TARRYTOWN, N.Y., Jan. 18, 2017 /PRNewswire/ -- alpha-En Corporation (OTC PINK: ALPE), an innovative clean technology company focused on enabling next-generation battery technologies by producing high purity lithium metal and associated products, announced that on 01/17/2017 it filed with the United States Securities and Exchange Commission (SEC) Quarterly Reports on Form 10-Q for the quarters ended March 31, 2016; June 30, 2016; and September 30, 2016. The three filings bring the Company to fully reporting status with the SEC.
The three quarterly filings on Form 10-Q can be found at www.sec.gov by searching for alpha-En company filings, or by following this link: https://www.sec.gov/cgi-bin/browse-edgar?company=alpha-En&owner=exclude&action=getcompany. They are also posted on the Company's website at www.alpha-Encorp.com and on various internet sites.
alpha-En Founder and Executive Chairman of the Board Jerome Feldman commented, "We are pleased to have achieved fully reporting status; the transparency of being fully reporting is valuable to our shareholders, market-makers and potential investors in our future. Although we are still pre-revenue, our technology is potentially disruptive to the entire lithium metal industry.
"The new alpha-En technology produces high purity lithium at room temperature, compared to the conventional method that has a large energy footprint. We believe that the benefits of our high purity technology will be most attractive to high-tech, transportation and energy companies that have become increasingly reliant on lithium batteries.
The Company has R&D collaboration agreements with CUNY and Argonne National Laboratories as well as Princeton University to explore scaling the technology to commercially viable quantities and to provide samples of the finished product to interested parties. To support the efficient production of samples the Company is in the process of establishing its own laboratory and commercial headquarters in a facility in Yonkers, NY, where it has rented an 8,000-square-foot-space. This facility should be in move-in condition in the first quarter of 2017.
The Company believes it can continue to finance operations by selling equity or debt securities, as it has done in the past. Management believes in the viability of the alpha-En plan and technology, and in the ability of the Company to raise additional funds by way of a private or public offering of equity and/or debt. Of course there can be no assurance of the success of a future offering.
About alpha-En Corporation
Alpha-En Corporation (OTC PINK: ALPE) is an innovative clean technology company focused on enabling next generation battery technologies by developing and bringing to market high purity lithium metal and associated products produced in an environmentally sustainable manner. For more information, please visit http://alpha-encorp.com.
Corporate Contact
Thomas Suppanz, Managing Director/Finance
tsuppanz@alpha-encorp.com
914 418 2000
Joe Allen
DresnerAllenCaron
jallen@dresnerallencaron.com
212 691 8087
Safe Harbor
Except for the historical information herein, the matters discussed in this news release may include forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties that may cause actual results to vary materially. alpha-En Corporation assumes no obligation to update the information in this release. Reference to the Company's website above does not constitute incorporation of any of the information thereon into this press release.
-- Financial Tables Follow --
ALPHA-EN CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(Unaudited)
March 31, December 31,
2016 2015
---- ----
ASSETS
Current assets
Cash $693 $730
Prepaid expenses 340 301
Due from related party - 61
Total current assets 1,033 1,092
Property and equipment, net 36 2
Total assets $1,069 $1,094
====== ======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $319 $341
Advances from related parties 92 62
Total current liabilities 411 403
Total liabilities 411 403
--- ---
COMMITMENTS AND CONTINGENCIES
Stockholders' equity:
Preferred stock par value $0.01: 2,000,000 shares authorized; none issued or outstanding - -
Class B common stock no par value: 1,000,000 shares authorized; none issued or outstanding - -
Common stock par value $0.01: 35,000,000 shares authorized; 33,423,026 and 32,235,525 334 322
shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively
Additional paid-in capital 11,692 10,705
Treasury stock at cost: 714,750 shares as of March 31, 2016 and December 31, 2015 (69) (69)
Accumulated deficit (11,134) (10,169)
Shareholders' equity attributed to alpha-En Corporation stockholders 823 789
Non-controlling interest (165) (98)
Total stockholders' equity 658 691
--- ---
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,069 $1,094
====== ======
ALPHA-EN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(Unaudited)
For the Three Months Ended March 31,
------------------------------------
2016 2015
---- ----
Operating expenses
General and administrative $583 $28
Legal and professional fees 49 7
Research and development 394 28
Total operating expenses 1,026 63
----- ---
Net loss (1,026) (63)
Less: net loss attributable to non-controlling interest (61) (1)
Net loss attributable to alpha-En Corporation $(965) $(62)
===== ====
Net loss per share attributable to alpha-En Corporation common stockholders
Basic and diluted $(0.03) $(0.00)
====== ======
Weighted average shares outstanding:
Basic and diluted 32,448,987 30,285,525
========== ==========
ALPHA-EN CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(Unaudited)
June 30, December 31,
2016 2015
---- ----
ASSETS
Current assets
Cash $580 $730
Prepaid expenses 168 301
Due from related party - 61
Total current assets 748 1,092
Property and equipment, net 115 2
Total assets $863 $1,094
==== ======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $383 $341
Advances from related parties 92 62
Total current liabilities 475 403
Total liabilities 475 403
--- ---
COMMITMENTS AND CONTINGENCIES
Shareholders' equity:
Preferred stock par value 0.01: 2,000,000 shares authorized; none issued or outstanding - -
Class B common stock no par value: 1,000,000 shares authorized; none issued or outstanding - -
Common stock par value 0.01: 35,000,000 shares authorized; 33,640,214 and 32,235,525 shares 337 322
issued and outstanding at June 30, 2016 and December 31, 2015, respectively
Additional paid-in capital 14,031 10,705
Treasury stock at cost: 714,750 shares as of June 30, 2016 and December 31, 2015 (69) (69)
Accumulated deficit (13,569) (10,169)
Shareholders' equity attributed to alpha-En Corporation stockholders 730 789
Non-controlling interest (342) (98)
Total stockholders' equity 388 691
--- ---
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $863 $1,094
==== ======
ALPHA-EN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(Unaudited)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
-------------- --------------
2016 2015 2016 2015
---- ---- ---- ----
Operating expenses
General and administrative $904 $25 $1,487 $53
Legal and professional fees 196 7 245 14
Research and development 1,509 52 1,903 80
Total operating expenses 2,609 84 3,635 147
----- --- ----- ---
Net loss (2,609) (84) (3,635) (147)
Less: net loss attributable to non-controlling interest (174) (1) (235) (2)
Net loss attributable to alpha-En Corporation $(2,435) $(83) $(3,400) $(145)
======= ==== ======= =====
Net loss per share attributable to alpha-En Corporation common stockholders
Basic and diluted $(0.07) $(0.00) $(0.10) $(0.00)
====== ====== ====== ======
Weighted average shares outstanding:
Basic and diluted 33,568,597 30,285,525 33,008,792 30,285,525
========== ========== ========== ==========
ALPHA-EN CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(Unaudited)
September 30, December 31,
2016 2015
---- ----
ASSETS
Current assets
Cash $460 $730
Prepaid expenses 114 301
Due from related party - 61
Total current assets 574 1,092
Property and equipment, net 213 2
Total assets $787 $1,094
==== ======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $723 $341
Advances from related parties 42 62
Total current liabilities 765 403
Total liabilities 765 403
--- ---
COMMITMENTS AND CONTINGENCIES
Stockholders' equity:
Preferred stock par value 0.01: 2,000,000 shares authorized; none issued or outstanding - -
Class B common stock no par value: 1,000,000 shares authorized; none issued or outstanding - -
Common stock par value 0.01: 35,000,000 shares authorized; 33,902,089 and 32,235,525 shares 339 322
issued and outstanding at September 30, 2016 and December 31, 2015, respectively
Additional paid-in capital 13,411 10,705
Treasury stock at cost: 714,750 shares as of September 30, 2016 and December 31, 2015 (69) (69)
Accumulated deficit (13,349) (10,169)
Stockholders' equity attributed to alpha-En Corporation stockholders 332 789
Non-controlling interest (310) (98)
Total stockholders' equity 22 691
--- ---
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $787 $1,094
==== ======
ALPHA-EN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(Unaudited)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
------------------- -------------------
2016 2015 2016 2015
---- ---- ---- ----
Operating expenses
General and administrative $(89) $75 $1,398 $128
Legal and professional fees 221 60 466 74
Research and development (381) 132 1,522 212
Total operating expenses (249) 267 3,386 414
---- --- ----- ---
Net income (loss) 249 (267) (3,386) (414)
Less: net income (loss) attributable to non-controlling interest 29 (8) (206) (10)
Add: Deemed dividend - inducement to exercise warrants (378) - (378) -
Net income (loss) attributable to alpha-En Corporation $(158) $(259) $(3,558) $(404)
===== ===== ======= =====
Net income (loss) per share attributable to alpha-En Corporation common stockholders
Basic and diluted $(0.00) $(0.01) $(0.11) $(0.01)
====== ====== ====== ======
Weighted average shares outstanding:
Basic and diluted 33,767,673 30,995,308 33,263,599 30,524,719
========== ========== ========== ==========
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SOURCE alpha-En Corporation
