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H/Cell Energy Reports FY2019 First Quarter Financial Results

3 days ago DieselGasoil Comments Off on H/Cell Energy Reports FY2019 First Quarter Financial Results

H/Cell Energy Reports FY2019 First Quarter Financial Results

DALLAS, May 16, 2019 (GLOBE NEWSWIRE) — H/Cell Energy Corporation (OTCQB-HCCC) (“HCCC”), a company that designs and implements clean energy solutions featuring hydrogen and fuel cell technology, has announced financial results for its first quarter ended March 31, 2019.

For the three months ended March 31, 2019, HCCC generated revenue of $1,704,273 and a net loss of $143,638 which includes $111,153 of non-cash charges that do not affect the cash flow performance or working capital of HCCC. This amounts to a $(0.02) per share loss. Comparatively, for the first quarter ended March 31, 2018, HCCC generated $1,726,324 and a net loss of $110,969 which included $53,001 of non-cash charges. This also amounted to a $(0.02) per share loss.

Andrew Hidalgo, CEO of HCCC, commented, “The first quarter is typically our slowest quarter of the year; however, the subsidiaries were profitable and performed well. Excluding non-cash charges that do not affect the cash flow performance or working capital of HCCC, the company posted a small operational loss for the quarter due to among other corporate expenses, the cost of the year-end audit. The balance of the year projections are strong and we have increased our overall bid list from $27 million in the previous quarter to $33 million this quarter, which indicates that activity is rising. We believe our goal of maintaining consistent operational profitability, exclusive of non-cash charges, is within reach and we also believe that the market for advanced clean energy solutions continues to expand in opportunity due to lower cost and more efficient technology. Lastly, we feel our financial condition remains solid with $328,439 in cash and $3,659,042 in assets as of March 31, 2019. We look forward to delivering improved results in the quarters ahead.”

About H/Cell Energy Corporation:

H/Cell Energy Corporation is an integrator that focuses on the design and implementation of clean energy solutions including solar, battery, fuel cell and hydrogen generation systems. In addition, through its subsidiaries, HCCC also provides environmental systems and security systems integration. HCCC serves the residential, commercial and government sectors. Please visit our website at www.hcellenergy.com for more information.

Forward Looking Statements:

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on current expectations and actual results could differ materially. H/Cell Energy Corporation does not undertake an obligation to update or revise any forward-looking statement. The information set forth herein speaks only as of the date hereof.

Contact:

H/Cell Energy Corporation
Investor Relations
3010 LBJ Freeway, Suite 1200
Dallas, Texas 75234
972-888-6009 USA

H/CELL ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, 2019December 31, 2018
(Unaudited)(Audited)
ASSETS
Current assets
Cash and cash equivalents$328,439$359,134
Accounts receivable937,8971,087,381
Prepaid expenses18,77216,282
Current right-of-use (ROU) asset92,269
Costs and earnings in excess of billings48,05245,478
Total current assets1,425,4291,508,275
Property and equipment, net494,491476,436
Security deposits and other non-current assets38,99232,530
Deferred tax asset50,00050,000
Customer lists, net78,52483,645
ROU asset167,985
Other long term asset30,000
Goodwill1,373,6211,373,621
Total assets$3,659,042$3,524,507
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses$695,997$891,354
Earn-out payable195,132190,736
Billings in excess of costs and earnings41,881195,331
Sales and withholding tax payable54,07159,857
Current equipment notes payable32,05238,991
Current operating lease liability92,269
Current finance lease payable72,51065,265
Current convertible notes payable – related party, net of discounts257,659
Income tax payable32,25948,643
Total current liabilities1,473,8301,490,177
Noncurrent liabilities
Line of credit172,71528,359
Lease operating liability167,985
Finance leases306,163232,876
Equipment notes payable65,779121,038
Convertible notes payable – related party, net of discounts61,60929,122
Total noncurrent liabilities774,251411,395
Total liabilities2,248,0811,901,572
Commitments and contingencies
Stockholders’ equity
Preferred stock – $0.0001 par value; 5,000,000 shares authorized;
0 shares issued and outstanding
Common stock – $0.0001 par value; 25,000,000 shares authorized;
7,621,024 and 7,586,024 shares issued and outstanding
as of March 31, 2019 and December 31, 2018, respectively
762758
Additional paid-in capital2,896,5242,983,476
Accumulated deficit(1,429,402)(1,285,764)
Accumulated other comprehensive loss(56,923)(75,535)
Total stockholders’ equity1,410,9611,622,935
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY$3,659,042$3,524,507


H/CELL ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS – AND OTHER COMPREHENSIVE INCOME
(UNAUDITED)

For the Three Months Ended March 31,
20192018
Revenue
Construction income$1,704,273$1,694,535
Related party31,789
Total revenue1,704,2731,726,324
Cost of goods sold
Direct costs1,196,4381,209,413
Direct costs – related party31,617
Total cost of goods sold1,196,4381,241,030
Gross profit507,835485,294
Operating expenses
General and administrative expenses607,052555,184
Management fees – related party19,50019,500
Total operating expenses626,552574,684
Loss from operations(118,717)(89,390)
Other expenses
Interest expense1,8333,946
Interest expense – related party36,09514,215
Change in fair value earn-out4,396
(Gain) loss on fixed asset disposal(17,403)3,418
Total other expenses24,92121,579
Income tax provision
Net loss$(143,638)$(110,969)
Other comprehensive income (loss), net
Foreign currency translation adjustment18,612(10,259)
Comprehensive loss$(125,026)$(121,228)
Loss per share
Basic$(0.02)$(0.02)
Diluted$(0.02)$(0.02)
Weighted average common shares outstanding
Basic7,593,4137,486,024
Diluted7,593,4137,486,024

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Somaderm

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