10-Q Filing

AKOUSTIS TECHNOLOGIES, INC. CIK: 1584754 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001213900-21-055621`
Period End Date	20210930
Filing Date	20211101
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	f10q0921_akoustis_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 28 Cash Flow Statement 66 Stockholders Equity 18

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, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$88.32M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$75.68M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$1.35M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$1.17M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Inventory	`InventoryNet`	$2.06M	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$1.39M	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.31M	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
Other current assets	`OtherAssetsCurrent`	$3.54M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	52.04M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	51.24M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$82.63M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$93.20M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$36.91M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	51.24M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$30.73M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	52.04M	shares	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$564.00K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$572.00K	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$410.00K	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$471.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$25.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$11.00K	USD	Point-in-time
Total Assets	`Assets`	$124.99M	USD	Point-in-time
Total Assets	`Assets`	$120.52M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$6.95M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$7.60M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$41.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	-	USD	Point-in-time
Operating lease liability - current	`OperatingLeaseLiabilityCurrent`	$280.00K	USD	Point-in-time
Operating lease liability - current	`OperatingLeaseLiabilityCurrent`	$270.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.26M	USD	Point-in-time
Operating lease liability - non-current	`OperatingLeaseLiabilityNoncurrent`	$202.00K	USD	Point-in-time
Operating lease liability - non-current	`OperatingLeaseLiabilityNoncurrent`	$128.00K	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`	$319.00K	USD	Point-in-time
Total long-term liabilities	`DerivativeLiabilitiesNoncurrent`	$245.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$8.13M	USD	Point-in-time
Total Liabilities	`Liabilities`	$7.58M	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; 52,037,519 and 51,235,764 shares issued and outstanding at September 30, 2021 and June 30, 2021, respectively	`CommonStockValue`	$52.00K	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 52,037,519 and 51,235,764 shares issued and outstanding at September 30, 2021 and June 30, 2021, respectively	`CommonStockValue`	$51.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$265.13M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$272.97M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-160.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-147.77M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$41.49M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$112.40M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$35.19M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$117.41M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$124.99M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$120.52M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenue with customers	`RevenueFromContractWithCustomerIncludingAssessedTax`	$636.00K	USD	1 Quarter
Revenue with customers	`RevenueFromContractWithCustomerIncludingAssessedTax`	$1.87M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$1.65M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$2.90M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-1.03M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-1.01M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$7.97M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$6.38M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.93M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.88M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$11.85M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$9.31M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-10.32M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-12.88M	USD	1 Quarter
Interest (expense) income	`InterestIncomeExpenseNet`	$35.00K	USD	1 Quarter
Interest (expense) income	`InterestIncomeExpenseNet`	$-1.43M	USD	1 Quarter
Other (expense)	`OtherNonoperatingIncomeExpense`	$-1.00K	USD	1 Quarter
Other (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-198.00K	USD	1 Quarter
Total other (expense) income	`NonoperatingIncomeExpense`	$35.00K	USD	1 Quarter
Total other (expense) income	`NonoperatingIncomeExpense`	$-1.63M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.95M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-12.85M	USD	1 Quarter
Net loss per common share - basic and diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.25	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`	51.44M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-11.95M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-12.85M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.47M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$993.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.03M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.35M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.04M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Amortization of operating lease right of use asset	`OperatingLeaseRightOfUseAssetAmortization`	$61.00K	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`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-198.00K	USD	1 Quarter
Gain on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Gain on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	$197.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$182.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$100.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$668.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$1.22M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$105.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAsset`	-	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAsset`	-	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.34M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-452.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInChangeInOtherLongTermLiabilities`	$64.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInChangeInOtherLongTermLiabilities`	$54.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$190.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-41.00K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.69M	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`	$5.73M	USD	1 Quarter
Cash received from sale of fixed assets	`ProceedsFromSaleOfPropertyHeldForSale`	-	USD	1 Quarter
Cash received from sale of fixed assets	`ProceedsFromSaleOfPropertyHeldForSale`	$286.00K	USD	1 Quarter
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	$38.00K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.44M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.35M	USD	1 Quarter
Proceeds from issuance of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$5.43M	USD	1 Quarter
Proceeds from issuance of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$3.04M	USD	1 Quarter
Proceeds from exercise of employee stock options	`ProceedsFromStockPlans`	$33.00K	USD	1 Quarter
Proceeds from exercise of employee stock options	`ProceedsFromStockPlans`	$102.00K	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfWarrants`	-	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfWarrants`	$24.00K	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$5.49M	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$3.14M	USD	1 Quarter
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-7.12M	USD	1 Quarter
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-12.64M	USD	1 Quarter
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`	$88.32M	USD	Point-in-time
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`	$75.68M	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`	$88.32M	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`	$75.68M	USD	Point-in-time
Interest	`InterestPaidNet`	$163.00K	USD	1 Quarter
Interest	`InterestPaidNet`	-	USD	1 Quarter
Common stock issued in payment of interest	`AssetsPurchasedUsingCommonStock`	$244.00K	USD	1 Quarter
Common stock issued in payment of interest	`AssetsPurchasedUsingCommonStock`	-	USD	1 Quarter
Fixed assets included in accounts payable and accrued expenses	`FixedAssetsIncludedInAccountsPayableAndAccruedExpenses`	$-1.47M	USD	1 Quarter
Fixed assets included in accounts payable and accrued expenses	`FixedAssetsIncludedInAccountsPayableAndAccruedExpenses`	$1.99M	USD	1 Quarter
Stock issuance costs included in accounts payable and accrued expenses	`DebtIssuanceCostsInIncludedInAccountsPayableAndAccruedExpenses`	$-230.00K	USD	1 Quarter
Stock issuance costs included in accounts payable and accrued expenses	`DebtIssuanceCostsInIncludedInAccountsPayableAndAccruedExpenses`	-	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$41.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$112.40M	USD	Point-in-time
Balance	`StockholdersEquity`	$35.19M	USD	Point-in-time
Balance	`StockholdersEquity`	$117.41M	USD	Point-in-time
Common stock issued for cash, net of issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$5.43M	USD	1 Quarter
Common stock issued for cash, net of issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$3.27M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.03M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.35M	USD	1 Quarter
Common stock issued for exercise of warrants	`CommonStockIssuedForExerciseOfWarrants`	$24.00K	USD	1 Quarter
Common stock issued for exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$102.00K	USD	1 Quarter
Common stock issued for exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$33.00K	USD	1 Quarter
Common stock issued in payment of note interest	`StockIssuedDuringPeriodValueAcquisitions`	$244.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-11.95M	USD	1 Quarter
Net loss	`ProfitLoss`	$-12.85M	USD	1 Quarter
Balance	`StockholdersEquity`	$41.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$112.40M	USD	Point-in-time
Balance	`StockholdersEquity`	$35.19M	USD	Point-in-time
Balance	`StockholdersEquity`	$117.41M	USD	Point-in-time

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