10-Q Filing

AKOUSTIS TECHNOLOGIES, INC. CIK: 1584754 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001615774-18-001205`
Period End Date	20171231
Filing Date	20180214
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	akts-20171231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 61 Cash Flow Statement 73 Stockholders Equity 19

Balance Sheet 63 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`	$9.63M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.70M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.00M	USD	Point-in-time
Preferred Stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Preferred Stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$298.80K	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
Inventory	`InventoryNet`	$74.98K	USD	Point-in-time
Inventory	`InventoryNet`	$188.48K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$158.46K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$182.31K	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`	$42.55K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	22.32M	shares	Point-in-time
Deposits	`DepositsAssetsCurrent`	$42.81K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	19.08M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	19.08M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$12.30M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.02M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	22.32M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.85M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.28M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$231.70K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$206.53K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$32.86K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$10.71K	USD	Point-in-time
Total Assets	`Assets`	$24.84M	USD	Point-in-time
Total Assets	`Assets`	$18.09M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.03M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.34M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$77.45K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$14.50K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.35M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.10M	USD	Point-in-time
Contingent real estate liability	`ContingentRealEstateLiability`	$1.81M	USD	Point-in-time
Contingent real estate liability	`ContingentRealEstateLiability`	$1.73M	USD	Point-in-time
Total long-term liabilities	`DerivativeLiabilitiesNoncurrent`	$1.73M	USD	Point-in-time
Total long-term liabilities	`DerivativeLiabilitiesNoncurrent`	$1.81M	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.91M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.08M	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; 22,320,700 and 19,075,050 shares issued and outstanding at December 31, 2017 and June 30, 2017, respectively	`CommonStockValue`	$22.32K	USD	Point-in-time
Common stock, $0.001 par value; 45,000,000 shares authorized; 22,320,700 and 19,075,050 shares issued and outstanding at December 31, 2017 and June 30, 2017, respectively	`CommonStockValue`	$19.07K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$31.50M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$46.60M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-26.69M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-16.51M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$19.93M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$15.01M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$18.09M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$24.84M	USD	Point-in-time

Income Statement 61 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$159.07K	USD	1 Quarter
Revenue	`Revenues`	$444.55K	USD	1 Quarter
Revenue	`Revenues`	$745.49K	USD	2 Qtrs
Revenue	`Revenues`	$159.07K	USD	2 Qtrs
Cost of revenue	`CostOfRevenue`	-	USD	2 Qtrs
Cost of revenue	`CostOfRevenue`	$329.84K	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	-	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$523.07K	USD	2 Qtrs
Gross profit	`GrossProfit`	$222.43K	USD	2 Qtrs
Gross profit	`GrossProfit`	$159.07K	USD	2 Qtrs
Gross profit	`GrossProfit`	$159.07K	USD	1 Quarter
Gross profit	`GrossProfit`	$114.72K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$3.47M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$6.48M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.43M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$775.98K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.19M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.33M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.07M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$4.02M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$10.50M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$4.76M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$5.66M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.84M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.55M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.68M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.60M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-10.28M	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$209.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$997.00	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$263.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$299.00	USD	2 Qtrs
Rental income	`RentalIncomeNonoperating`	-	USD	2 Qtrs
Rental income	`RentalIncomeNonoperating`	-	USD	1 Quarter
Rental income	`RentalIncomeNonoperating`	$172.19K	USD	2 Qtrs
Rental income	`RentalIncomeNonoperating`	$86.84K	USD	1 Quarter
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	-	USD	2 Qtrs
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	-	USD	1 Quarter
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	$79.31K	USD	1 Quarter
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	$79.31K	USD	2 Qtrs
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	2 Qtrs
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-712.25K	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-869.46K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-869.16K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$7.80K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-712.04K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$93.88K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-5.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.18M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.40M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.47M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-9.83M	USD	Annual
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.35	USD	2 Qtrs
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.52	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`	$-0.27	USD	1 Quarter
Weighted average common shares outstanding -basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	19.67M	shares	2 Qtrs
Weighted average common shares outstanding -basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	15.89M	shares	1 Quarter
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`	20.17M	shares	1 Quarter

Cash Flow Statement 73 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.18M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.40M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.47M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-9.83M	USD	Annual
Depreciation	`Depreciation`	$25.83K	USD	2 Qtrs
Depreciation	`Depreciation`	$12.95K	USD	1 Quarter
Depreciation	`Depreciation`	$470.42K	USD	2 Qtrs
Depreciation	`Depreciation`	$237.11K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$3.11K	USD	2 Qtrs
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$4.16K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$1.76K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$8.08K	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$2.08M	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$2.25M	USD	2 Qtrs
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	2 Qtrs
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-712.25K	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-869.46K	USD	2 Qtrs
Change in fair value of contingent liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	-	USD	2 Qtrs
Change in fair value of contingent liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	-	USD	1 Quarter
Change in fair value of contingent liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	$79.31K	USD	1 Quarter
Change in fair value of contingent liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	$79.31K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$298.80K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$29.00K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-113.50K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-359.00	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$38.43K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$23.85K	USD	2 Qtrs
Deposits	`IncreaseDecreaseInCustomerDeposits`	$259.00	USD	2 Qtrs
Deposits	`IncreaseDecreaseInCustomerDeposits`	-	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$10.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$22.15K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$982.73K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$244.11K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$29.00K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$62.95K	USD	2 Qtrs
Net Cash Used In Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.73M	USD	2 Qtrs
Net Cash Used In Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.13M	USD	2 Qtrs
Cash paid for property and equipment	`PaymentsToAcquireMachineryAndEquipment`	$444.43K	USD	2 Qtrs
Cash paid for property and equipment	`PaymentsToAcquireMachineryAndEquipment`	$4.47M	USD	2 Qtrs
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	$33.25K	USD	2 Qtrs
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	$39.65K	USD	2 Qtrs
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.50M	USD	2 Qtrs
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-484.08K	USD	2 Qtrs
Proceeds from the issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$3.46M	USD	2 Qtrs
Proceeds from the issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$13.26M	USD	2 Qtrs
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$47.66K	USD	2 Qtrs
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	2 Qtrs
Net Cash Provided By Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$3.46M	USD	2 Qtrs
Net Cash Provided By Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$13.31M	USD	2 Qtrs
Net Increase in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$846.02K	USD	2 Qtrs
Net Increase in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.07M	USD	2 Qtrs
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$9.63M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.16M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$11.70M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$5.00M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$9.63M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.16M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$11.70M	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	`InterestPaidNet`	-	USD	2 Qtrs
Interest	`InterestPaidNet`	$199.00	USD	2 Qtrs
Stock compensation payable	`LiabilitiesAssumed1`	$266.25K	USD	2 Qtrs
Stock compensation payable	`LiabilitiesAssumed1`	$208.70K	USD	2 Qtrs
Warrants issued for stock issuance costs	`StockIssued1`	$107.43K	USD	2 Qtrs
Warrants issued for stock issuance costs	`StockIssued1`	$645.76K	USD	2 Qtrs
Reclassification of derivative liability to additional paid in capital	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$1.80M	USD	2 Qtrs
Reclassification of derivative liability to additional paid in capital	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	-	USD	2 Qtrs
Accrued capital expenditures	`CapitalExpendituresAccrued`	-	USD	2 Qtrs
Accrued capital expenditures	`CapitalExpendituresAccrued`	$428.69K	USD	2 Qtrs

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning	`StockholdersEquity`	$19.93M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$15.01M	USD	Point-in-time
Balance at beginning (in shares)	`CommonStockSharesOutstanding`	19.08M	shares	Point-in-time
Balance at beginning (in shares)	`CommonStockSharesOutstanding`	22.32M	shares	Point-in-time
Common stock issued for cash, net of issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$13.26M	USD	2 Qtrs
Warrants issued to underwriter	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$645.76K	USD	2 Qtrs
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$2.58M	USD	2 Qtrs
Common stock issued for exercise of warrants	`CommonStockWarrantsExercisedAndCommonSharesIssuedForCash`	$47.66K	USD	2 Qtrs
Vesting of restricted shares	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$-137.78K	USD	2 Qtrs
Repurchase of Common Shares	`StockRepurchasedDuringPeriodValue`	-	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-5.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.18M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.40M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.47M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-9.83M	USD	Annual
Balance at ending	`StockholdersEquity`	$19.93M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$15.01M	USD	Point-in-time
Balance at ending (in shares)	`CommonStockSharesOutstanding`	19.08M	shares	Point-in-time
Balance at ending (in shares)	`CommonStockSharesOutstanding`	22.32M	shares	Point-in-time

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