Wisconsin
|
001-33540
|
39-1987014
|
||
(State or other jurisdiction
of incorporation)
|
(Commission
file number)
|
(IRS Employer
Identification Number)
|
|
N93 W14475 Whittaker Way, Menomonee Falls, Wisconsin |
|
53051 | |
|
(Address of principal executive offices) |
|
(Zip Code)
|
Item
|
2.02 Results of Operations and Financial Condition.
|
Item
|
9.01. Financial Statements and Exhibits.
|
Exhibits
|
|
|
EnSync, Inc. |
|
|
Dated: November 16, 2015
|
By: /s/ James F. Schott
|
|
Name: James F. Schott
|
|
Title: Chief Financial Officer |
Exhibit No.
|
Exhibit Description
|
99 | Press release, dated November 16, 2015, issued by EnSync, Inc., furnished herewith |
·
|
Closed strategic partnership with Solar Power, Inc. (OTCBB: SOPW) The Company closed a major solar energy and energy storage partnership and received a $33.4 million initial equity investment. Also included was an initial supply agreement valued at $80-$120 million that targets SPI's phenomenal growth as a PV Distributed Generation systems provider.
|
·
|
Secured Order with OATI for Matrix Energy Management and Agile Hybrid Energy Storage Systems- Systems will be incorporated into the Microgrid South Campus of Open Access Technology International (OATI) in Bloomington, Minnesota, and establishes a potential Key Channel for EnSync into North American Utilities.
|
·
|
Signed Power Purchase Agreement With University of the Nations- Project is valued at approximately $3 Million and the installation will feature the industry's most advanced distributed generation system, comprised of 408kW of photovoltaic panels, Agile Hybrid batteries, and accompanying Matrix Energy Management platform.
|
·
|
Changed name from ZBB Energy Corporation to EnSync, Inc., dba EnSync Energy Systems- This new name represents a vision to enable the future of energy networks, synchronizing utility, distributed generation and storage assets.
|
EnSync, Inc.
|
||||||||
Condensed Consolidated Balance Sheets
|
||||||||
(Unaudited)
|
||||||||
September 30, 2015
|
June 30, 2015
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
36,328,358
|
$
|
10,757,461
|
||||
Restricted cash on deposit
|
60,208
|
60,193
|
||||||
Accounts receivable, net
|
135,019
|
113,093
|
||||||
Inventories, net
|
2,283,817
|
1,198,117
|
||||||
Prepaid expenses and other current assets
|
833,944
|
441,537
|
||||||
Deferred financing costs
|
-
|
545,825
|
||||||
Customer intangible assets
|
163,321
|
-
|
||||||
Note receivable
|
162,132
|
159,107
|
||||||
Deferred project costs
|
137,124
|
-
|
||||||
Project assets
|
2,350,292
|
-
|
||||||
Total current assets
|
42,454,215
|
13,275,333
|
||||||
Long-term assets:
|
||||||||
Property, plant and equipment, net
|
3,956,622
|
4,164,912
|
||||||
Investment in investee company
|
2,360,820
|
2,408,528
|
||||||
Goodwill
|
803,079
|
803,079
|
||||||
Total assets
|
$
|
49,574,736
|
$
|
20,651,852
|
||||
Liabilities and Equity
|
||||||||
Current liabilities:
|
||||||||
Current maturities of bank loans and notes payable
|
$
|
326,746
|
$
|
324,626
|
||||
Accounts payable
|
1,396,439
|
1,056,744
|
||||||
Accrued expenses
|
730,400
|
1,129,166
|
||||||
Customer deposits
|
1,213,119
|
1,177,155
|
||||||
Accrued compensation and benefits
|
305,355
|
235,351
|
||||||
Total current liabilities
|
3,972,059
|
3,923,042
|
||||||
Long-term liabilities:
|
||||||||
Bank loans and notes payable, net of current maturities
|
971,239
|
1,053,581
|
||||||
Deferred revenue
|
13,290,000
|
-
|
||||||
Total liabilities
|
18,233,298
|
4,976,623
|
||||||
Commitments and contingencies (Note 15)
|
||||||||
Equity
|
||||||||
Series B redeemable convertible preferred stock ($0.01 par value,
|
||||||||
$1,000 face value) 3,000 shares authorized and issued, 2,575 shares outstanding, preference in liquidation of $5,712,387 and $5,635,866 as of September 30, 2015 and June 30, 2015, respectively
|
26
|
26
|
||||||
Series C convertible preferred stock ($0.01 par value, $1,000 face value),
|
||||||||
28,048 and 0 shares authorized, issued, and outstanding, preference in liquidation of $23,918,573 and $0 as of September 30, 2015 and June 30, 2015, respectively
|
280
|
-
|
||||||
Common stock ($0.01 par value); 150,000,000 authorized,
|
||||||||
47,157,459 and 39,129,334 shares issued and outstanding as of September 30, 2015 and June 30, 2015, respectively
|
1,179,889
|
1,099,608
|
||||||
Additional paid-in capital
|
136,473,360
|
117,104,936
|
||||||
Accumulated deficit
|
(106,431,459
|
)
|
(102,674,049
|
)
|
||||
Accumulated other comprehensive loss
|
(1,591,136
|
)
|
(1,589,486
|
)
|
||||
Total EnSync, Inc. equity
|
29,630,960
|
13,941,035
|
||||||
Noncontrolling interest
|
1,710,478
|
1,734,194
|
||||||
Total equity
|
31,341,438
|
15,675,229
|
||||||
Total liabilities and equity
|
$
|
49,574,736
|
$
|
20,651,852
|
||||
See accompanying notes to condensed consolidated financial statements.
|
EnSync, Inc.
|
||||||||
Condensed Consolidated Statements of Operations
|
||||||||
(Unaudited)
|
||||||||
Three months ended September 30,
|
||||||||
2015
|
2014
|
|||||||
Revenues
|
||||||||
Product sales
|
$
|
150,536
|
$
|
549,341
|
||||
Engineering and development
|
122,440
|
15,520
|
||||||
Total Revenues
|
272,976
|
564,861
|
||||||
Costs and Expenses
|
||||||||
Cost of product sales
|
(13,835
|
)
|
226,800
|
|||||
Cost of engineering and development
|
54,147
|
109,163
|
||||||
Advanced engineering and development
|
1,671,442
|
1,406,746
|
||||||
Selling, general, and administrative
|
2,226,974
|
2,059,553
|
||||||
Depreciation and amortization
|
178,590
|
154,516
|
||||||
Total Costs and Expenses
|
4,117,318
|
3,956,778
|
||||||
Loss from Operations
|
(3,844,342
|
)
|
(3,391,917
|
)
|
||||
Other Income (Expense)
|
||||||||
Equity in loss of investee company
|
(47,708
|
)
|
(82,502
|
)
|
||||
Gain on investment in investee company
|
-
|
1,257,407
|
||||||
Interest income
|
4,616
|
3,611
|
||||||
Interest expense
|
(15,130
|
)
|
(27,580
|
)
|
||||
Other income
|
76,437
|
-
|
||||||
Total Other Income (Expense)
|
18,215
|
1,150,936
|
||||||
Loss before benefit for Income Taxes
|
(3,826,127
|
)
|
(2,240,981
|
)
|
||||
Benefit for Income Taxes
|
-
|
-
|
||||||
Net loss
|
(3,826,127
|
)
|
(2,240,981
|
)
|
||||
Net loss attributable to noncontrolling interest
|
68,716
|
82,502
|
||||||
Gain attributable to noncontrolling interest
|
-
|
(481,870
|
)
|
|||||
Net Loss Attributable to EnSync, Inc.
|
(3,757,411
|
)
|
(2,640,349
|
)
|
||||
Preferred Stock Dividend
|
(76,521
|
)
|
(47,809
|
)
|
||||
Net Loss Attributable to Common Shareholders
|
$
|
(3,833,932
|
)
|
$
|
(2,688,158
|
)
|
||
Net loss per share
|
||||||||
Basic and diluted
|
$
|
(0.08
|
)
|
$
|
(0.09
|
)
|
||
Weighted average shares-basic and diluted
|
45,998,899
|
30,620,518
|
||||||
See accompanying notes to condensed consolidated financial statements.
|
EnSync, Inc.
|
||||||||
Condensed Consolidated Statements of Cash Flows
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended September 30,
|
||||||||
2015
|
2014
|
|||||||
Cash flows from operating activities
|
||||||||
Net loss
|
$
|
(3,826,127
|
)
|
$
|
(2,240,981
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation of property, plant and equipment
|
208,290
|
154,516
|
||||||
Amortization of intangible asset
|
6,000
|
-
|
||||||
Stock-based compensation, net
|
156,792
|
376,392
|
||||||
Equity in loss of investee company
|
47,708
|
82,502
|
||||||
Gain on investment in investee company
|
-
|
(1,257,407
|
)
|
|||||
Interest accreted on note receivable
|
(3,025
|
)
|
(132
|
)
|
||||
Gain on bargain purchase
|
(76,437
|
)
|
-
|
|||||
Changes in assets and liabilities
|
||||||||
Accounts receivable
|
(21,926
|
)
|
739,965
|
|||||
Inventories
|
(1,085,700
|
)
|
(47,367
|
)
|
||||
Prepaids and other current assets
|
(392,407
|
)
|
69,596
|
|||||
Refundable income taxes
|
-
|
6,571
|
||||||
Deferred project costs
|
(137,124
|
)
|
-
|
|||||
Project assets
|
(2,198,770
|
)
|
-
|
|||||
Accounts payable
|
339,695
|
(48,719
|
)
|
|||||
Accrued expenses
|
(416,930
|
)
|
(238,062
|
)
|
||||
Customer deposits
|
35,964
|
(474,572
|
)
|
|||||
Accrued compensation and benefits
|
70,004
|
149,409
|
||||||
Deferred revenue
|
13,290,000
|
-
|
||||||
Net cash provided by (used in) operating activities
|
5,996,007
|
(2,728,289
|
)
|
|||||
Cash flows from investing activities
|
||||||||
Cash paid for business combination
|
(225,829
|
)
|
-
|
|||||
Change in restricted cash
|
(15
|
)
|
700
|
|||||
Expenditures for property and equipment
|
-
|
(18,313
|
)
|
|||||
Issuance of note receivable
|
-
|
(150,000
|
)
|
|||||
Net cash used in investing activities
|
(225,844
|
)
|
(167,613
|
)
|
||||
Cash flows from financing activities
|
||||||||
Payment of financing costs
|
(261,982
|
)
|
-
|
|||||
Repayments of bank loans and notes payable
|
(80,222
|
)
|
(86,658
|
)
|
||||
Proceeds from issuance of preferred stock
|
13,300,000
|
-
|
||||||
Proceeds from issuance of common stock
|
6,800,000
|
14,837,760
|
||||||
Common stock issuance costs
|
-
|
(1,148,023
|
)
|
|||||
Contributions of capital from noncontrolling interest
|
45,000
|
7,127
|
||||||
Net cash provided by financing activities
|
19,802,796
|
13,610,206
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
(2,062
|
)
|
3,216
|
|||||
Net increase in cash and cash equivalents
|
25,570,897
|
10,717,520
|
||||||
Cash and cash equivalents - beginning of period
|
10,757,461
|
10,360,721
|
||||||
Cash and cash equivalents - end of period
|
$
|
36,328,358
|
$
|
21,078,241
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for interest
|
$
|
15,241
|
$
|
24,912
|
||||
See accompanying notes to condensed consolidated financial statements.
|
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