Ace Green Recycling, Inc.

CIK:0002065462|SEC Filings

Unaudited condensed consolidated interim statements of operations - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 9,658	$ 4,830
Cost of sales (exclusive of depreciation and amortization expense shown separately below)	9,443	4,801
Research and development expense	42	99
Selling, general, & administrative expenses	1,899	1,450
Depreciation and amortization expense	16	24
Loss from operations	(1,742)	(1,544)
Other income (expense)
Change in fair value of SAFEs	(789)	(1,938)
Gain on extinguishment of convertible notes and SAFEs	2,425
Loss on extinguishment of debt	(24)
Interest income	3	2
Interest expense	(189)	(133)
Other income	78	52
Fair value gain (loss) on derivatives	2,478	21
Income (loss) before income taxes	2,240	(3,540)
Income tax expense (benefit)	19
Net income (loss)	$ 2,221	$ (3,540)
Net income (loss) per common share
Basic	$ 2.43	$ (3.89)
Diluted	$ (0.74)	$ (3.89)

Unaudited condensed consolidated interim statements of cash flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 2,221	$ (3,540)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	16	24
Non-cash lease expense	52	77
Stock-based compensation expense	171	164
Interest and accretion on convertible debt	148	111
Change in fair value of SAFEs	789	1,938
Provision / (reversal) for doubtful accounts receivable	1	(3)
Fair value gain on embedded derivatives	(2,096)
Gain on extinguishment of convertible notes and SAFEs	(2,425)
Loss on extinguishment of debt	$ 24
Changes in operating assets and liabilities:
Accounts receivable	$ 666	$ 1,388
Inventories	144	(115)
Deferred offering costs	(26)	(37)
Prepayments and other current assets	(1,417)	(272)
Accounts payable	(241)	(287)
Deferred revenue	1,043	1,150
Accrued expenses and other liabilities	376	(43)
Federal & other income taxes payable	19
Operating lease liabilities	(43)	(69)
Net cash provided by (used in) operating activities	(578)	486
Cash flows from investing activities
Purchase of property and equipment, including capital work-in-progress	(19)	(112)
Issuance of loan		(100)
Net cash used in investing activities	(19)	(212)
Cash flows from financing activities:
Proceeds from common stock	10
Proceeds from SAFE notes (1)	1,350	495
Proceeds from (repayment of) short-term debt	211	(76)
Proceeds from long-term debt		17
Net cash provided by financing activities	1,571	436
Net change in cash and cash equivalents during the period	974	710
Effect of exchange rates on cash and cash equivalents	(10)	(12)
Cash and cash equivalents at the beginning of the period	473	1,592
Cash and cash equivalents at the end of the period	1,437	2,290
Supplemental schedule of non-cash investing and financing activities:
Conversion of SAFEs into common stock	25,821
Conversion of convertible notes into common stock	31,312
Conversion of convertible securities into common stock	983
Conversion of long- term debt into common stock	243
Conversion of SAFEs into debt	1,828
Supplemental cash flow information:
Cash paid for interest	11	5
Cash paid for income taxes

Unaudited condensed consolidated interim balance sheets - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Current assets
Cash and cash equivalents	$ 1,437	$ 473
Accounts receivable, net of allowance for expected credit losses of $7 and $6	968	1,635
Inventories	584	728
Deferred offering costs	1,014	988
Prepayments	2,657	1,466
Other current assets	994	469
Total current assets	7,654	5,759
Non-current assets
Property, plant, and equipment, net of accumulated depreciation of $553 and $542	990	991
Intangible assets, net of accumulated amortization of $11 and $11	1	1
Operating lease right-of-use asset	744	777
Total non-current assets	1,735	1,769
Total assets	9,389	7,528
Current liabilities
Accounts payable	3,663	3,904
Short-term debt	335	155
Current portion of long-term debt	1,645	1,159
Current portion of operating lease liability	167	169
Simple Agreements for Future Equity (“SAFEs”)		25,210
Convertible notes		33,260
Deferred revenue	1,510	467
Employee benefits payable	8	9
Federal and other taxes on income	31	12
Other current liabilities	906	529
Total current liabilities	8,265	64,874
Non-current Liabilities
Long-term debt	371	681
Non-current portion of operating lease liability	635	657
Total non-current liabilities	1,006	1,338
Total liabilities	9,271	66,212
Commitments and contingencies (see Note 16)
Stockholders’ equity (deficit)
Common stock ($0.0001 par value, 2,000,000 authorized shares; issued and outstanding 1,243,795 and 912,584 shares as of June 30, 2026 and March 31, 2026, respectively)		530
Convertible securities		936
Additional paid-in capital	61,628	3,520
Accumulated deficit	(61,338)	(63,512)
Accumulated other comprehensive loss	(172)	(158)
Total stockholders’ equity (deficit)	118	(58,684)
Total liabilities and stockholders’ equity	$ 9,389	$ 7,528