Current Report Filing (8-k)
May 28 2015 - 4:09PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 28, 2015
UQM Technologies, Inc.
(Exact name of registrant as specified in its charter)
Colorado
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1-10869
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84-0579156
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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4120 Specialty Place, Longmont, Colorado 80504
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code: (303) 682-4900
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ]Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a‑12)
[ ]Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On May 28, 2015, UQM Technologies, Inc. issued a press release reporting its fiscal year-end and fourth quarter results for the period ending March 31, 2015. A copy of this press release is furnished and attached hereto as Exhibit 99.1.
Item 9.01FINANCIAL STATEMENTS AND EXHIBITS
(d)Exhibits
The following exhibit is furnished as part of this Current Report on Form 8-K.
Exhibit numberDescription
Exhibit 99.1Press Release dated May 28, 2015
The information in Item 2.02 of the Current Report, including the press release, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (“Exchange Act”) or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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UQM TECHNOLOGIES, INC.
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Dated: May 28, 2015
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By: /s/David I. Rosenthal
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David I. Rosenthal
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Treasurer, Secretary and
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Chief Financial Officer
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Exhibit 99.1
For Immediate Release
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For more information contact:
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Annie Leschin
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StreetSmart Investor Relations
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415-775-1788
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or
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David I. Rosenthal
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UQM Technologies, Inc.
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303-682-4900
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UQM Technologies Reports Fourth Quarter and
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Fiscal Year 2015 Operating Results
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LONGMONT, COLORADO, MAY 28, 2015 - UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the fourth quarter and fiscal year ended March 31, 2015. Total revenue for the quarter was $1.0 million, the same as the fourth quarter last year. Net loss for the fourth quarter was $1.3 million, or $0.03 per common share. This compares to a net loss of $1.4 million, or $0.04 per common share for the same period last year.
For the year ended March 31, 2015, total revenue was $4.0 million compared to $7.0 million in the prior year. Net loss was $6.0 million, or $0.15 per common share versus $2.8 million, or $0.07 per common share in the year ended March 31, 2014. As of March 31, 2015, cash was $6.6 million and working capital was $15.6 million versus $10.2 million and $20.1 million last year, respectively.
“Fourth quarter revenue grew 25% over last quarter, reflecting some improvement in our customers’ ordering cycles,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. ”Our primary focus is centered on our strategic business development in China where we see the greatest opportunity for our offerings at present. Having recently signed a long-term agreement with the KESHI Group and with on-going discussions with other parties to secure volume production contracts, we are making significant inroads into this market as customers recognize the clear advantages of our products.”
Conference Call
The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter and year ended March 31, 2015. To attend the conference call, please dial 1-888-241-0326 approximately ten minutes before the
UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901
conference is scheduled to begin and provide the passcode “47696708” to access the call. International callers should dial 1-647-427-3411. For anyone who is unable to participate in the conference, a recording will be available for 7 days beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-855-859-2056 and enter replay code “47696708#”. International callers should dial +1-404-537-3406.
About UQM
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the commercial truck, bus, automotive, marine, military and industrial markets. A major emphasis for UQM is developing propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles. UQM is TS 16949 and ISO 14001 certified and located in Longmont, Colorado.
This Release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements appear in a number of places in this Release and include statements regarding our plans, beliefs or current expectations; including those plans, beliefs and expectations of our management with respect to, among other things, new product developments, future orders to be received from our customers, sales of products from inventory, future financial results, liquidity and the continued growth of the electric-powered vehicle industry. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our annual report on Form 10-K for the fiscal year ended March 31, 2015 filed today, which is available through our website at www.uqm.com or at www.sec.gov.
###Tables Attached###
UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901
UQM TECHNOLOGIES, INC.
AND SUBSIDIARIES
Consolidated Statements of Operations
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Quarter Ended March 31,
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Year Ended March 31,
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2015
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2014
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2015
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2014
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(unaudited)
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(unaudited)
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Revenue:
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Product sales
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$
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954,493
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$
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785,018
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$
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3,218,616
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$
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6,136,305
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Contract services
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89,289
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230,464
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797,128
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909,895
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1,043,782
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1,015,482
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4,015,744
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7,046,200
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Operating costs and expenses:
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Costs of product sales
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778,532
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474,798
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2,101,610
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3,609,028
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Costs of contract services
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130,236
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190,271
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798,038
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743,068
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Research and development
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913,771
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61,035
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1,131,159
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219,887
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Production engineering
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179,683
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1,793,230
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3,406,923
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4,644,646
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Reimbursement of costs under DOE grant
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(88,439)
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(1,049,168)
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(1,901,109)
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(3,625,853)
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Selling, general and administrative
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1,303,764
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1,064,204
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5,337,795
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5,143,864
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(Recovery) impairment of assets
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-
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(141,835)
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-
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(868,475)
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(Gain) loss on disposal of long-lived asset
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1,219
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2,570
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1,219
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(37,462)
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3,218,766
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2,395,105
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10,875,635
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9,828,703
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Loss before other income
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(2,174,984)
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(1,379,623)
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(6,859,891)
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(2,782,503)
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Other income:
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Interest income
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182
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378
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12,306
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1,787
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Other
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858,488
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537
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859,055
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7,472
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858,670
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915
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871,361
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9,259
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Net loss
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$
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(1,316,314)
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$
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(1,378,708)
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$
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(5,988,530)
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$
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(2,773,244)
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Net loss per common share - basic and diluted
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$
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(0.03)
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$
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(0.04)
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$
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(0.15)
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$
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(0.07)
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Weighted average number of shares
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of common stock outstanding -
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basic and diluted
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39,999,984
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38,653,221
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39,940,795
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37,253,066
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UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901
UQM TECHNOLOGIES, INC.
AND SUBSIDIARIES
Consolidated Balance Sheets
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March 31, 2015
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March 31, 2014
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Assets
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Current assets:
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Cash and cash equivalents
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$
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6,585,703
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$
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10,247,112
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Short-term investments
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-
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63,029
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Accounts receivable
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522,417
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960,419
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Other receivable
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855,000
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-
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Costs and estimated earnings in excess of billings on
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uncompleted contracts
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49,917
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341,255
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Inventories
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9,354,053
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10,054,422
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Prepaid expenses and other current assets
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266,448
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263,988
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Total current assets
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17,633,538
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21,930,225
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Property and equipment, at cost:
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Land
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1,683,330
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1,683,330
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Building
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4,516,301
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4,516,301
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Machinery and equipment
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7,037,200
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7,706,066
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13,236,831
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13,905,697
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Less accumulated depreciation
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(6,410,242)
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(6,337,924)
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Net property and equipment
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6,826,589
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7,567,773
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Patent costs, net of accumulated amortization of $895,227 and $878,707,
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respectively
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239,043
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227,015
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Trademark costs, net of accumulated amortization of $73,018 and $68,718,
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respectively
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102,823
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107,123
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Other assets
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-
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2,997
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Total assets
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$
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24,801,993
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$
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29,835,133
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Liabilities and Stockholders’ Equity
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Current liabilities:
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Accounts payable
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$
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398,568
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$
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386,293
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Other current liabilities
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1,544,971
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1,491,745
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Billings in excess of costs and estimated earnings on
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uncompleted contracts
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84,444
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-
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Total current liabilities
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2,027,983
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1,878,038
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Other long-term liabilities
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445,024
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182,100
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Total liabilities
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2,473,007
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2,060,138
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Commitments and contingencies
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Stockholders’ equity:
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Common stock, $0.01 par value, 50,000,000 shares
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authorized; 39,999,984 and 39,777,767 shares
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issued and outstanding, respectively
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400,000
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397,778
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Additional paid-in capital
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121,866,061
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121,325,762
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Accumulated deficit
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(99,937,075)
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(93,948,545)
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Total stockholders’ equity
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22,328,986
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27,774,995
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Total liabilities and stockholders’ equity
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$
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24,801,993
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$
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29,835,133
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# End Table
# End #
UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901
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