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GreenHunter Energy Inc (GRH) filed Annual Report for the period ended 2010-12-31.
Greenhunter Energy Inc. has a market cap of $19.7 million; its shares were traded at around $0.89 with and P/S ratio of 3.3.
This is the annual revenues and earnings per share of GRH over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of GRH.
Highlight of Business Operations:
Our loss on asset impairment was $161 thousand during the 2010 period, compared to $1.9 million during the prior year period. For the 2010 period, the impairment was the result of the expiration of Wind projects. In 2009, an impairment of $1.5 million was related to a lease option which expired during April 2009, $170 thousand was related to a decline in the value of equipment, and $218 thousand impairment was related to expired wind project leases.
BioMass SG&A decreased approximately $543 thousand between the two periods, decreasing from $1.1 million down to $597 thousand. The decrease is mainly due to $686 thousand of cancelled consulting fees related to a consulting agreement and decreased insurance and state and local taxes in 2010 of $109 thousand partially
Interest and other revenues were $3.0 million during the 2010 period and $2.1 million during the 2009 period. The increase of $900 thousand was primarily due to an increase in forgiveness of indebtedness on trade payables during the 2010 period and $250 thousand in contingent consideration received in September of 2010 resulting from the sale of Ocotillo Wind project in June of 2009.
As of December 31, 2010, we had cash and cash equivalents of approximately $181 thousand and a working capital deficit of $7.3 million as compared to cash and cash equivalents of $6.9 million and working capital deficit of $45.4 million in the prior period. These decreases in cash and working capital were due to the activities described below.
During the year ended December 31, 2010, financing activities provided $470 thousand. These activities included $1.0 million in borrowing on notes payable, payment of $276 thousand in deferred financing costs related to these debentures, and $275 thousand in repayment of notes payable. Details of these activities are described below:
During 2010 we recorded impairments of $161 thousand related to certain wind projects that were cancelled. During 2009 we recorded impairments of $1.5 million related to our inability to pay the final lease option extension for our Port Sutton lease, $170 thousand related to a decline in the value of equipment, and $218 thousand related to a deposit on a wind project that was cancelled.
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