US-based PV module supplier, Westinghouse Solar is teetering on the brink of insolvency, recent SEC filings reveal.
The company reported a first quarter 2013 net loss of US$1.2 million and a cash and cash equivalents figure of only US$20,856.
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According to the latest SEC filings, Westinghouse Solar’s main module supplier, Suntech America, a subsidiary of Suntech Power Holdings is owed US$870,000 plus accrued interest of US$76,438 due to previous non-payment of modules supplied.
The company also owes another China-based module supplier, Lightway around US$1.0 million though much of this debt was converted to shares.
The filings note that Westinghouse Solar has no current outstanding supply arrangements with either module manufacturer and its inventory position has been depleted to low levels.
As a result of the US imposed AD and CVD duties last year, the companies unique module design, built exclusively under sub-contract by both Chinese manufacturers were hit with total duties of 30.66% for Lightway and 35.97% for Suntech produced modules, impacting Westinghouse’s ability to compete in the US market.
The merger deal with Australian renewable energy firm CBD Energy has dragged on and been delayed several times, though no specific reasons for the delays had been given.
However, today CBD Energy announced in a two sentenced press release that the merger with Westinghouse Solar had been cancelled. CBD Energy also said that it would proceed with a NASDAQ stock market listing separately.
Westinghouse Solar reported first quarter revenue of only US$81,194.
