Revenue Performance - Revenue for the six months ended June 30, 2021 was $13.6 million, a decrease of $0.8 million or 5.6% compared to $14.5 million for the same period in 2020[9] - Revenue from application development services decreased by $2.3 million, or 18.8%, to $10.1 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 $1.8 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 $0.03 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 $14,450,582 in June 2020[21] Profitability and Loss - Gross profit for the six months ended June 30, 2021 was $4.3 million, a decrease of $1.3 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, 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 $9.0 million, an increase of $8.8 million compared to $0.2 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 $171,084 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) 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 $6.0 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, down from $1,557,746 in June 2020, a decrease of 15.7%[21] - Total current assets decreased slightly to $34,397,816 in 2021 from $34,763,945 in 2020, a decline of 1.1%[18] - Total liabilities decreased to $31,547,748 in 2021 from $33,489,750 in 2020, a reduction of 5.8%[18] Financial Position - The accumulated deficit increased to $(37,194,791) in 2021 from $(28,234,492) in 2020, reflecting a worsening financial position[18] - Cash and cash equivalents decreased to $4,368,013 in 2021 from $8,389,704 in 2020, a decline of 47.9%[18] - Total assets increased slightly to $107,184,179 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]
Powerbridge(PBTS) - 2021 Q4 - Annual Report