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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Solarwindow Technologies Inc (PK) | USOTC:WNDW | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0075 | -2.19% | 0.335 | 0.335 | 0.35 | 0.3425 | 0.335 | 0.3425 | 3,048 | 16:29:58 |
o
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QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Nevada
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59-3509694
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(State or other jurisdiction of
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(I.R.S. Employer
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|
incorporation or organization)
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Identification No.)
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9192 Red Branch Road, Suite 110
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||
Columbia, Maryland
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21045
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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o
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Accelerated filer
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o
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Non-accelerated filer (Do not check if a smaller reporting company)
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o
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Smaller reporting company
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x
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PART I FINANCIAL INFORMATION
|
|||||
Item 1. |
Consolidated Financial Statements (Unaudited)
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||||
Consolidated Balance Sheets
|
3 | ||||
Consolidated Statements of Operations
|
4 | ||||
Consolidated Statements of Stockholders’ Equity (Deficit)
|
5 | ||||
Consolidated Statements of Cash Flows
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7 | ||||
Notes to Consolidated Financial Statements
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8 | ||||
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
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17 | |||
Item 4. |
Controls and Procedures
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22 | |||
PART II OTHER INFORMATION
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|||||
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
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23 | |||
Item 6. |
Exhibits
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23 | |||
Signatures
|
24 | ||||
Certifications
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NEW ENERGY TECHNOLOGIES, INC.
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||||||||
(A Development Stage Company)
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||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
MAY 31, 2013 AND AUGUST 31, 2012
|
||||||||
May 31,
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August 31,
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|||||||
2013
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2012
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|||||||
ASSETS
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(Unaudited)
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|||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 715,835 | $ | 1,046,918 | ||||
Deferred research and development costs
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150,000 | 32,595 | ||||||
Prepaid expenses and other current assets
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22,757 | 28,233 | ||||||
Total current assets
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888,592 | 1,107,746 | ||||||
Equipment, net of accumulated depreciation of $10,489 and $5,882, respectively
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15,359 | 19,966 | ||||||
Total assets
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$ | 903,951 | $ | 1,127,712 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
Current liabilities
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||||||||
Accounts payable
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$ | 35,643 | $ | 63,403 | ||||
Accrued liabilities
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- | 26,231 | ||||||
Convertible promissory note, net of discount of $0 and $999,485, respectively
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- | 515 | ||||||
Total current liabilities
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35,643 | 90,149 | ||||||
Commitments and contingencies
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||||||||
Stockholders' equity
|
||||||||
Preferred stock: $0.10 par value; 1,000,000 shares authorized, no shares issued and outstanding at May 31, 2013 and August 31, 2012
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- | - | ||||||
Common stock: $0.001 par value; 300,000,000 shares authorized, 24,194,713 and 20,638,360 shares issued and outstanding at
May 31, 2013 and August 31, 2012, respectively
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24,194 | 20,638 | ||||||
Additional paid-in capital
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17,391,534 | 13,798,282 | ||||||
Deficit accumulated during the development stage
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(16,547,420 | ) | (12,781,357 | ) | ||||
Total stockholders' equity
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868,308 | 1,037,563 | ||||||
Total liabilities and stockholders' equity
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$ | 903,951 | $ | 1,127,712 |
NEW ENERGY TECHNOLOGIES, INC.
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||||||||||||||||||||
(A Development Stage Company)
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||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
|
||||||||||||||||||||
FOR THE THREE AND NINE MONTHS ENDED MAY 31, 2013 AND 2012 AND FOR THE
|
||||||||||||||||||||
PERIOD FROM INCEPTION (MAY 5, 1998) TO MAY 31, 2013
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||||||||||||||||||||
Cumulative
|
||||||||||||||||||||
May 5, 1998
|
||||||||||||||||||||
Three Months Ended May 31,
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Nine Months Ended May 31,
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(Inception) to
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||||||||||||||||||
2013
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2012
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2013
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2012
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May 31, 2013
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||||||||||||||||
|
||||||||||||||||||||
Revenue
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$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Operating expense
|
||||||||||||||||||||
Selling, general and administrative
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468,166 | 386,653 | 2,511,763 | 1,315,655 | 13,897,755 | |||||||||||||||
Research and development
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115,813 | 241,652 | 224,490 | 557,400 | 2,814,628 | |||||||||||||||
Total operating expense
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583,979 | 628,305 | 2,736,253 | 1,873,055 | 16,712,383 | |||||||||||||||
Loss from operations
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(583,979 | ) | (628,305 | ) | (2,736,253 | ) | (1,873,055 | ) | (16,712,383 | ) | ||||||||||
Other income (expense)
|
||||||||||||||||||||
Interest income
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- | - | - | - | 98,582 | |||||||||||||||
Interest expense - other
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- | (8,438 | ) | (30,325 | ) | (8,438 | ) | (68,949 | ) | |||||||||||
Interest expense - accretion of debt discount
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- | (15 | ) | (999,485 | ) | (15 | ) | (1,000,000 | ) | |||||||||||
Loss on disposal of fixed assets
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- | - | - | - | (5,307 | ) | ||||||||||||||
Gain on dissolution of foreign subsidiary
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- | - | - | - | 59,704 | |||||||||||||||
Foreign exchange loss
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- | - | - | (65 | ) | (86,428 | ) | |||||||||||||
Change in fair value of warrant liability
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- | - | - | - | 2,128,331 | |||||||||||||||
Payable written off
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- | - | - | 156,109 | 186,109 | |||||||||||||||
Total other income (expense)
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- | (8,453 | ) | (1,029,810 | ) | 147,591 | 1,312,042 | |||||||||||||
Loss from continuing operations
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(583,979 | ) | (636,758 | ) | (3,766,063 | ) | (1,725,464 | ) | (15,400,341 | ) | ||||||||||
Loss from discontinued operations
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- | (3,000 | ) | - | (242,210 | ) | (404,307 | ) | ||||||||||||
Net loss
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$ | (583,979 | ) | $ | (639,758 | ) | $ | (3,766,063 | ) | $ | (1,967,674 | ) | $ | (15,804,648 | ) | |||||
Basic and Diluted Loss per Common Share:
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||||||||||||||||||||
Continuing operations
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$ | (0.02 | ) | $ | (0.03 | ) | $ | (0.17 | ) | $ | (0.08 | ) | ||||||||
Discontinued operations
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$ | - | $ | - | $ | - | $ | (0.01 | ) | |||||||||||
Total
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$ | (0.02 | ) | $ | (0.03 | ) | $ | (0.17 | ) | $ | (0.10 | ) | ||||||||
Weighted average number of common shares outstanding - basic and diluted
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24,174,652 | 20,638,360 | 22,174,541 | 20,638,360 |
NEW ENERGY TECHNOLOGIES, INC.
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||||||||||||||||||||
(A Development Stage Company)
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||||||||||||||||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)(Unaudited)
|
||||||||||||||||||||
FROM MAY 5, 1998 (INCEPTION) TO MAY 31, 2013
|
||||||||||||||||||||
Deficit Accumulated
|
||||||||||||||||||||
Common Stock
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Additional
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During the
Development
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Total Stockholders'
|
|||||||||||||||||
Shares
|
Amount
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Paid-in Capital
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Stage
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Equity (Deficit)
|
||||||||||||||||
Restricted common stock issued to related parties for management services at $0.001 per share
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3,000,000 | $ | 3,000 | $ | - | $ | - | $ | 3,000 | |||||||||||
Unrestricted common stock sales to third parties at $0.40 per share
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375,000 | 375 | 149,625 | - | 150,000 | |||||||||||||||
Net loss for the year ended August 31, 1998
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(12,326 | ) | (12,326 | ) | ||||||||||||||||
Balance, August 31, 1998
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3,375,000 | 3,375 | 149,625 | (12,326 | ) | 140,674 | ||||||||||||||
Net loss for the year ended August 31, 1999
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(77,946 | ) | (77,946 | ) | ||||||||||||||||
Balance, August 31, 1999
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3,375,000 | 3,375 | 149,625 | (90,272 | ) | 62,728 | ||||||||||||||
Net loss for the year ended August 31, 2000
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(12,446 | ) | (12,446 | ) | ||||||||||||||||
Balance, August 31, 2000
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3,375,000 | 3,375 | 149,625 | (102,718 | ) | 50,282 | ||||||||||||||
Net loss for year ended August 31, 2001
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(12,904 | ) | (12,904 | ) | ||||||||||||||||
Balance, August 31, 2001
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3,375,000 | 3,375 | 149,625 | (115,622 | ) | 37,378 | ||||||||||||||
Net loss for the year ended August 31, 2002
|
(54,935 | ) | (54,935 | ) | ||||||||||||||||
Balance, August 31, 2002
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3,375,000 | 3,375 | 149,625 | (170,557 | ) | (17,557 | ) | |||||||||||||
Restricted common stock issued at $.001 per share to two related
parties to satisfy
outstanding management fees.
|
10,333,200 | 10,333 | 92,999 | - | 103,332 | |||||||||||||||
Net loss for the year ended August 31, 2003
|
(97,662 | ) | (97,662 | ) | ||||||||||||||||
Balance, August 31, 2003
|
13,708,200 | 13,708 | 242,624 | (268,219 | ) | (11,887 | ) | |||||||||||||
Net loss for the year ended August 31, 2004
|
(19,787 | ) | (19,787 | ) | ||||||||||||||||
Balance, August 31, 2004
|
13,708,200 | 13,708 | 242,624 | (288,006 | ) | (31,674 | ) | |||||||||||||
Net loss for the year ended August 31, 2005
|
(103,142 | ) | (103,142 | ) | ||||||||||||||||
Balance, August 31, 2005
|
13,708,200 | 13,708 | 242,624 | (391,148 | ) | (134,816 | ) | |||||||||||||
Issuance of common stock and warrants at $0.50 per share
|
1,000,000 | 1,000 | 499,000 | - | 500,000 | |||||||||||||||
Net loss for the year ended August 31, 2006
|
(157,982 | ) | (157,982 | ) | ||||||||||||||||
Balance, August 31, 2006
|
14,708,200 | 14,708 | 741,624 | (549,130 | ) | 207,202 | ||||||||||||||
Exercise of Class A Warrants at $0.50 per share
|
1,000,000 | 1,000 | 499,000 | - | 500,000 | |||||||||||||||
Exercise of Class B Warrants at $0.55 per share
|
1,000,000 | 1,000 | 549,000 | - | 550,000 | |||||||||||||||
Exercise of Class C Warrants at $1.50 per share
|
326,667 | 327 | 489,673 | - | 490,000 | |||||||||||||||
Exercise of Class D Warrants at $1.65 per share
|
293,333 | 293 | 483,707 | - | 484,000 | |||||||||||||||
Exercise of Class E Warrants at $1.80 per share
|
293,333 | 293 | 527,707 | - | 528,000 | |||||||||||||||
Issuance of common stock and warrants at $1.50 per share
|
333,333 | 333 | 499,667 | - | 500,000 | |||||||||||||||
Dividend paid - spin off of MircoChannel Technologies Corporation
|
- | - | - | (400,000 | ) | (400,000 | ) | |||||||||||||
Net loss for the year ended August 31, 2007
|
(1,442,769 | ) | (1,442,769 | ) | ||||||||||||||||
Balance, August 31, 2007
|
17,954,866 | 17,955 | 3,790,377 | (2,391,899 | ) | 1,416,433 | ||||||||||||||
Common stock and warrants issued for cash and services at $3.00 per Unit
|
1,225,000 | 1,225 | 3,394,730 | - | 3,395,955 | |||||||||||||||
Exercise of Class C Warrants at $1.50 per share
|
6,667 | 7 | 9,993 | - | 10,000 | |||||||||||||||
Exercise of Class D Warrants at $1.65 per share
|
6,667 | 7 | 10,993 | - | 11,000 | |||||||||||||||
Exercise of Class F Warrants at $3.75 per share
|
58,333 | 58 | 218,692 | - | 218,750 | |||||||||||||||
Stock based compensation
|
- | - | 3,600,303 | - | 3,600,303 | |||||||||||||||
Net loss for the year ended August 31, 2008
|
(5,721,545 | ) | (5,721,545 | ) | ||||||||||||||||
Balance, August 31, 2008
|
19,251,533 | 19,251 | 11,025,089 | (8,113,444 | ) | 2,930,896 |
NEW ENERGY TECHNOLOGIES, INC.
|
||||||||||||||||||||
(A Development Stage Company)
|
||||||||||||||||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)(Unaudited)
|
||||||||||||||||||||
FROM MAY 5, 1998 (INCEPTION) TO MAY 31, 2013
|
||||||||||||||||||||
Common Stock
|
Additional
|
Deficit Accumulated
During the
Development
|
Total Stockholders'
|
|||||||||||||||||
Shares
|
Amount
|
Paid-in Capital
|
Stage
|
Equity (Deficit)
|
||||||||||||||||
Exercise of Class E Warrants at $1.80 per share
|
6,667 | 7 | 11,993 | - | 12,000 | |||||||||||||||
Exercise of Class F Warrants at $3.75 per share
|
275,333 | 275 | 1,032,225 | - | 1,032,500 | |||||||||||||||
Stock based compensation
|
- | - | 183,312 | - | 183,312 | |||||||||||||||
Reversal of stock based compensation due to forfeiture of stock options
|
- | - | (3,591,093 | ) | - | (3,591,093 | ) | |||||||||||||
Net loss for the year ended August 31, 2009
|
1,961,175 | 1,961,175 | ||||||||||||||||||
Balance, August 31, 2009
|
19,533,533 | 19,533 | 8,661,526 | (6,152,269 | ) | 2,528,790 | ||||||||||||||
Stock based compensation
|
- | - | 661,040 | - | 661,040 | |||||||||||||||
Reversal of stock based compensation due to forfeiture of stock options
|
- | - | (478,971 | ) | - | (478,971 | ) | |||||||||||||
Cumulative adjustment upon adoption of ASC 815-40
|
- | - | (1,785,560 | ) | (342,771 | ) | (2,128,331 | ) | ||||||||||||
Net loss for the year ended August 31, 2010
|
(233,136 | ) | (233,136 | ) | ||||||||||||||||
Balance, August 31, 2010
|
19,533,533 | 19,533 | 7,058,035 | (6,728,176 | ) | 349,392 | ||||||||||||||
Rounding due to reverse one for three stock split effective March 16, 2011
|
(3 | ) | - | - | - | - | ||||||||||||||
Exercise of Class F Warrants at $3.75 per share
|
1,054,512 | 1,055 | 3,953,320 | - | 3,954,375 | |||||||||||||||
Exercise of stock options
|
50,318 | 50 | 30,750 | - | 30,800 | |||||||||||||||
Stock based compensation
|
- | - | 2,855,630 | - | 2,855,630 | |||||||||||||||
Reversal of stock based compensation due to forfeiture of stock options
|
- | - | (1,304,551 | ) | - | (1,304,551 | ) | |||||||||||||
Net loss for the year ended August 31, 2011
|
(3,619,750 | ) | (3,619,750 | ) | ||||||||||||||||
Balance, August 31, 2011
|
20,638,360 | 20,638 | 12,593,184 | (10,347,926 | ) | 2,265,896 | ||||||||||||||
Stock based compensation
|
- | - | 237,046 | - | 237,046 | |||||||||||||||
Reversal of stock based compensation due to forfeiture of stock options
|
- | - | (31,948 | ) | - | (31,948 | ) | |||||||||||||
Discount on convertible promissory note due to detachable warrants
|
- | - | 547,050 | - | 547,050 | |||||||||||||||
Discount on convertible promissory note due to beneficial conversion feature
|
- | - | 452,950 | - | 452,950 | |||||||||||||||
Net loss for the year ended August 31, 2012
|
(2,433,431 | ) | (2,433,431 | ) | ||||||||||||||||
Balance, August 31, 2012
|
20,638,360 | 20,638 | 13,798,282 | (12,781,357 | ) | 1,037,563 | ||||||||||||||
Stock based compensation
|
- | - | 284,806 | - | 284,806 | |||||||||||||||
Reversal of stock based compensation due to forfeiture of stock options
|
- | - | (10,075 | ) | - | (10,075 | ) | |||||||||||||
Issuance of common stock and warrants at $0.64 per unit
|
1,875,000 | 1,875 | 1,198,125 | - | 1,200,000 | |||||||||||||||
Issuance of common stock upon the conversion of note at $0.64 per share
|
1,650,869 | 1,651 | 1,054,905 | - | 1,056,556 | |||||||||||||||
Exercise of stock options
|
22,672 | 22 | (22 | ) | - | - | ||||||||||||||
Issuance of common stock upon the exercise of Series H Warrants
|
7,812 | 8 | 6,475 | - | 6,483 | |||||||||||||||
Expense related to issuance of Series H Warrants as inducement to convert the 2012 Promissory Note
|
- | - | 1,059,038 | - | 1,059,038 | |||||||||||||||
Net loss for the nine months ended May 31, 2013
|
(3,766,063 | ) | (3,766,063 | ) | ||||||||||||||||
Balance, May 31, 2013
|
24,194,713 | $ | 24,194 | $ | 17,391,534 | $ | (16,547,420 | ) | $ | 868,308 |
NEW ENERGY TECHNOLOGIES, INC.
|
||||||||||||
(A Development Stage Company)
|
||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
||||||||||||
FOR THE NINE MONTHS ENDED MAY 31, 2013 AND 2012 AND FOR THE
|
||||||||||||
PERIOD FROM INCEPTION (MAY 5, 1998) TO MAY 31, 2013
|
||||||||||||
Cumulative
|
||||||||||||
Nine Months Ended
|
May 5, 1998
|
|||||||||||
May 31,
|
(Inception) to
|
|||||||||||
2013
|
2012
|
May 31, 2013
|
||||||||||
Cash flows from operating activities
|
||||||||||||
Loss from continuing operations
|
$ | (3,766,063 | ) | $ | (1,725,464 | ) | $ | (15,400,342 | ) | |||
Add: loss from discontinued operations
|
- | (242,210 | ) | (404,307 | ) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities
|
||||||||||||
Depreciation
|
4,607 | 3,883 | 14,971 | |||||||||
Stock based compensation expense
|
284,806 | 193,185 | 7,822,137 | |||||||||
Reversal of stock based compensation expense due to forfeiture of stock options
|
(10,075 | ) | (8,243 | ) | (5,416,638 | ) | ||||||
Warrants issued to note holder
|
1,059,038 | - | 1,059,038 | |||||||||
Change in fair value of warrant liability
|
- | - | (2,128,331 | ) | ||||||||
Loss on disposal of fixed assets
|
- | - | 5,307 | |||||||||
Payable written off
|
- | (156,109 | ) | (186,109 | ) | |||||||
Common stock issued for services
|
- | - | 3,000 | |||||||||
Common stock issued for debt settlement
|
- | - | 103,332 | |||||||||
Accretion of debt discount
|
999,485 | 15 | 1,000,000 | |||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Decrease (increase) in deferred research and development costs
|
(117,405 | ) | 70,017 | (150,000 | ) | |||||||
Decrease (increase) in prepaid expenses and other current assets
|
5,476 | 53,882 | (22,757 | ) | ||||||||
Increase (decrease) in accounts payable
|
(27,760 | ) | 28,608 | 65,643 | ||||||||
Increase (decrease) in accrued liabilities
|
30,325 | 3,538 | 212,665 | |||||||||
Net cash used in operating activities
|
(1,537,566 | ) | (1,778,898 | ) | (13,422,391 | ) | ||||||
Cash flows from investing activity
|
||||||||||||
Purchase of equipment
|
- | (24,458 | ) | (35,637 | ) | |||||||
Net cash used in investing activity
|
- | (24,458 | ) | (35,637 | ) | |||||||
Cash flows from financing activities
|
||||||||||||
Proceeds from the issuance of common stock, exercise of warrants and stock options, net
|
1,206,483 | - | 13,573,863 | |||||||||
Repayment of promissory note
|
- | - | (155,000 | ) | ||||||||
Proceeds from promissory notes
|
- | 1,000,000 | 1,155,000 | |||||||||
Dividend paid
|
- | - | (400,000 | ) | ||||||||
Net cash provided by financing activities
|
1,206,483 | 1,000,000 | 14,173,863 | |||||||||
Increase (decrease) in cash and cash equivalents
|
(331,083 | ) | (803,356 | ) | 715,835 | |||||||
Cash and cash equivalents at beginning of period
|
1,046,918 | 2,320,185 | - | |||||||||
Cash and cash equivalents at end of period
|
$ | 715,835 | $ | 1,516,829 | $ | 715,835 | ||||||
Supplemental disclosure of cash flow information:
|
||||||||||||
Interest paid in cash
|
$ | - | $ | - | $ | 12,393 | ||||||
Income taxes paid in cash
|
$ | - | $ | - | $ | - | ||||||
Supplemental disclosure of non-cash transactions:
|
||||||||||||
Accrued management fees converted to equity
|
$ | - | $ | - | $ | 103,332 | ||||||
Debt discount recorded for value of warrants issued
|
$ | - | $ | 547,050 | $ | 547,050 | ||||||
Debt discount recorded for beneficial conversion feature
|
$ | - | $ | 452,950 | $ | 452,950 | ||||||
Warrants issued for broker commissions
|
$ | - | $ | - | $ | 642,980 | ||||||
Common stock issued for conversion of note payable
|
$ | 1,056,556 | $ | - | $ | 1,056,556 |
Shares of Common Stock Issuable from Warrants Outstanding as of | |||||||||||||
Description
|
May 31, 2013
|
August 31, 2012
|
Exercise Price
|
Expiration
|
|||||||||
Series G
|
625,000 | 625,000 | $ | 0.64 |
April 17, 2015
|
||||||||
Series H
|
1,755,126 | - | $ | 0.83 |
February 1, 2016
|
||||||||
2,380,126 | 625,000 |
Number of Options
|
Weighted Average Exercise Price ($)
|
Weighted Average Remaining Contractual Term
|
Aggregate Intrinsic Value ($)
|
||||||||||
Outstanding at August 31, 2010
|
900,003 | 1.71 | |||||||||||
Grants
|
610,002 | 5.97 | |||||||||||
Exercises
|
(73,334 | ) | 1.61 | ||||||||||
Forfeitures
|
(476,666 | ) | 5.59 | ||||||||||
Outstanding at August 31, 2011
|
960,005 | 2.49 | |||||||||||
Forfeitures
|
(98,334 | ) | 5.93 | ||||||||||
Outstanding at August
31, 2012
|
861,671 | 2.10 | |||||||||||
Grants
|
177,500 | 1.59 | |||||||||||
Exercises
|
(63,333 | ) | 1.65 | ||||||||||
Forfeitures
|
(5,000 | ) | 3.27 | ||||||||||
Outstanding at May 31, 2013
|
970,838 | 2.03 |
7.09 years
|
$ | 410,284 | ||||||||
Exercisable at May 31, 2013
|
446,004 | 2.48 |
6.47 years
|
$ | 164,326 | ||||||||
Available for grant at May 31, 2013
|
3,892,495 |
Three Months Ended
|
Nine Months Ended
|
May 5, 1998
|
||||||||||||||||||
May 31,
|
May 31,
|
(Inception) to
|
||||||||||||||||||
2013
|
2012
|
2013
|
2012
|
May 31, 2013
|
||||||||||||||||
Stock Compensation Expense net of reversals:
|
||||||||||||||||||||
Selling general and administrative expense
|
$ | 51,165 | $ | 48,272 | $ | 274,731 | $ | 184,942 | $ | 2,405,499 |
Stock Options Outstanding
|
Stock Options Exercisable
|
|||||||||||||||||||||||||
Weighted
|
Weighted
|
Weighted Average
|
Weighted
|
|||||||||||||||||||||||
Range of
|
Number of
|
Average
|
Average
|
Number
|
Remaining
|
Average
|
||||||||||||||||||||
Exercise
|
Options
|
Contractural
|
Exercise
|
of Options
|
Contractual
|
Exercise
|
||||||||||||||||||||
Prices
|
Outstanding
|
Life (years)
|
Price
|
Exercisable
|
Life (Years)
|
Price
|
||||||||||||||||||||
$ | 0.80 | 15,000 | 9.56 | $ | 0.80 | 7,500 | 9.56 | $ | 0.80 | |||||||||||||||||
1.32 | 50,001 | 1.54 | 1.32 | 50,001 | 1.54 | 1.32 | ||||||||||||||||||||
1.65 | 763,334 | 7.07 | 1.65 | 250,000 | 8.61 | 1.65 | ||||||||||||||||||||
2.30 | 2,500 | 8.91 | 2.30 | 2,500 | 8.91 | 2.30 | ||||||||||||||||||||
2.50 | 10,000 | 7.85 | 2.50 | 6,000 | 7.85 | 2.50 | ||||||||||||||||||||
2.55 | 33,334 | 5.28 | 2.55 | 33,334 | 5.28 | 2.55 | ||||||||||||||||||||
3.27 | 18,334 | 1.16 | 3.27 | 18,334 | 1.16 | 3.27 | ||||||||||||||||||||
4.98 | 16,667 | 4.78 | 4.98 | 16,667 | 4.78 | 4.98 | ||||||||||||||||||||
5.94 | 50,001 | 7.57 | 5.94 | 50,001 | 7.57 | 5.94 | ||||||||||||||||||||
6.51 | 11,667 | 1.33 | 6.51 | 11,667 | 1.33 | 6.51 | ||||||||||||||||||||
Total
|
970,838 | 7.09 | $ | 2.03 | 446,004 | 6.47 | $ | 2.48 |
Three Months Ended May 31,
|
Nine Months Ended May 31,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Basic and Diluted EPS Computation
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Loss available to common stockholders'
|
$ | (583,979 | ) | $ | (639,758 | ) | $ | (3,766,063 | ) | $ | (1,967,674 | ) | ||||
Denominator:
|
||||||||||||||||
Weighted average number of common shares outstanding
|
24,174,652 | 20,638,360 | 22,174,541 | 20,638,360 | ||||||||||||
Basic and diluted EPS
|
$ | (0.02 | ) | $ | (0.03 | ) | $ | (0.17 | ) | $ | (0.10 | ) | ||||
The shares listed below were not included in the computation of diluted loss
|
||||||||||||||||
per share because to do so would have been antidilutive for the periods presented:
|
||||||||||||||||
Warrants
|
2,380,126 | 625,000 | 2,380,126 | 625,000 | ||||||||||||
Stock options
|
970,838 | 950,005 | 970,838 | 950,005 |
·
|
Further improve SolarWindow™ efficiency and transparency;
|
·
|
Optimize electrical power (current and voltage) output;
|
·
|
Optimize the application of the active layer coatings which make it possible for SolarWindow™ to generate electricity on glass surfaces;
|
·
|
Develop improved electricity-generating coatings by enhancing performance, processing, reliability, and durability;
|
·
|
Optimize SolarWindow™ performance on flexible substrates; and
|
·
|
Develop high speed and large area roll-to-roll (R2R) and sheet-to-sheet (S2S) coating methods required for commercial-scale BIPV and windows.
|
Three Months Ended May 31,
|
||||||||||||||||
2013
|
2012
|
Increase / (Decrease)
|
Percentage
Change
|
|||||||||||||
Operating expense
|
||||||||||||||||
Selling, general and administrative
|
$ | 417,001 | $ | 338,381 | $ | 78,620 | 23 | % | ||||||||
Research and development
|
115,813 | 241,652 | (125,839 | ) | -52 | % | ||||||||||
Stock compensation
|
51,165 | 48,272 | 2,893 | 6 | % | |||||||||||
Total operating expense
|
$ | 583,979 | $ | 628,305 | $ | (44,326 | ) | -7 | % |
Nine Months Ended May 31,
|
||||||||||||||||
2013
|
2012
|
Increase / (Decrease)
|
Percentage
Change
|
|||||||||||||
Operating expense
|
||||||||||||||||
Selling, general and administrative
|
$ | 1,177,994 | $ | 1,130,713 | $ | 47,281 | 4 | % | ||||||||
Research and development
|
224,490 | 557,400 | (332,910 | ) | -60 | % | ||||||||||
Stock compensation
|
1,333,769 | 184,942 | 1,148,827 | 621 | % | |||||||||||
Total operating expense
|
$ | 2,736,253 | $ | 1,873,055 | $ | 863,198 | 46 | % |
Three Months Ended May 31,
|
Three Month
|
Nine Months Ended May 31
|
Nine Month
|
|||||||||||||||||||||
2013
|
2012
|
Change |
2013
|
2012
|
Change | |||||||||||||||||||
Other income (expense)
|
||||||||||||||||||||||||
Interest expense - other
|
$ | - | $ | (8,438 | ) | $ | 8,438 | $ | (30,325 | ) | $ | (8,438 | ) | $ | (21,887 | ) | ||||||||
Interest expense - accretion of debt discount
|
- | (15 | ) | 15 | (999,485 | ) | (15 | ) | (999,470 | ) | ||||||||||||||
Foreign exchange loss
|
- | - | - | - | (65 | ) | 65 | |||||||||||||||||
Payable written off
|
- | - | - | - | 156,109 | (156,109 | ) | |||||||||||||||||
Total other income (expense)
|
$ | - | $ | (8,453 | ) | $ | 8,453 | $ | (1,029,810 | ) | $ | 147,591 | $ | (1,177,401 | ) |
Exhibit No.
|
Description of Exhibit
|
|
10.1
|
Redacted Modification to the Cooperative Research and Development Agreement entered into between the National Renewable Energy Laboratory and New Energy Technologies, Inc., dated January 16, 2013
(1)
|
|
10.2
|
Loan Conversion Agreement dated February 1, 2013, by and between New Energy Technologies, Inc. and 1420524 Alberta Ltd.
(2)
|
|
10.3
|
Redacted Letter of Commitment between New Energy Solar Corporation and University of South Florida
(3)
|
|
31.1
|
Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
|
|
32.1
|
Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
|
|
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**
|
New Energy Technologies, Inc.
(Registrant)
|
|||
Date: July 15, 2013
|
By:
|
/s/ John A. Conklin | |
John A. Conklin | |||
President and Chief Executive Officer, Chief Financial Officer and Director(Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer) | |||
1 Year Solarwindow Technologies (PK) Chart |
1 Month Solarwindow Technologies (PK) Chart |
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