Delaware | 001-32919 | 20-3672603 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
12300 Grant Street Thornton, Colorado | 80241 | |||
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
ASCENT SOLAR TECHNOLOGIES, INC. | ||||||||
November 7, 2013 | By: | /s/ Bill Gregorak | ||||||
Name: Bill Gregorak | ||||||||
Title: Vice President and Chief Financial Officer |
• | Ascent Solar announced its intention to build a new manufacturing plant in Suqian, China with funding from Suqian government in the form of a Joint Venture. The Joint Venture is expected to accelerate Ascent’s penetration of consumer electronics and specialty market applications by way of China’s large and growing consumer base and readily available contract manufacturers. |
• | Ascent Solar expanded EnerPlex distribution into the United Kingdom & Ireland with West Coast Limited, utilizing West Coast’s established distribution channels in these key European geographies. |
• | Ascent Solar announced the Company’s partnership with the Breitling Wing Walkers. In tandem with the launch of Ascent’s EnerPlex series of integrated solar products in the United Kingdom, Ascent teamed with the Wing Walkers for their European Tour. |
• | Ascent Solar debuted the newest additions to its EnerPlexKickr™ Series as well as introduced a new line of EnerPlex products at the Outdoor Retailer Summer show in Salt Lake City, Utah. |
• | Ascent Solar announced a sponsorship agreement with Denver Broncos Football Club, including in-stadium advertising rights at Sports Authority Field at Mile High, as well as promotional rights for Ascent’s EnerPlex products. |
• | Ascent Solar announced the completion of its Series A Preferred Stock private placement resulting in incremental gross proceeds of $5.0 million to the Company. |
• | Ascent Solar announced the debut of Jumpr™ Mini, the thinnest 1350mAh powerbank ever. With the same dimensions as a conventional credit card and at only 6mm thick, the Jumpr Mini is capable of boosting most smartphones’ batteries 55-85% on a single charge. |
• | Ascent Solar debuted the Jumpr Stack, a magnetic battery stack with revolutionary cordless charging ability. The Jumpr Stack is available at Ascent’s retail locations in the Denver area, online at www.goenerplex.com, as well as at all Frys Electronics stores. |
• | Ascent Solar announced debut of the EnerPlexKickr I and II, the newest additions to the Kickr line of personal solar chargers. Ascent’s Kickr products are lightweight, flexible and compact, allowing for easy attachment to outdoor equipment such as bikes, tents, and backpacks. |
• | Ascent Solar launched NFL licensed’ Denver Broncos branded EnerPlex products. Denver Broncos branded EnerPlex products are available at www.goenerplex.com as well as the Company’s direct retail locations in the Denver Metropolitan Area. |
• | Bill Gregorak was appointed Chief Financial Officer of Ascent Solar Technologies. Prior to joining the Company, Mr. Gregorak served as CFO of Thule Organization Solutions, a manufacturer of personal electronics cases sold under both the Case Logic® and Thule® brands, overseeing operations in the U.S., |
For the Three Months Ended | For the Nine Months Ended | For the Period from Inception (October 18, 2005) Through September 30, 2013 | ||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Revenues | ||||||||||||||||||||
Products | $ | 266,534 | $ | 473,657 | $ | 608,490 | $ | 546,609 | $ | 2,536,753 | ||||||||||
Government contracts | 8,299 | 82,030 | 126,332 | 605,195 | 9,793,381 | |||||||||||||||
Total Revenues | 274,833 | 555,687 | 734,822 | 1,151,804 | 12,330,134 | |||||||||||||||
Costs and Expenses | ||||||||||||||||||||
Research and development | 5,335,682 | 5,729,598 | 16,246,246 | 14,950,061 | 116,660,482 | |||||||||||||||
Selling, general and administrative | 1,384,650 | 1,187,711 | 4,238,063 | 3,868,035 | 45,068,481 | |||||||||||||||
Impairment loss | — | — | — | — | 83,171,090 | |||||||||||||||
Total Costs and Expenses | 6,720,332 | 6,917,309 | 20,484,309 | 18,818,096 | 244,900,053 | |||||||||||||||
Loss from Operations | (6,445,499 | ) | (6,361,622 | ) | (19,749,487 | ) | (17,666,292 | ) | (232,569,919 | ) | ||||||||||
Other Income/(Expense) | ||||||||||||||||||||
Other Income/(Expense), net | (106,652 | ) | (36,833 | ) | (320,138 | ) | (148,535 | ) | 724,960 | |||||||||||
Change in fair value of make-whole dividend liability | 70,272 | — | 70,272 | — | 70,272 | |||||||||||||||
Total Other Income/(Expense) | (36,380 | ) | (36,833 | ) | (249,866 | ) | (148,535 | ) | 795,232 | |||||||||||
Net Loss | $ | (6,481,879 | ) | $ | (6,398,455 | ) | $ | (19,999,353 | ) | $ | (17,814,827 | ) | $ | (231,774,687 | ) | |||||
Deemed dividend on Preferred Stock and accretion of warrants | (3,653,803 | ) | — | (4,251,062 | ) | — | (4,251,062 | ) | ||||||||||||
Net Loss applicable to common stockholders | $ | (10,135,682 | ) | $ | (6,398,455 | ) | $ | (24,250,415 | ) | $ | (17,814,827 | ) | $ | (236,025,749 | ) | |||||
Net Loss Per Share (Basic and diluted) | $ | (0.19 | ) | $ | (0.15 | ) | $ | (0.46 | ) | $ | (0.43 | ) | ||||||||
Weighted Average Common Shares Outstanding (Basic and diluted) | 54,256,684 | 42,490,471 | 52,862,381 | 41,410,374 |
September 30, 2013 | December 31, 2012 | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 3,880,290 | $ | 12,621,477 | ||||
Trade receivables | 95,014 | 100,164 | ||||||
Related party receivables and deposits | 10,225 | 596,339 | ||||||
Inventories | 2,097,498 | 2,159,553 | ||||||
Prepaid expenses and other current assets | 759,705 | 235,305 | ||||||
Total current assets | 6,842,732 | 15,712,838 | ||||||
Property, Plant and Equipment: | 39,591,677 | 39,979,013 | ||||||
Less accumulated depreciation and amortization | (16,471,789 | ) | (12,725,298 | ) | ||||
23,119,888 | 27,253,715 | |||||||
Other Assets: | ||||||||
Patents, net of amortization of $74,077 and $48,150, respectively | 834,654 | 500,879 | ||||||
Other non-current assets | 53,750 | 56,563 | ||||||
888,404 | 557,442 | |||||||
Total Assets | $ | 30,851,024 | $ | 43,523,995 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 607,571 | $ | 855,373 | ||||
Accrued expenses | 1,686,565 | 1,788,635 | ||||||
Current portion of long-term debt | 278,342 | 264,935 | ||||||
Make-whole dividend liability | 1,652,745 | — | ||||||
Total current liabilities | 4,225,223 | 2,908,943 | ||||||
Long-Term Debt | 6,139,671 | 6,350,135 | ||||||
Accrued Warranty Liability | 47,937 | 38,187 | ||||||
Commitments and Contingencies (Notes 4 & 12) | ||||||||
Stockholders’ Equity: | ||||||||
Preferred stock, $0.0001 par value, 25,000,000 shares authorized; 712,390 and 0 shares issued and outstanding, respectively ($5,765,206 Liquidation Preference) | 71 | — | ||||||
Common stock, $0.0001 par value, 125,000,000 shares authorized; 54,789,971 and 51,143,906 shares issued and outstanding, respectively | 5,479 | 5,114 | ||||||
Additional paid in capital | 256,458,392 | 245,996,950 | ||||||
Deficit accumulated during the development stage | (236,025,749 | ) | (211,775,334 | ) | ||||
Total stockholders’ equity | 20,438,193 | 34,226,730 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 30,851,024 | $ | 43,523,995 |