YUNHONG GREEN CTI LTD
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
YHGJ$3.35-7.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Unaudited Condensed Consolidated Balance Sheets
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $5,000 | $921,000 |
| Accounts receivable, net | 2,196,000 | 3,975,000 |
| Inventories, net | 7,852,000 | 7,791,000 |
| Prepaid expenses | 355,000 | 332,000 |
| Total current assets | 10,408,000 | 13,019,000 |
| Property, plant and equipment: | ||
| Machinery and equipment | 22,246,000 | 17,940,000 |
| Office furniture and equipment | 2,084,000 | 2,084,000 |
| Intellectual property | 783,000 | 783,000 |
| Leasehold improvements | 39,000 | 39,000 |
| Fixtures and equipment at customer locations | 519,000 | 519,000 |
| Projects under construction | 166,000 | 112,000 |
| Property, plant and equipment gross | 25,837,000 | 21,477,000 |
| Less: accumulated depreciation and amortization | (20,794,000) | (20,613,000) |
| Total property, plant and equipment, net | 5,043,000 | 864,000 |
| Other assets: | ||
| Operating lease right-of-use asset | 2,976,000 | 3,364,000 |
| Prepaid expenses, non-current | 2,192,000 | - |
| Total other assets | 5,168,000 | 3,364,000 |
| TOTAL ASSETS | $20,619,000 | $17,247,000 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Trade payables | $1,568,000 | $917,000 |
| Line of credit | 4,062,000 | 4,991,000 |
| Notes payable - current portion | 159,000 | 140,000 |
| Notes payable – related party | 344,000 | 1,344,000 |
| Operating lease liabilities | 554,000 | 522,000 |
| Advances from investors | 585,000 | 2,000,000 |
| Accrued liabilities | 525,000 | 226,000 |
| Total current liabilities | 7,797,000 | 10,140,000 |
| Long-term liabilities: | ||
| Notes payable – net of current portion | 467,000 | 533,000 |
| Operating lease liabilities – noncurrent | 2,422,000 | 2,842,000 |
| Total long-term liabilities | 2,889,000 | 3,375,000 |
| TOTAL LIABILITIES | 10,686,000 | 13,515,000 |
| Stockholders’ Equity: | ||
| Series E Preferred Stock — no par value, 130,000 shares authorized, 130,000 and none issued and outstanding at September 30, 2024 and December 31, 2023, respectively (liquidation preference of $1,300,000) | 834,000 | - |
| Series F Preferred Stock — no par value, 70,000 shares authorized, 70,000 and none issued and outstanding at September 30, 2024 and December 31, 2023, respectively (liquidation preference of $700,000) | 450,000 | - |
| Common Stock – no par value, 2,000,000,000 shares authorized, 25,891,845 and 20,815,595 shares issued and 25,848,187 and 20,771,937 shares outstanding at September 30, 2024 and December 31, 2023, respectively | 27,533,000 | 21,283,000 |
| Paid-in-capital | 7,816,000 | 6,967,000 |
| Accumulated deficit | (26,539,000) | (24,357,000) |
| Less: Treasury stock, 43,658 shares, at cost | (161,000) | (161,000) |
| Total Stockholders’ Equity | 9,933,000 | 3,732,000 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $20,619,000 | $17,247,000 |
Yunhong Green CTI, LTD
Unaudited Condensed Consolidated Statements of Income (Loss)
Dollars (not share and per share data) rounded to nearest thousand $000 for presentation
| For the Three Months Ended September 30, · For the Nine Months Ended September 30, | |||||
|---|---|---|---|---|---|
| 2024 · 2023 · 2024 · 2023 | |||||
| Net sales | $2,540,000 | $1,923,000 | $11,788,000 | $11,033,000 | |
| Cost of sales | 2,560,000 | 1,903,000 | 10,220,000 | 9,372,000 | |
| Gross profit | (20,000) | 20,000 | 1,568,000 | 1,661,000 | |
| Operating expenses: | |||||
| General and administrative | 751,000 | 677,000 | 2,449,000 | 2,294,000 | |
| Selling | 36,000 | 33,000 | 105,000 | 98,000 | |
| Advertising and marketing | 184,000 | 139,000 | 528,000 | 376,000 | |
| Total operating expenses | 971,000 | 849,000 | 3,082,000 | 2,768,000 | |
| Loss from operations | (991,000) | (829,000) | (1,514,000) | (1,107,000) | |
| Other (expense) income: | |||||
| Interest expense | (201,000) | (124,000) | (655,000) | (421,000) | |
| Other income/(expense) | (1,000) | (14,000) | (13,000) | 808,000 | |
| Total other (expense)/income, net | (202,000) | (138,000) | (668,000) | 387,000 | |
| Net (loss) / income | $(1,193,000) | $(967,000) | $(2,182,000) | $(720,000) | |
| Deemed dividends on preferred stock | $(28,000) | $ | - | $(98,000) | $(11,000) |
| Net (loss) / income attributable to Yunhong Green CTI, Ltd. common stockholders | $(1,221,000) | $(967,000) | $(2,280,000) | $(731,000) | |
| Basic (loss) / income per common share | $(0.05) | $(0.05) | $(0.10) | $(0.04) | |
| Diluted (loss) / income per common share | $(0.05) | $(0.05) | $(0.10) | $(0.04) | |
| Weighted average number of shares and equivalent shares of common stock outstanding: | |||||
| Basic | 25,848,187 | 20,096,955 | 22,517,270 | 19,243,656 | |
| Diluted | 25,848,187 | 20,096,955 | 22,517,270 | 19,243,656 | |
Yunhong Green CTI, LTD
Unaudited Condensed Consolidated Statements of Cash Flows
Dollars rounded to nearest thousand $000 for presentation
| For the Nine Months Ended September 30, | ||||
|---|---|---|---|---|
| 2024 · 2023 | ||||
| Cash flows from operating activities: | ||||
| Net income/(loss) | $(2,182,000) | $(720,000) | ||
| Adjustments to reconcile net income/(loss) to net cash (used in) provided by operating activities: | ||||
| Depreciation and amortization | 181,000 | 211,000 | ||
| Equity compensation expense | 133,000 | 16,000 | ||
| Change in assets and liabilities: | ||||
| Accounts receivable | 1,779,000 | 685,000 | ||
| Inventories | (61,000) | (203,000) | ||
| Prepaid expenses and other assets | (23,000) | (22,000) | ||
| Trade payables | 651,000 | 87,000 | ||
| Accrued liabilities | 384,000 | (496,000) | ||
| Net cash provided by (used in) operating activities | 862,000 | (442,000) | ||
| Cash flows from investing activities: | ||||
| Purchases of property, plant and equipment | (302,000) | (136,000) | ||
| Net cash used in investing activities | (302,000) | (136,000) | ||
| Cash flows from financing activities: | ||||
| Receipt for preferred stock issuance | 500,000 | - | ||
| Repayment of note payable, related party | (1,000,000) | - | ||
| Net advances (repayments) of term loan | (47,000) | (135,000) | ||
| Net advances (repayments) on revolving line of credit | (929,000) | 631,000 | ||
| Net cash (used in) provided by financing activities | (1,476,000) | 496,000 | ||
| Net (decrease) / increase in cash and cash equivalents | (916,000) | (82,000) | ||
| Cash and cash equivalents at beginning of period | 921,000 | 146,000 | ||
| Cash and cash equivalents at end of period | $5,000 | $64,000 | ||
| Supplemental disclosure of cash flow information and noncash investing and financing activities: | ||||
| Cash payments for interest | $655,000 | $364,000 | ||
| Accretion of dividends on preferred stock | $98,000 | $11,000 | ||
| Common stock issued in exchange for assets acquired | $6,250,000 | $ | - | |
| Allocation of proceeds from preferred stock financing to the issuance of warrants for preferred stock | $814,000 | - | ||
| Reclassification of advances upon issuances of preferred stock | $1,500,000 | $ | - | |
| Conversion of notes and deposits into common stock | $ | - | $885,000 | |
| Conversion of Series B preferred stock into common stock | $ | - | $1,500,000 | |
Yunhong Green CTI, Ltd
Unaudited Consolidated Statements of Stockholders’ Equity
| Accumulated · Less | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Series E Preferred Stock · Series F Preferred Stock · Common Stock · Paid-in · (Deficit) · Treasury Stock | |||||||||||||
| Shares · Amount · Shares · Amount · Shares · Amount · Capital · Earnings · Shares · Amount · TOTAL | |||||||||||||
| Balance December 31, 2023 | - | - | - | 20,815,595 | $21,283,000 | $6,967,000 | $(24,357,000) | (43,658) | $(161,000) | $3,732,000 | |||
| Series E Preferred Stock Issuance | 130,000 | 771,000 | 529,000 | $1,300,000 | |||||||||
| Series F Preferred Stock Issuance | 70,000 | 415,000 | 285,000 | $700,000 | |||||||||
| Series E Accrued Deemed Dividend | 9,000 | (9,000) | $ | - | |||||||||
| Series F Accrued Deemed Dividend | 5,000 | (5,000) | $ | - | |||||||||
| Stock Issuance | - | $ | - | ||||||||||
| Equity Compensation Charge | - | 122,000 | $122,000 | ||||||||||
| Net Income (Loss) | - | - | - | - | - | - | - | - | (576,000) | - | - | $(576,000) | |
| Balance March 31, 2024 | - | 130,000 | $780,000 | 70,000 | $420,000 | 20,815,595 | $21,283,000 | $7,889,000 | $(24,933,000) | (43,658) | $(161,000) | $5,278,000 | |
| Series E Accrued Deemed Dividend | 36,000 | (36,000) | $ | - | |||||||||
| Series F Accrued Deemed Dividend | 20,000 | (20,000) | $ | - | |||||||||
| Common Stock Issued for Assets Acquired | 5,000,000 | 6,250,000 | $6,250,000 | ||||||||||
| Stock Issuance - Vesting Milestone | 76,250 | $ | - | ||||||||||
| Equity Compensation Charge | - | 5,000 | 1,000 | $6,000 | |||||||||
| Net Income (Loss) | - | - | - | - | - | - | - | - | (414,000) | - | - | $(414,000) | |
| Balance June 30, 2024 | - | 130,000 | $816,000 | 70,000 | $440,000 | 25,891,845 | $27,533,000 | $7,838,000 | $(25,346,000) | (43,658) | $(161,000) | $11,120,000 | |
| Series E Accrued Deemed Dividend | 18,000 | (18,000) | $ | - | |||||||||
| Series F Accrued Deemed Dividend | 10,000 | (10,000) | $ | - | |||||||||
| Common Stock Issued for Assets Acquired | - | - | $ | - | |||||||||
| Stock Issuance - Vesting Milestone | - | $ | - | ||||||||||
| Equity Compensation Charge | - | 6,000 | - | $6,000 | |||||||||
| Net Income (Loss) | - | - | - | - | - | - | - | - | (1,193,000) | - | - | $(1,193,000) | |
| Balance September 30, 2024 | - | 130,000 | $834,000 | 70,000 | $450,000 | 25,891,845 | $27,533,000 | $7,816,000 | $(26,539,000) | (43,658) | $(161,000) | $9,933,000 | |
Yunhong Green CTI, Ltd
Unaudited Consolidated Statements of Stockholders’ Equity
| Accumulated · Less | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Series B Preferred Stock · Common Stock · Paid-in · (Deficit) · Treasury Stock | |||||||||||
| Shares · Amount · Shares · Amount · Capital · Earnings · Shares · Amount · TOTAL | |||||||||||
| Balance December 31, 2022 | 170,000 | $1,851,000 | 16,102,749 | $21,283,000 | $3,895,000 | $(24,122,000) | (43,658) | $(161,000) | $2,746,000 | ||
| Series B Convertible Preferred Stock Issuance | (170,000) | (1,862,000) | 1,888,078 | 1,862,000 | $ | - | |||||
| Common Stock issued for notes payable and investor deposit | - | 1,908,336 | 884,000 | $884,000 | |||||||
| Accrued Deemed Dividend - Series B Preferred Stock | 11,000 | (11,000) | $ | - | |||||||
| Equity Compensation Charge | 116,250 | 7,000 | 2,000 | $9,000 | |||||||
| Net Income (Loss) | - | - | - | - | - | 396,000 | - | - | $396,000 | ||
| Balance March 31, 2023 | - | $ | - | 20,015,413 | $21,283,000 | $6,637,000 | $(23,724,000) | (43,658) | $(161,000) | $4,035,000 | |
| Equity Compensation Charge | $5,000 | 5,000 | |||||||||
| Broker issuance | 125,000 | ||||||||||
| Net Income (Loss) | - | - | - | - | - | (151,000) | - | - | $(151,000) | ||
| Balance June 30, 2023 | - | $ | - | 20,140,413 | $21,283,000 | $6,642,000 | $(23,875,000) | (43,658) | $(161,000) | $3,889,000 | |
| Equity Compensation Charge | $4,000 | 4,000 | |||||||||
| Broker issuance | - | ||||||||||
| Net Income (Loss) | - | - | - | - | - | (967,000) | - | - | $(967,000) | ||
| Balance September 30, 2023 | - | $ | - | 20,140,413 | $21,283,000 | $6,646,000 | $(24,842,000) | (43,658) | $(161,000) | $2,926,000 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.