THERMOENERGY CORP

CIK:0000884504|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenue	$ 202	$ 1,009
Cost of revenue	252	1,175
Gross loss	(50)	(166)
Operating Expenses:
General and administrative	841	986
Engineering, research and development	25	195
Sales and marketing	417	382
Total operating expenses	1,283	1,563
Loss from operations	(1,333)	(1,729)
Other (expense) income:
Derivative liability (expense) income	(245)	907
Losses from equity method-joint ventures	(128)	(54)
Interest expense, net	(280)	(189)
Other income (expense)	361	(7)
Total other (expense) income	(292)	657
Net loss	$ (1,625)	$ (1,072)
Net loss per share, basic and diluted	$ (0.01)	$ (0.01)
Weighted average shares used in computing loss per share, basic and diluted	135,760,516	120,454,575

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Operating Activities:
Net Loss	$ (1,625)	$ (1,072)
Adjustment to reconcile net loss to net cash used in operating activities:
Stock-based compensation	71	157
Equity in losses of joint venture	128	54
Derivative liability expense (income)	245	(907)
Non-cash interest added to debt	43	39
Non-cash interest added to note receivable	(3)	0
Depreciation	42	58
Amortization of discount on convertible debt	22	20
Increase (decrease) in cash arising from changes in assets and liabilities:
Accounts receivable, trade	196	(601)
Accounts receivable, related party	84	0
Costs in excess of billings	(6)	66
Inventories	(415)	5
Other current assets	(60)	1,313
Accounts payable	38	(907)
Customer deposits	159	0
Billings in excess of costs	(31)	430
Accrued payroll and other taxes	(310)	1
Accrued interest	159	134
Other current liabilities	72	(1,303)
Other long-term liabilities	(15)	89
Net cash used in operating activities	(1,206)	(2,424)
Investing Activities:
Issuance of note receivable to affiliate	0	(100)
Purchases of property and equipment	(7)	(76)
Net cash used in investing activities	(7)	(176)
Financing Activities:
Proceeds from short term borrowings	0	223
Net cash provided by financing activities	0	223
Net change in cash	(1,213)	(2,377)
Cash, beginning of period	2,508	4,657
Cash, end of period	1,295	2,280
Supplemental schedule of non-cash financing activities:
Accrued interest added to debt	43	40
Transfer of accounts receivable - related party to notes receivable	$ 125	$ 0

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Current Assets:
Cash and cash equivalents	$ 1,295	$ 2,508
Accounts receivable, trade	97	293
Accounts receivable, related party	20	229
Costs-in-excess of billings	323	317
Inventories, net	519	104
Other current assets	269	209
Total Current Assets	2,523	3,660
Property and equipment, net	558	593
Other assets	40	40
TOTAL ASSETS	3,121	4,293
Current Liabilities:
Accounts payable	725	687
Short term borrowings	4,000	4,000
Convertible debt	2,191	2,083
Customer deposits	975	816
Billings-in-excess of costs	292	323
Accrued payroll and other taxes	235	545
Accrued interest	330	214
Other current liabilities	393	321
Total Current Liabilities	9,141	8,989
Long Term Liabilities:
Derivative liabilities	431	186
Other long term liabilities	0	15
Total Long Term Liabilities	431	201
Total Liabilities	9,572	9,190
Commitments and contingencies (Note 8)
Series C Convertible Redeemable Preferred Stock, $0.01 par value; liquidation preference of $1.52 per share: redeemable at $0.76 per share; designated: 15,000,000 shares at March 31, 2014 and December 31, 2013; issued and outstanding: 13,853,106 shares at March 31, 2014 and December 31, 2013	8,971	8,971
Stockholders' Deficiency:
Common Stock, $0.001 par value: authorized: 800,000,000 shares at March 31, 2014 and December 31, 2013; issued: 135,894,313 shares at March 31, 2014 and December 31, 2013; outstanding: 135,760,516 shares at March 31, 2014 and December 31, 2013	136	136
Additional paid-in capital	108,495	108,424
Accumulated deficit	(124,132)	(122,507)
Treasury stock, at cost: 133,797 shares at March 31, 2014 and December 31, 2013	(18)	(18)
Total Stockholders' Deficiency	(15,422)	(13,868)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY	3,121	4,293
Series A Convertible Preferred Stock, liquidation preference of $1.20 per share: designated, issued and outstanding: 208,334 shares at March 31, 2014 and December 31, 2013
Stockholders' Deficiency:
Preferred Stock value	2	2
Series B Convertible Preferred Stock, liquidation preference of $2.40 per share: designated: 1,000,000 shares at March 31, 2014 and December 31, 2013; issued and outstanding: 551,725 shares at March 31, 2014 and December 31, 2013
Stockholders' Deficiency:
Preferred Stock value	6	6
Series B-1 Convertible Preferred Stock, liquidation preference of $2.40 per share: designated: 11,000,000 shares at March 31, 2014 and December 31, 2013; issued and outstanding: 8,919,854 shares at March 31, 2014 and December 31, 2013
Stockholders' Deficiency:
Preferred Stock value	$ 89	$ 89