H/Cell Energy Reports FY2020 First Quarter Financial Results
DALLAS, May 15, 2020 (GLOBE NEWSWIRE) -- H/Cell Energy Corporation (OTCQB-HCCC) (“HCCC”), a company that designs and implements clean energy solutions featuring hydrogen and fuel cell technology, has announced financial results for its first quarter ended March 31, 2020.
For the three months ended March 31, 2020, HCCC generated revenue of $1,667,947 and a net loss of $261,761 which includes $68,701 of non-cash charges that do not affect the cash flow performance or working capital of HCCC. This amounts to a $(0.04) per share loss. Comparatively, for the first quarter ended March 31, 2019, HCCC generated revenue of $1,704,273 and a net loss of $143,638 which included $111,153 of non-cash charges. This amounted to a $(0.02) per share loss.
Andrew Hidalgo, CEO of HCCC, commented, "As with almost all businesses, the first quarter revenue production slowed down due to the coronavirus pandemic. Even with a slowdown, HCCC was able to generate $1,667,947 in first quarter revenue. Although we concluded a number of projects in the first quarter and we have not had any backlog canceled as of yet, there has been a postponement of some projects due to the economic uncertainty. Our domestic subsidiary was affected greater than our Australian subsidiary in the first quarter as COVID-19 has impacted the Mid-Atlantic region of the U.S. in larger proportion. We are all hoping that the economy will soon recover from the setbacks due to the pandemic.”
About H/Cell Energy Corporation:
H/Cell Energy Corporation is an integrator that focuses on the design and implementation of clean energy solutions including solar, battery, fuel cell and hydrogen generation systems. In addition, through its Australian subsidiary, HCCC also provides security systems integration. HCCC serves the residential, commercial and government sectors. Please visit our website at www.hcellenergy.com for more information.
Forward Looking Statements:
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on current expectations and actual results could differ materially. H/Cell Energy Corporation does not undertake an obligation to update or revise any forward-looking statement. No information in this press release should be construed as any indication of the Company’s future revenues, results of operations, or stock price. The information set forth herein speaks only as of the date hereof.
Contact:
H/Cell Energy Corporation Investor Relations 3010 LBJ Freeway, Suite 1200 Dallas, Texas 75234 972-888-6009 USA
H/CELL ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2020
December 31, 2019
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents
$
174,419
$
277,620
Accounts receivable
909,139
803,659
Prepaid expenses
17,247
15,258
Costs and earnings in excess of billings
29,850
26,045
Total current assets
1,130,655
1,122,582
Property and equipment, net
438,776
478,238
Security deposits and other non-current assets
28,082
32,233
Deferred tax asset
46,000
46,000
Customer lists, net
58,040
63,161
Right of use asset
249,638
222,524
Deferred offering cost
129,180
130,072
Goodwill
1,373,621
1,373,621
Total assets
$
3,453,992
$
3,468,431
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses
$
935,258
$
702,133
Billings in excess of costs and earnings
37,930
47,098
Sales and withholding tax payable
76,014
39,751
Current operating lease liability
55,795
87,897
Current equipment notes payable
25,187
27,435
Current line of credit
165,960
269,746
Current finance lease payable
76,240
75,743
Current convertible note payable
135,938
80,500
Current convertible notes payable – related party, net of discounts
459,116
-
Income tax payable
30,649
41,426
Total current liabilities
1,998,087
1,371,729
Noncurrent liabilities
Earn-out payable
214,074
209,199
Lease operating liability
196,691
137,071
Finance leases
293,535
307,804
Equipment notes payable
61,968
121,038
Convertible notes payable – related party, net of discounts
-
473,770
Total noncurrent liabilities
766,268
1,199,984
Total liabilities
2,764,355
2,571,713
Commitments and contingencies
Stockholders' equity
Preferred stock - $0.0001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding
-
-
Common stock - $0.0001 par value; 25,000,000 shares authorized; 7,788,524 and 7,725,524 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively
778
772
Additional paid-in capital
3,037,460
2,969,686
Accumulated deficit
(2,271,918
)
(2,010,157
)
Accumulated other comprehensive loss
(76,683
)
(63,583
)
Total stockholders' equity
689,637
896,718
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
$
3,453,992
$
3,468,431
H/CELL ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - AND OTHER COMPREHENSIVE INCOME