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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 June 30, 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 18, 2021, there were 18,345,583,471 shares of our common stock issued and outstanding.

 

 

 


 

 

ASCENT SOLAR TECHNOLOGIES, INC.

Quarterly Report on Form 10-Q

Quarterly Period Ended June 30, 2020

Table of Contents

 

PART I. FINANCIAL INFORMATION

 

Item 1.

Condensed Consolidated Financial Statements (unaudited)

1

 

Condensed Consolidated Balance Sheets - as of June 30, 2020 (unaudited) and December 31, 2019

1

 

Condensed Consolidated Statements of Operations - For the Three and Six Months Ended June 30, 2020 (unaudited) and June 30, 2019

2

 

Condensed Consolidated Statements of Changes in Stockholder's Deficit - for the Three and Six Months Ended June 30, 2020 (unaudited) and June 30, 2019

3

 

Condensed Consolidated Statements of Cash Flow - For the Three and Six Months Ended June 30, 2020 (unaudited) and June 30, 2019

5

 

Notes to Condensed Consolidated Financial Statements

6

Item 2.

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

30

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35

Item 4.

Controls and Procedures

35

PART II. OTHER INFORMATION

38

Item 1.

Legal Proceedings

38

Item 1A.

Risk Factors

38

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

38

Item 3.

Defaults Upon Senior Securities

38

Item 4.

Mine Safety Disclosures

38

Item 5.

Other Information

38

Item 6.

Exhibits

39

SIGNATURES

41

 

 

 

 


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.

 

 


Table of Contents

ASCENT SOLAR TECHNOLOGIES, INC.

 

 

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

314,874

 

 

$

-

 

Trade receivables, net of allowance of $45,882 and $46,023, respectively

 

 

-

 

 

 

-

 

Inventories, net

 

 

510,049

 

 

 

533,892

 

Prepaid and other current assets

 

 

45,323

 

 

 

51,598

 

Total current assets

 

 

870,246

 

 

 

585,490

 

Property, Plant and Equipment:

 

 

32,304,570

 

 

 

32,911,969

 

Accumulated depreciation

 

 

(28,157,649

)

 

 

(28,677,350

)

 

 

 

4,146,921

 

 

 

4,234,619

 

Other Assets:

 

 

 

 

 

 

 

 

Patents, net of accumulated amortization of $445,136 and $421,181,

   respectively

 

 

789,598

 

 

 

813,397

 

 

 

 

789,598

 

 

 

813,397

 

Total Assets

 

 

5,806,765

 

 

 

5,633,506

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,343,979

 

 

$

1,663,316

 

Related party payables

 

 

460,173

 

 

 

460,173

 

Accrued expenses

 

 

2,120,472

 

 

 

1,624,564

 

Accrued Interest

 

 

2,771,177

 

 

 

2,107,401

 

Notes Payable

 

 

1,501,530

 

 

 

1,506,530

 

Current portion of long-term debt

 

 

6,400,406

 

 

 

6,075,307

 

Secured promissory notes, net of discount of $306,230 and $837,242,

   respectively

 

 

6,866,667

 

 

 

6,335,655

 

Promissory notes, net of discount of $21,000 and $16,666, respectively

 

 

1,316,637

 

 

 

1,092,771

 

Convertible notes, net of discount of $166,250 and $861,567, respectively

 

 

3,029,333

 

 

 

2,129,016

 

Embedded Derivative Liability

 

 

-

 

 

 

7,717,150

 

Total current liabilities

 

 

25,810,374

 

 

 

30,711,883

 

Long-Term Debt

 

 

-

 

 

 

-

 

Accrued Warranty Liability

 

 

20,808

 

 

 

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 ($728,181 and

   $703,863 Liquidation Preference, respectively)

 

 

5

 

 

 

5

 

Common stock, $0.0001 par value, 20,000,000,000 authorized; 5,230,490,450

   and 4,759,161,650 shares issued and outstanding, respectively

 

 

523,049

 

 

 

475,917

 

Additional paid in capital

 

 

397,817,526

 

 

 

397,817,526

 

Accumulated Deficit

 

 

(418,364,997

)

 

 

(423,400,229

)

Total stockholders’ deficit

 

 

(20,024,417

)

 

 

(25,106,781

)

Total Liabilities and Stockholders’ Deficit

 

$

5,806,765

 

 

$

5,633,506

 

 

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

1


Table of Contents

ASCENT SOLAR TECHNOLOGIES, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

 

For the Three Months Ended

June 30,

 

 

For the Six Months Ended

June 30,

 

 

 

2020

 

2019

 

 

2020

 

2019

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

50,062

 

$

74,368

 

 

$

54,152

 

$

289,752

 

Total Revenues

 

 

50,062

 

 

74,368

 

 

 

54,152

 

 

289,752

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of Revenue

 

 

22,923

 

 

117,118

 

 

 

95,628

 

 

208,554

 

Research and development

 

 

176,067

 

 

129,003

 

 

 

335,532

 

 

618,072

 

Selling, general and administrative

 

 

119,870

 

 

403,915

 

 

 

189,393

 

 

912,284

 

Depreciation and Amortization

 

 

55,389

 

 

60,657

 

 

 

111,651

 

 

127,009

 

Total Costs and Expenses

 

 

374,249

 

 

710,693

 

 

 

732,204

 

 

1,865,919

 

Loss from Operations

 

 

(324,187

)

 

(636,325

)

 

 

(678,052

)

 

(1,576,167

)

Other Income/(Expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Income/(Expense), net

 

 

-

 

 

836,500

 

 

 

259,600

 

 

836,500

 

Interest Expense

 

 

(1,032,774

)

 

(2,006,195

)

 

 

(2,263,466

)

 

(4,832,443

)

Change in fair value of derivatives and

   gain/(loss) on extinguishment of

   liabilities, net

 

 

-

 

 

(2,087,662

)

 

 

7,717,150

 

 

4,919,165

 

Total Other Income/(Expense)

 

 

(1,032,774

)

 

(3,257,357

)

 

 

5,713,284

 

 

923,222

 

Net Income/(Loss)

 

$

(1,356,961

)

$

(3,893,682

)

 

$

5,035,232

 

$

(652,945

)

Net Income/(Loss) Per Share (Basic)

 

$

(0.0003

)

$

(0.008

)

 

$

0.0010

 

$

(0.002

)

Net Income/(Loss) Per Share (Diluted)

 

$

(0.0003

)

$

(0.008

)

 

$

0.0001

 

$

(0.002

)

Weighted Average Common Shares

   Outstanding (Basic)

 

 

5,168,303,334

 

 

502,683,383

 

 

 

4,963,732,492

 

 

322,858,204

 

Weighted Average Common Shares

   Outstanding (Diluted)

 

 

5,168,303,334

 

 

502,683,383

 

 

 

65,019,562,492

 

 

322,858,204

 

 

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

2


Table of Contents

ASCENT SOLAR TECHNOLOGIES, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

(unaudited)

For the Three and Six Months Ended June 30, 2020

 

 

 

Series A

Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Total

Stockholders’

Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

(Deficit)

 

Balance, 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

)

Interest and Dividend Expense

   paid with Common Stock

 

 

-

 

 

 

-

 

 

 

21,328,800

 

 

 

2,132

 

 

 

-

 

 

 

-

 

 

 

2,132

 

Conversion of Bellridge Note into

   Common Shares

 

 

-

 

 

 

-

 

 

 

450,000,000

 

 

 

45,000

 

 

 

-

 

 

 

-

 

 

 

45,000

 

Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,356,961

)

 

 

(1,356,961

)

Balance at June 30, 2020

 

 

48,100

 

 

$

5

 

 

 

5,230,490,450

 

 

$

523,049

 

 

$

397,817,526

 

 

$

(418,364,997

)

 

$

(20,024,417

)

 

3


Table of Contents

ASCENT SOLAR TECHNOLOGIES, INC.

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

(unaudited)

For the Three and Six Months Ended June 30, 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 PowerUp Note

   into Common Shares

 

 

-

 

 

 

-

 

 

 

90,340,694

 

 

 

9,034

 

 

 

173,466

 

 

 

-

 

 

 

182,500

 

Conversion of Series A Preferred

   Stock into Common Shares

 

 

(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

)

Interest and Dividend Expense

   paid with Common Stock

 

 

-

 

 

 

-

 

 

 

11,279,709

 

 

 

1,127

 

 

 

7,279

 

 

 

-

 

 

 

8,406

 

Conversion of St.George Note

   into Common Shares

 

 

-

 

 

 

-

 

 

 

86,636,363

 

 

 

8,664

 

 

 

50,656

 

 

 

-

 

 

 

59,320

 

Conversion of BayBridge Note

   into Common Shares

 

 

-

 

 

 

-

 

 

 

138,461,538

 

 

 

13,846

 

 

 

74,654

 

 

 

-

 

 

 

88,500

 

Conversion of Bellridge Note

   into Common Shares

 

 

-

 

 

 

-

 

 

 

62,950,121

 

 

 

6,295

 

 

 

41,089

 

 

 

-

 

 

 

47,384

 

Conversion of PowerUp Note

   into Common Shares

 

 

-

 

 

 

-

 

 

 

45,266,667

 

 

 

4,527

 

 

 

37,973

 

 

 

-

 

 

 

42,500

 

Conversion of GS Capital Note

   into Common Shares

 

 

-

 

 

 

-

 

 

 

16,483,516

 

 

 

1,648

 

 

 

13,352

 

 

 

-

 

 

 

15,000

 

Stock issued for fees

 

 

-

 

 

 

-

 

 

 

12,467,522

 

 

 

1,247

 

 

 

6,813

 

 

 

-

 

 

 

8,060

 

Loss on Extinguishment of

   Liabilities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

113,433

 

 

 

-

 

 

 

113,433

 

Stock based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

16,404

 

 

 

-

 

 

 

16,404

 

Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,893,682

)

 

 

(3,893,682

)

Balance at June 30, 2019

 

 

48,100

 

 

$

5

 

 

 

696,089,337

 

 

$

69,609

 

 

$

397,258,622

 

 

$

(419,184,913

)

 

$

(21,856,677

)

 

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 Six Months Ended

 

 

 

June 30,

 

 

 

2020

 

 

2019

 

Operating Activities:

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

5,035,232

 

 

$

(652,945

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

111,651

 

 

 

127,009

 

Stock based compensation

 

 

-

 

 

 

20,750

 

Realized (gain) on sale of assets

 

 

(254,600

)

 

 

(836,500

)

Amortization of deferred financing costs

 

 

2,692

 

 

 

24,639

 

Non-cash interest expense

 

 

315,974

 

 

 

1,369,304

 

Amortization of debt discount

 

 

1,266,120

 

 

 

2,556,409

 

Bad debt expense

 

 

(141

)

 

 

472

 

Warranty reserve

 

 

(7,596

)

 

 

(3,043

)

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

 

 

(7,717,150

)

 

 

(4,919,165

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

141

 

 

 

103,714

 

Inventories

 

 

23,843

 

 

 

(13,849

)

Prepaid expenses and other current assets

 

 

3,583

 

 

 

(10,051

)

Accounts payable

 

 

(319,337

)

 

 

(298,450

)

Related party payable

 

 

 

 

 

4,391

 

Accrued expenses

 

 

665,909

 

 

 

95,343

 

Accrued Interest

 

 

495,908

 

 

 

623,896

 

Net cash used in operating activities

 

 

(377,771

)

 

 

(1,808,076

)

Investing Activities:

 

 

 

 

 

 

 

 

Proceeds on sale of Assets

 

 

254,600

 

 

 

836,500

 

Patent activity costs

 

 

(156

)

 

 

(2,721

)

Net cash provided by investing activities

 

 

254,444

 

 

 

833,779

 

Financing Activities:

 

 

 

 

 

 

 

 

Proceeds from debt issuance

 

 

443,200

 

 

 

1,406,768

 

Repayment of debt

 

 

(5,000

)

 

 

(2,500

)

Payment of debt financing costs

 

 

 

 

 

(7,500

)

Net cash provided by (used in) financing activities

 

 

438,200

 

 

 

1,396,768

 

Net change in cash and cash equivalents

 

 

314,873

 

 

 

422,471

 

Cash and cash equivalents at beginning of period

 

 

-

 

 

 

18,159

 

Cash and cash equivalents at end of period

 

$

314,873

 

 

$

440,630

 

Supplemental Cash Flow Information:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

 

 

$

25,891

 

Non-Cash Transactions:

 

 

 

 

 

 

 

 

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

 

$

47,133

 

 

$

907,099

 

Non-cash financing costs

 

$

 

 

$

10,800

 

Interest converted to principal

 

$

 

 

$

171,152

 

Common shares issued for fees

 

$

 

 

$

8,060

 

Initial embedded derivative liabilities

 

$

 

 

$

3,105,812

 

Promissory notes exchanged for convertible notes

 

$

 

 

$

550,000

 

 

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

 

5


Table of Contents

 

 

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 June 30, 2020 and December 31, 2019, and the results of operations for the three and six months ended June 30, 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 six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.

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 June 30, 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.

Paycheck Protection Program Loan: The Company has elected to account for the forgivable loan received under the Paycheck Protection Program (PPP) provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act as a debt instrument and to accrue interest on the outstanding loan balance. Additional interest at a market rate (due to the stated interest rate of the PPP loan being below market) is not imputed, as the transactions where interest rates prescribed by governmental agencies are excluded from the scope of accounting guidance on imputing interest. The proceeds from the loan will remain recorded as a liability until either (1) the loan is, in part of wholly, forgiven and the Company has been legally released or (2) the Company repays the loan to the lender.

Refer to Note 15 for further discussion.

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Table of Contents

 

 

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 beginning 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.

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 June 30, 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 six months ended June 30, 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 16 of the financial statements presented as of, and for, the six months ended, June 30, 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 six months ended June 30, 2020 the Company used $377,771 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 June 30, 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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Table of Contents

 

NOTE 5. PROPERTY, PLANT AND EQUIPMENT

The following table summarizes property, plant and equipment as of June 30, 2020 and December 31, 2019:

 

 

 

As of

June 30,

 

 

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

 

 

(28,157,649

)

 

 

(28,677,350

)

Net property, plant and equipment

 

$

4,146,921

 

 

$