10-K Filing

AKOUSTIS TECHNOLOGIES, INC. CIK: 1584754 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001213900-19-017977`
Period End Date	20190630
Filing Date	20190913
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	akts-20190630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 34 Cash Flow Statement 77 Stockholders Equity 25

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred Stock, authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.63M	USD	Point-in-time
Preferred Stock, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.82M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.15M	USD	Point-in-time
Preferred Stock, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$215.00K	USD	Point-in-time
Preferred Stock, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred Stock, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$285.00K	USD	Point-in-time
Inventory	`InventoryNet`	$94.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$58.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.29M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$790.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.88M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	30.14M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$31.82M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	22.20M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	22.20M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	30.14M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$15.18M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.82M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$264.00K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$388.00K	USD	Point-in-time
Assets held for sale, net	`AvailableForSaleSecuritiesNoncurrent`	$333.00K	USD	Point-in-time
Assets held for sale, net	`AvailableForSaleSecuritiesNoncurrent`	$300.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$11.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$262.00K	USD	Point-in-time
Total Assets	`Assets`	$29.31M	USD	Point-in-time
Total Assets	`Assets`	$47.95M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.21M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.59M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$5.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$53.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.22M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.65M	USD	Point-in-time
Contingent real estate liability	`ContingentRealEstateLiability`	$445.00K	USD	Point-in-time
Contingent real estate liability	`ContingentRealEstateLiability`	$1.23M	USD	Point-in-time
Convertible notes payable, net	`LongTermDebtNoncurrent`	$11.46M	USD	Point-in-time
Convertible notes payable, net	`LongTermDebtNoncurrent`	$18.21M	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$118.00K	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$117.00K	USD	Point-in-time
Total long-term liabilities	`DerivativeLiabilitiesNoncurrent`	$18.78M	USD	Point-in-time
Total long-term liabilities	`DerivativeLiabilitiesNoncurrent`	$12.81M	USD	Point-in-time
Total Liabilities	`Liabilities`	$15.46M	USD	Point-in-time
Total Liabilities	`Liabilities`	$21.99M	USD	Point-in-time
Preferred Stock, par value $0.001: 5,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, par value $0.001: 5,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; 45,000,000 shares authorized; 30,140,955 and 22,203,437 shares issued and outstanding at June 30, 2019 and June 30, 2018, respectively	`CommonStockValue`	$30.00K	USD	Point-in-time
Common stock, $0.001 par value; 45,000,000 shares authorized; 30,140,955 and 22,203,437 shares issued and outstanding at June 30, 2019 and June 30, 2018, respectively	`CommonStockValue`	$22.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$93.40M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$52.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-67.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-38.25M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$13.85M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$15.01M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$25.95M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$29.31M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$47.95M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$1.21M	USD	Annual
Revenue	`Revenues`	$1.44M	USD	Annual
Cost of revenue	`CostOfRevenue`	$1.02M	USD	Annual
Cost of revenue	`CostOfRevenue`	$1.01M	USD	Annual
Gross profit	`GrossProfit`	$188.00K	USD	Annual
Gross profit	`GrossProfit`	$430.00K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$13.27M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$19.25M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$8.80M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$8.70M	USD	Annual
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	$-45.00K	USD	Annual
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	$-50.00K	USD	Annual
Impairment of assets held for sale	`ImpairmentOfAssetsHeldForSale`	-	USD	Annual
Impairment of assets held for sale	`ImpairmentOfAssetsHeldForSale`	$350.00K	USD	Annual
Total operating expenses	`OperatingExpenses`	$28.00M	USD	Annual
Total operating expenses	`OperatingExpenses`	$22.47M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-27.57M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-22.28M	USD	Annual
Interest (expense) income	`InterestIncomeExpenseNet`	$-2.89M	USD	Annual
Interest (expense) income	`InterestIncomeExpenseNet`	$-329.00K	USD	Annual
Rental income	`RentalIncomeNonoperating`	$270.00K	USD	Annual
Rental income	`RentalIncomeNonoperating`	$313.00K	USD	Annual
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	$785.00K	USD	Annual
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	$501.00K	USD	Annual
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$150.00K	USD	Annual
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$54.00K	USD	Annual
Total Other (expense) income	`NonoperatingIncomeExpense`	$539.00K	USD	Annual
Total Other (expense) income	`NonoperatingIncomeExpense`	$-1.68M	USD	Annual
Net loss	`NetIncomeLoss`	$-29.25M	USD	Annual
Net loss	`NetIncomeLoss`	$-21.74M	USD	Annual
Net loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-1.06	USD	Annual
Net loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-1.04	USD	Annual
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.51M	shares	Annual
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	20.93M	shares	Annual

Cash Flow Statement 77 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-29.25M	USD	Annual
Net loss	`NetIncomeLoss`	$-21.74M	USD	Annual
Depreciation and Amortization	`DepreciationDepletionAndAmortization`	$2.50M	USD	Annual
Depreciation and Amortization	`DepreciationDepletionAndAmortization`	$1.26M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$5.49M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$7.24M	USD	Annual
Non-cash interest payments	`NonCashInterestPayments`	$1.02M	USD	Annual
Non-cash interest payments	`NonCashInterestPayments`	-	USD	Annual
(Gain)/Loss on disposal of assets	`LossOnDispositionOfAssets1`	$45.00K	USD	Annual
(Gain)/Loss on disposal of assets	`LossOnDispositionOfAssets1`	$-50.00K	USD	Annual
Impairment on assets held for sale	`ImpairmentOnAssetsHeldForSale`	$350.00K	USD	Annual
Impairment on assets held for sale	`ImpairmentOnAssetsHeldForSale`	-	USD	Annual
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$150.00K	USD	Annual
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$54.00K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.98M	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$205.00K	USD	Annual
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	$785.00K	USD	Annual
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	$501.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$70.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$215.00K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-131.00K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$36.00K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$147.00K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$42.00K	USD	Annual
Other current asset	`IncreaseDecreaseInOtherCurrentAssets`	$441.00K	USD	Annual
Other current asset	`IncreaseDecreaseInOtherCurrentAssets`	$420.00K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$250.00K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$710.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.26M	USD	Annual
Change in other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$-117.00K	USD	Annual
Change in other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	-	USD	Annual
Deferred revenue	`IncreaseDecreaseInContractWithCustomerAsset`	$65.00K	USD	Annual
Deferred revenue	`IncreaseDecreaseInContractWithCustomerAsset`	$-38.00K	USD	Annual
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-14.20M	USD	Annual
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-17.67M	USD	Annual
Cash paid for machinery and equipment	`PaymentsToAcquireMachineryAndEquipment`	$6.94M	USD	Annual
Cash paid for machinery and equipment	`PaymentsToAcquireMachineryAndEquipment`	$4.75M	USD	Annual
Cash received from assets held for sale	`ProceedsFromSaleOfPropertyHeldForSale`	$33.00K	USD	Annual
Cash received from assets held for sale	`ProceedsFromSaleOfPropertyHeldForSale`	-	USD	Annual
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	$73.00K	USD	Annual
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	$174.00K	USD	Annual
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.89M	USD	Annual
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.01M	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$28.96M	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$13.20M	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$70.00K	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$75.00K	USD	Annual
Proceeds received from convertible notes, net	`ProceedsFromConvertibleDebt`	$8.87M	USD	Annual
Proceeds received from convertible notes, net	`ProceedsFromConvertibleDebt`	$13.12M	USD	Annual
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$37.90M	USD	Annual
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$26.40M	USD	Annual
Net Increase (Decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$15.34M	USD	Annual
Net Increase (Decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.18M	USD	Annual
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$9.63M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$14.82M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$30.15M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$9.63M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$14.82M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$30.15M	USD	Point-in-time
Income taxes	`IncomeTaxesPaid`	-	USD	Annual
Interest	`InterestPaidNet`	$443.00K	USD	Annual
Interest	`InterestPaidNet`	-	USD	Annual
Stock compensation payable	`StockCompensationPayable`	$3.00K	USD	Annual
Stock compensation payable	`StockCompensationPayable`	$93.00K	USD	Annual
Warrants issued for stock issuance costs	`WarrantsIssuedForStockIssuanceCosts`	$646.00K	USD	Annual
Warrants issued for stock issuance costs	`WarrantsIssuedForStockIssuanceCosts`	-	USD	Annual
Reclassification of fixed assets to assets held for sale, net	`ReclassificationOfFixedAssetsToAssetsHeldForSaleNet`	$33.00K	USD	Annual
Reclassification of fixed assets to assets held for sale, net	`ReclassificationOfFixedAssetsToAssetsHeldForSaleNet`	$683.00K	USD	Annual
Vesting of restricted shares	`VestingofRestrictedShares`	$648.00K	USD	Annual
Vesting of restricted shares	`VestingofRestrictedShares`	$522.00K	USD	Annual
Common stock issued in payment of note interest	`CommonStockIssuedInPaymentsOfNoteInterest`	$1.02M	USD	Annual
Common stock issued in payment of note interest	`CommonStockIssuedInPaymentsOfNoteInterest`	-	USD	Annual
Debt issuance costs included in accounts payable and accrued expenses	`DebtIssuanceCostsIncludedInAccountsPayableAndAccruedExpenses`	$-30.00K	USD	Annual
Debt issuance costs included in accounts payable and accrued expenses	`DebtIssuanceCostsIncludedInAccountsPayableAndAccruedExpenses`	$30.00K	USD	Annual
Intrinsic value of beneficial conversion feature	`DebtInstrumentConvertibleBeneficialConversionFeature`	$1.81M	USD	Annual
Intrinsic value of beneficial conversion feature	`DebtInstrumentConvertibleBeneficialConversionFeature`	$3.95M	USD	Annual

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning	`StockholdersEquity`	$13.85M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$15.01M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$25.95M	USD	Point-in-time
Cumulative-effect adjustment from adoption of ASC 606	`CumulativeEffectOnRetainedEarningsNetOfTax1`	$20.00K	USD	Annual
Common stock issued for cash, net of issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$13.20M	USD	Annual
Common stock issued for cash, net of issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$28.66M	USD	Annual
Warrants issued to underwriter	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$646.00K	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$5.62M	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$6.68M	USD	Annual
Common stock issued for exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$200.00K	USD	Annual
Common stock issued for exercise of warrants	`CommonStockWarrantsExercisedAndCommonSharesIssuedForCash`	$75.00K	USD	Annual
Common stock issued for exercise of warrants	`CommonStockWarrantsExercisedAndCommonSharesIssuedForCash`	$70.00K	USD	Annual
ESPP purchase	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition`	$99.00K	USD	Annual
Intrinsic value of beneficial conversion feature	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$1.81M	USD	Annual
Intrinsic value of beneficial conversion feature	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$3.95M	USD	Annual
Vesting of restricted shares	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$648.00K	USD	Annual
Vesting of restricted shares	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$522.00K	USD	Annual
Common stock issued in payment of note interest	`CommonStockIssuedInPaymentOfNoteInterest`	$1.02M	USD	Annual
Repurchase and retirement of common shares	`StockRepurchasedDuringPeriodValue`	-	USD	Annual
Repurchase and retirement of common shares	`StockRepurchasedDuringPeriodValue`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-29.25M	USD	Annual
Net loss	`NetIncomeLoss`	$-21.74M	USD	Annual
Balance at ending	`StockholdersEquity`	$13.85M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$15.01M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$25.95M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.