TyraTech, Inc. Interim Results -3-
September 29 2014 - 1:01AM
UK Regulatory
Shareholders' Equity
Current liabilities:
Accounts payable $436 $688 $250
Accrued liabilities 563 404 412
Warrant liability 660 390 210
Deferred revenue 501 501 501
Total current liabilities 2,160 1,983 1,373
----------------------- ----------------------- -----------------------------
Other long-term liabilities 1,130 1,632 1,381
----------------------- ----------------------- -----------------------------
Total liabilities 3,290 3,615 2,754
----------------------- ----------------------- -----------------------------
Equity
Common stock, at $0.001 par,
authorised 300 million at 6/30/14
and 12/31/13; 205.1 million shares
issued, 204.0 shares outstanding
(6/30/2014 and:168.8 million
shares issued, 167.7 million
shares outstanding at 12/31/13)
and 168.8 million shares issued
and outstanding at 6/30/13 205 168 168
Additional paid in capital 81,329 78,377 78,421
Accumulated deficit (82,932) (77,747) (79,826)
Treasury stock of 1,084,413 common
stock 6/30/14,
12/31/13 and 6/30/13 (108) (108) (108)
----------------------- ----------------------- -----------------------------
TyraTech Inc. shareholders' equity
(deficit) (1,506) 690 (1,345)
Non-controlling interest (5) (5) (5)
Total shareholders' equity (deficit) (1,511) 685 (1,350)
----------------------- ----------------------- -----------------------------
Total liabilities & shareholders'
equity (deficit)
The accompanying notes are an
integral part of these unaudited
interim consolidated financial
statements. $1,779 $4,300 $1,404
----------------------- ----------------------- -----------------------------
Consolidated Statements of Cash Flow
in $'000
(Unaudited) six months
ended 30 June
-----------------------------------------
Year ended
31 December
2014 2013 2013
Cash flows from operating activities:
Net loss $(3,106) $(2,823) $(4,902)
Adjustments to reconcile net
loss to net cash used in operating
activities:
Depreciation and amortisation 49 58 108
Amortisation of stock awards 71 117 162
Change in fair value of warrants 450 390 210
Net loss from unconsolidated
subsidiary - 217 359
Changes in operating assets and
liabilities:
Accounts receivable (536) (66) 25
Inventory (204) - (46)
Prepaid expenses 27 54 (69)
Accounts payable and accrued
liabilities 337 449 18
Deposits (1) - -
Deferred revenue (250) (250) (501)
Net cash used in operating
activities (3,163) (1,854) (4,636)
-------------------------- --------- ------------------
Cash flows from investing activities:
Purchases of property and
equipment (8) (16) (17)
Net cash used in investing
activities (8) (16) (17)
-------------------------- --------- ------------------
Cash flows from financing
activities:
Net proceeds from sale of
common stock 2,874 3,979 3,978
Net cash provided by financing
activities 2,874 3,979 3,978
-------------------------- --------- ------------------
Net increase (decrease) in cash
and cash equivalents (297) 2,109 (675)
Cash and cash equivalents beginning
of the period 873 1,549 1,548
-------------------------- --------- ------------------
Cash and cash equivalents end
of the period $576 $3,658 $873
========================== ========= ==================
These accompanying notes are
an integral part of these unaudited
interim consolidated financial
statements.
Notes to the Interim Consolidated Financial Statements
1. Basis of Preparation
The financial statements of TyraTech, Inc. and its subsidiaries
(TyraTech Sustainable Solutions, LLC; and TyraChem, LLC) referred
to as the "Company" have been prepared in accordance with
accounting principles generally accepted in the United States of
America (US GAAP) and the attached financial statements have been
prepared on a consolidated basis.
The Company holds a 40% share of an unconsolidated jointly owned
enterprise (Envance Technologies, LLC.) with AMVAC Chemical
Corporation, a wholly owned subsidiary of American Vanguard
Corporation. This unconsolidated entity is accounted for under the
equity method of accounting.
The results for the year ended 31 December 2013 have been
extracted from the statutory consolidated financial statements of
TyraTech, Inc. for the year ended 31 December 2013 which were
prepared in accordance with US GAAP.
The unaudited interim consolidated financial statements for the
six months ended 30 June 2014 and 2013 were prepared on the basis
of the accounting policies set out in the most recently published
consolidated financial statements of the Company for the year ended
31 December 2013. As permitted, this interim report has been
prepared in accordance with AIM rules. Certain information and note
disclosures normally included in annual financial statements
prepared in accordance with US GAAP have been omitted pursuant to
the AIM's rules and regulations for interim reporting. These
unaudited interim consolidated financial statements should be read
in conjunction with the consolidated financial statements and
related notes for the year ended 31 December 2013.
2. Liquidity and Capital Resources
At 30 June 2014 the Company had $575,000 (2013: $3,658,000) in
cash and cash and cash equivalents and no indebtedness.
The Company has had significant negative cash flows from
operating activities since inception. The Company is continuing to
manage the magnitude of these negative operating cash flows through
product sales expansion. The Company believes that with the
existing cash on hand, cash expected from existing supply
contracts, funding from prospective agreements, a continued focus
on cost control, and a fundraise subsequent to the date of these
statements (net $5.7 million), that the Company will have
sufficient cash to meet its working capital needs; i.e., at least
twelve months from the date of the approval of these Financial
Statements. For this reason, the Directors consider it appropriate
to continue to prepare the Statements on the going concern
basis.
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