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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tyratech (DI/S) | LSE:TYR | London | Ordinary Share | COM SHS USD0.001 (DI / REGS) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.95 | 2.70 | 3.20 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Shareholders' Equity Current liabilities: Accounts payable $436 $688 $250 Accrued liabilities 563 404 412 Warrant liability 660 390 210 Deferred revenue 501 501 501 Total current liabilities 2,160 1,983 1,373 ----------------------- ----------------------- ----------------------------- Other long-term liabilities 1,130 1,632 1,381 ----------------------- ----------------------- ----------------------------- Total liabilities 3,290 3,615 2,754 ----------------------- ----------------------- ----------------------------- Equity Common stock, at $0.001 par, authorised 300 million at 6/30/14 and 12/31/13; 205.1 million shares issued, 204.0 shares outstanding (6/30/2014 and:168.8 million shares issued, 167.7 million shares outstanding at 12/31/13) and 168.8 million shares issued and outstanding at 6/30/13 205 168 168 Additional paid in capital 81,329 78,377 78,421 Accumulated deficit (82,932) (77,747) (79,826) Treasury stock of 1,084,413 common stock 6/30/14, 12/31/13 and 6/30/13 (108) (108) (108) ----------------------- ----------------------- ----------------------------- TyraTech Inc. shareholders' equity (deficit) (1,506) 690 (1,345) Non-controlling interest (5) (5) (5) Total shareholders' equity (deficit) (1,511) 685 (1,350) ----------------------- ----------------------- ----------------------------- Total liabilities & shareholders' equity (deficit) The accompanying notes are an integral part of these unaudited interim consolidated financial statements. $1,779 $4,300 $1,404 ----------------------- ----------------------- -----------------------------
Consolidated Statements of Cash Flow
in $'000
(Unaudited) six months ended 30 June ----------------------------------------- Year ended 31 December 2014 2013 2013 Cash flows from operating activities: Net loss $(3,106) $(2,823) $(4,902) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortisation 49 58 108 Amortisation of stock awards 71 117 162 Change in fair value of warrants 450 390 210 Net loss from unconsolidated subsidiary - 217 359 Changes in operating assets and liabilities: Accounts receivable (536) (66) 25 Inventory (204) - (46) Prepaid expenses 27 54 (69) Accounts payable and accrued liabilities 337 449 18 Deposits (1) - - Deferred revenue (250) (250) (501) Net cash used in operating activities (3,163) (1,854) (4,636) -------------------------- --------- ------------------ Cash flows from investing activities: Purchases of property and equipment (8) (16) (17) Net cash used in investing activities (8) (16) (17) -------------------------- --------- ------------------ Cash flows from financing activities: Net proceeds from sale of common stock 2,874 3,979 3,978 Net cash provided by financing activities 2,874 3,979 3,978 -------------------------- --------- ------------------ Net increase (decrease) in cash and cash equivalents (297) 2,109 (675) Cash and cash equivalents beginning of the period 873 1,549 1,548 -------------------------- --------- ------------------ Cash and cash equivalents end of the period $576 $3,658 $873 ========================== ========= ================== These accompanying notes are an integral part of these unaudited interim consolidated financial statements.
Notes to the Interim Consolidated Financial Statements
1. Basis of Preparation
The financial statements of TyraTech, Inc. and its subsidiaries (TyraTech Sustainable Solutions, LLC; and TyraChem, LLC) referred to as the "Company" have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) and the attached financial statements have been prepared on a consolidated basis.
The Company holds a 40% share of an unconsolidated jointly owned enterprise (Envance Technologies, LLC.) with AMVAC Chemical Corporation, a wholly owned subsidiary of American Vanguard Corporation. This unconsolidated entity is accounted for under the equity method of accounting.
The results for the year ended 31 December 2013 have been extracted from the statutory consolidated financial statements of TyraTech, Inc. for the year ended 31 December 2013 which were prepared in accordance with US GAAP.
The unaudited interim consolidated financial statements for the six months ended 30 June 2014 and 2013 were prepared on the basis of the accounting policies set out in the most recently published consolidated financial statements of the Company for the year ended 31 December 2013. As permitted, this interim report has been prepared in accordance with AIM rules. Certain information and note disclosures normally included in annual financial statements prepared in accordance with US GAAP have been omitted pursuant to the AIM's rules and regulations for interim reporting. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2013.
2. Liquidity and Capital Resources
At 30 June 2014 the Company had $575,000 (2013: $3,658,000) in cash and cash and cash equivalents and no indebtedness.
The Company has had significant negative cash flows from operating activities since inception. The Company is continuing to manage the magnitude of these negative operating cash flows through product sales expansion. The Company believes that with the existing cash on hand, cash expected from existing supply contracts, funding from prospective agreements, a continued focus on cost control, and a fundraise subsequent to the date of these statements (net $5.7 million), that the Company will have sufficient cash to meet its working capital needs; i.e., at least twelve months from the date of the approval of these Financial Statements. For this reason, the Directors consider it appropriate to continue to prepare the Statements on the going concern basis.
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