KULR Tech Reports Q2 2024 Financials

TL;DR

KULR's Q2 10-Q shows convertible preferred stock & RSUs. Watch for dilution.

AI Summary

KULR Technology Group, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details various financial instruments and share-based payments, including Series A Convertible Preferred Stock and Restricted Stock Units (RSUs). Specific financial metrics related to these instruments, such as exercise prices, expected terms, and share prices, were reported as of June 30, 2024.

Why It Matters

This filing provides insight into KULR's financial structure and equity compensation, which can impact future dilution and shareholder value.

Risk Assessment

Risk Level: medium — The filing involves financial instruments and share-based payments, which can introduce complexity and potential dilution risks.

Key Numbers

• 2024-06-30 — Reporting Date (End of the fiscal quarter for this 10-Q filing.)
• 2024-01-01 to 2024-06-30 — Period for RSUs (The period during which Restricted Stock Units were active.)
• 2024-01-01 to 2024-03-31 — Period for Series A Preferred Stock (The period during which Series A Convertible Preferred Stock was active.)

Key Players & Entities

• KULR Technology Group, Inc. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of reporting period
• kutg:SeriesaConvertiblePreferredStockMember (financial_instrument) — Type of preferred stock mentioned
• us-gaap:RestrictedStockUnitsRSUMember (financial_instrument) — Type of equity award mentioned

FAQ

Key Financial Figures

• $250,000 — it Insurance Corporation ("FDIC") up to $250,000 at each institution. There were uninsur

Filing Documents

• tmb-20240630x10q.htm (10-Q) — 1835KB
• tmb-20240630xex31d1.htm (EX-31.1) — 13KB
• tmb-20240630xex31d2.htm (EX-31.2) — 13KB
• tmb-20240630xex32d1.htm (EX-32.1) — 11KB
• tmb-20240630x10q006.jpg (GRAPHIC) — 71KB
• tmb-20240630x10q007.jpg (GRAPHIC) — 73KB
• tmb-20240630x10q008.jpg (GRAPHIC) — 50KB
• 0001410578-24-001312.txt ( ) — 10016KB
• tmb-20240630.xsd (EX-101.SCH) — 78KB
• tmb-20240630_cal.xml (EX-101.CAL) — 59KB
• tmb-20240630_def.xml (EX-101.DEF) — 319KB
• tmb-20240630_lab.xml (EX-101.LAB) — 590KB
• tmb-20240630_pre.xml (EX-101.PRE) — 449KB
• tmb-20240630x10q_htm.xml (XML) — 1886KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements . 3 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the Three and Six Months Ended June 30, 2024 5 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2023 6 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 9

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. 26

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 . 38

Risk Factors

Item 1A. Risk Factors . 38

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 38

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities . 38

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 38

Other Information

Item 5. Other Information . 38

Exhibits

Item 6. Exhibits . 39

SIGNATURES

SIGNATURES 40 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 2023 (unaudited) Assets Current Assets: Cash $ 1,016,943 $ 1,194,764 Accounts receivable 1,927,203 901,672 Inventory 535,196 1,149,047 Inventory deposits 10,883 27,500 Prepaid expenses and other current assets 375,756 631,361 Total Current Assets 3,865,981 3,904,344 Property and equipment, net 3,774,695 4,698,144 Equipment deposits 1,360,092 1,332,436 Security deposits 98,371 10,228 Intangible assets, net 648,247 719,395 Right-of-use asset, net 1,478,413 129,202 Deferred financing costs, net 166,651 70,607 Total Assets $ 11,392,450 $ 10,864,356 Liabilities and Stockholders' Equity (Deficit) Current Liabilities: Accounts payable $ 1,060,694 $ 2,769,544 Accrued expenses and other current liabilities 3,750,871 3,463,344 Accrued issuable equity 82,116 13,002 Lease liabilities, current portion 487,369 102,186 Notes payable, net of discount, current portion 641,745 — Prepaid advance liability, net of discount, current portion — — Deferred revenue 224,664 551,021 Total Current Liabilities 6,247,459 6,899,097 Lease liabilities, non-current portion 1,059,898 — Notes payable, non-current portion 250,000 250,000 Prepaid advance liability, net of discount — 5,892,056 Accrued interest — 5,899 Total Liabilities 7,557,357 13,047,052 Commitments and contingencies (Note 11) Stockholders' Equity (Deficit) Preferred stock, $ 0.0001 par value, 20,000,000 shares authorized Series A Preferred Stock, 1,000,000 shares designated; 730,000 and 0 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively; 73 — Series B Convertible Preferred Stock, 31,000 shares designated; none issued and outstanding at June 30, 2024 and December 31, 2023 — — Series C Preferred Stock, 400 sh

View Full Filing

View this 10-Q filing on SEC EDGAR