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. | ||||||||
March 6, 2014 | By: | /s/ William M. Gregorak | ||||||
Name: William M. Gregorak | ||||||||
Title: Vice President and Chief Financial Officer |
• | Ascent Solar completed $10M preferred stock financing with Ironridge Technology Co. Funding of first $5M tranche completed in October 2013, with second $5M tranche delivered in February 2014 |
• | Definitive agreement signed to form Joint Venture (JV) and build new manufacturing plant in Suqian of Jiangsu Province, China. Suqian will provide RMB200M ($32.5M) for the JV |
• | Ascent Solar debuted EnerPlex Surfr™ battery &solar case for iPhone®5 and 5s at CES 2014 |
• | Ascent Solar announced availability of EnerPlex Surfr™ battery &solar case for Samsung S®4 |
• | Ascent Solar expanded retail distribution network into Japan |
• | Ascent Solar’s flexible photovoltaic modules selected for The Volvo Pure Tension Pavilion Project |
• | Ascent Solar expanded retail kiosk locations in California and Nevada |
• | Ascent Solar announced availability of EnerPlex™ products on walmart.com, newegg.com, sears.com and others |
• | Ascent Solar announced debut of EnerPlex Packr™, a solar-integrated backpack |
For the Three Months Ended December 31, | For the Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | ||||||||||||||||
Products | $ | 509,035 | $ | 31,743 | $ | 1,117,524 | $ | 578,352 | ||||||||
Government contracts | 72,621 | 13,615 | 198,953 | 618,811 | ||||||||||||
Total Revenues | 581,656 | 45,358 | 1,316,477 | 1,197,163 | ||||||||||||
Costs and Expenses | ||||||||||||||||
Research, development and manufacturing operations | 5,096,272 | 5,778,491 | 21,342,519 | 20,728,553 | ||||||||||||
Selling, general and administrative | 1,930,821 | 1,140,353 | 6,168,884 | 5,008,388 | ||||||||||||
Impairment loss | 822,350 | 3,401,610 | 822,350 | 3,401,610 | ||||||||||||
Total Costs and Expenses | 7,849,443 | 10,320,454 | 28,333,753 | 29,138,551 | ||||||||||||
Loss from Operations | (7,267,787 | ) | (10,275,096 | ) | (27,017,276 | ) | (27,941,388 | ) | ||||||||
Other Income/(Expense) | ||||||||||||||||
Other Income/(Expense), net | (256,155 | ) | (678,475 | ) | (576,292 | ) | (828,029 | ) | ||||||||
Change in fair value of make-whole dividend liability | (1,385,655 | ) | — | (1,315,383 | ) | — | ||||||||||
Total Other Income/(Expense) | (1,641,810 | ) | (678,475 | ) | (1,891,675 | ) | (828,029 | ) | ||||||||
Net Loss | $ | (8,909,597 | ) | $ | (10,953,571 | ) | $ | (28,908,951 | ) | $ | (28,769,417 | ) | ||||
Deemed dividends on preferred stock and accretion of warrants | (1,684,700 | ) | — | (5,935,762 | ) | — | ||||||||||
Net Loss applicable to common stockholders | $ | (10,594,297 | ) | $ | (10,953,571 | ) | $ | (34,844,713 | ) | $ | (28,769,417 | ) | ||||
Net Loss Per Share (Basic and diluted) | $ | (0.18 | ) | $ | (0.21 | ) | $ | (0.64 | ) | $ | (0.66 | ) | ||||
Weighted Average Common Shares Outstanding (Basic and diluted) | 59,585,111 | 51,012,749 | 54,556,877 | 43,850,322 |
December 31, 2013 | December 31, 2012 | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 3,318,155 | $ | 12,621,477 | ||||
Trade receivables | 458,076 | 100,164 | ||||||
Related party receivables and deposits | 21,122 | 596,339 | ||||||
Inventories | 1,887,612 | 2,159,553 | ||||||
Prepaid expenses and other current assets | 1,157,484 | 235,305 | ||||||
Total current assets | 6,842,449 | 15,712,838 | ||||||
Property, Plant and Equipment: | 38,614,905 | 39,979,013 | ||||||
Less accumulated depreciation and amortization | (17,850,688 | ) | (12,725,298 | ) | ||||
20,764,217 | 27,253,715 | |||||||
Other Assets: | ||||||||
Patents, net of amortization of $83,364 and $48,150, respectively | 879,541 | 500,879 | ||||||
Other non-current assets | 52,813 | 56,563 | ||||||
932,354 | 557,442 | |||||||
Total Assets | $ | 28,539,020 | $ | 43,523,995 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 442,754 | $ | 855,373 | ||||
Accrued expenses | 1,895,869 | 1,788,635 | ||||||
Current portion of long-term debt | 282,960 | 264,935 | ||||||
Make-whole dividend liability | 3,146,156 | — | ||||||
Total current liabilities | 5,767,739 | 2,908,943 | ||||||
Long-Term Debt | 6,067,175 | 6,350,135 | ||||||
Accrued Warranty Liability | 47,937 | 38,187 | ||||||
Commitments and Contingencies (Notes 4 & 14) | ||||||||
Stockholders’ Equity: | ||||||||
Series A preferred stock, $.0001 par value; 750,000 shares authorized and issued; 362,390 shares outstanding as of December 31, 2013 ($4,000,786 Liquidation Preference) | 36 | — | ||||||
Series B-1 preferred stock, $.0001 par value; 1,000 shares authorized and 500 shares issued; 350 shares outstanding as of December 31, 2013 ($5,544,490 Liquidation Preference) | — | — | ||||||
Common stock, $0.0001 par value, 125,000,000 shares authorized; 61,748,524 and 51,143,906 shares issued and outstanding, respectively | 6,175 | 5,114 | ||||||
Additional paid in capital | 263,270,005 | 245,996,950 | ||||||
Deficit accumulated during the development stage | (246,620,047 | ) | (211,775,334 | ) | ||||
Total stockholders’ equity | 16,656,169 | 34,226,730 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 28,539,020 | $ | 43,523,995 |