Pacific Green Technologies Inc.
CIK:0001553404|SEC Filings
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Operating Activities | ||
| Net (loss) income for the period | $ (11,369) | $ 11,180 |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Amortization of intangible assets - expenses (Note 6) | 1 | 2 |
| Amortization of intangible assets - COGS (Note 6) | 126 | 726 |
| Bad debt expense | 15 | 60 |
| Warranty expense | 2 | |
| Finance interest on loans | 2,224 | 1,242 |
| Depreciation (Note 5) | 91 | 115 |
| Operating lease expense | 449 | 1,033 |
| Loss on unrealized foreign exchange | (130) | 4 |
| Net deferred income tax asset/liabilities | (723) | (2,093) |
| Change in fair value of derivatives | 8,305 | |
| Share of noncontrolling interest | 0 | |
| Net P&L gain on disposal of REP & BEP1 | (1,329) | (17,500) |
| Net P&L gain on disposal of Sheaf & BEP2 | (24,653) | |
| Share-based compensation | 5 | 5,017 |
| Other adjustments relating to disposal of subsidiary | (190) | |
| Changes in operating assets and liabilities: | ||
| Short-term investments and amounts held in trust | 56 | |
| Accounts receivable and other receivables | (266) | (4,459) |
| Accrued revenue | 470 | 67 |
| Due from related parties | (4) | |
| Prepaid expenses and parts inventory | (1,333) | (707) |
| Prepaid manufacturing costs | 248 | (72) |
| Investment and other advances | (3,451) | (2,622) |
| Lease payments | (370) | (553) |
| Accounts payable and accrued liabilities | 5,130 | 8,468 |
| Income taxes payable | 989 | |
| Warranty provision | (19) | (186) |
| Contract liabilities | (520) | (3,585) |
| Due to related parties | (355) | 1,562 |
| Net cash (used in) operating activities | (11,108) | (17,794) |
| Investing Activities: | ||
| Purchase of property and equipment, net of sales | (77) | (55) |
| Investments advances of BESS Italy SPVs | (834) | |
| Projects under development | (5,740) | (47,590) |
| Proceeds from sale and leaseback | 256 | |
| Net proceeds from sale of BEP1 & REP (2023: net of cash disposed of $116,000) | 4,433 | 13,979 |
| Net proceeds from sale of BEP2 & Sheaf (2023: net of cash disposed of $9,418,000) | 5,370 | |
| Acquisition of BESS Italy SPV’s | (1,399) | |
| Loan receivables BESS Projects - Poland | (304) | |
| Net cash (used in) investing activities | (2,266) | (29,695) |
| Financing Activities | ||
| Interest paid on debt | (2,660) | (857) |
| Principal payments on debt | (351) | (129) |
| Proceeds from issuance of debt | 16,428 | 1,919 |
| Proceeds from related party debt | 124 | |
| Debt issuance costs | (68) | |
| Proceeds from exercise of stock options | 20 | |
| Long term obligations – disposal of debt through sale of assets | 57,336 | |
| Net cash provided by financing activities | 13,493 | 58,269 |
| Effect of foreign exchange rate changes on cash | (365) | 1,010 |
| Change in cash and cash equivalents | (246) | 11,790 |
| Cash and cash equivalents, beginning of period | 4,221 | 1,274 |
| Cash and cash equivalents, end of period | 3,975 | 13,064 |
| Cash and cash equivalents | $ 3,975 | $ 13,064 |
Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Mar. 31, 2024 |
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|---|---|---|---|---|---|
| ASSETS | |||||
| Cash and cash equivalents | $ 3,975 | $ 4,221 | |||
| Accounts receivable, net of allowance for credit losses of $179,000 in December 31, 2024 and $195,000 in March 31, 2024 | 1,035 | 1,124 | |||
| Other receivables, net of allowance for credit losses of $8,500 in December 31, 2024 and $32,000 in March 31, 2024 | 1,351 | 4,373 | |||
| Accrued revenue (Note 8) | 118 | 588 | |||
| Prepaid expenses, parts inventory, and advances | 2,406 | 919 | |||
| Prepaid manufacturing costs (Note 8) | 425 | 673 | |||
| Projects under development (Note 3) | 5,711 | ||||
| Loan receivable (Note 4) | 1,080 | 776 | |||
| Total current assets | 16,155 | 12,724 | |||
| Assets held for sale (Note 5) | 535 | ||||
| Projects under development (Note 3) | 8,497 | 8,468 | |||
| Property and equipment | 161 | [1] | 710 | ||
| Intangible assets (Note 6) | 921 | 1,048 | |||
| Right of use assets | 1,055 | 1,370 | |||
| Deferred tax assets | 1,201 | 479 | |||
| Investment and other advances | 7,952 | 3,667 | |||
| Total assets | 36,477 | 28,466 | |||
| Current liabilities | |||||
| Accounts payable and accrued liabilities (Note 9) | 12,510 | 6,796 | |||
| Warranty provision | 32 | 50 | |||
| Contract liabilities (Note 8) | 4,180 | 4,700 | |||
| Loans payable (Note 10) | 17,925 | ||||
| Current portion of lease obligations | 503 | 454 | |||
| Interest payable (Note 10) | 2,634 | ||||
| Income taxes payable | 4,809 | 4,809 | |||
| Total current liabilities | 41,247 | 20,942 | |||
| Deferred tax liabilities | 743 | 747 | |||
| Long-term operating lease obligations | 463 | 769 | |||
| Total liabilities | 42,453 | 22,458 | |||
| Stockholders’ equity | |||||
| Common stock, 500,000,000 shares authorized, $0.001 par value 57,045,724 and 5,234,572 shares issued and outstanding, December 31, 2024 and March 31, 2024 respectively (Note 12) | 57 | 52 | |||
| Additional paid-in capital | 98,043 | 98,023 | |||
| Accumulated other comprehensive income | 3,179 | 3,564 | |||
| Deficit | (107,679) | (96,389) | |||
| Total stockholders’ (deficit) equity | (6,400) | 5,250 | |||
| Treasury stock | (255) | ||||
| Noncontrolling interest (Note 7) | 679 | 758 | |||
| Total (deficit) equity | (5,976) | 6,008 | |||
| Total liabilities and stockholders’ (deficit) equity | 36,477 | 28,466 | |||
| Related Party | |||||
| ASSETS | |||||
| Due from related parties (Note 11) | 54 | 50 | |||
| Current liabilities | |||||
| Due to related parties (Note 11) | $ 1,288 | $ 1,499 | |||
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