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Powerbridge(PBTS) - 2021 Q4 - Annual Report
PBTSPowerbridge(PBTS)2021-12-29 16:00

Revenue Performance - Revenue for the six months ended June 30, 2021 was 13.6million,adecreaseof13.6 million, a decrease of 0.8 million or 5.6% compared to 14.5millionforthesameperiodin2020[9]−Revenuefromapplicationdevelopmentservicesdecreasedby14.5 million for the same period in 2020[9] - Revenue from application development services decreased by 2.3 million, or 18.8%, to 10.1millionforthesixmonthsendedJune30,2021[9]−Revenuefromconsultingandtechnicalsupportservicesincreasedby10.1 million for the six months ended June 30, 2021[9] - Revenue from consulting and technical support services increased by 0.2 million, or 13.1%, to 1.8millionforthesixmonthsendedJune30,2021[10]−Subscriptionservicerevenueswereapproximately1.8 million for the six months ended June 30, 2021[10] - Subscription service revenues were approximately 0.4 million for the six months ended June 30, 2021, with a slight decrease of 0.03millionor5.80.03 million or 5.8% compared to the same period in 2020[3][10] - Total revenues for June 2021 were 13,639,101, a decrease of 5.6% from 14,450,582inJune2020[21]ProfitabilityandLoss−GrossprofitforthesixmonthsendedJune30,2021was14,450,582 in June 2020[21] Profitability and Loss - Gross profit for the six months ended June 30, 2021 was 4.3 million, a decrease of 1.3millionor23.71.3 million or 23.7% compared to 5.7 million for the same period in 2020[11] - Gross profit for June 2021 was 4,337,151,downfrom4,337,151, down from 5,686,756 in the same period last year, representing a decline of 23.7%[21] - Net loss for the six months ended June 30, 2021 was 9.0million,anincreaseof9.0 million, an increase of 8.8 million compared to 0.2millionforthesameperiodin2020[14]−ThenetlossattributabletoPowerbridgeforJune2021was0.2 million for the same period in 2020[14] - The net loss attributable to Powerbridge for June 2021 was 8,960,299, compared to a net loss of 171,084inJune2020,indicatingasignificantincreaseinlosses[21]−Thecompanyreportedabasicanddilutedlosspershareof171,084 in June 2020, indicating a significant increase in losses[21] - The company reported a basic and diluted loss per share of (0.19) for June 2021, compared to (0.02)forthesameperiodlastyear[22]ExpensesandLiabilities−OperatingexpensesforthesixmonthsendedJune30,2021were(0.02) for the same period last year[22] Expenses and Liabilities - Operating expenses for the six months ended June 30, 2021 were 12.0 million, an increase of 6.0millionor101.56.0 million or 101.5% compared to 5.9 million for the same period in 2020[12] - The company experienced a significant increase in share-based compensation, contributing to the rise in operating expenses[12] - Research and development expenses for June 2021 were 1,312,470,downfrom1,312,470, down from 1,557,746 in June 2020, a decrease of 15.7%[21] - Total current assets decreased slightly to 34,397,816in2021from34,397,816 in 2021 from 34,763,945 in 2020, a decline of 1.1%[18] - Total liabilities decreased to 31,547,748in2021from31,547,748 in 2021 from 33,489,750 in 2020, a reduction of 5.8%[18] Financial Position - The accumulated deficit increased to (37,194,791)in2021from(37,194,791) in 2021 from (28,234,492) in 2020, reflecting a worsening financial position[18] - Cash and cash equivalents decreased to 4,368,013in2021from4,368,013 in 2021 from 8,389,704 in 2020, a decline of 47.9%[18] - Total assets increased slightly to 107,184,179in2021from107,184,179 in 2021 from 106,183,267 in 2020, an increase of 0.9%[18] Strategic Plans - The company intends to enhance services and cross-sell new services to existing customers while acquiring new customers through increased market penetration[7] - The company plans to pursue strategic acquisitions and investments to enhance technology capabilities and expand market penetration[8]