10-Q Filing

AKOUSTIS TECHNOLOGIES, INC. CIK: 1584754 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001213900-19-022392`
Period End Date	20190930
Filing Date	20191107
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	akts-20190930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 36 Cash Flow Statement 66 Stockholders Equity 20

Balance Sheet 76 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`	$9.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.82M	USD	Point-in-time
Preferred Stock, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred Stock, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.61M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.05M	USD	Point-in-time
Preferred Stock, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$285.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$583.00K	USD	Point-in-time
Preferred Stock, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$107.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$94.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.29M	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`	$1.15M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	30.14M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$31.72M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	30.47M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$24.45M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	30.14M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$15.18M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	30.47M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$16.05M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$422.00K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$388.00K	USD	Point-in-time
Assets held for sale, net	`AvailableForSaleSecuritiesNoncurrent`	$300.00K	USD	Point-in-time
Assets held for sale, net	`AvailableForSaleSecuritiesNoncurrent`	$349.00K	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$636.00K	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Restricted cash	`RestrictedCash`	$100.00K	USD	Point-in-time
Restricted cash	`RestrictedCash`	$100.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$324.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$262.00K	USD	Point-in-time
Total Assets	`Assets`	$47.95M	USD	Point-in-time
Total Assets	`Assets`	$42.32M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.59M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.21M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$5.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$13.00K	USD	Point-in-time
Operating lease liability-current	`RightOfUseLiabilityCurrent`	-	USD	Point-in-time
Operating lease liability-current	`RightOfUseLiabilityCurrent`	$108.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.22M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.71M	USD	Point-in-time
Contingent real estate liability	`ContingentRealEstateLiability`	$445.00K	USD	Point-in-time
Contingent real estate liability	`ContingentRealEstateLiability`	$464.00K	USD	Point-in-time
Convertible notes payable, net	`LongTermDebtNoncurrent`	$19.27M	USD	Point-in-time
Convertible notes payable, net	`LongTermDebtNoncurrent`	$18.21M	USD	Point-in-time
Operating lease liability - non current	`RightOfUseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease liability - non current	`RightOfUseLiabilityNoncurrent`	$530.00K	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$117.00K	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$118.00K	USD	Point-in-time
Total long-term liabilities	`DerivativeLiabilitiesNoncurrent`	$20.38M	USD	Point-in-time
Total long-term liabilities	`DerivativeLiabilitiesNoncurrent`	$18.78M	USD	Point-in-time
Total Liabilities	`Liabilities`	$23.09M	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; 30,467,986 and 30,140,955 shares issued and outstanding at September 30, 2019 and June 30, 2019, respectively	`CommonStockValue`	$30.00K	USD	Point-in-time
Common stock, $0.001 par value; 45,000,000 shares authorized; 30,467,986 and 30,140,955 shares issued and outstanding at September 30, 2019 and June 30, 2019, respectively	`CommonStockValue`	$30.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$95.65M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$93.40M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-67.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-76.45M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$19.23M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$25.95M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$9.14M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$13.85M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$47.95M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$42.32M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenue with customers	`RevenueFromContractWithCustomerIncludingAssessedTax`	$543.00K	USD	1 Quarter
Revenue with customers	`RevenueFromContractWithCustomerIncludingAssessedTax`	$204.00K	USD	1 Quarter
Grant revenue	`RevenueNotFromContractWithCustomer`	-	USD	1 Quarter
Grant revenue	`RevenueNotFromContractWithCustomer`	$109.00K	USD	1 Quarter
Total revenue	`Revenues`	$313.00K	USD	1 Quarter
Total revenue	`Revenues`	$543.00K	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$144.00K	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$336.00K	USD	1 Quarter
Gross profit	`GrossProfit`	$207.00K	USD	1 Quarter
Gross profit	`GrossProfit`	$169.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.36M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$5.08M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.80M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.50M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.87M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.88M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.70M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-7.67M	USD	1 Quarter
Interest (expense) income	`InterestIncomeExpenseNet`	$-482.00K	USD	1 Quarter
Interest (expense) income	`InterestIncomeExpenseNet`	$-994.00K	USD	1 Quarter
Rental income	`RentalIncomeNonoperating`	$55.00K	USD	1 Quarter
Rental income	`RentalIncomeNonoperating`	$69.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$-1.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	-	USD	1 Quarter
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	$-47.00K	USD	1 Quarter
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	$-18.00K	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-344.00K	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-151.00K	USD	1 Quarter
Total other (expense) income	`NonoperatingIncomeExpense`	$-1.30M	USD	1 Quarter
Total other (expense) income	`NonoperatingIncomeExpense`	$-611.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.31M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.97M	USD	1 Quarter
Net loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.30	USD	1 Quarter
Net loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.33	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	30.33M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.24M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.31M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.97M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$573.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$695.00K	USD	1 Quarter
Common stock issued for services	`CommonStockIssuedForServices`	$-2.10M	USD	1 Quarter
Common stock issued for services	`CommonStockIssuedForServices`	$-1.70M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$251.00K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$711.00K	USD	1 Quarter
Amortization of operating lease right of use asset	`OperatingLeaseRightOfUseAssetAmortization`	$27.00K	USD	1 Quarter
Amortization of operating lease right of use asset	`OperatingLeaseRightOfUseAssetAmortization`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-344.00K	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-151.00K	USD	1 Quarter
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	$-47.00K	USD	1 Quarter
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	$-18.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$299.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$104.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$12.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-11.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$365.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-143.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$63.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$63.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-73.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-71.00K	USD	1 Quarter
Lease liabilities	`LeaseLiabilities`	$25.00K	USD	1 Quarter
Lease liabilities	`LeaseLiabilities`	-	USD	1 Quarter
Change in other long-term liabilities	`IncreaseDecreaseInChangeInOtherLongTermLiabilities`	$-6.00K	USD	1 Quarter
Change in other long-term liabilities	`IncreaseDecreaseInChangeInOtherLongTermLiabilities`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerAsset`	$-8.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerAsset`	$-26.00K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.80M	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.75M	USD	1 Quarter
Cash paid for machinery and equipment	`PaymentsToAcquireMachineryAndEquipment`	$1.58M	USD	1 Quarter
Cash paid for machinery and equipment	`PaymentsToAcquireMachineryAndEquipment`	$1.05M	USD	1 Quarter
Cash received from sale of assets held for sale	`ProceedsFromSaleOfPropertyHeldForSale`	-	USD	1 Quarter
Cash received from sale of assets held for sale	`ProceedsFromSaleOfPropertyHeldForSale`	$31.00K	USD	1 Quarter
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	$46.00K	USD	1 Quarter
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	$64.00K	USD	1 Quarter
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.65M	USD	1 Quarter
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.06M	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$71.00K	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Net Cash Provided By Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$71.00K	USD	1 Quarter
Net Cash Provided By Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-7.44M	USD	1 Quarter
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.74M	USD	1 Quarter
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$9.07M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$14.82M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$22.61M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$30.05M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$9.07M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$14.82M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$22.61M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$30.05M	USD	Point-in-time
Interest	`InterestPaidNet`	$163.00K	USD	1 Quarter
Interest	`InterestPaidNet`	-	USD	1 Quarter
Accrued interest paid in common shares	`AccruedInterestPaidInCommonShares`	$290.00K	USD	1 Quarter
Accrued interest paid in common shares	`AccruedInterestPaidInCommonShares`	$244.00K	USD	1 Quarter
Stock compensation payable	`StockCompensationPayable`	$303.00K	USD	1 Quarter
Stock compensation payable	`StockCompensationPayable`	$200.00K	USD	1 Quarter
Stock issuance costs in accounts payable and accrued expenses	`StockIssuanceCostsInAccountsPayableAndAccruedExpenses`	-	USD	1 Quarter
Stock issuance costs in accounts payable and accrued expenses	`StockIssuanceCostsInAccountsPayableAndAccruedExpenses`	$81.00K	USD	1 Quarter
ASC 606 transition adjustment	`Asc606TransitionAdjustment`	$20.00K	USD	1 Quarter
ASC 606 transition adjustment	`Asc606TransitionAdjustment`	-	USD	1 Quarter
Derivative liability of convertible notes	`DerivativeLiabilityOfConvertibleNotes`	$1.30M	USD	1 Quarter
Derivative liability of convertible notes	`DerivativeLiabilityOfConvertibleNotes`	$1.26M	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning	`StockholdersEquity`	$19.23M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$25.95M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$9.14M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$13.85M	USD	Point-in-time
Cumulative-effect adjustment from adoption of ASC 606	`CumulativeEffectOnRetainedEarningsNetOfTax1`	$20.00K	USD	1 Quarter
Common stock issued for cash, net of issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$81.00K	USD	1 Quarter
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$1.95M	USD	1 Quarter
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$1.70M	USD	1 Quarter
Common stock issued for exercise of warrants	`CommonStockWarrantsExercisedAndCommonSharesIssuedForCash`	$71.00K	USD	1 Quarter
Common stock issued for exercise of warrants	`CommonStockWarrantsExercisedAndCommonSharesIssuedForCash`	-	USD	1 Quarter
Vesting of restricted shares	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$351.00K	USD	1 Quarter
Vesting of restricted shares	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$303.00K	USD	1 Quarter
Common stock issued in payment of note interest	`CommonStockIssuedInPaymentOfNoteInterest`	$290.00K	USD	1 Quarter
Common stock issued in payment of note interest	`CommonStockIssuedInPaymentOfNoteInterest`	$244.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.31M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.97M	USD	1 Quarter
Balance at ending	`StockholdersEquity`	$19.23M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$25.95M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$9.14M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$13.85M	USD	Point-in-time

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