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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% | 0.016 | 0.0142 | 0.148 | 1 | 15:18:02 |
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) |
Large Accelerated Filer
o
|
Accelerated Filer
o
|
Non-Accelerated Filer
o
|
Smaller Reporting Company
x
|
PART I—FINANCIAL INFORMATION
|
||
Item 1.
|
Financial Statements
|
4 |
Item 2.
|
Management’s Discussion and Analysis of Financial Condition
|
15 |
Item 3
|
Quantitative and Qualitative Disclosures About Market Risk
|
21 |
Item 4T.
|
Control and Procedures
|
22 |
PART II—OTHER INFORMATION
|
||
Item 1
|
Legal Proceedings
|
23 |
Item 1A
|
Risk Factors
|
23 |
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
23 |
Item 3.
|
Defaults Upon Senior Securities
|
23 |
Item 4.
|
Submission of Matters to a Vote of Security Holders
|
23 |
Item 5.
|
Other Information
|
23 |
Item 6.
|
Exhibits and Reports on Form 8-K
|
23 |
SIGNATURE
|
24 |
●
|
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
|
June 30
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash and Cash Equivalents
|
$ | 2,009,568 | $ | 2,879,195 | ||||
Accounts Receivable
|
||||||||
Trade, Net
|
767,528 | 197,158 | ||||||
Other
|
17,124 | 16,324 | ||||||
Inventory
|
2,309,048 | 2,878,085 | ||||||
Prepaid Expenses
|
73,003 | 99,001 | ||||||
Deferred Tax Asset
|
1,022,906 | 875,441 | ||||||
Total Current Assets
|
6,199,177 | 6,945,204 | ||||||
Property and Equipment, Net
|
||||||||
Held for Operations, Net
|
4,105,882 | 4,581,403 | ||||||
Held for Investment
|
1,165,016 | 1,095,583 | ||||||
Total Property and Equipment
|
5,270,898 | 5,676,986 | ||||||
Other Assets
|
||||||||
Patent, net
|
407,798 | 422,191 | ||||||
Deposits
|
4,988 | 4,988 | ||||||
Other Assets
|
19,983 | 16,389 | ||||||
Total Other Assets
|
432,769 | 443,568 | ||||||
Total Assets
|
$ | 11,902,844 | $ | 13,065,758 |
ENERGY & TECHNOLOGY, CORP.
|
||
Consolidated Balance Sheets (Continued)
|
ENERGY & TECHNOLOGY, CORP.
|
Consolidated Statements of Operations
|
(Unaudited)
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Revenues
|
$ | 1,319,313 | $ | 1,830,981 | $ | 2,279,988 | $ | 5,269,659 | ||||||||
Cost of Revenues
|
||||||||||||||||
Labor and Related Costs
|
132,097 | 133,607 | 233,652 | 273,701 | ||||||||||||
Subcontract Labor
|
207,304 | 216,445 | 369,041 | 473,294 | ||||||||||||
Depreciation
|
202,733 | 171,646 | 405,907 | 343,292 | ||||||||||||
Repairs and Maintenance
|
16,038 | 13,797 | 26,095 | 164,424 | ||||||||||||
Materials and Supplies
|
281,365 | 701,244 | 817,218 | 2,456,001 | ||||||||||||
Other Costs
|
37,588 | 34,724 | 63,519 | 53,779 | ||||||||||||
Insurance
|
43,574 | 30,845 | 99,846 | 55,226 | ||||||||||||
Total Cost of Revenues
|
920,699 | 1,302,308 | 2,015,278 | 3,819,717 | ||||||||||||
Gross Profit
|
398,614 | 528,673 | 264,710 | 1,449,942 | ||||||||||||
Operating Expenses
|
||||||||||||||||
Salaries and Wages
|
137,008 | 109,659 | 245,572 | 243,125 | ||||||||||||
Professional Services
|
70,665 | 87,134 | 277,708 | 185,886 | ||||||||||||
Rent
|
48,948 | 60,991 | 98,728 | 120,607 | ||||||||||||
Depreciation
|
38,300 | 41,190 | 79,319 | 82,330 | ||||||||||||
Travel, Lodging and Meals
|
29,052 | 33,625 | 58,075 | 47,653 | ||||||||||||
Office Supplies and Expenses
|
11,361 | 17,423 | 38,057 | 34,122 | ||||||||||||
Utilities
|
13,856 | 18,999 | 26,792 | 52,698 | ||||||||||||
Communications
|
10,326 | 11,782 | 21,371 | 24,581 | ||||||||||||
Repairs and Maintenance
|
25,046 | 32,543 | 25,046 | 32,543 | ||||||||||||
Property Taxes
|
- | - | - | 57,906 | ||||||||||||
Patent Amortization
|
7,197 | 7,196 | 14,393 | 14,393 | ||||||||||||
Other
|
19,621 | 47,219 | 82,449 | 82,865 | ||||||||||||
Total Operating Expenses
|
411,380 | 467,761 | 967,510 | 978,709 | ||||||||||||
Income (Loss) from Operations
|
(12,766 | ) | 60,912 | (702,800 | ) | 471,233 | ||||||||||
Other Income (Expense)
|
||||||||||||||||
Investment Income
|
6,523 | 6,906 | 13,930 | 11,222 | ||||||||||||
Interest Expense
|
(40,100 | ) | (38,926 | ) | (80,601 | ) | (78,463 | ) | ||||||||
Total Other Income (Expense)
|
(33,577 | ) | (32,020 | ) | (66,671 | ) | (67,241 | ) | ||||||||
Income (Loss) Before Provision for Income Taxes
|
(46,343 | ) | 28,892 | (769,471 | ) | 403,992 | ||||||||||
Provision for Income Taxes
|
(19,607 | ) | 7,052 | (258,516 | ) | 133,004 | ||||||||||
Net Income (Loss)
|
$ | (26,736 | ) | $ | 21,840 | $ | (510,955 | ) | $ | 270,988 | ||||||
Earnings (Loss) per Share - Basic
|
NM
|
$ | 0.0001 |
NM
|
$ | 0.002 | ||||||||||
Earnings (Loss) per Share - Diluted
|
NM
|
$ | 0.0001 |
NM
|
$ | 0.002 |
ENERGY & TECHNOLOGY CORP.
|
|
Consolidated Statements of Changes in Stockholders' Equity
|
Discount on
|
Additional
|
Total
|
||||||||||||||||||||||||||
Common Stock
|
Capital
|
Paid-In
|
Treasury Stock
|
Retained
|
Stockholders'
|
|||||||||||||||||||||||
Shares
|
Amount
|
Stock
|
Capital
|
Earnings
|
Equity
|
|||||||||||||||||||||||
- | ||||||||||||||||||||||||||||
Balance at January 1, 2012
|
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 Income
|
- | - | - | - | - | 270,988 | 270,988 | |||||||||||||||||||||
Balance at December 31, 2012
|
169,144,950 | $ | 169,145 | $ | (115,100 | ) | $ | 4,288,830 | $ | - | $ | 453,611 | $ | 4,796,486 | ||||||||||||||
Shares buyback
|
- | - | - | - | (100,505 | ) | - | $ | (100,505 | ) | ||||||||||||||||||
Net (Loss)
|
- | - | - | - | - | (510,955 | ) | (510,955 | ) | |||||||||||||||||||
Balance at June 30, 2013
|
169,144,950 | $ | 169,145 | $ | (115,100 | ) | $ | 4,288,830 | $ | (100,505 | ) | $ | (57,344 | ) | $ | 4,185,026 |
ENERGY & TECHNOLOGY, CORP.
|
||||||||
Consolidated Statements of Cash Flows
|
||||||||
For the Six Months Ended June 30, 2013 and 2012
|
||||||||
2013
|
2012
|
|||||||
Cash Flows from Operating Activities
|
||||||||
Net Income (Loss)
|
$ | (510,955 | ) | $ | 270,988 | |||
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in)
|
||||||||
Operating Activities
|
||||||||
Depreciation
|
485,226 | 425,622 | ||||||
Amortization of Patent Costs
|
14,393 | 14,393 | ||||||
Deferred Income Taxes
|
(258,516 | ) | 133,004 | |||||
Changes in Assets and Liabilities
|
||||||||
Trade Receivables
|
(570,370 | ) | 354,341 | |||||
Other Receivables
|
(800 | ) | (750 | ) | ||||
Inventory
|
569,037 | 5,515 | ||||||
Prepaid Expenses
|
25,998 | 29,997 | ||||||
Accounts Payable
|
(236,962 | ) | 1,704,770 | |||||
Accrued Payroll and Payroll Liabilities
|
20,306 | 10,455 | ||||||
Income Taxes Payable
|
(6,840 | ) | (6,523 | ) | ||||
Accrued Rent
|
75,000 | 75,000 | ||||||
Net Cash Provided by (Used in) Operating Activities
|
(394,483 | ) | 3,016,812 | |||||
Cash Flows from Investing Activities
|
||||||||
Other Assets
|
(3,594 | ) | (6,057 | ) | ||||
Purchase of Property and Equipment
|
(79,138 | ) | (1,106,809 | ) | ||||
Net Cash Used in Investing Activities
|
(82,732 | ) | (1,112,866 | ) | ||||
Cash Flows from Financing Activities
|
||||||||
Borrowings from Affiliates
|
(47,237 | ) | 65,103 | |||||
Purchase of Treasury Stock
|
(100,505 | ) | - | |||||
Principal Repayments on Notes Payable
|
(244,670 | ) | (131,776 | ) | ||||
Net Cash (Used in) Provided by Financing Activities
|
(392,412 | ) | (66,673 | ) | ||||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(869,627 | ) | 1,837,273 | |||||
Cash and Cash Equivalents, Beginning of Period
|
2,879,195 | 943,894 | ||||||
Cash and Cash Equivalents, End of Period
|
$ | 2,009,568 | $ | 2,781,167 | ||||
Cash Paid During the Period for Interest
|
$ | 6,335 | $ | 7,662 | ||||
Cash Paid During the Period for Income Taxes
|
$ | 6,840 | $ | 6,523 |
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
|
27,455 | 17,751 | ||||||
9,065,983 | 9,056,279 | |||||||
Less: Accumulated Depreciation
|
(4,960,101 | ) | (4,474,876 | ) | ||||
Total
|
$ | 4,105,882 | $ | 4,581,403 |
2013
|
2012
|
|||||||
Imperial Credit Corp, Insurance, $96,213 note dated October 15, 2012, due August 15, 2013 payable in monthly installments of $9,975, interest rate 7.95%, secured by insurance.
|
54,222 | 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.
|
56,175 | 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.
|
104,885 | 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.
|
98,609 | 131,275 | ||||||
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.
|
26,408 | 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.
|
12,677 | 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 vehicle.
|
299,333 | 411,583 | ||||||
Total
|
652,309 | 896,979 | ||||||
Less: Current Portion
|
473,602 | 491,557 | ||||||
Long-Term Portion
|
$ | 178,707 | $ | 405,422 |
June 30, 2013
|
December 31, 2012
|
|||||||||||||||
Carrying
Amount
|
Fair
Value
|
Carrying
Amount
|
Fair
Value
|
|||||||||||||
Financial assets:
|
||||||||||||||||
Cash and cash equivalents
|
$ | 2,009,568 | $ | 2,009,568 | $ | 2,879,195 | $ | 2,879,195 | ||||||||
Financial liabilities:
|
||||||||||||||||
Notes Payable
|
$ | 652,309 | $ | 652,309 | $ | 896,979 | $ | 896,979 | ||||||||
Due to Affiliates
|
2,402,796 | 2,402,796 | 2,450,033 | 2,450,033 | ||||||||||||
$ | 3,055,105 | $ | 3,055,105 | $ | 3,347,012 | $ | 3,347,012 |
2013
|
2012
|
Variance
|
||||||||||||||||||
Revenue:
|
Dollars
|
Percentage
|
Dollars
|
Percentage
|
Dollars
|
|||||||||||||||
Inspection Fees
|
$ | 587,642 | 44.5 | % | $ | 509,385 | 27.8 | % | $ | 78,257 | ||||||||||
Storage Fees
|
108,999 | 8.3 | % | 206,609 | 11.3 | % | (97,610 | ) | ||||||||||||
Pipe Threading
|
261,053 | 19.8 | % | 99,297 | 5.4 | % | 161,756 | |||||||||||||
Pipe and Other Equipment
Sales
|
296,254 | 22.5 | % | 919,320 | 50.2 | % | (623,066 | ) | ||||||||||||
Other Income
|
65,365 | 5.0 | % | 96,370 | 5.3 | % | (31,005 | ) | ||||||||||||
Total Revenue
|
$ | 1,319,313 | 100.0 | % | $ | 1,830,981 | 100.0 | % | $ | (511,668 | ) |
2013
|
2012
|
Variance
|
||||||||||||||||||
Cost of Revenue:
|
Dollars
|
Percentage
|
Dollars
|
Percentage
|
Dollars
|
|||||||||||||||
Materials and Supplies
|
$ | 281,365 | 30.6 | % | $ | 701,244 | 53.8 | % | $ | (419,879 | ) | |||||||||
Depreciation
|
202,733 | 22.0 | % | 171,646 | 13.2 | % | 31,087 | |||||||||||||
Subcontract Labor
|
207,304 | 22.5 | % | 216,445 | 16.6 | % | (9,141 | ) | ||||||||||||
Labor and Related Costs
|
132,097 | 14.3 | % | 133,607 | 10.3 | % | (1,510 | ) | ||||||||||||
Insurance
|
43,574 | 4.7 | % | 30,845 | 2.4 | % | 12,729 | |||||||||||||
Other Costs
|
37,588 | 4.1 | % | 34,724 | 2.6 | % | 2,864 | |||||||||||||
Repairs and Maintenance
|
16,038 | 1.8 | % | 13,797 | 1.1 | % | 2,241 | |||||||||||||
Total Cost of Revenues
|
$ | 920,699 | 100.0 | % | $ | 1,302,308 | 100.0 | % | $ | (381,609 | ) |
2013
|
2012
|
Variance
|
||||||||||||||||||
Revenue:
|
Dollars
|
Percentage
|
Dollars
|
Percentage
|
Dollars
|
|||||||||||||||
Inspection Fees
|
$ | 754,732 | 33.1 | % | $ | 1,611,715 | 30.6 | % | $ | (856,983 | ) | |||||||||
Storage Fees
|
220,592 | 9.7 | % | 213,088 | 4.0 | % | 7,504 | |||||||||||||
Manufacturing & Threading
|
292,843 | 12.8 | % | 179,906 | 3.4 | % | 112,937 | |||||||||||||
Pipe and Other Equipment
Sales
|
815,006 | 35.7 | % | 2,866,515 | 54.4 | % | (2,051,509 | ) | ||||||||||||
Other Income
|
196,815 | 8.7 | % | 398,435 | 7.6 | % | (201,620 | ) | ||||||||||||
Total Revenue
|
$ | 2,279,988 | 100.0 | % | $ | 5,269,659 | 100.0 | % | $ | (2,989,671 | ) |
|
2013
|
2012
|
Variance
|
|||||||||||||||||
Cost of Revenue:
|
Dollars
|
Percentage
|
Dollars
|
Percentage
|
Dollars
|
|||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Depreciation
|
$ | 405,907 | 20.1 | % | $ | 343,292 | 9.0 | % | $ | (62,615 | ) | |||||||||
Subcontract Labor
|
369,041 | 18.3 | % | 473,294 | 12.4 | % | 104,253 | |||||||||||||
Labor and Related Costs
|
233,652 | 11.6 | % | 273,701 | 7.2 | % | 40,049 | |||||||||||||
Repairs and Maintenance
|
26,095 | 1.3 | % | 164,424 | 4.3 | % | 138,329 | |||||||||||||
Materials and Supplies
|
817,218 | 40.6 | % | 2,456,001 | 64.3 | % | 1,638,783 | |||||||||||||
Insurance
|
99,846 | 5.0 | % | 55,226 | 1.4 | % | (44,620 | ) | ||||||||||||
Other
|
63,519 | 3.1 | % | 53,779 | 1.4 | % | (9,740 | ) | ||||||||||||
Total Cost of Revenue
|
$ | 2,015,278 | 100.0 | % | $ | 3,819,717 | 100.0 | % | $ | 1,804,439 |
June 30,
2013 |
June 30,
2012 |
June 30,
2011 |
June 30,
2010 |
June 30,
2009 |
||||||||||||||||
Revenues
|
$ | 2,279,988 | $ | 5,269,659 | $ | 592,655 | $ | 1,604,066 | $ | 4,683,663 | ||||||||||
Cost of Revenues
|
2,015,278 | 3,819,717 | 1,158,193 | 1,194,782 | 2,215,132 | |||||||||||||||
Gross Profit (Loss)
|
264,710 | 1,449,942 | (565,538 | ) | 409,284 | 2,468,531 | ||||||||||||||
Operating Expenses
|
||||||||||||||||||||
General & Administrative
Expenses
|
888,191 | 896,379 | 809,424 | 1,173,429 | 996,806 | |||||||||||||||
Depreciation
|
79,319 | 82,330 | 82,413 | 61,558 | 89,222 | |||||||||||||||
Total Operating Expenses
|
967,510 | 978,709 | 891,837 | 1,234,987 | 1,086,028 | |||||||||||||||
Income (Loss) from Operations
|
(702,800 | ) | 471,223 | (1,457,375 | ) | (825,703 | ) | 1,382,503 | ||||||||||||
Other Income (Expense)
|
(66,671 | ) | (67,241 | ) | (88,053 | ) | 434,241 | (46,459 | ) | |||||||||||
Income (Loss) Before Income Taxes
|
(769,471 | ) | 403,992 | (1,545,428 | ) | (391,462 | ) | 1,336,044 | ||||||||||||
Provision for Income Taxes
|
(258,516 | ) | 133,004 | (588,356 | ) | (140,588 | ) | 492,534 | ||||||||||||
Net Income (Loss)
|
$ | (510,955 | ) | $ | 270,988 | $ | (957,072 | ) | $ | (250,874 | ) | $ | 843,510 |
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: August 14, 2013
|
By:
|
/s/ George M. Sfeir
|
George M. Sfeir
|
||
President, Chief Executive Officer,
and Director
|
||
Date: August 14, 2013
|
By:
|
/s/ Amer Salhi
|
Amer Salhi
Chief Financial Officer
|
1 Year Energy and Technology (PK) Chart |
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