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Hydrogen Engine Center, Inc.
Symbol:  HYEG


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Business Summary: Hydrogen Engine Center, Inc., a development stage company, engages in the design, manufacture, and distribution of spark-ignited internal combustion engines and power generator sets used in the industrial and power generation markets primarily in the United States and Canada.
 
Address
  602 East Fair Street
  Algona , IA 50511
  Phone: 515-295-3178
  Fax: 515-295-2453
  Website: http://www.hydrogenenginecenter.com
Auditor
  LWBJ
Transfer Agent
  Interstate Transfer Co.
Employees:  15
ShareHolders:  241
Founded:  1983
Domicile:  Nevada
 
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Hydrogen Engine Center, Inc.
Symbol:  HYEG


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Hydrogen Engine Center, Inc., a development stage company, engages in the design, manufacture, and distribution of spark-ignited internal combustion engines and power generator sets used in the industrial and power generation markets primarily in the United States and Canada. Its engines run on alternative fuels, such as gasoline, propane, natural gas, ethanol, and hydrogen. The company sells its engines and engine products under the brand name Oxx Power. Hydrogen Engine Center's product line includes 4.9L, 6-cylinder Oxx Power engine, 4.9L, 6 cylinder Oxx Power Hydrogen engine, Oxx Power Power Units, 50kW Oxx Power Hydrogen Genset, 250kW 4 + 1 Hydrogen Genset, and Oxx Boxx Engine Controller. The company's engines are used in various applications, such as airport vehicles, forklifts, wood chippers, irrigation pumping equipment, farm tractors and equipment, delivery vehicles, yard tractors, cranes, construction equipment, mining vehicles, and buses, as well as in electric power projects. It has a strategic alliance with Startech Environmental Corp. to utilize the by-product hydrogen gas created during the Startech plasmification waste treatment process to create electricity. The company was founded in 2003 and is based in Algona, Iowa.
History:  INCORPORATED in Nevada Aug. 3, 2000, as Green Mt. Labs., Inc.; and on Sept. 29, 2000, merged an Idaho corporation of the same name (incorporated July 12, 1983). Name changed to Hydrogen Engine Center, Inc. Aug. 30, 2005, in connection with the acquisition, on that date, of Hydrogen Engine Center, Inc. (an Iowa corporation organized on May 19, 2003) through merger of a wholly owned subsidiary of the company into the acquired concern. The company issued 16,297,200 Common shares to the sole stockholder of the acquired company in exchange for all of that company's issued and outstanding Common stock.
 
Subsidiaries:
Hydrogen Engine Center (HEC) Canada, Inc.
Hydrogen Engine Center, Inc. (Iowa)
 
 
 
 
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Hydrogen Engine Center, Inc.
Symbol:  HYEG


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Management
OfficersPosition
 David F. McManamyChairman
 Theodore G. HollingerPresident, Chief Executive Officer & Chief Scientific Officer
 Bruce  JensenChief Financial Officer
 Michael A. SchiltzSecretary
 Sandra M. BattInvestor Relations Contact

Directors
 David F. McManamy
 Stephen T. Parker
 Jan  Rowinski
 Philip G. Ruggieri
 Thomas O. Trimble
 
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Hydrogen Engine Center, Inc.
Symbol:  HYEG


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Capitalization as of 03/31/2008:
 
 Authorized SharesOutstanding Shares
Common $0.001 par100,000,00027,590,164
Series B Preferred $0.001 par5,000,0001,932,846so2
 
LONG TERM DEBT: $1,379,386.
 
Common $0.001 par
 
Stockholders:  02/21/2008, 241.
PRINCIPAL STOCKHOLDERS: April 28, 2008, Theodore G. Hollinger owned or controlled 56.0% of the Common.
 
Transfer Agent:  Interstate Transfer Co.   Salt Lake City , UT
 
OTC Bulletin Board( Primary): HYEG
 
ExchangeYearHighLow
OTC Bulletin Board20080.80000.0700
OTC Bulletin Board20073.55000.6500
OTC Bulletin Board200623.50002.3500
OTC Bulletin Board20059.50000.0395
 
DIVIDENDS: Common $0.001 par: No cash. Common split 3.8-for-1, Aug. 18, 2005.
 
 
  so2Closely held. Convertible into Common as defined.
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Hydrogen Engine Center, Inc.
Symbol:  HYEG


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Annual Report
 
Income Statement
  20082007
REVENUES
Sales1,358,647740,799
EXPENSES
Cost of Goods Sold Material, Labor, and Overhead(1,282,985)(644,517)
Inventory Markdown (recovery)(261,464)(533,876)
Sales and Marketing(183,724)(219,875)
General and Administrative(2,031,325)(2,790,255)
Research and Development(825,228)(1,370,151)
Interest Expense(138,989)(173,158)
Interest Income6,81373,057
Loss on Disposal of Assets-(6,734)
Vendor Settlements-(448,011)
Earnings before Taxes(3,358,255)(5,372,721)
TAXES AND OTHER EXPENSES
Net Income (Loss)(3,358,255)(5,372,721)
CHARGES ON NET INCOME
Preferred Stock Adjustments-(1,889,063)
Net Income Available to Common Shareholders(3,358,255)(7,261,784)
SUPPLEMENTARY INFO
Gross Profit/loss(185,802.00)(437,594.00)
Operating Income (Loss)(3,226,079.00)(5,265,886.00)
Basic Eps-continuing Operations(0.12)(0.28)
 
Balance Sheet
  20082007
CURRENT ASSETS
Cash and Cash Equivalents36,482713,289
Accounts Receivables222,415134,237
Inventories493,7421,655,359
Prepaid Expenses61,30489,901
Restricted Cash-115,157
Total Current Assets813,9432,707,943
NON CURRENT ASSETS
Buildings2,271,2092,271,209
Land Improvements472,504472,504
Equipment900,994908,999
Accumulated Depreciation(618,838)(375,178)
Total Assets3,839,8125,985,477
CURRENT LIABILITIES
Accounts Payable342,283146,585
Accrued Expenses248,071207,328
Deferred Compensation119,108-
Accrued Interest179,457129,965
Notes Payable: bank575,475594,677
Current Portion Long-term-debt292,73730,350
Current Installments of Obligations Under Capital Leases58,46545,247
Deferred Revenue87,306-
Unearned Grant33,74430,977
Total Current Liabilities1,936,6461,185,129
NON CURRENT LIABILITIES
Long-term Debt Net of Current Maturities1,277,9991,338,235
Obligations Under Capital Leases22,48980,955
Preferred Stock Convertible-1,933
SHAREHOLDERS' EQUITY
Common Stock-par Value30,15827,590
Additional Paid in Capital16,434,80215,860,725
Deficit Accumulated during the Development Stage(15,863,933)(12,505,678)
Accumulated Other Comprehensive Income (loss)-Foreign Currency1,651(3,412)
Total Shareholders Equity602,6783,381,158
Total Liabilities & Shareholders Equity3,839,8125,985,477
 
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Hydrogen Engine Center, Inc.
Symbol:  HYEG


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Interim Report   
 
Data Not Available
 
 
 
 
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Hydrogen Engine Center, Inc.
Symbol:  HYEG


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Pro Forma Report   
 
Data Not Available
 
 
 
 
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Hydrogen Engine Center, Inc.
Symbol:  HYEG


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Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2008   1160,000
  2008   2360,000
  2008   3350,000
  2008   4480,000
  2008   Full Year 1,360,000
  2007   1240,000
  2007   2200,000
  2007   390,000
  2007   4210,000
  2007   Full Year 740,000
  2006   130,000
  2006   250,000
  2006   3130,000
  2006   480,000
  2006   Full Year 280,000
  2005   110,000
  2005   310,000
  2005   Full Year 20,000
  2004   420,000
  2004   Full Year 20,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  2008   1(860,000)
  2008   2(690,000)
  2008   3(730,000)
  2008   4(1,090,000)
  2008   Full Year (3,360,000)
  2007   1(1,760,000)
  2007   2(1,120,000)
  2007   3(1,290,000)
  2007   4(1,200,000)
  2007   Full Year (5,370,000)
  2006   1(920,000)
  2006   2(2,020,000)
  2006   3(1,640,000)
  2006   Full Year (5,752,300)
  2005   Full Year (1,122,600)
  2004   Full Year (190,000)
  2003   Full Year (110,000)
 
 
Quarterly EPS, US$
YearQuarterRevenue
  2008   1(.03)
  2008   2(.02)
  2008   3(.02)
  2008   4(.04)
  2008   Full Year (.12)
  2007   1(.07)
  2007   2(.04)
  2007   3(.05)
  2007   4(.11)
  2007   Full Year (.28)
  2006   1(.04)
  2006   2(.08)
  2006   3(.06)
  2006   4(.04)
  2006   Full Year (.23)
  2005   1Nil
  2005   2Nil
  2005   3(.02)
  2005   4(.02)
  2005   Full Year (.06)
  2004   1Nil
  2004   2Nil
  2004   3Nil
  2004   4Nil
  2004   Full Year (.01)
  2003   Full Year (.01)
 
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