$ASTI
Ascent Solar Technologies, Inc.

2022 Q4 Form 10-Q Financial Statement

#000156459022037407 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $12.66K $6.344K $11.72K
YoY Change -74.89% -45.87% 86.33%
Cost Of Revenue $491.8K $409.8K $687.9K
YoY Change -31.5% -40.42% 12339.24%
Gross Profit -$479.1K -$403.5K -$676.2K
YoY Change -28.22% -40.33% -89069.74%
Gross Profit Margin -3784.36% -6360.03% -5769.37%
Selling, General & Admin $2.836M $1.890M $882.6K
YoY Change 169.25% 114.16% 179.62%
% of Gross Profit
Research & Development $1.576M $1.540M $1.087M
YoY Change 10.69% 41.75% 624.05%
% of Gross Profit
Depreciation & Amortization $20.65K $15.71K $5.956K
YoY Change 19.64% 163.68% -61.11%
% of Gross Profit
Operating Expenses $4.433M $3.430M $1.984M
YoY Change 77.7% 72.88% 326.06%
Operating Profit -$4.912M -$7.651M -$2.660M
YoY Change 55.34% 187.57% 441.53%
Interest Expense -$333.5K -$280.1K $27.87K
YoY Change 76.66% -1104.84% 5.05%
% of Operating Profit
Other Income/Expense, Net $11.10K -$232.6K $67.64K
YoY Change -104.67% -443.84% -97.81%
Pretax Income -$5.234M -$7.911M -$2.565M
YoY Change 45.86% 208.42% -199.01%
Income Tax
% Of Pretax Income
Net Earnings -$5.234M -$7.911M -$2.565M
YoY Change 45.86% 208.41% -199.01%
Net Earnings / Revenue -41343.68% -124693.66% -21884.9%
Basic Earnings Per Share -$0.24 -$0.67
Diluted Earnings Per Share -$0.16 -$0.24 -$672.3K
COMMON SHARES
Basic Shares Outstanding 33.93M 32.99M 3.815M
Diluted Shares Outstanding 33.16M 3.815M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.48M $2.850M $4.281M
YoY Change 92.61% -33.42% 296.89%
Cash & Equivalents $11.48M $2.850M $4.281M
Short-Term Investments
Other Short-Term Assets $344.1K $875.0K $189.7K
YoY Change 38.9% 361.2% 129.09%
Inventory $615.3K $684.4K $615.7K
Prepaid Expenses
Receivables $1.769K $112.0K $3.970K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.44M $4.522M $5.090M
YoY Change 81.64% -11.17% 203.5%
LONG-TERM ASSETS
Property, Plant & Equipment $551.7K $535.7K $183.8K
YoY Change 97.26% 191.43% 755.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $61.38K $61.25K
YoY Change 189.46%
Other Assets $1.215M $625.0K $625.0K
YoY Change 94.4% 0.0% 150.0%
Total Long-Term Assets $6.233M $5.792M $6.353M
YoY Change 3.92% -8.83% -7.13%
TOTAL ASSETS
Total Short-Term Assets $12.44M $4.522M $5.090M
Total Long-Term Assets $6.233M $5.792M $6.353M
Total Assets $18.68M $10.31M $11.44M
YoY Change 45.37% -9.87% 34.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $595.2K $717.1K $650.7K
YoY Change -7.32% 10.19% -24.47%
Accrued Expenses $888.9K $2.342M $2.139M
YoY Change -10.35% 9.46% 52.46%
Deferred Revenue
YoY Change
Short-Term Debt $250.0K $250.0K $500.0K
YoY Change 0.0% -50.0% -96.12%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.974M $4.582M $3.335M
YoY Change 63.01% 37.38% -82.07%
LONG-TERM LIABILITIES
Long-Term Debt $5.268M $0.00 $8.006M
YoY Change -34.77% -100.0%
Other Long-Term Liabilities $3.849M $4.026M $4.720M
YoY Change -15.47% -14.7% -11.74%
Total Long-Term Liabilities $9.118M $4.026M $12.73M
YoY Change -27.81% -68.37% 137.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.974M $4.582M $3.335M
Total Long-Term Liabilities $9.118M $4.026M $12.73M
Total Liabilities $14.09M $8.608M $16.06M
YoY Change -10.14% -46.41% -32.94%
SHAREHOLDERS EQUITY
Retained Earnings -$447.5M -$442.3M
YoY Change 4.62%
Common Stock $3.400K $3.393K
YoY Change 609.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.586M $1.706M -$4.618M
YoY Change
Total Liabilities & Shareholders Equity $18.68M $10.31M $11.44M
YoY Change 45.37% -9.87% 34.34%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$5.234M -$7.911M -$2.565M
YoY Change 45.86% 208.41% -199.01%
Depreciation, Depletion And Amortization $20.65K $15.71K $5.956K
YoY Change 19.64% 163.68% -61.11%
Cash From Operating Activities -$2.581M -$2.550M -$2.014M
YoY Change -18.76% 26.59% 83.76%
INVESTING ACTIVITIES
Capital Expenditures $75.22K -$28.09K -$62.08K
YoY Change -172.43% -54.75%
Acquisitions
YoY Change
Other Investing Activities -$4.560K -$810.00 $0.00
YoY Change -88.27%
Cash From Investing Activities -$79.77K -$28.90K -$62.08K
YoY Change -44.1% -53.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.29M 5.000M 5.000M
YoY Change 125.87% 0.0% 168.82%
NET CHANGE
Cash From Operating Activities -2.581M -2.550M -2.014M
Cash From Investing Activities -79.77K -28.90K -62.08K
Cash From Financing Activities 11.29M 5.000M 5.000M
Net Change In Cash 8.633M 2.421M 2.923M
YoY Change 413.65% -17.19% 282.76%
FREE CASH FLOW
Cash From Operating Activities -$2.581M -$2.550M -$2.014M
Capital Expenditures $75.22K -$28.09K -$62.08K
Free Cash Flow -$2.656M -$2.522M -$1.952M
YoY Change -13.56% 29.18% 78.1%

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CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
-4617593
us-gaap Net Income Loss
NetIncomeLoss
-14520600
us-gaap Net Income Loss
NetIncomeLoss
-2411469
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
54998
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
40047
us-gaap Share Based Compensation
ShareBasedCompensation
3796150
asti Operating Lease Asset Amortization
OperatingLeaseAssetAmortization
515803
asti Operating Lease Asset Amortization
OperatingLeaseAssetAmortization
482945
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
2323153
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
837767
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-27486
asti Warranty Reserve
WarrantyReserve
7082
asti Gain Loss On Derivative And Extinguishment Of Debt Net
GainLossOnDerivativeAndExtinguishmentOfDebtNet
4047993
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
62750
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1568
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
92213
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
81243
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
746922
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
243155
asti Increase Decrease In Accounts Payable Excluding Related Party
IncreaseDecreaseInAccountsPayableExcludingRelatedParty
74889
asti Increase Decrease In Accounts Payable Excluding Related Party
IncreaseDecreaseInAccountsPayableExcludingRelatedParty
-86266
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
-2334
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
-90834
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-486848
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-427764
asti Increase Decrease In Accrued Interest Payable
IncreaseDecreaseInAccruedInterestPayable
45825
asti Increase Decrease In Accrued Interest Payable
IncreaseDecreaseInAccruedInterestPayable
44461
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1147577
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-252959
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7925786
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6227813
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
83559
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
94140
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
176466
asti Proceeds From Payments To Patent Activity
ProceedsFromPaymentsToPatentActivity
-8004
asti Proceeds From Payments To Patent Activity
ProceedsFromPaymentsToPatentActivity
17648
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-185703
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-158818
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
1000000
asti Proceeds From Issuance Of Stock And Warrants
ProceedsFromIssuanceOfStockAndWarrants
4000000
asti Proceeds From Issuance Of Stock And Warrants
ProceedsFromIssuanceOfStockAndWarrants
10500000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5000000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10500000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3111489
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4113369
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5961760
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
167725
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2850271
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4281094
asti Conversion Of Bridge Loan Into Common Stock And Warrants
ConversionOfBridgeLoanIntoCommonStockAndWarrants
1000000
asti Right Of Use Assets Acquired Through Operating Lease Liabilities
RightOfUseAssetsAcquiredThroughOperatingLeaseLiabilities
21045
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
202556
asti Conversion Of Stock To Equity Amount
ConversionOfStockToEquityAmount
10400000
asti Conversion Of Stock To Equity Amount
ConversionOfStockToEquityAmount
5800000
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
193200
asti Series One A Preferred Stock Conversion
SeriesOneAPreferredStockConversion
740
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
us-gaap Stockholders Equity Note Changes In Capital Structure Retroactive Impact
StockholdersEquityNoteChangesInCapitalStructureRetroactiveImpact
Following the Reverse Stock Split, the Company’s issued and outstanding shares of Common Stock were decreased from approximately 23.7 billion pre-split shares to 4.8 million post-split shares. In connection with the Reverse Stock Split effectiveness, the number of authorized shares of the Company's Common Stock were decreased from 30 billion to 500 million shares.
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
22500
asti Additions Of Deferred Revenue
AdditionsOfDeferredRevenue
206279
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-228779
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
76000000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12000000
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29000000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
188000000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7925786
CY2022Q3 asti Working Capital Deficit
WorkingCapitalDeficit
59948
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
22558389
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
22425935
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
22022653
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
22146273
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
535736
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
279662
CY2022Q3 us-gaap Depreciation
Depreciation
15705
CY2021Q3 us-gaap Depreciation
Depreciation
5956
us-gaap Depreciation
Depreciation
40622
us-gaap Depreciation
Depreciation
11404
asti Number Of Rentable Square Feet Of Building
NumberOfRentableSquareFeetOfBuilding
100000
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. The Company car lease term is for 39 months commencing on June 30, 2022. The Company made a $5,000 initial payment and pays $493 per month.
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
asti Percentage Of Rent Increase In Annual Rate
PercentageOfRentIncreaseInAnnualRate
0.03
CY2022Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P39M
asti Lease Commencement Date
LeaseCommencementDate
2022-06-30
asti Lease Initial Payment
LeaseInitialPayment
5000
us-gaap Lease Cost
LeaseCost
493
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4984688
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
708762
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
646742
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4004667
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4532490
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
261069
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
258392
us-gaap Operating Lease Cost
OperatingLeaseCost
775177
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
248680
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1024381
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1054935
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1084833
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1112903
CY2022Q3 asti Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
1146290
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5672022
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
958593
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
4713429
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P63M12D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.070
CY2022Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
649421
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
575154
CY2022Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
34964
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
15803
CY2022Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
0
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1215
CY2022Q3 us-gaap Inventory Net
InventoryNet
684385
CY2021Q4 us-gaap Inventory Net
InventoryNet
592172
CY2021Q4 asti Short Term Debt Gross
ShortTermDebtGross
10400000
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0
asti Debt Instrument Increase Decrease Amount Redocumented Or Assigned
DebtInstrumentIncreaseDecreaseAmountRedocumentedOrAssigned
0
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
10400000
CY2022Q3 asti Short Term Debt Gross
ShortTermDebtGross
0
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
asti Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
1
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
33930812
CY2022Q3 asti Qualified Financing Minimum Proceeds Required
QualifiedFinancingMinimumProceedsRequired
5000000
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001

Files In Submission

Name View Source Status
asti-20220930_cal.xml Edgar Link unprocessable
asti-20220930_def.xml Edgar Link unprocessable
asti-20220930_lab.xml Edgar Link unprocessable
asti-20220930_pre.xml Edgar Link unprocessable
0001564590-22-037407-index-headers.html Edgar Link pending
0001564590-22-037407-index.html Edgar Link pending
0001564590-22-037407.txt Edgar Link pending
0001564590-22-037407-xbrl.zip Edgar Link pending
asti-10q_20220930.htm Edgar Link pending
asti-20220930.xsd Edgar Link pending
asti-ex311_7.htm Edgar Link pending
asti-ex312_9.htm Edgar Link pending
asti-ex321_8.htm Edgar Link pending
asti-ex322_6.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
asti-10q_20220930_htm.xml Edgar Link completed
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