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us-gaap:SubsequentEventMember 2021-01-05 2021-01-05

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

 

 

 

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2020

or

 

 

 

 

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Transition Period from             to             

Commission File No. 001-32919

 

 

Ascent Solar Technologies, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

Delaware

 

20-3672603

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

12300 Grant Street, Thornton, CO

 

80241

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number including area code: 720-872-5000 

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of exchange on which registered

Common

ASTI

OTC

 

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 electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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:

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

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 March 3, 2021, there were 18,102,583,471 shares of our common stock issued and outstanding.

 

 

 


 

ASCENT SOLAR TECHNOLOGIES, INC.

Quarterly Report on Form 10-Q

Quarterly Period Ended March 31, 2020

Table of Contents

 

PART I. FINANCIAL INFORMATION

 

Item 1.

Condensed Consolidated Financial Statements (unaudited)

1

 

Condensed Consolidated Balance Sheets - as of March 31, 2020 (unaudited) and December 31, 2019

1

 

Condensed Consolidated Statements of Operations - For the Three months ended March 31, 2020 (unaudited) and March 31, 2019

2

 

Condensed Consolidated Statements of Changes in Stockholder's Deficit - for the Three months ended March 31, 2020 (unaudited) and March 31, 2019

3

 

Condensed Consolidated Statements of Cash Flow - For the Three months ended March 31, 2020 (unaudited) and March 31, 2019

5

 

Notes to Condensed Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

33

Item 4.

Controls and Procedures

33

PART II. OTHER INFORMATION

36

Item 1.

Legal Proceedings

36

Item 1A.

Risk Factors

36

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

36

Item 3.

Defaults Upon Senior Securities

36

Item 4.

Mine Safety Disclosures

36

Item 5.

Other Information

36

Item 6.

Exhibits

37

SIGNATURES

39

 

 

 

 


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 “Business.” When used in this Annual 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 Annual 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 Annual 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:

 

Our limited operating history and lack of profitability;

 

Our ability to develop demand for, and sales of, our products;

 

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;

 

Our ability to successfully develop and maintain strategic relationships with key partners, including OEMs, system integrators, distributors, retailers and e-commerce companies, who deal directly with end users in our target markets;

 

The accuracy of our estimates and projections;

 

Our ability to secure additional financing to fund our short-term and long-term financial needs;

 

Our ability to maintain the listing of our common stock on the OTCBB Market;

 

The commencement, or outcome, of legal proceedings against us, or by us, including ongoing ligation proceedings;

 

Changes in our business plan or corporate strategies;

 

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;

 

The supply, availability and price of equipment, components and raw materials, including the elements needed to produce our photovoltaic modules;

 

Our ability to expand and protect the intellectual property portfolio that relates to our consumer electronics, photovoltaic modules and processes;

 

Our ability to implement remediation measures to address material weaknesses in internal control;

 

General economic and business conditions, and in particular, conditions specific to consumer electronics and the solar power industry; and

 

Other risks and uncertainties discussed in greater detail in the section captioned "Risk Factors."

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 Report mean Ascent Solar Technologies, Inc.

 

 


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ASCENT SOLAR TECHNOLOGIES, INC.

 

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

 

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

-

 

 

$

-

 

Trade receivables, net of allowance of $45,883 and $46,023, respectively

 

 

-

 

 

 

-

 

Inventories

 

 

510,032

 

 

 

533,892

 

Prepaid and other current assets

 

 

43,541

 

 

 

51,598

 

Total current assets

 

 

553,573

 

 

 

585,490

 

Property, Plant and Equipment:

 

 

32,304,570

 

 

 

32,911,969

 

Accumulated depreciation

 

 

(28,113,801

)

 

 

(28,677,350

)

 

 

 

4,190,769

 

 

 

4,234,619

 

Other Assets:

 

 

 

 

 

 

 

 

Patents, net of accumulated amortization of $433,596 and $421,182, respectively

 

 

801,139

 

 

 

813,397

 

 

 

 

801,139

 

 

 

813,397

 

Total Assets

 

 

5,545,481

 

 

 

5,633,506

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,370,191

 

 

$

1,663,316

 

Related party payables

 

 

460,173

 

 

 

460,173

 

Accrued expenses

 

 

1,944,485

 

 

 

1,624,564

 

Accrued Interest

 

 

2,440,836

 

 

 

2,107,401

 

Notes Payable

 

 

1,501,530

 

 

 

1,506,530

 

Current portion of long-term debt

 

 

6,235,738

 

 

 

6,075,307

 

Secured promissory notes, net of discount of $535,903 and $837,242, respectively

 

 

6,636,994

 

 

 

6,335,655

 

Promissory notes, net of discount of $0 and $16,666, respectively

 

 

1,109,437

 

 

 

1,092,771

 

Convertible notes, net of discount of $451,042 and $861,567, respectively

 

 

2,539,541

 

 

 

2,129,016

 

Embedded Derivative Liability

 

 

-

 

 

 

7,717,150

 

Total current liabilities

 

 

24,238,925

 

 

 

30,711,883

 

Long-Term Debt

 

 

-

 

 

 

-

 

Accrued Warranty Liability

 

 

21,144

 

 

 

28,404

 

 

 

 

 

 

 

 

 

 

Stockholders’ Deficit:

 

 

 

 

 

 

 

 

Series A preferred stock, $.0001 par value; 750,000 shares authorized; 48,100 and 48,100 shares issued and outstanding, respectively ($716,022 and $703,863 Liquidation Preference, respectively)

 

 

5

 

 

 

5

 

Common stock, $0.0001 par value, 20,000,000,000 authorized; 4,759,161,650 and 4,759,161,650 shares issued and outstanding, respectively

 

 

475,917

 

 

 

475,917

 

Additional paid in capital

 

 

397,817,526

 

 

 

397,817,526

 

Accumulated Deficit

 

 

(417,008,036

)

 

 

(423,400,229

)

Total stockholders’ deficit

 

 

(18,714,588

)

 

 

(25,106,781

)

Total Liabilities and Stockholders’ Deficit

 

$

5,545,481

 

 

$

5,633,506

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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ASCENT SOLAR TECHNOLOGIES, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

 

For the Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

Products

 

$

4,090

 

 

$

215,384

 

Total Revenues

 

 

4,090

 

 

 

215,384

 

Costs and Expenses

 

 

 

 

 

 

 

 

Costs of Revenue

 

 

72,706

 

 

 

91,436

 

Research and development

 

 

159,464

 

 

 

489,063

 

Selling, general and administrative

 

 

69,522

 

 

 

508,375

 

Depreciation and Amortization

 

 

56,263

 

 

 

66,352

 

Total Costs and Expenses

 

 

357,955

 

 

 

1,155,226

 

Loss from Operations

 

 

(353,865

)

 

 

(939,842

)

Other Income/(Expense)

 

 

 

 

 

 

 

 

Other Income/(Expense), net

 

 

259,600

 

 

 

-

 

Interest Expense

 

 

(1,230,692

)

 

 

(2,826,248

)

Change in fair value of derivatives and loss on extinguishment of liabilities, net

 

 

7,717,150

 

 

 

7,006,827

 

Total Other Income/(Expense)

 

 

6,746,058

 

 

 

4,180,579

 

Net Income

 

$

6,392,193

 

 

$

3,240,737

 

Net Income Per Share (Basic)

 

$

0.0013

 

 

$

0.020

 

Net Income Per Share (Diluted)

 

$

0.0001

 

 

$

0.001

 

Weighted Average Common Shares Outstanding (Basic)

 

 

4,759,161,650

 

 

 

139,241,521

 

Weighted Average Common Shares Outstanding (Diluted)

 

 

56,998,995,050

 

 

 

3,591,903,040

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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ASCENT SOLAR TECHNOLOGIES, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

(unaudited)

For the Three Months Ended March 31, 2020

 

 

 

Series A Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Total

Stockholders’

Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

(Deficit)

 

Balance at December 31, 2019

 

 

48,100

 

 

$

5

 

 

 

4,759,161,650

 

 

$

475,917

 

 

$

397,817,526

 

 

$

(423,400,229

)

 

$

(25,106,781

)

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,392,193

 

 

 

6,392,193

 

Balance at March 31, 2020

 

 

48,100

 

 

$

5

 

 

 

4,759,161,650

 

 

$

475,917

 

 

$

397,817,526

 

 

$

(417,008,036

)

 

$

(18,714,588

)

 

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ASCENT SOLAR TECHNOLOGIES, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

(unaudited)

For the Three Months Ended March 31, 2019

 

 

 

Series A

Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Total

Stockholders’

Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

(Deficit)

 

Balance, December 31, 2018

 

 

60,756

 

 

$

6

 

 

 

63,537,885

 

 

$

6,354

 

 

$

395,889,712

 

 

$

(418,531,968

)

 

$

(22,635,896

)

Interest and Dividend Expense paid with

   Common Stock

 

 

-

 

 

 

-

 

 

 

17,938,692

 

 

 

1,794

 

 

 

83,817

 

 

 

-

 

 

 

85,611

 

Conversion of St.George Note into

   Common Shares

 

 

-

 

 

 

-

 

 

 

58,503,244

 

 

 

5,850

 

 

 

100,900

 

 

 

-

 

 

 

106,750

 

Conversion of Global Ichiban Note into

   Common Shares

 

 

-

 

 

 

-

 

 

 

9,595,327

 

 

 

960

 

 

 

114,040

 

 

 

-

 

 

 

115,000

 

Conversion of BayBridge Note into

   Common Shares

 

 

-

 

 

 

-

 

 

 

46,461,277

 

 

 

4,646

 

 

 

85,854

 

 

 

-

 

 

 

90,500

 

Conversion of Bellridge Note into

   Common Shares

 

 

-

 

 

 

-

 

 

 

36,166,781

 

 

 

3,617

 

 

 

61,999

 

 

 

-

 

 

 

65,616

 

Conversion of Power Up Note into

   Common Shares

 

 

-

 

 

 

-

 

 

 

90,340,694

 

 

 

9,034

 

 

 

173,466

 

 

 

-

 

 

 

182,500

 

Conversion of Series A Preferred Stock into

   Common Stock

 

 

(12,656

)

 

 

(1

)

 

 

1

 

 

 

-

 

 

 

1

 

 

 

-

 

 

 

-

 

Loss on Extinguishment of

   Liabilities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

382,834

 

 

 

-

 

 

 

382,834

 

Stock based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,346

 

 

 

-

 

 

 

4,346

 

Net Income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,240,737

 

 

 

3,240,737

 

Balance at March 31, 2019

 

 

48,100

 

 

$

5

 

 

 

322,543,901

 

 

$

32,255

 

 

$

396,896,969

 

 

$

(415,291,231

)

 

$

(18,362,002

)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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ASCENT SOLAR TECHNOLOGIES, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

 

 

For the Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Operating Activities:

 

 

 

 

 

 

 

 

Net income

 

$

6,392,193

 

 

$

3,240,737

 

Adjustments to reconcile net loss to cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

56,265

 

 

 

66,352

 

Stock based compensation

 

 

-

 

 

 

4,346

 

Realized (gain) on sale of assets

 

 

(254,600

)

 

 

-

 

Amortization of deferred financing costs

 

 

2,692

 

 

 

14,856

 

Non-cash interest expense

 

 

117,514

 

 

 

984,829

 

Amortization of debt discount

 

 

771,447

 

 

 

1,360,322

 

Bad debt expense

 

 

(141

)

 

 

130

 

Warranty reserve

 

 

(7,260

)

 

 

(1,275

)

Change in fair value of derivatives and loss on extinguishment of liabilities, net

 

 

(7,717,150

)

 

 

(7,006,827

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

141

 

 

 

109,414

 

Inventories

 

 

23,860

 

 

 

(17,129

)

Prepaid expenses and other current assets

 

 

5,365

 

 

 

(47,171

)

Accounts payable

 

 

(293,125

)

 

 

(323,710

)

Related party payable

 

 

 

 

 

(688

)

Accrued expenses

 

 

333,435

 

 

 

301,693

 

Accrued Interest

 

 

319,921

 

 

 

152,232

 

Net cash used in operating activities

 

 

(249,443

)

 

 

(1,161,889

)

Investing Activities:

 

 

 

 

 

 

 

 

Proceeds on sale of Assets

 

 

254,600

 

 

 

-

 

Patent activity costs

 

 

(157

)

 

 

(2,131

)

Net cash provided by (used in) investing activities

 

 

254,443

 

 

 

(2,131

)

Financing Activities:

 

 

 

 

 

 

 

 

Proceeds from debt issuance

 

 

 

 

 

1,201,768

 

Repayment of debt

 

 

(5,000

)

 

 

-

 

Payment of debt financing costs

 

 

 

 

 

(5,000

)

Net cash provided by (used in) financing activities

 

 

(5,000

)

 

 

1,196,768

 

Net change in cash and cash equivalents

 

 

 

 

 

32,748

 

Cash and cash equivalents at beginning of period

 

 

-

 

 

 

18,159

 

Cash and cash equivalents at end of period

 

$

 

 

$

50,907

 

Supplemental Cash Flow Information:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

 

 

$

20,741

 

Non-Cash Transactions:

 

 

 

 

 

 

 

 

Non-cash conversions of preferred stock and convertible notes to equity

 

$

 

 

$

645,977

 

Non-cash financing costs

 

$

 

 

$

10,800

 

Interest converted to principal

 

$

 

 

$

171,152

 

Initial embedded derivative liabilities

 

$

 

 

$

2,229,187

 

Promissory notes exchanged for convertible notes

 

$

 

 

$

235,000

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. ORGANIZATION

The Company is focusing on integrating its PV products into high value markets such as 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 some of these industries and can achieve economies of scale in sourcing, development, and production in commercializing products for these customers.

NOTE 2. BASIS OF PRESENTATION

The accompanying, unaudited, condensed consolidated financial statements have been derived from the accounting records of Ascent Solar Technologies, Inc., Ascent Solar (Asia) Pte. Ltd., and Ascent Solar (Shenzhen) Co., Ltd. (collectively, "the Company") as of March 31, 2020 and December 31, 2019, and the results of operations for the three months ended March 31, 2020 and 2019. Ascent Solar (Shenzhen) Co., Ltd. is wholly owned by Ascent Solar (Asia) Pte. Ltd., which is wholly owned by Ascent Solar Technologies, Inc. All significant inter-company balances and transactions have been eliminated in the accompanying consolidated financial statements.

The accompanying, unaudited, condensed consolidated 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 Consolidated Balance Sheet at December 31, 2019 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, 2019. These condensed consolidated 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, 2019.

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 and three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.

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, 2019. There have been no significant changes to our accounting policies as of March 31, 2020.

Derivatives: The Company evaluates its financial instruments under FASB ASC 815, "Derivatives and Hedging" to determine whether the instruments contain an embedded derivative. When an embedded derivative is present, the instrument is evaluated for a fair value adjustment upon issuance and at the end of every reporting period. Any adjustments to fair value are treated as gains and losses in fair values of derivatives and are recorded in the Consolidated Statements of Operations.

Refer to Notes 9 and 11 for further discussion on the embedded derivatives of each instrument.

Recently Adopted or to be Adopted Accounting Policies

In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting , which simplifies the accounting for share-based payments to non-employees by aligning it with the accounting for share-based payments to employees, with specified exceptions. This standard is effective for the Company in the first quarter of 2020, and early adoption is permitted. The implementation of ASU 2018-07 did not have a material effect on the Company's consolidated financial statements.

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In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements of fair value measurements. This standard is effective for the Company in the first quarter of 2020, and early adoption is permitted. The implementation of ASU 2018-13 did not have a material effect on the Company's consolidated financial statements.

In August 2020, the FASB issued 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 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for public companies for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Management has not yet evaluated the impact that the adoption of ASU 2020-06 will have on the Company’s consolidated financial statement presentation or disclosures.

Other new pronouncements issued but not effective as of March 31, 2020 are not expected to have a material impact on the Company’s consolidated financial statements.

NOTE 4. LIQUIDITY, CONTINUED OPERATIONS, AND GOING CONCERN    

During the three months ended March 31, 2020 and the year ended December 31, 2019, the Company entered into multiple financing agreements to fund operations. Further discussion of these transactions can be found in Notes 9 through 11, and Note 15 of the financial statements presented as of, and for, the three months ended, March 31, 2020, and in Notes 8, 9, 10, 11, 12, and 14 of the financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.

The Company has continued limited PV production at its manufacturing facility. The Company does not expect that sales revenue and cash flows will be sufficient to support operations and cash requirements until it has fully implemented its product strategy. During the three months ended March 31, 2020 the Company used $249,443 in cash for operations.

Additional projected product revenues are not anticipated to result in a positive cash flow position for the next twelve months overall and, as of March 31, 2020, the Company has negative working capital. As such, cash liquidity sufficient for the next twelve months will require additional financing.

As a result of the Company’s recurring losses from operations, and the need for additional financing to fund its operating and capital requirements, there is uncertainty regarding the Company’s ability to maintain liquidity sufficient to operate its business effectively, which raises substantial doubt as to the Company’s ability to continue as a going concern. The Company has scaled down its operations, due to cash flow issues, and does not expect to ramp up until significant financing is obtained.

Management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

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NOTE 5. PROPERTY, PLANT AND EQUIPMENT

The following table summarizes property, plant and equipment as of March 31, 2020 and December 31, 2019:

 

 

 

As of

March 31,

 

 

As of

December 31,

 

 

 

2020

 

 

2019

 

Building

 

$

5,828,960

 

 

$

5,828,960

 

Furniture, fixtures, computer hardware and computer

   software

 

 

489,421

 

 

 

489,421

 

Manufacturing machinery and equipment

 

 

25,986,189

 

 

 

26,593,588

 

Depreciable property, plant and equipment

 

 

32,304,570

 

 

 

32,911,969

 

Less: Accumulated depreciation and amortization

 

 

(28,113,801

)

 

 

(28,677,350

)

Net property, plant and equipment

 

$

4,190,769

 

 

$

4,234,619

 

 

The Company analyzes its long-lived assets for impairment, both individually and as a group, whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable.

During the three months ended March 31, 2020, the Company disposed of certain redundant machinery and equipment. This machinery and equipment was fully depreciated and the Company realized a gain of $254,600 from these sales.

Depreciation expense for the three months ended March 31, 2020 and 2019 was $43,849 and $48,500, respectively. Depreciation expense is recorded under “Depreciation and amortization expense” in the unaudited Condensed Consolidated Statements of Operations.

NOTE 6. INVENTORIES

Inventories, net of reserves, consisted of the following at March 31, 2020 and December 31, 2019:

 

 

 

As of

March 31,

 

 

As of

December 31,

 

 

 

2020

 

 

2019

 

Raw materials

 

$

510,032

 

 

$

503,832

 

Work in process

 

 

-

 

 

 

30,060

 

Finished goods

 

 

-

 

 

 

-

 

Total

 

$

510,032

 

 

$

533,892

 

 

NOTE 7. NOTES PAYABLE

On February 24, 2017, the Company entered into an agreement with a vendor (“Vendor 1”) to convert the balance of their account into three notes payable in the aggregate amount of $765,784. The notes bear interest of 6% per annum and matured on February 24, 2018; all outstanding principal and accrued interest is due and payable upon maturity. On June 5, 2018, the Company entered into another agreement with the same Vendor 1 to convert the balance of their account into a fourth note payable with a principal amount of $308,041, this note also bears interest at a rate of 6% per annum, and matured on July 31, 2018. As of March 31, 2020, the Company had not made any payments on these notes; the total outstanding principal and accrued interest were $1,073,825 and $178,492, respectively, and the note is due upon demand. Subsequent to the date of this report, this debt was settled in full. See Note 15. Subsequent Events, for further discussion.

On June 30, 2017, the Company entered into an agreement with another vendor (“Vendor 2”) to convert the balance of their account into a note payable in the amount of $250,000. The note bears interest of 5% per annum and matured on February 28, 2018. As of March 31, 2020, the Company had not made any payments on this note, the accrued interest was $34,418, and the note is due upon demand.

On September 30, 2017, the Company entered into a settlement agreement with a customer to convert the credit balance of their account into a note payable in the amount of $215,234. The note bears interest of 5% per annum and matured on

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December 31, 2019. The Company has not made the monthly payments of $18,426 that were to commence on October 30, 2017; as of March 31, 2020, the company had paid principal of $37,529 and interest of $897, and the note is due upon demand. The remaining principal and interest balances, as of March 31, 2020, were $177,705 and $24,456, respectively. Subsequent to the date of this report, this debt was settled in full. See Note 15. Subsequent Events, for further discussion.

NOTE 8. DEBT

On August 2, 2019, CHFA entered into an agreement to assign the note to Iliad Research and Trading, L.P., a Utah limited liability partnership ("IRT"). This agreement closed on September 11, 2019, and IRT paid a total of $5,885,148 to CHFA to assume the note. The payment amount consisted of $5,405,666 of principal and $479,482 of interest and fees. Interest will accrue on the note at the default interest rate of 10.5%.

The outstanding principal balance of the note was $6,235,737 and $6,075,306 as of March 31, 2020 and December 31, 2019, respectively.

As of March 31, 2020, the Company had not made any payments to IRT and the accrued interest on the note was $350,589. Since the loan is in default, the entire outstanding balance is classified as a current liability on the Company's March 31, 2020 Balance Sheet. Subsequent to the date of this report, this debt was settled in full. See Sale and Leaseback of Facility section of Note 15. Subsequent Events, for further discussion.

NOTE 9. SECURED PROMISSORY NOTES

The following table provides a summary of the activity of the Company's secured notes:

 

 

 

Global

Ichiban

 

 

St. George

 

 

Total

 

Secured Notes Principal Balance at December 31, 2018

 

$

4,956,745

 

 

$

1,315,000

 

 

$

6,271,745

 

New notes

 

 

-

 

 

 

845,000

 

 

 

845,000

 

Note conversions

 

 

(115,000

)

 

 

-

 

 

 

(115,000

)

Interest converted to principal

 

 

171,152

 

 

 

-

 

 

 

171,152

 

Note assignments

 

 

-

 

 

 

-

 

 

 

-

 

Secured Notes Principal Balance at December 31, 2019

 

 

5,012,897

 

 

 

2,160,000

 

 

 

7,172,897

 

Less: remaining discount

 

 

(765,576

)

 

 

(71,666

)

 

 

(837,242

)

Secured Notes, net of discount, at December 31, 2019

 

 

4,247,321

 

 

 

2,088,334

 

 

 

6,335,655

 

New notes

 

 

-

 

 

 

-

 

 

 

-

 

Note conversions

 

 

-

 

 

 

-

 

 

 

-

 

Interest converted to principal

 

 

-

 

 

 

-

 

 

 

-

 

Secured Notes Principal Balance at March 31, 2020

 

 

5,012,897

 

 

 

2,160,000

 

 

 

7,172,897

 

Less: remaining discount

 

 

(535,903

)

 

 

 

 

 

(535,903

)

Secured Notes, net of discount, at March 31, 2020

 

$

4,476,994

 

 

$

2,160,000

 

 

$

6,636,994

 

 

Global Ichiban Secured Promissory Notes

During 2018, the company issued to Global $1.9 million aggregate principal amount in notes, in exchange for additional proceeds of $1.9 million. The aggregate original issue discounts of $65,000 will be allocated to interest expense, ratably, over the life of the note. These notes matured between January 11, 2019 and October 22, 2019.

On October 22, 2018, Global sold one of its notes to another investor. As a result of this sale, $250,000 in principal and $26,000 of accrued interest were assigned to the new investor and is no longer considered secured debt. Please refer to Note 11 for further discussion of the assignment. This note is redeemable in stock, at the discretion of the Company, under the same conversion terms described above.

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The following table summarizes the conversion activity of this note:

 

Conversion Period

 

Principal

Converted

 

 

Interest

Converted

 

 

Common Shares

Issued

 

Q1 2018

 

$

1,250,000

 

 

$

-

 

 

 

2,450,981

 

Q2 2018

 

 

176,000

 

 

 

-

 

 

 

1,035,295

 

Q1 2019

 

 

115,000

 

 

 

-

 

 

 

9,595,327

 

 

 

$

1,541,000

 

 

$

-

 

 

 

13,081,603

 

 

Since conversions began in the first quarter of 2018, the interest associated with conversions has been added back into the principal of the notes. The following table summarizes the activity of adding the interest to principal:

 

Period

 

Interest converted to

Principal

 

Q1 2018

 

$

96,281

 

Q2 2018

 

 

44,237

 

Q1 2019

 

 

171,152

 

 

 

$

311,670

 

 

All the notes issued in accordance with the note purchase and exchange agreement dated November 30, 2017 are secured by a security interest on substantially all of the Company’s assets, bear interest at a rate of 12% per annum and contain standard and customary events of default including but not limited to: (i) failure to make payments when due under the notes, and (ii) bankruptcy or insolvency of the Company. There are no registration rights applicable to the notes.

Payments on these notes have not occurred in accordance with the agreement and, as of the date of this filing, these notes are due upon demand. As of March 31, 2020, the aggregate principal and interest balance of the Notes were $5,012,897 and $733,852, respectively.

Subsequent to the period of this report, the amounts owed to Global were exchanged for a new note. Refer to the Global Exchange Agreement section of Note 15. Subsequent Events for further discussion.

Pursuant to a number of factors outlined in ASC Topic 815, Derivatives and Hedging, the conversion option in the notes were deemed to include an embedded derivative that required bifurcation and separate accounting. As such, the Company ascertained the value of the conversion option as if separate from the convertible issuance and appropriately recorded that value as a derivative liability. The fair value measurements rely primarily on Company-specific inputs and the Company’s own assumptions. With the absence of observable inputs, the Company determined these recurring fair value measurements reside primarily within Level 3 of the fair value hierarchy. The derivative associated with the notes approximates management’s estimate of the fair value of the embedded derivative liability based on using a Monte Carlo simulation following a Geometric Brownian Motion with the following assumptions identified below.

The aggregate derivative value of the notes was $2.0 million as of December 31, 2019. This value was derived from Management's fair value assessment using the following assumptions: annual volatility of 46%, present value discount rate of 12%, and a dividend yield of 0%.

At March 31, 2020, pursuant to ASC Topic 815, Derivatives and Hedging, Management conducted a fair value assessment of the embedded derivatives associated with these notes. Engaging the services of Harper Hofer & Associates, LLC, a CPA firm specializing in these valuations, it was determined that a rational investor would not convert the notes, and would not expect to do so in the foreseeable future. The Company has reported doubt as to its ability to continue as a going concern since 2015. The Company scaled down operations and did not expect to ramp up until significant financing could be obtained and has been operating under these conditions for some time already, continuously chasing funding to continue operations. Circumstances shifted in late 2019 and early 2020, making fundraising and continuing operations more difficult, thereby reducing liquidity and attractiveness of the common stock. These new circumstances made it clear to current and prospective investors that the Company would either file bankruptcy or restructure with a strategic investor. Accordingly, as of the valuation date, conversion of a debt instrument into common stock that cannot be sold in the marketplace would put the holder in a far less secure position compared to holding the instrument as debt. As a result of the fair value assessments, the Company recorded an aggregate net gain of $2.0 million for the three months ended March 31, 2020, as "Change in fair value of derivatives and gain/loss on extinguishment of liabilities, net" in the Consolidated Statements of Operations to properly reflect that the value of the embedded derivative had been eliminated as of March 31, 2020.

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St. George Secured Convertible Notes

On May 8, 2018, the Company, entered into a note purchase agreement with St. George Investments LLC ("St. George"), for the private placement of a $575,000 secured convertible promissory note. The Company received $500,000 in aggregate proceeds for the note in two tranches and recorded and original issue discount of $50,000 and debt financing costs of $25,000. The original issue discount and the financing costs will be recognized as interest expense, ratably, over the life of the note.

On November 5, 2018, the Company entered into a second securities purchase agreement with St. George, for the private placement of a $1.2 million secured convertible promissory note ("Company Note"). On November 7, 2018, the Company received $200,000 of gross proceeds from the offering of the Company Note. The Company may receive additional cash proceeds of up to an aggregate of $800,000 through cash payments made from time to time by St George of principal and interest under the eight Investor Notes. The aggregate principal amount of the Company Note is divided into nine tranches, which tranches correspond to (i) the cash funding received on November 5, 2018 and (ii) the principal amounts of the eight Investor Notes. As of December 2019, the Company had received an additional $800,000 in proceeds and had recorded $1,220,000 in principal related to the Company and Investor Notes. The Company recorded original issue discounts of $200,000 and debt financing costs of $20,000, which will be recognized as interest expense, ratably, over the life of the note. As of December 31, 2019, the closing dates, closing amounts, and proceeds on completed Note tranches are as follows:

 

Closing Date

Closing Amount

 

Proceeds

 

11/7/2018

$

260,000

 

$

200,000

 

11/19/2018

$

120,000

 

$

100,000

 

11/30/2018

$

120,000

 

$

100,000

 

12/7/2018

$

120,000

 

$

100,000

 

12/17/2018

$

120,000

 

$

100,000

 

1/3/2019

$

120,000

 

$

100,000

 

1/17/2019

$

120,000

 

$

100,000

 

1/30/2019

$

120,000

 

$

100,000

 

2/8/2019

$

120,000

 

$

100,000

 

 

On March 13, 2019, the Company entered into a third securities purchase agreement with St. George, for the private placement of a $365,000 secured convertible promissory note ("Third Note"). The Company recorded original issue discounts of $60,000 and debt financing costs of $5,000, which will be recognized as interest expense, ratably, over the life of the note.  As of March 31, 2020, the closing dates, closing amounts, and proceeds on completed Note tranches are as follows:

 

Closing Date

Closing Amount

 

Proceeds

 

3/15/2019

$

125,000

 

$

100,000

 

3/22/2019

$

120,000

 

$

100,000

 

4/4/2019

$

120,000

 

$

100,000

 

 

As of March 31, 2020, no principal or interest had been paid or converted, and the aggregate principal and interest balance of the Notes were $2.2 million, and $307,000, respectively.

Subsequent to the date of this report, the debt with St. George was assigned to another investor, BD 1 Investment Holding, LLC (“BD 1”). Refer to the Debt Assignments section of Note 15. Subsequent Events for further discussion.

Pursuant to a number of factors outlined in ASC Topic 815, Derivatives and Hedging, the conversion option in the notes were deemed to include an embedded derivative that required bifurcation and separate accounting. As such, the Company ascertained the value of the conversion option as if separate from the convertible issuance and appropriately recorded that value as a derivative liability. The fair value measurements rely primarily on Company-specific inputs and the Company’s own assumptions. With the absence of observable inputs, the Company determined these recurring fair value measurements reside primarily within Level 3 of the fair value hierarchy. The derivative associated with the notes approximates management’s estimate of the fair value of the embedded derivative liability based on using a Monte Carlo simulation following a Geometric Brownian Motion with the following assumptions identified below.

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The aggregate derivative value of the notes was $2.5 million as of December 31, 2019. This value was derived from Management's fair value assessment using the following assumptions: annual volatility of 45%, present value discount rate of 12%, and a dividend yield of 0%.

At March 31, 2020, pursuant to ASC Topic 815, Derivatives and Hedging, Management conducted a fair value assessment of the embedded derivatives associated with these notes. Engaging the services of Harper Hofer & Associates, LLC, a CPA firm specializing in these valuations, it was determined that a rational investor would not convert the notes, and would not expect to do so in the foreseeable future. The Company has reported doubt as to its ability to continue as a going concern since 2015. The Company scaled down operations and did not expect to ramp up until significant financing could be obtained and has been operating under these conditions for some time already, continuously chasing funding to continue operations. Circumstances shifted in late 2019 and early 2020, making fundraising and continuing operations more difficult, thereby reducing liquidity and attractiveness of the common stock. These new circumstances made it clear to current and prospective investors that the Company would either file bankruptcy or restructure with a strategic investor. Accordingly, as of the valuation date, conversion of a debt instrument into common stock that cannot be sold in the marketplace would put the holder in a far less secure position compared to holding the instrument as debt. As a result of the fair value assessments, the Company recorded an aggregate net gain of $2.5 million for the three months ended March 31, 2020, as "Change in fair value of derivatives and gain/loss on extinguishment of liabilities, net" in the Consolidated Statements of Operations to properly reflect that the value of the embedded derivative had been eliminated as of March 31, 2020.

NOTE 10. PROMISSORY NOTES

The following table provides a summary of the activity of the Company's non-convertible, unsecured, promissory notes:

 

 

 

Investor 1

 

 

Investor 2

 

 

Total

 

Promissory Notes Principal Balance at December 31, 2018

 

$

494,437

 

 

$

850,000

 

 

$

1,344,437

 

New principal

 

 

 

 

 

615,000

 

 

 

615,000

 

Notes exchanged

 

 

 

 

 

(850,000

)

 

 

(850,000

)

Promissory Notes Principal Balance at December 31, 2019

 

 

494,437

 

 

 

615,000

 

 

 

1,109,437