Ascent Solar Technologies Files 2023 Annual Report on Form 10-K

TL;DR

<b>Ascent Solar Technologies, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Ascent Solar Technologies, Inc. (ASTI) filed a Annual Report (10-K) with the SEC on February 21, 2024. Ascent Solar Technologies, Inc. filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 12300 Grant Street, Thornton, CO 80241. Ascent Solar Technologies, Inc. is classified under SIC code 3674 for Semiconductors & Related Devices. The filing includes details on various financial instruments and agreements, such as convertible notes and securities purchase contracts.

Why It Matters

For investors and stakeholders tracking Ascent Solar Technologies, Inc., this filing contains several important signals. The 10-K filing provides a comprehensive overview of the company's financial health, including its assets, liabilities, and equity, which is crucial for investors to assess its stability and future prospects. This annual report is a key document for understanding Ascent Solar's strategic initiatives, any significant transactions, and potential risks, offering insights into the company's operational landscape and market position.

Risk Assessment

Risk Level: medium — Ascent Solar Technologies, Inc. shows moderate risk based on this filing. The company's financial disclosures in the 10-K, particularly regarding various debt and equity instruments, suggest a complex financial structure that may pose risks to its long-term viability.

Analyst Insight

Investors should carefully review the financial statements and risk factors in the 10-K to understand Ascent Solar's financial position and operational challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Ascent Solar Technologies, Inc.)
• 2024-02-21 — Filing Date (Ascent Solar Technologies, Inc.)
• 3674 — SIC Code (Semiconductors & Related Devices)
• 001-32919 — SEC File Number (Ascent Solar Technologies, Inc.)
• 2022-08-19 — Date (Private Placement Member)
• 2023-09-27 — Date (Common Stock Member)
• 2022-12-19 — Date (Securities Purchase Contract Member)
• 2022-01-01 — Period (L1 Convertible Note)

Key Players & Entities

• Ascent Solar Technologies, Inc. (company) — Filer
• 2023-12-31 (date) — Fiscal Year End
• 2024-02-21 (date) — Filing Date
• 12300 Grant Street, Thornton, CO 80241 (address) — Business Address
• 3674 (industry) — Standard Industrial Classification
• Sabby L One Convertible Note (financial_instrument) — Mentioned in relation to securities purchase contracts
• Series H Preferred Stock (financial_instrument) — Mentioned in relation to common stock
• Common Stock (financial_instrument) — Mentioned in relation to various dates and agreements

FAQ

Risk Factors

• Financial Instruments and Agreements [medium — financial]: The company has entered into various agreements including convertible notes, securities purchase contracts, and preferred stock issuances, which could impact its financial structure and obligations.

Industry Context

Ascent Solar Technologies operates in the semiconductors and related devices industry, a sector characterized by rapid technological advancements and significant capital investment.

Regulatory Implications

As a publicly traded company, Ascent Solar Technologies is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of annual reports on Form 10-K.

What Investors Should Do

1. Review the detailed financial statements in the 10-K for a thorough understanding of the company's financial position.
2. Analyze the risk factors section to identify potential challenges and uncertainties facing Ascent Solar Technologies.
3. Investigate the specific terms and implications of the various convertible notes and securities purchase contracts mentioned in the filing.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-21: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of Ascent Solar's financial health and business operations for the fiscal year.)

Convertible Note

A type of bond or debt that can be converted into shares of common stock in the issuing company. (Indicates potential future dilution of common stock and impacts the company's capital structure.)

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share ASTI Nasdaq Cap
• $3,222,283 — 2023 and 2022 we incurred approximately $3,222,283 and $5,975,921, respectively, in resear
• $5,975,921 — e incurred approximately $3,222,283 and $5,975,921, respectively, in research, development

Filing Documents

• asti-20231231.htm (10-K) — 2627KB
• asti-ex23_1.htm (EX-23.1) — 6KB
• asti-ex31_1.htm (EX-31.1) — 15KB
• asti-ex31_2.htm (EX-31.2) — 15KB
• asti-ex32_1.htm (EX-32.1) — 12KB
• asti-ex32_2.htm (EX-32.2) — 12KB
• asti-ex97.htm (EX-97) — 23KB
• 0000950170-24-017977.txt (&nbsp;) — 11851KB
• asti-20231231.xsd (EX-101.SCH) — 2156KB
• asti-20231231_htm.xml (XML) — 1734KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 15 Item 1C. Cybersecurity 15 Item 2.

Properties

Properties 16 Item 3.

Legal Proceedings

Legal Proceedings 16 Item 4. Mine Safety Disclosures 16 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 17 Item 6. [Reserved] 17 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 23 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 23 Item 9A.

Controls and Procedures

Controls and Procedures 23 Item 9B. Other Information 24 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 24 PART III Item 10. Directors, Executive Officers and Corporate Governance 25 Item 11.

Executive Compensation

Executive Compensation 32 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 36 Item 13. Certain Relationships and Related Transactions, and Director Independence 37 Item 14. Principal Accounting Fees and Services 40 PART IV Item 15. Exhibits, Financial Statement Schedules 41 Item 16. Form 10-K Summary 45

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes "forward-looking statements" that involve risks and uncertainties. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future net sales or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, business trends and other information that is not historical information and, in particular, appear under headings including "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business." When used in this Annual Report, the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "forecasts," "foresees," "likely," "may," "should," "goal," "target," and variations of such words or similar expressions are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All forward-looking statements are based upon information available to us on the date of this Annual Report. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements, including, among other things, the matters discussed in this Annual Report in the sections captioned "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Factors you should consider that could cause these differences are: Our operating history and lack of profitability; Our ability to develop demand for, and sales of, our products; Our ability to attract and retain qualified personnel to implement our business plan and corporate growth strategies; Our ability to develop sales, marketing and distribution capabilities; Our ability to successfully develop and maintain strategic relationship

B usiness

Item 1. B usiness Business Overview Ascent Solar Technologies, Inc. ("Ascent" or the "Company") is a solar technology company that manufactures and sells photovoltaic ("PV") solar modules that are flexible, durable, and possess attractive power to weight and power to area performance. Our technology provides renewable power solutions to high-value production and specialty solar markets where traditional rigid solar panels are not suitable, including aerospace, agrivoltaics, and niche manufacturing/construction sectors. We operate in these target markets because they have highly specialized needs for power generation and offer attractive pricing due to the significant technological requirements. We believe the value proposition of Ascent's proprietary solar technology not only aligns with the needs of customers in our target markets, but also overcomes many of the obstacle's other solar technologies face in space, aerospace and other markets. Ascent designs and develops finished products for end users in these areas and collaborates with strategic partners to design and develop integrated solutions for products like satellites, spacecraft, airships and fixed-wing unmanned aerial vehicles ("UAVs"). Ascent sees significant overlap in the needs of end users across some of these markets and believes it can achieve economies of scale in sourcing, development, and production in commercializing products for these customers. The integration of Ascent's solar modules into space, near space, and aeronautic vehicles with ultra-lightweight and flexible solar modules is an important market opportunity for the Company. Customers in this market have historically required a high level of durability, high voltage and conversion efficiency from solar module suppliers, and we believe our products are well suited to compete in this premium market and will fill a void in the satellite market with a lower cost, lighter module and a product that, if struck by an object in space, wi

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