10-Q Filing

AKOUSTIS TECHNOLOGIES, INC. CIK: 1584754 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001615774-17-000605`
Period End Date	20161231
Filing Date	20170214
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	akts-20161231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 44 Cash Flow Statement 64 Stockholders Equity 17

Balance Sheet 61 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`	$2.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.33M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.16M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.00M	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$29.00K	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	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`	$43.19K	USD	Point-in-time
Inventory	`InventoryNet`	$43.54K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$93.25K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$54.82K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.25M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	16.57M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$5.17M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	15.38M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	15.38M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$206.99K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$625.58K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	16.57M	shares	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$107.77K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$71.23K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$20.71K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$10.71K	USD	Point-in-time
Total Assets	`Assets`	$4.54M	USD	Point-in-time
Total Assets	`Assets`	$5.92M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$543.65K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$918.37K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$29.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$543.65K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$947.37K	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesNoncurrent`	$396.83K	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesNoncurrent`	$1.32M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.34M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.87M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`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; 45,000,000 shares authorized; 16,569,978 and 15,375,981 shares issued and outstanding at December 31, 2016 and June 30, 2016, respectively	`CommonStockValue`	$16.57K	USD	Point-in-time
Common stock, $0.001 par value; 45,000,000 shares authorized; 16,569,978 and 15,375,981 shares issued and outstanding at December 31, 2016 and June 30, 2016, respectively	`CommonStockValue`	$15.38K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$9.34M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$16.70M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.67M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.14M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$2.68M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$4.58M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.92M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$4.54M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Contract research and government grants	`RevenueFromGrants`	$159.07K	USD	1 Quarter
Contract research and government grants	`RevenueFromGrants`	-	USD	1 Quarter
Contract research and government grants	`RevenueFromGrants`	-	USD	2 Qtrs
Contract research and government grants	`RevenueFromGrants`	$159.07K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$673.61K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$351.89K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.43M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$775.98K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.49M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.07M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.33M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$724.48K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.84M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.76M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$2.16M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$1.08M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.68M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.08M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.16M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-4.60M	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$299.00	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$848.00	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$352.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$209.00	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-712.25K	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$19.43K	USD	2 Qtrs
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$5.41K	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-869.46K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$20.28K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$5.77K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-712.04K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-869.16K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.14M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.40M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.47M	USD	2 Qtrs
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.21	USD	1 Quarter
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	1 Quarter
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.18	USD	2 Qtrs
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.35	USD	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	12.04M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	15.80M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	12.77M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	15.89M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.14M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.40M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.47M	USD	2 Qtrs
Depreciation	`Depreciation`	$12.95K	USD	1 Quarter
Depreciation	`Depreciation`	$8.46K	USD	1 Quarter
Depreciation	`Depreciation`	$12.99K	USD	2 Qtrs
Depreciation	`Depreciation`	$25.83K	USD	2 Qtrs
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$1.41K	USD	2 Qtrs
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$1.76K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$378.00	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$3.11K	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$2.25M	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$147.15K	USD	2 Qtrs
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-712.25K	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$19.43K	USD	2 Qtrs
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$5.41K	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-869.46K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$29.00K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-359.00	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	-	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$8.07K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$38.43K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$50.26K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$10.00K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$349.65K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$244.11K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$29.00K	USD	2 Qtrs
Net Cash Used In Operating Activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-2.13M	USD	2 Qtrs
Net Cash Used In Operating Activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.71M	USD	2 Qtrs
Cash paid for machinery and equipment	`PaymentsToAcquireMachineryAndEquipment`	$123.41K	USD	2 Qtrs
Cash paid for machinery and equipment	`PaymentsToAcquireMachineryAndEquipment`	$444.43K	USD	2 Qtrs
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	$16.90K	USD	2 Qtrs
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	$39.65K	USD	2 Qtrs
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-484.08K	USD	2 Qtrs
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-140.31K	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$3.46M	USD	2 Qtrs
Net Cash Provided By Financing Activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	-	USD	2 Qtrs
Net Cash Provided By Financing Activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$3.46M	USD	2 Qtrs
Net Increase (Decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.85M	USD	2 Qtrs
Net Increase (Decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$846.02K	USD	2 Qtrs
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.48M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.33M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$11.00M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.16M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$5.00M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.48M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.33M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$11.00M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.16M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$5.00M	USD	Point-in-time
Income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Interest	`InterestPaid`	-	USD	2 Qtrs
Interest	`InterestPaid`	-	USD	2 Qtrs
Stock compensation payable	`LiabilitiesAssumed1`	$208.70K	USD	2 Qtrs
Stock compensation payable	`LiabilitiesAssumed1`	$37.45K	USD	2 Qtrs
Warrants issued for stock issuance costs	`StockIssued1`	$107.43K	USD	2 Qtrs
Warrants issued for stock issuance costs	`StockIssued1`	-	USD	2 Qtrs
Reclassification of derivative liability to additional paid in capital	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	-	USD	2 Qtrs
Reclassification of derivative liability to additional paid in capital	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$1.80M	USD	2 Qtrs

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning	`StockholdersEquity`	$2.68M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$4.58M	USD	Point-in-time
Balance at beginning (in shares)	`CommonStockSharesOutstanding`	15.38M	shares	Point-in-time
Balance at beginning (in shares)	`CommonStockSharesOutstanding`	16.57M	shares	Point-in-time
Common stock issued for cash, net of issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$3.46M	USD	2 Qtrs
Warrants issued to underwriter	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$107.43K	USD	2 Qtrs
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$2.15M	USD	2 Qtrs
Vesting of restricted shares	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$78.08K	USD	2 Qtrs
Transfer of warrants from liability to equity classification	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	$1.80M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.14M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.40M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.47M	USD	2 Qtrs
Balance at ending	`StockholdersEquity`	$2.68M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$4.58M	USD	Point-in-time
Balance at ending (in shares)	`CommonStockSharesOutstanding`	15.38M	shares	Point-in-time
Balance at ending (in shares)	`CommonStockSharesOutstanding`	16.57M	shares	Point-in-time

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