Alternus Energy Inc.

CIK:0001621499|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Revenues	$ 697,703	$ 370,131
Cost of revenues	(326,973)	(157,008)
Gross Profit	370,730	213,123
Operating Expenses
Selling, general and administrative	868,798	542,557
Depreciation and amortization	509,332	167,471
Total Operating Expenses	1,378,130	710,028
Loss from Operations	(1,007,400)	(496,905)
Other Expense
Interest expense	(664,641)	(887,374)
Total other expense	(664,641)	(887,374)
Loss before provision for income taxes	(1,672,041)	(1,384,279)
Provision for income taxes	0	0
Net Loss	$ (1,672,041)	$ (1,384,279)
Basic and diluted loss per share	$ (0.02)	$ (0.01)
Weighted average shares outstanding:
Basic and diluted	71,679,845	114,384,791
Comprehensive loss:
Net loss	$ (1,672,041)	$ (1,384,279)
Current translation adjustment unrealized loss	(130,263)	(317,664)
Comprehensive loss	$ (1,802,304)	$ (1,701,943)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended			12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2019
Cash Flows from Operating Activities:
Net loss	$ (1,672,041)	$ (1,384,279)	$ (1,384,279)
Adjustments to reconcile net loss to net cash used in operations
Depreciation and amortization	509,332	167,471	167,470
Stock compensation costs	29,150		161,686
Amortization of debt discount	0		77,415
Changes in assets and liabilities, net of acquisition and disposals:
Accounts receivable and other short-term receivables	536,017		(20,635)
Accounts payable and accrued liabilities	240,266		674,486
Energy incentives earned, not yet received	0		(52,675)
Vendor deposits and prepayments	40,777		243,136
Net Cash Used in Operating Activities	(316,567)		(133,396)
Cash Flows from Investing Activities:
Cash used for construction in process	(518,108)		(726,267)
Net Cash Used In Investing Activities	(518,108)		(726,267)
Cash Flows from Financing Activities:
Proceeds from debt, related parties	0		16,350	$ 0
Payments of debt principal, related parties	(48,191)		0
Proceeds from debt, senior debt and promissory notes	829,947		826,772
Payments on debt principal, senior debt and promissory notes	(224,586)		(723,575)
Payments on leased assets, principal	(21,190)		0
Net Cash Provided by Financing Activities	535,980		119,547
Effect of exchange rate on cash	(19,327)		(60,016)
Net decrease in cash and cash equivalents	(318,022)		(680,100)
Cash, cash equivalents, and restricted cash beginning of the period	1,426,429		1,026,533	1,026,533
Cash, cash equivalents, and restricted cash end of the period	1,108,407	$ 1,426,429	346,433	$ 1,426,429
Supplemental Cash Flow Disclosure
Cash paid for interest	$ 142,818		$ 152,929

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 765,679	$ 1,076,995
Accounts receivable	88,502	210,032
Other receivable, sale of asset	29,937	383,819
Prepaid expenses and other current assets, short-term portion	535,102	502,054
Taxes recoverable	528,466	610,919
Total Current Assets	1,947,686	2,783,819
Investment in Energy Property and Equipment, Net	32,362,386	33,459,478
Construction in Process	7,580,763	7,270,194
Prepaid expenses and other current assets, long-term portion	317,931	396,639
Goodwill	1,438,013	1,353,998
Restricted cash	342,729	349,434
Total Assets	43,989,508	45,613,562
Current Liabilities
Accounts payable and accrued liabilities	3,952,511	3,700,796
Convertible and non-convertible promissory notes, current portion	23,107,839	22,705,665
Capital lease, current portion	86,101	87,785
Taxes payable	69,911	61,575
Total Current Liabilities	27,216,362	26,555,821
Convertible and non-convertible promissory notes, net of current portion	13,638,090	14,109,417
Capital lease, net of current portion	885,085	923,948
Asset retirement obligation	144,965	146,215
Total Liabilities	41,884,502	41,735,401
Shareholders' equity
Preferred Shares, $0.001 par value; 50,000,000 shares authorized, 0 and 5,000,000 issued and outstanding as of March 31, 2020 and December 31, 2019	0	5,000
Additional paid in capital	15,426,099	15,442,118
Other comprehensive loss	(772,877)	(642,682)
Accumulated deficit	(12,681,567)	(11,009,458)
Total Shareholders' Equity	2,105,007	3,878,161
Total Liabilities and Shareholders' Equity	43,989,508	45,613,652
Class A common stock [Member]
Shareholders' equity
Total Shareholders' Equity	118,352	68,183
Common Stock Value	118,352	68,183
Class B Common Stock [Member]
Shareholders' equity
Total Shareholders' Equity	15,000	15,000
Common Stock Value	$ 15,000	$ 15,000