10-Q Filing

AKOUSTIS TECHNOLOGIES, INC. CIK: 1584754 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001213900-22-071579`
Period End Date	20220930
Filing Date	20221114
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	f10q0922_akoustis_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 37 Cash Flow Statement 54 Stockholders Equity 15

Balance Sheet 72 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
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$60.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$80.48M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$2.98M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$3.79M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$4.53M	USD	Point-in-time
Inventory	`InventoryNet`	$4.09M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$3.36M	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`	$4.52M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$72.68M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$91.73M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	57.34M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	57.08M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	57.08M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$54.19M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$51.16M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	57.34M	shares	Point-in-time
Goodwill	`Goodwill`	$8.05M	USD	Point-in-time
Goodwill	`Goodwill`	$8.05M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$8.99M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$8.64M	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$1.03M	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$1.13M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$279.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$71.00K	USD	Point-in-time
Total Assets	`Assets`	$144.66M	USD	Point-in-time
Total Assets	`Assets`	$161.34M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$10.93M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$11.20M	USD	Point-in-time
Contingent consideration	`BusinessCombinationContingentConsiderationLiabilityCurrent`	$1.27M	USD	Point-in-time
Contingent consideration	`BusinessCombinationContingentConsiderationLiabilityCurrent`	$855.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$286.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$147.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$313.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$305.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.65M	USD	Point-in-time
Convertible notes payable, net	`DeferredIncomeTaxLiabilitiesNet`	$43.85M	USD	Point-in-time
Convertible notes payable, net	`DeferredIncomeTaxLiabilitiesNet`	$43.73M	USD	Point-in-time
Contingent consideration	`ContingentConsideration`	$624.00K	USD	Point-in-time
Contingent consideration	`ContingentConsideration`	$591.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$732.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$811.00K	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$117.00K	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$116.00K	USD	Point-in-time
Total long-term liabilities	`DerivativeLiabilitiesNoncurrent`	$45.25M	USD	Point-in-time
Total long-term liabilities	`DerivativeLiabilitiesNoncurrent`	$45.33M	USD	Point-in-time
Total Liabilities	`Liabilities`	$57.98M	USD	Point-in-time
Total Liabilities	`Liabilities`	$57.91M	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; 57,341,047, and 57,079,347 shares issued and outstanding at September 30, 2022 and June 30, 2022, respectively	`CommonStockValue`	$57.00K	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 57,341,047, and 57,079,347 shares issued and outstanding at September 30, 2022 and June 30, 2022, respectively	`CommonStockValue`	$57.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$312.52M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$310.17M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-225.89M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-206.80M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$103.43M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$86.69M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$161.34M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$144.66M	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Net loss per common share - diluted	`EarningsPerShareDiluted`	$-0.33	USD	1 Quarter
Revenue	`Revenues`	$1.87M	USD	1 Quarter
Net loss per common share - diluted	`EarningsPerShareDiluted`	$-0.25	USD	1 Quarter
Revenue	`Revenues`	$5.57M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$6.45M	USD	1 Quarter
Weighted average common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.44M	shares	1 Quarter
Weighted average common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	57.15M	shares	1 Quarter
Cost of revenue	`CostOfRevenue`	$2.90M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-1.03M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-887.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$10.10M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$7.97M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.88M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$6.98M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$17.08M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$11.85M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-17.97M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-12.88M	USD	1 Quarter
Interest (expense) income	`InterestexpensesIncome`	$-35.00K	USD	1 Quarter
Interest (expense) income	`InterestexpensesIncome`	$743.00K	USD	1 Quarter
Other (expense) income	`OtherIncome`	$-14.00K	USD	1 Quarter
Change in fair value of contingent consideration	`GainsLossesOnExtinguishmentOfDebt`	$-446.00K	USD	1 Quarter
Change in fair value of contingent consideration	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`FairValueAdjustmentOfWarrants`	$-21.00K	USD	1 Quarter
Change in fair value of derivative liabilities	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Total other (expense) income	`NonoperatingIncomeExpense`	$35.00K	USD	1 Quarter
Total other (expense) income	`NonoperatingIncomeExpense`	$-1.18M	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-19.15M	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-12.85M	USD	1 Quarter
Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income Taxes	`IncomeTaxExpenseBenefit`	$-57.00K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-12.85M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-19.09M	USD	1 Quarter
Net loss per common share - basic and diluted (in Dollars per share)	`EarningsPerShareBasic`	$-0.25	USD	1 Quarter
Net loss per common share - basic and diluted (in Dollars per share)	`EarningsPerShareBasic`	$-0.33	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.44M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	57.15M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-12.85M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-19.09M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.45M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.47M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.35M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.35M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$143.00K	USD	1 Quarter
Amortization of operating lease right of use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$97.00K	USD	1 Quarter
Amortization of operating lease right of use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$61.00K	USD	1 Quarter
Change in fair value of derivative liabilities	`FairValueAdjustmentOfWarrants`	$-21.00K	USD	1 Quarter
Change in fair value of derivative liabilities	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Change in fair value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	-	USD	1 Quarter
Change in fair value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$446.00K	USD	1 Quarter
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	$197.00K	USD	1 Quarter
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	$-1.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$182.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-817.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$431.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$668.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$952.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$1.22M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.34M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-569.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-64.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-88.00K	USD	1 Quarter
Other long term liabilities	`IncreaseDecreaseinOtherLongTermLiabilities`	$1.00K	USD	1 Quarter
Other long term liabilities	`IncreaseDecreaseinOtherLongTermLiabilities`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-41.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-138.00K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.69M	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-14.99M	USD	1 Quarter
Cash paid for property, plant and equipment	`PaymentsToAcquireMachineryAndEquipment`	$4.83M	USD	1 Quarter
Cash paid for property, plant and equipment	`PaymentsToAcquireMachineryAndEquipment`	$5.73M	USD	1 Quarter
Cash received from the sale of fixed assets	`ProceedsFromSaleOfPropertyHeldForSale`	$286.00K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.83M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.44M	USD	1 Quarter
Proceeds from issuance of common stock, net of issuance costs	`IssuanceOfCommonStockForAcquisition`	$-5.43M	USD	1 Quarter
Proceeds from exercise of employee stock options	`ProceedsFromEmployeeStockPurchasePlan`	$33.00K	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 Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-12.64M	USD	1 Quarter
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-19.82M	USD	1 Quarter
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`	$75.68M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.48M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$60.66M	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`	$75.68M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.48M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$60.66M	USD	Point-in-time
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$40.00K	USD	1 Quarter
Fixed assets included in accounts payable and accrued expenses	`StockIssued1`	$686.00K	USD	1 Quarter
Fixed assets included in accounts payable and accrued expenses	`StockIssued1`	$1.99M	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$117.41M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$112.40M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$86.69M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$103.43M	USD	Point-in-time
Common stock issued for cash, net of issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$5.43M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.35M	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	`StockIssuedDuringPeriodValueOther`	$33.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-12.85M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-19.09M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$117.41M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$112.40M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$86.69M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$103.43M	USD	Point-in-time

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