Crown Electrokinetics Files Q3 2024 10-Q

TL;DR

CRKN 10-Q filed: Q3 2024 financials out, preferred stock details updated.

AI Summary

Crown Electrokinetics Corp. filed its 10-Q for the period ending September 30, 2024. The company, operating in electronic components, reported its financial status. Key details regarding preferred stock series A through F are noted, with specific dates for the periods ending September 30, 2024, and December 31, 2023.

Why It Matters

This filing provides investors with an update on Crown Electrokinetics' financial health and operational status for the third quarter of 2024, including details on their preferred stock structure.

Risk Assessment

Risk Level: medium — The filing details preferred stock series, which can indicate complex capital structures and potential dilution risks for common shareholders.

Key Players & Entities

• Crown Electrokinetics Corp. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of reporting period
• 2023-12-31 (date) — Previous year-end reporting date
• Series A Preferred Stock (dollar_amount) — Preferred stock series mentioned
• Series B Preferred Stock (dollar_amount) — Preferred stock series mentioned
• Series C Preferred Stock (dollar_amount) — Preferred stock series mentioned
• Series D Preferred Stock (dollar_amount) — Preferred stock series mentioned
• Series E Preferred Stock (dollar_amount) — Preferred stock series mentioned
• Series F Preferred Stock (dollar_amount) — Preferred stock series mentioned
• Series F1 Preferred Stock (dollar_amount) — Preferred stock series mentioned

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value CRKN The Nasdaq Capital Mar

Filing Documents

• crkn-20240930.htm (10-Q) — 2008KB
• crkn-20240930xex311.htm (EX-31.1) — 10KB
• crkn-20240930xex312.htm (EX-31.2) — 10KB
• crkn-20240930xex321.htm (EX-32.1) — 5KB
• crkn-20240930xex322.htm (EX-32.2) — 5KB
• 0001761696-24-000107.txt ( ) — 9442KB
• crkn-20240930.xsd (EX-101.SCH) — 69KB
• crkn-20240930_cal.xml (EX-101.CAL) — 78KB
• crkn-20240930_def.xml (EX-101.DEF) — 350KB
• crkn-20240930_lab.xml (EX-101.LAB) — 674KB
• crkn-20240930_pre.xml (EX-101.PRE) — 495KB
• crkn-20240930_htm.xml (XML) — 1545KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 2 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited) 8 Notes to the Condensed Consolidated Financial Statements (Unaudited) 14 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 42 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 4.

Controls and Procedures

Controls and Procedures 50

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 52 Item 1A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 3. Defaults Upon Senior Securities 52 Item 4. Mine Safety Disclosures 52 Item 5. Other Information 52 Item 6. Exhibits 53

Signatures

Signatures 55 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) September 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash $ 3,087 $ 1,059 Accounts and retention receivables 4,869 83 Contract assets 255 — Prepaid and other current assets 382 728 Note receivable 158 — Total current assets 8,751 1,870 Prepaid expenses - non-current 210 — Property and equipment, net 5,316 3,129 Intangible assets, net 1,213 1,382 Right-of-use assets 1,720 1,701 Deferred debt issuance costs 223 1,306 Other assets 191 139 TOTAL ASSETS $ 17,624 $ 9,527 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,337 $ 1,500 Accrued expenses 917 1,194 Lease liabilities - current 639 655 Notes payable - current 128 429 Contract liabilities 240 — Total current liabilities 6,261 3,778 Notes payable - non-current 310 — Lease liabilities - non-current 1,130 1,072 Total liabilities 7,701 4,850 Commitments and contingencies (Note 10) STOCKHOLDERS' EQUITY: Preferred stock, par value $ 0.0001 ; 50,000,000 shares authorized, no shares issued and outstanding — — Series A preferred stock, par value $ 0.0001 ; 300 shares authorized, no issued and shares outstanding as of September 30, 2024, and 251 shares issued and outstanding as of December 31, 2023; liquidation preference zero as of September 30, 2024 and $ 261 as of December 31, 2023 — — Series B preferred stock, par value $ 0.0001 ; 1,500 shares authorized, no shares issued and outstanding as of September 30, 2024, and 1,443 shares issued and outstanding as of December 31, 2023; liquidation preference zero as of September 30, 2024 and $ 1,501 as of December 31, 2023 — — Series C preferred stock, par value $ 0.0001 ; 600,000 shares authorized, no shares issued and outstanding as of September 30, 2024, and 500,756 shares issued and outstanding as of December 31, 2023; liquidation prefe

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View this 10-Q filing on SEC EDGAR