$ASTI
Ascent Solar Technologies, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023022273 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $101.3K $124.2K $566.2K
YoY Change -84.11% -78.06% 242.83%
Cost Of Revenue $666.3K $461.8K $532.9K
YoY Change 15.47% -13.34% 632.19%
Gross Profit -$565.0K -$337.6K $33.32K
YoY Change -1032.6% -1113.12% -63.93%
Gross Profit Margin -557.71% -271.74% 5.88%
Selling, General & Admin $1.179M $1.592M $821.3K
YoY Change 35.21% 93.83% 46.21%
% of Gross Profit 2464.78%
Research & Development $822.3K $1.666M $1.406M
YoY Change -43.42% 18.44% 93.17%
% of Gross Profit 4220.65%
Depreciation & Amortization $19.65K $25.78K $16.67K
YoY Change 50.62% 54.7% 29.45%
% of Gross Profit 50.02%
Operating Expenses $2.001M $3.258M $2.228M
YoY Change -13.93% 46.24% 72.72%
Operating Profit -$3.151M -$5.025M -$2.211M
YoY Change 38.07% 127.29% 82.69%
Interest Expense -$762.1K -$1.068M -$2.086M
YoY Change 2254.19% -48.81% -168.27%
% of Operating Profit
Other Income/Expense, Net -$761.9K -$1.058M -$2.086M
YoY Change 2408.65% -49.29% -168.26%
Pretax Income -$3.913M -$6.083M -$4.297M
YoY Change 69.21% 41.56% -332.74%
Income Tax
% Of Pretax Income
Net Earnings -$3.913M -$6.083M -$4.297M
YoY Change 69.21% 41.56% -332.74%
Net Earnings / Revenue -3863.21% -4897.04% -758.95%
Basic Earnings Per Share -$0.33 -$0.17 -$0.20
Diluted Earnings Per Share -$0.33 -$0.17 -$0.20
COMMON SHARES
Basic Shares Outstanding 49.93M 36.93M 21.67M
Diluted Shares Outstanding 46.89M 35.57M 21.67M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $905.6K $6.344M $3.028M
YoY Change 110.97% 109.48% -17.22%
Cash & Equivalents $905.6K $6.344M $3.028M
Short-Term Investments
Other Short-Term Assets $302.0K $1.508M $659.5K
YoY Change -62.6% 128.59% 509.73%
Inventory $678.3K $513.1K $637.6K
Prepaid Expenses
Receivables $14.92K $94.88K $561.3K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.901M $8.459M $4.887M
YoY Change -30.9% 73.1% 9.84%
LONG-TERM ASSETS
Property, Plant & Equipment $4.352M $579.3K $325.2K
YoY Change 713.94% 78.12% 1927.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $67.69K $68.09K $97.67K
YoY Change -25.95% -30.29%
Other Assets $1.332M $1.234M $625.0K
YoY Change 113.2% 97.4% 0.0%
Total Long-Term Assets $9.761M $6.104M $5.946M
YoY Change 62.66% 2.66% -8.92%
TOTAL ASSETS
Total Short-Term Assets $1.901M $8.459M $4.887M
Total Long-Term Assets $9.761M $6.104M $5.946M
Total Assets $11.66M $14.56M $10.83M
YoY Change 33.25% 34.44% -1.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.152M $581.1K $600.6K
YoY Change 39.21% -3.24% -3.54%
Accrued Expenses $783.3K $748.1K $2.552M
YoY Change -48.16% -70.68% 13.79%
Deferred Revenue
YoY Change
Short-Term Debt $750.4K $250.0K $250.0K
YoY Change 200.15% 0.0% -43.59%
Long-Term Debt Due $5.606M $2.000M
YoY Change
Total Short-Term Liabilities $11.02M $6.977M $3.447M
YoY Change 187.33% 102.4% 3.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $6.117M $946.1K
YoY Change -100.0% 546.55% -88.12%
Other Long-Term Liabilities $3.433M $3.650M $4.377M
YoY Change -18.46% -16.62% -13.07%
Total Long-Term Liabilities $3.433M $9.767M $5.323M
YoY Change -33.64% 83.46% -59.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.02M $6.977M $3.447M
Total Long-Term Liabilities $3.433M $9.767M $5.323M
Total Liabilities $14.45M $16.74M $8.771M
YoY Change 60.45% 90.91% -46.31%
SHAREHOLDERS EQUITY
Retained Earnings -$469.1M -$453.5M
YoY Change 7.98%
Common Stock $5.566K $3.749K
YoY Change 81.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.793M -$2.180M $2.062M
YoY Change
Total Liabilities & Shareholders Equity $11.66M $14.56M $10.83M
YoY Change 33.25% 34.44% -1.32%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$3.913M -$6.083M -$4.297M
YoY Change 69.21% 41.56% -332.74%
Depreciation, Depletion And Amortization $19.65K $25.78K $16.67K
YoY Change 50.62% 54.7% 29.45%
Cash From Operating Activities -$1.640M -$4.938M -$2.792M
YoY Change -36.51% 76.84% 38.96%
INVESTING ACTIVITIES
Capital Expenditures $3.795M $48.65K -$57.45K
YoY Change -44228.02% -184.68% 187.25%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$5.880K -$83.87K
YoY Change -100.0% -92.99% -575.18%
Cash From Investing Activities -$3.795M -$54.53K -$141.3K
YoY Change 24415.57% -61.41% -900.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.750K -147.2K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -1.640M -4.938M -2.792M
Cash From Investing Activities -3.795M -54.53K -141.3K
Cash From Financing Activities 1.750K -147.2K 0.000
Net Change In Cash -5.433M -5.139M -2.933M
YoY Change 109.05% 75.2% -184.03%
FREE CASH FLOW
Cash From Operating Activities -$1.640M -$4.938M -$2.792M
Capital Expenditures $3.795M $48.65K -$57.45K
Free Cash Flow -$5.435M -$4.986M -$2.735M
YoY Change 111.08% 82.34% 37.47%

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CY2022Q1 asti Increase Decrease In Accrued Interest Payable
IncreaseDecreaseInAccruedInterestPayable
15107
CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-107507
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
403816
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4937627
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2792080
CY2022Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
83559
CY2023Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
48650
CY2022Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
57451
CY2023Q1 asti Proceeds From Payments To Patent Activity
ProceedsFromPaymentsToPatentActivity
-5884
CY2022Q1 asti Proceeds From Payments To Patent Activity
ProceedsFromPaymentsToPatentActivity
-308
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-54534
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-141318
CY2023Q1 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
147170
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-147170
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5139331
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2933398
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11483018
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5961760
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6343687
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3028362
CY2023Q1 asti Conversion Of Stock To Equity Amount
ConversionOfStockToEquityAmount
1592458
CY2022Q1 asti Conversion Of Stock To Equity Amount
ConversionOfStockToEquityAmount
9200000
CY2022Q1 asti Series One A Preferred Stock Conversion
SeriesOneAPreferredStockConversion
740
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
94875
CY2023Q1 asti Convertible Notes Payable Current And Noncurrent
ConvertibleNotesPayableCurrentAndNoncurrent
8116663
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
26000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
26000
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
13000
CY2023Q1 asti Additions Of Deferred Revenue
AdditionsOfDeferredRevenue
29350
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-29350
CY2023Q1 us-gaap Deferred Revenue
DeferredRevenue
13000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
18400000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2400000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4937627
CY2023Q1 asti Working Capital
WorkingCapital
1481943
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
22638819
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
22590169
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
22059497
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
22038508
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
579322
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
551661
CY2023Q1 us-gaap Depreciation
Depreciation
20989
CY2022Q1 us-gaap Depreciation
Depreciation
11873
CY2023Q1 asti Number Of Rentable Square Feet Of Building
NumberOfRentableSquareFeetOfBuilding
100000
CY2023Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
These leases are classified and accounted for as operating leases. The building lease term is for 88 months commencing on September 21, 2020 at a rent of $50,000 per month including taxes, insurance and common area maintenance until December 31, 2020. Beginning January 1, 2021, the rent adjusted to $80,000 per month on a triple net basis and shall increase at an annual rate of 3% per annum until December 31, 2027.
CY2020Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P88M
CY2020Q3 asti Lease Commencement Date
LeaseCommencementDate
2020-09-21
CY2020Q3 us-gaap Lease Cost
LeaseCost
50000
CY2021Q1 us-gaap Lease Cost
LeaseCost
80000
CY2023Q1 asti Percentage Of Rent Increase In Annual Rate
PercentageOfRentIncreaseInAnnualRate
0.03
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4141958
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4324514
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
754168
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
733572
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3628660
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3827878
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
261343
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
258392
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
772225
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1060187
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1090196
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1112903
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1146290
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5181801
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
798973
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4382828
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P56M26D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.070
CY2023Q1 asti Debt Current And Noncurrent
DebtCurrentAndNoncurrent
12146687
CY2023Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
4030024
CY2023Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
474102
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
577799
CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
38961
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
37351
CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
0
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
133
CY2023Q1 us-gaap Inventory Net
InventoryNet
513063
CY2022Q4 us-gaap Inventory Net
InventoryNet
615283
CY2022Q4 asti Debt Current And Noncurrent
DebtCurrentAndNoncurrent
14892899
CY2023Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
2746212
CY2023Q1 us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
2000000
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 asti Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
1
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
37491954
CY2023Q1 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
2750000
CY2023Q1 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
3491143
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3929311
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
3152033
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
4.95
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
282306
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
5.04
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2869727
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
4.94
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001

Files In Submission

Name View Source Status
asti-20230331_cal.xml Edgar Link unprocessable
asti-20230331_def.xml Edgar Link unprocessable
asti-20230331_lab.xml Edgar Link unprocessable
0000950170-23-022273-index-headers.html Edgar Link pending
0000950170-23-022273-index.html Edgar Link pending
0000950170-23-022273.txt Edgar Link pending
0000950170-23-022273-xbrl.zip Edgar Link pending
asti-20230331.htm Edgar Link pending
asti-20230331.xsd Edgar Link pending
asti-ex31_1.htm Edgar Link pending
asti-ex31_2.htm Edgar Link pending
asti-ex32_1.htm Edgar Link pending
asti-ex32_2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
asti-20230331_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
asti-20230331_htm.xml Edgar Link completed
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