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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ascent Solar Technologies Inc (PK) | USOTC:ASTI | 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% | 10.00 | 9.60 | 11.00 | 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 UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
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)
|
Large accelerated filer
|
|
o
|
|
Accelerated filer
|
|
o
|
|
|
|
|
|||
Non-accelerated filer
|
|
o
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
|
x
|
|
|
|
|
||
Item 1.
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
ASSETS
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
131,902
|
|
|
$
|
326,217
|
|
Trade receivables, net of allowance for doubtful accounts of $182,716 and $60,347, respectively
|
|
831,197
|
|
|
1,992,885
|
|
||
Inventories
|
|
4,076,521
|
|
|
4,272,380
|
|
||
Prepaid expenses and other current assets
|
|
864,275
|
|
|
1,394,780
|
|
||
Total current assets
|
|
5,903,895
|
|
|
7,986,262
|
|
||
Property, Plant and Equipment:
|
|
37,596,424
|
|
|
37,575,736
|
|
||
Less accumulated depreciation and amortization
|
|
(31,206,918
|
)
|
|
(28,484,708
|
)
|
||
|
|
6,389,506
|
|
|
9,091,028
|
|
||
Other Assets:
|
|
|
|
|
||||
Patents, net of amortization of $203,099 and $169,626, respectively
|
|
1,630,437
|
|
|
1,567,567
|
|
||
Other non-current assets
|
|
93,438
|
|
|
105,313
|
|
||
|
|
1,723,875
|
|
|
1,672,880
|
|
||
Total Assets
|
|
$
|
14,017,276
|
|
|
$
|
18,750,170
|
|
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
3,281,051
|
|
|
$
|
3,625,322
|
|
Accrued expenses
|
|
1,589,164
|
|
|
1,713,935
|
|
||
Current portion of long-term debt
|
|
360,389
|
|
|
348,722
|
|
||
Current portion of convertible note payable, net of discount of $0 and $22,484, respectively
|
|
—
|
|
|
30,036
|
|
||
September 2015 fixed rate convertible notes, net of discount of $0 and $1,237,500, respectively
|
|
—
|
|
|
811,773
|
|
||
Promissory Note
|
|
530,888
|
|
|
500,493
|
|
||
Current portion of litigation settlement
|
|
566,705
|
|
|
541,255
|
|
||
Series E preferred stock, net of discount of $391,061 and $1,231,737, respectively
|
|
346,331
|
|
|
1,090,847
|
|
||
Series F preferred stock, net of discount of $129,859 and $0, respectively
|
|
1,467,739
|
|
|
—
|
|
||
Series G preferred stock, net of discount of $163,333 and $0, respectively
|
|
1,836,667
|
|
|
—
|
|
||
Series H preferred stock, net of discount of $121,933 and $0, respectively
|
|
503,068
|
|
|
—
|
|
||
Short term embedded derivative liabilities
|
|
2,461,593
|
|
|
613,834
|
|
||
Make-whole dividend liability
|
|
849,560
|
|
|
849,560
|
|
||
Total current liabilities
|
|
13,793,155
|
|
|
10,125,777
|
|
||
Accrued Litigation Settlement, net of current portion
|
|
49,644
|
|
|
339,505
|
|
||
Long-Term Debt
|
|
5,272,665
|
|
|
5,442,194
|
|
||
Accrued Warranty Liability
|
|
235,389
|
|
|
264,000
|
|
||
Commitments and Contingencies (Notes 4 & 17)
|
|
|
|
|
||||
Stockholders’ (Deficit) Equity:
|
|
|
|
|
||||
Series A preferred stock, $.0001 par value; 750,000 shares authorized and issued; 212,390 shares and 212,390 shares outstanding as of June 30, 2016 and December 31, 2015, respectively ($2,548,680 Liquidation Preference)
|
|
21
|
|
|
21
|
|
||
Common stock, $0.0001 par value, 450,000,000 shares authorized; 28,010,028 and 7,759,844 shares issued and outstanding, respectively
|
|
2,801
|
|
|
776
|
|
||
Additional paid in capital
|
|
361,438,859
|
|
|
347,659,691
|
|
||
Accumulated deficit
|
|
(366,775,258
|
)
|
|
(345,081,794
|
)
|
||
Total stockholders’ (deficit) equity
|
|
(5,333,577
|
)
|
|
2,578,694
|
|
||
Total Liabilities and Stockholders’ (Deficit) Equity
|
|
$
|
14,017,276
|
|
|
$
|
18,750,170
|
|
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
255,323
|
|
|
$
|
2,234,223
|
|
|
$
|
965,546
|
|
|
$
|
2,891,863
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenues (exclusive of depreciation shown below)
|
|
1,272,510
|
|
|
2,572,218
|
|
|
3,436,906
|
|
|
4,153,711
|
|
||||
Research, development and manufacturing operations (exclusive of depreciation shown below)
|
|
1,785,349
|
|
|
1,654,674
|
|
|
3,471,766
|
|
|
3,371,061
|
|
||||
Selling, general and administrative (exclusive of depreciation shown below)
|
|
2,956,848
|
|
|
3,522,694
|
|
|
5,943,695
|
|
|
6,363,493
|
|
||||
Depreciation and amortization
|
|
1,381,357
|
|
|
1,411,783
|
|
|
2,757,559
|
|
|
2,852,049
|
|
||||
Total Costs and Expenses
|
|
7,396,064
|
|
|
9,161,369
|
|
|
15,609,926
|
|
|
16,740,314
|
|
||||
Loss from Operations
|
|
(7,140,741
|
)
|
|
(6,927,146
|
)
|
|
(14,644,380
|
)
|
|
(13,848,451
|
)
|
||||
Other Income/(Expense)
|
|
|
|
|
|
|
|
|
||||||||
Other Income/(Expense), net
|
|
32,333
|
|
|
16,836
|
|
|
32,333
|
|
|
34,689
|
|
||||
Interest expense
|
|
(1,404,853
|
)
|
|
(5,256,532
|
)
|
|
(3,652,991
|
)
|
|
(15,208,292
|
)
|
||||
Deemed interest expense on warrant liability
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(909,092
|
)
|
||||
Change in fair value of derivatives and gain/(loss) on extinguishment of liabilities, net
|
|
(2,655,190
|
)
|
|
829,166
|
|
|
(3,428,426
|
)
|
|
805,700
|
|
||||
Total Other Income/(Expense)
|
|
(4,027,710
|
)
|
|
(4,410,530
|
)
|
|
(7,049,084
|
)
|
|
(15,276,995
|
)
|
||||
Net Loss
|
|
$
|
(11,168,451
|
)
|
|
$
|
(11,337,676
|
)
|
|
$
|
(21,693,464
|
)
|
|
$
|
(29,125,446
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Net Loss Per Share (Basic and diluted)
|
|
$
|
(0.68
|
)
|
|
$
|
(7.32
|
)
|
|
$
|
(1.66
|
)
|
|
$
|
(21.76
|
)
|
Weighted Average Common Shares Outstanding (Basic and diluted)
|
|
16,364,931
|
|
|
1,549,697
|
|
|
13,042,347
|
|
|
1,338,195
|
|
|
|
|
|
||||||
|
|
Six Months Ended
|
|
||||||
|
|
June 30,
|
|
||||||
|
|
2016
|
|
2015
|
|
||||
Operating Activities:
|
|
|
|
|
|
||||
Net loss
|
|
$
|
(21,693,465
|
)
|
|
$
|
(29,125,446
|
)
|
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||||
Depreciation and amortization
|
|
2,757,559
|
|
|
2,852,049
|
|
|
||
Share based compensation
|
|
557,980
|
|
|
457,500
|
|
|
||
Amortization of financing costs to interest expense
|
|
104,679
|
|
|
243,882
|
|
|
||
Non-cash interest expense
|
|
206,845
|
|
|
1,065,780
|
|
|
||
Amortization of debt discount
|
|
3,006,096
|
|
|
13,497,788
|
|
|
||
Accrued litigation settlement
|
|
(264,411
|
)
|
|
(241,195
|
)
|
|
||
Deemed interest expense on warrant liability
|
|
—
|
|
|
909,092
|
|
|
||
Change in fair value of derivatives and gain/(loss) on extinguishment of liabilities, net
|
|
3,428,426
|
|
|
(805,700
|
)
|
|
||
Bad debt expense
|
|
182,716
|
|
|
82,553
|
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||
Accounts receivable
|
|
978,972
|
|
|
743,259
|
|
|
||
Inventories
|
|
195,859
|
|
|
(2,390,242
|
)
|
|
||
Prepaid expenses and other current assets
|
|
475,827
|
|
|
722,155
|
|
|
||
Accounts payable
|
|
(344,269
|
)
|
|
210,174
|
|
|
||
Accrued expenses
|
|
(124,771
|
)
|
|
(733,205
|
)
|
|
||
Warranty reserve
|
|
(28,611
|
)
|
|
48,000
|
|
|
||
Net cash used in operating activities
|
|
(10,560,568
|
)
|
|
(12,463,556
|
)
|
|
||
Investing Activities:
|
|
|
|
|
|
||||
Purchase of property, plant and equipment
|
|
(20,688
|
)
|
|
(29,194
|
)
|
|
||
Interest income on restricted cash
|
|
—
|
|
|
(34,689
|
)
|
|
||
Patent activity costs
|
|
(96,344
|
)
|
|
(163,325
|
)
|
|
||
Net cash used in investing activities
|
|
(117,032
|
)
|
|
(227,208
|
)
|
|
||
Financing Activities:
|
|
|
|
|
|
||||
Payment of debt financing costs
|
|
(40,000
|
)
|
|
(270,000
|
)
|
|
||
Repayment of debt
|
|
(157,862
|
)
|
|
(123,508
|
)
|
|
||
Changes in restricted cash
|
|
—
|
|
|
6,000,000
|
|
|
||
Proceeds from Committed Equity Line
|
|
1,056,147
|
|
|
—
|
|
|
||
Proceeds from issuance of stock and warrants
|
|
9,625,000
|
|
|
4,000,000
|
|
|
||
Net cash provided by financing activities
|
|
10,483,285
|
|
|
9,606,492
|
|
|
||
Net change in cash and cash equivalents
|
|
(194,315
|
)
|
|
(3,084,272
|
)
|
|
||
Cash and cash equivalents at beginning of period
|
|
326,217
|
|
|
3,316,576
|
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
131,902
|
|
|
$
|
232,304
|
|
|
Supplemental Cash Flow Information:
|
|
|
|
|
|
||||
Cash paid for interest
|
|
$
|
192,532
|
|
|
$
|
224,300
|
|
|
Non-Cash Transactions:
|
|
|
|
|
|
||||
Non-cash conversions of preferred stock and convertible notes to equity
|
|
$
|
7,040,115
|
|
|
$
|
7,745,950
|
|
|
|
|
As of June 30,
|
|
As of December 31,
|
||||
|
|
2016
|
|
2015
|
||||
Building
|
|
$
|
5,828,960
|
|
|
$
|
5,828,960
|
|
Furniture, fixtures, computer hardware and computer software
|
|
480,976
|
|
|
480,976
|
|
||
Manufacturing machinery and equipment
|
|
31,265,800
|
|
|
31,265,800
|
|
||
Net depreciable property, plant and equipment
|
|
37,575,736
|
|
|
37,575,736
|
|
||
Manufacturing machinery and equipment in progress
|
|
20,688
|
|
|
—
|
|
||
Property, plant and equipment
|
|
37,596,424
|
|
|
37,575,736
|
|
||
Less: Accumulated depreciation and amortization
|
|
(31,206,918
|
)
|
|
(28,484,708
|
)
|
||
Net property, plant and equipment
|
|
$
|
6,389,506
|
|
|
$
|
9,091,028
|
|
|
|
As of June 30,
|
|
As of December 31,
|
||||
|
|
2016
|
|
2015
|
||||
Raw materials
|
|
$
|
833,181
|
|
|
$
|
925,064
|
|
Work in process
|
|
696,915
|
|
|
671,746
|
|
||
Finished goods
|
|
2,546,425
|
|
|
2,675,570
|
|
||
Total
|
|
$
|
4,076,521
|
|
|
$
|
4,272,380
|
|
|
|
||
2016
|
$
|
190,860
|
|
2017
|
344,730
|
|
|
2018
|
368,183
|
|
|
2019
|
393,232
|
|
|
2020
|
419,985
|
|
|
Thereafter
|
3,916,064
|
|
|
|
$
|
5,633,054
|
|
|
|
For the three months ended June 30,
|
|
For the six months ended June 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Share-based compensation cost included in:
|
|
|
|
|
|
|
|
|
||||||||
Research and development
|
|
$
|
79,595
|
|
|
$
|
52,896
|
|
|
$
|
125,284
|
|
|
$
|
154,205
|
|
Selling, general and administrative
|
|
260,547
|
|
|
143,463
|
|
|
432,696
|
|
|
303,295
|
|
||||
Total share-based compensation cost
|
|
$
|
340,142
|
|
|
$
|
196,359
|
|
|
$
|
557,980
|
|
|
$
|
457,500
|
|
|
|
For the three months ended June 30,
|
|
For the six months ended June 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Type of Award:
|
|
|
|
|
|
|
|
|
||||||||
Stock Options
|
|
$
|
141,574
|
|
|
$
|
121,497
|
|
|
$
|
236,958
|
|
|
$
|
286,997
|
|
Restricted Stock Units and Awards
|
|
198,568
|
|
|
74,862
|
|
|
321,022
|
|
|
170,503
|
|
||||
Total share-based compensation cost
|
|
$
|
340,142
|
|
|
$
|
196,359
|
|
|
$
|
557,980
|
|
|
$
|
457,500
|
|
|
|
For the six months ended June 30,
|
||
|
|
2016
|
|
2015
|
Expected volatility
|
|
115%
|
|
93%
|
Risk free interest rate
|
|
1%
|
|
2%
|
Expected dividends
|
|
—
|
|
—
|
Expected life (in years)
|
|
5.8
|
|
5.9
|
•
|
our ability to generate customer acceptance of and demand for our products;
|
•
|
successful ramping up of commercial production on the equipment installed;
|
•
|
our products are successfully and timely certified for use in our target markets;
|
•
|
successful operating of production tools to achieve the efficiencies, throughput and yield necessary to reach our cost targets;
|
•
|
the products we design are saleable at a price sufficient to generate profits;
|
•
|
our strategic alliance with TFG Radiant results in the design, manufacture and sale of sufficient products to achieve profitability;
|
•
|
our ability to raise sufficient capital to enable us to reach a level of sales sufficient to achieve profitability on terms favorable to us;
|
•
|
we are able to successfully design, manufacture, market, distribute and sell our newly introduced line of consumer oriented products;
|
•
|
effective management of the planned ramp up of our domestic and international operations;
|
•
|
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;
|
•
|
our ability to maintain the listing of our common stock on the OTCQB Venture Market;
|
•
|
our ability to achieve projected operational performance and cost metrics;
|
•
|
our ability to enter into commercially viable licensing, joint venture, or other commercial arrangements; and
|
•
|
availability of raw materials.
|
1.
|
Personnel related expenses increased
$180,000
as compared to the second quarter of 2015. The increase in personnel related costs was primarily due to an increase in wages paid to employees and stock compensation expense.
|
2.
|
Consulting and Contract Services decreased by
$78,000
from the comparable quarter in the prior year. The decrease in expense as compared to the second quarter of 2015 was primarily attributed to the Company employing a lower number of contractors during the quarter ended
June 30, 2016
.
|
3.
|
Facility Related Expenses increased
$80,000
during the three months ended
June 30, 2016
. The increase is due to slightly increased overhead allocations to the research and development department based on production results in the second quarter of 2016.
|
4.
|
Materials and Equipment Related Expenses decreased
$36,000
from the comparable quarter in the prior year. The decrease in expense was a result of lower scrap expense and lower supplies expenses.
|
1.
|
Personnel related costs increased
$43,000
during the three months ended
June 30, 2016
as compared to the three months ended
June 30, 2015
. The overall increase in personnel related costs was primarily due to an increase in wages paid to employees and stock compensation expense.
|
2.
|
Marketing and related expenses decreased
$434,000
during the three months ended
June 30, 2016
as compared to the three months ended
June 30, 2015
. The decrease in Marketing and related expenses is due to reduced marketing, advertising, and promotional activities through our customers during the second quarter of 2016 as compared to the second quarter of 2015.
|
3.
|
Consulting and contract services decreased
$510,000
during the three months ended
June 30, 2016
as compared to the three months ended
June 30, 2015
. The decrease was a result of decreased administrative/sales consulting expenses and contract labor during the quarter.
|
4.
|
Legal expenses increased
$188,000
during the three months ended
June 30, 2016
as compared to the three months ended
June 30, 2015
. The primary reason for the increase is due to legal expenses related to our patents as compared to the quarter ended
June 30, 2015
.
|
5.
|
Public Company Costs decreased
$43,000
during the quarter ended
June 30, 2016
as compared to the three months ended
June 30, 2015
. The decrease is primarily attributed to lower stock registration fees as compared to the comparable quarter in the prior year.
|
6.
|
Bad Debt Expense increased
$163,000
during the three months ended
June 30, 2016
as compared to the three months ended
June 30, 2015
. During the quarter the Company recorded additional reserves for customers whose accounts were greater than 120 days overdue.
|
1.
|
Interest Expense decreased
$3,852,000
as compared the second quarter of 2015. The decrease is primarily due to non-cash interest expense and amortization of debt discounts related to the Notes, Series D Preferred Stock and Series D-1 Preferred Stock. We did not incur substantial interest expense as a result of these instruments during the quarter ended
June 30, 2016
because these instruments are no longer outstanding.
|
2.
|
Change in fair value of derivatives and gain/(loss) on extinguishment of liabilities, net increased
$3,484,000
as compared to the second quarter of 2015. The increase in this non-cash expense is the result of changes in the fair value of our embedded derivative instruments during the quarters ended
June 30, 2016
and
June 30, 2015
, and extinguishments of Series E Preferred Stock and Series F Preferred Stock.
|
|
|
Decrease (increase)
to Net Loss
For the Three
Months Ended
June 30, 2016 Compared to the Three Months Ended
June 30, 2015
|
||
Revenues
|
|
(1,979,000
|
)
|
|
Cost of Revenue
|
|
1,299,000
|
|
|
Research, development and manufacturing operations
|
|
|
||
Materials and Equipment Related Expenses
|
|
36,000
|
|
|
Personnel Related Expenses
|
|
(180,000
|
)
|
|
Consulting and Contract Services
|
|
78,000
|
|
|
Facility Related Expenses
|
|
(80,000
|
)
|
|
Other Miscellaneous Costs
|
|
16,000
|
|
|
Selling, general and administrative expenses
|
|
|
||
Personnel Related Expenses
|
|
(43,000
|
)
|
|
Marketing Related Expenses
|
|
434,000
|
|
|
Legal Expenses
|
|
(188,000
|
)
|
|
Public Company Costs
|
|
43,000
|
|
|
Bad Debt Expense
|
|
(163,000
|
)
|
|
Consulting and Contract Services
|
|
510,000
|
|
|
Other Miscellaneous Costs
|
|
(26,000
|
)
|
|
Depreciation and Amortization Expense
|
|
30,000
|
|
|
Other Income / (Expense)
|
|
|
||
Interest Expense
|
|
3,852,000
|
|
|
Other Income/Expense
|
|
15,000
|
|
|
Non-Cash Change in Fair Value of Derivatives and Gain/Loss on Extinguishment of Liabilities, net
|
|
(3,484,000
|
)
|
|
Decrease to Net Loss
|
|
$
|
170,000
|
|
1.
|
Personnel related expenses increased
$223,000
as compared to the
six
months ended
June 30, 2015
. The increase in personnel related costs was primarily due to an increase in wages paid to employees and stock compensation expense.
|
2.
|
Consulting and Contract Services decreased by
$183,000
from the comparable period in the prior year. The decrease in expense as compared to the
six
months ended
June 30, 2015
was primarily attributed to the Company employing a lower number of contractors during the quarter ended
June 30, 2016
and reduced technical consulting expenses.
|
3.
|
Facility Related Expenses increased
$101,000
during the
six
months ended
June 30, 2016
. The increase is due to slightly increased overhead allocations to the research and development department based on production results during the
six
months ended
June 30, 2016
.
|
1.
|
Personnel related costs increased
$111,000
during the
six
months ended
June 30, 2016
as compared to the
six
months ended
June 30, 2015
. The overall increase in personnel related costs was primarily due to stock compensation expense.
|
2.
|
Consulting and contract services decreased
$735,000
during the
six
months ended
June 30, 2016
as compared to the
six
months ended
June 30, 2015
. The decrease was a result of decreased administrative/sales consulting expenses and contractor expenses during the period.
|
3.
|
Legal expenses increased
$234,000
during the
six
months ended
June 30, 2016
as compared to the
six
months ended
June 30, 2015
. The primary reason for the increase is due to legal expenses related to our patents and additional equity transactions as compared to the period ended
June 30, 2015
.
|
4.
|
Public Company Costs decreased
$175,000
during the period ended
June 30, 2016
as compared to the period ended
June 30, 2015
. The decrease is primarily attributed to lower stock registration fees as compared to the comparable period in the prior year.
|
5.
|
Bad Debt Expense increased
$100,000
during the
six
months ended
June 30, 2016
as compared to the
six
months ended
June 30, 2015
. During the
six
months ended
June 30, 2016
the Company recorded additional reserves for customers whose accounts were greater than 120 days overdue.
|
1.
|
Interest Expense decreased
$11,555,000
as compared the comparable period in 2015. The decrease is primarily due to non-cash interest expense and amortization of debt discounts related to the Notes, Series D Preferred Stock and Series D-1 Preferred Stock incurred in 2015. We did not incur substantial interest expense as a result of these instruments during the
six
months ended
June 30, 2016
because these instruments are no longer outstanding.
|
2.
|
We incurred
$909,000
in non-cash interest expense during the
six
months ended
June 30, 2015
as a result of the liability classified warrants associated with the Series D-1 Preferred Stock. This was a one-time non-recurring expense.
|
3.
|
Change in fair value of derivatives and gain/(loss) on extinguishment of liabilities, net increased
$4,234,000
as compared to the first six months of 2015. The increase in this non-cash expense is the result of changes in the fair value of our embedded derivative instruments during the six months ended ended
June 30, 2016
and
June 30, 2015
, and extinguishments of Series E Preferred Stock and Series F Preferred Stock.
|
|
|
Decrease (increase)
to Net Loss
For the Six
Months Ended
June 30, 2016 Compared to the Six Months Ended
June 30, 2015
|
||
Revenues
|
|
(1,926,000
|
)
|
|
Cost of Revenue
|
|
717,000
|
|
|
Research, development and manufacturing operations
|
|
|
||
Materials and Equipment Related Expenses
|
|
16,000
|
|
|
Personnel Related Expenses
|
|
(223,000
|
)
|
|
Consulting and Contract Services
|
|
183,000
|
|
|
Facility Related Expenses
|
|
(101,000
|
)
|
|
Other Miscellaneous Costs
|
|
24,000
|
|
|
Selling, general and administrative expenses
|
|
|
||
Personnel Related Expenses
|
|
(111,000
|
)
|
|
Marketing Related Expenses
|
|
25,000
|
|
|
Legal Expenses
|
|
(234,000
|
)
|
|
Public Company Costs
|
|
175,000
|
|
|
Bad Debt Expense
|
|
(100,000
|
)
|
|
Consulting and Contract Services
|
|
735,000
|
|
|
Other Miscellaneous Costs
|
|
(70,000
|
)
|
|
Depreciation and Amortization Expense
|
|
94,000
|
|
|
Other Income / (Expense)
|
|
|
||
Interest Expense
|
|
11,555,000
|
|
|
Other Income/Expense
|
|
(2,000
|
)
|
|
Deemed (non-cash) Interest Expense on Warrant Liability
|
|
909,000
|
|
|
Non-Cash Change in Fair Value of Derivatives and Gain/Loss on Extinguishment of Liabilities, net
|
|
(4,234,000
|
)
|
|
Decrease to Net Loss
|
|
$
|
7,432,000
|
|
|
|
|
|
Payments Due by Year (in thousands)
|
||||||||||||||||
Contractual Obligations
|
|
Total
|
|
Less Than 1
Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More Than 5
Years
|
||||||||||
Long-term debt obligations
|
|
$
|
8,742
|
|
|
$
|
1,351
|
|
|
$
|
2,131
|
|
|
$
|
1,387
|
|
|
$
|
3,873
|
|
Operating lease obligations
|
|
26
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchase obligations
|
|
1,637
|
|
|
1,637
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
10,405
|
|
|
$
|
3,014
|
|
|
$
|
2,131
|
|
|
$
|
1,387
|
|
|
$
|
3,873
|
|
|
ASCENT SOLAR TECHNOLOGIES, INC.
|
|
|
|
|
|
By:
|
/
S
/ VICTOR LEE
|
|
|
Lee Kong Hian (aka Victor Lee)
President and Chief Executive Officer
(Principal Executive Officer, acting Principal Financial Officer, and Authorized Signatory)
|
3.1
|
|
Certificate of Designations of Preferences, Rights and Limitations of Series G 10% Preferred Stock (incorporated by reference to Exhibit 2 to Exhibits 10.5 and 10.6 to our Current Report on Form 8-K filed May 2, 2016).
|
3.2
|
|
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated May 26, 2016 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed June 2, 2016).
|
3.3
|
|
Certificate of Designations of Preferences, Rights and Limitations of Series H 7% Preferred Stock (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed June 9, 2016).
|
3.4
|
|
Certificate of Designations of Preferences, Rights and Limitations of Series I Preferred Stock (incorporated by reference to Exhibit 2 to Exhibit 10.1 to our Current Report on Form 8-K filed July 28, 2016).
|
10.1
|
|
Exchange Agreement dated April 29, 2016 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed May 2, 2016).
|
10.2
|
|
Exchange Agreement dated April 29, 2016 (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed May 2, 2016).
|
10.3
|
|
Right to Receive Common Stock dated April 29, 2016 (incorporated by reference to Exhibit 10.3 to our Current Report on Form 8-K filed May 2, 2016).
|
10.4
|
|
Right to Receive Common Stock dated April 29, 2016 (incorporated by reference to Exhibit 10.4 to our Current Report on Form 8-K filed May 2, 2016).
|
10.5
|
|
Series G Securities Purchase Agreement dated April 29, 2016 (incorporated by reference to Exhibit 10.5 to our Current Report on Form 8-K filed May 2, 2016).
|
10.6
|
|
Series G Securities Purchase Agreement dated April 29, 2016 (incorporated by reference to Exhibit 10.6 to our Current Report on Form 8-K filed May 2, 2016).
|
10.7
|
|
Series H Securities Purchase Agreement dated June 9, 2016 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed June 9, 2016).
|
10.8
|
|
Series H Registration Rights Agreement dated June 9, 2016 (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed June 9, 2016).
|
10.9*
|
|
Secured Note Securities Purchase Agreement dated July 13, 2016.
|
10.10*
|
|
Form of Secured Note dated July 13, 2016.
|
10.11*
|
|
Security Agreement dated July 13, 2016.
|
10.12*
|
|
Exchange Agreement dated July 13, 2016.
|
10.13*
|
|
Registration Rights Agreement dated July 13, 2016.
|
10.14
|
|
Series I Securities Purchase Agreement dated July 26, 2016 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed July 28, 2016).
|
31.1*
|
|
Chief Executive Officer Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002
|
31.2*
|
|
Chief Financial Officer Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002
|
32.1*
|
|
Chief Executive Officer Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002
|
32.2*
|
|
Chief Financial Officer Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002
|
Exhibit No.
|
|
Description
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
Filed herewith.
|
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