10-Q Filing

AKOUSTIS TECHNOLOGIES, INC. CIK: 1584754 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001213900-20-034252`
Period End Date	20200930
Filing Date	20201030
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	akts-20200930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 32 Cash Flow Statement 62 Stockholders Equity 18

Balance Sheet 71 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, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$37.19M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$44.31M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$351.00K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$346.00K	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory, net	`InventoryNet`	$136.00K	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory, net	`InventoryNet`	$236.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.41M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.51M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	38.58M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$46.20M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	37.99M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$39.28M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	37.99M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$23.61M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$23.46M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	38.58M	shares	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$544.00K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$577.00K	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$699.00K	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$645.00K	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`	$282.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$282.00K	USD	Point-in-time
Total Assets	`Assets`	$64.35M	USD	Point-in-time
Total Assets	`Assets`	$71.43M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.75M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$5.90M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$190.00K	USD	Point-in-time
Operating lease liability - current	`OperatingLeaseLiabilityCurrent`	$231.00K	USD	Point-in-time
Operating lease liability - current	`OperatingLeaseLiabilityCurrent`	$241.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.13M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.18M	USD	Point-in-time
Convertible notes payable, net	`ConvertibleDebtNoncurrent`	$21.63M	USD	Point-in-time
Convertible notes payable, net	`ConvertibleDebtNoncurrent`	$22.86M	USD	Point-in-time
Operating lease liability - non-current	`OperatingLeaseLiabilityNoncurrent`	$472.00K	USD	Point-in-time
Operating lease liability - non-current	`OperatingLeaseLiabilityNoncurrent`	$408.00K	USD	Point-in-time
Loans payable	`LongTermLoansPayable`	$1.59M	USD	Point-in-time
Loans payable	`LongTermLoansPayable`	$1.60M	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$117.00K	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$117.00K	USD	Point-in-time
Total long-term liabilities	`DerivativeLiabilitiesNoncurrent`	$23.81M	USD	Point-in-time
Total long-term liabilities	`DerivativeLiabilitiesNoncurrent`	$24.98M	USD	Point-in-time
Total Liabilities	`Liabilities`	$29.94M	USD	Point-in-time
Total Liabilities	`Liabilities`	$29.16M	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; 100,000,000 shares authorized; 38,582,189 and 37,990,380 shares issued and outstanding at September 30, 2020 and June 30, 2020, respectively	`CommonStockValue`	$38.00K	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 38,582,189 and 37,990,380 shares issued and outstanding at September 30, 2020 and June 30, 2020, respectively	`CommonStockValue`	$39.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$145.07M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$150.71M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-103.61M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-115.56M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$19.23M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$41.49M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$25.95M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$35.19M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$64.35M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$71.43M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$636.00K	USD	1 Quarter
Revenue	`Revenues`	$543.00K	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$336.00K	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$1.65M	USD	1 Quarter
Gross profit	`GrossProfit`	$-1.01M	USD	1 Quarter
Gross profit	`GrossProfit`	$207.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$6.38M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$5.08M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.93M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.80M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$9.31M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.88M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-10.32M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-7.67M	USD	1 Quarter
Interest (expense)	`InterestIncomeExpenseNet`	$-994.00K	USD	1 Quarter
Interest (expense)	`InterestIncomeExpenseNet`	$-1.43M	USD	1 Quarter
Rental income	`RentalIncomeNonoperating`	-	USD	1 Quarter
Rental income	`RentalIncomeNonoperating`	$55.00K	USD	1 Quarter
Other (expense)	`OtherNonoperatingIncomeExpense`	$-1.00K	USD	1 Quarter
Other (expense)	`OtherNonoperatingIncomeExpense`	$-1.00K	USD	1 Quarter
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValue`	$-18.00K	USD	1 Quarter
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValue`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`DerivativeGainLossOnDerivativeNet`	$-344.00K	USD	1 Quarter
Change in fair value of derivative liabilities	`DerivativeGainLossOnDerivativeNet`	$-198.00K	USD	1 Quarter
Total other (expense) income	`NonoperatingIncomeExpense`	$-1.63M	USD	1 Quarter
Total other (expense) income	`NonoperatingIncomeExpense`	$-1.30M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.97M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.95M	USD	1 Quarter
Net loss per common share - basic and diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.30	USD	1 Quarter
Net loss per common share - basic and diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.31	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	38.18M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	30.33M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-8.97M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.95M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$695.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$993.00K	USD	1 Quarter
Common stock issued for services	`CommonStockIssuedForServices`	$-1.70M	USD	1 Quarter
Common stock issued for services	`CommonStockIssuedForServices`	$-2.03M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.04M	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`	$54.00K	USD	1 Quarter
Non cash interest payments	`NoncashInterestPayments`	$244.00K	USD	1 Quarter
Non cash interest payments	`NoncashInterestPayments`	$244.00K	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-344.00K	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-198.00K	USD	1 Quarter
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	$-18.00K	USD	1 Quarter
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$299.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$100.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$12.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$105.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-143.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAsset`	$63.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAsset`	-	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-317.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-452.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInChangeInOtherLongTermLiabilities`	$54.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInChangeInOtherLongTermLiabilities`	$25.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$8.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$190.00K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.80M	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.91M	USD	1 Quarter
Cash paid for machinery and equipment	`PaymentsToAcquireMachineryAndEquipment`	$2.31M	USD	1 Quarter
Cash paid for machinery and equipment	`PaymentsToAcquireMachineryAndEquipment`	$1.58M	USD	1 Quarter
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	$64.00K	USD	1 Quarter
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	$38.00K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.65M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.35M	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$3.04M	USD	1 Quarter
Proceeds from exercise of employee stock options	`ProceedsFromStockPlans`	$102.00K	USD	1 Quarter
Proceeds from exercise of employee stock options	`ProceedsFromStockPlans`	-	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$3.14M	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-7.44M	USD	1 Quarter
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-7.12M	USD	1 Quarter
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$37.29M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$44.41M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.15M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.71M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$37.29M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$44.41M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.15M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.71M	USD	Point-in-time
Interest	`InterestPaidNet`	$163.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$163.00K	USD	1 Quarter
Common stock issued in payment of interest	`CommonStockIssuedInPaymentOfNoteInterest`	$244.00K	USD	1 Quarter
Common stock issued in payment of interest	`CommonStockIssuedInPaymentOfNoteInterest`	$244.00K	USD	1 Quarter
Stock compensation payable	`StockCompensationPayable`	-	USD	1 Quarter
Stock compensation payable	`StockCompensationPayable`	$303.00K	USD	1 Quarter
Fixed assets included in accounts payable and accrued expenses	`FixedAssetsIncludedInAccountsPayableAndAccruedExpenses`	$-1.47M	USD	1 Quarter
Debt issuance costs included in accounts payable and accrued expenses	`DebtIssuanceCostsInIncludedInAccountsPayableAndAccruedExpenses`	$-230.00K	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$19.23M	USD	Point-in-time
Balance	`StockholdersEquity`	$41.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$25.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$35.19M	USD	Point-in-time
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$2.03M	USD	1 Quarter
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$1.70M	USD	1 Quarter
Common stock issued for exercise of warrants	`CommonStockWarrantsExercisedAndCommonSharesIssuedForCash`	-	USD	1 Quarter
Vesting of restricted shares	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$303.00K	USD	1 Quarter
Common stock issued for exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$102.00K	USD	1 Quarter
Common stock issued for cash, net of issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$3.27M	USD	1 Quarter
Common stock issued in payment of note interest	`CommonStockIssuedInPaymentOfNoteInterest`	$244.00K	USD	1 Quarter
Common stock issued in payment of note interest	`CommonStockIssuedInPaymentOfNoteInterest`	$244.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.97M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.95M	USD	1 Quarter
Balance	`StockholdersEquity`	$19.23M	USD	Point-in-time
Balance	`StockholdersEquity`	$41.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$25.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$35.19M	USD	Point-in-time

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