Crown Electrokinetics Files Q1 2024 10-Q

TL;DR

CRKN 10-Q filed for Q1 2024. Shows preferred stock details.

AI Summary

Crown Electrokinetics Corp. filed its 10-Q for the period ending March 31, 2024. The company, incorporated in Delaware and headquartered in Corvallis, Oregon, operates in the electronic components sector. Key financial data and preferred stock series information are detailed within the filing.

Why It Matters

This filing provides investors with an update on Crown Electrokinetics' financial performance and position as of the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial updates and does not inherently indicate new risks.

Key Numbers

• 20240331 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240520 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Crown Electrokinetics Corp. (company) — Filer of the 10-Q
• 20240331 (date) — End of the reporting period
• 1110 NE CIRCLE BLVD, CORVALLIS, OR 97330 (address) — Company's business and mailing address
• 475423944 (identifier) — IRS Number
• 001-39924 (identifier) — SEC File Number

FAQ

Key Financial Figures

• $0.0001 — The number of shares of common stock, $0.0001 par value per share, outstanding as of

Filing Documents

• crkn-20240331.htm (10-Q) — 1265KB
• crkn-20240331xex311.htm (EX-31.1) — 10KB
• crkn-20240331xex312.htm (EX-31.2) — 10KB
• crkn-20240331xex321.htm (EX-32.1) — 5KB
• crkn-20240331xex322.htm (EX-32.2) — 5KB
• 0001761696-24-000018.txt ( ) — 8784KB
• crkn-20240331.xsd (EX-101.SCH) — 75KB
• crkn-20240331_cal.xml (EX-101.CAL) — 91KB
• crkn-20240331_def.xml (EX-101.DEF) — 397KB
• crkn-20240331_lab.xml (EX-101.LAB) — 815KB
• crkn-20240331_pre.xml (EX-101.PRE) — 628KB
• crkn-20240331_htm.xml (XML) — 1111KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. Consolidated Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of March 3 1 , 202 4 (Unaudited) and December 31, 202 3 1 Condensed Consolidated Statements of Operations for the Three Months Ended March 3 1 , 202 4 and 202 3 (Unaudited) 2 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 3 1 , 202 4 and 202 3 (Unaudited) 3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 3 1 , 202 4 and 202 3 (Unaudited) 5 Notes to the Condensed Consolidated Financial Statements (Unaudited) 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 31 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 40

Signatures

Signatures 42 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA This Quarterly Report on Form 10-Q contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified by such forward-looking terminology as "may," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of these terms or other comparable terminology. Our forward-looking statements are based on a series of expectations, assumptions, estimates and projections about our company, are not guarantees of future results or performance and involve substantial risks and uncertainty. We may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements. Our business and our forward-looking statements involve substantial known and unknown risks and uncertainties. All of our forward-looking statements are as of the date of this Quarterly Report on Form 10-Q only. In each case, actual results may differ materially from such forward-looking information. We can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of, or any material adverse change in, one or more of the risk factors or risks and uncertainties referred to in this Quarterly Report on Form 10-Q or included in our other public disclosures or our other periodic reports or other documents or filings filed with or furnished to the U.S. Securities and Exchange Commission (the "SEC") could materially and adversely affect our business, prospects, financial condition and results of operations. Exce

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

- Financial Statements

Item 1. - Financial Statements. CROWN ELECTROKINETICS CORP. Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash $ 290 $ 1,059 Prepaid and other current assets 813 728 Accounts receivable, net 776 83 Note receivable 576 — Total current assets 2,455 1,870 Property and equipment, net 3,036 3,129 Intangible assets, net 1,326 1,382 Right-of-use assets 1,533 1,701 Deferred debt issuance costs 362 1,306 Other assets 165 139 TOTAL ASSETS $ 8,877 $ 9,527 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,297 $ 1,500 Accrued expenses 962 1,190 Lease liabilities - current portion 606 655 Warrant liability 23 — Notes payable - Current 93 429 Deferred revenue 1,260 — Warranty customer liability 20 2 Total current liabilities 5,261 3,776 Notes payable - non-current 328 — Lease liabilities - non-current portion 950 1,072 Warranty customer liability long term 20 2 Total liabilities 6,559 4,850 Commitments and Contingencies (Note 14) STOCKHOLDERS' EQUITY: Preferred stock, par value $ 0.0001 ; 50,000,000 shares authorized, no shares outstanding - - Series A preferred stock, par value $ 0.0001 ; 300 shares authorized, 251 shares outstanding as of March 31, 2024 and December 31, 2023; liquidation preference $ 266 as of March 31, 2024 and $ 261 as of December 31, 2023 - - Series B preferred stock, par value $ 0.0001 ; 1,500 shares authorized, 1,443 shares outstanding as of March 31, 2024 and December 31, 2023; liquidation preference $ 1,530 as of March 31, 2024 and $ 1,501 as of December 31, 2023 - - Series C preferred stock, par value $ 0.0001 ; 600,000 shares authorized, 500,756 shares outstanding as of March 31, 2024 and December 31, 2023; liquidation preference $ 541 as of March 31, 2024 and $ 531 as of December 31, 2023 - - Series D preferred stock, par value $ 0.0001 ; $ 7,000 shares authorized, n

View Full Filing

View this 10-Q filing on SEC EDGAR