SHENZHEN, China, March 29, 2011 /PRNewswire-Asia-FirstCall/ -- New
Energy Systems Group (NYSE Amex: NEWN) ("New Energy" or the
"Company"), a vertically-integrated original design manufacturer
and distributor of lithium ion ("li-ion") batteries and
portable-power consumer products, today announced financial results
for the fourth quarter and full year ended December 31, 2010.
Mr. Jack Yu, Chairman of New
Energy stated, "2010 marked the first year our newly consolidated
business with Anytone® portable power devices, NewPower li-ion
batteries and our traditional E'Jenie battery components business.
I am very pleased with the 2010 results achieved in all of our
divisions and future prospects for our newly acquired solar
business, KimFai. The focus of our business remains portable
battery power devices for leading consumer electronic manufactures
like Apple® and li-ion batteries sold primarily to manufactures of
consumer electronic devices. We are well positioned to leverage
each division's technology to achieve superior economies of scale.
We will continue to prudently manage expenses across the Company
and have begun plans to consolidate our battery components and
battery manufacturing under one division. We feel this will
enable us to better manage resources while directing our R&D
and sales teams to develop and market our higher margin Anytone®
products for the fast-growing Chinese smartphone and mobile device
market."
Fourth Quarter 2010 Financial
Highlights
|
|
For the 3 Months Ended December
31, 2010
|
|
|
2010
|
2009
|
CHANGE
|
|
Net Sales
|
$22.4
million
|
$10.5
million
|
+113%
|
|
Gross Profit
|
$6.4
million
|
$3.3
million
|
+
94%
|
|
Net Income
|
$3.6
million
|
$2.0
million
|
+
80%
|
|
Adjusted*
Net Income
|
$4.5
million
|
$2.2
million
|
+107%
|
|
GAAP EPS (Diluted)
|
$0.26
|
$0.20
|
+
30%
|
|
Adjusted*
EPS (Diluted)
|
$0.35
|
$0.31
|
+
13%
|
|
* Adjusted net income and EPS
exclude non-cash charges for amortization and stock-based
compensation. Please see derivation of net income and EPS
below.
|
|
|
|
|
|
Revenues for the three months ended December 31, 2010 totaled at $22.4 million, an increase of 113% year over
year. New Energy's portable power devices branded under Anytone®
and MeePower® contributed $9.2
million, or 42% of sales. In the fourth quarter of
2010, New Energy took measures to better segment its battery
business by recording NewPower battery cell manufacturing revenues
under the E'Jenie division. Finished battery packs will
remain the sole product and revenue source for NewPower's sales
primarily to cell phone manufacturers. Combined sales for
both divisions were $10.1 million, or
45% of sales. KimFai Solar, the Company's acquisition in
November of 2010, contributed $3.1
million in sales in the fourth quarter, or 13% of sales.
Gross profit in the fourth quarter of 2010 was $6.4 million, an increase of 94% year-over-year.
Gross margin for the period was 28.4% Gross profit margins
for Anytone® trend at 24-28%. New Power lithium battery
products track gross margins of 11-15% and E'Jenie gross profits
are approximately 26-30%.
Operating expenses for the three months ended December 31, 2010 were $1.7 million representing 8% of sales. The
increase of the operating expenses was due to a slight increase in
selling expenses and the non-cash value of amortization and stock
based compensation associated with acquisitions.
Net income for the quarter was $3.6
million, an 80% increase from $2.0
million for the three months in 2009. GAAP earnings
per share were $0.26. Adjusted net
income excluding non-cash charges was $4.5
million for the period with $0.35 in earnings per share, an increase of 30%
and 13% respectively.
Twelve Months 2010 Financial
Highlights
|
|
For the
12 -Months
Ended December
31, 2010
|
|
|
2010
|
2009
|
CHANGE
|
|
Net Sales
|
$
94.7 million
|
$
26.4 million
|
+
259%
|
|
Gross Profit
|
$
26.2 million
|
$8.0
million
|
+
228%
|
|
Net Income
|
$
15.2 million
|
$
5.8 million
|
+
162%
|
|
Adjusted Net Income*
|
$
18.8
million
|
$ 6.1
million
|
+
208%
|
|
GAAP EPS**
(Diluted)
|
$1.18
|
$0.82
|
+
44%
|
|
Adjusted EPS**
(Diluted)*
|
$1.46
|
$0.85
|
+
72%
|
|
* Adjusted net income and EPS
exclude non-cash charges for amortization and stock-based
compensation. Please see derivation of net income and EPS
below.
** EPS for the year are
based on 12,896,826 fully diluted shares in 2010 and 7,150,640
fully diluted shares in 2009.
|
|
|
|
|
|
Net revenue for the year ended December
31, 2010 increased 259% to $94.7
million compared to $26.4
million in 2009. The increase was primarily due to the
acquisition of Anytone in December
2009 and the acquisition of NewPower in January of 2010,
which contributed a total of $65.9
million in portable power devices, battery and battery cell
sales. The acquisition of Kim Fai in
November 2010 contributed
$3.1 million in solar products sales.
The integration of the KimFai Solar business into New Energy
Systems Group is expected to contribute approximately $24.0 million in revenues in 2011 and also
provide a platform for New Energy to research the integration of
solar power into li-ion battery cells. The Company believes
the combination of these acquisitions has enabled the Company to
become a fully integrated battery manufacturer, which will allow
New Energy to optimize purchasing power, leverage fixed costs and
improve margins.
Cost of sales for the year ended December
31, 2010 increased to $68.4
million, a 273% increase, mainly due to the relatively
higher production costs.
Gross profits for 2010 were $26.2
million, an increase of 228%. Increases in gross
profits were mainly attributed to profits from the acquisitions of
Anytone and New Power. The overall gross profit margin was
27.7%, a slight decline compared to 30.3% in the same period of
last year was mainly due to the higher raw material cost and
Anytone® margins which trend at 24-28% depending on the products
sold and volume-based pricing for distributors.
Selling expenses for the year ended December 31, 2010 increased 238% to $0.4 million representing 1% of net revenue. The
increase from 2009 was a result of increased salaries of sales
personnel, partially offset by decreased marketing expenses.
New Energy uses its distributors to market and advertise its
products to their customer and end users at retail locations.
General and administrative expenses increased by 389% to
$5.9 million or 6% of net revenue due
to the increased expenses from the three newly-acquired
subsidiaries. Excluding approximately $0.8
million of non-cash stock-based compensation expenses and
$2.8 million of non-cash amortization
expenses, operating income was $23.5
million for the full year 2010, representing 24.8% of
sales.
Net income for the year ended December
31, 2010 was $15.2 million
compared to $5.8 million for 2009, an
increase of 162%. Earnings per share was $1.18 compared to $0.82 in 2009, based on 12.9 million and 7.2
million fully diluted shares outstanding, respectively. Adjusted
for non-cash expenses, adjusted net income and earnings per share
for 2010 were $18.8 million and
$1.46, respectively.
Balance Sheet and Cash Flow Summary
As of December 31, 2010, cash and
cash equivalents stood at $13.1
million, up from $4.6 million
as of December 31, 2009; accounts
receivable was $11.2 million,
compared to $9.8 million as of
December 31, 2009. The Company
had only $0.5 million of debt
outstanding at December 31, 2010.
New Energy Systems generated $21.5
million of cash flow from operations during fiscal 2010
versus $4.6 million in the same
period prior year.
2011 Guidance
Based on the strong demand across each of its businesses,
Management has provided the following guidance for 2011:
Revenue: $130 to $135
million
Adjusted Net Income: $24.5 to $25.5 million
Adjusted EPS: $1.69 to $1.75 (Based on 14.5 million
shares outstanding)
Use of Non-GAAP Financial Measures
GAAP results for the three months and nine months ended
December 31, 2010 include non-cash
charges related to amortization and stock-based compensation. To
supplement the Company's condensed consolidated financial
statements presented on a GAAP basis, the Company has provided
non-GAAP financial information excluding the impact of these items
in this release. It is a departure of U.S. GAAP; however, the
Company's management believes that this non-GAAP measure provides
investors with a better understanding of how the results relate to
the Company's historical performance. A reconciliation of the
adjustments to GAAP results appears in the table accompanying this
press release. This additional non-GAAP information is not meant to
be considered in isolation or as a substitute for GAAP financials.
The non-GAAP financial information that the Company provides also
may differ from the non-GAAP information provided by other
companies.
Adjusted Earnings Table
Due to the effects of non-cash expenses relating to amortization
and stock-based compensation, New Energy reports GAAP and non-GAAP
adjusted net income and earnings per share. The Company
believes non-GAAP adjusted income and non-GAAP adjusted earnings
per share more properly reflect the performance of its
operations.
Derivation
of Non-GAAP Adjusted Net Income and EPS
|
|
(in millions, except per
share)
|
Three Months
Ended
|
Year
Ended
|
|
|
Deccember 31,
2010
|
|
Deccember 31,
2009
|
|
December 31,
2010
|
|
December 31,
2009
|
|
Net income
|
$3.6
|
|
$2.0
|
|
$15.2
|
|
$5.8
|
|
Amortization
|
$0.2
|
|
$0.2
|
|
$2.8
|
|
$0.3
|
|
Non-Cash Stock
Compensation
|
$0.7
|
|
-
|
|
$0.8
|
|
-
|
|
Non-GAAP Net
Income
|
$4.5
|
|
$2.2
|
|
$18.8
|
|
$6.1
|
|
GAAP
EPS
|
$0.26
|
|
$0.20
|
|
$1.18
|
|
$0.82
|
|
Non-GAAP Adjusted EPS (diluted
shares)
|
$0.35
|
|
$0.31
|
|
$1.46
|
|
$0.85
|
|
|
|
|
|
|
|
|
|
|
|
Conference Call
To attend the call, please use the dial-in information below.
When prompted, ask for the "New Energy Call " and/or be
prepared to provide the conference ID.
Date:
|
March 29, 2011
|
|
Time:
|
9:00 a.m. Eastern Time,
US.
|
|
Conference Line Dial-In
(U.S.):
|
1-877-941-1427
|
|
International
Dial-In:
|
1-480-629-9664
|
|
Conference ID:
|
4427011 "New Energy
Systems Call"
|
|
Webcast link:
|
http://viavid.net/dce.aspx?sid=00008351
|
|
|
|
Please dial in at least 10 minutes before the call to ensure
timely participation. A playback will be available through
April 5, 2011. To listen, please call
1-877-870-5176 within the United
States or 1-858-384-5517 if calling internationally.
Utilize the pass code 4427011 for the replay.
About New Energy Systems Group
New Energy Systems Group is a vertically integrated original
design manufacturer and distributor of lithium ion batteries and
portable power devices for mobile phones, laptops, digital cameras,
MP3s and a variety of other consumer electronics. The Company's
consumer products are sold under the Anytone® brand in China, and the company has begun expanding its
international sales efforts. The fast pace of new mobile device
introductions in China combined
with a growing middle class make it fertile ground for New Energy's
end-user consumer products, as well as its high powered, light
weight lithium ion batteries. In addition to historically strong
organic growth, New Energy is expected to benefit from economies of
scale, broader distribution, and higher production capacity and
higher profit margins. Additional information about the company is
available at: www.newenergysystemsgroup.com.
Safe Harbor Statement
Certain statements in this press release constitute
forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
For more information, please
contact:
|
|
|
|
COMPANY
New Energy Systems
Group
|
|
Ken Lin, VP of Investor
Relations
|
|
Tel: +1-917-573-0302
|
|
Email:
ken@newenergysytemsgroup.com
|
|
Web: www.newenergysystemsgroup.com
|
|
|
|
INVESTOR
RELATIONS
|
|
HC International,
Inc.
|
|
John Mattio, SVP
|
|
Tel: +1-212-301-7130
|
|
Email:
john.mattio@hcinternational.net
|
|
Web: www.hcinternational.net
|
|
|
NEW ENERGY
SYSTEMS GROUP AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
December 31,
2010
|
|
|
December 31,
2009
|
|
|
|
|
|
|
(Restated)
|
|
Current assets
|
|
|
|
|
|
|
Cash and equivalents
|
|
$
|
13,065,008
|
|
|
$
|
3,651,990
|
|
Accounts receivable
|
|
|
11,192,150
|
|
|
|
9,776,041
|
|
Inventory
|
|
|
2,420,009
|
|
|
|
502,702
|
|
Other receivables
|
|
|
47,249
|
|
|
|
433,804
|
|
Due from shareholders
|
|
|
270,522
|
|
|
|
262,380
|
|
Deferred compensation
|
|
|
675,000
|
|
|
|
675,000
|
|
|
|
|
|
|
|
|
|
|
Total
current assets
|
|
|
27,669,938
|
|
|
|
15,301,917
|
|
|
|
|
|
|
|
|
|
|
Noncurrent assets
|
|
|
|
|
|
|
|
|
Prepayment for Newpower
acquisition
|
|
|
-
|
|
|
|
2,999,473
|
|
Deposits
|
|
|
-
|
|
|
|
37,626
|
|
Plant, property & equipment,
net
|
|
|
1,134,029
|
|
|
|
699,790
|
|
Deferred
compensation-noncurrent
|
|
|
1,098,493
|
|
|
|
1,773,493
|
|
Goodwill
|
|
|
60,555,607
|
|
|
|
19,775,939
|
|
Intangible assets,
net
|
|
|
19,969,021
|
|
|
|
15,772,344
|
|
|
|
|
|
|
|
|
|
|
Total
noncurrent assets
|
|
|
82,757,150
|
|
|
|
41,058,665
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
110,427,088
|
|
|
$
|
56,360,582
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
6,655,592
|
|
|
$
|
3,579,714
|
|
Accrued expenses
|
|
|
7,453,118
|
|
|
|
5,515,909
|
|
Taxes payable
|
|
|
1,553,206
|
|
|
|
762,430
|
|
Loan payable to related
party
|
|
|
543,585
|
|
|
|
527,225
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
16,205,501
|
|
|
|
10,385,278
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
liability
|
|
|
4,798,822
|
|
|
|
3,001,584
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
21,004,323
|
|
|
|
13,386,862
|
|
|
|
|
|
|
|
|
|
|
Commitements and
Contingencies
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
|
Preferred stock, $.001 par
value, 2,553,030 and
7,575,757
shares authorized, issued and
outstanding
as of December 31, 2010 and 2009
|
|
|
2,553
|
|
|
|
7,576
|
|
Common stock, $.001 par value,
140,000,000
shares
authorized, 14,278,928 and 11,863,390
shares
issued and outstanding as of December
31, 2010
and 2009
|
|
|
14,279
|
|
|
|
11,863
|
|
Additional paid in
capital
|
|
|
73,171,435
|
|
|
|
42,697,186
|
|
Statutory reserves
|
|
|
2,323,603
|
|
|
|
2,070,081
|
|
Other comprehensive
income
|
|
|
1,834,341
|
|
|
|
1,225,986
|
|
Retained earnings (Accumulated
deficit)
|
|
|
12,076,554
|
|
|
|
(3,038,972)
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
|
89,422,765
|
|
|
|
42,973,720
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
110,427,088
|
|
|
$
|
56,360,582
|
|
The
accompanying notes are an integral part of these consolidated
financial statements.
|
|
|
|
|
|
|
|
|
|
NEW ENERGY
SYSTEMS GROUP AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
YEARS ENDED
DECEMBER 31, 2010 AND 2009
|
|
|
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
Revenue, net
|
|
|
|
|
|
Battery
|
|
$
|
79,814,242
|
|
$
|
19,918,846
|
|
Battery shell and
cover
|
|
|
11,758,403
|
|
|
6,457,044
|
|
Solar
|
|
|
3,089,012
|
|
|
-
|
|
Total revenue
|
|
|
94,661,657
|
|
|
26,375,890
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
|
|
|
|
Battery
|
|
|
58,170,005
|
|
|
13,735,160
|
|
Battery shell and
cover
|
|
|
8,170,799
|
|
|
4,596,379
|
|
Solar
|
|
|
2,104,528
|
|
|
-
|
|
Total cost of
sales
|
|
|
68,445,312
|
|
|
18,331,539
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
26,216,345
|
|
|
8,044,351
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
Selling
|
|
|
422,491
|
|
|
124,845
|
|
General and
administrative
|
|
|
5,940,666
|
|
|
1,213,783
|
|
Total operating
expenses
|
|
|
6,363,157
|
|
|
1,338,628
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
19,853,188
|
|
|
6,705,723
|
|
|
|
|
|
|
|
|
|
Other income
(expenses)
|
|
|
|
|
|
|
|
Other expense
|
|
|
(735)
|
|
|
(5,794)
|
|
Interest income
(expense)
|
|
|
75,417
|
|
|
(49,436)
|
|
Total other income
(expense), net
|
|
|
74,682
|
|
|
(55,230)
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
|
19,927,870
|
|
|
6,650,493
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
4,738,485
|
|
|
813,098
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
15,189,385
|
|
|
5,837,395
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income
|
|
|
|
|
|
|
|
Foreign
currency translation
|
|
|
608,355
|
|
|
81,816
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
$
|
15,797,740
|
|
$
|
5,919,211
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.25
|
|
$
|
0.91
|
|
Diluted
|
|
$
|
1.18
|
|
$
|
0.82
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares outstanding:
|
|
|
|
|
|
Basic
|
|
|
12,191,008
|
|
|
6,393,067
|
|
Diluted
|
|
|
12,896,826
|
|
|
7,150,642
|
|
The
accompanying notes are an integral part of these consolidated
financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
NEW ENERGY
SYSTEMS GROUP AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
YEARS ENDED
DECEMBER 31, 2010 AND 2009
|
|
|
|
2010
|
|
2009
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES
|
|
|
|
Net Income
|
|
$
|
15,189,385
|
|
$
|
5,837,395
|
|
Adjustments to reconcile net
income to net cash
|
|
|
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
3,043,808
|
|
|
468,514
|
|
Deferred tax
liability
|
|
|
(597,768)
|
|
|
(31,916)
|
|
Deferred compensation
expense
|
|
|
675,000
|
|
|
-
|
|
Loss on disposal of fixed
asset
|
|
|
1,534
|
|
|
7,794
|
|
Stock options expense
|
|
|
103,047
|
|
|
251,507
|
|
Warrants expense
|
|
|
31,585
|
|
|
-
|
|
(Increase) / decrease in current
assets:
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
3,505,551
|
|
|
(1,730,909)
|
|
Inventory
|
|
|
(1,321,906)
|
|
|
2,572,107
|
|
Prepaid
expenses, deposits and other receivables
|
|
|
613,733
|
|
|
1,670
|
|
Increase/(Decrease) in current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable and accrued expenses
|
|
|
(332,945)
|
|
|
(3,326,375)
|
|
Taxes
payable
|
|
|
609,513
|
|
|
515,157
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities
|
|
|
21,520,537
|
|
|
4,564,944
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES
|
|
|
|
|
|
|
|
Investment in
subsidiaries
|
|
|
(6,529,286)
|
|
|
-
|
|
Prepayment for Newpower
acquisition
|
|
|
-
|
|
|
(2,998,244)
|
|
Cash acquired in
acquisition
|
|
|
-
|
|
|
2,401,140
|
|
Acquisition of
Anytone
|
|
|
-
|
|
|
(5,000,000)
|
|
Cash acquired in acquisition of
Newpower
|
|
|
705,514
|
|
|
-
|
|
Proceeds from sale of property
and equipment
|
|
|
2,370
|
|
|
-
|
|
Acquisition of property and
equipment
|
|
|
(154,936)
|
|
|
(1,068)
|
|
|
|
|
|
|
|
|
|
Net cash used in investing
activities
|
|
|
(5,976,338)
|
|
|
(5,598,172)
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES
|
|
|
|
|
Repayment of acquisition
liability for Anytone
|
|
|
(5,000,000)
|
|
|
-
|
|
Repayment of loan
payable
|
|
|
-
|
|
|
(2,195,872)
|
|
Receivable from related
party
|
|
|
|
|
|
(74,857)
|
|
Repayment to related
party
|
|
|
(1,373,809)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Net cash used in financing
activities
|
|
|
(6,373,809)
|
|
|
(2,270,729)
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes
on cash and equivalents
|
|
|
242,628
|
|
|
(13,507)
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash
and equivalents
|
|
|
9,413,018
|
|
|
(3,317,464)
|
|
|
|
|
|
|
|
|
|
Cash and equivalents,
beginning
|
|
|
3,651,990
|
|
|
6,969,454
|
|
|
|
|
|
|
|
|
|
Cash and equivalents,
ending
|
|
$
|
13,065,008
|
|
$
|
3,651,990
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the year
for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
$
|
4,534,300
|
|
$
|
748,306
|
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
-
|
|
$
|
91,260
|
|
The
accompanying notes are an integral part of these consolidated
financial statements.
|
|
|
|
|
|
|
|
|
SOURCE New Energy Systems Group