Applied Natural Gas Fuels, Inc.

CIK:0001016900|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Share data	3 Months Ended			6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Mar. 31, 2010	Jun. 30, 2011
Revenue	$ 6,403	$ 4,342	$ 5,709	$ 12,283
Production costs	3,881	2,991	4,094	7,510
Compensation	730	1,336	453	1,395
Other selling, general, and administrative	960	1,093	695	1,798
Depreciation	437	426	628	866
Income (loss) from operations	395	(1,504)	(161)	714
Interest expense	(682)	(474)	(96)	(1,281)
Loss Before Reorganization Items	(287)	(1,978)	(257)	(567)
Gains on debt restructuring	0	0	19,666	48
Administrative income(expenses)	0	68	(1,310)	0
Total reorganization items	0	68	18,356	48
Net Income (loss)	$ (287)	$ (1,910)	$ 18,099	$ (519)
Income (loss) per share -basic and diluted	$ (0.01)	$ (0.10)	$ 1.79	$ (0.03)
Weighted average number of common shares outstanding - basic and diluted	20,000,000	20,000,000	10,084,738	20,000,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2010	Mar. 31, 2010	Jun. 30, 2011
Net Income (loss)	$ (1,910)	$ 18,099	$ (519)
Gain on debt restructuring	(140)	(19,666)	(48)
Interest paid by increase in debt	421	0	399
Depreciation	426	628	866
Non-cash stock expense	604	0	230
Amortization of debt discounts and deferred finance costs	0	0	43
Trade accounts receivable	(378)	138	306
Prepaid expenses and other current assets	867	257	501
Accounts payable and accrued expenses	339	(174)	(469)
Net cash provided by (used in) operating activities	229	(718)	1,309
Net cash used in reorganization activities	0	(1,573)	0
Purchases of equipment	(433)	(19)	(1,557)
Restricted cash by terms of debt issuance	0	0	(500)
Net cash used in investing activities	(433)	(19)	(2,057)
Repayment of notes	(79)	(97)	(203)
Proceeds from debt issuance	0	350	5,000
Net changes in Line of Credit	377	(392)	251
Proceeds from the sale of stock	0	2,575	0
Net cash provided by financing activities	298	2,436	5,048
Net increase in cash	94	126	4,300
Beginning of period		401	717
End of period			5,017
Cash paid for interest	52	96	638
Cash paid for taxes	0	0	0
Debt issued to settle liabilities subject to compromise	0	15,300	0
Options issued in settlement of liabilities	86	0	86
Debt issued to settle notes and other current liabilities	0	930	0
Stock issued in settlement of liabilities subject to compromise	0	7,041	0
Par value of common stock issued in reorganization	$ 0	$ 20	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Cash and cash equivalents	$ 5,017	$ 717
Trade accounts receivable, net of allowances of $26, respectively	2,043	2,349
Prepaid expenses and other current assets	1,565	2,306
Total Current Assets	8,625	5,372
Property, plant, and equipment, net	25,384	24,693
Deposits and other long term assets, net	220	15
Restricted cash	500	0
Total Assets	34,729	30,080
Accounts payable and accrued expenses	1,776	2,327
Line of credit	1,088	837
Current portion of long term debt	117	239
Total Current Liabilities	2,981	3,403
Long-term debt	22,717	17,447
Total Long Term Debt	22,717	17,447
Total Liabilities	25,698	20,850
Preferred stock, 5,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2011 and December 31, 2010	0	0
Common stock, $.001 par value, 45,000,000 shares authorized, 20,000,000 shares issued and outstanding as of June 30, 2011 and December 31, 2010	20	20
Additional paid-in capital	12,345	12,025
Accumulated deficit	(3,334)	(2,815)
Total Stockholders' Equity	9,031	9,230
Total Liabilities and Stockholders' Equity	$ 34,729	$ 30,080