(1) Basis of Presentation
The accompanying Consolidated Condensed Financial Statements are unaudited; however, in the opinion of management, all adjustments, which were solely of a normal recurring nature, necessary to a fair presentation of the results for the interim periods, have been made. The results for the interim periods are not necessarily indicative of the results to be expected for the year. The Notes contained herein should be read in conjunction with the Notes to our Consolidated Financial Statements filed with our Annual Report on Form 10-K for the year ended December 31, 2017.
(2) Segment Reporting
UQM Technologies, Inc. (the “Company”, “UQM”, “we”, or “us”) has performed its quarterly assessment to determine if additional disclosures are required for segment reporting. Management has determined that the Company has one operating segment because the chief operating decision maker and management make business decisions based on product and contract services revenues taken as a whole. Therefore, no further disclosure is required at this time. Management will perform an assessment quarterly to determine if additional disclosures around this standard are needed in the future.
(3) New Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new standard, ASU 2014-09, to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective for us for the first fiscal year beginning after December 15, 2017. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application and providing additional disclosures. The Company has adopted this standard effective January 1, 2018 using the retrospective method with the cumulative effect and additional disclosures. See Note 5.
In February 2016, the FASB issued a new standard, ASU 2016-02, in which the lessee should recognize an asset and liability that arise from leases no matter the type of lease the company enters into. A lessee should recognize in the statement of financial position a liability allocated on a straight-line basis over the lease term to make lease payments and a right-of-use asset measured at the present value of the lease payments representing its right to use the underlying asset for the lease term. All cash payments should be classified in the operating activities section of the statement of cash flows. Another requirement under the new standard is that a company must separate the lease components from the nonlease components in a contract. Only the lease components are subject to ASU 2016-02 recognition and measurement. Lessees may make an accounting policy election to not separate lease components from nonlease components. Both qualitative and quantitative disclosures are required. Recognition and measurement is required at the beginning of the earliest period presented using a modified retrospective or cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company entered into a new operating lease in the quarter ended September 30, 2018 and is currently evaluating the effect on its financial statements. See Note 17 for current disclosures.
In
(4) Going Concern
These Consolidated Condensed Financial Statements are presented assuming that the Company will continue as a going concern. The going concern concept contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As of September 30, 2018, the Company had sustained recurring losses from continuing operations, had a working capital deficit of $83,381, and accumulated deficit of $130,215,347.
On May 9, 2018, the Company announced that the Committee on Foreign Investment in the United States would likely not approve the second stage investment as anticipated in the Stock Purchase Agreement with China National Heavy Duty Truck Co., Ltd, which would have brought approximately $23 million of cash to the Company. Since that announcement, the Company has been investigating other potentially favorable funding alternatives.
As of the date of the filing of this Form 10-Q, management has assessed the liquidity position of the Company per the requirements of ASU No. 2014-15 “Presentation of the Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” Management’s cash flow forecast for the next twelve months, based on expectations of the receipt of new customer orders and revenues, indicates that the Company should be able to meet its obligations, but there can be no assurance that this will happen. Therefore, with the losses that the Company has sustained, and its working capital deficit at September 30, 2018, substantial doubt exists about the Company’s ability to continue as a going concern without taking additional actions and/or finalizing orders that are currently in the negotiation stage. Management believes that additional funding may be necessary, and is evaluating numerous options, including but not limited to:
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Renegotiation of the maturity date of Company’s line of credit with its bank;
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Sale and leaseback transaction related to the Company’s facility;
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Investments from strategic partners; and
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Capital market investment.
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Management does not believe that there is an immediate need to raise capital given the recent improvements in revenues. Management believes that it is likely that additional funding will be available at the appropriate time given these options, however, there can be no assurance that outside capital will ultimately be available to the Company on reasonable terms, if at all.
The accompanying financial statements do not include any adjustments or classifications that may result from the possible inability of the Company to continue as a going concern
.
(5) Revenue Recognition
Accounting Policies
Product Sales
- Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied. The majority of the Company’s contracts have a single performance obligation to transfer products. Accordingly, the Company recognizes revenue when control has been transferred to the customer, generally at the time of shipment of products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products and is generally based upon a negotiated fixed price. The Company sells its products directly to customers under agreements with payment terms of prepayment or generally net 30 days for credit qualified customers.
Contract Services
- The majority of the Company’s contracts have a single performance obligation to transfer products or an agreed-upon task(s) over time. Accordingly, revenue is recognized using cost input methods, which recognize revenue and gross profit as work is performed based on the relationship between actual costs incurred compared to the total estimated costs of the contract, as the performance obligations
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This Report 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 Report and include statements regarding our plans, beliefs or current expectations. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are listed below in Part II, Item 1A. Risk Factors and in our Annual Report on Form 10-K for the year ended December 31, 2017. Additionally, there may be other risks that are otherwise described from time to time in the reports that we file with the U.S. Securities and Exchange Commission (“SEC”). We assume no obligation to update, and, except as may be required by law, do not intend to update, any forward-looking statements.
Introduction
UQM Technologies, Inc. (the “Company”, “UQM”, “we”, or “us”) develops, manufactures, and sells power dense, high efficiency electric motors, generators, power electronic controllers and fuel cell compressors for the commercial truck, bus, automotive, marine, and industrial markets. We generate revenue from two principal activities: 1) the sale of motors, generators, electronic controls, and fuel cell compressors; and 2) research, development, and application engineering contract services. Our product sales consist of annually recurring volume production, prototype low volume sales, and revenues derived from the sale of refurbished and serviced products. The sources of engineering service revenue typically vary from year to year and individual projects may vary substantially in their periods of performance and aggregate dollar value.
We have invested considerable financial and human resources into the development of our technology and manufacturing operations. We have developed and production-validated a range of products for use in full-electric, hybrid electric, plug-in-hybrid and fuel cell applications for the commercial bus and truck, automotive, marine, and industrial markets. These products are all intended to be highly efficient permanent magnet designs and feature outstanding performance, package size, and weight valued by our customers. We believe our production capabilities and capacity are sufficient to meet the demands of our current and future customers for the foreseeable future. We are certified as an ISO 9001 and IATF 16949 quality supplier, which is the highest level of quality standards in the automotive industry, and we are ISO 14001 certified, meeting the highest environmental standards. We have a management team with significant experience in the automotive industry and the requirements for high quality production programs and very deep technical knowledge of the motor and controller business. We believe this team has the ability and background to grow the business to significantly higher levels.
Our most important strategic initiative going forward is to develop customer relationships that lead to longer-term supply contracts. Volume production is the key to our ongoing operations. We are taking steps to drive business development in various ways including:
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We have created a well-defined, structured process to target potential customers of vehicle electric motor technology in the commercial truck/van and shuttles, passenger buses, automotive, marine, military and other targeted markets both domestically and internationally.
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We have expanded our staff in China, and during the current quarter, we opened a customer service center in Shanghai. China represents the largest market in the world for electric vehicles and we believe our presence in that market is critical to our long-term success.
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On August 28, 2017, we entered into a definitive stock purchase agreement (“Agreement”) with
China National Heavy Duty Truck Group Co., Ltd.
through its wholly-owned subsidiary, Sinotruk (BVI) Limited (collectively, “CNHTC”), the parent company of Sinotruk (Hong Kong) Limited, a Chinese commercial vehicle manufacturer, and also announced that UQM and CNHTC plan to create a joint venture to manufacture and sell electric propulsion systems for commercial vehicles and other vehicles in China. Today CNHTC owns approximately 9.9% of our outstanding shares of common stock.
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We have developed a customer pipeline where we identified potential customers that we believe are synergistic and strategic in nature for longer-term growth potential.
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We are building potentially long term quantifiable and sustainable relationships within the identified target markets.
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We provide service and support to our customers from pilot and test activities through commissioning processes and then ultimately leading to volume production operations.
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We strive to improve our purchasing and manufacturing processes to develop competitive costs to ensure that our pricing to customers is market competitive.
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We provide customized solutions to meet specification requirements that some customers require.
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We participate in trade show events globally to demonstrate our products and engage with users of electric motor technology.
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We involve all functional groups within the Company to support the needs of our customers.
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We believe that the successful execution of these activities will lead us to secure volume production commitments from customers, so that our operations will eventually become cash flow positive and ultimately profitable.
Recent Events
On July 31, 2018, we announced
that we had signed a lease agreement in Shanghai, China to open a customer service center for both our fuel cell compressor systems and propulsions systems. The facility should allow us to provide quick turnaround for service and spare parts to our customers in China, and eventually assemble the fuel cell compressor systems in that region.
On August 9, 2018, we announced that we had received new fuel cell compressor system purchase orders from several new and existing Chinese customers, including our major Chinese OEM customer. The new purchase orders are valued at approximately $3.0 million. All these orders represent incremental new business with shipments expected to be delivered through 2018 and into 2019.
On August 30, 2018, we announced that we had received an order from Lightning Systems for our eDT 220 electric propulsion systems for use in several new projects, including Class 6 vehicles for Zeem Solutions, located in New York, and a city bus program for Via Mobility, located in Boulder, Colorado. Shipments are currently expected to commence in 2018 and continue into 2019. We supply various powertrain components to Lightning Systems, including the UQM E-Drive paired with different gearbox solutions, making us the Tier 1 provider for the full assembly.
On September 11, 2018, we announced that we had unveiled our newest product launch at the Electric & Hybrid Vehicle Technology Expo held in Novi, Michigan. We introduced a full lineup of PowerPhase
®
HD2 electric motor inverters, which complements our signature motors and software controls, to further serve our customers in the electric vehicle market.
Financial Condition
Cash and cash equivalents at September 30, 2018 were $2,487,132 and we had a working capital deficit of ($83,381), compared with $6,309,269 and $7,762,363, respectively, at December 31, 2017. The change in cash and working capital is primarily attributable to operating losses, debt obligations being reclassified from long-term to current, and investments in inventory, offset in part by prepayments received from customers.
Restricted cash (current and long-term) at September 30, 2018 was $358,627 versus $500,056 at December 31, 2017. The restricted cash is reserved for payment of the interest on the line of credit.
Accounts receivable increased $463,401 to $1,287,194 at September 30, 2018 from $823,793 at December 31, 2017. The increase is primarily due to the mix in customer credit terms and increased customer shipments at the end of the third quarter. Our sales are conducted through acceptance of customer purchase orders, or in some cases, through supply agreements. For international customers and customers without an adequate credit rating or history, our typical terms require irrevocable letters of credit or cash payment in advance of delivery. For credit qualified customers, our typical terms are net 30 days. As of September 30, 2018 and December 31, 2017, we had no allowance for bad debts.
Costs in excess of billings on uncompleted engineering service contracts were $45,850 and $0 at September 30, 2018 and December 31, 2017, respectively. The increase was due to timing of costs incurred and billings on customer contracts in progress at the end of the quarter.
Total inventories increased $2,234,112 to $4,575,472 at September 30, 2018 from $2,341,360 at December 31, 2017 reflecting an increase in raw materials and work-in-process for confirmed sales orders to be sold to customers in 2018.
Prepaid expenses and other current assets increased to $452,307 at September 30, 2018 from $233,566 at December 31, 2017, primarily due to an increase in vendor prepayments.
We invested $306,561 for the acquisition of property and equipment during the nine months ended September 30, 2018, compared to $46,158 during the comparable period last year. We purchase property and equipment to augment and replace existing fixed assets based on operational needs.
Patent costs increased $29,673 for the nine months ended September 30, 2018 due to new patent costs offset by amortization. Trademark costs decreased $3,372 for the nine months ended September 30, 2018 due to amortization.
Accounts payable increased $1,695,922 to $2,644,797 at September 30, 2018 from $948,875 at December 31, 2017, primarily due to the timing of vendor payments and increased purchases of inventory.
Unearned revenue increased to $2,201,597 at September 30, 2018 from $153,944 at December 31, 2017. The increase is attributable to an increase in customer deposits for future shipments.
Other current liabilities increased to $1,018,172 at September 30, 2018 from $819,839 at December 31, 2017. The change is attributable to an increase in accrued warranty costs which reflect the increase in sales in the current year and payroll and employee benefits.
Billings in excess of costs and estimated earnings on engineering services contracts were $277,967 and $199,160 at September 30, 2018 and December 31, 2017, respectively. The increase was due to timing of billings and completion of customer contracts in 2018.
Debt net of deferred financing costs (current and long-term) increased $27,980 during the nine months ended September 30, 2018 due to amortization of the deferred financing costs.
Other long-term liabilities decreased $15,000 to $106,667 at September 30, 2018 from $121,667 at December 31, 2017 due to amortization of a license fee received from a customer under a ten-year cooperation agreement.
Common stock and additional paid-in capital were $542,290 and $134,465,515, respectively, at September 30, 2018 compared to $541,085 and $133,901,406 at December 31, 2017. The increase in common stock and additional paid-in capital were primarily attributable to the issuance of common stock under the employee stock purchase plan and the periodic expensing of non-cash share-based payments associated with option and stock grants under our equity compensation plans.
Results of Operations
Quarter Ended September 30, 2018
Revenue
Product sales revenue for the quarter ended September 30, 2018 increased to $3,747,846 versus $2,752,554 for the comparable period last year, reflecting increased shipments in all product lines.
Revenue from contract services was $637,576 for the quarter ended September 30, 2018 versus $0 for the comparable period last year. The increase is due to externally funded development contracts in progress.
Gross Profit Margin
Total gross profit margin for the quarter ended September 30, 2018 decreased to 23.7 percent compared to 46.6 percent for the comparable period in the prior year. Gross profit margin on product sales for the quarter this year decreased to 20.0 percent compared to 46.6 percent for the same period last year primarily due to higher sales of lower margin products and increased production headcount. Gross profit margin on contract services was 45.6 percent for the quarter this year compared to 0.0 percent for the same period last year, resulting from securing new contracts in the current period.
Costs and Expenses
Research and development expenditures for the quarter ended September 30, 2018 decreased to $396,690 compared to $403,273 for the same period last year. The decrease is related to a greater focus on externally funded development projects.
Selling, general and administrative expenses for the quarter ended September 30, 2018 was $1,839,872 compared to $1,983,450 for the same period last year. The decrease is primarily attributable to variable compensation and business development expenses in the current period compared to the same period last year.
Other income (expense)
Other income and (expense) for the quarter ended September 30, 2018 was $55,731 compared to $562,102 for the same period last year. The decrease is primarily attributable to the gain on the sale of vacant land in 2017.
Net Loss
As a result, net loss for the quarter ended September 30, 2018 was $1,141,578, or $0.02 per common share, compared to a net loss of $543,401, or $0.01 per common share, for the comparable period last year.
Nine Months Ended September 30, 2018
Revenue
Product sales revenue for the nine months ended September 30, 2018 increased to $7,497,209 versus $5,169,479 for the comparable period last year, reflecting increased shipments in all product lines.
Revenue from contract services was $1,201,442 for the nine months ended September 30, 2018 versus $387,075 for the comparable period last year. The increase is due to customer contracts in progress.
Gross Profit Margin
Total gross profit margin for the nine months ended September 30, 2018 decreased to 23.8 percent compared to 41.6 percent for the comparable period in the prior year. Gross profit margin on product sales for the nine months this year
decreased to 19.2 percent compared to 40.3 percent for the same period last year primarily due to increased production department expenses related to increased headcount to support higher production demands and higher sales of lower margin products and increased production headcount. Gross profit margin on contract services was 52.5 percent for the nine months this year compared to 58.3 percent for the same period last year, resulting from a change in the mix of contracts in process during the respective periods.
Costs and Expenses
Research and development expenditures for the nine months ended September 30, 2018 increased to $1,902,324 compared to $1,591,520 for the same period last year. The increase is related to a greater focus on internally funded development projects.
Selling, general and administrative expenses for the nine months ended September 30, 2018 was $5,678,428 compared to $4,757,571 for the same period last year. The increase is primarily attributable to legal fees, variable compensation, and related stock compensation in the current period compared to the same period last year.
Other income (expense)
Other income and (expense) for the nine months ended September 30, 2018 was expense of ($29,753) compared to income of $542,327 for the same period last year. The change is primarily attributable to the gain on the sale of vacant land in 2017.
Net Loss
As a result, net loss for the nine months ended September 30, 2018 was $5,544,097, or $0.10 per common share, compared to a net loss of $3,497,648, or $0.07 per common share, for the comparable period last year.
Liquidity and Capital Resources
Our cash balances and liquidity throughout the nine months ended September 30, 2018 were adequate to meet operating needs. At September 30, 2018, we had a working capital deficit of ($83,381) compared to working capital of $7,762,363 at December 31, 2017. The decrease in working capital is primarily attributable to funding operations, higher unearned revenue and debt obligations being reclassified from long-term to current because of its maturity date.
For the nine months ended September 30, 2018, net cash used in operating activities was $3,651,621 compared to net cash used in operating activities of $3,098,339 for the comparable period last year. The increase in cash used in operating activities was due to higher accounts receivable and inventory purchases, partially offset by higher unearned revenue, accounts payable and other liabilities.
Net cash used in investing activities for the nine months ended September 30, 2018 was $351,635 compared to net cash provided by investing activities of $1,333,379 for the comparable nine months last year. The decrease for the nine months ended September 30, 2018 was primarily due to the sale of vacant land in the prior year
.
Net cash provided by financing activities for the nine months ended September 30, 2018 was $39,690 compared to net cash provided by financing activities of $8,242,607 for the comparable period last year. The change is primarily due to borrowings on the line of credit and the sale of common stock pursuant to the Agreement executed during the nine months ended September 30, 2017.
We expect to fund our operations over the next year from existing cash and cash equivalent balances, cash generated from operations, and bank financing resources.
On March 15, 2017, the Company entered into a non-revolving line of credit with a lender for $5.6 million. The interest rate is variable based upon the one month LIBOR rate plus 4.0% per annum on the outstanding balance. The non-revolving line of credit will expire on March 15, 2019 and the amounts repaid during the term of the loan may not be re-borrowed. At the expiry date, all outstanding principal and interest are due.
For additional information, see Note 10 of the Consolidated Condensed Financial Statements. Although we expect to manage our operations and working capital requirements to minimize the future level of operating losses and working capital usage, our working capital requirements may increase in the future. If customer demand accelerates substantially,
our working capital requirements may also increase substantially. The Company intends to renegotiate the maturity date of the line of credit with the bank.
If our existing financial resources are not sufficient to execute our business plan, we may issue equity or debt securities in the future, although we cannot assure that we will be able to secure additional capital should it be required to implement our current business plan. In the event financing or equity capital to fund future growth is not available on terms acceptable to us, or at all, we will modify our strategy to align our operations with then available financial resources. See Footnote 4 to the Consolidated Condensed Financial Statements related to management’s assessment of the Company’s ability to continue as a going concern.
Contractual Obligations
The following table presents information about our contractual obligations and commitments as of September 30, 2018:
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Payments due by Period
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Less Than
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More than
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Total
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1 Year
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1 - 3 Years
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3 - 5 Years
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5 Years
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Long-term debt obligations
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$
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3,164,529
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$
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3,164,529
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$
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—
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$
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—
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$
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—
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Purchase obligations
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4,501,558
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4,501,558
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—
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—
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—
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Lease obligations
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95,553
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18,534
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58,897
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18,122
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—
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Total
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$
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7,761,640
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$
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7,684,621
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$
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58,897
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$
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18,122
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$
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—
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Off-Balance Sheet Arrangements
None.
Critical Accounting Policies
The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, assumptions and estimates that affect the dollar values reported in the Consolidated Condensed Financial Statements and accompanying notes. Note 1 to the Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2017 describes the significant accounting policies and methods used in the preparation of the Consolidated Financial Statements. There have been no material changes in our Condensed Consolidated Financial Statements based on any of our critical accounting policies including the adoption of ASC 606, during the nine months ended September 30, 2018.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is the potential loss arising from adverse changes in market rates and prices, such as foreign currency exchange and interest rates. We do not use financial instruments to any degree to manage these risks and do not hold or issue financial instruments for trading purposes. All of our product sales, and related receivables are payable in U.S. dollars.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as defined in Rule 13a-15 under the U.S. Securities and Exchange Act of 1934 (the “Exchange Act”)) that are designed to ensure that information required to be disclosed in our reports filed with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure.
As of September 30, 2018, we performed an evaluation under the supervision and with the participation of our management, including our CEO and CFO, of the effectiveness of the design and operation of the Company’s disclosure
controls and procedures. Based on that evaluation, our management, including the CEO and CFO, concluded that our disclosure controls and procedures were effective as of September 30, 2018.
There were no changes to our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the nine months ended September 30, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Part II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Litigation
We are involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, and based on current available information, the ultimate disposition of these matters is not expected to have a material adverse effect on our financial position, results of operations or cash flow, although adverse developments in these matters could have a material impact on a future reporting period.
ITEM 1A. RISK FACTORS
Risk Factors
Our business is subject to a number of risks and uncertainties, many of which are outside of our control. Except as indicated below, there have been no material changes in the risk factors contained in our Annual Report on Form 10-K for the period ended December 31, 2017:
We have incurred significant losses and may continue to do so.
We have incurred significant net losses as shown in the following tables:
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Quarters ended September 30,
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Nine Months Ended September 30,
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2018
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2017
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2018
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2017
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Net loss
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$
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1,141,578
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$
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543,401
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$
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5,544,097
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$
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3,497,648
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As of September 30, 2018 and December 31, 2017, we had accumulated deficits of $130,215,347 and $124,671,250, respectively.
In the future, we plan to make additional investments in product development, facilities and equipment and incur other costs related to the commercialization of our products. As a result, we expect to continue to incur net losses for the foreseeable future.
Our operating losses, anticipated capital expenditures and working capital requirements in the longer term may exceed our current cash balances.
Our net loss for the nine months ended September 30, 2018 was $5,544,097 versus a net loss for the comparable period last year of $3,497,648. Our net loss for the year ended December 31, 2017 was $4,778,316. At September 30, 2018, our cash, cash equivalents and restricted cash totaled $2,845,759. We expect our losses to continue for the foreseeable future. See Footnote 4 to the Consolidated Condensed Financial Statements related to management’s assessment of the Company’s ability to continue as a going concern.
Our revenue is highly concentrated among a small number of customers.
A large percentage of our revenue is typically derived from a small number of customers, and we expect this trend to continue.
Our customer arrangements generally have been non-exclusive, have no long-term volume commitments and are often done on a purchase order basis. We cannot be certain that customers that have accounted for significant revenue in past periods will continue to purchase our products. Accordingly, our revenue and results of operations may vary substantially from period to period. We are also subject to credit risk associated with the concentration of our accounts receivable from our customers. If one or more of our significant customers were to cease doing business with us, significantly reduce or delay its purchases from us or fail to pay us on a timely basis, our business, financial condition and results of operations could be materially adversely affected.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
None.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
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31.1
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Certification of Chief Executive Officer
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31.2
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Certification of Chief Financial Officer
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32.1
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Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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101.INS
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XBRL Instance Document
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101.SCH
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XBRL Taxonomy Extension Schema Document
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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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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Registrant
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Date: October 31, 2018
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/s/
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DAVID I. ROSENTHAL
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David I. Rosenthal
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Treasurer and Chief Financial Officer
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(Duly Authorized Officer, Principal Financial and Accounting Officer)
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