Ascent Solar Technologies Files 10-Q, Details Financials

TL;DR

ASTI 10-Q filed. Bridge loans, preferred stock, and a Wainwright engagement from Aug 2023 mentioned. Check financials.

AI Summary

Ascent Solar Technologies, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial status, including details on its bridge loans and preferred stock. Notably, the filing references an engagement letter with Wainwright dated August 15, 2023.

Why It Matters

This filing provides investors with a quarterly update on Ascent Solar's financial health and any significant financial instruments or agreements.

Risk Assessment

Risk Level: medium — The filing details financial instruments like bridge loans and preferred stock, which can indicate financial strain or complex capital structures.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the latest financial snapshot provided.)
• 2023-12-31 — Previous Year End Date (Provides a comparative point for financial analysis.)
• 2023-08-15 — Wainwright Engagement Date (Marks the start of a significant business relationship.)

Key Players & Entities

• Ascent Solar Technologies, Inc. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of reporting period
• 2023-08-15 (date) — Date of Wainwright Engagement Letter
• Wainwright (company) — Party to an engagement letter
• L1CapitalGlobalOpportunitiesMasterFundLtd (company) — Mentioned in relation to financial reporting

FAQ

Filing Documents

• asti-20240630.htm (10-Q) — 1755KB
• asti-ex31_1.htm (EX-31.1) — 11KB
• asti-ex31_2.htm (EX-31.2) — 12KB
• asti-ex32_1.htm (EX-32.1) — 7KB
• asti-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-091911.txt ( ) — 7172KB
• asti-20240630.xsd (EX-101.SCH) — 1306KB
• asti-20240630_htm.xml (XML) — 864KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Unaudited Condensed Financial Statements 1 Unaudited Condensed Balance Sheets - as of June 30, 2024 and December 31, 2023 1 Unaudited Condensed Statements of Operations and Comprehensive Income - For the Three and Six Months Ended June 30, 2024 and 2023 2 Unaudited Condensed Statements of Changes in Stockholders' Equity (Deficit) - For the Three and Six Months Ended June 30, 2024 and 2023 3 Unaudited Condensed Statements of Cash Flow - For the Six Months Ended June 30, 2024 and 2023 5 Notes to the Unaudited Condensed Financial Statements 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22

OTHER INFORMATION

PART II. OTHER INFORMATION 24 Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 26 Item 6. Exhibits 27

SIGNATURES

SIGNATURES 32 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q 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 "Overview." When used in this Quarterly 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. All forward-looking statements are based upon information available to us on the date of this Quarterly 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 Quarterly 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 relationships with key partners; The accuracy of our estimates and projections; Ou

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Condensed Financial Statements

Item 1. Condensed Financial Statements CONDENSED BALANCE SHEETS (unaudited) June 30, December 31, 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 5,785,058 $ 1,048,733 Trade receivables, net of allowance of $ 0 and $ 0 , respectively 22,324 - Inventories, net 460,856 447,496 Prepaid and other current assets 149,451 39,279 Total current assets 6,417,689 1,535,508 Property, Plant and Equipment: 19,679,497 21,177,892 Accumulated depreciation ( 19,412,704 ) ( 20,131,008 ) Property, Plant and Equipment, net 266,793 1,046,884 Other Assets: Operating lease right-of-use assets, net 2,129,854 2,364,672 Patents, net of accumulated amortization of $ 178,704 and $ 173,387 respectively 48,661 53,978 Equity method investment 64,931 68,867 Other non-current assets 1,228,399 1,228,797 3,471,845 3,716,314 Total Assets $ 10,156,327 $ 6,298,706 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities: Accounts payable $ 657,140 $ 579,237 Related party payables 5,769 4,231 Accrued expenses 1,096,959 1,354,159 Accrued payroll 238,834 160,477 Accrued professional services fees 161,258 849,282 Accrued interest 638,633 628,145 Current portion of operating lease liability 533,503 491,440 Conversions payable (Note 12) - 1,089,160 Current portion of convertible notes, net - 354,936 Bridge loan 637,751 - Other payable 250,000 250,000 Total current liabilities 4,219,847 5,761,067 Long-Term Liabilities: Non-current operating lease liabilities 1,762,575 2,043,025 Accrued warranty liability 21,225 21,225 Total liabilities 6,003,647 7,825,317 Commitments and contingencies (Note 17) Stockholders' Equity (Deficit): Series A preferred stock, $ .0001 par value; 750,000 shares authorized; 48,100 and 48,100 shares issued and outstanding, respectively ($ 923,386 and

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View this 10-Q filing on SEC EDGAR