WISA TECHNOLOGIES, INC. Q1 2024 10-Q Filed

TL;DR

WISA Q1 assets $1.76M, liabilities $222K. Check financials.

AI Summary

WISA TECHNOLOGIES, INC. filed its 10-Q for the period ending March 31, 2024. The company reported total assets of $1.76 million and total liabilities of $222,380. The filing also references previous name changes from Summit Wireless Technologies, Inc. and Summit Semiconductor Inc.

Why It Matters

This filing provides a snapshot of WISA TECHNOLOGIES, INC.'s financial health as of Q1 2024, detailing its assets and liabilities for investors and stakeholders.

Risk Assessment

Risk Level: medium — The company's financial figures are relatively small, and the filing indicates a history of name changes, which could suggest past restructuring or evolving business strategies.

Key Numbers

• $1.76M — Total Assets (As of March 31, 2024)
• $0.22M — Total Liabilities (As of March 31, 2024)

Key Players & Entities

• WISA TECHNOLOGIES, INC. (company) — Filer
• 20240331 (date) — Reporting Period End Date
• $1.76 million (dollar_amount) — Total Assets
• $222,380 (dollar_amount) — Total Liabilities
• Summit Wireless Technologies, Inc. (company) — Former Company Name
• Summit Semiconductor Inc. (company) — Former Company Name

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share WISA The Nasdaq Capital M

Filing Documents

• wisa-20240331x10q.htm (10-Q) — 1427KB
• wisa-20240331xex31d1.htm (EX-31.1) — 10KB
• wisa-20240331xex31d2.htm (EX-31.2) — 10KB
• wisa-20240331xex32d1.htm (EX-32.1) — 6KB
• wisa-20240331xex32d2.htm (EX-32.2) — 6KB
• 0001410578-24-000930.txt ( ) — 8636KB
• wisa-20240331.xsd (EX-101.SCH) — 78KB
• wisa-20240331_cal.xml (EX-101.CAL) — 46KB
• wisa-20240331_def.xml (EX-101.DEF) — 377KB
• wisa-20240331_lab.xml (EX-101.LAB) — 525KB
• wisa-20240331_pre.xml (EX-101.PRE) — 544KB
• wisa-20240331x10q_htm.xml (XML) — 1357KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Stockholders' Equity (Deficit) 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures

Item 4. Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 39

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40

SIGNATURES

SIGNATURES 41 2 Table of Contents

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements WISA TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) March 31, 2024 December 31, 2023 (unaudited) (1) Assets Current Assets: Cash and cash equivalents $ 2,763 $ 411 Accounts receivable 290 294 Inventories 2,579 2,737 Prepaid expenses and other current assets 606 641 Total current assets 6,238 4,083 Property and equipment, net 79 93 Other assets 613 647 Total assets $ 6,930 $ 4,823 Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Deficit Current Liabilities: Accounts payable $ 3,257 $ 2,320 Accrued liabilities 1,088 1,317 Total current liabilities 4,345 3,637 Warrant liabilities 4,621 5,460 Other liabilities 633 636 Total liabilities 9,599 9,733 Commitments and contingencies (Note 8) Series B Convertible Redeemable Preferred Stock, par value $ 0.0001 ; 375,000 shares authorized; 0 and 38,335 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively — 247 Stockholders' Deficit: Common stock, par value $ 0.0001 ; 300,000,000 shares authorized; 1,757,195 and 222,380 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 1 1 Additional paid-in capital 241,665 241,884 Accumulated deficit ( 244,335 ) ( 247,042 ) Total stockholders' deficit ( 2,669 ) ( 5,157 ) Total liabilities, convertible preferred stock and stockholders' deficit $ 6,930 $ 4,823 (1) The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated balance sheet as of that date. Note: Share and per share amounts have been retroactively adjusted to reflect the impact of a 1-for-100 reverse stock split effected in January 2023 as well as a 1-for-150 reverse stock split effected in April 2024, as discussed in Note 1. The accompanying notes are an integral part of these condensed conso

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View this 10-Q filing on SEC EDGAR