Big News!! BLQN
Balqon Corporation Announces Record Revenue Growth in 2009
6:00a ET April 14, 2010 (Business Wire)
Balqon Corporation (OTCBB:BLQN), an emerging developer and manufacturer of zero emissions heavy-duty electric vehicles for Class 7 and Class 8 applications, announced its financial results for the year ended December 31, 2009 on March 31, 2010. Revenues for 2009 were $3,598,752, an increase of $3,395,092, or 1,667%, over revenues of $203,660 for 2008. The increase in net revenues in 2009 is a direct result of the ramp up of our business in 2009 during which sales of our vehicles and parts increased by $3,148,798 over 2008. Balqon Corporation also reported a net loss of $3,015,405 for 2009, as compared to a net loss of $7,933,281 for 2008, a 62% decrease in the net loss. The $4,917,876 reduction in net loss during 2009 is primarily due to $5,940,713 of stock-based compensation expense incurred in 2008 as compared to no stock-based compensation expense in 2009.
Between February 2, 2010 and April 12, 2010, Balqon raised $1,500,000 through the sale of its convertible notes and warrants to accredited investors in a private placement transaction. The proceeds of $1,500,000 are allocated to general working capital.
"We believe that the growth in our revenues in 2009 validates our ability to commercialize our core drive system technologies and meet the growing needs of the zero emission vehicle markets we serve," said Balwinder Samra, Chief Executive Officer of Balqon Corporation. "The successful implementation of higher range lithium-ion batteries into our heavy duty vehicles and development of proprietary battery management system are examples of our ability to develop and implement new technologies while generating record revenue growth," said Mr. Samra.
About Balqon Corporation
Balqon Corporation is a leading developer of heavy duty electric trucks, tractors and electric drive systems. The Company uses its proprietary flux vector motor technology to design propulsion systems for 10 to 50 ton capacity vehicles and material handling equipment. Balqon Corporation's current product line of tow tractors are designed to transport containers at ports, marine terminals, rail yards, warehouses, intermodal facilities, military bases and mail facilities. For information about Balqon Corporation and its product offerings, visit www.balqon.com. Balqon Corporation's common stock trades on the OTC Bulletin Board under the symbol "BLQN."
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, the matters discussed in this press release, including, without limitation, Balqon Corporation's ability to commercialize its core technologies and meet the growing needs of heavy-duty electric vehicle markets and its ability to ramp up production while at the same time implementing new technologies are forward-looking statements that involve a number of risks and uncertainties. The actual future results of Balqon Corporation could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, unforeseen technical issues; Balqon Corporation's ability to attract sufficient capital; the ability of Balqon Corporation to attract and retain talented individuals; adverse economic and market conditions; the projected future demand for Balqon Corporation's products; changes in technology and governmental regulations and policies; and other events, factors and risks previously and from time to time disclosed in Balqon Corporation's filings with the Securities and Exchange Commission, including, specifically, those factors set forth in the "Risk Factors" section of Balqon Corporation's Annual Report on Form 10-K for the year ended December 31, 2009 filed with the Securities and Exchange Commission on March 31, 2010.
BALQON CORPORATION
BALANCE SHEETS
December 31, December 31,
2009 2008
ASSETS
Current assets
Cash and cash equivalents $ 118,635 $ 355,615
Accounts receivable 167,925 --
Inventories 1,002,748 1,159,601
Prepaid expenses 53,382 43,020
Total current assets 1,342,690 1,558,236
Property and equipment, net 122,251 89,393
Other assets:
Deposits 14,400 33,641
Trade secrets, net 109,063 171,385
Goodwill 166,500 166,500
Total assets $ 1,754,904 $ 2,019,155
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY)
Current liabilities
Accounts payable and accrued expenses $ 1,587,388 $ 1,225,807
Customer deposit 1,159,601 --
Loan payable, Bridge Bank 128,150 --
Other current liabilities 30,667 138,356
Total current liabilities 2,905,807 1,364,163
Convertible notes payable, net of discount 209,510 --
Total liabilities 3,115,317 1,364,163
SHAREHOLDERS' EQUITY (DEFICIENCY)
Common stock, $0.001 par value, 100,000,000 shares authorized, 25,518 25,518
25,518,348
shares issued and outstanding
Additional paid in capital 9,650,329 8,650,329
Accumulated deficit (11,036,260 ) (8,020,855 )
Total shareholders' equity (deficiency) (1,360,413 ) 654,992
Total liabilities and shareholders' equity (deficiency) $ 1,754,904 $ 2,019,155
BALQON CORPORATION
STATEMENTS OF OPERATIONS
Years Ended
December 31,
2009 2008
REVENUES $ 3,598,752 $ 203,660
COSTS OF REVENUES
Contract costs 359,350 69,078
Costs of vehicles and parts 3,129,447 68,975
Total cost of revenues 3,488,797 138,053
Gross profit 109,955 65,607
OPERATING EXPENSES
General and administrative 2,525,225 6,897,041
Research and development 167,195 44,023
Reverse merger expenses -- 414,384
Depreciation and amortization 100,104 29,836
Total operating expenses 2,792,524 7,385,284
Loss from operations (2,682,569 ) (7,319,677 )
Interest expense (332,836 ) (613,604 )
NET LOSS $ (3,015,405 ) $ (7,933,281 )
Net loss per share - basic and diluted $ (0.12 ) $ (0.39 )
Weighted average shares outstanding, basic and diluted 25,518,348 20,206,507
SOURCE: Balqon Corporation
Balqon Corporation
Balwinder Samra, 310-326-3056
bsamra@balqon.com
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