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AGORACOM WIRE .... TUESDAY FEBRUARY 14TH
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WORLDWATER & SOLAR TECHNOLOGIES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(UNAUDITED)
Three Months Nine Months
9/30/08 9/30/07 9/30/08 9/30/07
Revenues:
Contract $ 6,469,941 $ 4,368,640 $ 22,295,304 $ 7,555,981
Related Party - - 775,000 -
Total 6,469,941 4,368,640 23,070,304 7,555,981
Cost of Revenues:
Contract, including provision for loss on contracts $ 8,768,320 3,804,294 29,921,704 6,454,979
Related Party $ - - 673,433 -
Total 8,768,320 3,804,294 30,595,137 6,454,979
Gross Profit (Loss):
Contract $ (2,298,379 ) 564,346 (7,626,400 ) 1,101,002
Related Party $ - - 101,567 -
Total (2,298,379 ) 564,346 (7,524,833 ) 1,101,002
Operating Expenses:
Marketing, general and administrative expenses $ 5,086,833 3,877,200 15,828,491 9,182,634
Research and development expense $ 42,766 552,377 140,535 669,878
Total Operating Expenses 5,129,599 4,429,577 15,969,026 9,852,512
Loss from Operations (7,427,978 ) (3,865,231 ) (23,493,859 ) (8,751,510 )
Other (Expense) Income
Beneficial Conversion and Warrant Amortization $ - (32,000 ) (50,338 ) (93,748 )
Interest Income/ $ 29,631 144,274 392,760 124,931
(Expense), net
Total Other Income (Expense), Net 29,631 112,274 342,422 31,183
Net Loss (7,398,347 ) (3,752,957 ) (23,151,437 ) (8,720,327 )
Accretion of preferred stock dividends - Series C $ (8,824 ) (8,359 ) (18,252 ) (30,859 )
Accretion of preferred stock dividends - Series F $ - - (15,512,226 ) -
Net Loss Attributable to Common Shareholders $ (7,407,172 ) $ (3,761,316 ) $ (38,681,915 ) $ (8,751,186 )
Net Loss applicable per Common Share (basic and diluted) $ (0.03 ) $ (0.02 ) $ (0.19 ) $ (0.05 )
Weighted Average Common Shares Outstanding used in Per Share 235,043,686 172,186,878 206,415,475 162,434,504
Calculation (Basic and Diluted)
WORLDWATER & SOLAR TECHNOLOGIES CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2008 AND DECEMBER 31, 2007
September 30, 2008 December 31, 2007
(UNAUDITED)
Assets
Current Assets:
Cash and cash equivalents $ 10,420,874 $ 6,873,448
Accounts receivable - trade, (net of allowance of $328,263 and 2,532,269 10,155,589
$220,916 at September 30, 2008 and December 31, 2007)
Rebates receivable (net of allowance of $112,534 at September 30, - 1,153,800
2008)
Inventory 8,242,164 1,399,168
Costs and estimated earnings/losses in excess of billings 4,636,311 5,548,631
Letter of Credit 5,123,000 -
Prepaid expenses and deposits 1,309,845 973,795
Travel advances to employees 23,145 43,024
Total Current Assets 32,287,608 26,147,455
Advances on Machinery and Equipment 1,896,322 -
Property and Equipment, net 5,821,239 1,467,794
Intangible And Other Assets
Other intangible assets, net 23,683,323 26,667
Goodwill 23,837,201 -
Deferred costs on and advances to acquiree - ENTECH - 3,795,362
Other deposits 898,616 52,710
Total Assets $ 88,424,309 $ 31,489,988
Liabilities, Convertible Redeemable Preferred Stock, and
Stockholders' Equity
Current Liabilities:
Accounts payable and accrued expenses $ 6,634,253 $ 9,396,944
Long-term debt and notes payable, current portion - 298,092
Customer Deposits 19,502 -
Customer deposits - related party 1,023,000 775,000
REC guarantee liability, current portion 32,128 64,701
Series D Preferred Stock Warrants 1,393,827 1,393,827
Billings in excess of costs and estimated earnings/losses 850,519 2,900
Accrued losses on construction in progress 1,765,414 -
Total Current Liabilities 11,718,644 11,931,464
Long-term debt and notes payable - 38,456
REC guarantee liability, net of current portion 229,617 229,618
Total Liabilities 11,948,261 12,199,538
Convertible redeemable preferred stock
Series C convertible redeemable preferred stock 440,000 500,000
Series D convertible redeemable preferred stock 11,179,561 11,179,561
Total Convertible Redeemable Preferred Stock 11,619,561 11,679,561
Stockholders' Equity
Preferred Stock Convertible $.01 par value authorized 10,000,000; 6,111 6,111
issued and outstanding: Series B 7%- 611,111 shares liquidation
preference $550,000
Common Stock, $.001 par value; authorized 450,000,000 and
275,000,000; 235,625,604 and 189,352,674 issued at September 30,
2008 and December 31, 2007, respectively
235,654 189,353
Additional paid-in capital 167,306,244 71,425,032
Accumulated deficit (102,691,522 ) (64,009,607 )
Total Stockholders' Equity 64,856,487 7,610,889
Total Liabilities, Convertible Redeemable Preferred Stock and $ 88,424,309 $ 31,489,988
Stockholders' Equity
WorldWater & Solar Technologies Corp. Press Contact: Amy Copeman, 609-818-0700 ext. 58 ACopeman@worldwater.com or Investor Relations Contact: Chris Witty, 646-438-9385 cwitty@darrowir.comCopyright Business Wire 2008
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