We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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
|
|
x
|
|
Smaller reporting company
|
|
x
|
|
|
|
|
Emerging growth company
|
|
o
|
|
|
|
|
||
Item 1.
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
ASCENT SOLAR TECHNOLOGIES, INC.
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||
|
||||||||
|
|
September 30,
2018 |
|
December 31,
2017 |
||||
ASSETS
|
|
(Unaudited)
|
|
|
||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
57,830
|
|
|
$
|
89,618
|
|
Trade receivables, net of allowance for doubtful accounts of $45,359 and $48,201, respectively
|
|
31,866
|
|
|
6,658
|
|
||
Inventories, net
|
|
969,095
|
|
|
1,037,854
|
|
||
Prepaid expenses and other current assets
|
|
270,069
|
|
|
494,425
|
|
||
Total current assets
|
|
1,328,860
|
|
|
1,628,555
|
|
||
Property, Plant and Equipment
|
|
36,621,187
|
|
|
36,645,862
|
|
||
Less accumulated depreciation and amortization
|
|
(32,158,632
|
)
|
|
(32,013,686
|
)
|
||
|
|
4,462,555
|
|
|
4,632,176
|
|
||
Other Assets:
|
|
|
|
|
||||
Patents, net of accumulated amortization of $518,471 and $430,071, respectively
|
|
1,306,041
|
|
|
1,470,796
|
|
||
Other non-current assets
|
|
35,000
|
|
|
49,813
|
|
||
|
|
1,341,041
|
|
|
1,520,609
|
|
||
Total Assets
|
|
$
|
7,132,456
|
|
|
$
|
7,781,340
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
2,200,680
|
|
|
$
|
1,600,455
|
|
Related party payables
|
|
200,000
|
|
|
202,827
|
|
||
Accrued expenses
|
|
2,744,353
|
|
|
1,623,748
|
|
||
Notes payable
|
|
1,516,530
|
|
|
1,570,231
|
|
||
Current portion of long-term debt
|
|
315,635
|
|
|
343,395
|
|
||
Current portion of secured notes, net of discount of $1,769,390 and $1,934,304, respectively
|
|
2,629,322
|
|
|
253,590
|
|
||
Promissory notes, net of discount of $67,083 and $20,626, respectively
|
|
1,047,354
|
|
|
948,811
|
|
||
Convertible notes, net of discount and cash premium of $1,517,662 and $1,238,241, respectively
|
|
1,594,918
|
|
|
1,362,592
|
|
||
Embedded derivative liabilities
|
|
4,583,724
|
|
|
6,406,833
|
|
||
Total current liabilities
|
|
16,832,516
|
|
|
14,312,482
|
|
||
|
|
|
|
|
||||
Long-term debt, net of current portion
|
|
5,118,407
|
|
|
5,118,424
|
|
||
Long-term secured notes, net of current portion, and net of discount of $995,249 and $1,684,267, respectively
|
|
87,621
|
|
|
685,066
|
|
||
Accrued Warranty Liability
|
|
48,001
|
|
|
57,703
|
|
||
|
|
|
|
|
||||
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
||||
Mezzanine Equity:
|
|
|
|
|
||||
Series K preferred stock: 20,000 shares authorized; zero and 2,810 issued and outstanding, respectively
|
|
—
|
|
|
2,810,000
|
|
||
|
|
|
|
|
||||
Stockholders’ Deficit:
|
|
|
|
|
||||
Series A preferred stock, $.0001 par value; 750,000 shares authorized; 60,756 shares issued and outstanding, respectively ($807,306 and $761,864 Liquidation Preference)
|
|
6
|
|
|
6
|
|
||
Common stock, $0.0001 par value, 20,000,000,000 shares authorized; 29,538,241 and 9,606,598 shares issued and outstanding, respectively
|
|
1,900,496
|
|
|
960,660
|
|
||
Additional paid in capital
|
|
393,221,378
|
|
|
386,332,475
|
|
||
Accumulated deficit
|
|
(410,075,969
|
)
|
|
(402,495,476
|
)
|
||
Total stockholders’ deficit
|
|
(14,954,089
|
)
|
|
(15,202,335
|
)
|
||
Total Liabilities, Mezzanine Equity and Stockholders’ Deficit
|
|
$
|
7,132,456
|
|
|
$
|
7,781,340
|
|
|
|
For the Three Months Ended
|
|
For the nine months ended
|
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
32,001
|
|
|
$
|
242,055
|
|
|
$
|
512,473
|
|
|
$
|
547,792
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenues (exclusive of depreciation shown below)
|
|
—
|
|
|
535,258
|
|
|
503,609
|
|
|
2,323,125
|
|
|
||||
Research, development and manufacturing operations (exclusive of depreciation shown below)
|
|
516,782
|
|
|
1,311,943
|
|
|
2,389,863
|
|
|
3,829,919
|
|
|
||||
Inventory impairment costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
363,758
|
|
|
||||
Selling, general and administrative (exclusive of depreciation shown below)
|
|
607,784
|
|
|
1,341,852
|
|
|
2,243,925
|
|
|
4,511,940
|
|
|
||||
Depreciation and amortization
|
|
91,104
|
|
|
310,207
|
|
|
289,324
|
|
|
1,012,185
|
|
|
||||
Total Costs and Expenses
|
|
1,215,670
|
|
|
3,499,260
|
|
|
5,426,721
|
|
|
12,040,927
|
|
|
||||
Loss from Operations
|
|
(1,183,669
|
)
|
|
(3,257,205
|
)
|
|
(4,914,248
|
)
|
|
(11,493,135
|
)
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Other Income/(Expense)
|
|
|
|
|
|
|
|
|
|
||||||||
Other Income/(Expense), net
|
|
13,144
|
|
|
(15,053
|
)
|
|
13,144
|
|
|
564,092
|
|
|
||||
Interest expense
|
|
(1,730,717
|
)
|
|
(898,915
|
)
|
|
(5,279,259
|
)
|
|
(5,137,975
|
)
|
|
||||
Warrant expense
|
|
—
|
|
|
(335,739
|
)
|
|
—
|
|
|
(335,739
|
)
|
|
||||
Change in fair value of derivatives and gain/(loss) on extinguishment of liabilities, net
|
|
3,284,736
|
|
|
2,151,478
|
|
|
2,599,870
|
|
|
3,753,466
|
|
|
||||
Total Other Income/(Expense)
|
|
1,567,163
|
|
|
901,771
|
|
|
(2,666,245
|
)
|
|
(1,156,156
|
)
|
|
||||
Net Income/(Loss)
|
|
$
|
383,494
|
|
|
$
|
(2,355,434
|
)
|
|
$
|
(7,580,493
|
)
|
|
$
|
(12,649,291
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net Income/(Loss) Per Share (Basic)
|
|
$
|
0.020
|
|
|
$
|
(0.292
|
)
|
|
$
|
(0.450
|
)
|
|
$
|
(2.632
|
)
|
|
Net Income/(Loss) Per Share (Diluted)
|
|
0.001
|
|
|
$
|
(0.292
|
)
|
|
$
|
(0.450
|
)
|
|
$
|
(2.632
|
)
|
|
|
Weighted Average Common Shares Outstanding (Basic)
|
|
22,739,044
|
|
|
8,062,352
|
|
|
16,827,420
|
|
|
4,806,753
|
|
|
||||
Weighted Average Common Shares Outstanding (Diluted)
|
|
76,806,872
|
|
|
8,062,352
|
|
|
16,827,420
|
|
|
4,806,753
|
|
|
ASCENT SOLAR TECHNOLOGIES, INC.
|
|||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||||
(Unaudited)
|
|||||||||
|
|||||||||
|
|
Nine months ended
|
|
||||||
|
|
September 30,
|
|
||||||
|
|
2018
|
|
2017
|
|
||||
Operating Activities:
|
|
|
|
|
|
||||
Net loss
|
|
$
|
(7,580,493
|
)
|
|
$
|
(12,649,291
|
)
|
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||||
Depreciation and amortization
|
|
289,324
|
|
|
1,012,185
|
|
|
||
Share based compensation
|
|
24,822
|
|
|
108,717
|
|
|
||
Warrant expense
|
|
—
|
|
|
335,739
|
|
|
||
Realized gain on sale of assets
|
|
(14,000
|
)
|
|
(1,199,606
|
)
|
|
||
Amortization of financing costs to interest expense
|
|
21,750
|
|
|
73,018
|
|
|
||
Non-cash interest expense
|
|
935,190
|
|
|
1,273,087
|
|
|
||
Amortization of debt discount
|
|
3,690,823
|
|
|
3,656,430
|
|
|
||
Bad debt expense
|
|
(8,868
|
)
|
|
514
|
|
|
||
Accrued litigation settlement
|
|
—
|
|
|
(339,481
|
)
|
|
||
Write-down of inventory
|
|
—
|
|
|
363,758
|
|
|
||
Write down of patents
|
|
59,153
|
|
|
—
|
|
|
||
Warranty reserve
|
|
(9,702
|
)
|
|
(71,355
|
)
|
|
||
Change in fair value of derivatives and (gain)/loss on extinguishment of liabilities, net
|
|
(2,599,870
|
)
|
|
(3,753,466
|
)
|
|
||
Inducement conversion costs
|
|
—
|
|
|
635,514
|
|
|
||
Changes in operating assets and liabilities:
|
|
||||||||
Accounts receivable
|
|
(16,340
|
)
|
|
545,481
|
|
|
||
Inventories
|
|
68,759
|
|
|
1,139,001
|
|
|
||
Prepaid expenses and other current assets
|
|
247,919
|
|
|
493,008
|
|
|
||
Accounts payable
|
|
965,175
|
|
|
(1,469,670
|
)
|
|
||
Related party payable
|
|
(2,827
|
)
|
|
(13,287
|
)
|
|
||
Accrued expenses
|
|
885,788
|
|
|
(850,316
|
)
|
|
||
Net cash used in operating activities
|
|
(3,043,397
|
)
|
|
(10,710,020
|
)
|
|
||
Investing Activities:
|
|
|
|
|
|
||||
Proceeds from the sale of assets
|
|
14,000
|
|
|
150,000
|
|
|
||
Purchase of property, plant, and equipment
|
|
—
|
|
|
(6,402
|
)
|
|
||
Patent activity costs
|
|
(9,705
|
)
|
|
(50,898
|
)
|
|
||
Net cash provided by investing activities
|
|
4,295
|
|
|
92,700
|
|
|
||
Financing Activities:
|
|
|
|
|
|
||||
Proceeds from issuance of debt
|
|
3,102,500
|
|
|
4,365,000
|
|
|
||
Proceeds from issuance of stock
|
|
—
|
|
|
9,010,000
|
|
|
||
Payment of debt financing costs
|
|
(5,500
|
)
|
|
(20,000
|
)
|
|
||
Repayment of debt
|
|
(89,686
|
)
|
|
(1,785,597
|
)
|
|
||
Net cash provided by financing activities
|
|
3,007,314
|
|
|
11,569,403
|
|
|
||
Net change in cash and cash equivalents
|
|
(31,788
|
)
|
|
952,083
|
|
|
||
Cash and cash equivalents at beginning of period
|
|
89,618
|
|
|
130,946
|
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
57,830
|
|
|
$
|
1,083,029
|
|
|
Supplemental Cash Flow Information:
|
|
|
|
|
|
||||
Cash paid for interest
|
|
$
|
308,542
|
|
|
$
|
1,120,350
|
|
|
Cash paid for income taxes
|
|
—
|
|
|
—
|
|
|
||
Non-Cash Transactions:
|
|
|
|
|
|
||||
Non-cash conversions of convertible notes and preferred stock
|
|
$
|
5,843,954
|
|
|
$
|
10,914,988
|
|
|
Interest converted to principal
|
|
$
|
140,355
|
|
|
$
|
104,199
|
|
|
Initial derivatives
|
|
$
|
2,736,724
|
|
|
$
|
—
|
|
|
Make-whole dividend
|
|
$
|
—
|
|
|
$
|
257,152
|
|
|
Accounts payable converted to notes payable
|
|
$
|
308,041
|
|
|
$
|
1,637,260
|
|
|
Non-cash finance costs
|
|
$
|
25,000
|
|
|
$
|
2,500
|
|
|
Accounts payable forgiven in relation to Sale of EnerPlex
|
|
$
|
—
|
|
|
$
|
1,031,726
|
|
|
Promissory notes exchanged for convertible notes
|
|
$
|
511,871
|
|
|
$
|
—
|
|
|
Stock issued for commitment fee
|
|
$
|
—
|
|
|
$
|
63,750
|
|
|
|
|
As of September 30,
|
|
As of December 31,
|
||||
|
|
2018
|
|
2017
|
||||
Building
|
|
$
|
5,828,960
|
|
|
$
|
5,828,960
|
|
Furniture, fixtures, computer hardware and computer software
|
|
489,421
|
|
|
489,421
|
|
||
Manufacturing machinery and equipment
|
|
30,302,806
|
|
|
30,327,481
|
|
||
Property, plant and equipment
|
|
36,621,187
|
|
|
36,645,862
|
|
||
Less: Accumulated depreciation and amortization
|
|
(32,158,632
|
)
|
|
(32,013,686
|
)
|
||
Net property, plant and equipment
|
|
$
|
4,462,555
|
|
|
$
|
4,632,176
|
|
|
|
As of September 30,
|
|
As of December 31,
|
||||
|
|
2018
|
|
2017
|
||||
Raw materials
|
|
$
|
644,944
|
|
|
$
|
688,904
|
|
Work in process
|
|
23,750
|
|
|
11,878
|
|
||
Finished goods
|
|
300,401
|
|
|
337,072
|
|
||
Total
|
|
$
|
969,095
|
|
|
$
|
1,037,854
|
|
|
|
||
2018
|
$
|
55,981
|
|
2019
|
349,093
|
|
|
2020
|
372,843
|
|
|
2021
|
398,209
|
|
|
2022
|
425,301
|
|
|
Thereafter
|
3,832,615
|
|
|
|
$
|
5,434,042
|
|
Conversion Period
|
Principal Converted
|
Interest Converted
|
Common Shares Issued
|
|||||
Q1 2018
|
$
|
1,250,000
|
|
$
|
—
|
|
2,450,981
|
|
Q2 2018
|
$
|
176,000
|
|
$
|
—
|
|
1,035,295
|
|
|
$
|
1,426,000
|
|
$
|
—
|
|
3,486,276
|
|
Closing Date
|
Closing Amount
|
Maturity Date
|
||
11/30/2017
|
$
|
250,000
|
|
11/30/2018
|
12/28/2017
|
$
|
250,000
|
|
12/28/2018
|
1/11/2018
|
$
|
250,000
|
|
1/11/2019
|
1/25/2018
|
$
|
250,000
|
|
1/25/2019
|
2/8/2018
|
$
|
250,000
|
|
2/8/2019
|
2/21/2018
|
$
|
250,000
|
|
2/21/2019
|
3/7/2018
|
$
|
250,000
|
|
3/7/2019
|
3/21/2018
|
$
|
250,000
|
|
3/21/2019
|
1)
|
The first valuation was done on the November 30, 2017 note with term of
three
years. The derivative value of this note was
$3,742,002
as of
December 31, 2017
.
|
1)
|
The second valuation was done on the group of notes dated November 30, 2017, that had a term of
one
year. The derivative value of this group of notes was
$888,168
as of
December 31, 2017
.
|
2)
|
The third valuation was done on the note dated December 28, 2017, which had a term of
one
year. The derivative value of this note was
$267,008
on
December 31, 2017
.
|
3)
|
For the notes dated in the first quarter of
2018
, we did a fourth valuation. Although the notes were entered into at various dates, we used a weighted average issuance date of
February 15, 2018
for a combined valuation purpose. Management's analysis, using the following assumptions: annual volatility of
54%
present value discount rate of
12%
and a dividend yield of
0%
, resulted in a fair value of the embedded derivative associated with these Notes of
$1,151,162
as of
February 15, 2018
. The value of the embedded derivative associated with these Notes was recorded as a debt discount.
|
1)
|
For the November 30, 2017 3yr note: Management conducted a fair value assessment with the following assumptions: annual volatility of
65%
present value discount rate of
12%
and a dividend yield of
0%
as of
September 30, 2018
. As a result of the fair value assessment, the Company recorded a net gain of
$2,440,427
as "Change in fair value of derivatives and gain/(loss) on extinguishment of liabilities, net" in the Consolidated Statements of Operations to properly reflect the fair value of the embedded derivative of
$1,301,575
as of
September 30, 2018
.
|
2)
|
For the November 30, 2017 1yr notes: Management conducted a fair value assessment with the following assumptions: annual volatility of
104%
present value discount rate of
12%
and a dividend yield of
0%
as of
September 30, 2018
. As a result of the fair value assessment, the Company recorded a net gain of
$436,920
as "Change in fair value of derivatives and gain/(loss) on extinguishment of liabilities, net" in the Consolidated Statements of Operations to properly reflect the fair value of the embedded derivative of
$451,248
as of
September 30, 2018
.
|
3)
|
For the December 28, 2017 1yr note: Management conducted a fair value assessment with the following assumptions: annual volatility of
104%
present value discount rate of
12%
and a dividend yield of
0%
as of
September 30, 2018
. As a result of the fair value assessment, the Company recorded a net gain of
$147,969
as "Change in fair value of derivatives and gain/(loss) on extinguishment of liabilities, net" in the Consolidated Statements of Operations to properly reflect the fair value of the embedded derivative of
$119,039
as of
September 30, 2018
.
|
4)
|
For the first quarter
2018
1yr notes: Management conducted a fair value assessment with the following assumptions: annual volatility of
104%
present value discount rate of
12%
and a dividend yield of
0%
as of
September 30, 2018
. As a result of the fair value assessment, the Company recorded a net gain of
$436,927
as "Change in fair value of derivatives and gain/(loss) on extinguishment of liabilities, net" in the Consolidated Statements of Operations to properly reflect the fair value of the embedded derivative of
$714,235
as of
September 30, 2018
.
|
Conversion Period
|
Principal Converted
|
Common Shares Issued
|
||||
Q1 2018
|
$
|
75,000
|
|
187,500
|
|
|
Q2 2018
|
$
|
316,600
|
|
2,082,778
|
|
|
Q3 2018
|
$
|
102,500
|
|
3,142,333
|
|
|
|
$
|
494,100
|
|
$
|
5,412,611
|
|
Conversion Period
|
Principal Converted
|
Interest Converted
|
Common Shares Issued
|
|||||
Q4 2017
|
$
|
275,000
|
|
$
|
—
|
|
404,412
|
|
Q1 2018
|
$
|
105,000
|
|
$
|
20,717
|
|
493,007
|
|
Q2 2018
|
$
|
408,000
|
|
$
|
6,090
|
|
2,435,823
|
|
Q3 2018
|
$
|
52,000
|
|
$
|
1,803
|
|
1,475,461
|
|
|
$
|
840,000
|
|
$
|
28,610
|
|
4,808,703
|
|
Conversion Period
|
Principal Converted
|
Interest Converted
|
Common Shares Issued
|
|||||
Q3 2018
|
$
|
137,500
|
|
$
|
2,104
|
|
3,716,105
|
|
|
$
|
137,500
|
|
$
|
2,104
|
|
3,716,105
|
|
Conversion Period
|
Preferred Series K Shares Converted
|
Value of Series K Preferred Shares
|
Common Shares Issued
|
||||
Q2 2017
|
3,200
|
|
$
|
3,200,000
|
|
800,000
|
|
Q3 2017
|
3,000
|
|
$
|
3,000,000
|
|
750,000
|
|
Q2 2018
|
2,810
|
|
$
|
2,810,000
|
|
702,500
|
|
|
9,010
|
|
$
|
9,010,000
|
|
2,252,500
|
|
Preferred Stock Series Designation
|
Shares Outstanding
|
|
Series A
|
60,756
|
|
Series K
|
—
|
|
|
Warrant
Shares |
Warrant
Weighted Average Exercise Price |
|||
Outstanding at December 31, 2016
|
—
|
|
$
|
—
|
|
Granted
|
700,000
|
|
$
|
3.01
|
|
Exercised
|
—
|
|
$
|
—
|
|
Canceled/Expired
|
—
|
|
$
|
—
|
|
Outstanding at December 31, 2017
|
700,000
|
|
$
|
3.01
|
|
Granted
|
—
|
|
$
|
—
|
|
Exercised
|
—
|
|
$
|
—
|
|
Canceled/Expired
|
(700,000
|
)
|
$
|
3.01
|
|
Outstanding at September 30, 2018
|
—
|
|
$
|
—
|
|
Exercisable at September 30, 2018
|
—
|
|
$
|
—
|
|
|
|
For the nine months ended September 30,
|
|
||||||
|
|
2018
|
|
2017
|
|
||||
Share-based compensation cost included in:
|
|
|
|
|
|
||||
Research and development
|
|
$
|
642
|
|
|
$
|
17,555
|
|
|
Selling, general and administrative
|
|
24,180
|
|
|
91,163
|
|
|
||
Total share-based compensation cost
|
|
$
|
24,822
|
|
|
$
|
108,718
|
|
|
|
|
For the nine months ended September 30,
|
|
||||||
|
|
2018
|
|
2017
|
|
||||
Type of Award:
|
|
|
|
|
|
||||
Stock Options
|
|
$
|
24,822
|
|
|
$
|
82,388
|
|
|
Restricted Stock Units and Awards
|
|
—
|
|
|
26,330
|
|
|
||
Total share-based compensation cost
|
|
$
|
24,822
|
|
|
$
|
108,718
|
|
|
•
|
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 ability to raise sufficient capital to enable us to reach a level of sales sufficient to achieve profitability on terms favorable to us;
|
•
|
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 OTC Market;
|
•
|
Our ability to implement remediation measures to address material weaknesses in internal control;
|
•
|
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 and facility related costs decreased approximately
$722,000
during the three months ended
September 30, 2018
, as compared to the three months ended
September 30, 2017
. The overall decrease in personnel related costs was primarily due a lower headcount for the three months ended
September 30, 2018
, as compared to the three months ended
September 30, 2017
as well as the decreased use of consultants and contractors during the same period.
|
2.
|
Marketing and related expenses decreased approximately
$41,000
during the three months ended
September 30, 2018
, as compared to the three months ended
September 30, 2017
. The decrease in Marketing and related expenses is due to reduced marketing, advertising, and promotional activities during the three months ended
September 30, 2018
, compared to the
third
quarter of
2017
, which is the direct result of reducing our marketing budget to focus more on the development of our PV.
|
3.
|
Legal expenses decreased approximately
$52,000
during the three months ended
September 30, 2018
, as compared to the three months ended
September 30, 2017
. The primary reasons for the decrease is due decreased general legal expenses related to financing efforts as compared to the quarter ended
September 30, 2017
.
|
4.
|
Public company expenses increased approximately
$66,000
during the three months ended
September 30, 2018
, as compared to the three months ended
September 30, 2017
. The increase is mostly due to the fees related to the processing of our reverse stock split.
|
5.
|
During the three months ended
September 30, 2018
, bad debt expense increased approximately
$15,000
. This increase was the result of analysis on the recoverability of our trade receivables, in accordance with Company policies, during the three months ended
September 30, 2018
as compared to the three months ended
September 30, 2017
.
|
1.
|
During the three months ended
September 30, 2018
, the company realized a gain on the sale of assets of approximately
$13,000
, compared to a loss on the sale of assets of approximately
$15,000
during the third quarter of 2017; an increase of approximately
$28,000
.
|
2.
|
During the three months ended
September 30, 2017
, the Company recorded warrant expense of approximately
$336,000
. There was no such expense during the three months ended
September 30, 2018
.
|
3.
|
Gains and losses on change in fair value of derivatives and on extinguishment of liabilities, was a net gain of approximately
$3,285,000
during the
third
quarter of
2018
, as compared to an approximate net gain of
$2,151,000
for the
third
quarter of
2017
. The improvement of approximately
$1,133,000
in this non-cash item is attributable to a gain of approximately
$3,858,000
on the change in fair value of our embedded derivative instruments during the three months ended
September 30, 2018
, compared to an approximate gain
$1,006,000
in
2017
, offset by a reduction in the loss from extinguishment of liabilities of approximately
$1,719,000
, related to conversions and redemptions of certain convertible notes and preferred stock, for the three months ended
September 30, 2018
, as compared to the three months ended
September 30, 2017
.
|
4.
|
Interest expense increased approximately
$832,000
, as compared the
third
quarter of
2017
. The increase is primarily due to an increase of non-cash interest expense related to convertible debt and promissory notes.
|
|
|
Increase
to Net Income For the Three Months Ended September 30, 2018 Compared to the Three Months Ended September 30, 2017 |
||
Revenues
|
|
$
|
(210,000
|
)
|
Cost of Revenue
|
|
535,000
|
|
|
Research, development and manufacturing operations
|
|
|
||
Personnel and Facility Related Expenses
|
|
795,000
|
|
|
Selling, general and administrative expenses
|
|
|
||
Personnel, administrative, and facility Related Expenses
|
|
722,000
|
|
|
Marketing Related Expenses
|
|
41,000
|
|
|
Legal Expenses
|
|
52,000
|
|
|
Public Company Costs
|
|
(66,000
|
)
|
|
Bad debt and Settlement expense
|
|
(15,000
|
)
|
|
Depreciation and Amortization Expense
|
|
219,000
|
|
|
Other Income / (Expense)
|
|
|
||
Other income
|
|
28,000
|
|
|
Interest Expense
|
|
(831,000
|
)
|
|
Warrant Expense
|
|
336,000
|
|
|
Non-Cash Change in Fair Value of Derivatives and Gain/Loss on Extinguishment of Liabilities, net
|
|
1,133,000
|
|
|
Increase to Net Income
|
|
$
|
2,739,000
|
|
1.
|
Personnel and facility related expenses decreased approximately
$1,340,000
, as compared to the same time period of 2017. The decrease in personnel and facility related costs was primarily due to a reduction in headcount and the use of contractors.
|
2.
|
Materials and equipment related expenses, decreased approximately
$100,000
, as compared to the same time period of 2017. The decrease was due to a decrease in production of research and development products.
|
1.
|
Personnel and facility related costs decreased approximately
$1,869,000
during the
nine
months ended
September 30, 2018
, as compared to the
nine
months ended
September 30, 2017
. The overall decrease in personnel related costs was primarily due a lower headcount for the
nine
months ended
September 30, 2018
, as compared to the
nine
months ended
September 30, 2017
as well as the decreased use of consultants and contractors during the same period.
|
2.
|
Marketing and related expenses decreased approximately
$140,000
during the
nine
months ended
September 30, 2018
, as compared to the
nine
months ended
September 30, 2017
. The decrease in Marketing and related expenses is due to reduced marketing, advertising, and promotional activities during the
nine
months ended
September 30, 2018
, compared to the same time period of 2017, which is the direct result of reducing our marketing budget to focus more on the development of our PV.
|
3.
|
Legal expenses decreased approximately
$11,000
during the
nine
months ended
September 30, 2018
, as compared to the
nine
months ended
September 30, 2017
. The primary reasons for the decrease is due to decreased general legal expenses related to financing efforts as compared to the
nine
months ended ended
September 30, 2017
, as well as decreases in legal expenses related to our patent activity as compared to the same period of 2017.
|
4.
|
Public company expenses decreased approximately
$53,000
during the
nine
months ended
September 30, 2018
, as compared to the
nine
months ended
September 30, 2017
. This decrease is primarily due to reduced filing fees related to financing agreements in 2018, as compared to the same period in the previous year.
|
5.
|
Bad debt and settlement expenses decreased approximately
$195,000
during the
nine
months ended
September 30, 2018
, as compared to the
nine
months ended
September 30, 2017
. During 2017 we recorded payments and settlements against existing reserves. We did not have settlement expenses during the same period of 2018.
|
1.
|
Interest expense increased approximately
$141,000
, as compared the
nine
months ended
September 30, 2017
. The increase is primarily due to an decrease of non-cash interest expense related to convertible debt and promissory notes.
|
2.
|
During the six months ended
September 30, 2017
, the Company recorded net other income of approximately
$564,000
. This income was comprised of an approximate $1,215,000 increase in gain on sale of assets after the transfer of the EnerPlex IP, offset by induced conversion costs of approximately $636,000 on several of the financial instruments. During the
nine
months ended
September 30, 2018
, the Company recorded net other income of approximately
$13,000
, primarily as the result of a sale of assets; an income reduction of approximately
$551,000
.
|
3.
|
During the nine months ended
September 30, 2017
, the Company recorded warrant expense of approximately
$336,000
. There was no such expense during the nine months ended
September 30, 2018
.
|
4.
|
Gains and losses on change in fair value of derivatives and on extinguishment of liabilities, was a net gain of approximately
$2,600,000
during the
nine
months ended
September 30, 2018
, as compared to an approximate net gain of
$3,753,000
for the
nine
months ended
September 30, 2017
. The change of approximately
$1,154,000
in this non-cash item is attributable to a gain of approximately
$4,532,000
on the change in fair value of our embedded derivative instruments during the
nine
months ended
September 30, 2018
, compared to an approximate gain
$6,193,000
in 2017, offset by a reduction in the loss from extinguishment of liabilities of approximately
$508,000
, related to conversions and redemptions of certain convertible notes and preferred stock, for the
nine
months ended
September 30, 2018
, as compared to the the
nine
months ended
September 30, 2017
.
|
|
|
Decrease (Increase)
to Net Loss
For the Nine
Months Ended
September 30, 2018 Compared to the Nine Months Ended
September 30, 2017
|
||
Revenues
|
|
$
|
(35,000
|
)
|
Cost of Revenue
|
|
1,820,000
|
|
|
Research, development and manufacturing operations
|
|
|
||
Materials and Equipment Related Expenses
|
|
99,000
|
|
|
Personnel and Facility Related Expenses
|
|
1,340,000
|
|
|
Inventory impairment costs
|
|
364,000
|
|
|
Selling, general and administrative expenses
|
|
|
||
Personnel, administrative, and facility Related Expenses
|
|
1,869,000
|
|
|
Marketing Related Expenses
|
|
140,000
|
|
|
Legal Expenses
|
|
11,000
|
|
|
Public Company Costs
|
|
53,000
|
|
|
Bad debt and Settlement expense
|
|
195,000
|
|
|
Depreciation and Amortization Expense
|
|
723,000
|
|
|
Other Income / (Expense)
|
|
|
||
Other income
|
|
(551,000
|
)
|
|
Interest Expense
|
|
(141,000
|
)
|
|
Warrant Expense
|
|
336,000
|
|
|
Non-Cash Change in Fair Value of Derivatives and Gain/Loss on Extinguishment of Liabilities, net
|
|
(1,154,000
|
)
|
|
Decrease (Increase) to Net Loss
|
|
$
|
5,069,000
|
|
Exhibit No.
|
|
Description
|
3.1
|
|
|
10.1
|
|
|
10.2
|
|
|
10.3
|
|
|
10.4
|
|
|
10.5
|
|
|
10.6
|
|
|
10.7
|
|
|
10.8
|
|
|
10.9
|
|
|
ASCENT SOLAR TECHNOLOGIES, INC.
|
|
|
|
|
|
By:
|
/
S
/ VICTOR LEE
|
|
|
Lee Kong Hian (aka Victor Lee)
President and Chief Executive Officer
(Principal Executive Officer, Principal Financial Officer, Chief Accounting Officer, and Authorized Signatory)
|
1 Year Ascent Solar Technologies (PK) Chart |
1 Month Ascent Solar Technologies (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions