,577,040 | ||||
Supplemental Disclosure of Cash Flow Information
|
||||||||
Cash Paid During the Period for Interest
|
$ | 6,737 | $ | 8,273 | ||||
Cash Paid During the Period for Income Taxes
|
$ | - | $ | - | ||||
Stock Issued for Services
|
$ | - | $ | - |
2013
|
2012
|
|||||||
Buildings and Improvements
|
3,042,385 | $ | 3,042,385 | |||||
Equipment
|
5,747,749 | 5,747,749 | ||||||
Autos and Trucks
|
248,394 | 248,394 | ||||||
Office Furniture
|
17,751 | 17,751 | ||||||
9,056,279 | 9,056,279 | |||||||
Less: Accumulated Depreciation
|
(4,719,069 | ) | (4,474,876 | ) | ||||
Total
|
$ | 4,337,210 | $ | 4,581,403 |
2013
|
2012
|
|||||||
Imperial Credit Corp, Insurance, $96,213 note dated January 18, 2013, due October 18, 2013 payable in monthly installments of $13,754, interest rate 6.99%, secured by insurance.
|
94,070 | 77,475 | ||||||
|
||||||||
Regions Bank, $213,226 note dated October 15, 2010, due October 15, 2014, payable in monthly installments of $4,120, interest rate 5.98%, secured by equipment.
|
70,117 | 83,892 | ||||||
U.S. Bancorp, $340,990 note dated December 29, 2010 due December 29, 2014, payable in monthly installments of $6,585, interest rate 5.93%, secured by equipment.
|
125,524 | 145,899 | ||||||
U.S. Bancorp, $260,000 note dated May 17, 2011 due May 17, 2015, payable in monthly installments of $4,954, interest rate 5.4%, secured by equipment.
|
115,031 | 131,275 |
2013
|
2012
|
|||||||
BMW Credit, $60,303 note dated November 18, 2011 due November 18, 2015, payable in monthly installments of $1,081, interest rate 2.9%, secured by vehicle.
|
29,800 | 32,048 | ||||||
Ally Bank, $23,968 note dated February 25, 2011 due February 25, 2016, payable in monthly installments of $463, interest rate 6.0%, secured by vehicle.
|
13,961 | 14,807 | ||||||
Wells Fargo Bank, $449,000 note
dated October 18, 2012 due October 18, 2014, payable in monthly installments of $18,708, interest rate 0.0%,
secured by Hyundai Milling Machine
|
355,458 | 411,583 | ||||||
803,961 | 896,979 | |||||||
Less: Current Portion
|
510,754 | 491,557 | ||||||
Long-Term Portion
|
$ | 293,907 | $ | 405,422 |
Fiscal Year Ending
December 31,
|
Amount
|
||||
|
|||||
2013
|
$ | 398,539 | |||
2014
|
374,766 | ||||
2015
|
30,656 | ||||
Total
|
$ | 803,961 |
March 31, 2013
|
December 31, 2012
|
|||||||||||||||
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
Amount
|
Value
|
Amount
|
Value
|
|||||||||||||
Financial assets:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
2,348,146
|
$
|
2,348,146
|
$
|
2,879,195
|
$
|
2,879,195
|
||||||||
Financial liabilities:
|
||||||||||||||||
Notes Payable
|
$
|
803,961
|
$
|
803,961
|
$
|
896,979
|
$
|
896,979
|
||||||||
Due to Affiliates
|
2,329,441
|
2,329,441
|
2,450,033
|
2,450,033
|
||||||||||||
$
|
3,133,402
|
$
|
3,133,402
|
$
|
3,347,012
|
$
|
3,347,012
|
2013
|
2012
|
Variance
|
||||||||||||||||||
Revenue:
|
Dollars
|
Percentage
|
Dollars
|
Percentage
|
Dollars
|
|||||||||||||||
Inspection Fees
|
$
|
167,090
|
17.4
|
%
|
$
|
1,102,330
|
32.1
|
%
|
$
|
(935,240
|
)
|
|||||||||
Storage Fees
|
$
|
143,383
|
14.9
|
%
|
$
|
87,088
|
2.5
|
%
|
$
|
56,295
|
||||||||||
Pipe and Other Equipment Sales
|
$
|
518,752
|
54.0
|
%
|
$
|
1,947,195
|
56.6
|
%
|
$
|
(1,428,443
|
)
|
|||||||||
Other Income
|
$
|
131,450
|
13.7
|
%
|
$
|
302,065
|
8.8
|
%
|
$
|
(170,605
|
)
|
|||||||||
Total Revenue
|
$
|
960,675
|
100.0
|
%
|
$
|
3,438,678
|
100.0
|
%
|
$
|
(2,478,003
|
)
|
2013
|
2012
|
Variance
|
||||||||||||||||||
Cost of Revenue
|
Dollars
|
Percentage
|
Dollars
|
Percentage
|
Dollars
|
|||||||||||||||
Materials and Supplies
|
$
|
535,853
|
49.0
|
%
|
$
|
1,754,757
|
69.7
|
%
|
$
|
(1,218,904
|
)
|
|||||||||
Subcontract Labor
|
$
|
161,737
|
14.8
|
%
|
$
|
256,849
|
10.2
|
%
|
$
|
(95,112
|
)
|
|||||||||
Depreciation
|
$
|
203,174
|
18.6
|
%
|
$
|
171,646
|
6.8
|
%
|
$
|
31,528
|
||||||||||
Repairs and Maintenance
|
$
|
10,057
|
0.9
|
%
|
$
|
150,627
|
6.0
|
%
|
$
|
(140,570
|
)
|
|||||||||
Labor and Related Costs
|
$
|
101,555
|
9.3
|
%
|
$
|
140,094
|
5.6
|
%
|
$
|
(38,539
|
)
|
|||||||||
Insurance
|
$
|
56,272
|
5.1
|
%
|
$
|
24,381
|
1.0
|
%
|
$
|
31,891
|
||||||||||
Other Costs
|
$
|
33,127
|
2.3
|
%
|
$
|
26,251
|
0.8
|
%
|
$
|
6,876
|
||||||||||
Total Costs of Revenues
|
$
|
1,101,775
|
100.0
|
%
|
$
|
2,524,605
|
100.0
|
%
|
$
|
(1,422,830
|
)
|
March
|
March
|
March
|
March
|
March
|
||||||||||||||||
31, 2013
|
31, 2012
|
31, 2011
|
31, 2010
|
31, 2009
|
||||||||||||||||
Revenues, for the first quarter
|
$
|
960,675
|
$
|
3,438,678
|
$
|
180,732
|
$
|
888,659
|
$
|
2,446,072
|
||||||||||
Cost of Revenues
|
1,101,775
|
2,524,605
|
520,867
|
656,736
|
1,133,015
|
|||||||||||||||
Gross Profit (Loss)
|
(141,100
|
)
|
914,073
|
(340,135
|
)
|
231,923
|
1,313,057
|
|||||||||||||
Operating Expenses:
|
||||||||||||||||||||
General & Administrative Expenses
|
507,915
|
462,612
|
339,098
|
560,768
|
429,800
|
|||||||||||||||
Depreciation
|
41,019
|
41,140
|
40,952
|
30,263
|
36,733
|
|||||||||||||||
Total Operating Expenses
|
548,934
|
503,752
|
380,050
|
591,031
|
466,533
|
|||||||||||||||
Income (Loss) from Operations
|
(690,034
|
)
|
410,321
|
(720,185
|
)
|
(359,108
|
)
|
846,524
|
||||||||||||
Other Income (Expense)
|
(33,095
|
)
|
(35,221
|
)
|
(38,908
|
)
|
444,386
|
(22,560
|
)
|
|||||||||||
Income Before Income Taxes
|
(723,128
|
)
|
375,100
|
(759,093
|
)
|
85,278
|
823,964
|
|||||||||||||
Provision for Income Taxes
|
(238,909
|
)
|
125,952
|
(263,454
|
)
|
33,125
|
291,652
|
|||||||||||||
Net Income(Loss)
|
$
|
(484,219
|
)
|
$
|
249,148
|
$
|
(495,639
|
)
|
$
|
52,153
|
$
|
532,312
|
31.1
|
Certifications pursuant to Section 302 of Sarbanes Oxley Act of 2002
|
32.1
|
Certifications pursuant to Section 906 of Sarbanes Oxley Act of 2002
|
ENERGY & TECHNOLOGY CORP.
|
|||
Date: May 13, 2013
|
By:
|
/s/ George M. Sfeir
|
|
George M. Sfeir
|
|||
President, Chief Executive Officer,
and Director
|
|||
Date: May 13, 2013
|
By:
|
/s/ Amer Salhi
|
|
Amer Salhi
|
|||
Chief Financial Officer
|
1 Year Energy and Technology (PK) Chart |
1 Month Energy and Technology (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions