TIDMOPT
RNS Number : 3911S
Ocean Power Technologies Inc
09 September 2010
OCEAN POWER TECHNOLOGIES ANNOUNCES RESULTS FOR THE FIRST
QUARTER ENDED JULY 31, 2010
Pennington, NJ - September 9, 2010 -- Ocean Power Technologies, Inc. (Nasdaq:
OPTT and London Stock Exchange AIM: OPT) ("OPT" or "the Company") announces its
financial results for the first quarter ended July 31, 2010 of its fiscal year
ending on April 30, 2011.
First Quarter Highlights
· Contract order backlog increased to $6.5 million at July 31, 2010,
compared to $5.7 million at April 30, 2010 and $6.4 million at July 31, 2009.
· Revenue grew by 5% to $1.4 million for the quarter ended July 31, 2010,
compared to $1.3 million for the quarter ended July 31, 2009.
· Cash, cash equivalents, restricted cash and marketable securities of $60.8
million at July 31, 2010 (April 30, 2010: $66.8 million).
· Awarded GBP1.5 million (approximately $2.3 million) grant from the South
West of England Regional Development Agency ("SWRDA") for the development of
OPT's next generation 500kW PowerBuoy wave power system - further strengthening
the Company's long-term involvement in Britain's southwest region, where it
became the first company to commit to participate at Wave Hub in Cornwall.
· Nearing completion of OPT's first PB150 PowerBuoy with the system expected
to be ready for ocean trials off the coast of Scotland by the end of this
calendar year.
· Significant progress was made on OPT's Littoral Expeditionary Autonomous
PowerBuoy ("LEAP") project with the US Navy. Design work has been submitted and
OPT expects to complete the initial phase of the project by the end of this
calendar year.
· Strengthened management team with the appointment of Brian M. Posner as
Chief Financial Officer and Michael G. Kelly as Vice President of Operations.
· In August 2010, OPT signed a groundbreaking agreement with 11 federal and
state agencies and three non-governmental stakeholders for its utility-scale
wave power project at Reedsport, Oregon.
Charles F. Dunleavy, Chief Executive Officer of OPT, said: "We have made a good
start to this fiscal year with an increase in contract order backlog and
continued progress on our utility and autonomous PowerBuoy projects in the US
and UK, and a strengthening of our management team. Construction of our first
PB150 PowerBuoy in Scotland is approaching completion and the manufacturing of
our second PB150 PowerBuoy in Reedsport, Oregon is on schedule. The development
of our next generation PB500 device also gained momentum with backing from the
South West of England Regional Development Agency. As a result, with growing
global interest in wave energy, solid progress in our technology development,
and the continuing successful operation of our PowerBuoy installed in Hawaii, we
continue to look to the future with confidence."
Operational Review
The first quarter saw a strengthening of the management team with the
appointment of Brian M. Posner as Chief Financial Officer and Michael G. Kelly
as Vice President of Operations. Mr. Posner is a financial executive with over
25 years of experience in both public and private companies, with a notable
track record in working with capital markets, regulatory and accounting matters,
and strategic alliances. Mr. Kelly joined OPT after a career spanning 28 years
in the marine industry, including design, manufacturing, deployment and field
service of large, complex ocean-based systems, and the management of
international technical teams. His appointment supports the Company's transition
to commercial status.
During the first quarter ended July 31, 2010, the Company achieved milestones in
a number of ongoing projects, which include:
REEDSPORT, OREGON, US - Construction of the steel structure for the first PB150
PowerBuoy for OPT's project at Reedsport, Oregon is advancing as planned. With
support from Pacific Northwest Generating Cooperative (PNGC Power), the Company
continued to work extensively with interested stakeholder groups at local,
county, state and federal agency levels with progress being made in the overall
permitting and licensing process. The project remains on schedule, with ocean
trials of the PB150 due to commence in 2011.
In August 2010, the Company signed an agreement with 11 federal and state
agencies and three non-governmental stakeholders to support the responsible,
phased development by OPT of a 10-PowerBuoy wave energy station with a capacity
of 1.5 MW. This agreement represents a key step towards the granting of a
license by the Federal Energy Regulatory Commission ("FERC"), which would be the
first such license to be issued for a commercial-scale wave power project in the
US. The 10-PowerBuoy wave energy station is expected to be connected to the grid
after receipt of the FERC license and additional funding.
HAWAII, US -Under its ongoing program with the US Navy, OPT's upgraded 40kW
peak-rated PowerBuoy continues to produce power in accordance with expectations
and testing protocols. The device has completed nearly 3 million cycles since
its deployment in December 2009.
SCOTLAND, UK- Integration of the energy conversion and power take-off
subassemblies with the buoy structure of OPT's first PB150 PowerBuoy is
underway, and remains on track to be ready for in-ocean trials off the coast of
Scotland by the end of this calendar year. The Company is seeking additional
funding for the next stage of the buoy's development after the trial phase is
completed.
CORNWALL, UK- SWRDA is expected to complete the installation of the cabling and
subsea infrastructure for the Wave Hub site in Cornwall, England by the end of
calendar year 2010. OPT also received further support from the UK government
with a grant of GBP1.5 million (approximately $2.3 million), which was awarded
by SWRDA to OPT for the development of the Company's next generation 500kW
PowerBuoy, the PB500. This funding strengthens OPT's long-term involvement in
Britain's southwest region where it was the first company to sign a commitment
agreement with SWRDA to advance the development of one of the four wave power
stations that are expected to comprise the Wave Hub.
US NAVY "LEAP" PROJECT - Work on OPT's contract with the US Navy to provide a
wave energy conversion system for the Navy's LEAP program for homeland
protection continued to advance. Under the initial $2.4 million contract, OPT
will provide its PowerBuoy technology for testing with sensor-based
communications systems, with the ultimate aim under a four-year program of
developing a LEAP-based vessel detection system testbed. The design work has
been submitted and OPT expects to complete the initial phase of the project by
the end of this calendar year.
US NAVY DEEP OCEAN APPLICATION - Progress continued on OPT's ongoing project to
provide autonomous PowerBuoy technology for the US Navy's Deep Water Active
Detection System ("DWADS") for ocean data gathering. Deployment of the enhanced
device is scheduled for the end of this calendar year.
Financial Review
For the three months ended July 31, 2010, OPT reported increased revenues of
$1.4 million, compared with $1.3 million in the three months ended July 31,
2009. The growth in revenues primarily reflects an increase in revenue from the
US Navy under the LEAP program, for which OPT provides its autonomous PowerBuoy
technology. In addition, there was an increase in revenue from OPT's PB150
PowerBuoy projects in Scotland and Reedsport, Oregon. The growth in these
projects was offset by a decline in revenue from OPT's DWADS project with the US
Navy, OPT's utility scale project in Spain and OPT's utility PowerBuoy project
with the US Navy at the Marine Corps Base in Hawaii, which is now in operation.
OPT's contract backlog at July 31, 2010 was $6.5 million, compared to $5.7
million at April 30, 2010 and $6.4 million at July 31, 2009.
Operating loss for the three months ended July 31, 2010 was $6.3 million
compared to $3.2 million for the three months ended July 31, 2009. Net loss
attributable to OPT was $6.3 million for the three months ended July 31, 2010
compared to $2.1 million for the same period in the prior year. These increases
in fiscal 2011 operating loss and net loss attributable to OPT were primarily
due to costs incurred in OPT's product development programs, principally for the
PB150 system, which were $4.0 million in the quarter ended July 31, 2010,
compared to $1.4 million for the comparable period of fiscal 2010. Other income
for the quarter ended July 31, 2009 included a one-time gain of approximately
$500,000 from a favorable settlement of a claim against a supplier of
engineering services. For the three months ended July 31, 2010, OPT recorded a
foreign exchange loss of approximately $239,000 compared to a gain of
approximately $402,000 for the quarter ended July 31, 2009. This loss was due to
the change in the relative value of the US dollar as compared to the British
pound sterling.
On July 31, 2010, total cash, cash equivalents, restricted cash and marketable
securities were $60.8 million. OPT's balance sheet remains strong, and its cash,
cash equivalents and marketable securities are highly liquid investments
consisting primarily of term deposits with large commercial banks and US
Treasury bills and notes. Net cash used in operating activities was $6.1 million
for the quarter ended July 31, 2010. OPT expects the rate of its cash outflows
to decrease in the second half of fiscal 2011, reflecting completion of
significant milestones associated with construction of its two PB150 systems for
Oregon and Scotland.
**********
Additional information may be found in the Company's Quarterly Report on Form
10-Q that will be filed with the US Securities and Exchange Commission. The Form
10-Q may be accessed at www.sec.gov or at the Company's website in the Investor
Relations tab.
**********
Webcast Details
OPT will host an audio webcast to review its results on Thursday, September 9,
2010, at 10:00 a.m. Eastern Time (3:00 p.m. BST). Charles F. Dunleavy, Chief
Executive Officer, and Brian M. Posner, Chief Financial Officer, will host the
webcast. Investors and other interested parties may access the webcast by
visiting the Company's Web site at www.oceanpowertechnologies.com and clicking
on the Investor Relations tab, then Webcasts and Presentations. In addition,
parties without web access may listen to the presentation by calling:
800-659-1966 (Toll free call in the US) or +1-617-614-2711 (Toll call), passcode
27063018.
Forward-Looking Statements
This release may contain "forward-looking statements" that are within the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements reflect the Company's current expectations about its
future plans and performance, including statements concerning the impact of
marketing strategies, new product introductions and innovation, deliveries of
product, sales, earnings and margins. These forward-looking statements rely on a
number of assumptions and estimates which could be inaccurate and which are
subject to risks and uncertainties. Actual results could vary materially from
those anticipated or expressed in any forward-looking statement made by the
Company. Please refer to the Company's most recent Form 10-K for a further
discussion of these risks and uncertainties. The Company disclaims any
obligation or intent to update the forward-looking statements in order to
reflect events or circumstances after the date of this release.
About Ocean Power Technologies
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT)
is a pioneer in wave-energy technology that harnesses ocean wave resources to
generate reliable and clean and environmentally-beneficial electricity. OPT has
a strong track record in the advancement of wave energy. The Company
participates in a $150 billion annual power generation equipment market. OPT's
proprietary PowerBuoy system is based on modular, ocean-going buoys that
capture and convert predictable wave energy into clean electricity. The Company
is widely recognized as a leading developer of on-grid and autonomous
wave-energy generation systems, benefiting from over a decade of in-ocean
experience. OPT's systems are insured by Lloyds Underwriters of London. OPT is
headquartered in Pennington, New Jersey with an office in Warwick, UK. More
information can be found at www.oceanpowertechnologies.com.
**********
Contact information:
+----------------------------------------+---------------------------------+
| Ocean Power Technologies, Inc. | |
| Charles F. Dunleavy, Chief Executive | Telephone: +1 609 730 0400 |
| Officer | |
| Brian M. Posner, Chief Financial | |
| Officer | |
+----------------------------------------+---------------------------------+
| Nomura Code Securities Limited | |
| Juliet Thompson, Richard Potts | Telephone: +44 20 7776 1200 |
+----------------------------------------+---------------------------------+
| Media Contact: | |
| Corfin Public Relations Limited | |
| Neil Thapar, Claire Norbury | Telephone: +44 20 7596 2860 |
| | |
+----------------------------------------+---------------------------------+
*********
Consolidated Balance Sheets as of
July 31, 2010, April 30, 2010 and July 31, 2009 (Unaudited)
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| | | | July | | April | | July |
| | | | 31, | | 30, | | 31, |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| | | | 2010 | | 2010 | | 2009 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| ASSETS | | | $ | | $ | | $ |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| CURRENT ASSETS: | | | | | | | |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Cash and cash equivalents | | | 3,925,600 | | 4,236,597 | | 5,336,756 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Marketable securities | | | 23,501,253 | | 32,536,001 | | 44,940,113 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Accounts receivable | | | 917,771 | | 1,474,600 | | 939,294 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Unbilled receivables | | | 344,999 | | 448,686 | | 949,202 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Other current assets | | | 2,204,606 | | 1,005,885 | | 703,645 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Total current assets | | | 30,894,229 | | 39,701,769 | | 52,869,010 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Marketable securities | | | 31,891,457 | | 28,865,046 | | 29,409,756 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Restricted cash | | | 1,439,168 | | 1,205,288 | | 1,262,392 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Property and equipment, net | | | 653,601 | | 710,563 | | 942,787 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Patents, net | 1,047,203 | | 1,036,881 | | 928,038 |
+--------------------------------------------------+--------------+-+--------------+----------+--------------+
| Other noncurrent assets | | | 807,972 | | 1,458,646 | | 1,374,749 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| TOTAL ASSETS | | | 66,733,630 | | 72,978,193 | | 86,786,732 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| LIABILITIES AND STOCKHOLDERS' | | | | | | | |
| EQUITY | | | | | | | |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| CURRENT LIABILITIES: | | | | | | | |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Accounts payable | | | 1,407,986 | | 1,843,378 | | 816,346 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Accrued expenses | | | 3,420,453 | | 4,092,113 | | 2,707,683 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Unearned revenues | | | 1,588,592 | | 1,101,541 | | 411,601 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Current portion of long term debt | | | 89,378 | | 95,386 | | - |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Total current liabilities | | | 6,506,409 | | 7,132,418 | | 3,935,630 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Other non-current liabilities | | | - | | 140,685 | | 107,555 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Long-term debt | | | 500,000 | | 250,000 | | 345,386 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Deferred rent | | | - | | - | | 16,237 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Deferred credits | | | 600,000 | | 600,000 | | 600,000 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Total liabilities | | | 7,606,409 | | 8,123,103 | | 5,004,808 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| OCEAN POWER TECHNOLOGIES, INC. | | | | | | | |
| STOCKHOLDERS' EQUITY: | | | | | | | |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Preferred stock, $0.001 par value; authorized | | | | | |
| 5,000,000 shares; none issued or outstanding | - | | - | | - |
+--------------------------------------------------+--------------+-+--------------+----------+--------------+
| Common stock, $0.001 par value; authorized | | | | | |
| 105,000,000 shares; issued 10,411,393, | 10,412 | | 10,391 | | 10,210 |
| 10,390,563 and 10,210,354 shares, respectively | | | | | |
+--------------------------------------------------+--------------+-+--------------+----------+--------------+
| Treasury Stock, 1,072, 1,072 and 0 shares at | (6,443) | | (6,443) | | - |
| cost, respectively | | | | | |
+--------------------------------------------------+--------------+-+--------------+----------+--------------+
| Additional paid-in capital | | | 156,137,219 | | 155,726,672 | | 154,917,130 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Accumulated deficit | | | (96,679,691) | | (90,413,098) | | (73,341,268) |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Accumulated other comprehensive | | | (370,402) | | (503,322) | | 144,795 |
| income (loss) | | | | | | | |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
| Total Ocean Power Technologies, Inc. | 59,091,095 | | 64,814,200 | | 81,730,867 |
| stockholders' equity | | | | | |
+--------------------------------------------------+--------------+-+--------------+----------+--------------+
| | | | | | | |
+----------------------------------------------+---+--------------+-+--------------+----------+--------------+
| Noncontrolling interest in Ocean Power | | 36,126 | | 40,890 | | 51,057 |
| Technologies (Australasia) Pty, Ltd | | | | | | |
+----------------------------------------------+---+--------------+-+--------------+----------+--------------+
| | | | | | | |
+----------------------------------------------+---+--------------+-+--------------+----------+--------------+
| Total equity | | 59,127,221 | | 64,855,090 | | 81,781,924 |
+----------------------------------------------+---+--------------+-+--------------+----------+--------------+
| | | | | | | |
+----------------------------------------------+---+--------------+-+--------------+----------+--------------+
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | 66,733,630 | | 72,978,193 | | 86,786,732 |
+-----------------------------------+----------+---+--------------+-+--------------+----------+--------------+
Consolidated Statements of Operations
For the quarter ended July 31, 2010 and 2009 (Unaudited)
+--------------------------------------------+----------+-------------+----------+-------------+
| | | July 31, | | July 31, |
| | | 2010 | | 2009 |
| | | $ | | $ |
+--------------------------------------------+----------+-------------+----------+-------------+
| | | | | |
+--------------------------------------------+----------+-------------+----------+-------------+
| REVENUES | | 1,374,407 | | 1,310,937 |
+--------------------------------------------+----------+-------------+----------+-------------+
| COST OF REVENUES | | 1,588,246 | | 1,024,227 |
+--------------------------------------------+----------+-------------+----------+-------------+
| Gross (loss) profit | | (213,839) | | 286,710 |
+--------------------------------------------+----------+-------------+----------+-------------+
| PRODUCT DEVELOPMENT COSTS | | 4,025,786 | | 1,361,400 |
+--------------------------------------------+----------+-------------+----------+-------------+
| SELLING, GENERAL AND ADMINISTRATIVE COSTS | | 2,028,910 | | 2,166,271 |
+--------------------------------------------+----------+-------------+----------+-------------+
| Operating expenses | | 6,054,696 | | 3,527,671 |
+--------------------------------------------+----------+-------------+----------+-------------+
| Operating loss | | (6,268,535) | | (3,240,961) |
+--------------------------------------------+----------+-------------+----------+-------------+
| INTEREST INCOME | | 237,465 | | 285,220 |
+--------------------------------------------+----------+-------------+----------+-------------+
| OTHER INCOME | | - | | 506,630 |
+--------------------------------------------+----------+-------------+----------+-------------+
| FOREIGN EXCHANGE (LOSS) GAIN | | (239,002) | | 401,691 |
+--------------------------------------------+----------+-------------+----------+-------------+
| Net loss | | (6,270,072) | | (2,047,420) |
+--------------------------------------------+----------+-------------+----------+-------------+
| Less: Net loss (income) attributable to | | 3,479 | | (51,057) |
| the noncontrolling interest in Ocean Power | | | | |
| Technologies (Australasia) Pty, Ltd | | | | |
+--------------------------------------------+----------+-------------+----------+-------------+
| NET LOSS attributable to Ocean Power | | (6,266,593) | | (2,098,477) |
| Technologies, Inc. | | | | |
+--------------------------------------------+----------+-------------+----------+-------------+
| Basic and diluted net loss per share | | (0.61) | | (0.21) |
| | | | | |
+--------------------------------------------+----------+-------------+----------+-------------+
| Weighted average shares used to compute | | | | |
| basic and diluted net loss per share | | 10,236,466 | | 10,210,354 |
+--------------------------------------------+----------+-------------+----------+-------------+
Consolidated Statements of Cash Flows
For the three months ended July 31, 2010 and 2009 (Unaudited)
+--------------------------------------------------+----------+-------------+----------+--------------+
| | | July 31, | | July |
| CASH FLOWS FROM OPERATING ACTIVITIES: | | 2010 | | 31, |
| | | $ | | 2009 |
| | | | | $ |
+--------------------------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Net Loss | | (6,270,072) | | (2,047,420) |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Adjustments to reconcile net loss to net cash | | | | |
| used in operating activities: | | | | |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Foreign exchange loss (gain) | | 239,002 | | (401,691) |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Depreciation and amortization | | 92,156 | | 88,567 |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Treasury note premium/discount amortization, net | | 30,784 | | 49,837 |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Compensation expense related to stock option | | 410,568 | | 348,199 |
| grants and restricted stock | | | | |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Deferred rent | | - | | (5,412) |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Changes in operating assets and liabilities: | | | | |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Accounts receivable | | 556,320 | | 89,052 |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Unbilled receivables | | 103,687 | | 119,031 |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Other current assets | | (1,151,380) | | 401,607 |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Other noncurrent assets | | 635,565 | | (34,953) |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Accounts payable | | (423,257) | | (17,973) |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Accrued expenses | | (637,798) | | (1,275,636) |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Unearned revenues | | 490,677 | | 130,031 |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Other noncurrent liabilities | | (137,438) | | 104,831 |
+--------------------------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Net cash used in operating activities | | (6,061,186) | | (2,451,930) |
+--------------------------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+-------------+----------+--------------+
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Purchases of marketable securities | | (6,035,907) | | (24,228,410) |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Maturities of marketable securities | | 11,998,844 | | 19,357,547 |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Restricted Cash | | (250,000) | | (250,000) |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Purchases of equipment | | (21,719) | | (102,046) |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Payments of Patent costs | | (80,637) | | (38,405) |
+--------------------------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Net cash provided by (used in) investing | | 5,610,581 | | (5,261,314) |
| activities | | | | |
+--------------------------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+-------------+----------+--------------+
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Repayment of long-term debt | | (6,008) | | (93,398) |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Proceeds from Recoverable Grant Award | | 250,000 | | - |
+--------------------------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+-------------+----------+--------------+
| Net cash provided by (used in) financing | | 243,992 | | (93,398) |
| activities | | | | |
+--------------------------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+-------------+----------+--------------+
| EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND | | | | |
| CASH EQUIVALENTS | | (104,384) | | 875,568 |
+--------------------------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+-------------+----------+--------------+
| NET DECREASE IN CASH AND CASH EQUIVALENTS | | (310,997) | | (6,931,074) |
+--------------------------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+-------------+----------+--------------+
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | | 4,236,597 | | 12,267,830 |
+--------------------------------------------------+----------+-------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+-------------+----------+--------------+
| CASH AND CASH EQUIVALENTS, END OF PERIOD | | 3,925,600 | | 5,336,756 |
+--------------------------------------------------+----------+-------------+----------+--------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRFVVLFBBKFBBBD
Optima Health (LSE:OPT)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Optima Health (LSE:OPT)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024
