POWIN CORP

CIK:0001468780|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Sales
Sales total	$ 4,290,864	$ 104,883	$ 14,433,746	$ 302,170
Cost of sales
Cost of sales total	3,514,895	68,167	13,949,032	1,061,823
Gross profit (loss)	775,969	36,716	484,714	(759,653)
Operating Expenses
Research and development	235,717	94,945	721,513	252,598
Selling, general and administrative	2,211,913	1,424,867	5,890,722	3,960,907
Total operating expenses	2,447,630	1,519,812	6,612,235	4,213,505
Operating loss	(1,671,661)	(1,483,096)	(6,127,521)	(4,973,158)
Other income (expenses)
Interest expense, net	(224,681)	(236,463)	(558,398)	(421,179)
Other income	(6,126)	51,452	(3,883)	57,952
Equity in loss of unconsolidated affiliates	(107,324)		(315,613)
Other expenses	(338,131)	(185,011)	(877,894)	(363,227)
Loss before taxes	(2,009,792)	(1,668,107)	(7,005,415)	(5,336,385)
Provision for income taxes		4,655		8,405
Net loss	$ (2,009,792)	$ (1,672,762)	$ (7,005,415)	$ (5,344,790)
Basic and diluted net loss per share (in dollars per share)	$ (0.04)	$ (0.05)	$ (0.15)	$ (0.14)
Weighted-average number of shares used on per share calculations:
Basic and diluted (in shares)	45,263,070	37,107,924	45,263,070	37,104,551
Product Sales [Member]
Sales
Sales total	$ 4,290,864	$ 240	$ 5,973,208	$ 42,432
Cost of sales
Cost of sales total	3,514,895	534	5,232,799	877,469
Revenue From Energy Storage Assets [Member]
Sales
Sales total		104,643	8,460,538	259,738
Cost of sales
Cost of sales total		$ 67,633	$ 8,716,233	$ 184,354

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Cash flows from operating activities:
Net loss	$ (2,009,792)	$ (1,672,762)	$ (7,005,415)	$ (5,344,790)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation			760,308	132,455
Depreciation and amortization			68,175	177,921
Non-cash interest expense				341,254
Impairment of inventory				851,206
Equity in loss of unconsolidated affiliate			315,613
Changes in operating assets and liabilities:
Accounts receivable			(26,946)	2,527
Notes and other receivables				(378,157)
Project assets			3,727,536
Inventories			(2,112,620)	95,822
Tax receivable			276,711
Prepaid expenses and other current assets			(199,908)	(329,802)
Accounts payable			(3,433,175)	(451,529)
Accounts payable, related party			2,016,981	(951,937)
Tax payable			75,696
Deferred revenue			1,086,759
Accrued expenses			969,728	240,859
Net cash used in operating activities			(3,480,557)	(5,614,171)
Cash flows from investing activities:
Proceeds of notes receivable			65,239		$ 202,703
Cash paid for purchase of intangible assets			(90,193)	(28,835)
Cash paid for purchase of property and equipment			(33,722)
Cash paid for purchase of land use rights			(3,053,707)
Purchase of energy storage assets and equipment				(4,738,691)
Net cash used in investing activities			(3,112,383)	(4,767,526)
Cash flows from financing activities:
Proceeds from third party borrowings			3,030,838	6,596,213
Payment on third party borrowings			(1,588,295)
Proceeds from related party borrowings			3,099,113	6,159,321
Payment on related party borrowings			(1,109,516)	(202,071)
Net cash provided by financing activities			3,432,140	12,553,463
Effect of foreign exchange on cash			93,255
Net increase (decrease) in cash, cash equivalents and restricted cash			(3,067,545)	2,171,766
Cash, cash equivalents and restricted cash, beginning of period			3,524,029	432,044	432,044
Cash, cash equivalents and restricted cash, end of period	$ 456,484	$ 2,603,810	456,484	2,603,810	$ 3,524,029
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid			224,500	130,000
Income taxes paid				3,750
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Preferred stock converted to common stock				1,150,900
Property and equipment increase by accounts payable				10,384,605
Deconsolidation of third party debt			4,095,691
Equity method investment retained upon sale of 50% of subsidiary			$ 8,212,925

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 456,484	$ 3,496,629
Restricted cash		27,400
Accounts receivable, net	38,216	11,270
Inventories, net	2,423,184	310,564
Project assets, current		8,018,076
Tax receivable	18,151	294,862
Notes receivable	131,250	131,250
Prepaid expenses and other current assets	432,138	232,230
Total current assets	3,499,423	12,522,281
Project assets, non-current		8,018,076
Property and equipment, net	79,394	71,877
Investments in unconsolidated affiliates	8,372,575	475,263
Land use right, net	3,028,260
Intangible assets, net	310,424	236,754
Notes receivable	612,335	677,574
Total assets	15,902,411	22,001,825
Current liabilities:
Accounts payable	6,147,525	9,580,700
Accounts payable, related party	3,326,927	1,309,946
Tax payable	75,696
Deferred revenue	1,111,380	24,621
Accrued expenses	386,679	391,125
Current portion of interest payable	512,104	42,045
Current portion of long-term debt	3,651,250	1,350,472
Current portion of long-term debt, related party	5,891,328	3,159,516
Total current liabilities	21,102,889	15,858,425
Long-term debt		4,953,926
Long-term debt, related party		742,215
Interest payable		108,767
Other liabilities	671,382	58,500
Total liabilities	21,774,271	21,721,833
Stockholders' equity
Common stock, $0.001 par value, 575,000,000 shares Authorized; 45,263,070 and 45,263,070 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively	45,264	45,264
Additional paid-in capital	45,284,991	44,524,683
Accumulated deficit	(51,280,405)	(44,274,990)
Accumulated other comprehensive income (loss)	78,290	(14,965)
Total stockholders' (deficit) equity	(5,871,860)	279,992
Total liabilities and stockholders' equity	$ 15,902,411	$ 22,001,825