10-Q Filing

AKOUSTIS TECHNOLOGIES, INC. CIK: 1584754 Q2 2019

Filing Information

Form Type	10-Q
Accession Number	`0001615774-19-001820`
Period End Date	20181231
Filing Date	20190204
Fiscal Year	2019
Fiscal Period	Q2
XBRL Instance	akts-20181231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 60 Cash Flow Statement 77

Balance Sheet 68 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`	$42.08M	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`	$11.70M	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`	$312.62K	USD	Point-in-time
Preferred Stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$214.66K	USD	Point-in-time
Preferred Stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventory	`InventoryNet`	$57.56K	USD	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`	$106.85K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$337.23K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$305.94K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	29.91M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$484.17K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$582.28K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	22.20M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$43.42M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.88M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	22.20M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	29.91M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.38M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.82M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$320.52K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$264.30K	USD	Point-in-time
Assets held for sale, net	`AvailableForSaleSecuritiesNoncurrent`	$300.00K	USD	Point-in-time
Assets held for sale, net	`AvailableForSaleSecuritiesNoncurrent`	$333.25K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$11.15K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$136.16K	USD	Point-in-time
Total Assets	`Assets`	$57.56M	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`	$2.54M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$41.56K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$52.94K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.65M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.59M	USD	Point-in-time
Contingent real estate liability	`ContingentRealEstateLiability`	$1.23M	USD	Point-in-time
Contingent real estate liability	`ContingentRealEstateLiability`	$1.33M	USD	Point-in-time
Convertible notes payable, net	`ConvertibleLongTermNotesPayable`	$16.97M	USD	Point-in-time
Convertible notes payable, net	`ConvertibleLongTermNotesPayable`	$11.46M	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$129.59K	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$117.09K	USD	Point-in-time
Total long-term liabilities	`DerivativeLiabilitiesNoncurrent`	$18.43M	USD	Point-in-time
Total long-term liabilities	`DerivativeLiabilitiesNoncurrent`	$12.81M	USD	Point-in-time
Total Liabilities	`Liabilities`	$21.01M	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; 29,910,453 and 22,203,437 shares issued and outstanding at December 31, 2018 and June 30, 2018, respectively	`CommonStockValue`	$29.91K	USD	Point-in-time
Common stock, $0.001 par value; 45,000,000 shares authorized; 29,910,453 and 22,203,437 shares issued and outstanding at December 31, 2018 and June 30, 2018, respectively	`CommonStockValue`	$22.20K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$52.07M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$88.80M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-52.28M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-38.25M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$13.85M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$36.55M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$29.31M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$57.56M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$745.49K	USD	2 Qtrs
Revenue	`Revenues`	$636.30K	USD	2 Qtrs
Revenue	`Revenues`	$444.55K	USD	1 Quarter
Revenue	`Revenues`	$323.28K	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$329.84K	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$523.07K	USD	2 Qtrs
Cost of revenue	`CostOfRevenue`	$513.79K	USD	2 Qtrs
Cost of revenue	`CostOfRevenue`	$369.95K	USD	1 Quarter
Gross profit	`GrossProfit`	$-46.67K	USD	1 Quarter
Gross profit	`GrossProfit`	$114.72K	USD	1 Quarter
Gross profit	`GrossProfit`	$122.51K	USD	2 Qtrs
Gross profit	`GrossProfit`	$222.43K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$8.93M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$6.48M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$3.47M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.52M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$4.25M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.19M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.79M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$4.02M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$6.31M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$10.50M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$13.17M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$5.66M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.35M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-13.05M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-5.55M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-10.28M	USD	2 Qtrs
Interest (expense) income	`InvestmentIncomeInterest`	$263.00	USD	1 Quarter
Interest (expense) income	`InvestmentIncomeInterest`	$997.00	USD	2 Qtrs
Interest (expense) income	`InvestmentIncomeInterest`	$-743.80K	USD	1 Quarter
Interest (expense) income	`InvestmentIncomeInterest`	$-1.23M	USD	2 Qtrs
Rental income	`RentalIncomeNonoperating`	$137.34K	USD	2 Qtrs
Rental income	`RentalIncomeNonoperating`	$86.84K	USD	1 Quarter
Rental income	`RentalIncomeNonoperating`	$172.19K	USD	2 Qtrs
Rental income	`RentalIncomeNonoperating`	$68.67K	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`	$-53.52K	USD	1 Quarter
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	$-100.44K	USD	2 Qtrs
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`	$186.70K	USD	2 Qtrs
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	2 Qtrs
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$338.00K	USD	1 Quarter
Total other (expense) income	`NonoperatingIncomeExpense`	$-1.00M	USD	2 Qtrs
Total other (expense) income	`NonoperatingIncomeExpense`	$7.80K	USD	1 Quarter
Total other (expense) income	`NonoperatingIncomeExpense`	$93.88K	USD	2 Qtrs
Total other (expense) income	`NonoperatingIncomeExpense`	$-390.65K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.05M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-6.75M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.18M	USD	2 Qtrs
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.24	USD	1 Quarter
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.56	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`	$-0.27	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.85M	shares	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`	20.17M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	25.05M	shares	2 Qtrs

Cash Flow Statement 77 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.05M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-6.75M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.18M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$478.50K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.19M	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$2.08M	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$1.17M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$3.27M	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$1.48M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$770.84K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	2 Qtrs
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$186.70K	USD	2 Qtrs
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	2 Qtrs
Change in fair value of derivative liabilities	`GainLossOnDerivativeInstrumentsNetPretax`	$338.00K	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`	$-53.52K	USD	1 Quarter
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	$-100.44K	USD	2 Qtrs
Change in fair value of contingent real estate liability	`LossContingentConsiderationClassifiedAsEquityFairValueDisclosure`	$-79.31K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$97.96K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$298.80K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$49.29K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-113.50K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$31.29K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$23.85K	USD	2 Qtrs
Other current asset	`IncreaseDecreaseInOtherCurrentAssets`	$-259.00	USD	2 Qtrs
Other current asset	`IncreaseDecreaseInOtherCurrentAssets`	$60.55K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$22.15K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$125.00K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$982.73K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$737.25K	USD	2 Qtrs
Change in other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	-	USD	2 Qtrs
Change in other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$12.50K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$62.95K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-28.52K	USD	2 Qtrs
Net Cash Used In Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.56M	USD	2 Qtrs
Net Cash Used In Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.73M	USD	2 Qtrs
Cash paid for machinery and equipment	`PaymentsToAcquireMachineryAndEquipment`	$4.47M	USD	2 Qtrs
Cash paid for machinery and equipment	`PaymentsToAcquireMachineryAndEquipment`	$1.75M	USD	2 Qtrs
Cash received from sale of assets held for sale	`ProceedsFromSaleOfPropertyHeldForSale`	-	USD	2 Qtrs
Cash received from sale of assets held for sale	`ProceedsFromSaleOfPropertyHeldForSale`	$33.25K	USD	2 Qtrs
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	$56.68K	USD	2 Qtrs
Cash paid for intangibles	`PaymentsToAcquireIntangibleAssets`	$33.25K	USD	2 Qtrs
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.50M	USD	2 Qtrs
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.77M	USD	2 Qtrs
Proceeds from the issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$28.66M	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`	$70.52K	USD	2 Qtrs
Proceeds received from convertible notes, net	`ProceedsFromConvertibleDebt`	$8.87M	USD	2 Qtrs
Net Cash Provided By Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$13.31M	USD	2 Qtrs
Net Cash Provided By Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$37.60M	USD	2 Qtrs
Net Increase (Decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.07M	USD	2 Qtrs
Net Increase (Decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$27.27M	USD	2 Qtrs
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$42.08M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$9.63M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$11.70M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$14.82M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$42.08M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$9.63M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$11.70M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$14.82M	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
Accrued interest paid in common shares	`AccruedInterestPaidInCommonShares`	-	USD	2 Qtrs
Accrued interest paid in common shares	`AccruedInterestPaidInCommonShares`	$533.54K	USD	2 Qtrs
ASC 606 transition adjustment	`Asc606TransitionAdjustment`	$20.42K	USD	2 Qtrs
ASC 606 transition adjustment	`Asc606TransitionAdjustment`	-	USD	2 Qtrs
Warrants issued for stock issuance costs	`WarrantsIssuedForStockIssuanceCosts`	-	USD	2 Qtrs
Warrants issued for stock issuance costs	`WarrantsIssuedForStockIssuanceCosts`	$645.76K	USD	2 Qtrs
Convertible Notes - Beneficial Conversion Feature	`DebtConversionConvertedInstrumentAmount1`	-	USD	2 Qtrs
Convertible Notes - Beneficial Conversion Feature	`DebtConversionConvertedInstrumentAmount1`	$3.95M	USD	2 Qtrs
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	-	USD	2 Qtrs
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$428.69K	USD	2 Qtrs

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