EnSync, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended September 30, 2017; Reports Impairment of Long-Lived Assets for the First Quarter Ended September 30, 2017
November 09, 2017 at 04:15 pm
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EnSync, Inc. reported unaudited consolidated earnings results for the first quarter ended September 30, 2017. For the quarter, the company reported revenues of $2,362,048 against $7,656,561 a year ago. Loss from operations was $4,000,872 against $4,755,443 a year ago. Loss before benefit for income taxes was $3,985,024 against $4,724,995 a year ago. Net loss was $3,985,024 against $4,724,995 a year ago. Net loss attributable to the company was $3,891,794 against $4,642,722 a year ago. Net loss attributable to common shareholders was $3,975,071 or $0.07 per basic and diluted share against $4,718,167 or $0.10 per basic and diluted share a year ago. Net cash used in operating activities was $2,792,676 against net cash provided by operating activities of $2,816,403 a year ago.
For the first quarter ended September 30, 2017, the company reported impairment of long-lived assets of $447,000.
EnSync, Inc., doing business as EnSync Energy Systems (EnSync Energy), is focused on distributed energy resource (DER) systems and Internet of energy (IOE) control platforms. EnSync Energy ensures electricity, delivered from an electrical infrastructure that prioritizes the use of all available resources, such as renewables, energy storage and the utility grid. As a project developer, EnSync Energy's distinctive engagement methodology encompasses load analysis, system design consulting, and technical and financial modeling to ensure energy systems are sized and optimized. Its direct current (DC) power control hardware, energy management software, and experience with energy storage technologies positions EnSync Energy to deliver fully integrated systems that provide for design, procurement, commissioning and ongoing operation. In addition to direct system sales, EnSync Energy includes power purchase agreements (PPAs). The Company is on the verge of initiating insolvency proceedings.
EnSync, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended September 30, 2017; Reports Impairment of Long-Lived Assets for the First Quarter Ended September 30, 2017