EUROSITE POWER INC.

CIK:0001528103|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Energy revenues	$ 459,114	$ 410,055	$ 1,784,844	$ 1,473,307
Turnkey & other revenues	0	11,936	1,739	39,711
Revenue, Net	459,114	421,991	1,786,583	1,513,018
Cost of sales
Fuel, maintenance and installation	308,511	365,097	1,160,274	1,192,276
Depreciation expense	111,761	102,485	341,482	289,621
Cost of Services	420,272	467,582	1,501,756	1,481,897
Gross profit	38,842	(45,591)	284,827	31,121
Operating expenses
General and administrative	379,286	194,053	1,011,546	627,798
Selling	127,917	122,826	421,251	359,298
Engineering	110,593	87,853	289,089	162,008
Operating Expenses	617,796	404,732	1,721,886	1,149,104
Loss from operations	(578,954)	(450,323)	(1,437,059)	(1,117,983)
Other income (expense)
Interest income	6,167	965	9,606	5,277
Interest expense, net of debt premium amortization	(10,039)	(8,599)	(30,341)	(32,625)
Debt conversion expense			(224,782)	0
Nonoperating Income (Expense)	(3,872)	(7,634)	(245,517)	(27,348)
Loss before income taxes			(1,682,576)	(1,145,331)
Provision (benefit) for income taxes			0	2,188
Net loss	$ (582,826)	$ (457,957)	$ (1,682,576)	$ (1,143,143)
Net loss per share - basic and diluted (in dollars per share)	$ (0.01)	$ (0.01)	$ (0.02)	$ (0.02)
Weighted-average shares outstanding - basic and diluted (in shares)	82,265,056	65,747,100	73,605,329	65,747,100

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,682,576)	$ (1,143,143)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	347,066	291,465
Non-cash debt conversion and interest expense	235,782	0
Amortization of convertible debt premium	(44,132)	(72,216)
Stock-based compensation	243,175	57,217
Changes in operating assets and liabilities
Accounts receivable	86,937	(51,605)
UK energy tax incentives receivable	369,485	636,661
Value added and other tax receivable	(34,635)	3,025
Inventory	(55,040)	(10,058)
Prepaid and other current assets	(22,271)	(27,289)
Other assets, long-term	1,121	1,440
Increase (decrease) in:
Accounts payable	(106,675)	178,702
Due to related party	(40,991)	0
Accrued expenses and other current liabilities	(59,908)	132,352
Net cash used in operating activities	(762,662)	(3,449)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(823,132)	(1,571,533)
Net cash used in investing activities	(823,132)	(1,571,533)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment on note payable - related party	(2,000,000)	(1,000,000)
Proceeds from sale of common stock, net of costs	7,246,090	0
Proceeds from loan payable - bank	349,665	0
Net cash provided by (used in) financing activities	5,595,755	(1,000,000)
Net increase (decrease) in cash and cash equivalents	4,009,961	(2,574,982)
Cash and cash equivalents, beginning of the period	587,819	3,776,852
Cash and cash equivalents, end of the period	4,597,780	1,201,870
Supplemental disclosures of cash flow information:
Taxes paid	0	0
Interest paid	72,764	0
Common Stock exchanged for convertibles debentures, non-cash	$ 2,184,264	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 4,597,780	$ 587,819
Accounts receivable	216,845	303,782
UK energy tax incentives receivable	0	369,485
Value added and other tax receivable	29,338	(5,297)
Inventory	192,133	137,093
Other current assets	79,423	57,152
Total current assets	5,115,519	1,450,034
Property and equipment, net	7,992,328	7,516,262
Other assets, long-term	9,883	11,004
TOTAL ASSETS	13,117,730	8,977,300
Current liabilities:
Accounts payable	206,618	313,293
Due to related party	57,988	98,979
Accrued expenses and other current liabilities	226,906	286,814
Note payable - bank, short-term	69,933	0
Total current liabilities	561,445	699,086
Long-term liabilities:
Convertible debentures	0	1,585,264
Convertible debentures due to related parties	308,026	951,158
Note payable - bank	279,732	0
Note payable - related party	0	2,000,000
Total liabilities	1,149,203	5,235,508
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 100,000,000 shares authorized; 82,265,056 and 65,747,100 issued and outstanding at September 30, 2016 and December 31, 2015, respectively.	82,265	65,747
Additional paid-in capital	22,116,857	12,224,064
Accumulated deficit	(10,230,595)	(8,548,019)
Total stockholders' equity	11,968,527	3,741,792
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 13,117,730	$ 8,977,300