10-Q Filing

AKOUSTIS TECHNOLOGIES, INC. CIK: 1584754 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001213900-23-085499`
Period End Date	20230930
Filing Date	20231113
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	f10q0923_akoustis_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 38 Cash Flow Statement 50 Stockholders Equity 18

Balance Sheet 74 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.79M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$43.10M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.75M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$3.94M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Inventory	`InventoryNet`	$6.18M	USD	Point-in-time
Inventory	`InventoryNet`	$7.55M	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
Other current assets	`OtherAssetsCurrent`	$2.67M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$4.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$38.58M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	125.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	125.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$59.84M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$58.14M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	72.15M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	72.46M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$57.83M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	72.15M	shares	Point-in-time
Goodwill	`Goodwill`	$14.56M	USD	Point-in-time
Goodwill	`Goodwill`	$14.56M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	72.46M	shares	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$14.53M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$15.24M	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$1.37M	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$1.26M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$73.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$72.00K	USD	Point-in-time
Total Assets	`Assets`	$127.15M	USD	Point-in-time
Total Assets	`Assets`	$148.92M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$17.03M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$15.12M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$105.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$312.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$460.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$439.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$15.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.57M	USD	Point-in-time
Convertible notes payable, net	`ConvertibleLongTermNotesPayable`	$43.35M	USD	Point-in-time
Convertible notes payable, net	`ConvertibleLongTermNotesPayable`	$41.49M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$854.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$976.00K	USD	Point-in-time
Promissory note payable	`OtherLongTermNotesPayable`	$667.00K	USD	Point-in-time
Promissory note payable	`OtherLongTermNotesPayable`	$1.00M	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	`LiabilitiesNoncurrent`	$43.46M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$45.11M	USD	Point-in-time
Total Liabilities	`Liabilities`	$62.68M	USD	Point-in-time
Total Liabilities	`Liabilities`	$59.35M	USD	Point-in-time
Commitments and Contingencies (Note 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 14)	`CommitmentsAndContingencies`	-	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; 125,000,000 shares authorized (175,000,000 as of 11/2/23); 72,463,465, and 72,154,647 shares issued and outstanding at September 30, 2023 and June 30, 2023, respectively	`CommonStockValue`	$72.00K	USD	Point-in-time
Common stock, $0.001 par value; 125,000,000 shares authorized (175,000,000 as of 11/2/23); 72,463,465, and 72,154,647 shares issued and outstanding at September 30, 2023 and June 30, 2023, respectively	`CommonStockValue`	$72.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$358.40M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$356.52M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-270.36M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-290.69M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$86.69M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$67.79M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$86.24M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$103.43M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$148.92M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$127.15M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net loss per common share - diluted	`EarningsPerShareDiluted`	$-0.28	USD	1 Quarter
Revenue	`Revenues`	$5.57M	USD	1 Quarter
Revenue	`Revenues`	$7.00M	USD	1 Quarter
Net loss per common share - diluted	`EarningsPerShareDiluted`	$-0.33	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$6.45M	USD	1 Quarter
Weighted average common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	72.31M	shares	1 Quarter
Weighted average common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	57.15M	shares	1 Quarter
Cost of revenue	`CostOfRevenue`	$8.09M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-887.00K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-1.08M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$10.10M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$10.35M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$10.22M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$6.98M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$20.57M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$17.08M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-17.97M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-21.65M	USD	1 Quarter
Interest (expense) income	`InterestIncomeExpenseNet`	$-743.00K	USD	1 Quarter
Interest (expense) income	`InterestIncomeExpenseNet`	$-485.00K	USD	1 Quarter
Other (expense) income	`OtherNonoperatingIncomeExpense`	$-14.00K	USD	1 Quarter
Other (expense) income	`OtherNonoperatingIncomeExpense`	$-3.00K	USD	1 Quarter
Change in fair value of contingent consideration	`ChangeInFairValueOfContingentConsideration`	-	USD	1 Quarter
Change in fair value of contingent consideration	`ChangeInFairValueOfContingentConsideration`	$446.00K	USD	1 Quarter
Change in fair value of derivative liabilities	`FairValueAdjustmentOfWarrants`	$-2.01M	USD	1 Quarter
Change in fair value of derivative liabilities	`FairValueAdjustmentOfWarrants`	$-21.00K	USD	1 Quarter
Total other (expense) income	`NonoperatingIncomeExpense`	$-1.18M	USD	1 Quarter
Total other (expense) income	`NonoperatingIncomeExpense`	$1.53M	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-20.13M	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-19.15M	USD	1 Quarter
Income Taxes	`IncomeTaxExpenseBenefit`	$-57.00K	USD	1 Quarter
Income Taxes	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-19.09M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-20.13M	USD	1 Quarter
Net loss per common share - basic (in Dollars per share)	`EarningsPerShareBasic`	$-0.28	USD	1 Quarter
Net loss per common share - basic (in Dollars per share)	`EarningsPerShareBasic`	$-0.33	USD	1 Quarter
Weighted average common shares outstanding - basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	57.15M	shares	1 Quarter
Weighted average common shares outstanding - basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	72.31M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-19.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-20.13M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.02M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.45M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.88M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.35M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$155.00K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$143.00K	USD	1 Quarter
Amortization of operating lease right of use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$113.00K	USD	1 Quarter
Amortization of operating lease right of use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$97.00K	USD	1 Quarter
Change in fair value of derivative liabilities	`FairValueAdjustmentOfWarrants`	$-2.01M	USD	1 Quarter
Change in fair value of derivative liabilities	`FairValueAdjustmentOfWarrants`	$-21.00K	USD	1 Quarter
Change in fair value of contingent consideration	`ChangeInFairValueOfContingentConsideration`	-	USD	1 Quarter
Change in fair value of contingent consideration	`ChangeInFairValueOfContingentConsideration`	$446.00K	USD	1 Quarter
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	$-1.00K	USD	1 Quarter
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	$-66.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-610.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-817.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-1.37M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$431.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-1.76M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$952.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-380.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-569.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-101.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-88.00K	USD	1 Quarter
Other long term liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$333.00K	USD	1 Quarter
Other long term liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-1.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-138.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$208.00K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-14.99M	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-13.11M	USD	1 Quarter
Cash paid for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.21M	USD	1 Quarter
Cash paid for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.83M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.21M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.83M	USD	1 Quarter
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-17.32M	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`	$80.48M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$43.10M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$25.79M	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`	$80.48M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$43.10M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$25.79M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$60.66M	USD	Point-in-time
Income taxes	`IncomeTaxesPaid`	$40.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Fixed assets included in accounts payable and accrued expenses	`FixedAssetsIncludedInAccountsPayableAndAccruedExpenses`	$850.00K	USD	1 Quarter
Fixed assets included in accounts payable and accrued expenses	`FixedAssetsIncludedInAccountsPayableAndAccruedExpenses`	$686.00K	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$86.69M	USD	Point-in-time
Balance	`StockholdersEquity`	$67.79M	USD	Point-in-time
Balance	`StockholdersEquity`	$86.24M	USD	Point-in-time
Balance	`StockholdersEquity`	$103.43M	USD	Point-in-time
Balance (in Shares)	`CommonStockSharesOutstanding`	72.15M	shares	Point-in-time
Balance (in Shares)	`CommonStockSharesOutstanding`	72.46M	shares	Point-in-time
Cumulative-effect adoption of ASU 2016-13	`CumulativeEffectPeriodOfAdoptionAdjustment`	$-201.00K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.88M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.35M	USD	1 Quarter
ESPP Purchase	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-19.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-20.13M	USD	1 Quarter
Balance	`StockholdersEquity`	$86.69M	USD	Point-in-time
Balance	`StockholdersEquity`	$67.79M	USD	Point-in-time
Balance	`StockholdersEquity`	$86.24M	USD	Point-in-time
Balance	`StockholdersEquity`	$103.43M	USD	Point-in-time
Balance (in Shares)	`CommonStockSharesOutstanding`	72.15M	shares	Point-in-time
Balance (in Shares)	`CommonStockSharesOutstanding`	72.46M	shares	Point-in-time

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