0001615774-16-008261.txt : 20161114 0001615774-16-008261.hdr.sgml : 20161111 20161114161644 ACCESSION NUMBER: 0001615774-16-008261 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 61 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161114 DATE AS OF CHANGE: 20161114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Akoustis Technologies, Inc. CENTRAL INDEX KEY: 0001584754 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 331229046 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-193467 FILM NUMBER: 161995005 BUSINESS ADDRESS: STREET 1: 9805 NORTHCROSS CENTER COURT, SUITE H CITY: HUNTERSVILLE STATE: NC ZIP: 28078 BUSINESS PHONE: 7026054086 MAIL ADDRESS: STREET 1: 9805 NORTHCROSS CENTER COURT, SUITE H CITY: HUNTERSVILLE STATE: NC ZIP: 28078 FORMER COMPANY: FORMER CONFORMED NAME: DANLAX, CORP. DATE OF NAME CHANGE: 20130820 10-Q 1 s104598_10q.htm 10-Q

   

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2016

 

or

 

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ____________ to ____________

 

Commission File Number: 333-193467

 

 

 

AKOUSTIS TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

 

Nevada 33-1229046
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

 

9805 Northcross Center Court, Suite H

Huntersville, North Carolina 28078

(Address of principal executive offices) (Zip Code)

 

704-997-5735

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x   No ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x   No ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ¨   Accelerated filer ¨
Non-accelerated filer ¨   Smaller reporting company x
(Do not check if smaller reporting company)  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ¨   No x

 

As of November 9, 2016, there were 15,836,981 shares of the registrant’s common stock, $0.001 par value per share, issued and outstanding.

 

 

 

 

AKOUSTIS TECHNOLOGIES, INC.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2016

 

TABLE OF CONTENTS

 

  Page No.
   
PART I — FINANCIAL INFORMATION  
     
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) 1
     
Condensed Consolidated Balance Sheets as of September 30, 2016 and June 30, 2016 1
   
Condensed Consolidated Statements of Operations for the three months ended September 30, 2016 and 2015 2
   
Condensed Consolidated Statement of Changes in Stockholders' Equity for the three months ended September 30, 2016 3
   
Condensed Consolidated Statements of Cash Flows for the three months ended September 30, 2016 and 2015 4
   
Notes to the Condensed Consolidated Financial Statements 5
     
ITEM 2. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 14
     
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 22
     
ITEM 4. CONTROLS AND PROCEDURES 22
     
PART II — OTHER INFORMATION  
     
ITEM 1. LEGAL PROCEEDINGS 23
     
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 23
     
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 23
     
ITEM 4. MINE SAFETY DISCLOSURES 23
     
ITEM 5. OTHER INFORMATION 23
     
ITEM 6. EXHIBITS 23
     
SIGNATURES 24
   
EXHIBIT INDEX 25

 

 

 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1.FINANCIAL STATEMENTS.

 

Akoustis Technologies, Inc.

Condensed Consolidated Balance Sheets

 

   September 30,   June 30, 
   2016   2016 
   (unaudited)     
Assets          
           
Assets:          
Cash and cash equivalents  $3,054,308   $4,155,444 
Inventory   43,544    43,544 
Prepaid expenses   93,699    54,818 
Total current assets   3,191,551    4,253,806 
           
Property and equipment, net   214,393    206,985 
           
Intangibles, net   83,607    71,233 
           
Other assets   130,715    10,715 
Total Assets  $3,620,266   $4,542,739 
           
Liabilities and Stockholders' Equity          
           
Current Liabilities:          
Accounts payable and accrued expenses  $837,116   $543,646 
Total current liabilities   837,116    543,646 
           
Long-term Liabilities:          
Derivative liabilities   1,479,945    1,322,729 
           
Total Liabilities   2,317,061    1,866,375 
           
Commitments and contingencies          
           
Stockholders' Equity          
Preferred Stock, par value $0.001: 10,000,000 shares authorized; none issued and outstanding   -    - 
Common stock, $0.001 par value; 300,000,000 shares authorized; 15,828,981 and 15,375,981 shares issued and outstanding at September 30, 2016 and June 30, 2016, respectively   15,829    15,376 
Additional paid in capital   10,035,134    9,335,801 
Accumulated deficit   (8,747,758)   (6,674,813)
Total Stockholders' Equity   1,303,205    2,676,364 
Total Liabilities and Stockholders' Equity  $3,620,266   $4,542,739 

 

See accompanying notes to the consolidated financial statements

 

1

 

 

Akoustis Technologies, Inc.

Condensed Consolidated Statements of Operations

 

   For the Three Months Ended   For the Three Months Ended 
   September 30, 2016   September 30, 2015 
   (unaudited)   (unaudited) 
         
Revenue  $-   $- 
           
Operating expenses          
Research and development   652,576    321,720 
General and administrative expenses   1,263,243    761,323 
Total operating expenses   1,915,819    1,083,043 
           
Loss from operations   (1,915,819)   (1,083,043)
           
Other income (expense)          
Interest income   90    496 
Change in fair value of derivative liabilities   (157,216)   14,015 
Total other income (expense)   (157,126)   14,511 
           
Net loss  $(2,072,945)  $(1,068,532)
           
Net loss per common share - basic and diluted  $(0.13)  $(0.09)
           
Weighted average common shares outstanding -basic and diluted   15,701,709    12,392,115 

 

See accompanying notes to the consolidated financial statements

 

2

 

 

Akoustis Technologies, Inc.

Condensed Consolidated Statement of Changes in Stockholders' Equity

For the Three Months Ended September 30, 2016

(unaudited)

 

   Common Stock   Additional   Accumulated     
   Shares   Amount   Paid In Capital   Deficit   Stockholders' Equity 
                     
Balance, July 1, 2016   15,375,981   $15,376   $9,335,801   $(6,674,813)  $2,676,364 
                          
Common stock issued for services   453,000    453    629,310    -    629,763 
                          
Vesting of restricted shares   -    -    70,023    -    70,023 
                          
Net loss for the three months ended September 30, 2016   -    -    -    (2,072,945)   (2,072,945)
Balance, September 30, 2016   15,828,981   $15,829   $10,035,134   $(8,747,758)  $1,303,205 

 

See accompanying notes to the consolidated financial statements

 

3

 

 

Akoustis Technologies, Inc.

Condensed Consolidated Statements of Cash Flows

 

   For the Three Months Ended   For the Three Months Ended 
   September 30, 2016   September 30, 2015 
   (unaudited)   (unaudited) 
         
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss  $(2,072,945)  $(1,068,532)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation   12,885    4,530 
Amortization of intangibles   1,350    1,034 
Share-based compensation   704,220    65,725 
Change in fair value of derivative liabilities   157,216    (14,015)
Changes in operating assets and liabilities:          
Prepaid expenses   (38,881)   5,190 
Other assets   (120,000)   (8,100)
Accounts payable and accrued expenses   289,036    217,923 
Net Cash Used In Operating Activities   (1,067,119)   (796,245)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Cash paid for machinery and equipment   (20,293)   (103,957)
Cash paid for intangibles   (13,724)   (14,873)
Net Cash Used In Investing Activities   (34,017)   (118,830)
           
Net Decrease in Cash   (1,101,136)   (915,075)
           
Cash - Beginning of Period   4,155,444    4,329,496 
           
Cash - End of Period  $3,054,308   $3,414,421 
           
SUPPLEMENTARY CASH FLOW INFORMATION:          
Cash Paid During the Period for:          
Income taxes  $-   $- 
Interest  $-   $- 
           
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:          
           
Stock compensation payable  $74,457   $37,450 

 

See accompanying notes to the consolidated financial statements

 

4

 

 

AKOUSTIS TECHNOLOGIES, INC.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

 

September 30, 2016

 

Note 1. Organization

 

Akoustis Technologies, Inc. (formerly known as Danlax, Corp.) (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on April 10, 2013. On May 22, 2015, our wholly owned subsidiary, Akoustis Acquisition Corp., a corporation formed in the State of Delaware on May 15, 2015 (“Acquisition Sub”), merged with and into Akoustis, Inc., a Delaware corporation. Akoustis, Inc. was the surviving corporation in the merger and became our wholly owned subsidiary. Through its subsidiary, Akoustis, Inc., the Company operates in the telecommunications and fiber optics sector and is based in Huntersville, North Carolina. The mission of the Company is to commercialize and manufacture its patent-pending Bulk ONE acoustic wave technology to address the critical frequency-selectivity requirements in today’s mobile smartphones - improving the efficiency and signal quality of mobile wireless devices and enabling the Internet of Things.

 

On August 11, 2016, the Company changed its fiscal year from the period beginning on April 1 and ending on March 31 to the period beginning on July 1 and ending on June 30 of each year, effective immediately.

 

Note 2. Going Concern and Management Plans

 

The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of September 30, 2016, the Company had a working capital of $2,354,435 and an accumulated deficit of $8,747,758. The Company has not generated any revenues from operations and incurred net losses since inception. As of September 30, 2016, the Company had cash and cash equivalents of $3,054,308. The Company estimates the $2.6 million of cash and cash equivalents currently on hand as of November 9, 2016 is sufficient to fund its operations through March 31, 2017. In order to fund operations past that date, we will need to raise further capital, through the sale of additional equity securities, through additional grants, or otherwise, to support our future operations. There is no assurance that the Company’s projections and estimates are accurate. Although the Company is actively managing and controlling the Company’s cash outflows to mitigate these risks, these matters raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

5

 

 

The Company’s primary sources of operating funds since inception have been private equity, note financings and grants. The Company intends to raise additional capital through private debt and equity investors. The Company needs to raise additional capital to be able to accomplish its business plan objectives and is continuing its efforts to secure additional funds through debt or equity instruments and grants. Management believes that it will be successful in obtaining additional financing based on its history of raising funds; however, no assurance can be provided that the Company will be able to do so. There is no assurance that any funds it raises will be sufficient to enable the Company to attain profitable operations or continue as a going concern. To the extent that the Company is unsuccessful, the Company may need to curtail or cease its operations and implement a plan to extend payables or reduce overhead until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful.

 

Note 3. Summary of significant accounting policies

 

Basis of presentation

 

The Company’s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and regulations of the SEC.

 

The unaudited condensed consolidated financial information furnished herein reflects all adjustments, consisting solely of normal recurring items, which in the opinion of management are necessary to fairly state the financial position of the Company and the results of its operations for the periods presented. The Company assumes that the users of the interim financial information herein have read or have access to the audited financial statements for the preceding fiscal year and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. Accordingly, footnote disclosure, which would substantially duplicate the disclosure contained in the Company’s Transition Report on Form 10-K for the three months and year ended June 30, 2016 filed on October 31, 2016 (the “2016 Annual Report”). The results of operations for the interim periods presented are not necessarily indicative of results for the entire fiscal year ending June 30, 2017 or any other period.

 

Principles of Consolidation

 

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Akoustis, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation.

 

6

 

 

Significant Accounting Policies and Estimates

 

The Company’s significant accounting policies are disclosed in Note 3-Summary of Significant Accounting Policies in the 2016 Annual Report. Since the date of the 2016 Annual Report, there have been no material changes to the Company’s significant accounting policies. The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes to the condensed consolidated financial statements. These estimates and assumptions include valuing equity securities and derivative financial instruments issued in financing transactions, deferred taxes and related valuation allowances, and the fair values of long lived assets. Actual results could differ from the estimates.

 

Loss Per Share

 

Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. In periods when losses are reported, which is the case for the three months ended September 30, 2016 and 2015 presented in these condensed consolidated financial statements, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.

 

The Company had the following common stock equivalents at September 30, 2016 and 2015:

 

   September 30, 2016   September 30, 2015 
Options   160,000    160,000 
Warrants   471,697    324,650 
Totals   631,697    484,650 

 

Shares outstanding

 

Shares outstanding include shares of restricted stock with respect to which restrictions have not lapsed. Restricted stock included in reportable shares outstanding was 1,834,055 shares and 623,855 shares as of September 30, 2016 and 2015, respectively. Shares of restricted stock are included in the calculation of weighted average shares outstanding.

 

Recently Issued Accounting Pronouncements

 

Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying consolidated financial statements.

 

7

 

 

Note 4. Property and equipment

 

Property and equipment consisted of the following:

 

   Estimated
Useful Life		  September 30,
2016		   June 30,
2016		 
Research and development equipment  3 – 10 years  $246,665   $226,372 
Computer equipment  5 years   16,783    16,783 
Furniture and fixtures  5 – 10 years   3,725    3,725 
Leasehold improvements  *   3,240    3,240 
       270,413    250,120 
Less: Accumulated depreciation      (56,020)   (43,135)
Total     $214,393   $206,985 

 

(*) Amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter.

 

The Company recorded depreciation expense of $12,885 and $4,530 for the three months ended September 30, 2016 and 2015, respectively.

 

As of September 30, 2016, research and development fixed assets totaling $6,505 were not placed in service and therefore not depreciated during the period. 

 

Note 5. Intangible assets

 

The Company’s intangible assets consisted of the following:

 

   Estimated 
useful life		  September 30, 2016   June 30, 2016 
Patents  15 years  $88,286   $74,562 
Less: Accumulated amortization      (6,239)   (4,889)
Subtotal      82,047    69,673 
Trademarks  —   1,560    1,560 
Intangible assets, net     $83,607   $71,233 

 

The Company recorded amortization expense of $1,350 and $1,034 for three months ended September 30, 2016 and 2015, respectively.

 

The following table outlines estimated future annual amortization expense for the next five years and thereafter:

 

September 30,    
2017  $5,836 
2018   5,836 
2019   5,836 
2020   5,836 
2021   5,836 
Thereafter   52,867 
   $82,047 

 

8

 

 

Note 6. Accounts payable and accrued expenses

 

Accounts payable and accrued expenses consisted of the following at September 30, 2016 and June 30, 2016: 

 

   September 30, 2016   June 30,2016 
Accounts payable  $149,940   $73,400 
Accrued salaries and benefits   60,975    21,376 
Accrued bonuses   259,542    126,575 
Accrued stock-based compensation   183,513    179,079 
Other accrued expenses   183,146    143,216 
Totals  $837,116   $543,646 

 

Note 7. Derivative Liabilities

 

Upon closing of private placements on May 22, 2015 and June 9, 2015, the Company issued 298,551 and 26,099 warrants, respectively, to purchase the same number of shares of common stock with an exercise price of $1.50 and a five-year term to the placement agent. Upon closing of a private placement in April 2016, the Company issued 153,713 warrants to purchase the same number of shares of common stock with an exercise price of $1.60 and a five-year term to the placement agent. The Company identified certain put features embedded in the warrants that potentially could result in a net cash settlement, requiring the Company to classify the warrants as a derivative liability. 

 

Level 3 Financial Liabilities – Derivative warrant liabilities

 

Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the condensed consolidated balance sheet as of September 30, 2016:

 

   Carrying   Fair Value Measurement Using 
   Value   Level 1   Level 2   Level 3   Total 
                     
Derivative warrant liabilities  $1,479,945   $—   $—   $1,479,945   $1,479,945 

 

Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the consolidated balance sheet as of June 30, 2016:

 

   Carrying   Fair Value Measurement Using 
   Value   Level 1   Level 2   Level 3   Total 
                     
Derivative warrant liabilities  $1,322,729   $—   $—   $1,322,729   $1,322,729 

 

The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2016:

 

   Fair Value
Measurement
Using Level 3
Inputs		 
   Total 
Balance, July 1, 2016  $1,322,729 
Change in fair value of derivative warrant liabilities   157,216 
Balance, September 30, 2016  $1,479,945 

 

9

 

 

The fair value of the derivative feature of the warrants on the issuance dates and at the balance sheet date were calculated using a binomial option model valued with the following weighted average assumptions: 

 

   September 30, 2016   June 30, 2016 
Risk free interest rate   1.01 to 1.14 %    1.01%
Dividend yield   0.00%   0.00%
Expected volatility   65%   39%
Remaining term (years)   3.64 – 4.54    3.89-4.79 

 

Risk-free interest rate: The Company uses the risk-free interest rate of a U.S. Treasury Note with a similar term on the date of the grant.

 

Dividend yield: The Company uses a 0% expected dividend yield as the Company has not paid dividends to date and does not anticipate declaring dividends in the near future.

 

Volatility: The Company calculates the expected volatility of the stock price based on the corresponding volatility of the Company’s peer group stock price for a period consistent with the warrants’ expected term.

 

Remaining term: The Company’s remaining term is based on the remaining contractual maturity of the warrants.

 

During the three months ended September 30, 2016 and 2015, the Company marked the derivative feature of the warrants to fair value and recorded a loss of $157,216 and a gain of $14,015, respectively, relating to the change in fair value.

 

Note 8. Stockholders’ Equity

 

The Company recorded stock–based compensation expense for the shares issued to consultants that have vested, which is a component of general and administrative expenses in the Consolidated Statement of Operations as follows:

 

       Stock Based Compensation 
             
       For the Three Months Ended 
Month of Original Grant  Shares
Issued		   September 30,
2016		   September 30,
2015		 
             
December 2015   230,000   $166,957   $- 
March 2016   60,000    46,127    - 
August 2016   40,000    147,600    - 
    330,000   $360,684   $- 

 

10

 

 

As of September 30, 2016 and June 30, 2016, the Company had 15,828,981 and 15,375,981 common shares issued and outstanding, respectively.

 

Stock incentive plan

 

The following is a summary of the option activity:

 

   Options   Weighted
Average
Exercise
Price		 
         
Outstanding – June 30, 2016   160,000   $1.50 
Exercisable – June 30, 2016   40,000   $1.50 
Granted   —    — 
Exercised   —    — 
Forfeited/Cancelled   —    — 
Outstanding – September 30, 2016   160,000   $1.50 
Exercisable – September 30, 2016   40,000   $1.50 

 

As of September 30, 2016, the total intrinsic value of options outstanding and exercisable was $444,800 and $111,200, respectively. As of September 30, 2016, the Company has $73,692 in unrecognized stock-based compensation expense attributable to the outstanding options which will be amortized over a period of 2.64 years.

 

For the three months ended September 30, 2016 and 2015, the Company recorded $7,040 and $7,040, respectively, in stock-based compensation related to stock options, which is reflected in the condensed consolidated statements of operations.

 

Issuance of restricted shares – employees and consultants

 

Restricted stock awards are considered outstanding at the time of execution by the Company and the recipient of a restricted stock agreement, as the stock award holders are entitled to dividend and voting rights. As of September 30, 2016, the number of shares granted for which the restrictions have not lapsed was 1,307,836 shares.

 

The Company recognizes the compensation expense for all share-based compensation granted based on the grant date fair value. The grant date fair value of the award is recorded as share–based compensation expense over the respective restriction period. Any portion of the grant awarded to consultants as to which the repurchase option has not lapsed is accrued on the Balance Sheet as a component of accounts payable and accrued expenses. As of September 30, 2016 and June 30, 2016, the accrued stock-based compensation was $183,513 and $179,079, respectively. The Company has the right to repurchase some or all of such shares upon termination of the individual’s service with the Company, whether voluntary or involuntary, for 60 months from the date of termination (“repurchase option”). The shares as to which the repurchase option has not lapsed are subject to forfeiture upon termination of consulting and employment agreements.

 

11

 

 

In September 2015, the Company amended the original restricted stock agreement for certain award recipients. According to the amendment, 75% of the shares as to which the repurchase option had not lapsed as of September 30, 2015 shall be released from the repurchase option on the third anniversary of the original effective date of the agreement. The remaining 25% of the shares shall be released from the repurchase option on the fourth anniversary of the original effective date. 

  

The following is a summary of restricted shares:

 

Grant Date  Shares
Issued		   Fair
Value		   Shares
Vested		 
June 2014   307,876   $633,297    96,211 
July 2014   32,408    2,090    9,452 
August 2014   81,020    205,016    28,020 
September 2014   129,633    256,718    32,408 
March 2015   72,918    228,960    10,128 
June 2015   293,000    439,500    - 
November 2015   36,200    54,300    - 
December 2015   300,000    1,089,400    230,000 
January 2016   40,000    68,000    - 
March 2016   60,000    256,800    60,000 
June 2016   188,000    516,920    - 
August 2016   343,000    1,415,960    40,000 
                
    1,814,055   $5,166,961    506,219 

 

In relation to the above restricted stock agreements for the three months ended September 30, 2016 and 2015, the Company recorded stock–based compensation expense for the shares that have vested of $697,180 and $58,685, respectively.

 

As of September 30, 2016, the Company had $3,553,091 in unrecognized stock based compensation expense related to the unvested shares. 

 

Note 9. Commitments

 

Operating leases

 

The Company leases office space in Huntersville, NC pursuant to a three year lease agreement. The operating lease provide for annual real estate tax and cost of living increases and contain predetermined increases in the rentals payable during the term of the lease. The aggregate rent expense is recognized on a straight-line basis over the lease term. The total lease rental expense was $14,202 and $13,788 for the three months ended September 30, 2016 and 2015, respectively.

 

12

 

 

Total future minimum payments required under the new operating lease are as follows.

 

Year Ending June 30,    
2017  $47,555 
2018   28,220 
   $75,775 

 

Note 10. Related Party Transactions

 

Consulting Services

 

AEG Consulting, a firm owned by one of our Co-Chairmen, received $4,050 and $750 for consulting fees for the three months ended September 30, 2016 and 2015, respectively.

 

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ITEM 2.MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

 

References in this report to “Akoustis,” “we,” “us,” “our” “the Company” and “our Company” refer to Akoustis Technologies, Inc. and its consolidated subsidiary, Akoustis, Inc.

 

Cautionary Note Regarding Forward-Looking Statements

 

This quarterly report on Form 10-Q contains forward-looking statements that relate to our plans, objectives, estimates, and goals. Any and all statements contained in this report that are not statements of historical fact may be deemed to be forward-looking statements. Terms such as “may,” “might,” “would,” “should,” “could,” “project,” “estimate,” “predict,” “potential,” “strategy,” “anticipate,” “attempt,” “develop,” “plan,” “help,” “believe,” “continue,” “intend,” “expect,” “future,” and terms of similar import (including the negative of any of the foregoing) may be intended to identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this report may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the development of commercially viable radio frequency filters, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) our future financial performance, including any such statement contained in this management’s discussion and analysis of financial condition or in the results of operations included pursuant to the rules and regulations of the SEC, and (iv) the assumptions underlying or relating to any statement descripted in (i), (ii), or (iii) above.

 

Forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon our current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which are beyond our control. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation,

 

·our inability to obtain adequate financing,

 

·our limited operating history,

 

·our inability to generate revenues or achieve profitability,

 

·our inability to achieve acceptance of our products in the market,

 

·upturns and downturns in the industry,

 

·our limited number of patents,

 

·failure to obtain, maintain and enforce our intellectual property rights,

 

·our inability to attract and retain qualified personnel,

 

·our substantial reliance on third parties to manufacture products,

 

·existing or increased competition,

 

·failure to innovate or adapt to new or emerging technologies,

 

·results of arbitration and litigation,

 

·stock volatility and illiquidity, and

 

·our failure to implement our business plans or strategies.

 

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These and other risks and uncertainties, which are described in more detail in our Transition Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on October 31, 2016, could cause our actual results to differ materially from those expressed or implied by the forward-looking statements in this report. Readers are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them. Except as may be required by law, we do not undertake any obligation to update the forward-looking statements contained in this report to reflect any new information or future events or circumstances or otherwise.

 

Overview

 

Akoustis is an early-stage company that designs and manufactures innovative radio frequency (RF) filters enabling the RF front-end (RFFE) of Mobile Wireless devices, such as smartphones and tablets. Located between the device’s antenna and its digital backend, the RFFE is the circuitry that performs the analog signal processing and contains components such as amplifiers, filters and switches. To construct the resonators that are the building blocks for the RF filter, we have developed a fundamentally new single-crystal acoustic materials and device technology that we refer to as BulkONE. Filters are critical in selecting and rejecting signals, and their performance enables differentiation in the modules defining the RFFE.

 

We believe owning the core resonator technology and manufacturing our designs is the most direct and effective means of delivering our solutions to the market. Furthermore, our technology is based upon bulk-mode resonance, which is superior to surface-mode resonance for high band applications and emerging 4G/LTE and WiFi frequency bands. While our target customers utilize or make the RFFE module, several customers lack access to critical high band technology to compete in high band applications and other traditional surface-mode solutions where higher power performance is required. We intend to design and manufacture our RF filter products to multiple mobile phone OEM customers and enable broader competition among the front-end module manufacturers. We plan to operate as a “pure-play” RF filter supplier and align with the front-end module manufacturers who seek to acquire high performance filters to grow their module business.

 

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We have built prototype resonators using our proprietary single-crystal materials. We are currently optimizing our BulkONE technology with our wafer-manufacturing partner under a joint development agreement (JDA) and a manufacturing agreement. We leverage both federal and state level, non-dilutive research and development (“R&D”) grants to support development and commercialization of our technology. We are developing resonators for 4G/LTE and WiFi bands and the associated proprietary models and design kits required to design our RF filters. Once we have stabilized the wafer process technology, we plan to engage with strategic customers to evaluate first our resonators and then our filter prototypes. Our initial designs will target high band 4G/LTE and WiFi frequency bands. Since Akoustis owns its core technology and controls access to its IP, we can offer several ways to engage with potential customers. First, we can engage with the mobile wireless market, providing filters that we design and offer as a standard catalog component to multiple customers. Second, we can start with a customer-supplied filter specification, which we design and fabricate for a specific customer. Finally, we can offer our models and design kits for our customers to design their own filter into our proprietary technology.

 

We have earned no revenue from operations since inception, and our operations have been funded with capital contributions, grants and debt. We have incurred losses totaling approximately $8.7 million from inception through September 30, 2016. These losses are primarily the result of material and material processing costs associated with developing and commercializing our technology as well as personnel costs, including stock based compensation, professional fees, primarily accounting and legal, cost of D&O insurance and losses due to the change in the fair value of derivatives. We expect to continue to incur substantial costs for commercialization of our technology on a continuous basis because our business model involves materials and solid state device technology development as well as engineering of catalog and custom filter designs.

 

Plan of Operation

 

We plan to commercialize our technology by designing and manufacturing single band and multi-band BAW filter solutions that address problems (such as loss, bandwidth, power handling and isolation) created by the growing number of frequency bands in the RFFE of mobile devices to support 4G/LTE and WiFi. First, we plan to prototype, by the end of 2016, our first series of single-band low-loss BAW filter designs for 4G/LTE frequency bands, which are dominated by higher loss BAW solutions and cannot be addressed with low band, lower power handling SAW technology. Second, we plan to develop, by early 2017, a series of filter solutions that can cover multiple frequency bands. In order to succeed, we must convince mobile phone OEMs and RFFE module manufactures to use our BulkONE technology in their modules. However, since there are only two dominant BAW filter suppliers in the industry that have high band technology, and both utilize such technology as a competitive advantage at the module level, we expect customers that lack access to high band filter technology will be open to engage with our pure-play filter company.

 

We have successfully transferred our BulkONE wafer process to our manufacturing partner, Global Communications Semiconductor. The BulkONE process uses a range of single-crystal group III-nitride piezoelectric materials, which were fabricated into BAW resonators and characterized at cellular communication frequencies to determine their bandwidth. On May 23, 2016, we announced an experimental, 3.4 GHz BAW two-port series-configured resonator device with a high K-squared of 12.5%, which was modeled near resonance frequency and was constructed from single crystal undoped aluminum nitride (AlN) material. On November 1, 2016, we announced improvements to our single-crystal BAW resonator design and process technology to achieve a quality factor (Q) of 2914, which is suitable for BAW RF filters targeting 4G/LTE, WIFI and emerging 5G and other wireless applications. These resonators, which are the core building blocks enabling BAW RF filters, were fabricated using our patented BulkONE process. Our technology development efforts continue to focus on wafer and process optimization, specifically, through targeted activities for Q-factor improvements.

 

Once we complete customer validation of our technology, we expect to complete qualification of our BulkONE process technology in the first half of 2017 to support a product family of 4G/LTE filter solutions. Once we have stabilized our process technology in a manufacturing environment, we will complete a production release of our high-band filter products in the frequency range from 1.5GHz to 4.0GHz. The target frequency bands will be prioritized based upon customer priority. We expect this will require recruiting and hiring additional personnel.

 

In August 2016, we signed multiple non-exclusive collaborative business agreements with a Chinese tier one RFFE module manufacturer to supply its premium RF filter products, as well an agreement with a distributor who will be responsible for global promotion and selling of our filter products. We will continue discussions with additional prospective customers, although these discussions may not result in any agreements. We expect to proceed with our plan to develop a family of standard catalog filter designs regardless of the outcome of these discussions.

 

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We plan to pursue filter design and R&D development agreements and potentially joint ventures with target customers and other strategic partners. These types of arrangements may subsidize technology development costs and qualification, filter design costs, as well as offer complementary technology and market intelligence and other avenues to revenue. However, we intend to retain ownership of our core technology, IP, designs and related improvements. We expect to pursue development of catalog designs for multiple customers, and offer such catalog products in multiple sales channels.

 

As of September 30, 2016, we had approximately $3.1 million of cash and cash equivalents to fund our business and product development, to commercialize our technology, research and development, the development of our patent strategy and expansion of our patent portfolio, as well as for working capital and other general corporate purposes. These funds are expected to be sufficient to fund our activities through March 31, 2017. Our anticipated expenses include employee salaries and benefits, compensation paid to consultants, capital costs for research and other equipment, costs associated with development activities including travel and administration, legal expenses, sales and marketing costs, general and administrative expenses, and other costs associated with an early stage, public technology company. We anticipate increasing the number of employees to approximately 20 to 25 employees; however, this is highly dependent on the nature of our development efforts and our success in commercialization. We anticipate adding employees for research and development, as well as general and administrative functions, to support our efforts. We expect to incur consulting expenses related to technology development and other efforts as well as legal and related expenses to protect our intellectual property. We expect capital expenditures from cash currently available to be approximately $400,000 for the purchase of equipment and software during the next 12 months and are currently investigating the feasibility of using equipment leases or government grants to fund the purchase of the equipment. The amounts we actually spend for any specific purpose may vary significantly and will depend on a number of factors including, but not limited to, the pace of progress of our commercialization and development efforts, actual needs with respect to product testing, development and research, market conditions, and changes in or revisions to our marketing strategies. We have significant discretion in the use of our cash assets.

 

Commercial development of new technology is, by its nature, unpredictable. Although we will undertake development efforts with commercially reasonable diligence, there can be no assurance that our current cash position will be sufficient to enable us to commercialize our technology to the extent needed to create future sales to sustain operations as contemplated herein. If our current cash is insufficient for these purposes, or the Company does not receive research grants or such grant payments are delayed, or the Company experiences costs in excess of estimates to continue its research and development plan, it is possible that the Company would not have sufficient resources to continue as a going concern for the next year, and we will consider other options to continue our path to commercialization, including, but not limited to, additional financing through follow-on stock offerings, debt financing, co-development agreements, curtailment of operations, suspension of operations, sale or licensing of developed intellectual or other property, or other alternatives.

 

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If we are unable to raise the funds that we believe are needed to develop our technology and enable future sales, we may be required to scale back our development plans by reducing expenditures for employees, consultants, business development and marketing efforts, and other projected expenditures. This could reduce our ability to commercialize our technology or require us to seek further funding on less favorable terms than if we had raised the full amount of any required funds.

 

We cannot guarantee that our technology will be accepted, that we will ever earn revenues sufficient to support our operations or that we will ever be profitable. Furthermore, since we have no committed source of financing, we cannot guarantee that we will be able to raise money as and when we need it to continue our operations. If we cannot raise funds as and when we need them, we may be required to severely curtail, or even to cease, our operations.

 

Critical Accounting Policies

 

The following discussion and analysis of financial condition and results of operations is based upon our financial statements, which have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain accounting policies and estimates are particularly important to the understanding of our financial position and results of operations and require the application of significant judgment by our management or can be materially affected by changes from period to period in economic factors or conditions that are outside of our control. As a result, they are subject to an inherent degree of uncertainty. In applying these policies, our management uses its judgment to determine the appropriate assumptions to be used in the determination of certain estimates. Those estimates are based on our historical operations, our future business plans and projected financial results, the terms of existing contracts, our observance of trends in the industry, information provided by our customers and information available from other outside sources, as appropriate.

 

Derivative Liability

 

The Company evaluates its convertible debt, options, warrants and other contracts, if any, to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with paragraph 815-10-05-4 and Section 815-40-25 of the FASB Accounting Standards Codification. The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market each balance sheet date and recorded as either an asset or a liability. The change in fair value is recorded in the consolidated statement of operations as other income or expense. Upon conversion, exercise or cancellation of a derivative instrument, the instrument is marked to fair value at the date of conversion, exercise or cancellation and then the related fair value is reclassified to equity.

 

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In circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.

 

The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will be classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument is expected within 12 months of the balance sheet date.

 

The Company adopted Section 815-40-15 of the FASB Accounting Standards Codification (“Section 815-40-15”) to determine whether an instrument (or an embedded feature) is indexed to the Company’s own stock.  Section 815-40-15 provides that an entity should use a two-step approach to evaluate whether an equity-linked financial instrument (or embedded feature) is indexed to its own stock, including evaluating the instrument’s contingent exercise and settlement provisions.

 

The Company utilizes a binomial option pricing model to compute the fair value of the derivative and to mark to market the fair value of the derivative at each balance sheet date. The Company records the change in the fair value of the derivative as other income or expense in the consolidated statements of operations.

 

Fair Value of Financial Instruments

 

The carrying amounts of cash and cash equivalents, accounts payable, accrued expenses, and convertible notes payable approximate fair value due to the short-term nature of these instruments.

 

The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820, “Fair Value Measurements and Disclosures,” which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. 

 

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

 

Fair value measurements are categorized using a valuation hierarchy for disclosure of the inputs used to measure fair value, which prioritize the inputs into three broad levels:

 

Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

 

Level 2 - Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date, and include those financial instruments that are valued using models or other valuation methodologies.

 

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Level 3 - Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

 

Equity-based compensation

 

The Company recognizes compensation expense for all equity–based payments in accordance with ASC 718 “Compensation – Stock Compensation". Under fair value recognition provisions, the Company recognizes equity–based compensation net of an estimated forfeiture rate and recognizes compensation cost only for those shares expected to vest over the requisite service period of the award.

 

Restricted stock awards are granted at the discretion of the Company. These awards are restricted as to the transfer of ownership and generally vest over the requisite service periods, typically over a five-year period (vesting on a straight–line basis). The fair value of a stock award is equal to the fair market value of a share of Company stock on the grant date.

 

The fair value of an option award is estimated on the date of grant using the Black–Scholes option valuation model. The Black–Scholes option valuation model requires the development of assumptions that are inputs into the model. These assumptions are the value of the underlying share, the expected stock volatility, the risk–free interest rate, the expected life of the option, the dividend yield on the underlying stock and the expected forfeiture rate. Expected volatility is benchmarked against similar companies in a similar industry over the expected option life and other appropriate factors. Risk–free interest rates are calculated based on continuously compounded risk–free rates for the appropriate term. The dividend yield is assumed to be zero as the Company has never paid or declared any cash dividends on its common stock and does not intend to pay dividends on its common stock in the foreseeable future. The expected forfeiture rate is estimated based on management’s best estimate.

 

Determining the appropriate fair value model and calculating the fair value of equity–based payment awards requires the input of the subjective assumptions described above. The assumptions used in calculating the fair value of equity–based payment awards represent management’s best estimates, which involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and the Company uses different assumptions, our equity–based compensation could be materially different in the future. In addition, the Company is required to estimate the expected forfeiture rate and recognize expense only for those shares expected to vest. If the Company’s actual forfeiture rate is materially different from its estimate, the equity–based compensation could be significantly different from what the Company has recorded in the current period. 

 

The Company accounts for share–based payments granted to non–employees in accordance with ASC 505-40, “Equity Based Payments to Non–Employees”. The Company determines the fair value of the stock–based payment as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. If the fair value of the equity instruments issued is used, it is measured using the stock price and other measurement assumptions as of the earlier of either (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the date at which the counterparty’s performance is complete. The fair value of the equity instruments is re-measured each reporting period over the requisite service period.

 

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Results of Operations

 

Three Months Ended September 30, 2016 and 2015

 

Revenue

 

The Company did not have any revenues from operations during the three months ended September 30, 2016 and the three months ended September 30, 2015.

 

Expenses

 

Research and Development Expenses

 

Research and Development expenses were $652,576 for the three months ended September 30, 2016, an increase of $330,856, or 102.8%, over $321,720 for the three months ended September 30, 2015. The increase was primarily associated with salaries and benefits, which increased by $87,945, or 51.7%, due to the addition of headcount. In addition, stock-based compensation increased by $196,255 (compared to $0 in the 2015 period), due to the grant of restricted stock awards to employees and contractors. In addition, we recorded an increase in material spend of $24,838, or 23.4%, due to higher purchases of R&D raw materials and an increase in spend of $26,766 (compared to $0 in the 2015 period) for costs associated with the extension of a license agreement.

 

General and Administrative Expenses

 

General and Administrative expenses for the three months ended September 30, 2016 were $1,263,243, as compared to $761,323 for the three months ended September 30, 2015, an increase of $501,920, or 65.9%. The increase occurred mainly in stock-based compensation, which increased by $442,240, or 672.9%, over the $65,725 recorded for the three months ended September 30, 2015. The increase was driven by new restricted stock awards granted to employees and consultants during the three months ended September 30, 2016. We recorded professional fees, mainly accounting and legal, of $266,572, as compared to $205,334 for the three months ended September 30, 2015, an increase of $61,238, or 29.8%.

 

Other Income and Expense

 

Other Income and Expense for the three months ended September 30, 2016 was comprised mainly of a loss for the change in fair value of derivatives of $157,216, which was $171,231 higher compared to the three months ended September 30, 2015. The loss was due to the change in the valuation price of $1.50 used as of September 30, 2015 to the closing price per common share on September 30, 2016 of $4.28.

 

Net Loss

 

Net Loss was $2,072,945 for the quarter ended September 30, 2016, compared to a net loss of $1,068,532 for the three months ended September 30, 2015. The quarter over quarter increase in loss of $1,004,413, or 94.0%, was mainly driven by higher stock-based compensation expense for both R&D and G&A of $196,255 and $442,240, respectively, the higher loss recorded for the change in fair value of derivatives of $171,271, a higher R&D material spend of $24,848, higher R&D license fees of $26,766 and higher professional fees of $61,238.

 

Liquidity and Capital Resources

 

We have earned no revenue from operations since inception, and our operations have been funded with initial capital contributions, sales of our equity securities, debt financing and research and development grants.

 

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As of September 30, 2016, we had current assets of $3,191,551, primarily made up of cash of $3,054,308. Current liabilities, made up of accounts payable and accrued liabilities, were $837,116. Working capital as of the quarter ended September 30, 2016 was $2,354,435. As compared to June 30, 2016, current assets at September 30, 2016 decreased by $1,062,255, mainly due to the decrease of cash on hand, whereas current liabilities increased by $293,470 due to higher liabilities associated with trade payables and month-end accruals (higher by $116,470) and payroll, including the accrual for the restricted stock awards granted in August 2016 (higher by $172,566).

 

In February 2016, we were notified that we had been awarded a $738,000 National Science Foundation (“NSF”) Small Business Innovative Research Phase II grant, a two-year program. We expect to apply for additional research and development grants that support technology innovation in line with our business plan. We believe that we have additional opportunities for new grants and matching funds from our current small business program partnership with NSF, including a Phase IIb award, which has a potential $500,000 award. We expect to receive notification of the Phase IIb award in the second quarter of 2017. There can be no assurance, however, that these grants will be received.

 

We expect our existing funds will be sufficient to fund our operations through March 31, 2017. As a result, we will need to raise additional capital through the sale of additional equity securities, debt and additional grants, or otherwise, to fund operations past that date. There is no assurance that the Company’s projections and estimates are accurate or that the Company will be able to raise the required additional capital on terms favorable to the Company or at all. Although the Company is actively managing and controlling the Company’s cash outflows, these matters raise substantial doubt about the Company’s ability to continue as a going concern.

 

Cash Flow Analysis

 

Operating activities used cash of $1,067,119, for the three months ended September 30, 2016, as compared to $796,245 for the three months ended September 30, 2015. The net loss of $2,072,945 for the quarter ended September 30, 2016, offset by non-cash items of stock based compensation of $704,220, change in the fair value of derivatives of $157,216, and an increase in trade payables and accrued expenses of $289,036, comprised the cash used in operating activities for the quarter.

 

Investing activities used cash of $34,017 for the three months ended September 30, 2016 due to purchases of machinery and equipment of $20,293 and cash paid for patents of $13,724. Investing activities used cash of $118,830 for the three months ended September 30, 2015 due to purchases of machinery and equipment of $103,957 and cash paid for patents and trademarks of $14,873.

 

There were no cash flows from financing activities for the three months ended September 30, 2016, and 2015.

 

Off-Balance Sheet Transactions

 

The Company did not engage in any “off-balance sheet arrangements” (as that term is defined in Item 303(a)(4)(ii) of Regulation S-K) as of September 30, 2016.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

Not applicable to smaller reporting companies.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

 

We conducted an evaluation under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer (our principal executive officer and principal financial officer) of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2016. Based on that evaluation, our management concluded that our disclosure controls and procedures were effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

 

Changes in Internal Control over Financial Reporting

 

There have been no changes in our internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

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PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS.

 

From time to time, we may become involved in various lawsuits and legal proceedings that arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may have an adverse effect on our business, financial condition or results of operations and prospects.

 

We are currently not aware of any material pending legal proceedings to which we are a party or of which any of our property is the subject, nor are we aware of any such proceedings that are contemplated by any governmental authority.

 

ITEM 1A. RISK FACTORS.

 

Not applicable to smaller reporting companies.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

 

On August 11, 2016, we granted 283,000 shares of our common stock to certain of our directors, officers, employees, and third-party consultants pursuant to our 2015 Equity Incentive Plan. These grants were made in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or in reliance on a “no sale” theory because the grants were not made pursuant to a public offering, were made only to directors, officers, employees, and third-party contractors with access to information about the Company, and were made to the recipients thereof as bonuses in exchange for no consideration.

 

On August 1, 2016, we issued 20,000 shares of our common stock to Integra Consulting Group, LLC (“Integra”) in partial consideration for consulting services provided by Integra to the Company. These shares were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act because the shares were not issued pursuant to a public offering and were only issued after Integra had an opportunity to ask questions of our officers and after Integra made certain representations and warranties to the Company.

 

Other than as set forth above, there have been no unregistered sales of equity securities during the period covered by this report that were not registered under the Securities Act.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES.

 

Not applicable.

 

ITEM 5. OTHER INFORMATION.

 

None.

 

ITEM 6. EXHIBITS.

 

The exhibits listed in the accompanying exhibit index are filed or furnished, as applicable, as part of this report.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Dated: November 14, 2016 Akoustis Technologies, Inc.
     
  By:   /s/ Cindy C. Payne
    Cindy C. Payne
    Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

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EXHIBIT INDEX

 

Exhibit
Number		   Description
     
31.1   Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Executive Officer
     
31.2   Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Financial and Accounting Officer
     
32.2   Section 1350 Certification of Principal Executive Officer
     
32.2   Section 1350 Certification of Principal Financial and Accounting Officer
     
101   Interactive Data Files of Financial Statements and Notes
     
101.INS   Instant Document
     
101.SCH   XBRL Taxonomy Schema Document
     
101.CAL   XBRL Taxonomy Calculation Linkbase Document
     
101.DEF   XBRL Taxonomy Definition Linkbase Document
     
101.LAB   XBRL Taxonomy Label Linkbase Document
     
101.PRE   XBRL Taxonomy Presentation Linkbase Document

 

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 EX-31.1 2 s104598_ex31-1.htm EXHIBIT 31-1

 

Exhibit 31.1

 

Certification Pursuant to Rule 13a-14(a) or 15d-14(a)

of the Securities Exchange Act of 1934

 

I, Jeffrey B. Shealy, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Akoustis Technologies, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  November 14, 2016 /s/Jeffrey B. Shealy
  Jeffrey B. Shealy
  President and Chief Executive Officer (principal executive officer)

 

 

 EX-31.2 3 s104598_ex31-2.htm EXHIBIT 31-2

 

Exhibit 31.2

 

Certification Pursuant to Rule 13a-14(a) or 15d-14(a)

of the Securities Exchange Act of 1934

 

I, Cindy C. Payne, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Akoustis Technologies, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  November 14, 2016 /s/Cindy C. Payne
  Cindy C. Payne
  Chief Financial Officer
  (principal financial officer and principal accounting officer)

 

 

 EX-32.1 4 s104598_ex32-1.htm EXHIBIT 32-1

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Akoustis Technologies, Inc. (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jeffrey B. Shealy, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that;

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

/s/ Jeffrey B. Shealy  
     
Name: Jeffrey B. Shealy  
Title: President and Chief Executive Officer
(principal executive officer)		  
Date: November 14, 2016  

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 EX-32.2 5 s104598_ex32-2.htm EXHIBIT 32-2

 

Exhibit 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Akoustis Technologies, Inc. (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Cindy C. Payne, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that;

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

/s/ Cindy C. Payne  
     
Name: Cindy C. Payne  
Title:

Chief Financial Officer

(principal financial officer and principal accounting officer)

  
Date: November 14, 2016  

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

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Document and Entity Information - shares
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Sep. 30, 2016
Nov. 09, 2016
Document And Entity Information    
Entity Registrant Name Akoustis Technologies, Inc.  
Entity Central Index Key 0001584754  
Document Type 10-Q  
Trading Symbol AKTS  
Document Period End Date Sep. 30, 2016  
Amendment Flag false  
Current Fiscal Year End Date --06-30  
Entity a Well-known Seasoned Issuer No  
Entity a Voluntary Filer No  
Entity's Reporting Status Current Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   15,836,981
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2017  
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Condensed Consolidated Balance Sheets (unaudited) - USD ($)
Sep. 30, 2016
Jun. 30, 2016
Assets:    
Cash and cash equivalents $ 3,054,308 $ 4,155,444
Inventory 43,544 43,544
Prepaid expenses 93,699 54,818
Total current assets 3,191,551 4,253,806
Property and equipment, net 214,393 206,985
Intangibles, net 83,607 71,233
Other assets 130,715 10,715
Total Assets 3,620,266 4,542,739
Current Liabilities:    
Accounts payable and accrued expenses 837,116 543,646
Total current liabilities 837,116 543,646
Long-term Liabilities:    
Derivative liabilities 1,479,945 1,322,729
Total Liabilities 2,317,061 1,866,375
Commitments and contingencies
Stockholders' Equity    
Preferred Stock, par value $0.001: 10,000,000 shares authorized; none issued and outstanding
Common stock, $0.001 par value; 300,000,000 shares authorized; 15,828,981 and 15,375,981 shares issued and outstanding at September 30, 2016 and June 30, 2016, respectively 15,829 15,376
Additional paid in capital 10,035,134 9,335,801
Accumulated deficit (8,747,758) (6,674,813)
Total Stockholders' Equity 1,303,205 2,676,364
Total Liabilities and Stockholders' Equity $ 3,620,266 $ 4,542,739
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Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares
Sep. 30, 2016
Jun. 30, 2016
Statement of Financial Position [Abstract]    
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Preferred stock, authorized 10,000,000 10,000,000
Preferred stock, issued 0 0
Preferred stock, outstanding 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized 300,000,000 300,000,000
Common stock, issued 15,828,981 15,375,981
Common stock, outstanding 15,828,981 15,375,981
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Condensed Consolidated Statements of Operations (unaudited) - USD ($)
 3 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]    
Revenue
Operating expenses    
Research and development 652,576 321,720
General and administrative expenses 1,263,243 761,323
Total operating expenses 1,915,819 1,083,043
Loss from operations (1,915,819) (1,083,043)
Other income (expense)    
Interest income 90 496
Change in fair value of derivative liabilities (157,216) 14,015
Total other income (expense) (157,126) 14,511
Net loss $ (2,072,945) $ (1,068,532)
Net loss per common share - basic and diluted (in dollars per share) $ (0.13) $ (0.09)
Weighted average common shares outstanding - basic and diluted (in shares) 15,701,709 12,392,115
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Condensed Consolidated Statement of Changes in Stockholders' Equity (unaudited) - 3 months ended Sep. 30, 2016 - USD ($)
Common Stock [Member]
Additional Paid In Capital [Member]
Accumulated Deficit [Member]
Total
Balance at begening at Jun. 30, 2016 $ 15,376 $ 9,335,801 $ (6,674,813) $ 2,676,364
Balance at begening (in shares) at Jun. 30, 2016 15,375,981     15,375,981
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock issued for services $ 453 629,310 $ 629,763
Common stock issued for services (in shares) 453,000      
Vesting of restricted shares 70,023 70,023
Net loss (2,072,945) (2,072,945)
Balance at end at Sep. 30, 2016 $ 15,829 $ 10,035,134 $ (8,747,758) $ 1,303,205
Balance at end (in shares) at Sep. 30, 2016 15,828,981     15,828,981
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
 3 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,072,945) $ (1,068,532)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 12,885 4,530
Amortization of intangibles 1,350 1,034
Share-based compensation 704,220 65,725
Change in fair value of derivative liabilities 157,216 (14,015)
Changes in operating assets and liabilities:    
Prepaid expenses (38,881) 5,190
Other assets (120,000) (8,100)
Accounts payable and accrued expenses 289,036 217,923
Net Cash Used In Operating Activities (1,067,119) (796,245)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash paid for machinery and equipment (20,293) (103,957)
Cash paid for intangibles (13,724) (14,873)
Net Cash Used In Investing Activities (34,017) (118,830)
Net Decrease in Cash (1,101,136) (915,075)
Cash - Beginning of Period 4,155,444 4,329,496
Cash - End of Period 3,054,308 3,414,421
Cash Paid During the Period for:    
Income taxes
Interest
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Stock compensation payable $ 74,457 $ 37,450
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
Organization
 3 Months Ended
Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization

Note 1. Organization

 

Akoustis Technologies, Inc. (formerly known as Danlax, Corp.) (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on April 10, 2013. On May 22, 2015, our wholly owned subsidiary, Akoustis Acquisition Corp., a corporation formed in the State of Delaware on May 15, 2015 (“Acquisition Sub”), merged with and into Akoustis, Inc., a Delaware corporation. Akoustis, Inc. was the surviving corporation in the merger and became our wholly owned subsidiary. Through its subsidiary, Akoustis, Inc., the Company operates in the telecommunications and fiber optics sector and is based in Huntersville, North Carolina. The mission of the Company is to commercialize and manufacture its patent-pending Bulk ONE acoustic wave technology to address the critical frequency-selectivity requirements in today’s mobile smartphones - improving the efficiency and signal quality of mobile wireless devices and enabling the Internet of Things.

 

On August 11, 2016, the Company changed its fiscal year from the period beginning on April 1 and ending on March 31 to the period beginning on July 1 and ending on June 30 of each year, effective immediately.
XML 20 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Going Concern and Management Plans
 3 Months Ended
Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern and Management Plans

Note 2. Going Concern and Management Plans

 

The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of September 30, 2016, the Company had a working capital of $2,354,435 and an accumulated deficit of $8,747,758. The Company has not generated any revenues from operations and incurred net losses since inception. As of September 30, 2016, the Company had cash and cash equivalents of $3,054,308. The Company estimates the $2.6 million of cash and cash equivalents currently on hand as of November 9, 2016 is sufficient to fund its operations through March 31, 2017. In order to fund operations past that date, we will need to raise further capital, through the sale of additional equity securities, through additional grants, or otherwise, to support our future operations. There is no assurance that the Company’s projections and estimates are accurate. Although the Company is actively managing and controlling the Company’s cash outflows to mitigate these risks, these matters raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

The Company’s primary sources of operating funds since inception have been private equity, note financings and grants. The Company intends to raise additional capital through private debt and equity investors. The Company needs to raise additional capital to be able to accomplish its business plan objectives and is continuing its efforts to secure additional funds through debt or equity instruments and grants. Management believes that it will be successful in obtaining additional financing based on its history of raising funds; however, no assurance can be provided that the Company will be able to do so. There is no assurance that any funds it raises will be sufficient to enable the Company to attain profitable operations or continue as a going concern. To the extent that the Company is unsuccessful, the Company may need to curtail or cease its operations and implement a plan to extend payables or reduce overhead until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful.
XML 21 R9.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of significant accounting policies
 3 Months Ended
Sep. 30, 2016
Accounting Policies [Abstract]  
Summary of significant accounting policies

Note 3. Summary of significant accounting policies

 

Basis of presentation

 

The Company’s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and regulations of the SEC.

 

The unaudited condensed consolidated financial information furnished herein reflects all adjustments, consisting solely of normal recurring items, which in the opinion of management are necessary to fairly state the financial position of the Company and the results of its operations for the periods presented. The Company assumes that the users of the interim financial information herein have read or have access to the audited financial statements for the preceding fiscal year and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. Accordingly, footnote disclosure, which would substantially duplicate the disclosure contained in the Company’s Transition Report on Form 10-K for the three months and year ended June 30, 2016 filed on October 31, 2016 (the “2016 Annual Report”). The results of operations for the interim periods presented are not necessarily indicative of results for the entire fiscal year ending June 30, 2017 or any other period.

 

Principles of Consolidation

 

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Akoustis, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation.

  

Significant Accounting Policies and Estimates

 

The Company’s significant accounting policies are disclosed in Note 3-Summary of Significant Accounting Policies in the 2016 Annual Report. Since the date of the 2016 Annual Report, there have been no material changes to the Company’s significant accounting policies. The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes to the condensed consolidated financial statements. These estimates and assumptions include valuing equity securities and derivative financial instruments issued in financing transactions, deferred taxes and related valuation allowances, and the fair values of long lived assets. Actual results could differ from the estimates.

 

Loss Per Share

 

Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. In periods when losses are reported, which is the case for the three months ended September 30, 2016 and 2015 presented in these condensed consolidated financial statements, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.

 

The Company had the following common stock equivalents at September 30, 2016 and 2015:

 

    September 30, 2016     September 30, 2015  
Options     160,000       160,000  
Warrants     471,697       324,650  
Totals     631,697       484,650  

 

Shares outstanding

 

Shares outstanding include shares of restricted stock with respect to which restrictions have not lapsed. Restricted stock included in reportable shares outstanding was 1,834,055 shares and 623,855 shares as of September 30, 2016 and 2015, respectively. Shares of restricted stock are included in the calculation of weighted average shares outstanding.

 

Recently Issued Accounting Pronouncements

 

Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying consolidated financial statements.
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
Property and equipment
 3 Months Ended
Sep. 30, 2016
Property, Plant and Equipment [Abstract]  
Property and equipment

Note 4. Property and equipment

 

Property and equipment consisted of the following:

 

    Estimated
Useful Life		   September 30,
2016		     June 30,
2016		  
Research and development equipment   3 – 10 years   $ 246,665     $ 226,372  
Computer equipment   5 years     16,783       16,783  
Furniture and fixtures   5 – 10 years     3,725       3,725  
Leasehold improvements   *     3,240       3,240  
          270,413       250,120  
Less: Accumulated depreciation         (56,020 )     (43,135 )
Total       $ 214,393     $ 206,985  

 

(*) Amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter.

 

The Company recorded depreciation expense of $12,885 and $4,530 for the three months ended September 30, 2016 and 2015, respectively.

 

As of September 30, 2016, research and development fixed assets totaling $6,505 were not placed in service and therefore not depreciated during the period. 
XML 23 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
Intangible assets
 3 Months Ended
Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets

Note 5. Intangible assets

 

The Company’s intangible assets consisted of the following:

 

    Estimated 
useful life		   September 30, 2016     June 30, 2016  
Patents   15 years   $ 88,286     $ 74,562  
Less: Accumulated amortization         (6,239 )     (4,889 )
Subtotal         82,047       69,673  
Trademarks   —     1,560       1,560  
Intangible assets, net       $ 83,607     $ 71,233  

 

The Company recorded amortization expense of $1,350 and $1,034 for three months ended September 30, 2016 and 2015, respectively.

 

The following table outlines estimated future annual amortization expense for the next five years and thereafter:

 

September 30,      
2017   $ 5,836  
2018     5,836  
2019     5,836  
2020     5,836  
2021     5,836  
Thereafter     52,867  
    $ 82,047
XML 24 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
Accounts payable and accrued expenses
 3 Months Ended
Sep. 30, 2016
Payables and Accruals [Abstract]  
Accounts payable and accrued expenses

Note 6. Accounts payable and accrued expenses

 

Accounts payable and accrued expenses consisted of the following at September 30, 2016 and June 30, 2016: 

 

    September 30, 2016     June 30,2016  
Accounts payable   $ 149,940     $ 73,400  
Accrued salaries and benefits     60,975       21,376  
Accrued bonuses     259,542       126,575  
Accrued stock-based compensation     183,513       179,079  
Other accrued expenses     183,146       143,216  
Totals   $ 837,116     $ 543,646  
XML 25 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
Derivative Liabilities
 3 Months Ended
Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Liabilities

Note 7. Derivative Liabilities

 

Upon closing of private placements on May 22, 2015 and June 9, 2015, the Company issued 298,551 and 26,099 warrants, respectively, to purchase the same number of shares of common stock with an exercise price of $1.50 and a five-year term to the placement agent. Upon closing of a private placement in April 2016, the Company issued 153,713 warrants to purchase the same number of shares of common stock with an exercise price of $1.60 and a five-year term to the placement agent. The Company identified certain put features embedded in the warrants that potentially could result in a net cash settlement, requiring the Company to classify the warrants as a derivative liability. 

 

Level 3 Financial Liabilities – Derivative warrant liabilities

 

Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the condensed consolidated balance sheet as of September 30, 2016:

 

    Carrying     Fair Value Measurement Using  
    Value     Level 1     Level 2     Level 3     Total  
                               
Derivative warrant liabilities   $ 1,479,945     $ —     $ —     $ 1,479,945     $ 1,479,945  

 

Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the consolidated balance sheet as of June 30, 2016:

 

    Carrying     Fair Value Measurement Using  
    Value     Level 1     Level 2     Level 3     Total  
                               
Derivative warrant liabilities   $ 1,322,729     $ —     $ —     $ 1,322,729     $ 1,322,729  

 

The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2016:

 

    Fair Value
Measurement
Using Level 3
Inputs		  
    Total  
Balance, July 1, 2016   $ 1,322,729  
Change in fair value of derivative warrant liabilities     157,216  
Balance, September 30, 2016   $ 1,479,945  

  

The fair value of the derivative feature of the warrants on the issuance dates and at the balance sheet date were calculated using a binomial option model valued with the following weighted average assumptions: 

 

    September 30, 2016     June 30, 2016  
Risk free interest rate     1.01 to 1.14 %       1.01 %
Dividend yield     0.00 %     0.00 %
Expected volatility     65 %     39 %
Remaining term (years)     3.64 – 4.54       3.89-4.79  

 

Risk-free interest rate: The Company uses the risk-free interest rate of a U.S. Treasury Note with a similar term on the date of the grant.

 

Dividend yield: The Company uses a 0% expected dividend yield as the Company has not paid dividends to date and does not anticipate declaring dividends in the near future.

 

Volatility: The Company calculates the expected volatility of the stock price based on the corresponding volatility of the Company’s peer group stock price for a period consistent with the warrants’ expected term.

 

Remaining term: The Company’s remaining term is based on the remaining contractual maturity of the warrants.

 

During the three months ended September 30, 2016 and 2015, the Company marked the derivative feature of the warrants to fair value and recorded a loss of $157,216 and a gain of $14,015, respectively, relating to the change in fair value.
XML 26 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Equity
 3 Months Ended
Sep. 30, 2016
Equity [Abstract]  
Stockholders' Equity

Note 8. Stockholders’ Equity

 

The Company recorded stock–based compensation expense for the shares issued to consultants that have vested, which is a component of general and administrative expenses in the Consolidated Statement of Operations as follows:

 

          Stock Based Compensation  
                   
          For the Three Months Ended  
Month of Original Grant   Shares
Issued		     September 30,
2016		     September 30,
2015		  
                   
December 2015     230,000     $ 166,957     $ -  
March 2016     60,000       46,127       -  
August 2016     40,000       147,600       -  
      330,000     $ 360,684     $ -  

  

As of September 30, 2016 and June 30, 2016, the Company had 15,828,981 and 15,375,981 common shares issued and outstanding, respectively.

 

Stock incentive plan

 

The following is a summary of the option activity:

 

    Options     Weighted
Average
Exercise
Price		  
             
Outstanding – June 30, 2016     160,000     $ 1.50  
Exercisable – June 30, 2016     40,000     $ 1.50  
Granted     —       —  
Exercised     —       —  
Forfeited/Cancelled     —       —  
Outstanding – September 30, 2016     160,000     $ 1.50  
Exercisable – September 30, 2016     40,000     $ 1.50  

 

As of September 30, 2016, the total intrinsic value of options outstanding and exercisable was $444,800 and $111,200, respectively. As of September 30, 2016, the Company has $73,692 in unrecognized stock-based compensation expense attributable to the outstanding options which will be amortized over a period of 2.64 years.

 

For the three months ended September 30, 2016 and 2015, the Company recorded $7,040 and $7,040, respectively, in stock-based compensation related to stock options, which is reflected in the condensed consolidated statements of operations.

 

Issuance of restricted shares – employees and consultants

 

Restricted stock awards are considered outstanding at the time of execution by the Company and the recipient of a restricted stock agreement, as the stock award holders are entitled to dividend and voting rights. As of September 30, 2016, the number of shares granted for which the restrictions have not lapsed was 1,307,836 shares.

 

The Company recognizes the compensation expense for all share-based compensation granted based on the grant date fair value. The grant date fair value of the award is recorded as share–based compensation expense over the respective restriction period. Any portion of the grant awarded to consultants as to which the repurchase option has not lapsed is accrued on the Balance Sheet as a component of accounts payable and accrued expenses. As of September 30, 2016 and June 30, 2016, the accrued stock-based compensation was $183,513 and $179,079, respectively. The Company has the right to repurchase some or all of such shares upon termination of the individual’s service with the Company, whether voluntary or involuntary, for 60 months from the date of termination (“repurchase option”). The shares as to which the repurchase option has not lapsed are subject to forfeiture upon termination of consulting and employment agreements. 

 

In September 2015, the Company amended the original restricted stock agreement for certain award recipients. According to the amendment, 75% of the shares as to which the repurchase option had not lapsed as of September 30, 2015 shall be released from the repurchase option on the third anniversary of the original effective date of the agreement. The remaining 25% of the shares shall be released from the repurchase option on the fourth anniversary of the original effective date. 

  

The following is a summary of restricted shares:

 

Grant Date   Shares
Issued		     Fair
Value		     Shares
Vested		  
June 2014     307,876     $ 633,297       96,211  
July 2014     32,408       2,090       9,452  
August 2014     81,020       205,016       28,020  
September 2014     129,633       256,718       32,408  
March 2015     72,918       228,960       10,128  
June 2015     293,000       439,500       -  
November 2015     36,200       54,300       -  
December 2015     300,000       1,089,400       230,000  
January 2016     40,000       68,000       -  
March 2016     60,000       256,800       60,000  
June 2016     188,000       516,920       -  
August 2016     343,000       1,415,960       40,000  
                         
      1,814,055     $ 5,166,961       506,219  

 

In relation to the above restricted stock agreements for the three months ended September 30, 2016 and 2015, the Company recorded stock–based compensation expense for the shares that have vested of $697,180 and $58,685, respectively.

 

As of September 30, 2016, the Company had $3,553,091 in unrecognized stock based compensation expense related to the unvested shares. 
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
Commitments
 3 Months Ended
Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]  
Commitments

Note 9. Commitments

 

Operating leases

 

The Company leases office space in Huntersville, NC pursuant to a three year lease agreement. The operating lease provide for annual real estate tax and cost of living increases and contain predetermined increases in the rentals payable during the term of the lease. The aggregate rent expense is recognized on a straight-line basis over the lease term. The total lease rental expense was $14,202 and $13,788 for the three months ended September 30, 2016 and 2015, respectively.

 

Total future minimum payments required under the new operating lease are as follows.

 

Year Ending June 30,      
2017   $ 47,555  
2018     28,220  
    $ 75,775  
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related Party Transactions
 3 Months Ended
Sep. 30, 2016
Related Party Transactions [Abstract]  
Related Party Transactions

Note 10. Related Party Transactions

 

Consulting Services

 

AEG Consulting, a firm owned by one of our Co-Chairmen, received $4,050 and $750 for consulting fees for the three months ended September 30, 2016 and 2015, respectively.
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of significant accounting policies (Policies)
 3 Months Ended
Sep. 30, 2016
Accounting Policies [Abstract]  
Basis of presentation

Basis of presentation

 

The Company’s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and regulations of the SEC.

 

The unaudited condensed consolidated financial information furnished herein reflects all adjustments, consisting solely of normal recurring items, which in the opinion of management are necessary to fairly state the financial position of the Company and the results of its operations for the periods presented. The Company assumes that the users of the interim financial information herein have read or have access to the audited financial statements for the preceding fiscal year and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. Accordingly, footnote disclosure, which would substantially duplicate the disclosure contained in the Company’s Transition Report on Form 10-K for the three months and year ended June 30, 2016 filed on October 31, 2016 (the “2016 Annual Report”). The results of operations for the interim periods presented are not necessarily indicative of results for the entire fiscal year ending June 30, 2017 or any other period.
Principles of Consolidation

Principles of Consolidation

 

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Akoustis, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation.
Significant Accounting Policies and Estimates

Significant Accounting Policies and Estimates

 

The Company’s significant accounting policies are disclosed in Note 3-Summary of Significant Accounting Policies in the 2016 Annual Report. Since the date of the 2016 Annual Report, there have been no material changes to the Company’s significant accounting policies. The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes to the condensed consolidated financial statements. These estimates and assumptions include valuing equity securities and derivative financial instruments issued in financing transactions, deferred taxes and related valuation allowances, and the fair values of long lived assets. Actual results could differ from the estimates.
Loss Per Share

Loss Per Share

 

Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. In periods when losses are reported, which is the case for the three months ended September 30, 2016 and 2015 presented in these condensed consolidated financial statements, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.

 

The Company had the following common stock equivalents at September 30, 2016 and 2015:

 

    September 30, 2016     September 30, 2015  
Options     160,000       160,000  
Warrants     471,697       324,650  
Totals     631,697       484,650  
Shares outstanding

Shares outstanding

 

Shares outstanding include shares of restricted stock with respect to which restrictions have not lapsed. Restricted stock included in reportable shares outstanding was 1,834,055 shares and 623,855 shares as of September 30, 2016 and 2015, respectively. Shares of restricted stock are included in the calculation of weighted average shares outstanding.
Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

 

Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying consolidated financial statements.
XML 30 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of significant accounting policies (Tables)
 3 Months Ended
Sep. 30, 2016
Accounting Policies [Abstract]  
Schedule of common stock equivalents

The Company had the following common stock equivalents at September 30, 2016 and 2015:

 

    September 30, 2016     September 30, 2015  
Options     160,000       160,000  
Warrants     471,697       324,650  
Totals     631,697       484,650  
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
Property and equipment (Tables)
 3 Months Ended
Sep. 30, 2016
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment

Property and equipment consisted of the following:

 

    Estimated
Useful Life		   September 30,
2016		     June 30,
2016		  
Research and development equipment   3 – 10 years   $ 246,665     $ 226,372  
Computer equipment   5 years     16,783       16,783  
Furniture and fixtures   5 – 10 years     3,725       3,725  
Leasehold improvements   *     3,240       3,240  
          270,413       250,120  
Less: Accumulated depreciation         (56,020 )     (43,135 )
Total       $ 214,393     $ 206,985  

 

(*) Amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter.
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
Intangible assets (Tables)
 3 Months Ended
Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of intangibles assets

The Company’s intangible assets consisted of the following:

 

    Estimated 
useful life		   September 30, 2016     June 30, 2016  
Patents   15 years   $ 88,286     $ 74,562  
Less: Accumulated amortization         (6,239 )     (4,889 )
Subtotal         82,047       69,673  
Trademarks   —     1,560       1,560  
Intangible assets, net       $ 83,607     $ 71,233  
Schedule of estimated future annual amortization expense

The following table outlines estimated future annual amortization expense for the next five years and thereafter:

 

September 30,      
2017   $ 5,836  
2018     5,836  
2019     5,836  
2020     5,836  
2021     5,836  
Thereafter     52,867  
    $ 82,047  
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
Accounts payable and accrued expenses (Tables)
 3 Months Ended
Sep. 30, 2016
Payables and Accruals [Abstract]  
Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses consisted of the following at September 30, 2016 and June 30, 2016: 

 

    September 30, 2016     June 30,2016  
Accounts payable   $ 149,940     $ 73,400  
Accrued salaries and benefits     60,975       21,376  
Accrued bonuses     259,542       126,575  
Accrued stock-based compensation     183,513       179,079  
Other accrued expenses     183,146       143,216  
Totals   $ 837,116     $ 543,646
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
Derivative Liabilities (Tables)
 3 Months Ended
Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of financial assets and liabilities measured on recurring basis

Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the condensed consolidated balance sheet as of September 30, 2016:

 

    Carrying     Fair Value Measurement Using  
    Value     Level 1     Level 2     Level 3     Total  
                               
Derivative warrant liabilities   $ 1,479,945     $ —     $ —     $ 1,479,945     $ 1,479,945  

 

Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the consolidated balance sheet as of June 30, 2016:

 

    Carrying     Fair Value Measurement Using  
    Value     Level 1     Level 2     Level 3     Total  
                               
Derivative warrant liabilities   $ 1,322,729     $ —     $ —     $ 1,322,729     $ 1,322,729  
Schedule of fair value measurement of financial assets and liabilities using significant unobservable inputs

The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2016:

 

    Fair Value
Measurement
Using Level 3
Inputs		  
    Total  
Balance, July 1, 2016   $ 1,322,729  
Change in fair value of derivative warrant liabilities     157,216  
Balance, September 30, 2016   $ 1,479,945  
Schedule of fair value of the derivative feature of the warrant

The fair value of the derivative feature of the warrants on the issuance dates and at the balance sheet date were calculated using a binomial option model valued with the following weighted average assumptions: 

 

    September 30, 2016     June 30, 2016  
Risk free interest rate     1.01 to 1.14 %       1.01 %
Dividend yield     0.00 %     0.00 %
Expected volatility     65 %     39 %
Remaining term (years)     3.64 – 4.54       3.89-4.79  
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Equity (Tables)
 3 Months Ended
Sep. 30, 2016
Equity [Abstract]  
Schedule of stock-based compensation expense

The Company recorded stock–based compensation expense for the shares issued to consultants that have vested, which is a component of general and administrative expenses in the Consolidated Statement of Operations as follows:

 

          Stock Based Compensation  
                   
          For the Three Months Ended  
Month of Original Grant   Shares
Issued		     September 30,
2016		     September 30,
2015		  
                   
December 2015     230,000     $ 166,957     $ -  
March 2016     60,000       46,127       -  
August 2016     40,000       147,600       -  
      330,000     $ 360,684     $ -  
Schedule of the option activity

The following is a summary of the option activity:

 

    Options     Weighted
Average
Exercise
Price		  
             
Outstanding – June 30, 2016     160,000     $ 1.50  
Exercisable – June 30, 2016     40,000     $ 1.50  
Granted     —       —  
Exercised     —       —  
Forfeited/Cancelled     —       —  
Outstanding – September 30, 2016     160,000     $ 1.50  
Exercisable – September 30, 2016     40,000     $ 1.50  
Schedule of resricted shares

The following is a summary of restricted shares:

 

Grant Date   Shares
Issued		     Fair
Value		     Shares
Vested		  
June 2014     307,876     $ 633,297       96,211  
July 2014     32,408       2,090       9,452  
August 2014     81,020       205,016       28,020  
September 2014     129,633       256,718       32,408  
March 2015     72,918       228,960       10,128  
June 2015     293,000       439,500       -  
November 2015     36,200       54,300       -  
December 2015     300,000       1,089,400       230,000  
January 2016     40,000       68,000       -  
March 2016     60,000       256,800       60,000  
June 2016     188,000       516,920       -  
August 2016     343,000       1,415,960       40,000  
                         
      1,814,055     $ 5,166,961       506,219  
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
Commitments (Tables)
 3 Months Ended
Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]  
Schedule of future minimum payments under the operating lease

Total future minimum payments required under the new operating lease are as follows.

 

Year Ending June 30,      
2017   $ 47,555  
2018     28,220  
    $ 75,775
XML 37 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
Going Concern and Management Plans (Details Narrative) - USD ($)
 3 Months Ended
Sep. 30, 2016
Nov. 09, 2016
Jun. 30, 2016
Sep. 30, 2015
Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Working capital $ 2,354,435        
Accumulated deficit 8,747,758   $ 6,674,813    
Cash and cash equivalents $ 3,054,308   $ 4,155,444 $ 3,414,421 $ 4,329,496
Estimated cash and cash equivalent   $ 2,600,000      
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of significant accounting policies (Details) - shares
 3 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Common stock equivalents 631,697 484,650
Employee Stock Option [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Common stock equivalents 160,000 160,000
Warrant [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Common stock equivalents 471,697 324,650
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of significant accounting policies (Details Narrative) - shares
 3 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Number of shares excluded from computation of earnings per share 631,697 484,650
Restricted Stock [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Number of shares excluded from computation of earnings per share 1,834,055 623,855
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
Property and equipment (Details) - USD ($)
 3 Months Ended
Sep. 30, 2016
Jun. 30, 2016
Property, Plant and Equipment [Line Items]    
Gross $ 270,413 $ 250,120
Less: Accumulated depreciation (56,020) (43,135)
Total 214,393 206,985
Research and development equipment [Member]    
Property, Plant and Equipment [Line Items]    
Gross $ 246,665 226,372
Research and development equipment [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life P3Y  
Research and development equipment [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life P10Y  
Computer Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life P5Y  
Gross $ 16,783 16,783
Furniture and Fixtures [Member]    
Property, Plant and Equipment [Line Items]    
Gross $ 3,725 3,725
Furniture and Fixtures [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life P5Y  
Furniture and Fixtures [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life P10Y  
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Gross [1] $ 3,240 $ 3,240
[1] Amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter.
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
Property and equipment (Details Narrative) - USD ($)
 3 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Property, Plant and Equipment [Line Items]    
Depreciation expense $ 12,885 $ 4,530
Research and development equipment [Member]    
Property, Plant and Equipment [Line Items]    
Fixed assets $ 6,505  
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
Intangible assets (Details) - USD ($)
 3 Months Ended
Sep. 30, 2016
Jun. 30, 2016
Finite-Lived Intangible Assets [Line Items]    
Patents $ 88,286 $ 74,562
Less: Accumulated amortization (6,239) (4,889)
Subtotal 82,047 69,673
Trademarks 1,560 1,560
Intangible assets, net $ 83,607 $ 71,233
Patents [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite lived intangible asset estimated useful life 15 years  
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
Intangible assets (Details 1) - USD ($)
Sep. 30, 2016
Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]    
2017 $ 5,836  
2018 5,836  
2019 5,836  
2020 5,836  
2021 5,836  
Thereafter 52,867  
Finite lived intangible assets, net $ 82,047 $ 69,673
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
Intangible assets (Details Narrative) - USD ($)
 3 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense $ 1,350 $ 1,034
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.5.0.2
Accounts payable and accrued expenses (Details) - USD ($)
Sep. 30, 2016
Jun. 30, 2016
Payables and Accruals [Abstract]    
Accounts payable $ 149,940 $ 73,400
Accrued salaries and benefits 60,975 21,376
Accrued bonuses 259,542 126,575
Accrued stock-based compensation 183,513 179,079
Other accrued expenses 183,146 143,216
Totals $ 837,116 $ 543,646
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.5.0.2
Derivative Liabilities (Details) - Recurring Basic [Member] - USD ($)
Sep. 30, 2016
Jun. 30, 2016
Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative warrant liabilities
Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative warrant liabilities
Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative warrant liabilities 1,479,945 1,322,729
Carrying value [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative warrant liabilities 1,479,945 1,322,729
Total [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative warrant liabilities $ 1,479,945 $ 1,322,729
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.5.0.2
Derivative Liabilities (Details 1) - Level 3 [Member]
 3 Months Ended
Sep. 30, 2016
USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Balance at beginning $ 1,322,729
Change in fair value of derivative warrant liabilities 157,216
Balance at end $ 1,479,945
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.5.0.2
Derivative Liabilities (Details 2) - Warrant [Member]
 3 Months Ended 12 Months Ended
Sep. 30, 2016
Jun. 30, 2016
Class of Warrant or Right [Line Items]    
Risk free interest rate   1.01%
Dividend yield 0.00% 0.00%
Expected volatility 65.00% 39.00%
Minimum [Member]    
Class of Warrant or Right [Line Items]    
Risk free interest rate 1.01%  
Remaining term (years) 3 years 7 months 20 days 3 years 10 months 20 days
Maximum [Member]    
Class of Warrant or Right [Line Items]    
Risk free interest rate 1.14%  
Remaining term (years) 4 years 6 months 14 days 4 years 9 months 14 days
XML 49 R37.htm IDEA: XBRL DOCUMENT v3.5.0.2
Derivative Liabilities (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended
Jun. 09, 2015
May 22, 2015
Apr. 30, 2016
Sep. 30, 2016
Sep. 30, 2015
Gain (loss) on change in fair value of warrants       $ (157,216) $ 14,015
Private placement offering (the "March 2015 Offering") [Member] | Warrant [Member] | Placement Agents [Member]          
Number of common stock issue, new issue 26,099 298,551      
Exercise price (in dollars per share) $ 1.50 $ 1.50      
Warrant term 5 years 5 years      
Private Placement Offering (the "April 2016 Offering") [Member] | 2016 Placement Agent Warrants [Member] | Placement Agents [Member]          
Number of common stock issue, new issue     153,713    
Exercise price (in dollars per share)     $ 1.60    
Warrant term     5 years    
XML 50 R38.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Equity (Details) - USD ($)
 3 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock based compensation expense $ 360,684
Number of shares granted 330,000  
December 2015 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock based compensation expense $ 166,957
Number of shares granted 230,000  
March 2016 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock based compensation expense $ 46,127
Number of shares granted 60,000  
August 2016 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock based compensation expense $ 147,600
Number of shares granted 40,000  
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Equity (Details 1)
 3 Months Ended
Sep. 30, 2016
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]  
Outstanding beginning | shares 160,000
Exercisable beginning | shares 40,000
Granted | shares
Exercised | shares
Forfeited/Cancelled | shares
Outstanding ending | shares 160,000
Exercisable ending | shares 40,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]  
Outstanding beginning | $ / shares $ 1.50
Exercisable beginning | $ / shares 1.50
Granted | $ / shares
Exercised | $ / shares
Forfeited/Cancelled | $ / shares
Outstanding ending | $ / shares 1.50
Exercisable ending | $ / shares $ 1.50
XML 52 R40.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Equity (Details 2)
 3 Months Ended
Sep. 30, 2016
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares Issued 330,000
December 2015 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares Issued 230,000
March 2016 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares Issued 60,000
August 2016 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares Issued 40,000
Restricted Stock [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares Issued 1,814,055
Fair Value | $ $ 5,166,961
Shares Vested 506,219
Restricted Stock [Member] | June 2014 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares Issued 307,876
Fair Value | $ $ 633,297
Shares Vested 96,211
Restricted Stock [Member] | July 2014 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares Issued 32,408
Fair Value | $ $ 2,090
Shares Vested 9,452
Restricted Stock [Member] | August 2014 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares Issued 81,020
Fair Value | $ $ 205,016
Shares Vested 28,020
Restricted Stock [Member] | September 2014 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares Issued 129,633
Fair Value | $ $ 256,718
Shares Vested 32,408
Restricted Stock [Member] | March 2015 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares Issued 72,918
Fair Value | $ $ 228,960
Shares Vested 10,128
Restricted Stock [Member] | June 2015 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares Issued 293,000
Fair Value | $ $ 439,500
Shares Vested
Restricted Stock [Member] | November 2015 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares Issued 36,200
Fair Value | $ $ 54,300
Shares Vested
Restricted Stock [Member] | December 2015 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares Issued 300,000
Fair Value | $ $ 1,089,400
Shares Vested 230,000
Restricted Stock [Member] | January 2016 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares Issued 40,000
Fair Value | $ $ 68,000
Shares Vested
Restricted Stock [Member] | March 2016 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares Issued 60,000
Fair Value | $ $ 256,800
Shares Vested 60,000
Restricted Stock [Member] | June 2016 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares Issued 188,000
Fair Value | $ $ 516,920
Shares Vested
Restricted Stock [Member] | August 2016 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares Issued 343,000
Fair Value | $ $ 1,415,960
Shares Vested 40,000
XML 53 R41.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Equity (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common stock, issued   15,828,981   15,375,981
Common stock, outstanding   15,828,981   15,375,981
Stock based compensation   $ 704,220 $ 65,725  
Number of shares granted   330,000    
Stock based compensation expense   $ 360,684  
Restricted Stock [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Grant date fair value of common shares issued upon services   $ 5,166,961    
Number of shares granted   1,814,055    
Stock Incentive Plan [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total intrinsic value of options exercisable   $ 444,800    
Grant date fair value of common shares issued upon services   111,200    
Unrecognized stock based compensation expense   $ 73,692    
Unrecognized stock based compensation expense amortized period   2 years 7 months 20 days    
Stock based compensation   $ 7,040 7,040  
Accrued stock compensation expenses   183,513   $ 179,079
Stock Incentive Plan [Member] | Restricted Stock [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized stock based compensation expense   $ 3,553,091    
Number of shares granted   1,307,836    
Description of award vesting amendment terms  

The Company has the right to repurchase some or all of such shares upon termination of the individual’s service with the Company, whether voluntary or involuntary, for 60 months from the date of termination (“repurchase option”).

    
Award vesting percent on third anniversary 75.00%      
Remaining award vesting percent on fourth anniversary 25.00%      
Stock based compensation expense   $ 697,180 $ 58,685  
XML 54 R42.htm IDEA: XBRL DOCUMENT v3.5.0.2
Commitments (Details)
Jun. 30, 2016
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2017 $ 47,555
2018 28,220
Total future minimum payments $ 75,775
XML 55 R43.htm IDEA: XBRL DOCUMENT v3.5.0.2
Commitments (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Annual rent $ 14,202 $ 13,788  
24 - Month Lease Agreement [Member] | Office Space [Member] | Huntersville, North Carolina [Member]      
Lease term     3 years
XML 56 R44.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related Party Transactions (Details Narrative) - USD ($)
 3 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Akoustis, Inc. [Member] | AEG Consulting LLC (firm owned by a Co-Chairman) [Member]    
Payments for consulting fees $ 4,050 $ 750
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