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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 September 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 April 9, 2021, there were 18,345,583,473 shares of our common stock issued and outstanding.

 

 

 


 

 

ASCENT SOLAR TECHNOLOGIES, INC.

Quarterly Report on Form 10-Q

Quarterly Period Ended September 30, 2020

Table of Contents

 

PART I. FINANCIAL INFORMATION

 

Item 1.

Condensed Consolidated Financial Statements (unaudited)

1

 

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

1

 

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

2

 

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

3

 

Condensed Consolidated Statements of Cash Flow - For the Three and Nine Months Ended September 30, 2020 (unaudited) and September 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)

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,078,656

 

 

$

-

 

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

 

 

5,749

 

 

 

-

 

Inventories, net

 

 

510,049

 

 

 

533,892

 

Prepaid and other current assets

 

 

82,818

 

 

 

51,598

 

Total current assets

 

 

1,677,272

 

 

 

585,490

 

Property, Plant and Equipment:

 

 

26,475,610

 

 

 

32,911,969

 

Accumulated depreciation

 

 

(26,454,118

)

 

 

(28,677,350

)

 

 

 

21,492

 

 

 

4,234,619

 

Other Assets:

 

 

 

 

 

 

 

 

Operating lease assets, net

 

 

5,790,779

 

 

 

-

 

Patents, net of accumulated amortization of $484,855 and $421,181,

   respectively

 

 

778,589

 

 

 

813,397

 

Other non-current assets

 

 

250,000

 

 

 

-

 

 

 

 

6,819,368

 

 

 

813,397

 

Total Assets

 

$

8,518,132

 

 

$

5,633,506

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

861,496

 

 

$

1,663,316

 

Related party payables

 

 

460,173

 

 

 

460,173

 

Accrued expenses

 

 

1,403,187

 

 

 

1,624,564

 

Accrued Interest

 

 

1,530,303

 

 

 

2,107,401

 

Notes Payable

 

 

250,000

 

 

 

1,506,530

 

Current portion of long-term debt

 

 

-

 

 

 

6,075,307

 

Current portion of operating lease liability

 

 

476,490

 

 

 

-

 

Secured promissory notes, net of discount of $453,518 and $837,242,

   respectively

 

 

8,106,482

 

 

 

6,335,655

 

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

 

 

1,337,637

 

 

 

1,092,771

 

Convertible notes, net of discount of $0 and $861,567, respectively

 

 

3,195,583

 

 

 

2,129,016

 

Embedded Derivative Liability

 

 

982,957

 

 

 

7,717,150

 

Total current liabilities

 

 

18,604,308

 

 

 

30,711,883

 

Long-Term Liabilities:

 

 

 

 

 

 

 

 

Noncurrent operating lease liabilities

 

 

5,326,870

 

 

 

-

 

Accrued warranty liability

 

 

20,750

 

 

 

28,404

 

Total liabilities

 

 

23,951,928

 

 

 

30,740,287

 

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

 

 

399,817,526

 

 

 

397,817,526

 

Accumulated Deficit

 

 

(415,774,376

)

 

 

(423,400,229

)

Total stockholders’ deficit

 

 

(15,433,796

)

 

 

(25,106,781

)

Total Liabilities and Stockholders’ Deficit

 

$

8,518,132

 

 

$

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

September 30,

 

 

For the Nine Months Ended

September 30,

 

 

 

2020

 

2019

 

 

2020

 

2019

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

6,293

 

$

338,373

 

 

$

60,445

 

$

628,124

 

Total Revenues

 

 

6,293

 

 

338,373

 

 

 

60,445

 

 

628,124

 

Costs and Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of revenue

 

 

5,528

 

 

74,271

 

 

 

101,156

 

 

282,825

 

Research, development and manufacturing operations

 

 

150,060

 

 

460,775

 

 

 

485,592

 

 

1,078,842

 

Selling, general and administrative

 

 

315,660

 

 

633,566

 

 

 

505,053

 

 

1,545,852

 

Depreciation and amortization

 

 

26,325

 

 

58,154

 

 

 

137,978

 

 

185,163

 

Total Costs and Expenses

 

 

497,573

 

 

1,226,766

 

 

 

1,229,779

 

 

3,092,682

 

Loss from Operations

 

 

(491,280

)

 

(888,393

)

 

 

(1,169,334

)

 

(2,464,558

)

Other Income/(Expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income/(expense), net

 

 

3,055,366

 

 

6,000

 

 

 

3,314,966

 

 

842,500

 

Interest expense

 

 

(963,648

)

 

(1,907,895

)

 

 

(3,227,112

)

 

(6,740,340

)

Change in fair value of derivatives and

   gain/(loss) on extinguishment of

   liabilities, net

 

 

990,183

 

 

1,510,883

 

 

 

8,707,333

 

 

6,430,048

 

Total Other Income/(Expense)

 

 

3,081,901

 

 

(391,012

)

 

 

8,795,187

 

 

532,208

 

Net Income/(Loss)

 

$

2,590,621

 

$

(1,279,405

)

 

$

7,625,853

 

$

(1,932,350

)

Net Income/(Loss) Per Share (Basic)

 

$

0.0005

 

$

(0.001

)

 

$

0.0015

 

$

(0.003

)

Net Income/(Loss) Per Share (Diluted)

 

$

0.0001

 

$

(0.001

)

 

$

0.0001

 

$

(0.003

)

Weighted Average Common Shares

   Outstanding (Basic)

 

 

5,230,490,450

 

 

1,457,404,260

 

 

 

5,053,300,857

 

 

705,196,069

 

Weighted Average Common Shares

   Outstanding (Diluted)

 

 

66,848,261,292

 

 

1,457,404,260

 

 

 

65,693,072,463

 

 

705,196,069

 

 

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 Months Ended September 30, 2020

 

 

 

Series A

Preferred Stock

 

 

Series 1A

Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Total

Stockholders’

Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

(Deficit)

 

Balance at June 30, 2020

 

 

48,100

 

 

 

5

 

 

 

-

 

 

 

-

 

 

 

5,230,490,450

 

 

 

523,049

 

 

 

397,817,526

 

 

 

(418,364,997

)

 

 

(20,024,417

)

Proceeds from issuance of

   Series 1A Preferred Stock

 

 

-

 

 

 

-

 

 

 

2,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,000,000

 

 

 

-

 

 

 

2,000,000

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,590,621

 

 

 

2,590,621

 

Balance at September 30,

   2020

 

 

48,100

 

 

 

5

 

 

 

2,000

 

 

 

-

 

 

 

5,230,490,450

 

 

 

523,049

 

 

 

399,817,526

 

 

 

(415,774,376

)

 

 

(15,433,796

)

 

For the Three Months Ended September 30, 2019

 

 

 

Series A

Preferred Stock

 

 

Series 1A

Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Total

Stockholders’

Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

(Deficit)

 

Balance, June 30, 2019

 

 

48,100

 

 

$

5

 

 

 

-

 

 

$

-

 

 

 

696,089,337

 

 

$

69,609

 

 

$

397,258,622

 

 

$

(419,184,913

)

 

$

(21,856,677

)

Interest and Dividend

   Expense paid with

   Common Stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

89,313,372

 

 

 

8,932

 

 

 

7,393

 

 

 

-

 

 

 

16,325

 

Conversion of St.George

   Note into Common Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

457,222,223

 

 

 

45,722

 

 

 

43,278

 

 

 

-

 

 

 

89,000

 

Conversion of BayBridge

   Note into Common Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

605,769,231

 

 

 

60,577

 

 

 

25,423

 

 

 

-

 

 

 

86,000

 

Conversion of Bellridge

   Note into Common Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

474,484,128

 

 

 

47,448

 

 

 

41,552

 

 

 

-

 

 

 

89,000

 

Conversion of PowerUp

   Note into Common Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

155,824,176

 

 

 

15,582

 

 

 

(982

)

 

 

-

 

 

 

14,600

 

Conversion of GS Capital

   Note into Common Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

311,168,154

 

 

 

31,117

 

 

 

26,601

 

 

 

-

 

 

 

57,718

 

Stock issued for fees

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

66,669,229

 

 

 

6,667

 

 

 

1,098

 

 

 

-

 

 

 

7,765

 

Loss on Extinguishment of

   Liabilities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

271,186

 

 

 

-

 

 

 

271,186

 

Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,279,405

)

 

 

(1,279,405

)

Balance at September 30,

   2019

 

 

48,100

 

 

$

5

 

 

 

-

 

 

$

-

 

 

 

2,856,539,850

 

 

$

285,654

 

 

$

397,674,171

 

 

$

(420,464,318

)

 

$

(22,504,488

)

 

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

3


Table of Contents

ASCENT SOLAR TECHNOLOGIES, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

(unaudited)

For the Nine Months Ended September 30, 2020

 

 

 

Series A

Preferred Stock

 

 

Series 1A

Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Total

Stockholders’

Equity

 

 

 

Shares

 

 

Amount

 

 

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

)

Interest and Dividend

   Expense paid with

   Common Stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

21,328,800

 

 

 

2,132

 

 

 

-

 

 

 

-

 

 

 

2,132

 

Proceeds from issuance

   of Series 1A Preferred

   Stock

 

 

-

 

 

 

-

 

 

 

2,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,000,000

 

 

 

-

 

 

 

2,000,000

 

Conversion of Bellridge

   Note into Common Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

450,000,000

 

 

 

45,000

 

 

 

-

 

 

 

-

 

 

 

45,000

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,625,853

 

 

 

7,625,853

 

Balance at September 30,

   2020

 

 

48,100

 

 

 

5

 

 

 

2,000

 

 

 

-

 

 

 

5,230,490,450

 

 

 

523,049

 

 

 

399,817,526

 

 

 

(415,774,376

)

 

 

(15,433,796

)

 

For the Nine Months Ended September 30, 2019

 

 

 

Series A

Preferred Stock

 

 

Series 1A

Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Total

Stockholders’

Equity

 

 

 

Shares

 

 

Amount

 

 

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

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

118,531,773

 

 

 

11,853

 

 

 

98,489

 

 

 

-

 

 

 

110,342

 

Conversion of St.George

   Note into Common Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

602,361,830

 

 

 

60,236

 

 

 

194,834

 

 

 

-

 

 

 

255,070

 

Conversion of Global

   Ichiban Note into

   Common Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,595,327

 

 

 

960

 

 

 

114,040

 

 

 

-

 

 

 

115,000

 

Conversion of BayBridge

   Note into Common Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

790,692,046

 

 

 

79,069

 

 

 

185,931

 

 

 

-

 

 

 

265,000

 

Conversion of Bellridge

   Note into Common Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

573,601,030

 

 

 

57,360

 

 

 

144,640

 

 

 

-

 

 

 

202,000

 

Conversion of PowerUp

   Note into Common Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

291,431,537

 

 

 

29,143

 

 

 

210,457

 

 

 

-

 

 

 

239,600

 

Conversion of GS Capital

   Note into Common Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

327,651,670

 

 

 

32,765

 

 

 

39,953

 

 

 

-

 

 

 

72,718

 

Stock issued for fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

79,136,751

 

 

 

7,914

 

 

 

7,911

 

 

 

-

 

 

 

15,825

 

Conversion of Series A

   Preferred Stock into

   Common Shares

 

 

(12,656

)

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

1

 

 

 

-

 

 

 

1

 

 

 

-

 

 

 

-

 

Loss on Extinguishment

   of Liabilities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

767,453

 

 

 

-

 

 

 

767,453

 

Stock based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

20,750

 

 

 

-

 

 

 

20,750