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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
(Mark One)
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☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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For the quarterly period ended
March 31, 2023
or
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☐
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TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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For the Transition Period from to
Commission File No.
001-32919
Ascent Solar Technologies, Inc.
(Exact name of registrant as specified in its charter)
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Delaware
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20-3672603
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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12300 Grant Street,
Thornton,
CO
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80241
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number including area code:
720-872-5000
Securities registered pursuant to Section 12(b) of the
Act:
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Title of each class
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Trading Symbol(s)
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Name of exchange on which registered
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Common
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ASTI
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Nasdaq Capital Markets
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Indicate by check mark whether the issuer (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for
the past 90 days.
Yes
☒
No
☐
Indicate by check mark whether the registrant has submitted every
Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was
required to submit and post such files).
☒
Yes
☐
No
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer,
or a smaller reporting company. See definitions of “large
accelerated filer,” “accelerated filer” and “smaller reporting
company” in Rule 12b-2 of the Exchange Act:
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Large accelerated filer
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☐
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Accelerated filer
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☐
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Non-accelerated filer
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☒
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Smaller reporting company
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☒
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Emerging growth company
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☐
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If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act.☐
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes
☐
No
☒
As of May 15, 2023, there were
49,929,967
shares of our common stock issued and outstanding.
ASCENT SOLAR TECHNOLOGIES, INC.
Quarterly Report on Form 10-Q
For the Period Ended
March 31, 2023
Table of
Contents
Table of Contents
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q includes “forward-looking
statements” that involve risks and uncertainties. Forward-looking
statements include statements concerning our plans, objectives,
goals, strategies, future events, future net sales or performance,
capital expenditures, financing needs, plans or intentions relating
to acquisitions, business trends and other information that is not
historical information and, in particular, appear under headings
including “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and “Overview.” When used in
this Quarterly Report, the words “estimates,” “expects,”
“anticipates,” “projects,” “plans,” “intends,” “believes,”
“forecasts,” “foresees,” “likely,” “may,” “should,” “goal,”
“target,” and variations of such words or similar expressions are
intended to identify forward-looking statements. All
forward-looking statements are based upon information available to
us on the date of this Quarterly Report.
These forward-looking statements are subject to risks,
uncertainties and other factors, many of which are outside of our
control, that could cause actual results to differ materially from
the results discussed in the forward-looking statements, including,
among other things, the matters discussed in this Quarterly Report
in the sections captioned “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations.” Factors you should consider that could cause these
differences are:
•
The impact of the novel coronavirus (“COVID-19”) pandemic on our
business, results of operations, cash flows, financial condition
and liquidity;
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Our operating history and lack of profitability;
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Our ability to develop demand for, and sales of, our
products;
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Our ability to attract and retain qualified personnel to implement
our business plan and corporate growth strategies;
•
Our ability to develop sales, marketing and distribution
capabilities;
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Our ability to successfully develop and maintain strategic
relationships with key partners;
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The accuracy of our estimates and projections;
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Our ability to secure additional financing to fund our short-term
and long-term financial needs;
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Our ability to maintain the listing of our common stock on the
Nasdaq Capital Market.
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The commencement, or outcome, of legal proceedings against us, or
by us, including ongoing litigation proceedings;
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Changes in our business plan or corporate strategies;
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The extent to which we are able to manage the growth of our
operations effectively, both domestically and abroad, whether
directly owned or indirectly through licenses;
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The supply, availability and price of equipment, components and raw
materials, including the elements needed to produce our
photovoltaic modules;
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Our ability to expand and protect the intellectual property
portfolio that relates to our photovoltaic modules and
processes;
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Our ability to maintain effective internal controls over financial
reporting;
•
Our ability to achieve projected operational performance and cost
metrics;
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General economic and business conditions, and in particular,
conditions specific to the solar power industry; and
•
Other risks and uncertainties discussed in greater detail elsewhere
in this Quarterly Report and in Part I, Item 1A “Risk Factors” of
our Annual Report on Form 10-K for the year ended December 31,
2022.
There may be other factors that could cause our actual results to
differ materially from the results referred to in the
forward-looking statements. We undertake no obligation to publicly
update or revise forward-looking statements to reflect subsequent
events or circumstances after the date made, or to reflect the
occurrence of unanticipated events, except as required by
law.
References to “we,” “us,” “our,” “Ascent,” “Ascent Solar” or the
“Company” in this Quarterly Report mean Ascent Solar Technologies,
Inc.
Table of Contents
ASCENT SOLAR TECHNOLOGIES, INC.
PART I. FINANCIAL
INFORMATION
Item 1. Condensed
Financial Statements
CONDENSED
BALANCE SHEETS
(unaudited)
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March 31,
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December 31,
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2023
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2022
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ASSETS
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Current Assets:
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Cash and cash equivalents
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$
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6,343,687
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$
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11,483,018
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Trade receivables, net of allowance of $26,000 and
$26,000,
respectively
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94,875
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1,769
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Inventories, net
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513,063
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615,283
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Prepaid and other current assets
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1,507,609
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344,110
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Total current assets
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8,459,234
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12,444,180
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Property, Plant and Equipment:
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22,638,819
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22,590,169
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Accumulated depreciation
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(22,059,497
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(22,038,508
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Property, Plant and Equipment, net
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579,322
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551,661
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Other Assets:
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Operating lease right-of-use assets, net
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4,141,958
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4,324,514
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Patents, net of accumulated amortization of $159,010 and
$154,218
respectively
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81,075
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79,983
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Equity method investment
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68,085
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61,379
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Other non-current assets
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1,233,725
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1,214,985
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5,524,843
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5,680,861
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Total Assets
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$
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14,563,399
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$
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18,676,702
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LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
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Current Liabilities:
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Accounts payable
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$
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581,141
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$
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595,157
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Related party payables
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5,337
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67,164
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|
|
Accrued expenses
|
|
|
748,076
|
|
|
|
888,869
|
|
|
Accrued payroll
|
|
|
754,663
|
|
|
|
927,264
|
|
|
Accrued professional services fees
|
|
|
1,158,460
|
|
|
|
952,573
|
|
|
Accrued interest
|
|
|
725,446
|
|
|
|
559,060
|
|
|
Current portion of operating lease liability
|
|
|
754,168
|
|
|
|
733,572
|
|
|
Current portion of convertible notes
|
|
|
2,000,000
|
|
|
|
-
|
|
|
Other payable
|
|
|
250,000
|
|
|
|
250,000
|
|
|
Total current liabilities
|
|
|
6,977,291
|
|
|
|
4,973,659
|
|
|
Long-Term Liabilities:
|
|
|
|
|
|
|
|
Non-current operating lease liabilities
|
|
|
3,628,660
|
|
|
|
3,827,878
|
|
|
Non-current convertible notes, net
|
|
|
6,116,663
|
|
|
|
5,268,399
|
|
|
Accrued warranty liability
|
|
|
21,225
|
|
|
|
21,225
|
|
|
Total liabilities
|
|
|
16,743,839
|
|
|
|
14,091,161
|
|
|
Commitments and contingencies (Note
14)
|
|
|
|
|
|
|
|
Stockholders’ Equity (Deficit):
|
|
|
|
|
|
|
|
Series A preferred stock, $.0001 par
value;
750,000 shares
authorized;
48,100
and
48,100 shares
issued and outstanding, respectively ($862,326 and
$850,301 Liquidation
Preference, respectively)
|
|
|
5
|
|
|
|
5
|
|
|
Common stock, $0.0001 par
value,
500,000,000 authorized;
37,491,954
and
34,000,812 shares
issued and outstanding, respectively
|
|
|
3,749
|
|
|
|
3,400
|
|
|
Additional paid in capital
|
|
|
451,336,338
|
|
|
|
452,135,653
|
|
|
Accumulated deficit
|
|
|
(453,511,214
|
)
|
|
|
(447,537,493
|
)
|
|
Accumulated other comprehensive loss
|
|
|
(9,318
|
)
|
|
|
(16,024
|
)
|
|
Total stockholders’ equity (deficit)
|
|
|
(2,180,440
|
)
|
|
|
4,585,541
|
|
|
Total Liabilities and Stockholders’ Equity (Deficit)
|
|
$
|
14,563,399
|
|
|
$
|
18,676,702
|
|
The accompanying notes are an integral part of these unaudited
condensed financial statements.
1
Table of Contents
ASCENT SOLAR TECHNOLOGIES, INC.
CONDENSED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE INCOME
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2023
|
|
|
2022
|
|
|
Revenues
|
|
|
|
|
|
|
|
Products
|
|
$
|
99,225
|
|
|
$
|
54,210
|
|
|
Milestone and engineering
|
|
|
25,000
|
|
|
|
512,000
|
|
|
Total Revenues
|
|
|
124,225
|
|
|
|
566,210
|
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
Costs of revenue
|
|
|
461,795
|
|
|
|
532,890
|
|
|
Research, development and manufacturing
operations
|
|
|
1,665,694
|
|
|
|
1,406,322
|
|
|
Selling, general and administrative
|
|
|
1,591,821
|
|
|
|
821,266
|
|
|
Share-based compensation
|
|
|
1,404,450
|
|
|
|
-
|
|
|
Depreciation and amortization
|
|
|
25,781
|
|
|
|
16,665
|
|
|
Total Costs and Expenses
|
|
|
5,149,541
|
|
|
|
2,777,143
|
|
|
Loss from Operations
|
|
|
(5,025,316
|
)
|
|
|
(2,210,933
|
)
|
|
Other Income/(Expense)
|
|
|
|
|
|
|
|
Other income/(expense), net
|
|
|
10,000
|
|
|
|
-
|
|
|
Interest expense
|
|
|
(1,068,036
|
)
|
|
|
(2,086,314
|
)
|
|
Total Other Income/(Expense)
|
|
|
(1,058,036
|
)
|
|
|
(2,086,314
|
)
|
|
Income/(Loss) on Equity Method Investments
|
|
|
-
|
|
|
|
(2
|
)
|
|
Net Income/(Loss)
|
|
$
|
(6,083,352
|
)
|
|
$
|
(4,297,249
|
)
|
|
Net Income/(Loss) Per Share (Basic
and Diluted)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.20
|
)
|
|
Weighted Average Common Shares
Outstanding (Basic)
|
|
|
35,569,990
|
|
|
|
21,671,248
|
|
|
Weighted Average Common Shares
Outstanding (Diluted)
|
|
|
35,569,990
|
|
|
|
21,671,248
|
|
|
Other Comprehensive Income/(Loss)
|
|
|
|
|
|
|
|
Foreign currency translation gain/(loss)
|
|
|
6,706
|
|
|
|
(7,097
|
)
|
|
Net Comprehensive Income/(Loss)
|
|
$
|
(6,076,646
|
)
|
|
$
|
(4,304,346
|
)
|
The accompanying notes are an integral part of these unaudited
condensed financial statements.
2
Table of Contents
ASCENT SOLAR TECHNOLOGIES, INC.
CONDENSED STATEMENTS
OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
(unaudited)
For the Three Months Ended March 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A
Preferred Stock
|
|
|
Common Stock
|
|
|
Additional
Paid-In
|
|
|
Accumulated
|
|
|
Other Accumulated Comprehensive
|
|
|
Total
Stockholders’
Equity
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Deficit
|
|
|
Loss
|
|
|
(Deficit)
|
|
|
Balance at January 1, 2023
|
|
|
48,100
|
|
|
$
|
5
|
|
|
|
34,000,812
|
|
|
$
|
3,400
|
|
|
$
|
452,135,653
|
|
|
$
|
(447,537,493
|
)
|
|
$
|
(16,024
|
)
|
|
$
|
4,585,541
|
|
|
Impact of adopting ASU 2020-06
|
|
|
-
|
|
|
$
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,795,874
|
)
|
|
|
109,631
|
|
|
|
-
|
|
|
|
(3,686,243
|
)
|
|
Balance at January 1, 2023, as adjusted
|
|
|
48,100
|
|
|
$
|
5
|
|
|
|
34,000,812
|
|
|
$
|
3,400
|
|
|
$
|
448,339,779
|
|
|
$
|
(447,427,862
|
)
|
|
$
|
(16,024
|
)
|
|
$
|
899,298
|
|
|
Conversion of L1 Note
into Common Stock
|
|
|
-
|
|
|
|
-
|
|
|
|
1,440,090
|
|
|
|
144
|
|
|
|
508,596
|
|
|
|
-
|
|
|
|
-
|
|
|
|
508,740
|
|
|
Conversion of Sabby Note into
Common Stock
|
|
|
-
|
|
|
|
-
|
|
|
|
2,051,052
|
|
|
|
205
|
|
|
|
1,083,513
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,083,718
|
|
|
Share-based compensation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,404,450
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,404,450
|
|
|
Net Loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(6,083,352
|
)
|
|
|
-
|
|
|
|
(6,083,352
|
)
|
|
Foreign Currency Translation
Loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6,706
|
|
|
|
6,706
|
|
|
Balance at March 31, 2023
|
|
|
48,100
|
|
|
$
|
5
|
|
|
|
37,491,954
|
|
|
$
|
3,749
|
|
|
$
|
451,336,338
|
|
|
$
|
(453,511,214
|
)
|
|
$
|
(9,318
|
)
|
|
$
|
(2,180,440
|
)
|
The accompanying notes are an integral part of these unaudited
condensed financial statements.
3
Table of Contents
ASCENT SOLAR TECHNOLOGIES, INC.
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
(unaudited)
For the Three Months Ended March 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A
Preferred Stock
|
|
|
Series 1A
Preferred Stock
|
|
|
Common Stock
|
|
|
Additional
Paid-In
|
|
|
Accumulated
|
|
|
Other Accumulated Comprehensive
|
|
|
Total
Stockholders’
Equity
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Deficit
|
|
|
Loss
|
|
|
(Deficit)
|
|
|
Balance at January 1, 2022
|
|
|
48,100
|
|
|
$
|
5
|
|
|
|
3,700
|
|
|
$
|
-
|
|
|
|
4,786,804
|
|
|
$
|
479
|
|
|
$
|
424,948,698
|
|
|
$
|
(427,782,788
|
)
|
|
|
|
|
$
|
(2,833,606
|
)
|
|
Conversion of TubeSolar Series 1A
Preferred Stock into Common
Stock
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,400
|
)
|
|
|
-
|
|
|
|
4,800,000
|
|
|
|
480
|
|
|
|
(480
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Conversion of Crowdex Series 1A
Preferred Stock into Common
Stock
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,300
|
)
|
|
|
-
|
|
|
|
2,600,000
|
|
|
|
260
|
|
|
|
(260
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Conversion of BD1 Note
into Common Stock
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
15,800,000
|
|
|
|
1,580
|
|
|
|
7,898,420
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,900,000
|
|
|
Conversion of Nanyang Note
into Common Stock
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,200,000
|
|
|
|
120
|
|
|
|
599,880
|
|
|
|
-
|
|
|
|
-
|
|
|
|
600,000
|
|
|
Conversion of Fleur Note into
Common Stock
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,400,000
|
|
|
|
140
|
|
|
|
699,860
|
|
|
|
-
|
|
|
|
-
|
|
|
|
700,000
|
|
|
Net Loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,297,249
|
)
|
|
|
-
|
|
|
|
(4,297,249
|
)
|
|
Foreign Currency Translation
Loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(7,097
|
)
|
|
|
(7,097
|
)
|
|
Balance at March 31, 2022
|
|
|
48,100
|
|
|
$
|
5
|
|
|
|
-
|
|
|
$
|
-
|
|
|
|
30,586,804
|
|
|
$
|
3,059
|
|
|
$
|
434,146,118
|
|
|
$
|
(432,080,037
|
)
|
|
$
|
(7,097
|
)
|
|
$
|
2,062,048
|
|
The accompanying notes are an integral part of these unaudited
condensed financial statements.
4
Table of Contents
ASCENT SOLAR TECHNOLOGIES, INC.
CONDENSED
STATEMENTS OF CASH FLOWS
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2023
|
|
|
2022
|
|
|
Operating Activities:
|
|
|
|
|
|
|
|
Net income/(loss)
|
|
$
|
(6,083,352
|
)
|
|
$
|
(4,297,249
|
)
|
|
Adjustments to reconcile net income (loss) to cash used in
operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
25,781
|
|
|
|
16,665
|
|
|
Share-based compensation
|
|
|
1,404,450
|
|
|
|
—
|
|
|
Operating lease asset amortization
|
|
|
182,556
|
|
|
|
168,671
|
|
|
Amortization of debt discount
|
|
|
901,649
|
|
|
|
2,069,206
|
|
|
Loss on equity method investment
|
|
|
—
|
|
|
|
2
|
|
|
Inventory reserve expense
|
|
|
97,465
|
|
|
|
—
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(93,106
|
)
|
|
|
(512,004
|
)
|
|
Inventories
|
|
|
4,755
|
|
|
|
(45,448
|
)
|
|
Prepaid expenses and other current assets
|
|
|
(1,182,239
|
)
|
|
|
(411,802
|
)
|
|
Accounts payable
|
|
|
(14,016
|
)
|
|
|
(41,565
|
)
|
|
Related party payable
|
|
|
(61,827
|
)
|
|
|
—
|
|
|
Operating lease liabilities
|
|
|
(178,622
|
)
|
|
|
(157,479
|
)
|
|
Accrued interest
|
|
|
166,386
|
|
|
|
15,107
|
|
|
Accrued expenses
|
|
|
(107,507
|
)
|
|
|
403,816
|
|
|
Net cash used in operating activities
|
|
|
(4,937,627
|
)
|
|
|
(2,792,080
|
)
|
|
Investing Activities:
|
|
|
|
|
|
|
|
Contributions to equity method investment
|
|
|
—
|
|
|
|
(83,559
|
)
|
|
Payments on purchase of assets
|
|
|
(48,650
|
)
|
|
|
(57,451
|
)
|
|
Patent activity costs
|
|
|
(5,884
|
)
|
|
|
(308
|
)
|
|
Net cash used in investing activities
|
|
|
(54,534
|
)
|
|
|
(141,318
|
)
|
|
Financing Activities:
|
|
|
|
|
|
|
|
Payment of convertible notes
|
|
|
(147,170
|
)
|
|
|
—
|
|
|
Net cash used in financing activities
|
|
|
(147,170
|
)
|
|
|
—
|
|
|
Net change in cash and cash equivalents
|
|
|
(5,139,331
|
)
|
|
|
(2,933,398
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
|
11,483,018
|
|
|
|
5,961,760
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
6,343,687
|
|
|
$
|
3,028,362
|
|
|
Non-Cash Transactions:
|
|
|
|
|
|
|
|
Non-cash conversions of convertible notes to equity
|
|
$
|
1,592,458
|
|
|
$
|
9,200,000
|
|
|
Series 1A preferred stock conversion
|
|
$
|
—
|
|
|
$
|
740
|
|
The accompanying notes are an integral part of these unaudited
condensed financial statements.
5
Table of Contents
NOTES TO UNAUDITED CONDENSED
FINANCIAL STATEMENTS
NOTE 1. ORGANIZATION
Ascent Solar Technologies, Inc. (the “Company") is focusing on
integrating its PV products into scalable and high value markets
such as agrivoltaics, aerospace, satellites, near earth orbiting
vehicles, and fixed wing unmanned aerial vehicles (“UAV”). The
value proposition of Ascent’s proprietary solar technology not only
aligns with the needs of customers in these industries, but also
overcomes many of the obstacles other solar technologies face in
these unique markets. Ascent has the capability to design and
develop finished products for end users in these areas as well as
collaborate with strategic partners to design and develop custom
integrated solutions for products like fixed-wing UAVs. Ascent sees
significant overlap of the needs of end users across these
industries and can achieve economies of scale in sourcing,
development, and production in commericializing products for these
customers.
Effective March 13, 2023, the Company began focusing its Thornton
manufacturing facility as a Perovskite Center of Excellence and has
dedicated the facility to the industrial commercialization of the
Company's patent-pending Perovskite solar technologies. On April
18, 2023, the Company completed a transaction to acquire the
manufacturing assets of Flisom AG, a Zurich based thin-film solar
manufacturer. The Company will continue to be headquartered in
Thornton, CO and will commence manufacturing using its new
manufacturing assets in Zurich, Switzerland.
NOTE 2. BASIS OF PRESENTATION
The accompanying, unaudited, condensed financial statements have
been derived from the accounting records of the Company as of March
31, 2023 and December 31, 2022, and the results of operations for
the three months ended March 31, 2023 and 2022.
The accompanying, unaudited, condensed financial statements have
been prepared in accordance with accounting principles generally
accepted in the United States of America ("U.S. GAAP") for interim
financial information and in accordance with the instructions to
Form 10-Q and Article 8 of Regulation S-X. Accordingly, these
interim financial statements do not include all of the information
and footnotes typically found in U.S. GAAP audited annual financial
statements. In the opinion of management, all adjustments
(consisting only of normal recurring adjustments) considered
necessary for a fair statement have been included. The Condensed
Balance Sheet at December 31, 2022 has been derived from the
audited financial statements as of that date but does not include
all of the information and footnotes included in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2022.
These condensed financial statements and notes should be read in
conjunction with the financial statements and notes thereto
included in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2022.
The preparation of financial statements in conformity with U.S.
GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ
from those estimates. Operating results for the three months ended
March 31, 2023
are not necessarily indicative of the results that may be expected
for the year ending December 31, 2023.
NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Company’s significant accounting policies were described in
Note 3 to the audited financial statements included in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2022. Except for the adoption of FASB ASU No. 2020-06,
Debt – Debt with Conversion and Other Options (Subtopic 470-20) and
Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic
815-40): Accounting for Convertible Instruments and Contracts in an
Entity’s Own Equity
(“ASU 2020-06”) as disclosed below, there have been no significant
changes to our accounting policies as of March 31, 2023.
Revenue Recognition:
Product revenue.
The Company recognizes revenue for the sale of PV modules and other
equipment sales at a point in time following the transfer of
control of such products to the customer, which typically occurs
upon shipment or delivery depending on the terms of the underlying
contracts. For module and other equipment sales contracts that
contain multiple performance obligations, the Company allocates the
transaction price to each performance obligation identified in the
contract
6
Table of Contents
based on relative standalone selling prices, or estimates of such
prices, and recognizes the related revenue as control of each
individual product is transferred to the customer.
During the three months ended March 31, 2023 and 2022, the Company
recognized product revenue of
$99,225
and
$54,210,
respectively.
Milestone and engineering revenue.
Each milestone and engineering arrangement is a separate
performance obligation. The transaction price is estimated using
the most likely amount method and revenue is recognized as the
performance obligation is satisfied through achieving
manufacturing, cost, or engineering targets. During the three
months ended March 31, 2023 and 2022, the Company recognized total
milestone and engineering revenue of
$25,000
and
$512,000,
respectively. The $512,000
was earned from TubeSolar AG (“TubeSolar”), a related
party.
Government contracts revenue.
Revenue from government research and development contracts is
generated under terms that are cost plus fee or firm fixed price.
The Company generally recognizes this revenue over time using
cost-based input methods, which recognizes revenue and gross profit
as work is performed based on the relationship between actual costs
incurred compared to the total estimated costs of the contract. In
applying cost-based input methods of revenue recognition, the
Company uses the actual costs incurred relative to the total
estimated costs to determine our progress towards contract
completion and to calculate the corresponding amount of revenue to
recognize.
Cost based input methods of revenue recognition are considered a
faithful depiction of the Company’s efforts to satisfy long-term
government research and development contracts and therefore reflect
the performance obligations under such contracts. Costs incurred
that do not contribute to satisfying the Company’s performance
obligations are excluded from the input methods of revenue
recognition as the amounts are not reflective of transferring
control under the contract. Costs incurred towards contract
completion may include direct costs plus allowable indirect costs
and an allocable portion of the fixed fee. If actual and estimated
costs to complete a contract indicate a loss, provision is made
currently for the loss anticipated on the contract.
No
government contract revenue was recognized during the three months
ended
March 31, 2023 and 2022.
Accounts Receivable.
As of March 31, 2023 and December 31, 2022, the Company had an
accounts receivable, net balance of
$94,875
and
$1,769,
respectively. As of March 31, 2023 and December 31, 2022, the
Company had an allowance for doubtful accounts of
$26,000
and
$26,000,
respectively.
Deferred revenue for the
three months ended March 31, 2023 was as follows:
|
|
|
|
|
Balance as of January 1, 2023
|
$
|
13,000
|
|
|
Additions
|
|
29,350
|
|
|
Recognized as revenue
|
|
(29,350
|
)
|
|
Balance as of March 31, 2023
|
$
|
13,000
|
|
Earnings per Share:
Earnings per share (“EPS”) are the amount of earnings attributable
to each share of common stock. Basic EPS has been computed by
dividing income available to common stockholders by the
weighted-average number of common shares outstanding during the
period. Income available to common stockholders has been computed
by deducting dividends accumulated for the period on cumulative
preferred stock (whether or not earned) from net income. Diluted
earnings per share has been computed by dividing net income
adjusted on an if-converted basis for the period by the weighted
average number of common shares and potentially dilutive common
share outstanding (which consist of warrants, options, restricted
stock units and convertible securities using the if-converted
method to the extent they are dilutive). Approximately
18.4
million and
2.4
million shares of dilutive shares were excluded from the three
months period ended
March 31, 2023
and 2022, respectively, EPS calculation as their impact is
antidilutive.
Recently Adopted or to be Adopted Accounting Policies
On January 1, 2023, the Company adopted ASU 2020-06. The adoption
resulted in the elimination of the beneficial conversion feature
recognized on the Company’s convertible debt. The Company elected
to apply the modified retrospective method to all open contracts as
of January 1, 2023, and the cumulative effect of initially applying
ASU 2020-06 was recognized as an adjustment to the Company’s
retained earnings balance as of January 1, 2023. Comparative
periods have not been restated and continue to be reported under
the accounting standard in effect for those periods.
7
Table of Contents
The cumulative effect of the changes made to the Company’s January
1, 2023, balance sheet for the adoption of ASU 2020-06 is as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2022
|
|
|
Adjustments Due to Adoption
|
|
|
Balance at January 1, 2023
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current convertible notes, net
|
|
$
|
|
5,268,399
|
|
|
$
|
|
3,686,243
|
|
|
$
|
|
8,954,642
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional paid in capital
|
|
|
|
452,135,653
|
|
|
|
|
(3,795,874
|
)
|
|
|
|
448,339,779
|
|
|
Accumulated deficit
|
|
|
|
(447,537,493
|
)
|
|
|
|
109,631
|
|
|
|
|
(447,427,862
|
)
|
The impact due to the change in accounting principle on net income
and earnings per share is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Post ASU 2020-06
|
|
|
Pre ASU 2020-06
|
|
|
Difference
|
|
|
Net Loss
|
|
$
|
|
(6,083,352
|
)
|
|
$
|
|
(8,283,316
|
)
|
|
$
|
|
2,199,964
|
|
|
Earnings Per Share (Basic and Diluted)
|
|
|
|
(0.17
|
)
|
|
|
|
(0.23
|
)
|
|
|
|
0.06
|
|