2022 Q3 Form 10-K Financial Statement

#000121390022055194 Filed on September 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022
Revenue $5.566M $5.204M $15.35M
YoY Change 197.97% 141.26% 131.94%
Cost Of Revenue $6.453M $6.666M $19.49M
YoY Change 122.36% 94.51% 82.96%
Gross Profit -$887.0K -$1.462M -$4.137M
YoY Change -14.22% 15.12% 2.58%
Gross Profit Margin -15.94% -28.09% -26.95%
Selling, General & Admin $6.982M $5.968M $20.71M
YoY Change 80.13% 65.69% 55.89%
% of Gross Profit
Research & Development $10.10M $10.23M $35.71M
YoY Change 26.62% 48.11% 48.31%
% of Gross Profit
Depreciation & Amortization $2.450M $2.361M $7.853M
YoY Change 66.33% 71.71% 68.7%
% of Gross Profit
Operating Expenses $17.08M $16.20M $56.42M
YoY Change 44.13% 54.14% 51.01%
Operating Profit -$17.97M -$17.66M -$60.56M
YoY Change 39.44% 49.93% 46.29%
Interest Expense -$722.0K -$213.0K -$125.0K
YoY Change -2162.86% -765.63% -97.15%
% of Operating Profit
Other Income/Expense, Net -$1.182M -$167.0K -$472.0K
YoY Change
Pretax Income -$19.15M -$18.04M -$61.03M
YoY Change 49.02% 78.21% 38.21%
Income Tax -$57.00K -$1.763M -$1.833M
% Of Pretax Income
Net Earnings -$19.09M -$16.23M -$59.03M
YoY Change 48.58% 60.34% 33.68%
Net Earnings / Revenue -342.99% -311.84% -384.54%
Basic Earnings Per Share -$0.33 -$1.09
Diluted Earnings Per Share -$0.33 -$287.0K -$1.09
COMMON SHARES
Basic Shares Outstanding 57.20M shares 54.02M shares
Diluted Shares Outstanding 57.15M shares 54.02M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.66M $80.49M $80.49M
YoY Change -19.84% -8.87% -8.87%
Cash & Equivalents $60.66M $80.49M $80.49M
Short-Term Investments
Other Short-Term Assets $4.519M $3.359M $3.359M
YoY Change 27.76% 45.16% 45.16%
Inventory $4.525M $4.094M $4.094M
Prepaid Expenses
Receivables $2.976M $3.793M $3.793M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $72.68M $91.73M $91.73M
YoY Change -12.03% -1.57% -1.57%
LONG-TERM ASSETS
Property, Plant & Equipment $54.19M $51.16M $52.28M
YoY Change 45.19% 63.96% 67.57%
Goodwill $8.051M $8.051M
YoY Change
Intangibles $8.639M $8.994M
YoY Change 1472.38%
Long-Term Investments
YoY Change
Other Assets $71.00K $279.0K $279.0K
YoY Change 545.45% 1016.0% 1016.0%
Total Long-Term Assets $71.98M $69.61M $69.61M
YoY Change 89.94% 118.9% 118.9%
TOTAL ASSETS
Total Short-Term Assets $72.68M $91.73M $91.73M
Total Long-Term Assets $71.98M $69.61M $69.61M
Total Assets $144.7M $161.3M $161.3M
YoY Change 20.03% 29.08% 29.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.157M $3.630M $3.630M
YoY Change 15.06% 205.56% 205.56%
Accrued Expenses $7.077M $7.887M $7.887M
YoY Change 65.82% 30.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.65M $12.66M $12.66M
YoY Change 60.5% 74.23% 74.23%
LONG-TERM LIABILITIES
Long-Term Debt $43.85M $43.73M $43.73M
YoY Change
Other Long-Term Liabilities $1.472M $1.519M $1.519M
YoY Change 500.82% 376.18% 376.18%
Total Long-Term Liabilities $45.33M $45.25M $45.25M
YoY Change 18400.41% 14084.95% 14084.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.65M $12.66M $12.66M
Total Long-Term Liabilities $45.33M $45.25M $45.25M
Total Liabilities $57.98M $57.91M $57.91M
YoY Change 613.45% 663.55% 663.55%
SHAREHOLDERS EQUITY
Retained Earnings -$225.9M -$206.8M
YoY Change 39.94%
Common Stock $57.00K $57.00K
YoY Change 11.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $86.69M $103.4M $103.4M
YoY Change
Total Liabilities & Shareholders Equity $144.7M $161.3M $161.3M
YoY Change 20.03% 29.08% 29.08%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022
OPERATING ACTIVITIES
Net Income -$19.09M -$16.23M -$59.03M
YoY Change 48.58% 60.34% 33.68%
Depreciation, Depletion And Amortization $2.450M $2.361M $7.853M
YoY Change 66.33% 71.71% 68.7%
Cash From Operating Activities -$14.99M -$11.92M -$45.20M
YoY Change 18.14% 63.23% 53.91%
INVESTING ACTIVITIES
Capital Expenditures -$4.832M -$13.50M -$35.30M
YoY Change -15.66% 427.33% 182.6%
Acquisitions
YoY Change
Other Investing Activities $0.00 $4.119M $357.0K
YoY Change -100.0%
Cash From Investing Activities -$4.832M -$9.386M -$34.94M
YoY Change -11.23% 266.5% 179.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 45.92M $72.30M
YoY Change -100.0% 489.58% -15.7%
NET CHANGE
Cash From Operating Activities -$14.99M -11.92M -$45.20M
Cash From Investing Activities -$4.832M -9.386M -$34.94M
Cash From Financing Activities 0.000 45.92M $72.30M
Net Change In Cash -$19.82M 24.61M -$7.837M
YoY Change 56.8% -1285.65% -117.85%
FREE CASH FLOW
Cash From Operating Activities -$14.99M -$11.92M -$45.20M
Capital Expenditures -$4.832M -$13.50M -$35.30M
Free Cash Flow -$10.16M $1.583M -$9.896M
YoY Change 45.98% -133.38% -41.35%

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InventoryFinishedGoods
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CY2021Q2 us-gaap Inventory Finished Goods
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1. Organization</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Akoustis Technologies, Inc. (“the Company”) was incorporated on April 10, 2013, and effective December 15, 2016, the Company changed its state of incorporation to the State of Delaware. Through its subsidiaries, Akoustis, Inc. (a Delaware corporation) and RFM Integrated Device, Inc. (a Texas corporation) (“RFMi”), the Company, headquartered in Huntersville, North Carolina, is focused on developing, designing, and manufacturing innovative radio frequency (“RF”) filter products for the wireless industry, including for products such as smartphones and tablets, cellular infrastructure equipment, WiFi Customer Premise Equipment (“CPE”), and military and defense communication applications. Located between the device’s antenna and its digital backend, the RF front-end (“RFFE”) is the circuitry that performs the analog signal processing and contains components such as amplifiers, filters and switches. To construct the resonator devices that are the building blocks for its RF filters, the Company has developed a family of novel, high purity acoustic piezoelectric materials as well as a unique microelectromechanical system (“MEMS”) wafer process, collectively referred to as XBAW™ technology. The Company leverages its integrated device manufacturing (“IDM”) business model to develop and sell high performance RF filters using its XBAW<sup>TM</sup> technology. Filters are critical in selecting and rejecting signals, and their performance enables differentiation in the modules defining the RFFE. Additionally, through RFMi, a wholly-owned subsidiary of Akoustis, Inc., the Company makes sales of complementary SAW resonators, RF filters, crystal (Xtal) resonators and oscillators, and ceramic products branded as “RFMi” products.</p>
CY2022Q2 us-gaap Cash
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">Use of estimates and assumptions</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date(s) of the financial statements and the reported amounts of revenues and expenses during the reporting period(s). The policies, estimates and assumptions include estimates and assumptions used in valuation of equity instruments, deferred taxes and related valuation allowances, contingent consideration, goodwill, fair value of the acquired intangible assets, initial fair value of the non-controlling interest, revenue recognition, derivative liabilities, and the fair values of long-lived assets. Actual results could differ from the estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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CY2018Q1 akts Ontario County Industrial Development Authority Agreement Description
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Pursuant to the Agreements, the Company will lease for $1.00 annually to the OCIDA an approximately 9.995 acre parcel of land in Canandaigua, New York, together with the improvements thereon (including the Company’s New York fabrication facility), and transfer title to certain related equipment and personal property to the OCIDA (collectively, the “Facility”).
CY2022 akts Tax Savings Agreement Expire Date
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CY2021Q2 us-gaap Unrecognized Tax Benefits
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3680000 usd
CY2021Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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2804000 usd
CY2022Q2 akts Deferred Tax Assets Tax Credit
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CY2021Q2 akts Deferred Tax Assets Tax Credit
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CY2021Q2 us-gaap Deferred Tax Assets Other
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CY2022 akts Assets Purchased Using Common Stock
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CY2022 akts Federal Loss Carryovers Description
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federal loss carryovers of approximately $34.2 million that will expire in stages beginning in 2034 if unused and federal loss carryovers of $182.8 million that will carry forward indefinitely. The North Carolina, New York, California and Florida state loss carryovers of approximately $28.7 million, $11.5, $12.7 and $0.05 million, respectively, will begin to expire in 2029 if unused. Federal research credits of $2.7 million will expire beginning in 2034 if not utilized.
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300000 usd
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400000 usd
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300000 usd
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200000 usd
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21000 usd
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66000 usd
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427000 usd
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427000 usd
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CY2022Q2 us-gaap Derivative Instruments And Hedges Liabilities
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4474000 usd
CY2022 akts Initial Fair Value Of Contingent Consideration
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1099000 usd
CY2022 us-gaap Asset At Fair Value Changes In Fair Value Resulting From Changes In Assumptions
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347000 usd
CY2022Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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1446000 usd
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0.30 pure
CY2022 akts Initial Fair Value Of Make Whole Provision In Convertible Note
InitialFairValueOfMakeWholeProvisionInConvertibleNote
2647000 usd
CY2022Q2 akts Initial Fair Value Of Change In Control Provision In Convertible Note
InitialFairValueOfChangeInControlProvisionInConvertibleNote
333000 usd
CY2022Q2 akts Change In Fair Value Of Convertible Note Derivatives
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48000 usd
CY2022Q2 akts Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Asset Value
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3028000 usd
CY2022Q2 us-gaap Share Price
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3700
CY2022Q2 us-gaap Share Price
SharePrice
4080.00
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.70 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.70 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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0.0301 pure
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0.0307 pure
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0.415 pure
CY2022 akts Share Based Compensation Arrangement By Share Based Payment Award Fair Value Measurements Expected Debt Yield
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0.40 pure
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P5Y
CY2021Q2 us-gaap Goodwill
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CY2021Q2 us-gaap Business Combination Contingent Consideration Liability Current
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CY2022 us-gaap Gains Losses On Extinguishment Of Debt
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CY2021 us-gaap Income Tax Expense Benefit
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CY2022 akts Non Cash Interest Payments
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CY2022 us-gaap Gains Losses On Extinguishment Of Debt
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CY2021 akts Current Assets Excluding Cash And Cash Equivalents
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CY2021 akts Additiona Paid In Capital
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CY2021 us-gaap Goodwill Transfers
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CY2021 akts Liabilities Assumed
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CY2021 akts Issuance Of Common Stock For Acquisition
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CY2021Q2 akts Contract Liability
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CY2022Q2 akts Operating Leases Future Minimum Payment Due Thereafter
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2021Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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false
CY2022 dei Document Fiscal Period Focus
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FY
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0001584754

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