Green Automotive Company Files Its Annual Report on Form 10-K for the Year Ended 31st of December 2013
April 01 2014 - 8:00AM
Business Wire
Green Automotive Company (OTCQB: GACR) reported record annual
sales in its Form 10-K for the year ended December 31, 2013 which
was filed yesterday with the U.S. Securities and Exchange
Commission (SEC).
These are the main highlights of the 10-K Form:
- Revenue for the group reached a record
$3,025,850, representing a nearly 10 fold increase on 2012
($320,648).
- Revenue increased each quarter in 2013
with following values:1Q13 $218k, 2Q13 $429k, 3Q13 $1m, 4Q13
$1.4m.This increase is largely due to the ramp up of our Newport
Coachworks bus production and sales throughout the year, with
production reaching nearly 2 buses per week by year end (from an
empty factory in Feb 2013, and first bus delivery in May
2013).
- 4Q13 bus sales were lower than 3Q13 as
we built product for the February LCT show and due to the Christmas
break, however grant income in our Liberty Electric Cars business
in the UK was exceptional in this period helping us to our highest
quarterly sales ever.
- Although our reported overall loss
looks high at over $16m, if we add back in non cash items
(impairment of assets, stock issued to settle agreements,
derivative liability calculation and stock based compensation), our
operating loss of $2.4m provides a much better reflection of where
the business really stands today.
- R&D spending in Newport Coachworks
was circa 100k in 2013, and in Liberty Electric Cars, circa $454k.
In Newport Coachworks the R&D spend is absorbed into cost of
sales, and in Liberty Electric Cars it appears as part of our Grant
Funding, thus overall R&D spend was in the order of $550k.
The Company intends to provide Shareholders with some further
information this week. This will include updates on recent
acquisitions and estimates of revenue projections for 2014.
The Form 10-K can be downloaded directly from the OTC market
Website http://www.otcmarkets.com/stock/GACR/filings.
About Green Automotive Company
visit www.thegreenautomotivecompany.com
Forward Looking Statements - This release includes
forward-looking statements. For a copy of the Company’s full
statements regarding forward-looking statements please click here
Safe Harbor Statement » Green Automotive Company.
Green Automotive Public RelationsPetra Beitl,
+447791601666Petra.beitl@liberty-ecars.comorInvestor
RelationsStuart Fine, +1908-469-1788stuart@carpedminc.com
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