10-Q Filing

AKOUSTIS TECHNOLOGIES, INC. CIK: 1584754 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0001615774-17-002434`
Period End Date	20170331
Filing Date	20170515
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	akts-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 56 Cash Flow Statement 64 Stockholders Equity 18

Balance Sheet 60 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`	$9.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.73M	USD	Point-in-time
Preferred Stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.33M	USD	Point-in-time
Preferred Stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.16M	USD	Point-in-time
Inventory	`InventoryNet`	$43.54K	USD	Point-in-time
Preferred Stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventory	`InventoryNet`	$49.53K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$54.82K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$125.71K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Deposits	`DepositsAssetsCurrent`	-	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Deposits	`DepositsAssetsCurrent`	$688.65K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.25M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	18.11M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	15.38M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$10.29M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$688.16K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$206.99K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	18.11M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	15.38M	shares	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$71.23K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$117.85K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$10.71K	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`	$11.11M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$543.65K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.27M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$30.50K	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`	$1.30M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesNoncurrent`	$1.32M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesNoncurrent`	-	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.87M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.30M	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; 18,105,349 and 15,375,981 shares issued and outstanding at March 31, 2017 and June 30, 2016, respectively	`CommonStockValue`	$15.38K	USD	Point-in-time
Common stock, $0.001 par value; 45,000,000 shares authorized; 18,105,349 and 15,375,981 shares issued and outstanding at March 31, 2017 and June 30, 2016, respectively	`CommonStockValue`	$18.11K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$9.34M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$23.99M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.67M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.21M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$9.80M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$2.68M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$11.11M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$4.54M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Contract research and government grants	`RevenueFromGrants`	$234.33K	USD	1 Quarter
Contract research and government grants	`RevenueFromGrants`	$234.33K	USD	3 Qtrs
Contract research and government grants	`RevenueFromGrants`	$453.53K	USD	3 Qtrs
Contract research and government grants	`RevenueFromGrants`	$294.46K	USD	1 Quarter
Revenue	`OtherSalesRevenueNet`	-	USD	3 Qtrs
Revenue	`OtherSalesRevenueNet`	$14.50K	USD	1 Quarter
Revenue	`OtherSalesRevenueNet`	-	USD	1 Quarter
Revenue	`OtherSalesRevenueNet`	$14.50K	USD	3 Qtrs
Total revenue	`SalesRevenueNet`	$308.96K	USD	1 Quarter
Total revenue	`SalesRevenueNet`	$234.33K	USD	3 Qtrs
Total revenue	`SalesRevenueNet`	$234.33K	USD	1 Quarter
Total revenue	`SalesRevenueNet`	$468.03K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$2.59M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.05M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$375.78K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.16M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$4.53M	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.97M	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.20M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$480.76K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.12M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$2.37M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.02M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$856.54K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-622.20K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.66M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-2.78M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-2.06M	USD	1 Quarter
Other income	`OtherIncome`	$500.00	USD	3 Qtrs
Other income	`OtherIncome`	-	USD	3 Qtrs
Other income	`OtherIncome`	-	USD	1 Quarter
Other income	`OtherIncome`	$500.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$305.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$970.00	USD	3 Qtrs
Interest income	`InvestmentIncomeInterest`	$1.15K	USD	3 Qtrs
Interest income	`InvestmentIncomeInterest`	$671.00	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-108.56K	USD	3 Qtrs
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-877.49K	USD	3 Qtrs
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-8.03K	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-127.99K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-106.91K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-876.52K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-7.36K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-127.19K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.06M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.53M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.89M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-749.39K	USD	1 Quarter
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.22	USD	3 Qtrs
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.46	USD	3 Qtrs
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	13.16M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	17.69M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	16.42M	shares	3 Qtrs
Weighted average common shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	12.85M	shares	3 Qtrs

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.06M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.53M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.89M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-749.39K	USD	1 Quarter
Depreciation	`Depreciation`	$35.54K	USD	1 Quarter
Depreciation	`Depreciation`	$10.42K	USD	1 Quarter
Depreciation	`Depreciation`	$61.37K	USD	3 Qtrs
Depreciation	`Depreciation`	$23.40K	USD	3 Qtrs
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$800.00	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$5.06K	USD	3 Qtrs
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$1.95K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$2.21K	USD	3 Qtrs
Share-based compensation	`ShareBasedCompensation`	$2.95M	USD	3 Qtrs
Share-based compensation	`ShareBasedCompensation`	$441.19K	USD	3 Qtrs
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-108.56K	USD	3 Qtrs
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-877.49K	USD	3 Qtrs
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-8.03K	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-127.99K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$5.99K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$43.54K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$70.90K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-351.00	USD	3 Qtrs
Cash paid for deposits	`IncreaseDecreaseInCashPaidForDeposits`	-	USD	3 Qtrs
Cash paid for deposits	`IncreaseDecreaseInCashPaidForDeposits`	$688.65K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	-	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	-	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$339.56K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$143.73K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$30.50K	USD	3 Qtrs
Net Cash Used In Operating Activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-2.21M	USD	3 Qtrs
Net Cash Used In Operating Activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-4.03M	USD	3 Qtrs
Cash paid for machinery and equipment	`PaymentsToAcquireMachineryAndEquipment`	$124.67K	USD	3 Qtrs
Cash paid for machinery and equipment	`PaymentsToAcquireMachineryAndEquipment`	$542.55K	USD	3 Qtrs
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	$51.68K	USD	3 Qtrs
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	$31.78K	USD	3 Qtrs
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-594.24K	USD	3 Qtrs
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-156.46K	USD	3 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$9.84M	USD	3 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$769.69K	USD	3 Qtrs
Proceeds from the exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	3 Qtrs
Proceeds from the exercise of warrants	`ProceedsFromWarrantExercises`	$55.00K	USD	3 Qtrs
Net Cash Provided By Financing Activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$9.90M	USD	3 Qtrs
Net Cash Provided By Financing Activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$769.69K	USD	3 Qtrs
Net Increase (Decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.60M	USD	3 Qtrs
Net Increase (Decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.27M	USD	3 Qtrs
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$9.43M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.73M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.33M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.16M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$9.43M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.73M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.33M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.16M	USD	Point-in-time
Income taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Interest	`InterestPaid`	-	USD	3 Qtrs
Interest	`InterestPaid`	-	USD	3 Qtrs
Stock compensation payable	`LiabilitiesAssumed1`	$485.92K	USD	3 Qtrs
Stock compensation payable	`LiabilitiesAssumed1`	$101.05K	USD	3 Qtrs
Warrants issued for stock issuance costs	`StockIssued1`	-	USD	3 Qtrs
Warrants issued for stock issuance costs	`StockIssued1`	$715.08K	USD	3 Qtrs
Reclassification of derivative liability to additional paid in capital	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$2.20M	USD	3 Qtrs
Reclassification of derivative liability to additional paid in capital	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	-	USD	3 Qtrs

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning	`StockholdersEquity`	$9.80M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$2.68M	USD	Point-in-time
Balance at beginning (in shares)	`CommonStockSharesOutstanding`	18.11M	shares	Point-in-time
Balance at beginning (in shares)	`CommonStockSharesOutstanding`	15.38M	shares	Point-in-time
Common stock issued for cash, net of issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$9.84M	USD	3 Qtrs
Warrants issued to underwriter	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$715.08K	USD	3 Qtrs
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$3.18M	USD	3 Qtrs
Common stock issued for exercise of warrants	`CommonStockWarrantsExercisedAndCommonSharesIssuedForCash`	$55.00K	USD	3 Qtrs
Vesting of restricted shares	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$97.33K	USD	3 Qtrs
Transfer of warrants from liability to equity classification	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	$2.20M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.06M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.53M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.89M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-749.39K	USD	1 Quarter
Balance at ending	`StockholdersEquity`	$9.80M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$2.68M	USD	Point-in-time
Balance at ending (in shares)	`CommonStockSharesOutstanding`	18.11M	shares	Point-in-time
Balance at ending (in shares)	`CommonStockSharesOutstanding`	15.38M	shares	Point-in-time

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