0001144204-14-051437.txt : 20140819 0001144204-14-051437.hdr.sgml : 20140819 20140819171609 ACCESSION NUMBER: 0001144204-14-051437 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20140630 FILED AS OF DATE: 20140819 DATE AS OF CHANGE: 20140819 FILER: COMPANY DATA: COMPANY CONFORMED NAME: APPLIED ENERGETICS, INC. CENTRAL INDEX KEY: 0000879911 STANDARD INDUSTRIAL CLASSIFICATION: SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812] IRS NUMBER: 770262908 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-14015 FILM NUMBER: 141052851 BUSINESS ADDRESS: STREET 1: 4585 S. PALO VERDE AVE. STREET 2: SUITE 405 CITY: TUCSON STATE: AZ ZIP: 85714 BUSINESS PHONE: 520-628-7415 MAIL ADDRESS: STREET 1: 4585 S. PALO VERDE AVE. STREET 2: SUITE 405 CITY: TUCSON STATE: AZ ZIP: 85714 FORMER COMPANY: FORMER CONFORMED NAME: IONATRON, INC. DATE OF NAME CHANGE: 20040429 FORMER COMPANY: FORMER CONFORMED NAME: US HOME & GARDEN INC DATE OF NAME CHANGE: 19950714 FORMER COMPANY: FORMER CONFORMED NAME: NATURAL EARTH TECHNOLOGIES INC DATE OF NAME CHANGE: 19930328 10-Q 1 v387099_10q.htm FORM 10-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2014

 

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 001-14015

 

APPLIED ENERGETICS, INC.

 

 

 

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

    

77-0262908

  (State or Other Jurisdiction
of Incorporation or Organization)		       (IRS Employer Identification Number)

 

  4585 S Palo Verde Road, Suite 405  
  Tucson, Arizona 85714
  (Address of Principal Executive Offices) (Zip Code)
     
Registrant’s telephone number, including area code (520) 628-7415

 

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. (Check one):

 

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

 

Indicate the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date. As of August 2, 2014 there were 91,785,520 shares of the issuer's common stock, par value $.001 per share, outstanding.

 

 
 

 

APPLIED ENERGETICS, INC.

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

 

PART I.  FINANCIAL INFORMATION  
   
ITEM 1. Condensed Consolidated Financial Statements i
   

 
   

Condensed Consolidated Balance Sheets as of June 30, 2014 (Unaudited) and December 31, 2013

 1
   

Condensed Consolidated Statements of Operations for the three months ended June 30, 2014 and 2013 (Unaudited)

 2
   

Condensed Consolidated Statements of Operations for the six months ended June 30, 2014 and 2013 (Unaudited)

 3
   

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2014 and 2013 (Unaudited)

 4
   

Notes to Condensed Consolidated Financial Statements

 5
       
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8
       
ITEM 4. Controls and Procedures 11
PART II.  OTHER INFORMATION  
   
ITEM 6. Exhibits  12
       
SIGNATURES     13

 

i
 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

APPLIED ENERGETICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   June 30, 2014   December 31, 2013 
   (Unaudited)     
ASSETS          
Current assets          
Cash and cash equivalents  $729,285   $1,079,336 
Accounts receivable   1,875    1,875 
Inventory   37,953    37,953 
Prepaid expenses and deposits   47,514    97,274 
           
Total current assets   816,627    1,216,438 
Property and equipment - net   -    6,984 
TOTAL ASSETS  $816,627   $1,223,422 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities          
Accounts payable  $13,801   $11,359 
Accrued expenses - current   22,477    39,263 
Accrued compensation   42,635    44,990 
Total current liabilities   78,913    95,612 
Accrued dividends on 6.5% series A convertible preferred stock   311,841    177,875 
Total liabilities   390,754    273,487 
           
Commitments and contingencies - See Note 9          
           
Stockholders’ equity          
Series A Convertible Preferred Stock, $.001 par value, 2,000,000
shares authorized;107,172 shares issued and outstanding at
June 30, 2014  and at December 31, 2013		   107    107 
Common stock, $.001 par value, 500,000,000 shares authorized;
91,785,520 shares issued and outstanding at June 30, 2014
and 91,735,662 shares issued and outstanding at
December 31, 2013		   91,785    91,736 
Additional paid-in capital   79,236,839    79,234,745 
Accumulated deficit   (78,902,858)   (78,376,653)
Total stockholders’ equity   425,873    949,935 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $816,627   $1,223,422 

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

-1-
 

 

APPLIED ENERGETICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   For the three months ended
June 30,		 
   2014   2013 
         
Revenue  $1,875   $4,263 
           
Cost of revenue   -    6,957 
           
Gross profit   1,875    (2,694)
           
Operating expenses          
General and administrative   187,838    377,883 
Selling and marketing   -    4,500 
           
Total operating expenses   187,838    382,383 
           
Operating loss   (185,963)   (385,077)
           
Other income          
Interest income   536    2,269 
Total other income   536    2,269 
           
Net loss   (185,427)   (382,808)
           
Preferred stock dividends   (66,983)   (43,539)
           
Net loss attributable to common stockholders  $(252,410)  $(426,347)
           
Net loss per common share – basic and diluted  $(0.01)  $(0.01)
           
Weighted average number of shares outstanding, basic and diluted   91,783,562    91,735,662 

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

-2-
 

 

APPLIED ENERGETICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   For the six months ended
June 30,		 
   2014   2013 
         
Revenue  $28,750   $38,720 
           
Cost of revenue   24,606    35,852 
           
Gross profit   4,144    2,868 
           
Operating expenses          
General and administrative   397,586    881,528 
Selling and marketing   -    80,286 
           
Total operating expenses   397,586    961,814 
           
Operating loss   (393,442)   (958,946)
           
Other (expense) income          
Interest income   1,201    2,922 
Total other (expense) income   1,201    2,922 
           
Net loss   (392,241)   (956,024)
           
Preferred stock dividends   (133,965)   (87,077)
           
Net loss attributable to common stockholders  $(526,206)  $(1,043,101)
           
Net loss per common share – basic and diluted  $(0.006)  $(0.01)
           
Weighted average number of shares outstanding, basic and diluted   91,763,260    91,735,662 

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

-3-
 

 

APPLIED ENERGETICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   For the six months ended
June 30,		 
         
   2014   2013 
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net loss  $(392,241)  $(956,024)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   5,771    36,213 
Net gain equipment disposal   (6,036)   - 
Non-cash stock based compensation expense   2,143    15,284 
Changes in assets and liabilities:          
Accounts receivable   -    45,873 
Inventory   -    165 
Prepaid expenses, deposits and other assets   49,760    54,117 
Accounts payable   2,442    (51,146)
Accrued expenses and deposits   (19,140)   (135,002)
Net cash used in operating activities   (357,301)   (990,520)
CASH FLOWS FROM INVESTING ACTIVITIES:          
Proceeds from disposal of equipment   7,250    - 
Net cash provided by investing activities   7,250    - 
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Dividends paid (preferred stock)   -    (87,077)
Net cash used in financing activities   -    (87,077)
           
Net decrease in cash and cash equivalents   (350,051)   (1,077,597)
           
Cash and cash equivalents, beginning of period   1,079,336    2,622,142 
           
Cash and cash equivalents, end of period  $729,285   $1,544,545 
           
Suplemental Cash Flow Information          
Preferred dividends accrued and unpaid  $311,841   $28,542 

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

 

-4-
 

 

APPLIED ENERGETICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2014

(Unaudited)

 

1.BASIS OF PRESENTATION

 

The accompanying interim unaudited condensed consolidated financial statements include the accounts of Applied Energetics, Inc. and its wholly owned subsidiaries, Ionatron Technologies, Inc. and North Star Power Engineering, Inc. as of June 30, 2014 (collectively, "company," "Applied Energetics," "we," "our" or "us"). All intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented have been made. The results for the three-month period ended June 30, 2014, may not be indicative of the results for the entire year. The interim unaudited condensed consolidated financial statements should be read in conjunction with the company's audited consolidated financial statements contained in our Annual Report on Form 10-K.

 

Liquidity and Management’s Plan

 

These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2013. The report of our independent registered public accounting firm that accompanies the audited consolidated financial statements for the year ended December 31, 2013, included in that Annual Report on Form 10-K, contains a going concern explanatory paragraph in which our independent registered public accounting firm expressed substantial doubt about our ability to continue as a going concern. We have experienced significant losses and negative cash flows and have an accumulated deficit in excess of $79 million as of June 30, 2014

 

The interim results reported in these condensed consolidated financial statements are not necessarily indicative of the results to be expected for the full fiscal year, or any other future period, and have been prepared assuming we will continue as a going concern based on the realization of assets and the satisfaction of liabilities in the normal course of business.

 

Recent Developments

 

The U.S. Government has significantly reduced defense spending over the past few years and we do not anticipate receiving any meaningful additional Government funding in the near future. We have completed all of our Government contracts and do not have any funded Government contracts for future work. We have also developed our USP laser technologies and systems for commercial markets. We have not generated meaningful sales of our commercial systems and we have one existing agreement for the lease of our High Voltage equipment. We are not investing company funds or resources to further develop and enhance our technologies and systems or market our systems other than the submission of proposals for Government contracts. As of August 8, 2014, our backlog was $-0-. As a result of the decrease in U.S. Government funding, we have significantly reduced our workforce to a level consistent with our expected operations. We are continuing to pursue teaming opportunities with defense contractors for counter-IED, laser and Laser Guided Energy (“LGE”) projects. We were recently notified that one of our teaming partners was awarded a contract with the U.S. Army. If this partner receives a purchase order which includes our area of expertise within the electrical and laser technology fields, we could receive a sub-contract to perform work in these areas. Since we are unable to determine if we will be able to obtain any meaningful contracts or generate meaningful revenue or profitable operations in our current line of business, we are considering strategic alternatives, including mergers, the acquisition of one or more businesses or technologies, and/or the disposition of one or more of our existing businesses. Absent the award of a significant new Government contract, we do not expect to continue our current businesses for any meaningful period of time and our continuation as a going concern is dependent upon the success of our strategic efforts.

 

The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the six months ended June 30, 2014, the company incurred a net loss of approximately $392,000, had negative cash flows from operations of $357,000 and may incur additional future losses due to the reduction in Government contract activity. These matters raise substantial doubt as to the company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability of assets and the amount or classification of liabilities that might be necessary should the company be unable to continue as a going concern.

 

-5-
 

 

APPLIED ENERGETICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2014

(Unaudited)

 

As of June 30, 2014, the company had approximately $729,000 in cash and cash equivalents.

 

USE OF ESTIMATES

 

The preparation of consolidated financial statements in conformity with United States Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its assumptions on historical experiences and on various other estimates that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. In addition, management considers the basis and methodology used in developing and selecting these estimates, the trends in and amounts of these estimates, specific matters affecting the amount of and changes in these estimates, and any other relevant matters related to these estimates, including significant issues concerning accounting principles and financial statement presentation. Such estimates and assumptions could change in the future, as more information becomes known which could materially impact the amounts reported and disclosed herein. Significant estimates include revenue recognition under the percentage of completion method of contract accounting, estimating costs at completion on a contract, the valuation of inventory, carrying amount of long-lived assets, expected forfeiture rate on stock-based compensation and measurements of income tax assets and liabilities.

 

CASH AND CASH EQUIVALENTS

 

Cash equivalents are investments in money market funds or securities with an initial maturity of three months or less. These money market funds are invested in government and US treasury based securities.

 

FAIR VALUE OF CURRENT ASSETS AND LIABILITIES

 

The carrying amount of accounts receivable and accounts payable approximate fair value due to the short maturity of these instruments.

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

The company has reviewed issued accounting pronouncements and plans to adopt those that are applicable to it. The company does not expect the adoption of any other pronouncements to have an impact on its results of operations or financial position.

 

1.SHARE-BASED COMPENSATION

 

Share-Based Compensation – Employees and Directors

 

For the three months ended June 30, 2014 and 2013, share-based compensation expense totaled approximately $-0- and $2,000, respectively. For the six months ended June 30, 2014 and 2013, share-based compensation expense totaled approximately $2,000 and $15,000, respectively.

 

There was no related income tax benefit recognized because our deferred tax assets are fully offset by a valuation allowance.

 

We determine the fair value of option grant share-based awards at their grant date, using a Black-Scholes-Merton Option-Pricing Model.

 

During the six months ended June 30, 2014, options to purchase 217,500 shares expired and no options were granted or exercised, 7,426 restricted stock units vested and no restricted stock units were granted or forfeited; no restricted stock awards were granted or exercised or forfeited. At June 30, 2014, options to purchase 302,000 shares of common stock with an average exercise price of $0.46 per share were outstanding.

 

-6-
 

 

APPLIED ENERGETICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2014

(Unaudited)

 

2.SIGNIFICANT CUSTOMERS

 

All of our revenues for the three-month periods ended June 30, 2014 and June 30, 2013 were derived from commercial contracts. Approximately 87% and 98% of revenue for the six-month periods ended June 30, 2014 and June 30, 2013, respectively, were generated from either the U.S. Government or contractors to the U.S. Government.

 

3.NET LOSS PER SHARE

 

Basic net loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period before giving effect to stock options, stock warrants, restricted stock units and convertible securities outstanding, which are considered to be dilutive common stock equivalents. Diluted net loss per common share is calculated based on the weighted average number of common and potentially dilutive shares outstanding during the period after giving effect to convertible preferred stock, stock options, warrants and restricted stock units. Contingently issuable shares are included in the computation of basic loss per share when issuance of the shares is no longer contingent. Due to the losses from continuing operations for the three months ended June 30, 2014 and 2013, basic and diluted loss per common share were the same, as the effect of potentially dilutive securities would have been anti-dilutive.

 

Potentially dilutive securities not included in the diluted loss per share calculation, due to net losses from continuing operations, were as follows:

 

   Six months ended June 30, 
   2014   2013 
         
Options to purchase common shares   302,000    960,833 
Warrants to purchase common shares   -    - 
Unvested restricted stock units   -    16,771 
Convertible preferred stock   107,172    107,172 
           
Total potentially dilutive securities   409,172    1,084,776 

 

4.DIVIDENDS

 

As of June 30, 2014, we had 107,172 shares of our 6.5% Series A Convertible Preferred Stock outstanding. The company’s Board of Directors did not declare the dividends due August 1, 2013, November 1, 2013, February 1, 2014, May 1, 2014 and August 1, 2014. Accordingly, the company did not pay these dividends. Accrued dividends payable as of June 30, 2014 is $312,000. Dividend arrearages as of June 30, 2014 is $268,000.

 

Dividends on Preferred Stock are accrued when the amount and kind of the dividend is determined and are payable quarterly on the first day of February, May, August and November, in cash or shares of common stock. The holders of shares of Series A Convertible Preferred Stock are entitled to receive dividends at the initial rate of 6.5% of the liquidation preference per share (the "Initial Dividend Rate"), payable, at the option of the corporation, in cash or shares of common stock or a combination of cash and common stock. Upon the occurrence of the company's failure to pay dividends in the five business days following a dividend payment date (a "Payment Default"), the dividend rate shall immediately and automatically increase to 7.5% of the liquidation preference per share for as long as such Payment Default continues (or return to the Initial Dividend Rate at such time as such Payment Default no longer continues), and if a Payment Default shall occur on two consecutive Dividend Payment Dates, the dividend rate shall immediately and automatically increase to 10% of the Liquidation Preference for as long as such Payment Default continues and shall immediately and automatically return to the Initial Dividend Rate at such time as the Payment Default is no longer continuing.

 

5.SUBSEQUENT EVENTS

 

The company’s management has evaluated subsequent events occurring after June 30, 2014, the date of our most recent balance sheet, through the date our financial statements were issued.

 

-7-
 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Our discussion and analysis of the financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and the related disclosures included elsewhere herein and in Management’s Discussion and Analysis of Financial Condition and Results of Operations included as part of our Annual Report on Form 10-K for the year ended December 31, 2013.

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the securities laws. Forward-looking statements include all statements that do not relate solely to the historical or current facts, and can be identified by the use of forward looking words such as "may", "believe", "will", “would”, “could”, “should”, "expect", "project", "anticipate", “estimates", “possible”, "plan", "strategy", "target", "prospect" or "continue" and other similar terms and phrases. These forward looking statements are based on the current plans and expectations of our management and are subject to a number of uncertainties and risks that could significantly affect our current plans and expectations, as well as future results of operations and financial condition and may cause our actual results, performances or achievements to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Important factors that could cause our actual results to differ materially from our expectations are described in Item 1A. (Risk Factors) of our Annual Report on Form 10-K, for the year ended December 31, 2013. Although we believe that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to have been correct. We do not assume any obligation to update these forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting such forward-looking statements.

 

OVERVIEW

 

Applied Energetics, Inc. (“company”, “Applied Energetics”, “we”, “our” or “us”) has developed and manufactured solid state Ultra Short Pulse (“USP”) lasers for commercial applications and applied energy systems for military applications. Through our technology development efforts, we have gained expertise and proprietary knowledge in high performance lasers and high-voltage electronics.

 

We are not investing company funds to further develop and enhance our technologies of systems or market our systems other than the submission of proposals for Government contracts. We have completed all of our Government contracts and do not have any other funded Government contracts due to the lack of Government funding. We have not generated meaningful sales of our commercial systems and we have one existing agreement for the lease of our High Voltage equipment. We are continuing to pursue teaming opportunities with defense contractors, for counter-IED, laser and Laser Guided Energy (“LGE”) projects. We were recently notified that one of our teaming partners was awarded a contract with the US Army. If this partner received a purchase order which includes our area of expertise within the electrical equipment and laser technology fields, we could receive a sub-contract to perform work in these areas.

 

-8-
 

 

RESULTS OF OPERATIONS

 

COMPARISON OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2014 AND 2013:

 

   2014   2013 
Revenue  $1,875   $4,263 
Cost of revenue   -    6,957 
General and administrative   187,838    377,883 
Selling and marketing   -    4,500 
Other (expense) income:          
Interest income   536    2,269 
           
Net loss  $(185,427)  $(382,808)

 

REVENUE

 

Revenue decreased by approximately $2,000 to $2,000 for the three months ended June 30, 2014 compared to $4,000 for the three months ended June 30, 2013. Revenue from the LGE product line decreased by $4,000 to $-0- and High Voltage revenue increased by $2,000 to $2,000 for the three months ended June 30, 2014 compared to the three months ended June 30, 2013. There was no revenue from Laser or the C-IED product line for the quarters. We have completed all work under our Government contracts and do not have any funded Government contracts for future work due to the lack of Government funding and are not investing company funds or resources to develop or enhance our technologies or systems. Although we continue to make proposals for Government contracts, we do not anticipate receiving additional Government funding in the near future and expect our revenue to remain at these reduced levels because of the significant reduction in U.S. Government spending. We currently have one agreement for the lease of our High Voltage equipment.

 

COST OF REVENUE

 

Cost of revenue decreased from approximately $7,000 for the three months ended June 30, 2013 to $-0- for the three months ended June 30, 2014.

 

GENERAL AND ADMINISTRATIVE

 

General and administrative expenses decreased approximately $190,000 to $188,000 for the three months ended June 30, 2014 compared to $378,000 for the three months ended June 30, 2013. Salaries, wages and benefits decreased by $176,000, which is reflective of our reduction in workforce; depreciation and amortization decreased by $17,000; supplies decreased by $3,000, insurance and miscellaneous fees decreased by $3,000 and non-cash compensation costs decreased by $2,000. Offsetting these reductions in operating expenses totaling $201,000 were professional services increasing by $9,000 and an increase reflected from the decrease in absorption of labor and overheads of $4,000 previously charged to Government contracts. Cost saving measures were initiated in 2011 and have continued, in response to the decrease in revenue and lack of Government contracts, including reductions of our workforce and reductions in other operating expenses.

 

SELLING AND MARKETING

 

Selling and marketing expenses decreased to $0 for the three months ended June 30, 2014 from $5,000 for the three months ended June 30, 2013. The decrease in sales and marketing expenses represented by a decrease in business development expense of $5,000. There were $0 bid and proposal expenses of for both quarters ended June 30, 2014 and June 30, 2013.

 

INTEREST INCOME

 

Interest income for the three months ended June 30, 2014 was approximately $3,000 less than the three months ended June 30, 2013 due to our reduced interest bearing balances.

 

-9-
 

 

NET LOSS

 

Our operations for the three months ended June 30, 2014 resulted in a net loss of approximately $185,000, a decrease of approximately $197,000 compared to the $383,000 loss for the three months ended June 30, 2013.

 

COMPARISON OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013:

 

   2014   2013 
Revenue  $28,750   $38,720 
Cost of revenue   24,606    35,852 
General and administrative   397,586    881,528 
Selling and marketing   -    80,286 
Other (expense) income:          
Interest income   1,201    2,922 
           
Net loss  $(392,241)  $(956,024)

 

REVENUE

 

Revenue decreased by approximately $10,000 to $29,000 for the six months ended June 30, 2014 compared to $39,000 for the six months ended June 30, 2013. Revenue from the LGE product line increased by $21,000 to $25,000 and High Voltage revenue decreased by $31,000 to $4,000 for the six months ended June 30, 2014 compared to the six months ended June 30, 2013. There was no revenue from Laser or the C-IED product line for the quarters. We have completed all work under our Government contracts and do not have any funded Government contracts for future work due to the lack of Government funding and are not investing company funds or resources to develop or enhance our technologies or systems. Although we continue to make proposals for Government contracts, we do not anticipate receiving additional Government funding in the near future and expect our revenue to remain at these reduced levels because of the significant reduction in U.S. Government spending. We currently have one agreement for the lease of our High Voltage equipment.

 

COST OF REVENUE

 

Cost of revenue includes manufacturing labor, benefits and overhead, and an allocation of allowable general and administration and research and development costs in accordance with the terms of our government contracts.

 

Cost of revenue decreased from approximately $36,000 for the six months ended June 30, 2013 to $25,000 for the six months ended June 30, 2014.

 

GENERAL AND ADMINISTRATIVE

 

General and administrative expenses decreased approximately $484,000 to $398,000 for the six months ended June 30, 2014 compared to $882,000 for the six months ended June 30, 2013. Salaries, wages and benefits decreased by $345,000, which is reflective of our reduction in workforce; professional services decreased by $99,000; depreciation and amortization decreased by $30,000, non-cash compensation costs decreased by $13,000, supplies decreased by $6,000, insurance and miscellaneous fees decreased by $6,000 and travel related expenses decreased by $3,000. Offsetting these reductions in operating expenses totaling approximately $502,000 was an increase reflected from the decrease in absorption of labor and overhead of approximately $19,000 previously charged to Government contracts.

 

SELLING AND MARKETING

 

Selling and marketing expenses decreased to $0 for the six months ended June 30, 2014 from $80,000 for the six months ended June 30, 2013. The decrease in sales and marketing expenses is represented by decreases in marketing expenses of $48,000 and business development expense of $32,000. There were $0 bid and proposal expenses of for both six-month periods ended June 30, 2014 and June 30, 2013.

 

-10-
 

 

INTEREST INCOME

 

Interest income for the six months ended June 30, 2014 was approximately $2,000 less compared to the six months ended June 30, 2013 due to our reduced interest bearing balances.

 

NET LOSS

 

Our operations for the six months ended June 30, 2014 resulted in a net loss of approximately $392,000, a decrease of approximately $564,000 compared to the $956,000 loss for the six months ended June 30, 2013.

 

LIQUIDITY AND CAPITAL RESOURCES

 

At June 30, 2014, we had approximately $729,000 of cash and cash equivalents, a decrease of approximately $350,000 from December 31, 2013. During the first six months of 2014 the net cash outflow from operating activities was approximately $357,000. This amount was comprised primarily of our net loss of $392,000 and a decrease in our accrued expenses and deposits of $19,000 as well as our gain on sale of equipment of $6,000, partially offset by a decrease in prepaid expenses, deposits and other assets of $50,000, depreciation and amortization of $6,000, an increase in accounts payable of $2,000, and noncash stock based compensation of $2,000. Investing activities reflected the proceeds from the sale of equipment of $7,000 and financing activities reflected no activity, resulting in net cash outflow of approximately $350,000.

 

The U.S. Government has significantly reduced defense spending and we do not anticipate receiving significant additional Government funding in the near future. We have completed our Government contracts and do not have any funded Government contracts for future work. We have also developed our USP laser technologies and systems for commercial markets. We have not generated meaningful sales of our commercial systems and we have one existing agreement for the lease of our High Voltage equipment. We are not investing company funds or resources to further develop and enhance our technologies and systems or market our systems other than the submission of proposals for Government contracts. As of August 7, 2014, our backlog was $0.

 

As a result of the decrease in U.S. Government funding, beginning in 2011 we have significantly reduced our workforce to a level consistent with our operations.

 

Since we are unable to determine if we will be able to obtain any meaningful contracts or generate meaningful revenue or profitable operations in our current businesses, we are considering strategic alternatives, including mergers, the acquisition of one or more businesses or technologies, and/or the disposition of one or more of our existing businesses. Absent the award of a significant new Government contract, we do not expect to continue our current businesses for any meaningful period of time and our continuation as a going concern is dependent upon the success of our strategic efforts.

 

In their report accompanying our financial statements, our independent auditors stated that our financial statements for the year ended December 31, 2013 were prepared assuming that we would continue as a going concern, and that they have substantial doubt as to our ability to continue as a going concern. Our auditors’ have noted that our recurring losses from operations and negative cash flow from operations and the concern that we may incur additional losses due to the reduction in Government contract activity raise substantial doubt about our ability to continue as a going concern.

 

BACKLOG OF ORDERS

 

At August 7, 2014, we had a backlog (workload remaining on signed contracts) of $0, to be completed within the next twelve months.

 

ITEM 4. CONTROLS AND PROCEDURES

 

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

 

Our management, with the participation of our Principal Executive Officer and Principal Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2014. Based on that evaluation, our Principal Executive Officer and Principal Financial Officer has concluded that our disclosure controls and procedures as of June 30, 2014 are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms.

 

During the three months ended June 30, 2014, there was no significant change in our internal controls over financial reporting that has materially affected or which is reasonably likely to materially affect our internal controls over financial reporting.

 

-11-
 

 

PART II – OTHER INFORMATION

 

ITEM 6. EXHIBITS

 

EXHIBIT
NUMBER		 DESCRIPTION
31.1 Certification of Principal Executive Officer and Chief Financial Officer Pursuant to Exchange Act Rule 13a-14(a).
32.1 Principal Executive Officer and Principal Financial Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS XBRL Instance Document
101.SCH XBRL Schema Document
101.CAL XBRL Calculation Linkbase Document
101.DEF XBRL Definition Linkbase Document
101.LAB XBRL Label Linkbase Document
101.PRE XBRL Presentation Linkbase Document

 

-12-
 

 

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.

 

APPLIED ENERGETICS, INC.  
     
     
By /s/ Joseph C. Hayden  
  Joseph C. Hayden  
  Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer

 

Date: August 18, 2014

 

-13-

 EX-31.1 2 v387099_ex31-1.htm EXHIBIT 31.1

 

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND

CHIEF FINANCIAL OFFICER PURSUANT

TO EXCHANGE ACT RULE 13a-14(a)

 

I, Joseph C. Hayden, the Principal Executive Officer and Principal Financial Officer of Applied Energetics, Inc., certify that:

 

1. I have reviewed this report on Form 10-Q of Applied Energetics 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 controls 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.

 

/s/ Joseph C. Hayden  
Joseph C. Hayden  
Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer
   
Date: August 18, 2014  

 

 
 EX-32.1 3 v387099_ex31-2.htm EXHIBIT 32.1

 

EXHIBIT 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE
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 filing by Applied Energetics, Inc. (the “company”) of its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2014 (the “Report”) I, Joseph C. Hayden, Principal Executive Officer and Principal 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:

 

(i) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the company.

 

This certificate is being made for the exclusive purpose of compliance by the principal executive officer of Applied Energetics, Inc. with the requirements of Section 906 of the Sarbanes-Oxley Act of 2002, and may not be used for any other purposes. A signed original of this written statement required by Section 906 has been provided to Applied Energetics, Inc. and will be retained by Applied Energetics, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

/s/ Joseph C. Hayden
Joseph C. Hayden  
Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer

 

Date: August 18, 2014

 

 

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compensation costs, period of recognition (in Duration) Expected life of share-based awards (in Duration) Option grants, expected term (in Duration) Expected volatility of share-based awards (in Percent) Option grants, expected volatility (in Percent) Risk free interest rates of share-based awards, minimum (in Percent) Option grants, risk free interest rate minimum (in Percent) Risk free interest rates of share-based awards, maximum (in Percent) Option grants, risk free interest rate maximum (in Percent) Weighted average fair value of options at grant date (in Dollars per Share) Weighted average grant date fair value of option grants (in Dollars per Share) Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Table] Award Type [Axis] Share Based Compensation Arrangements By Share Based Payment Award Award Type And Plan Name [Domain] Share Based Compensation Arrangement By Share Based Payment Award [Line Items] Restricted Stock Units (RSUs) [Member] Unvested restricted stock units [Member] Restricted Stock [Member] Number of restricted stock shares forfieted (in Shares) Share-based compensation, options forfeited (in Shares) Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share [Table] Antidilutive Securities Excluded From Computation Of Earnings Per Share By Antidilutive Securities [Axis] Antidilutive Securities Name [Domain] Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] Total potentially dilutive securities (in Shares) Warrant [Member] Convertible Preferred Stock [Member] Convertible preferred stock [Member] Dividend Percentage Rate of Series A Convertible Preferred Stock (in Percent) Series A convertible preferred stock, dividend rate (in Percent) Dividend yield of share-based awards (in Percent) Option grants, expected dividends (in Percent) Impairment loss on property held for sale Impairment charge BASIS OF PRESENTATION [Abstract] PROPERTY AND EQUIPMENT [Abstract] NET LOSS PER SHARE [Abstract] Reserve for obsolescence Book value of assets disposed of in the sale transaction Net gain equpiment disposal Warrants [Member] Loss before provision for income taxes Liquidation preference Preferred Stock, Liquidation Preference Per Share (in Dollars per Share) CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY Balance (in Shares) Balance (in Shares) Balance (in Shares) Exercise of stock options Stock issued under equity incentive plans Stock issued under equity incentive plans (in Shares) Stock based compensation expense Preferred stock converted into common stock Preferred stock converted into common stock (in Shares) Preferred stock dividends Statement [Table] Statement Equity Components [Axis] Equity Component [Domain] Preferred Stock [Member] Common Stock [Member] Additional Paid-in Capital [Member] Accumulated Deficit [Member] Statement [Line Items] Provision for loss on project ACCRUED EXPENSES [Abstract] Accrued Professional Fees, Current Dividends payable, Current Other, Current RELATED PARTIES [Abstract] Schedule of Related Party Transactions [Table] Related Party Transactions [Axis] Related Party Transactions [Domain] Director [Member] Related Party Transactions [Line Items] Related Party Transaction (Date) Related Party Transaction, Expenses from Transactions with Related Party RETIREMENT PLAN [Abstract] Defined Contribution Plan, Employer Matching Contribution (in Percent) Defined Contribution Plan, Maximum Annual Contribution Per Employee (in Percent) Defined Contribution Plan, Cost Recognized Addition to loss on projects provision Write offs Allowance for doubtful accounts Disposal of property (Date) Schedule of Property and Equipment [Table] Range [Axis] Range [Domain] Minimum [Member] Maximum [Member] Property and Equipment [Line Items] Property, Plant and Equipment, Useful Life (in Years) Amount property and equipment sold for Gain on sale of other equipment Capitalized computer software development costs, depreciation General and Administrative Costs in Inventory, Amount Incurred Number of lease agreements entered into (Number) Rent expense Future minimum lease payments due in less than a year Liabilities from indemnifications agreements Payment for settlement agreement with NewOak Insurance proceeds, net INCOME TAXES [Abstract] Computed tax at statutory rate State taxes Change in valuation allowance Increase in valuation allowance ASC 718 stock compensation shortfalls Other reconciliations Accruals and reserves Deferred Tax Assets: [Abstract] Tax credit carry forwards Net operating loss Goodwill amortization ASC 718 stock compensation Valuation allowance Total deferred tax assets Unrecognized tax benefits, balance Unrecognized tax benefits, balance Unrecognized tax benefits, balance Additions related to prior year tax positions Additions related to current year tax positions Reductions related to prior year tax positions and settlements Supplemental Cash Flow Information Interest Income taxes Non-cash investing and financing activities: Series A preferred stock dividends QUARTERLY OPERATING RESULTS (UNAUDITED) [Abstract] Revenues Operating loss carryforwards Provision (benefit) for taxes NEW ACCOUNTING STANDARDS [Abstract] NEW ACCOUNTING STANDARDS ACCRUED EXPENSES DIVIDENDS [Abstract] DIVIDENDS RELATED PARTIES RETIREMENT PLAN INCOME TAXES SUPPLEMENTAL CASH FLOW INFORMATION QUARTERLY OPERATING RESULTS (UNAUDITED) Summary of Reserves for Loss on Projects Schedule of Accrued Liabilities Reconciliation of Income Taxes Schedue of Deferred Tax Assets Schedule of Unrecognized Tax Benefits and Carryforwards Schedule of Supplemental Cash Flow Information Schedule of Quarterly Financial Information Basis of Presentation, Policy USE OF ESTIMATES, Policy Revenue Recognition, Policy Net Loss Attributable to Common Stockholders, Policy FAIR VALUE OF CURRENT ASSETS AND LIABILITIES, Policy CASH AND CASH EQUIVALENTS, Policy Inventory, Policy Property and Equipment, Policy Computer Software Development Costs, Policy Long-Lived Assets, Policy Income Taxes, Policy Share-Based Payments, Policy Significant Concentrations and Risks, Policy Research and Development Costs, Policy RECENT ACCOUNTING PRONOUNCEMENTS, Policy Accounts Receivable and Allowance for Doubtful Accounts, Policy Series A Preferred Stock outstanding (in Shares) Preferred stock dividends (in Shares) Common Stock Dividends, Shares (in Shares) Preferred dividends accrued and unpaid Dividends Payable [Table] Class of Stock [Axis] Class of Stock [Domain] Preferred Class A [Member] Dividends Payable [Line Items] Share-based compensation arrangement by share-based payment award, award vesting period (in Duration) Share-based compensation expense Share based compensation, non-option equity instruments to purchase common stock, outstanding (in Shares) Plan Name [Axis] Plan Name [Domain] Share grants approved (in Shares) Shares available for award (in Shares) Increase in number of common shares available for grant (in Shares) Share-based compensation, options granted (in Shares) Options forfeited or expired (in Shares) Weighted average exercise price of options granted (in Dollars per Share) Weighted average exercise price of options exercised (in Dollars per Share) Weighted average exercise price of options forfeited or expired (in Dollars per Share) Weighted average exercise price of options exercisable (in Dollars per Share) Aggregate intrinsic value of options outstanding Weighted average remaining contractual life of outstanding options (in Duration) Unrecognized compensation costs related to unvested equity awards, net of estimated forfeitures Compensation expense recorded for shares and options delivered to non-employee consultants Schedule of Stock Incentive Plans Schedule of Fair Value of Option Awards Schedule of Stock Option Activity Summary of Activity of Restricted Stock Units and Restricted Stock Grants Schedule of Warrant Activity Leasehold improvements Net gain on building, land and equipment disposal Gain (Loss) on Disposition of Property Stock Options [Member] Options to purchase common shares [Member] Impairment loss on property held for sale Provision For Loss Gain On Disposal Receivables Long Term Contracts Or Programs Total Less: Included in accompanying balance sheet: Billings to date Billings to date Total billable costs and estimated earnings Total billable costs and estimated earnings Unbilled costs and estimated earnings on uncompleted contracts included in accounts receivable Costs and estimated earnings on uncompleted contracts Costs incurred on uncompleted contracts Employee Stock Option [Member] Share-based compensation, non-option awards, granted (in Shares) Share-based compensation, non-option awards, vested (in Shares) Number of non-option equity instruments vested during the period. Share-based compensation, non-option awards, forfeited (in Shares) Share-based compensation, options exercised (in Shares) Share-based compensation, options expired (in Shares) Share-based compensation, options outstanding (in Shares) Share-based compensation, options outstanding, weighted average exercise price (in Dollars per Share) Share-based compensation expense, tax benefit recognized SIGNIFICANT CUSTOMERS [Abstract] Concentration Risk [Table] Concentration Risk By Benchmark [Axis] Concentration Risk Benchmark [Domain] Revenue [Member] Concentration Risk By Type [Axis] Concentration Risk Type [Domain] U.S. Government [Member] U.S. Government or Contractors to the U.S. Government [Member] Concentration Risk [Line Items] Concentration risk, percentage of revenues generated from either the U.S. Government or contractors to the U.S. Government (in Percent) One lease agreement [Member] BASIS OF PRESENTATION Series A convertible preferred stock, increased dividend rate, if company fails to pay dividends within five days of dividend payment date (in Percent) Series A Convertible Preferred Stock, increased dividend rate, if company fails to pay dividends within five days of dividend payment date. Series A convertible preferred stock, dividend rate increased, if company fails to pay dividends on two consecutive dividend payment dates (in Percent) Series A convertible preferred stock, dividend rate increased, if company fails to pay dividends on two consecutive dividend payment dates. Preferred stock, amount of preferred dividends in arrears Accrued dividends on 6.5% series A convertible preferred stock Agreement for the lease of company high voltage equipment (in Agreements) Agreement for the lease of company high voltage equipment. Minimum number of businesses or technologies Company is considering acquiring (in Companies or Technologies) Minimum number of businesses or technologies Company is considering acquiring. Minimum number of existing businesses Company is considering disposing (in Companies) Minimum number of existing businesses Company is considering disposing. Convertible preferred stock, interest rate (in Percent) Dividends payable noncurrent, dividend rate (in Percent) Dividends payable noncurrent, dividend rate (in Percent). Share-based compensation, non-option awards, exercised (in Shares) Net gain equipment disposal Number of teaming partners awarded U.S. Army contract Number of teaming partners awarded U.S. Army contract. 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NET LOSS PER SHARE
 6 Months Ended
Jun. 30, 2014
NET LOSS PER SHARE [Abstract]  
NET LOSS PER SHARE
3. NET LOSS PER SHARE

 

Basic net loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period before giving effect to stock options, stock warrants, restricted stock units and convertible securities outstanding, which are considered to be dilutive common stock equivalents. Diluted net loss per common share is calculated based on the weighted average number of common and potentially dilutive shares outstanding during the period after giving effect to convertible preferred stock, stock options, warrants and restricted stock units. Contingently issuable shares are included in the computation of basic loss per share when issuance of the shares is no longer contingent. Due to the losses from continuing operations for the three months ended June 30, 2014 and 2013, basic and diluted loss per common share were the same, as the effect of potentially dilutive securities would have been anti-dilutive.

 

Potentially dilutive securities not included in the diluted loss per share calculation, due to net losses from continuing operations, were as follows:

 

    Six months ended June 30,  
    2014     2013  
             
Options to purchase common shares     302,000       960,833  
Warrants to purchase common shares     -       -  
Unvested restricted stock units     -       16,771  
Convertible preferred stock     107,172       107,172  
                 
Total potentially dilutive securities     409,172       1,084,776  
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SIGNIFICANT CUSTOMERS
 6 Months Ended
Jun. 30, 2014
SIGNIFICANT CUSTOMERS [Abstract]  
SIGNIFICANT CUSTOMERS
2. SIGNIFICANT CUSTOMERS

 

All of our revenues for the three-month periods ended June 30, 2014 and June 30, 2013 were derived from commercial contracts. Approximately 87% and 98% of revenue for the six-month periods ended June 30, 2014 and June 30, 2013, respectively, were generated from either the U.S. Government or contractors to the U.S. Government.

XML 15 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2014
Dec. 31, 2013
Current assets    
Cash and cash equivalents $ 729,285 [1] $ 1,079,336
Accounts receivable 1,875 [1] 1,875
Inventory 37,953 [1] 37,953
Prepaid expenses and deposits 47,514 [1] 97,274
Total current assets 816,627 [1] 1,216,438
Property and equipment - net    [1] 6,984
TOTAL ASSETS 816,627 [1] 1,223,422
Current liabilities    
Accounts payable 13,801 [1] 11,359
Accrued expenses - current 22,477 [1] 39,263
Accrued compensation 42,635 [1] 44,990
Total current liabilities 78,913 [1] 95,612
Accrued dividends on 6.5% series A convertible preferred stock 311,841 [1] 177,875
Total liabilities 390,754 [1] 273,487
Commitments and contingencies - See Note 9    [1]   
Stockholders' equity    
Series A Convertible Preferred Stock, $.001 par value, 2,000,000 shares authorized;107,172 shares issued and outstanding at June 30, 2014 and at December 31, 2013 107 [1] 107
Common stock, $.001 par value, 500,000,000 shares authorized; 91,785,520 shares issued and outstanding at June 30, 2014 and 91,735,662 shares issued and outstanding at December 31, 2013 91,785 [1] 91,736
Additional paid-in capital 79,236,839 [1] 79,234,745
Accumulated deficit (78,902,858) [1] (78,376,653)
Total stockholders' equity 425,873 [1] 949,935
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 816,627 [1] $ 1,223,422
[1] (Unaudited)
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BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2014
BASIS OF PRESENTATION [Abstract]  
BASIS OF PRESENTATION
  1. BASIS OF PRESENTATION

 

The accompanying interim unaudited condensed consolidated financial statements include the accounts of Applied Energetics, Inc. and its wholly owned subsidiaries, Ionatron Technologies, Inc. and North Star Power Engineering, Inc. as of June 30, 2014 (collectively, "company," "Applied Energetics," "we," "our" or "us"). All intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented have been made. The results for the three-month period ended June 30, 2014, may not be indicative of the results for the entire year. The interim unaudited condensed consolidated financial statements should be read in conjunction with the company's audited consolidated financial statements contained in our Annual Report on Form 10-K.

 

Liquidity and Management’s Plan

 

These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2013. The report of our independent registered public accounting firm that accompanies the audited consolidated financial statements for the year ended December 31, 2013, included in that Annual Report on Form 10-K, contains a going concern explanatory paragraph in which our independent registered public accounting firm expressed substantial doubt about our ability to continue as a going concern. We have experienced significant losses and negative cash flows and have an accumulated deficit in excess of $79 million as of June 30, 2014

 

The interim results reported in these condensed consolidated financial statements are not necessarily indicative of the results to be expected for the full fiscal year, or any other future period, and have been prepared assuming we will continue as a going concern based on the realization of assets and the satisfaction of liabilities in the normal course of business.

 

Recent Developments

 

 

The U.S. Government has significantly reduced defense spending over the past few years and we do not anticipate receiving any meaningful additional Government funding in the near future. We have completed all of our Government contracts and do not have any funded Government contracts for future work. We have also developed our USP laser technologies and systems for commercial markets. We have not generated meaningful sales of our commercial systems and we have one existing agreement for the lease of our High Voltage equipment. We are not investing company funds or resources to further develop and enhance our technologies and systems or market our systems other than the submission of proposals for Government contracts. As of August 8, 2014, our backlog was $-0-. As a result of the decrease in U.S. Government funding, we have significantly reduced our workforce to a level consistent with our expected operations. We are continuing to pursue teaming opportunities with defense contractors for counter-IED, laser and Laser Guided Energy (“LGE”) projects. We were recently notified that one of our teaming partners was awarded a contract with the U.S. Army. If this partner receives a purchase order which includes our area of expertise within the electrical and laser technology fields, we could receive a sub-contract to perform work in these areas. Since we are unable to determine if we will be able to obtain any meaningful contracts or generate meaningful revenue or profitable operations in our current line of business, we are considering strategic alternatives, including mergers, the acquisition of one or more businesses or technologies, and/or the disposition of one or more of our existing businesses. Absent the award of a significant new Government contract, we do not expect to continue our current businesses for any meaningful period of time and our continuation as a going concern is dependent upon the success of our strategic efforts.

 

The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the six months ended June 30, 2014, the company incurred a net loss of approximately $392,000, had negative cash flows from operations of $357,000 and may incur additional future losses due to the reduction in Government contract activity. These matters raise substantial doubt as to the company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability of assets and the amount or classification of liabilities that might be necessary should the company be unable to continue as a going concern.

 

As of June 30, 2014, the company had approximately $729,000 in cash and cash equivalents.

 

USE OF ESTIMATES

 

The preparation of consolidated financial statements in conformity with United States Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its assumptions on historical experiences and on various other estimates that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. In addition, management considers the basis and methodology used in developing and selecting these estimates, the trends in and amounts of these estimates, specific matters affecting the amount of and changes in these estimates, and any other relevant matters related to these estimates, including significant issues concerning accounting principles and financial statement presentation. Such estimates and assumptions could change in the future, as more information becomes known which could materially impact the amounts reported and disclosed herein. Significant estimates include revenue recognition under the percentage of completion method of contract accounting, estimating costs at completion on a contract, the valuation of inventory, carrying amount of long-lived assets, expected forfeiture rate on stock-based compensation and measurements of income tax assets and liabilities.

 

CASH AND CASH EQUIVALENTS

 

Cash equivalents are investments in money market funds or securities with an initial maturity of three months or less. These money market funds are invested in government and US treasury based securities.

 

FAIR VALUE OF CURRENT ASSETS AND LIABILITIES

 

The carrying amount of accounts receivable and accounts payable approximate fair value due to the short maturity of these instruments.

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

The company has reviewed issued accounting pronouncements and plans to adopt those that are applicable to it. The company does not expect the adoption of any other pronouncements to have an impact on its results of operations or financial position.
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SHARE-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2014
SHARE-BASED COMPENSATION [Abstract]  
SHARE-BASED COMPENSATION
1. SHARE-BASED COMPENSATION

 

Share-Based Compensation – Employees and Directors

 

For the three months ended June 30, 2014 and 2013, share-based compensation expense totaled approximately $-0- and $2,000, respectively. For the six months ended June 30, 2014 and 2013, share-based compensation expense totaled approximately $2,000 and $15,000, respectively.

 

There was no related income tax benefit recognized because our deferred tax assets are fully offset by a valuation allowance.

 

We determine the fair value of option grant share-based awards at their grant date, using a Black-Scholes-Merton Option-Pricing Model.

 

During the six months ended June 30, 2014, options to purchase 217,500 shares expired and no options were granted or exercised, 7,426 restricted stock units vested and no restricted stock units were granted or forfeited; no restricted stock awards were granted or exercised or forfeited. At June 30, 2014, options to purchase 302,000 shares of common stock with an average exercise price of $0.46 per share were outstanding.
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Jun. 30, 2014
Dec. 31, 2013
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]    
Dividends payable noncurrent, dividend rate (in Percent) 6.50% [1] 6.50%
Stockholders' equity    
Series A convertible preferred stock, par value (in Dollars per Share) $ 0.001 [1] $ 0.001
Series A convertible preferred stock, shares authorized (in Shares) 2,000,000 [1] 2,000,000
Series A convertible preferred stock, shares issued (in Shares) 107,172 [1] 107,172
Series A convertible preferred stock, shares outstanding (in Shares) 107,172 [1] 107,172
Common stock, par value (in Dollars per Share) $ 0.001 [1] $ 0.001
Common stock, shares authorized (in Shares) 500,000,000 [1] 500,000,000
Common stock, shares issued (in Shares) 91,785,520 [1] 91,735,662
Common stock, shares outstanding (in Shares) 91,785,520 [1] 91,735,662
[1] (Unaudited)
XML 20 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
NET LOSS PER SHARE (Schedule of Potentially Dilutive Securities not Included in Diluted Loss Per Share Calculation) (Details)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Total potentially dilutive securities (in Shares) 409,172 1,084,776
Options to purchase common shares [Member]
    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Total potentially dilutive securities (in Shares) 302,000 960,833
Warrants [Member]
    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Total potentially dilutive securities (in Shares)      
Unvested restricted stock units [Member]
    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Total potentially dilutive securities (in Shares)    16,771
Convertible preferred stock [Member]
    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Total potentially dilutive securities (in Shares) 107,172 107,172
XML 21 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document and Entity Information
 6 Months Ended
Jun. 30, 2014
Aug. 02, 2014
Document and Entity Information [Abstract]    
Entity Registrant Name APPLIED ENERGETICS, INC.  
Entity Central Index Key 0000879911  
Current Fiscal Year End Date --12-31  
Entity Well-known Seasoned Issuer No  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   91,785,520
Document Fiscal Year Focus 2014  
Document Fiscal Period Focus Q2  
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2014  
XML 22 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
DIVIDENDS (Narrative) (Details) (USD $)
 6 Months Ended
Jun. 30, 2014
Dec. 31, 2013
DIVIDENDS [Abstract]    
Series A convertible preferred stock, shares outstanding (in Shares) 107,172 [1] 107,172
Accrued dividends on 6.5% series A convertible preferred stock $ 311,841 [1] $ 177,875
Preferred stock, amount of preferred dividends in arrears $ 268,000  
Series A convertible preferred stock, dividend rate (in Percent) 6.50%  
Series A convertible preferred stock, increased dividend rate, if company fails to pay dividends within five days of dividend payment date (in Percent) 7.50%  
Series A convertible preferred stock, dividend rate increased, if company fails to pay dividends on two consecutive dividend payment dates (in Percent) 10.00%  
[1] (Unaudited)
XML 23 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]        
Revenue $ 1,875 $ 4,263 $ 28,750 $ 38,720
Cost of revenue    6,957 24,606 35,852
Gross profit 1,875 (2,694) 4,144 2,868
Operating expenses        
General and administrative 187,838 377,883 397,586 881,528
Selling and marketing    4,500    80,286
Total operating expenses 187,838 382,383 397,586 961,814
Operating loss (185,963) (385,077) (393,442) (958,946)
Other income        
Interest income 536 2,269 1,201 2,922
Total other income 536 2,269 1,201 2,922
Net loss (185,427) (382,808) (392,241) (956,024)
Preferred stock dividends (66,983) (43,539) (133,965) (87,077)
Net loss attributable to common stockholders $ (252,410) $ (426,347) $ (526,206) $ (1,043,101)
Net loss per common share - basic and diluted (in Dollars per Share) $ (0.01) $ (0.01) $ (0.006) $ (0.01)
Weighted average number of shares outstanding, basic and diluted (in Shares) 91,783,562 91,735,662 91,763,260 91,735,662
XML 24 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
BASIS OF PRESENTATION (Policies)
 6 Months Ended
Jun. 30, 2014
BASIS OF PRESENTATION [Abstract]  
USE OF ESTIMATES, Policy

USE OF ESTIMATES

 

The preparation of consolidated financial statements in conformity with United States Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its assumptions on historical experiences and on various other estimates that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. In addition, management considers the basis and methodology used in developing and selecting these estimates, the trends in and amounts of these estimates, specific matters affecting the amount of and changes in these estimates, and any other relevant matters related to these estimates, including significant issues concerning accounting principles and financial statement presentation. Such estimates and assumptions could change in the future, as more information becomes known which could materially impact the amounts reported and disclosed herein. Significant estimates include revenue recognition under the percentage of completion method of contract accounting, estimating costs at completion on a contract, the valuation of inventory, carrying amount of long-lived assets, expected forfeiture rate on stock-based compensation and measurements of income tax assets and liabilities.
CASH AND CASH EQUIVALENTS, Policy

CASH AND CASH EQUIVALENTS

 

Cash equivalents are investments in money market funds or securities with an initial maturity of three months or less. These money market funds are invested in government and US treasury based securities.
FAIR VALUE OF CURRENT ASSETS AND LIABILITIES, Policy

FAIR VALUE OF CURRENT ASSETS AND LIABILITIES

 

The carrying amount of accounts receivable and accounts payable approximate fair value due to the short maturity of these instruments.
RECENT ACCOUNTING PRONOUNCEMENTS, Policy

RECENT ACCOUNTING PRONOUNCEMENTS

 

The company has reviewed issued accounting pronouncements and plans to adopt those that are applicable to it. The company does not expect the adoption of any other pronouncements to have an impact on its results of operations or financial position.
XML 25 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2014
SUBSEQUENT EVENTS [Abstract]  
SUBSEQUENT EVENTS
5. SUBSEQUENT EVENTS

 

The company’s management has evaluated subsequent events occurring after June 30, 2014, the date of our most recent balance sheet, through the date our financial statements were issued.
XML 26 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
SHARE-BASED COMPENSATION (Narrative) (Details) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share-based compensation expense    $ 2,000 $ 2,000 $ 15,000
Share-based compensation expense, tax benefit recognized     $ 0  
Share-based compensation, options outstanding (in Shares) 302,000   302,000  
Share-based compensation, options outstanding, weighted average exercise price (in Dollars per Share) $ 0.46   $ 0.46  
Restricted Stock Units (RSUs) [Member]
        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share-based compensation, non-option awards, vested (in Shares)     7,426  
Share-based compensation, non-option awards, granted (in Shares)     0  
Share-based compensation, non-option awards, forfeited (in Shares)     0  
Employee Stock Option [Member]
        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share-based compensation, options expired (in Shares)     217,500  
Share-based compensation, options granted (in Shares)     0  
Share-based compensation, options exercised (in Shares)     0  
Restricted Stock [Member]
        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share-based compensation, non-option awards, granted (in Shares)     0  
Share-based compensation, non-option awards, exercised (in Shares)     0  
Share-based compensation, non-option awards, forfeited (in Shares)     0  
XML 27 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
NET LOSS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2014
NET LOSS PER SHARE [Abstract]  
Schedule of Potentially Dilutive Securities not Included in the Diluted Loss Per Share Calculation

Potentially dilutive securities not included in the diluted loss per share calculation, due to net losses from continuing operations, were as follows:

 

    Six months ended June 30,  
    2014     2013  
             
Options to purchase common shares     302,000       960,833  
Warrants to purchase common shares     -       -  
Unvested restricted stock units     -       16,771  
Convertible preferred stock     107,172       107,172  
                 
Total potentially dilutive securities     409,172       1,084,776  
XML 28 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
BASIS OF PRESENTATION (Narrative) (Details) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Aug. 08, 2014
Dec. 31, 2013
Dec. 31, 2012
BASIS OF PRESENTATION [Abstract]              
Accumulated deficit $ (78,902,858) [1]   $ (78,902,858) [1]     $ (78,376,653)  
Agreement for the lease of company high voltage equipment (in Agreements) 1   1        
Order Backlog         0    
Number of teaming partners awarded U.S. Army contract 1   1        
Minimum number of businesses or technologies Company is considering acquiring (in Companies or Technologies) 1   1        
Minimum number of existing businesses Company is considering disposing (in Companies) 1   1        
Net loss (185,427) (382,808) (392,241) (956,024)      
Cash flows from operations     (357,301) (990,520)      
Cash and cash equivalents $ 729,285 [1] $ 1,544,545 $ 729,285 [1] $ 1,544,545   $ 1,079,336 $ 2,622,142
[1] (Unaudited)
XML 29 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
SIGNIFICANT CUSTOMERS (Narrative) (Details)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Concentration Risk [Line Items]    
Concentration risk, percentage of revenues generated from either the U.S. Government or contractors to the U.S. Government (in Percent) 87.00% 98.00%
XML 30 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (392,241) $ (956,024)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,771 36,213
Net gain equpiment disposal (6,036)   
Non-cash stock based compensation expense 2,143 15,284
Changes in assets and liabilities:    
Accounts receivable    45,873
Inventory    165
Prepaid expenses, deposits and other assets 49,760 54,117
Accounts payable 2,442 (51,146)
Accrued expenses and deposits (19,140) (135,002)
Net cash used in operating activities (357,301) (990,520)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from disposal of equipment 7,250   
Net cash provided by investing activities 7,250   
CASH FLOWS FROM FINANCING ACTIVITIES:    
Dividends paid (preferred stock)    (87,077)
Net cash used in financing activities    (87,077)
Net decrease in cash and cash equivalents (350,051) (1,077,597)
Cash and cash equivalents, beginning of period 1,079,336 2,622,142
Cash and cash equivalents, end of period 729,285 [1] 1,544,545
Supplemental Cash Flow Information    
Preferred dividends accrued and unpaid $ 311,841 $ 28,542
[1] (Unaudited)
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DIVIDENDS
 6 Months Ended
Jun. 30, 2014
DIVIDENDS [Abstract]  
DIVIDENDS
4. DIVIDENDS

 

As of June 30, 2014, we had 107,172 shares of our 6.5% Series A Convertible Preferred Stock outstanding. The company’s Board of Directors did not declare the dividends due August 1, 2013, November 1, 2013, February 1, 2014, May 1, 2014 and August 1, 2014. Accordingly, the company did not pay these dividends. Accrued dividends payable as of June 30, 2014 is $312,000. Dividend arrearages as of June 30, 2014 is $268,000.

 

Dividends on Preferred Stock are accrued when the amount and kind of the dividend is determined and are payable quarterly on the first day of February, May, August and November, in cash or shares of common stock. The holders of shares of Series A Convertible Preferred Stock are entitled to receive dividends at the initial rate of 6.5% of the liquidation preference per share (the "Initial Dividend Rate"), payable, at the option of the corporation, in cash or shares of common stock or a combination of cash and common stock. Upon the occurrence of the company's failure to pay dividends in the five business days following a dividend payment date (a "Payment Default"), the dividend rate shall immediately and automatically increase to 7.5% of the liquidation preference per share for as long as such Payment Default continues (or return to the Initial Dividend Rate at such time as such Payment Default no longer continues), and if a Payment Default shall occur on two consecutive Dividend Payment Dates, the dividend rate shall immediately and automatically increase to 10% of the Liquidation Preference for as long as such Payment Default continues and shall immediately and automatically return to the Initial Dividend Rate at such time as the Payment Default is no longer continuing.
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