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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Arista Power Inc (CE) | USOTC:ASPW | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
New York
|
16-1610794
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
1999 Mount Read Blvd
|
||
Rochester, New York
|
14615
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
¨
|
Accelerated filer
¨
|
Non-accelerated filer
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
x
|
PART I. FINANCIAL INFORMATION
|
||
Item 1.
|
Financial Statements
|
1
|
Unaudited Condensed Balance Sheets as of March 31, 2014 and December 31, 2013
|
1
|
|
Unaudited Condensed Statements of Operations for the Three Months Ended March 31, 2014 and 2013
|
2
|
|
Unaudited Condensed Statements of Cash Flows for the Three Months Ended March 31, 2014 and 2013
|
3
|
|
Unaudited Statement of
Stockholders' Deficit through March 31
, 2014
|
4
|
|
Notes to Unaudited Condensed Financial Statements
|
5
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
14
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Item 4.
|
Controls and Procedures
|
18
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PART II. OTHER INFORMATION
|
||
Item 1.
|
Legal Proceedings
|
18
|
Item 1A.
|
Risk Factors
|
18
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
18
|
Item 3.
|
Quantitative and Qualitative Disclosure about Market Risk
|
19
|
Item 4.
|
Mine Safety Disclosures
|
19
|
Item 5.
|
Other Information
|
19
|
Item 6.
|
Exhibits
|
19
|
Signatures
|
20
|
|
Exhibits
|
March 31,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash
|
$
|
1,273,843
|
$
|
297,385
|
||||
Accounts Receivable (less allowance for doubtful accounts of $0 at March 31, 2014 and December 31, 2013)
|
41,465
|
265,245
|
||||||
Prepaid expenses and other current assets
|
153,988
|
232,570
|
||||||
Inventory
|
496,313
|
496,313
|
||||||
Deferred debt discount
|
820,750
|
820,750
|
||||||
Total current assets
|
2,786,359
|
2,112,263
|
||||||
Other assets
|
161,356
|
172,362
|
||||||
Intangible assets, net
|
24,802
|
25,305
|
||||||
Property and equipment, net
|
56,975
|
69,555
|
||||||
Total assets
|
$
|
3,029,492
|
$
|
2,379,485
|
||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
1,018,776
|
$
|
1,175,221
|
||||
Borrowings under line of credit, net of debt discount
|
769,784
|
684,994
|
||||||
Customer deposits
|
20,850
|
19,000
|
||||||
Accrued payroll
|
98,619
|
146.465
|
||||||
Deferred revenue
|
61,217
|
63,311
|
||||||
Accrued warranty costs
|
140,074
|
140,074
|
||||||
Accrued liabilities
|
451,316
|
496,011
|
||||||
Accrued loss contract
|
495,369
|
519,092
|
||||||
Derivative liabilities, short term
|
0
|
13,200
|
||||||
Current portion of long term debt
|
11,193
|
11,782
|
||||||
Total current liabilities
|
3,067,198
|
3,269,150
|
||||||
Long term liabilities
|
||||||||
Long term debt
|
14,612
|
16,169
|
||||||
Derivative liabilities
|
3,917,772
|
762,396
|
||||||
Total long term liabilities
|
3,932,384
|
778,565
|
||||||
Total liabilities
|
6,999,582
|
4,047,715
|
||||||
Stockholders' (deficit)
|
||||||||
Preferred stock, 5,000,000 shares authorized, $0.002 par value; 1,500 and 0 issued and outstanding at March 31, 2014 or December 31, 2013
|
3
|
0
|
||||||
Common stock, 500,000,000 shares authorized, $0.002 par value; 19,498,694 and 17,993,694 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively
|
38,497
|
35,987
|
||||||
Additional paid-in capital
|
23,778,389
|
25,330,474
|
||||||
Deficit accumulated
|
(27,786,979
|
)
|
(27,034,691
|
)
|
||||
Total stockholders' (deficit)
|
(3,970,090
|
)
|
(1,668,230
|
)
|
||||
Total liabilities and stockholders' deficit
|
$
|
3,029,492
|
$
|
2,379,485
|
Three Months
|
Three Months
|
|||||||
Ended
March 31, 2014
|
Ended
March 31, 2013
|
|||||||
Sales
|
$
|
129,870
|
$
|
108,644
|
||||
Cost of Goods Sold
|
198,226
|
197,233
|
||||||
Gross Loss
|
(68,356
|
)
|
(88,589
|
)
|
||||
Operating Expenses:
|
||||||||
Research and development expenses
|
22,517
|
126,538
|
||||||
Selling, general and administrative expenses
|
425,545
|
734,130
|
||||||
Total expenses
|
448,062
|
860,668
|
||||||
Loss from operations
|
(516,418
|
)
|
(949,257
|
)
|
||||
Non-operating revenue/(expense)
|
||||||||
Interest expense
|
(112,345
|
)
|
(224,820
|
)
|
||||
Unrealized gain/(loss) on change in fair value of derivative liabilities
|
(121,650
|
) |
71,400
|
|||||
Net loss before income taxes
|
(750,413
|
)
|
(1,102,677
|
)
|
||||
Income taxes
|
1,875
|
500
|
||||||
Net loss
|
$
|
(752,288
|
)
|
$
|
(1,103,177
|
)
|
||
Net loss per common share - basic and diluted
|
$
|
(.04
|
)
|
$
|
(.09
|
)
|
||
Weighted average number of common shares outstanding - basic and diluted
|
18,495,360
|
12,676,895
|
Three Months Ended
March 31, 2014
|
Three Months Ended
March 31, 2013
|
|||||||
Operating activities
|
||||||||
Net loss
|
$ | (752,288 | ) | $ | (1,103,177 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Amortization and depreciation expense
|
13,084 | 18,140 | ||||||
Stock-based compensation
|
70,954 | 363,369 | ||||||
Amortization of prepaid warrants for rent, non-cash
|
11,006 | 7,337 | ||||||
Amortization of prepaid warrants for consulting, non-cash
|
95,353 | 0 | ||||||
Stock issued for rent and services
|
0 | 100,488 | ||||||
Amortization of debt discount
|
84,790 | 199,852 | ||||||
Impairment of intangible assets
|
0 | 3,396 | ||||||
Change in derivative liability
|
121,650 | (71,400 | ) | |||||
Changes in operating assets and liabilities
:
|
||||||||
(Increase) in prepaid expenses and other current assets
|
(16,772 | ) | (121,647 | ) | ||||
Decrease in trade accounts receivable
|
223,780 | 365,891 | ||||||
Decrease in inventory
|
0 | 43,188 | ||||||
Increase in customer deposits
|
1,850 | 18,484 | ||||||
(Decrease) in deferred revenue
|
(2,094 | ) | (43,618 | ) | ||||
(Decrease) in accrued loss contract
|
(23,723 | ) | 0 | |||||
(Decrease) in trade accounts payable and accrued liabilities
|
(248,986 | ) | (69,494 | ) | ||||
Net cash provided by/(used in) operating activities
|
(421,396 | ) | (289,191 | ) | ||||
Financing activities
|
||||||||
Proceeds from issuance of preferred stock
|
1,500,000 | 0 | ||||||
Stock offering costs paid
|
(100,000 | ) | 0 | |||||
Borrowings on line of credit
|
0 | 270,0000 | ||||||
Payments on debt
|
(2,146 | ) | (2,863 | ) | ||||
Net cash provided by financing activities
|
1,397,854 | 67,137 | ||||||
Increase/(decrease) in cash
|
976,458 | (22,054 | ) | |||||
Cash – beginning of period
|
297,385 | 78,253 | ||||||
Cash – end of period
|
$ | 1,273,843 | $ | 56,199 | ||||
Supplemental Information:
|
||||||||
Income Taxes Paid/(Tax credits received)
|
$ | 1,875 | $ | 500 | ||||
Interest Paid
|
$ | 236 | $ | 1,511 | ||||
Non-cash investing and financing activities:
|
||||||||
Warrant derivative liability incurred with preferred stock offering
|
$ | 3,020,526 | $ | 0 | ||||
Preferred stock
|
$ | (2,868,750 | ) | $ | 0 | |||
Additional warrants
|
$ | (151,776 | ) | $ | 0 | |||
Stock issued for accrued expenses
|
$ | 0 | $ | 157,903 | ||||
Application of deferred debt discount
|
$ | 0 | $ | 270,000 | ||||
Warrants issued for prepaid rent
|
$ | 0 | $ | 256,800 |
Number of
Shares
|
Par Value
|
Additional
Paid-In
|
Accumulated
|
Total
Stockholders'
|
||||||||||||||||||||||||
Common
|
Preferred
|
Common
|
Preferred
|
Capital
|
Deficit | (Deficit) | ||||||||||||||||||||||
Balance, December 31, 2013
|
17,993,694 | 0 | $ | 35,987 | $ | 0 | $ | 25,330,474 | $ | (27,034,691 | ) | $ | (1,668,230 | ) | ||||||||||||||
Issuance of convertible preferred stock for cash
|
1,500 | 3 | 1,499,997 | 1,500,000 | ||||||||||||||||||||||||
Stock offering costs
|
(100,000 | ) | (100,000 | ) | ||||||||||||||||||||||||
Issuance of warrants with private placement
|
(2,868,750 | ) | (2,868,750 | ) | ||||||||||||||||||||||||
Issuance of common stock and warrants for antidilution clause
|
1,255,000 | 2,510 | (154,286 | ) | (151,776 | ) | ||||||||||||||||||||||
Stock options and stock compensation
|
250,000 | 70,954 | 70,954 | |||||||||||||||||||||||||
Net loss for quarter
|
(752,288 | ) | (752,288 | ) | ||||||||||||||||||||||||
Balance, March 31, 2014
|
19,498,694 | 1,500 | $ | 38,497 | $ | 3 | $ | 23,778,389 | $ | (27,798,979 | ) | $ | (3,970,090 | ) |
2014 (includes TMK-ENT, Inc. line of credit repayment)
|
$
|
1,028,136
|
||
2015
|
$
|
9,540
|
||
2016
|
$
|
6,629
|
Number of Shares Remaining Options
|
Weighted Average
Exercise Price
|
Weighted-Average Remaining
Contractual Term
|
Aggregate
Intrinsic Value
|
||||||||||
Outstanding at January 1, 2014
|
1,386,108
|
$
|
.61
|
||||||||||
Options granted during 2014
|
115,000
|
$
|
.23
|
||||||||||
Options cancelled or expired during 2014
|
(70,500)
|
.75
|
|||||||||||
Outstanding at March 31, 2014
|
1,430,608
|
$
|
.52
|
7.8 years
|
$
|
26,450
|
|||||||
Exercisable at March 31, 2014
|
772,308
|
$
|
.64
|
6.4 years
|
$
|
26,450
|
Restricted Shares
|
Number of
Restricted Shares
|
Weighted Average
Fair Value at
Grant Date
|
||||||
Non-vested at March 31, 2014
|
118,378
|
$
|
2.80
|
|||||
Awarded during 2014
|
250,000
|
.29
|
||||||
Non-vested at March 31, 2014
|
419,368
|
$
|
1.10
|
Three Months Ended
|
Three Months Ended
|
|||||||
March 31, 2014
|
March 31,2013
|
|||||||
Expected dividend yield
|
0
|
%
|
0
|
%
|
||||
Expected stock price volatility
|
134
|
%
|
93-108
|
%
|
||||
Risk-free interest rate
|
1.73-1.75
|
%
|
.14–2.60
|
%
|
||||
Expected life of warrants
|
4.1-8.8 years
|
.9-9.8 years
|
Number of Shares Remaining Warrants
|
Weighted Average
Exercise Price
|
Weighted-Average Remaining
Contractual Term
|
Aggregate
Intrinsic Value
|
||||||||||
Outstanding at January 1, 2014
|
7,671,267
|
$
|
1.51
|
||||||||||
Warrants granted during 2014
|
11,862,000
|
$
|
.25
|
||||||||||
Warrants expired during 2014
|
(600,000)
|
.25
|
|||||||||||
Outstanding at March 31,2014
|
18,933,267
|
$
|
.78
|
5.3 years
|
$
|
0
|
|||||||
Exercisable at March 31,2014
|
18,139,250
|
$
|
.76
|
5.6 years
|
$
|
0
|
Three Months Ended
|
Three Months Ended
|
||||
March 31,
2014
|
March 31,
2013
|
||||
Expected dividend yield
|
0%
|
0
|
%
|
||
Expected stock price volatility
|
134%
|
90-93
|
%
|
||
Risk-free interest rate
|
1.75%
|
.14
|
%
|
||
Expected life of warrants
|
4.1-5.0 years
|
.8 years
|
|||
Number of warrants
|
15,562,351
|
600,000
|
|||
Fair value of warrants
|
$3,917,772
|
$
|
185,400
|
Fair Value Measurements at March 31,2014
|
||||||||||||||||
Total
Carrying
Value at
March 31, 2014,
|
Quoted
prices in
active
markets
(Level 1)
|
Significant
other
observable
inputs
(Level 2)
|
Significant
unobservable
inputs
(Level 3)
|
|||||||||||||
Derivative liabilities
|
$
|
3,917,722
|
$
|
-
|
$
|
-
|
$
|
3,917,722
|
Year ended
December 31,
2013
|
||||
Beginning balance January 1, 2014
|
$
|
775,596
|
||
Issuance of derivative financial instruments in 2014
|
3,020,526
|
|||
Net unrealized (gain) loss on derivative financial instruments
|
121,650
|
|||
Ending balance as of March 31,2014
|
$
|
3,917,722
|
(a)
|
|
Exhibits:
|
|
|
|
|
|
|
|
31.1
|
Certification of the Chief Executive Officer Pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
31.2
|
Certification of the Chief Financial Officer Pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
32.1
|
Certification Pursuant to 18 U.S.C. Section 1350 by the Chief Executive Officer, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
32.2
|
Certification Pursuant to 18 U.S.C. Section 1350 by the Chief Financial Officer, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
ARISTA POWER, INC.
|
|
|
|
|
May 15, 2014
|
|
|
|
By:
|
/s/ William A. Schmitz
|
|
|
William A. Schmitz
|
|
|
President and Chief Executive Officer
|
1 Year Arista Power (CE) Chart |
1 Month Arista Power (CE) Chart |
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