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Ocean Power Technologies Announces Results For The Fiscal First Quarter Ended July 31, 2012

Consolidated Statements of Cash Flows

For the Three Months Ended July 31, 2012 and 2011

(Unaudited)

 

July 31,

2012
 

July 31,

2011
Cash flows from operating activities:  
Net Loss $ (4,362,128) (4,999,652)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign exchange loss 108,323 9,041
Depreciation and amortization 116,492 99,140
Loss on disposals of property, plant and equipment 356
Treasury note premium amortization 7,734 13,914
Compensation expense related to stock option grants and restricted stock 386,550 370,882
Changes in operating assets and liabilities:
Accounts receivable (99,302) 282,099
Unbilled receivables (12,443) (865,244)
Other current assets 120,649 112,335
Other noncurrent assets (13,252) (17,994)
Accounts payable 230,884 (397,069)
Accrued expenses 369,247 (373,541)
Unearned revenues (226,967) 900,540
 
Net cash used in operating activities (3,374,213) (4,865,193)
 
Cash flows from investing activities:
Purchases of marketable securities (9,833,736) (271,005)
Maturities of marketable securities 9,171,233 10,000,000
Restricted cash 75,000
Purchases of equipment (224,891) (82,658)
Payments of patent costs (56,836)
 
Net cash (used in) provided by investing activities (812,394) 9,589,501
 
Cash flows from financing activities:
Repayment of debt (25,000) (89,378)
Acquisition of treasury stock (9,122) (23,143)
 
Net cash used in financing activities (34,122) (112,521)
 
Effect of exchange rate changes on cash and cash equivalents (43,074) (89,222)
 
Net (decrease) increase in cash and cash equivalents (4,263,803) 4,522,565
 
Cash and cash equivalents, beginning of period 9,353,460 4,376,136
 
Cash and cash equivalents, end of period $ 5,089,657 8,898,701

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