10-K Filing

AKOUSTIS TECHNOLOGIES, INC. CIK: 1584754 FY 2018

Filing Information

Form Type	10-K
Accession Number	`0001615774-18-008796`
Period End Date	20180630
Filing Date	20180829
Fiscal Year	2018
Fiscal Period	FY
XBRL Instance	akts-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 38 Cash Flow Statement 81 Stockholders Equity 24

Balance Sheet 71 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, 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
Preferred Stock, authorized	`PreferredStockSharesAuthorized`	10.00M	shares	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`	$9.63M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.82M	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
Preferred Stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$214.66K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	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
Inventory	`InventoryNet`	$57.56K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$305.94K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$158.46K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$484.17K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$42.81K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	22.20M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	19.08M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$10.02M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	22.20M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	19.08M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$15.88M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.82M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.85M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$264.30K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$206.53K	USD	Point-in-time
Assets held for sale, net	`AvailableForSaleSecuritiesNoncurrent`	-	USD	Point-in-time
Assets held for sale, net	`AvailableForSaleSecuritiesNoncurrent`	$333.25K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$10.71K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$11.15K	USD	Point-in-time
Total Assets	`Assets`	$18.09M	USD	Point-in-time
Total Assets	`Assets`	$29.31M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.59M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.34M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$14.50K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$52.94K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.35M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.65M	USD	Point-in-time
Contingent real estate liability	`ContingentRealEstateLiability`	$1.23M	USD	Point-in-time
Contingent real estate liability	`ContingentRealEstateLiability`	$1.73M	USD	Point-in-time
Convertible notes payable, net of debt discount and issuance costs	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Convertible notes payable, net of debt discount and issuance costs	`LongTermDebtNoncurrent`	$11.46M	USD	Point-in-time
Other long term liabilities	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Other long term liabilities	`OtherLiabilitiesNoncurrent`	$117.09K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$1.73M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$12.81M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.08M	USD	Point-in-time
Total Liabilities	`Liabilities`	$15.46M	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; 22,203,437 and 19,075,050 shares issued and outstanding at June 30, 2018 and June 30, 2017, respectively	`CommonStockValue`	$19.07K	USD	Point-in-time
Common stock, $0.001 par value; 45,000,000 shares authorized; 22,203,437 and 19,075,050 shares issued and outstanding at June 30, 2018 and June 30, 2017, respectively	`CommonStockValue`	$22.20K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$31.50M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$52.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-16.51M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-38.25M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$2.68M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$13.85M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$15.01M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$29.31M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$18.09M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$1.21M	USD	Annual
Revenue	`Revenues`	$486.50K	USD	Annual
Cost of revenue	`CostOfRevenue`	-	USD	Annual
Cost of revenue	`CostOfRevenue`	$1.02M	USD	Annual
Gross profit	`GrossProfit`	$188.38K	USD	Annual
Gross profit	`GrossProfit`	$486.50K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$13.27M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$5.01M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$6.16M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$8.80M	USD	Annual
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	$-45.45K	USD	Annual
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	-	USD	Annual
Impairment of assets held for sale	`ImpairmentOfAssetsHeldForSale`	-	USD	Annual
Impairment of assets held for sale	`ImpairmentOfAssetsHeldForSale`	$349.57K	USD	Annual
Total operating expenses	`OperatingExpenses`	$11.17M	USD	Annual
Total operating expenses	`OperatingExpenses`	$22.47M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-22.28M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-10.68M	USD	Annual
Other income	`OtherNonoperatingIncome`	$352.00	USD	Annual
Other income	`OtherNonoperatingIncome`	-	USD	Annual
Interest (expense) income	`InvestmentIncomeInterest`	$1.94K	USD	Annual
Interest (expense) income	`InvestmentIncomeInterest`	$-329.42K	USD	Annual
Bargain purchase	`BargainPurchase`	-	USD	Annual
Bargain purchase	`BargainPurchase`	$1.73M	USD	Annual
Rental income	`RentalIncomeNonoperating`	$313.50K	USD	Annual
Rental income	`RentalIncomeNonoperating`	-	USD	Annual
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	-	USD	Annual
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	$-500.58K	USD	Annual
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-877.49K	USD	Annual
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$54.10K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$850.33K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$539.10K	USD	Annual
Net loss	`NetIncomeLoss`	$-9.83M	USD	Annual
Net loss	`NetIncomeLoss`	$-21.74M	USD	Annual
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.58	USD	Annual
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-1.04	USD	Annual
Weighted average common shares outstanding -basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	16.99M	shares	Annual
Weighted average common shares outstanding -basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	20.93M	shares	Annual

Cash Flow Statement 81 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-9.83M	USD	Annual
Net loss	`NetIncomeLoss`	$-21.74M	USD	Annual
Depreciation	`Depreciation`	$1.25M	USD	Annual
Depreciation	`Depreciation`	$102.88K	USD	Annual
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$7.21K	USD	Annual
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$15.08K	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$4.63M	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$5.49M	USD	Annual
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-45.45K	USD	Annual
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	-	USD	Annual
Impairment on assets held for sale	`ImpairmentOnAssetsHeldForSale`	$349.57K	USD	Annual
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$-877.49K	USD	Annual
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$54.10K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$204.58K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.81M	USD	Point-in-time
Change in fair value of contingent real estate liability	`ChangeInFairValueOfContingentRealEstateLiability`	$500.58K	USD	Annual
Change in fair value of contingent real estate liability	`ChangeInFairValueOfContingentRealEstateLiability`	-	USD	Annual
Bargain purchase	`BusinessCombinationBargainPurchaseGainRecognizedAmount`	-	USD	Annual
Bargain purchase	`BusinessCombinationBargainPurchaseGainRecognizedAmount`	$1.73M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsAndNotesReceivable`	$214.66K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsAndNotesReceivable`	-	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-130.92K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$48.88K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$103.64K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$147.49K	USD	Annual
Other current asset	`IncreaseDecreaseInOtherCurrentAssets`	$441.37K	USD	Annual
Other current asset	`IncreaseDecreaseInOtherCurrentAssets`	$42.81K	USD	Annual
Other assets	`IncreaseDecreaseInOtherAsset`	-	USD	Annual
Other assets	`IncreaseDecreaseInOtherAsset`	$440.00	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.26M	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$572.64K	USD	Annual
Change in other long term liabilities	`IncreaseDecreaseInChangeInOtherLongTermLiabilities`	-	USD	Annual
Change in other long term liabilities	`IncreaseDecreaseInChangeInOtherLongTermLiabilities`	$-117.09K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$14.50K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$38.44K	USD	Annual
Net Cash Used In Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.55M	USD	Annual
Net Cash Used In Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-14.20M	USD	Annual
Cash paid for machinery and equipment	`PaymentsToAcquireMachineryAndEquipment`	$1.63M	USD	Annual
Cash paid for machinery and equipment	`PaymentsToAcquireMachineryAndEquipment`	$6.94M	USD	Annual
Cash paid for acquisition of STC-MEMS	`PaymentsToAcquireProductiveAssets`	$2.85M	USD	Annual
Cash paid for acquisition of STC-MEMS	`PaymentsToAcquireProductiveAssets`	-	USD	Annual
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	$60.73K	USD	Annual
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	$72.85K	USD	Annual
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.53M	USD	Annual
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.01M	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$13.20M	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$15.38M	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$74.94K	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$171.76K	USD	Annual
Proceeds received from convertible notes, net	`ProceedsFromCollectionOfNotesReceivable`	$13.13M	USD	Annual
Net Cash Provided By Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$26.40M	USD	Annual
Net Cash Provided By Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$15.56M	USD	Annual
Net Increase (Decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.19M	USD	Annual
Net Increase (Decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.48M	USD	Annual
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.16M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$9.63M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$14.82M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.16M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$9.63M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$14.82M	USD	Point-in-time
Income taxes	`IncomeTaxesPaid`	-	USD	Annual
Income taxes	`IncomeTaxesPaid`	-	USD	Annual
Interest	`InterestPaidNet`	-	USD	Annual
Interest	`InterestPaidNet`	-	USD	Annual
Stock compensation payable	`LiabilitiesAssumed1`	$3.03K	USD	Annual
Stock compensation payable	`LiabilitiesAssumed1`	$654.78K	USD	Annual
Warrants issued for stock issuance costs	`StockIssued1`	$645.76K	USD	Annual
Warrants issued for stock issuance costs	`StockIssued1`	$991.77K	USD	Annual
Reclassification of derivative liability to additional paid in capital	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	-	USD	Annual
Reclassification of derivative liability to additional paid in capital	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$2.20M	USD	Annual
Contingent liability	`LiabilitiesAssumed2`	$1.23M	USD	Annual
Contingent liability	`LiabilitiesAssumed2`	$1.73M	USD	Annual
Reclassification of fixed assets to assets held for sale, net	`ReclassificationOfFixedAssetsToAssetsHeldForSaleNet`	$682.82K	USD	Annual
Reclassification of fixed assets to assets held for sale, net	`ReclassificationOfFixedAssetsToAssetsHeldForSaleNet`	-	USD	Annual
Debt issuance costs included in accounts payable and accrued expenses	`DebtIssuanceCostsIncludedInAccountsPayableAndAccruedExpenses`	$29.82K	USD	Annual
Debt issuance costs included in accounts payable and accrued expenses	`DebtIssuanceCostsIncludedInAccountsPayableAndAccruedExpenses`	-	USD	Annual
Intrinsic value of beneficial conversion feature	`DebtInstrumentConvertibleBeneficialConversionFeature`	-	USD	Annual
Intrinsic value of beneficial conversion feature	`DebtInstrumentConvertibleBeneficialConversionFeature`	$1.81M	USD	Annual
Derivative liability of convertible notes	`DerivativeLiabilityOfConvertibleNotes`	-	USD	Annual
Derivative liability of convertible notes	`DerivativeLiabilityOfConvertibleNotes`	$1.16M	USD	Point-in-time
Derivative liability of convertible notes	`DerivativeLiabilityOfConvertibleNotes`	$1.10M	USD	Annual

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning	`StockholdersEquity`	$2.68M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$13.85M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$15.01M	USD	Point-in-time
Balance at beginning (in shares)	`CommonStockSharesOutstanding`	22.20M	shares	Point-in-time
Balance at beginning (in shares)	`CommonStockSharesOutstanding`	19.08M	shares	Point-in-time
Common stock issued for cash, net of issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$15.38M	USD	Annual
Common stock issued for cash, net of issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$13.20M	USD	Annual
Warrants issued to underwriter	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$645.76K	USD	Annual
Warrants issued to underwriter	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$991.77K	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$4.97M	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$5.62M	USD	Annual
Common stock issued for exercise of warrants	`CommonStockWarrantsExercisedAndCommonSharesIssuedForCash`	$74.94K	USD	Annual
Common stock issued for exercise of warrants	`CommonStockWarrantsExercisedAndCommonSharesIssuedForCash`	$171.76K	USD	Annual
Intrinsic value of beneficial conversion feature	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$1.81M	USD	Annual
Vesting of restricted shares	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$521.83K	USD	Annual
Vesting of restricted shares	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$434.70K	USD	Annual
Transfer of warrants from liability to equity classification	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	$2.20M	USD	Annual
Net loss	`NetIncomeLoss`	$-9.83M	USD	Annual
Net loss	`NetIncomeLoss`	$-21.74M	USD	Annual
Balance at ending	`StockholdersEquity`	$2.68M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$13.85M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$15.01M	USD	Point-in-time
Balance at ending (in shares)	`CommonStockSharesOutstanding`	22.20M	shares	Point-in-time
Balance at ending (in shares)	`CommonStockSharesOutstanding`	19.08M	shares	Point-in-time

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