10-Q Filing

PACIFIC GREEN TECHNOLOGIES INC. CIK: 1553404 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001213900-21-042327`
Period End Date	20210630
Filing Date	20210813
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	f10q0621_pacificgreen_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 54 Cash Flow Statement 52 Stockholders Equity 14

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Net of allowance for doubtful account (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.56M	USD	Point-in-time
Net of allowance for doubtful account (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.56M	USD	Point-in-time
Cash and cash equivalent	`CashEquivalentsAtCarryingValue`	$17.97M	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalent	`CashEquivalentsAtCarryingValue`	$23.44M	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Short-term investments and amounts in escrow (Note 3)	`ShorttermInvestmentsAndAmountsInEscrow`	$1.13M	USD	Point-in-time
Short-term investments and amounts in escrow (Note 3)	`ShorttermInvestmentsAndAmountsInEscrow`	$1.05M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,562,355 and $1,559,757, respectively	`AccountsAndOtherReceivablesNetCurrent`	$11.00M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,562,355 and $1,559,757, respectively	`AccountsAndOtherReceivablesNetCurrent`	$10.86M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Prepaid expenses and parts inventory	`PrepaidExpensesAndPartsInventory`	$1.51M	USD	Point-in-time
Prepaid expenses and parts inventory	`PrepaidExpensesAndPartsInventory`	$932.95K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Common stock par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Contract assets (Note 10)	`ContractWithCustomerAssetNetCurrent`	$4.33M	USD	Point-in-time
Contract assets (Note 10)	`ContractWithCustomerAssetNetCurrent`	$3.85M	USD	Point-in-time
Lease receivable, current portion (Note 4)	`LoansAndLeasesReceivableGrossCarryingAmount`	$293.85K	USD	Point-in-time
Lease receivable, current portion (Note 4)	`LoansAndLeasesReceivableGrossCarryingAmount`	$406.37K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$41.23M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	46.99M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$35.53M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	46.99M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	46.99M	shares	Point-in-time
Long term receivable	`LongTermInvestmentsAndReceivablesNet`	$1.37M	USD	Point-in-time
Long term receivable	`LongTermInvestmentsAndReceivablesNet`	$2.74M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	46.99M	shares	Point-in-time
Project under development (Note 9)	`ProjectUnderDevelopment`	$2.00M	USD	Point-in-time
Project under development (Note 9)	`ProjectUnderDevelopment`	$2.00M	USD	Point-in-time
Property and equipment (Note 5)	`PropertyPlantAndEquipmentNet`	$1.21M	USD	Point-in-time
Property and equipment (Note 5)	`PropertyPlantAndEquipmentNet`	$1.23M	USD	Point-in-time
Intangible assets (Note 6)	`IntangibleAssetsNetExcludingGoodwill`	$10.85M	USD	Point-in-time
Intangible assets (Note 6)	`IntangibleAssetsNetExcludingGoodwill`	$11.18M	USD	Point-in-time
Goodwill (Note 7 and 8)	`Goodwill`	$4.35M	USD	Point-in-time
Goodwill (Note 7 and 8)	`Goodwill`	$4.29M	USD	Point-in-time
Right of use asset (Note 18)	`OperatingLeaseRightOfUseAsset`	$1.02M	USD	Point-in-time
Right of use asset (Note 18)	`OperatingLeaseRightOfUseAsset`	$1.12M	USD	Point-in-time
Security deposit	`SecurityDeposit`	$588.17K	USD	Point-in-time
Security deposit	`SecurityDeposit`	$635.87K	USD	Point-in-time
Total Assets	`Assets`	$56.93M	USD	Point-in-time
Total Assets	`Assets`	$64.42M	USD	Point-in-time
Accounts payable and accrued liabilities (Note 12)	`AccountsPayableAndAccruedLiabilitiesCurrent`	$24.49M	USD	Point-in-time
Accounts payable and accrued liabilities (Note 12)	`AccountsPayableAndAccruedLiabilitiesCurrent`	$21.69M	USD	Point-in-time
Warranty provision (Note 13)	`WarrantyProvisionCurrent`	$2.43M	USD	Point-in-time
Warranty provision (Note 13)	`WarrantyProvisionCurrent`	$2.28M	USD	Point-in-time
Contract liabilities (Note 10)	`ContractLiabilitiesCurrent`	$13.58M	USD	Point-in-time
Contract liabilities (Note 10)	`ContractLiabilitiesCurrent`	$13.60M	USD	Point-in-time
Current portion of lease obligation (Note 18)	`OperatingLeaseLiabilityCurrent`	$490.95K	USD	Point-in-time
Current portion of lease obligation (Note 18)	`OperatingLeaseLiabilityCurrent`	$498.17K	USD	Point-in-time
Due to related parties (Note 14)	`DueToRelatedPartiesCurrent`	$174.84K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$41.18M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$38.06M	USD	Point-in-time
Long-term accounts payable and accrued liabilities (Note 12)	`AccountsPayableAndAccruedLiabilitiesNoncurrent`	$1.64M	USD	Point-in-time
Long-term accounts payable and accrued liabilities (Note 12)	`AccountsPayableAndAccruedLiabilitiesNoncurrent`	$3.29M	USD	Point-in-time
Long-term lease obligation (Note 18)	`LongTermDebtAndCapitalLeaseObligations`	$698.84K	USD	Point-in-time
Long-term lease obligation (Note 18)	`LongTermDebtAndCapitalLeaseObligations`	$822.29K	USD	Point-in-time
Total Liabilities	`Liabilities`	$40.40M	USD	Point-in-time
Total Liabilities	`Liabilities`	$45.30M	USD	Point-in-time
Preferred stock, 10,000,000 shares authorized, $0.001 par value nil and nil shares issued and outstanding, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, 10,000,000 shares authorized, $0.001 par value nil and nil shares issued and outstanding, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, 500,000,000 shares authorized, $0.001 par value 46,990,565 and 46,990,565 shares issued and outstanding, respectively	`CommonStockValue`	$46.99K	USD	Point-in-time
Common stock, 500,000,000 shares authorized, $0.001 par value 46,990,565 and 46,990,565 shares issued and outstanding, respectively	`CommonStockValue`	$46.99K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$92.34M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$92.33M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.07M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$892.73K	USD	Point-in-time
Deficit	`RetainedEarningsAccumulatedDeficit`	$-76.93M	USD	Point-in-time
Deficit	`RetainedEarningsAccumulatedDeficit`	$-74.14M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$16.53M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$15.58M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$17.08M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$19.13M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$64.42M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$56.93M	USD	Point-in-time

Income Statement 54 line items

Line Item	Tag	Value	Unit	Period
Sales (Note 10)	`Revenues`	$2.65M	USD	1 Quarter
Sales (Note 10)	`Revenues`	$28.50M	USD	1 Quarter
Cost of goods sold (Note 10)	`CostOfRevenue`	$16.46M	USD	1 Quarter
Cost of goods sold (Note 10)	`CostOfRevenue`	$1.70M	USD	1 Quarter
Gross profit	`GrossProfit`	$950.96K	USD	1 Quarter
Gross profit	`GrossProfit`	$12.04M	USD	1 Quarter
Advertising and promotion	`MarketingAndAdvertisingExpense`	$168.90K	USD	1 Quarter
Advertising and promotion	`MarketingAndAdvertisingExpense`	$228.38K	USD	1 Quarter
Amortization of intangible assets (Note 6)	`AmortizationOfIntangibleAssets`	$389.66K	USD	1 Quarter
Amortization of intangible assets (Note 6)	`AmortizationOfIntangibleAssets`	$390.49K	USD	1 Quarter
Depreciation (Note 5)	`Depreciation`	$49.77K	USD	1 Quarter
Depreciation (Note 5)	`Depreciation`	$47.44K	USD	1 Quarter
Depreciation (Note 5)	`Depreciation`	$47.44K	USD	Annual
Foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-11.87K	USD	1 Quarter
Foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossBeforeTax`	$162.95K	USD	1 Quarter
Management and technical consulting	`ConsultingFeesTechnicalSupportAndCommissions`	$5.51M	USD	1 Quarter
Management and technical consulting	`ConsultingFeesTechnicalSupportAndCommissions`	$1.05M	USD	1 Quarter
Operating lease expense (Note 18)	`OperatingLeaseExpense`	$130.13K	USD	1 Quarter
Operating lease expense (Note 18)	`OperatingLeaseExpense`	$123.16K	USD	1 Quarter
Office and miscellaneous	`OfficeAndMiscellaneous`	$657.01K	USD	1 Quarter
Office and miscellaneous	`OfficeAndMiscellaneous`	$378.26K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$276.67K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$613.12K	USD	1 Quarter
Salaries and wage expenses	`SalariesAndWageExpenses`	$1.40M	USD	1 Quarter
Salaries and wage expenses	`SalariesAndWageExpenses`	$2.20M	USD	1 Quarter
Transfer agent and filing fees	`OtherFinancialServiceCosts`	$69.31K	USD	1 Quarter
Transfer agent and filing fees	`OtherFinancialServiceCosts`	$13.18K	USD	1 Quarter
Travel and accommodation	`TravelAndEntertainmentExpense`	$62.58K	USD	1 Quarter
Travel and accommodation	`TravelAndEntertainmentExpense`	$66.11K	USD	1 Quarter
Warranty and related (Note 13)	`WarrantyAndRelated`	$863.88K	USD	1 Quarter
Warranty and related (Note 13)	`WarrantyAndRelated`	$-39.81K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$10.61M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$3.89M	USD	1 Quarter
(Loss) income before other income (expense)	`OperatingIncomeLoss`	$-2.94M	USD	1 Quarter
(Loss) income before other income (expense)	`OperatingIncomeLoss`	$1.43M	USD	1 Quarter
Gain (loss) on change in fair value of derivative liability (Note 11)	`DerivativeGainLossOnDerivativeNet`	$-8.82K	USD	1 Quarter
Financing interest income	`InterestIncomeOnFinanceLease`	$97.63K	USD	1 Quarter
Financing interest income	`InterestIncomeOnFinanceLease`	$57.71K	USD	1 Quarter
Interest income (expense) and other	`InterestIncomeExpenseNet`	$58.41K	USD	1 Quarter
Interest income (expense) and other	`InterestIncomeExpenseNet`	$11.28K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$156.04K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$60.17K	USD	1 Quarter
Net (loss) income for the period	`NetIncomeLoss`	$1.49M	USD	1 Quarter
Net (loss) income for the period	`NetIncomeLoss`	$-2.79M	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$-176.12K	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$55.80K	USD	1 Quarter
Comprehensive (loss) income for the period	`ComprehensiveIncomeNetOfTax`	$-2.61M	USD	1 Quarter
Comprehensive (loss) income for the period	`ComprehensiveIncomeNetOfTax`	$1.43M	USD	1 Quarter
Net (loss) income per share, basic and diluted (in Dollars per share)	`EarningsPerShareBasic`	$-0.06	USD	1 Quarter
Net (loss) income per share, basic and diluted (in Dollars per share)	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Weighted average number of shares outstanding, basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	46.15M	shares	1 Quarter
Weighted average number of shares outstanding, basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	47.33M	shares	1 Quarter
Weighted average number of shares outstanding, diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	46.15M	shares	1 Quarter
Weighted average number of shares outstanding, diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	47.33M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income (loss) for the year	`NetIncomeLoss`	$1.49M	USD	1 Quarter
Net income (loss) for the year	`NetIncomeLoss`	$-2.79M	USD	1 Quarter
Amortization of intangible assets (Note 6)	`AmortizationOfIntangibleAssets`	$389.66K	USD	1 Quarter
Amortization of intangible assets (Note 6)	`AmortizationOfIntangibleAssets`	$390.49K	USD	1 Quarter
Operating lease expense (Note 18)	`LeaseExpenseAmortizationOfRightOfUseAssetsAndInterestAccretion`	$130.13K	USD	1 Quarter
Operating lease expense (Note 18)	`LeaseExpenseAmortizationOfRightOfUseAssetsAndInterestAccretion`	$123.16K	USD	1 Quarter
Depreciation (Note 5)	`DepreciationNonproduction`	$47.44K	USD	1 Quarter
Depreciation (Note 5)	`DepreciationNonproduction`	$49.77K	USD	1 Quarter
Lease finance charge	`InterestAccretionOnFinanceLease`	$5.49K	USD	1 Quarter
Lease finance charge	`InterestAccretionOnFinanceLease`	$11.36K	USD	1 Quarter
Loss on change in fair value of derivative liability (Note 11)	`DerivativeGainLossOnDerivativeNet`	$-8.82K	USD	1 Quarter
Unrealized loss on foreign exchange	`ForeignCurrencyTransactionGainLossUnrealized`	$7.96K	USD	1 Quarter
Unrealized loss on foreign exchange	`ForeignCurrencyTransactionGainLossUnrealized`	$-96.65K	USD	1 Quarter
Fair value of stock options granted (Note 16)	`FairValueOfStockOptionsGranted`	$60.82K	USD	1 Quarter
Fair value of stock options granted (Note 16)	`FairValueOfStockOptionsGranted`	$13.79K	USD	1 Quarter
Short-term investments and amounts held in trust	`IncreaseDecreaseInShorttermInvestmentsAndAmountsHeldInTrust`	$76.33K	USD	1 Quarter
Short-term investments and amounts held in trust	`IncreaseDecreaseInShorttermInvestmentsAndAmountsHeldInTrust`	$664.99K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.53M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.61M	USD	1 Quarter
Prepaid expenses and deposits	`IncreaseDecreaseInPrepaidExpense`	$530.28K	USD	1 Quarter
Prepaid expenses and deposits	`IncreaseDecreaseInPrepaidExpense`	$-34.32K	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-475.93K	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-5.64M	USD	1 Quarter
Lease payments	`IncreaseDecreaseInLeasePayments`	$128.79K	USD	1 Quarter
Lease payments	`IncreaseDecreaseInLeasePayments`	$158.17K	USD	1 Quarter
Due from related parties	`IncreaseDecreaseInDueFromRelatedParties`	$42.74K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInInterestPayableNet`	$-4.45M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInInterestPayableNet`	$-4.87M	USD	1 Quarter
Warranty provision	`IncreaseDecreaseInWarrantyAccrual`	$-141.64K	USD	1 Quarter
Warranty provision	`IncreaseDecreaseInWarrantyAccrual`	$314.25K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-19.32K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-4.70M	USD	1 Quarter
Due to related parties	`IncreaseDecreaseInDueToOtherRelatedPartiesCurrent`	$-1.76K	USD	1 Quarter
Due to related parties	`IncreaseDecreaseInDueToOtherRelatedPartiesCurrent`	$-174.84K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.49M	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.42M	USD	1 Quarter
Additions of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$24.00K	USD	1 Quarter
Additions of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$46.49K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-46.49K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-24.00K	USD	1 Quarter
Effect of Foreign Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$43.06K	USD	1 Quarter
Effect of Foreign Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-55.80K	USD	1 Quarter
Change in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.47M	USD	1 Quarter
Change in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.52M	USD	1 Quarter
Cash and Cash Equivalents, Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$23.44M	USD	Point-in-time
Cash and Cash Equivalents, Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$18.87M	USD	Point-in-time
Cash and Cash Equivalents, Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$17.97M	USD	Point-in-time
Cash and Cash Equivalents, Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$21.39M	USD	Point-in-time
Cash and Cash Equivalents, End of Period	`CashAndCashEquivalentsAtCarryingValue`	$23.44M	USD	Point-in-time
Cash and Cash Equivalents, End of Period	`CashAndCashEquivalentsAtCarryingValue`	$18.87M	USD	Point-in-time
Cash and Cash Equivalents, End of Period	`CashAndCashEquivalentsAtCarryingValue`	$17.97M	USD	Point-in-time
Cash and Cash Equivalents, End of Period	`CashAndCashEquivalentsAtCarryingValue`	$21.39M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$16.53M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.58M	USD	Point-in-time
Balance	`StockholdersEquity`	$17.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$19.13M	USD	Point-in-time
Fair value of options granted (Note 16)	`FairValueOfOptionGranted`	$60.82K	USD	1 Quarter
Fair value of options granted (Note 16)	`FairValueOfOptionGranted`	$13.79K	USD	1 Quarter
Foreign exchange translation loss	`GoodwillForeignCurrencyTranslationGainLoss`	$176.12K	USD	1 Quarter
Foreign exchange translation loss	`GoodwillForeignCurrencyTranslationGainLoss`	$-55.80K	USD	1 Quarter
Net income/loss for the period	`ProfitLoss`	$1.49M	USD	1 Quarter
Net income/loss for the period	`ProfitLoss`	$-2.79M	USD	1 Quarter
Balance	`StockholdersEquity`	$16.53M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.58M	USD	Point-in-time
Balance	`StockholdersEquity`	$17.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$19.13M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.