ZAP

CIK:0001024628|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Net sales	$ 10,775	$ 29,460
Cost of goods sold	(11,901)	(30,722)
Gross loss	(1,126)	(1,262)
Operating expenses:
Sales and marketing	1,925	3,323
General and administrative	8,215	10,775
Research and development	386	1,479
Impairment loss on assets	20,367	1,082
Total operating expenses	30,893	16,659
Loss from operations	(32,019)	(17,921)
Other income (expense):
Interest expense, net	(2,542)	(2,464)
Other income	540	330
Total income (expense)	(2,002)	(2,134)
Loss before income taxes	(34,021)	(20,055)
Income tax benefit (expense)
Net loss	(34,021)	(20,055)
Less: loss attributable to non-controlling interest	10,539	5,911
Net loss attributable to ZAP's common shareholders	(23,482)	(14,144)
Net loss	(34,021)	(20,055)
Other comprehensive loss
Foreign currency translation adjustments	932	(169)
Total comprehensive loss	(33,089)	(20,224)
Less: Comprehensive loss attributable to non-controlling interest	10,071	5,784
Comprehensive loss attributable to ZAP	$ (23,018)	$ (14,440)
Net loss per share attributable to common shareholders:
Basic and diluted	$ (0.04)	$ (0.03)
Weighted average number of common shares outstanding:
Basic and diluted	589,673	502,660

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (34,021)	$ (20,055)
Adjustments to reconcile net loss to cash used in operating activities:
Stock-based employee compensation	73	74
Depreciation and amortization	6,304	6,769
Amortization of distribution agreement	1,440	1,440
Provision for doubtful accounts	29	2,416
Changes in inventory reserve	(40)	(84)
Impairment loss on assets	20,367	1,082
(Gain) loss from disposal of equipment		(23)
Changes in assets and liabilities:
Accounts receivable	1,719	756
Notes receivable	(196)	80
Inventories	1,456	288
Due from related parties	478	21
Prepaid expenses and other assets	391	164
Accounts payable	776	635
Accrued liabilities	1,485	1,583
Taxes payable	(446)	545
Advances from customers	(309)	659
Due to related parties	728	1,934
Other payables	(474)	(871)
Net cash used in operating activities	(240)	(2,587)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment	(351)	(1,020)
Proceeds from disposal of equipment	138	23
Net cash used in investing activities	(213)	(997)
CASH FLOWS FROM FINANCING ACTIVITIES
Change in restricted cash	(194)	1,164
Repayment of convertible bonds		(100)
Repurchase of common stock		(407)
Proceeds from issuance of common stock		6,167
Proceeds from notes payable	24,272	14,112
Proceeds from short term loans	11,281	2,248
Proceeds of convertible bonds		786
Repayments of notes payable	(27,097)	(14,349)
Payments on short term loans	(7,836)	(6,157)
Net cash provided by financing activities	426	3,464
Effect of exchange rate changes on cash and cash equivalents	1	(58)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(26)	(178)
CASH AND CASH EQUIVALENTS, beginning of year	60	238
CASH AND CASH EQUIVALENTS, end of year	34	60
Supplemental disclosure of cash flow information:
Cash paid during year for interest	1,103	810
Non-cash transaction:
Issuance of 8,872,602 shares common stock to Cathaya Management Co. Ltd	444
Issuance of 18,399,316 shares common stock to CEVC to settle interest payable	1,246
Cancellation of 1,182,558 shares common stock issued to pay convertible bond		100
Issuance of 14,454,743 shares common stock to pay interest payable		1,237
Issuance of 5,833,333 shares common stock to pay outstanding management fee		$ 350

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 34	$ 60
Restricted cash	8,587	8,988
Notes receivable	187
Accounts receivable, net	162	743
Accounts receivable - related parties	3,627	5,172
Inventories, net	5,887	7,743
Prepaid taxes		147
Prepaid expenses and other current assets	291	574
Total current assets	18,775	23,427
Property, plant and equipment, net	16,257	35,893
Land use rights, net	8,146	8,930
Other assets:
Distribution fees, net		6,959
Intangible assets, net		2,513
Goodwill		314
Due from related party	1,136	1,614
Deposits and other assets
Total other assets	1,136	11,400
Total assets	44,314	79,650
Current liabilities:
Short term loans	10,442	7,702
Accounts payable	20,970	21,486
Senior convertible debt	20,679	21,465
Accrued liabilities	3,714	4,000
Notes payable	10,727	14,366
Advances from customers	6,613	7,391
Taxes payable	1,105	1,638
Due to related parties	14,397	13,978
Other payables	1,729	2,256
Total current liabilities	90,376	94,282
Long term liabilities:
Accrued liabilities and others	48	152
Total long term liabilities	48	152
Total liabilities	90,424	94,434
Commitments and contingencies
Deficiency
Common stock, no par value; 800 million shares authorized; 605,737,077 and 578,465,159 shares issued and outstanding at December 31, 2016 and 2015, respectively	253,452	251,689
Accumulated other comprehensive income	1,823	1,359
Accumulated deficit	(287,626)	(264,144)
Total ZAP shareholders' deficiency	(32,351)	(11,096)
Non-controlling interest	(13,759)	(3,688)
Total deficiency	(46,110)	(14,784)
Total liabilities and deficiency	$ 44,314	$ 79,650