Price Graph
Price
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These terms and conditions govern your use of the website alphaminr.com and its related services.
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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20-3672603
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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12300 Grant Street, Thornton, CO
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80241
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(Address of principal executive offices)
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(Zip Code)
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Title of Each Class
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Name of Each Exchange on Which Registered
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Common Stock, $0.0001 par value per share
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The NASDAQ Global Market
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
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Item 1.
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Item 1A.
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Item 1B.
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Item 14.
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Item 15.
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Our limited operating history and lack of profitability;
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Our ability to successfully design, manufacture and sell our EnerPlex™ line of consumer products;
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Our ability to develop demand for, and sales of, our products;
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Our ability to attract and retain qualified personnel to implement our business plan and corporate growth strategies;
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Our ability to develop sales, marketing and distribution capabilities;
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Our strategic alliance with TFG Radiant results in the design, manufacture and sale of sufficient products to achieve profitability;
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Our ability to successfully develop and maintain strategic relationships with key partners, including OEMs, system integrators, distributors, retailers and e-commerce companies, who deal directly with end users in our target markets;
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The accuracy of our estimates and projections;
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Our ability to secure additional financing to fund our short-term and long-term financial needs;
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Our ability to maintain the listing of our common stock on the NASDAQ Capital Market;
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The commencement, or outcome, of legal proceedings against us, or by us, including ongoing ligation proceedings;
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Changes in our business plan or corporate strategies;
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The extent to which we are able to manage the growth of our operations effectively, both domestically and abroad, whether directly owned or indirectly through licenses;
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The supply, availability and price of equipment, components and raw materials, including the elements needed to produce our photovoltaic modules;
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Our ability to expand and protect the intellectual property portfolio that relates to our consumer electronics, photovoltaic modules and processes;
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General economic and business conditions, and in particular, conditions specific to consumer electronics and the solar power industry; and
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Other risks and uncertainties discussed in greater detail in the section captioned "Risk Factors."
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CIGS versus a-Si:
Although a-Si, like CIGS, can be deposited on a flexible substrate, its conversion efficiency, which already is generally much lower than that of CIGS, measurably degrades when it is exposed to ultraviolet light, including natural sunlight. To mitigate such degradation, manufacturers of a-Si solar cells are required to implement measures that add cost and complexity to their manufacturing processes.
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CIGS versus CdTe:
Although CdTe modules have achieved conversion efficiencies that are generally comparable to CIGS in production, we believe CdTe has never been successfully applied to a flexible substrate on a commercial scale. We believe the use of CdTe on a rigid, transparent substrate, such as glass, makes CdTe unsuitable for a number of the applications. We also believe CIGS can achieve higher conversion efficiencies than CdTe in production.
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We are a pioneer in CIGS technology with a proprietary, flexible, lightweight, high efficiency PV thin film product that positions us to penetrate a wide range of attractive high value added markets such as consumer products, off grid, portable power, transportation, defense, aerial, and other markets.
By applying CIGS to a flexible plastic substrate, we have developed a PV module that is efficient, lightweight and flexible. The market for electronic components, such as electronic packages, casings and accessories, as well as defense portable power systems, transportation integrated applications and space and near-space solar power application solutions represent a significant premium market for the company. Relative to our thin film competitors, we believe our advantage in thin film CIGS on plastic technology provides us with a superior product offering for these strategic market segments.
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We have the ability to manufacture PV modules for different markets and for customized applications without altering our production processes.
Our ability to produce PV modules in customized shapes and sizes, or in a variety of shapes and sizes simultaneously, without interrupting our production flow, provides us with flexibility in addressing target markets and product applications, and allows us to respond quickly to changing market conditions. Many of our competitors are limited by their technology and/or their manufacturing processes to a more restricted set of product opportunities.
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Our integrated, roll-to-roll manufacturing process and proprietary monolithic integration techniques provide us a potential cost advantage over our competitors.
Historically, manufacturers have formed PV modules by manufacturing individual solar cells and then interconnecting them. Our large format, roll-to-roll manufacturing process allows for integrated continuous production. In addition, our proprietary monolithic integration techniques allow us to utilize laser patterning to create interconnects, thereby creating PV modules at the same time we create PV cells. In so doing, we are able to reduce or eliminate an entire back end processing step, saving time as well as labor and manufacturing costs relative to our competitors.
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Our lightweight, powerful, and durable solar panels provide a performance advantage over our competitors.
For consumer applications where a premium is placed on the weight and profile of the product such as phone cases
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our ability
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Our strategic relationship with TFG Radiant provides us with direct access to a potentially large customer base in the East Asia market, sophisticated low cost contract manufacturing suppliers and consumer product design capability.
TFG Radiant is a joint venture between Radiant Group, a Chinese conglomerate in construction and real estate, and Tertius Financial Group, a private investment firm based in Singapore. The combined entity, with more than 3,000 personnel, operates various businesses across China, Indonesia, Singapore and Malaysia, including metal roofing and facades, import/export trading, real estate investment, project management and consultation, new energy development, manufacturing and distribution and gold mining.
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Our proven research and development capabilities position us to continue the development of next generation PV modules and technologies.
Our ability to produce CIGS based PV modules on a flexible plastic substrate is the result of a concerted research and development effort that began more than twenty years ago. We continue to pursue research and development in an effort to drive efficiency improvements in our current PV modules and to work toward next generation technologies and additional applications.
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Our manufacturing process can be differentiated into two distinct functions; a front end module manufacturing process and a back end packaging process.
Our ability to produce finished unpackaged rolls of CIGS material for shipment worldwide to customers for encapsulation and integration into various products enhances our ability to work with partners internationally.
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1.
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US Patent No. 7,271,333 entitled “Apparatus and Method of Production of Thin-Film Photovoltaic Modules” (issued September 18, 2007)
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2.
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US Patent No. 7,812,247 entitled “Flexible Photovoltaic Array With Integrated Wiring And Control Circuitry, And Associated Methods” (issued October 12, 2010; (co-owned with PermaCity Corporation)
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3.
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US Patent No. 8,021,905 entitled “Machine and Process for Sequential Multi-Sublayer Deposition of Copper Indium Gallium Diselenide Compound Semiconductors” (issued September 20, 2011)
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4.
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US Patent No. 8,124,870 entitled “Systems and Processes for Bifacial Collection and Tandem Junctions Using a Thin film Photovoltaic Device” (issued February 28, 2012)
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5.
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US Patent No. 8,207,442 entitled “Reinforcing Structures for Thin film Photovoltaic Device Substrates, and Associated Methods” (issued June 26, 2012)
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6.
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ECD No. 002180353-0001 entitled “Mobile Electronic Device Case” (issued February 12, 2013)
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7.
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ECD No. 002180353-0002 entitled “Mobile Electronic Device Case” (issued February 12, 2013)
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8.
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ECD No. 002180353-0003 entitled “Mobile Electronic Device Case” (issued February 12, 2013)
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9.
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US Patent No. 8,426,725 entitled “Apparatus and Method for Hybrid Photovoltaic Device Having Multiple, Stacked, Heterogeneous, Semiconductor Junctions” (issued April 23, 2013)
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10.
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US Patent No. 8,465,589 entitled “Machine and Process for Sequential Multi-Sublayer Deposition of Copper Indium Gallium Diselenide Compound Semiconductors” (issued June 18, 2013)
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11.
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CN Patent ZL201330040305.1 entitled “Mobile Electronic Device Case” (issued January 1, 2014)
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12.
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US Patent No. D697,502 entitled "Mobile Electronic Device Case” (issued January 14, 2014)
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13.
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KR Patent No. 30-0727960 entitled “Mobile Electronic Device Case” (issued January 28, 2014)
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14.
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US Patent No. 8,648,253 entitled “Machine and Process for Continuous, Sequential, Deposition of Semiconductor Solar Absorbers Having Variable Semiconductor Composition Deposited in Multiple Sublayers” (issued February 11, 2014)
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15.
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US Patent No. 8,716,591 entitled “Array of Monolithically Integrated Thin Film PhotoVoltaic Cells and Associated Methods” (issued May 6, 2014)
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1.
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"Flexible Photovoltaic Array with Integrated Wiring and Control Circuitry, and Associated Methods" (US 12/901,963) (filed October 11, 2010) (co-owned with PermaCity Corporation)
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2.
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“Cd-Free, Oxide Buffer Layers for Thin Film CIGS Solar Cells By Chemical Solution Deposition Methods” (US 13/227,935) (filed September 8, 2011)
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3.
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“Systems and Processes for Bifacial Collection and Tandem Junctions Using a Thin film Photovoltaic Device” (US 13/406,376) (filed February 27, 2012)
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4.
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“Multilayer Thin Film Back Contact System for Flexible Photovoltaic Devices on Polymer Substrates” (US 13/572,387) (filed August 10, 2012)
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5.
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“Multilayer Thin Film Back Contact System for Flexible Photovoltaic Devices on Polymer Substrates” (PCT/US2012/050398) (filed August 10, 2012)
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6.
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“Apparatus and Method for Hybrid Photovoltaic Device Having Multiple, Stacked, Heterogeneous, Semiconductor Junctions” (US 13/770,693) (filed February 19, 2013)
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7.
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“Apparatus and Method for Hybrid Photovoltaic Device Having Multiple, Stacked, Heterogeneous, Semiconductor Junctions” (EP 11804861.0) (filed December 13, 2011)
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8.
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“Subtractive Hinge and Associated Methods (US 13/783,336) (filed March 3, 2013)
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9.
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“Subtractive Hinge and Associated Methods (PCT/US 2013/28,929) (filed March 4, 2013)
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10.
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“System For Housing And Powering A Battery-Operated Device And Associated Methods” (US 13/802,713) (filed March 14, 2013)
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11.
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“System For Housing And Powering A Battery-Operated Device And Associated Methods” (US 13/802,719) (filed March 14, 2013)
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12.
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“System For Housing And Powering A Battery-Operated Device And Associated Methods” (PCT/US2013/34988) (filed April 2, 2013)
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13.
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“Photovoltaic Assembly and Associated Methods” ( US 14/038,096) (filed September 26, 2013)
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14.
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“Photovoltaic Assembly and Associated Methods” (PCT/US2013/62355) (filed September 27, 2013)
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15.
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“Flexible High-Voltage Adaptable Current Photovoltaic Modules and Associated Methods” (US 14/041,886) (filed September 30, 2013)
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16.
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“Hybrid Multi-Junction Photovoltaic Cells And Associated Methods” (US 14/100,960) (filed December 9, 2013)
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17.
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“System For Housing And Powering A Battery-Operated Device And Associated Methods” (PCT/US2013/74936) (filed December 13, 2013)
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18.
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“Systems And Methods For Thermally Managing High-Temperature Processes On Temperature Sensitive Substrates” (US 14/150,376) (filed January 8, 2014)
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19.
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“Systems And Methods For Thermally Managing High-Temperature Processes On Temperature Sensitive Substrates” (PCT/US2014/10867) (filed January 8, 2014)
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20.
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“Multilayer Thin-Film Back Contact System For Flexible Photovoltaic Devices On Polymer Substrates” (US 14/198,209) (filed March 5, 2014)
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21.
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“Multilayer Thin-Film Back Contact System For Flexible Photovoltaic Devices On Polymer Substrates” (US 14/210,209) (filed March 13, 2014)
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22.
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“Array Of Monolithically Integrated Thin Film Photovoltaic Cells And Associated Methods” (14/252,485) (filed April 14, 2014)
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1.
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EnerPlex (mark and design w/ grid detail) - US 4,401,807 China 11804551; EU 011355369; Japan 5600832; Korea 40-1020248; Australia 1,527,553; OAPI 73451; South Africa 2012/31627; Hong Kong 302442717; Macau N/71132; Singapore T1217709F; Taiwan 01624384; Vietnam 223879; Mexico 1,405,366)
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EnerPlex (mark and design without grid detail) - US 4,441,523; EU 11853876; Japan 5610319; Korea 40-1048532; Australia 1,559,524; OAPI 75285; Hong Kong 302622898; Singapore T1308445H; Taiwan 01648553; Mexico 1403410
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3.
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EnerPlex Generatr - EU13147574; Australia 1637511
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4.
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EnerPlex Jumpr - US 4,441,347; EU 11790177; Japan 5646129; Korea 40-1033457; Australia 1,554,970; OAPI 75085; Hong Kong 302595952; Macau N/75202; SingaporeT1307002C; Taiwan 01627192; Mexico 1,392,564
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5.
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EnerPlex Kickr - US 4,433,827; EU 11801206; Japan 5640120; Korea 40-1033491; Australia 1,554,971; OAPI 75102; Hong Kong 302603150; Macau N/75398; Malaysia 2013054491; Singapore T1307338C; Taiwan 01627197; Mexico 1,392,566
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6.
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EnerPlex Packr (85/973,369) - EU12467304; Japan 5695212; Australia 1,597,385; Hong Kong 302847916; Mexico 1451103; Mexico 1457619; Macau N/81856
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7.
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EnerPlex Surfr - US4,441,391; EU11853471; Japan 5623478; Korea 40-1033488; Australia 1,559,525; OAPI 75286; Hong Kong 302622825; Macau N/75728; Singapore T1308608F; Taiwan 01627233; Mexico 1,403,409
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8.
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Wavesol - US 3,971,627
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9.
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“Always in Charge” - EUROPE 12092094; Singapore T1402602H
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10.
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“Transforming Everyday Life” - US 4,401,811; EU 011557394; Japan 5606585; Korea 40-1040564; Australia 1,539,874; OAPI 74176; South Africa 2013/03984; Hong Kong 302521115; Mexico 1383539
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we can generate customer acceptance of and demand for our products;
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our products are successfully and timely certified for use in our target markets;
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we successfully operate production tools to achieve the efficiencies, throughput and yield necessary to reach our cost targets;
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the products we design are saleable at a price sufficient to generate profits;
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our ability to complete installation of manufacturing equipment and ramp up production at our Suqian JV;
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we raise sufficient capital to enable us to reach a level of sales sufficient to achieve profitability on terms favorable to us;
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we are able to design, manufacture, market, distribute and sell our newly introduced line of consumer oriented products;
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we successfully develop and maintain strategic relationships with key partners, including OEMs, system integrators and distributors, retailers and e-commerce companies, who deal directly with end users in our target markets;
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our ability to maintain the listing of our common stock on the NASDAQ Global Market;
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our ability to achieve projected operational performance and cost metrics;
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our ability to enter into commercially viable licensing, joint venture, or other commercial arrangements; and
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availability of raw materials.
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we can achieve and maintain customer acceptance of our new consumer oriented products;
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we can rapidly develop and successfully introduce large numbers of new consumer oriented products in response to changing consumer preferences, the introduction of new consumer electronics products (such as new mobile phone models) that our EnerPlex™ products are designed to extend their battery life, and the introduction of new products by competing manufacturers;
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we can maintain an adequate level of product quality over multiple consumer oriented products which must be designed, manufactured and introduced rapidly to keep pace with changing consumer preferences and competitive factors;
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we can successfully manage our third party contract manufacturers located outside the U.S. on whom we are heavily dependent for the production of our consumer oriented products;
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we can successfully distribute our consumer oriented products through distributors, wholesalers, internet retailers and traditional retailers (many of whom distribute products from competing manufacturers) on whom we are heavily dependent; and
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we can successfully manage the inventory and other asset risks associated with the manufacture and sale of consumer electronic products, given the rapid and unpredictable pace of product obsolescence in such consumer markets.
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difficulty in procuring supplies and supply contracts abroad;
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difficulty in enforcing agreements in foreign legal systems;
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foreign countries imposing additional withholding taxes or otherwise taxing our foreign income, imposing tariffs or adopting other restrictions on foreign trade and investment, including currency exchange controls;
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inability to obtain, maintain or enforce intellectual property rights;
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risk of nationalization;
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changes in general economic and political conditions in the countries in which we may operate, including changes in the government incentives we might rely on;
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unexpected adverse changes in foreign laws or regulatory requirements, including those with respect to environmental protection, export duties and quotas;
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difficulty with staffing and managing widespread operations;
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trade barriers such as export requirements, tariffs, taxes and other restrictions and expenses, which could increase the prices of our products and make us less competitive in some countries; and
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difficulty of, and costs relating, to compliance with the different commercial and legal requirements of the international markets in which we plan to offer and sell our PV products.
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incur, guarantee, assume or suffer to exist any indebtedness (other than permitted indebtedness under the Notes);
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declare or pay cash dividends;
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redeem or repurchase equity interests;
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permit liens on our properties or assets (other than permitted liens under the Notes); and
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repay certain indebtedness in cash if an event of default has occurred.
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require us to dedicate a substantial portion of our future cash flows from operations and other capital resources to debt service;
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make it difficult for us to obtain necessary financing in the future for working capital, acquisitions or other purposes on favorable terms, if at all;
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make it more difficult for us to be acquired;
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make us more vulnerable to industry downturns and competitive pressures; and
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limit our flexibility in planning for, or reacting to, changes in our business.
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faulty human judgment and simple errors, omissions or mistakes;
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fraudulent action of an individual or collusion of two or more people;
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inappropriate management override of procedures; and
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the possibility that any enhancements to controls and procedures may still not be adequate to assure timely and accurate financial information.
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authorizing the issuance of “blank check” preferred stock, the terms of which may be established and shares of which may be issued without stockholder approval;
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dividing our Board into three classes;
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limiting the removal of directors by the stockholders; and
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limiting the ability of stockholders to call a special meeting of stockholders.
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Low
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Fiscal 2013
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First Quarter
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$
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7.40
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$
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5.10
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Second Quarter
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$
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9.40
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$
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5.30
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Third Quarter
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$
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11.60
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$
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7.30
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Fourth Quarter
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$
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10.70
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$
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6.30
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Fiscal 2014
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First Quarter
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$
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7.50
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$
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6.10
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Second Quarter
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$
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5.90
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$
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3.50
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Third Quarter
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$
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4.70
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$
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1.82
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Fourth Quarter
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$
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2.11
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$
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1.03
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our ability to generate customer acceptance of and demand for our products;
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successful ramping up of commercial production on the equipment installed;
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our products are successfully and timely certified for use in our target markets;
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successful operating of production tools to achieve the efficiencies, throughput and yield necessary to reach our cost targets;
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our strategic alliance with TFG Radiant results in the design, manufacture and sale of sufficient products to achieve profitability;
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•
|
our ability to raise sufficient capital to enable us to reach a level of sales sufficient to achieve profitability on terms favorable to us;
|
|
•
|
we are able to successfully design, manufacture, market, distribute and sell our newly introduced line of consumer oriented products;
|
|
•
|
our ability to successfully develop and maintain strategic relationships with key partners, including OEMs, system integrators, distributors, retailers and e-commerce companies, who deal directly with end users in our target markets;
|
|
•
|
our ability to maintain the listing of our common stock on the NASDAQ Capital Market;
|
|
•
|
our ability to achieve projected operational performance and cost metrics;
|
|
•
|
our ability to enter into commercially viable licensing, joint venture, or other commercial arrangements; and
|
|
•
|
availability of raw materials.
|
|
1.
|
Materials and Equipment Related expenses increased $3,404,000 for the twelve months ended December 31, 2014 as compared to the twelve months ended December 31, 2013. The increase was due to our increased sales for 2014 as compared to 2013. Management expects materials and equipment related expenses to increase as our sales and manufacturing production increases.
|
|
2.
|
Personnel related expenses increased $271,000 as compared to 2013. $131,000 of this increase was related to non-cash stock compensation expense. The overall increase in personnel related costs was primarily due to increase in employee related insurance premiums. Management expects personnel related expenses to remain relatively consistent with 2014 levels during 2015.
|
|
3.
|
Consulting and Contract Services decreased by $637,000 from the prior year. The decrease in expense as compared to the prior year was primarily attributed to the termination of the consulting services contract with TFGR, effective March 31, 2014. Management expects this expense to remain consistent with 2014 levels during 2015.
|
|
4.
|
Facility Related Expenses increased $118,000 during the twelve months ended December 31, 2014. The increase was primarily due to increased utilities expenses at our manufacturing facility in Thornton, CO. Management expects this expense to increase as our manufacturing production increases.
|
|
1.
|
Personnel related costs increased $1,378,000 during the twelve months ended December 31, 2014. $82,000 of this increase was related to non-cash stock compensation expense. The overall increase in personnel related costs was due to additional sales and management personnel hired during 2014 in order to facilitate our expected increase in sales. The Company does not anticipate a significant change in employee headcount for 2015.
|
|
2.
|
Marketing and related expenses increased $3,910,000 as compared to the prior year. This increase was due to our aggressive marketing and advertising campaigns throughout 2014 in order to build our brand, which included television advertisements, print advertisements, and trade shows. We believe we have seen positive results from our marketing and advertising strategy as evidenced by our increased revenues in 2014. We expect marketing and related expenses in 2015 to remain consistent with 2014 levels.
|
|
3.
|
Legal expenses decreased by $1,520,000 from the prior year. The Company incurred significant legal expenses in the prior year associated with the Jefferies settlement, including the actual settlement amount.
|
|
4.
|
Public Company costs increased $953,000 as compared to 2013 primarily from legal expenses associated with additional SEC filings required by our financing transactions that occurred during the course of 2014. We believe the
|
|
5.
|
Consulting and contract services increased $2,062,000 during the twelve months ended December 31, 2014 due to staffing costs associated with our kiosks. Management expects this expense to significantly decrease during 2015 as we transition to automated kiosks that do not require significant staffing expense.
|
|
1.
|
Interest Expense increased $3,677,000 as compared to 2013. The increase is due to non-cash interest expense and amortization of debt discounts related to the Notes and Series D Preferred Stock. We expect non-cash interest expense related to our Notes to increase in 2015 due to the $32,000,000 outstanding balance as of December 31, 2014.
|
|
2.
|
We incurred $300,000 in non-cash expenses as a result of penalty shares issued in connection with our Series C Preferred Stock. This was a one-time non-recurring expense.
|
|
3.
|
Loss on Extinguishment of liabilities increased $2,831,000 as compared to 2013. The increase in this non-cash expense is a result of extinguishments of liabilities related to Series A, Series B, Series C, and Series D preferred stock. Management expects these non-cash expenses to continue going forward into 2015 due to our November 2014 financing transaction.
|
|
4.
|
We incurred $4,037,000 in non-cash interest expense as a result of the liability classified warrants associated with the Notes and Series D Preferred Stock. This was a one-time non-recurring expense.
|
|
5.
|
Change in fair value of derivative liabilities fluctuated $3,255,000 as compared to 2013, resulting in a net gain as of December 31, 2014. The fluctuation in this non-cash item relates to the change in fair value of our derivative liabilities associated with our Warrant Liability, Series A, Series B, Series C, and Series D Preferred Stock, as well as our derivative associated with the Notes.
|
|
|
(Increase) decrease
in Net Loss
For the Year Ended
December 31, 2014
Compared to the Year Ended
December 31, 2013
|
||
|
Revenues
|
$
|
4,019,000
|
|
|
Research, development and manufacturing operations expenses
|
|
||
|
Materials and Equipment Related Expenses
|
(3,404,000
|
)
|
|
|
Personnel Related Expenses
|
(271,000
|
)
|
|
|
Consulting and Contract Services
|
637,000
|
|
|
|
Facility Related Expenses
|
(118,000
|
)
|
|
|
Other Miscellaneous Costs
|
(16,000
|
)
|
|
|
Selling, general and administrative expenses
|
|
||
|
Personnel Related Expenses
|
(1,378,000
|
)
|
|
|
Marketing Related Expenses
|
(3,910,000
|
)
|
|
|
Legal Expenses
|
1,520,000
|
|
|
|
Public Company Costs
|
(953,000
|
)
|
|
|
Consulting and Contract Services
|
(2,062,000
|
)
|
|
|
Other Miscellaneous Costs
|
(182,000
|
)
|
|
|
Impairment loss
|
498,000
|
|
|
|
Other Income/(Expense)
|
|
||
|
Interest Expense
|
(3,677,000
|
)
|
|
|
Other Income
|
(13,000
|
)
|
|
|
Non-Cash Preferred C Penalty Shares
|
(300,000
|
)
|
|
|
Non-Cash Loss on Extinguishment of Liabilities
|
(2,831,000
|
)
|
|
|
Deemed (non-cash) Interest Expense on Warrant Liability
|
(4,037,000
|
)
|
|
|
Non-Cash Change in Fair Value of Derivative Liabilities
|
3,255,000
|
|
|
|
Increase to Net Loss
|
$
|
(13,223,000
|
)
|
|
|
|
|
|
Payments Due by Year
(in thousands)
|
||||||||||||||||
|
Contractual Obligations
|
|
Total
|
|
Less Than
1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More Than
5 Years
|
||||||||||
|
Long-term debt obligations
|
|
$
|
10,566
|
|
|
$
|
1,294
|
|
|
$
|
3,031
|
|
|
$
|
2,022
|
|
|
$
|
4,219
|
|
|
Operating lease obligations
|
|
122
|
|
|
122
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Purchase obligations
|
|
1,777
|
|
|
1,777
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Total
|
|
$
|
12,465
|
|
|
$
|
3,193
|
|
|
$
|
3,031
|
|
|
$
|
2,022
|
|
|
$
|
4,219
|
|
|
•
|
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;
|
|
•
|
provide reasonable assurance transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
|
|
•
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.
|
|
|
|
Number of securities
to be issued upon
exercise of outstanding
options, warrants and
rights (1)
|
|
Weighted average
exercise price of
outstanding
options, warrants and
rights
|
|
Number of securities
remaining available
for future issuance
under equity
compensation plans
|
||||
|
Equity compensation plans approved by security holders
|
|
194,277
|
|
|
$
|
14.67
|
|
|
4,345,055
|
|
|
|
|
|
|
|
|
|
||||
|
(1)
|
This column does not include 10,291 restricted stock awards or units.
|
|
(1)
|
Financial Statements—See Index to Financial Statements at Item 8 of the Annual Report on Form 10-K.
|
|
(2)
|
Financial Statement Schedules—Supplemental schedules are not provided because of the absence of conditions under which they are required or because the required information is given in the financial statements or notes thereto.
|
|
(3)
|
Exhibits: See Item 15(b) below.
|
|
ASCENT SOLAR TECHNOLOGIES, INC.
|
||
|
|
|
|
|
By:
|
|
/S/ V
ICTOR
L
EE
|
|
|
|
Lee Kong Hian (aka Victor Lee)
President and Chief Executive Officer
|
|
|
|
|
|
|
|
Signature
|
|
Capacities
|
|
Date
|
|
|
|
|
|
|
|
/
S
/ V
ICTOR
L
EE
|
|
President & Chief Executive Officer and a Director
(Principal executive officer)
|
|
March 18, 2015
|
|
Lee Kong Hian (aka Victor Lee)
|
|
|
||
|
|
|
|
|
|
|
/
S
/ W
ILLIAM
M. G
REGORAK
|
|
Vice President and Chief Financial Officer (Principal financial and accounting officer)
|
|
March 18, 2015
|
|
William M. Gregorak
|
|
|
||
|
|
|
|
|
|
|
/
S
/ A
MIT
K
UMAR
|
|
Chairman of the Board of Directors
|
|
March 18, 2015
|
|
Amit Kumar, Ph.D.
|
|
|
||
|
|
|
|
|
|
|
/
S
/ W
INSTON
X
U
|
|
Director
|
|
March 18, 2015
|
|
Xu Biao (aka Winston Xu)
|
|
|
||
|
|
|
|
|
|
|
/
S
/ G. T
HOMAS
M
ARSH
|
|
Director
|
|
March 18, 2015
|
|
G. Thomas Marsh
|
|
|
||
|
|
|
|
|
|
|
/
S
/ K
IM
J. H
UNTLEY
|
|
Director
|
|
March 18, 2015
|
|
Kim J. Huntley
|
|
|
||
|
|
|
Page
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
/s/
HEIN
& ASSOCIATES LLP
|
|
|
|
Denver, Colorado
|
|
March 18, 2015
|
|
|
|
December 31,
2014 |
|
December 31,
2013 |
||||
|
ASSETS
|
|
|
|
|
||||
|
Current Assets:
|
|
|
|
|
||||
|
Cash and cash equivalents
|
|
$
|
3,316,576
|
|
|
$
|
3,318,155
|
|
|
Restricted cash - short term
|
|
24,000,000
|
|
|
—
|
|
||
|
Trade receivables, net
|
|
2,782,105
|
|
|
458,076
|
|
||
|
Related party receivables and deposits
|
|
—
|
|
|
21,122
|
|
||
|
Inventories
|
|
2,427,212
|
|
|
1,887,612
|
|
||
|
Prepaid expenses and other current assets
|
|
2,660,384
|
|
|
1,157,484
|
|
||
|
Total current assets
|
|
35,186,277
|
|
|
6,842,449
|
|
||
|
Property, Plant and Equipment:
|
|
37,598,452
|
|
|
38,614,905
|
|
||
|
Less accumulated depreciation and amortization
|
|
(22,941,264
|
)
|
|
(17,850,688
|
)
|
||
|
|
|
14,657,188
|
|
|
20,764,217
|
|
||
|
Other Assets:
|
|
|
|
|
||||
|
Restricted cash - long term
|
|
4,001,880
|
|
|
—
|
|
||
|
Patents, net of amortization of $122,731 and $83,364, respectively
|
|
1,305,895
|
|
|
879,541
|
|
||
|
Investment in joint venture
|
|
320,000
|
|
|
—
|
|
||
|
Other non-current assets
|
|
449,142
|
|
|
52,813
|
|
||
|
|
|
6,076,917
|
|
|
932,354
|
|
||
|
Total Assets
|
|
$
|
55,920,382
|
|
|
$
|
28,539,020
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
||||
|
Current Liabilities:
|
|
|
|
|
||||
|
Accounts payable
|
|
$
|
1,569,746
|
|
|
$
|
442,754
|
|
|
Accrued expenses
|
|
2,934,246
|
|
|
1,417,869
|
|
||
|
Current portion of long-term debt
|
|
302,210
|
|
|
282,960
|
|
||
|
Current portion of convertible note payable, net of discount of $7,607,492 and $0, respectively
|
|
364,093
|
|
|
—
|
|
||
|
Current portion of litigation settlement
|
|
493,732
|
|
|
382,500
|
|
||
|
Series D preferred stock, net of discount of $1,194,222 and $0, respectively
|
|
224,778
|
|
|
—
|
|
||
|
Short term embedded derivative liabilities
|
|
4,427,011
|
|
|
—
|
|
||
|
Make-whole dividend liability
|
|
849,560
|
|
|
3,146,156
|
|
||
|
Total current liabilities
|
|
11,165,376
|
|
|
5,672,239
|
|
||
|
Accrued Litigation Settlement, net of current portion
|
|
880,760
|
|
|
1,317,500
|
|
||
|
Long-Term Debt
|
|
5,764,965
|
|
|
6,067,175
|
|
||
|
Long-Term Convertible Note, net of discount $22,930,946 and $0, respectively
|
|
1,097,469
|
|
|
—
|
|
||
|
Warrant Liability
|
|
15,866,667
|
|
|
—
|
|
||
|
Long Term Embedded Derivative Liabilities
|
|
13,344,155
|
|
|
—
|
|
||
|
Accrued Warranty Liability
|
|
136,000
|
|
|
47,937
|
|
||
|
Commitments and Contingencies (Notes 4 & 15)
|
|
|
|
|
||||
|
Stockholders’ Equity:
|
|
|
|
|
||||
|
Series A preferred stock, $.0001 par value; 750,000 shares authorized and issued; 212,390 and 362,390 shares outstanding as of December 31, 2014 and December 31, 2013, respectively ($2,548,680 Liquidation Preference)
|
|
21
|
|
|
36
|
|
||
|
Series B-1 preferred stock, $.0001 par value; 1,000 shares authorized and 500 shares issued; 0 and 350 shares outstanding as of December 31, 2014 and December 31, 2013, respectively
|
|
—
|
|
|
—
|
|
||
|
Series C preferred stock, $.0001 par value; 1,000 shares authorized and 630 shares issued; 0 and 0 shares outstanding as of December 31, 2014 and December 31, 2013, respectively
|
|
—
|
|
|
—
|
|
||
|
Common stock, $0.0001 par value, 450,000,000 shares authorized; 18,211,104 and 6,174,853 shares issued and outstanding, respectively
|
|
1,821
|
|
|
617
|
|
||
|
Additional paid in capital
|
|
306,947,144
|
|
|
263,275,563
|
|
||
|
Deficit accumulated during the development stage
|
|
(299,283,996
|
)
|
|
(247,842,047
|
)
|
||
|
Total stockholders’ equity
|
|
7,664,990
|
|
|
15,434,169
|
|
||
|
Total Liabilities and Stockholders’ Equity
|
|
$
|
55,920,382
|
|
|
$
|
28,539,020
|
|
|
|
|
|
For the Period from Inception (October 18, 2005) Through December 31, 2014
|
|||||||||
|
|
|
For the Years Ended December 31,
|
||||||||||
|
|
|
2014
|
|
2013
|
|
|||||||
|
Revenues
|
|
|
|
|
|
|
||||||
|
Products
*
|
|
$
|
5,012,422
|
|
|
$
|
1,117,524
|
|
|
$
|
8,058,209
|
|
|
Government contracts
|
|
323,123
|
|
|
198,953
|
|
|
10,189,125
|
|
|||
|
Total Revenues
|
|
5,335,545
|
|
|
1,316,477
|
|
|
18,247,334
|
|
|||
|
Costs and Expenses
|
|
|
|
|
|
|
||||||
|
Research, development and manufacturing operations
|
|
24,514,315
|
|
|
21,342,519
|
|
|
146,271,071
|
|
|||
|
Selling, general and administrative
|
|
14,356,176
|
|
|
7,390,884
|
|
|
62,577,477
|
|
|||
|
Impairment loss
|
|
324,031
|
|
|
822,350
|
|
|
84,317,471
|
|
|||
|
Total Costs and Expenses
|
|
39,194,522
|
|
|
29,555,753
|
|
|
293,166,019
|
|
|||
|
Loss from Operations
|
|
(33,858,977
|
)
|
|
(28,239,276
|
)
|
|
(274,918,685
|
)
|
|||
|
Other Income/(Expense)
|
|
|
|
|
|
|
||||||
|
Other Income/(Expense), net
|
|
(297,143
|
)
|
|
15,975
|
|
|
2,236,687
|
|
|||
|
Loss on extinguishment of liabilities
|
|
(2,991,025
|
)
|
|
(159,841
|
)
|
|
(3,150,866
|
)
|
|||
|
Interest Expense
|
|
(4,109,272
|
)
|
|
(432,426
|
)
|
|
(6,014,455
|
)
|
|||
|
Deemed interest expense on warrant liability
|
|
(4,037,517
|
)
|
|
—
|
|
|
(4,037,517
|
)
|
|||
|
Change in fair value of derivative liabilities
|
|
1,939,485
|
|
|
(1,315,383
|
)
|
|
624,102
|
|
|||
|
Total Other Income/(Expense)
|
|
(9,495,472
|
)
|
|
(1,891,675
|
)
|
|
(10,342,049
|
)
|
|||
|
Net Loss
|
|
$
|
(43,354,449
|
)
|
|
$
|
(30,130,951
|
)
|
|
$
|
(285,260,734
|
)
|
|
Deemed (non-cash) dividends on preferred stock and accretion of warrants
|
|
(8,087,500
|
)
|
|
(5,935,762
|
)
|
|
(14,023,262
|
)
|
|||
|
Net Loss applicable to common stockholders
|
|
$
|
(51,441,949
|
)
|
|
$
|
(36,066,713
|
)
|
|
$
|
(299,283,996
|
)
|
|
|
|
|
|
|
|
|
||||||
|
Net Loss Per Share
(Basic and diluted)
|
|
$
|
(4.85
|
)
|
|
$
|
(6.61
|
)
|
|
|
||
|
Weighted Average Common Shares Outstanding
(Basic and diluted)
|
|
10,598,502
|
|
|
5,455,688
|
|
|
|
||||
|
|
|
Common Stock
|
|
Preferred Stock
|
|
Additional
Paid-In Capital |
|
Accumulated
Deficit |
|
Accumulated
Other Comprehensive Income |
|
Total
Stockholders’ Equity |
||||||||||||||||||
|
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|||||||||||||||||||||
|
Balance at inception,
October 18, 2005
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Proceeds from sale of common stock (11/05 @ $.40 per share)
|
|
97,200
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
38,870
|
|
|
—
|
|
|
—
|
|
|
38,880
|
|
||||||
|
Founders stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
933,120
|
|
|
—
|
|
|
—
|
|
|
933,120
|
|
||||||
|
Stock based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,004
|
|
|
—
|
|
|
—
|
|
|
26,004
|
|
||||||
|
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,207,234
|
)
|
|
—
|
|
|
(1,207,234
|
)
|
||||||
|
Balance, December 31, 2005
|
|
97,200
|
|
|
$
|
10
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
997,994
|
|
|
$
|
(1,207,234
|
)
|
|
$
|
—
|
|
|
$
|
(209,230
|
)
|
|
Transfer of assets at historical cost (1/06 @ $0.30 per share)
|
|
102,800
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
31,190
|
|
|
—
|
|
|
—
|
|
|
31,200
|
|
||||||
|
Proceeds from IPO (7/06 @ $5.50 per unit)
|
|
300,000
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
16,499,970
|
|
|
—
|
|
|
—
|
|
|
16,500,000
|
|
||||||
|
IPO costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,392,071
|
)
|
|
—
|
|
|
—
|
|
|
(2,392,071
|
)
|
||||||
|
Stock issued to bridge loan lenders (7/06 @ $27.50 per share)
|
|
29,089
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
799,997
|
|
|
—
|
|
|
—
|
|
|
800,000
|
|
||||||
|
Exercise of stock options (9/06 & 12/06 @ $1.00 per share)
|
|
3,120
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,120
|
|
|
—
|
|
|
—
|
|
|
3,120
|
|
||||||
|
Stock based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
348,943
|
|
|
—
|
|
|
—
|
|
|
348,943
|
|
||||||
|
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,180,912
|
)
|
|
—
|
|
|
(4,180,912
|
)
|
||||||
|
Balance, December 31, 2006
|
|
532,209
|
|
|
$
|
53
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
16,289,143
|
|
|
$
|
(5,388,146
|
)
|
|
$
|
—
|
|
|
$
|
10,901,050
|
|
|
Exercise of stock options (1/07 -12/07 @ $1.00) (7/07 - 12/07 @ $42.50) (9/07 - 12/07 @ $25.10 -$27.60)
|
|
16,996
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
346,432
|
|
|
—
|
|
|
—
|
|
|
346,434
|
|
||||||
|
Conversion of Class A public warrants at $66.00
|
|
309,838
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
20,449,290
|
|
|
—
|
|
|
—
|
|
|
20,449,321
|
|
||||||
|
Redemption of Class A public warrants at $2.50 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48,128
|
)
|
|
—
|
|
|
—
|
|
|
(48,128
|
)
|
||||||
|
Conversion of Class B public warrants at $110.00 per share
|
|
1,100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
121,000
|
|
|
—
|
|
|
—
|
|
|
121,000
|
|
||||||
|
Proceeds from private placement: Common stock (3/07 @ $57.70 and 8/07 @ $71.98)
|
|
253,446
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
15,962,232
|
|
|
—
|
|
|
—
|
|
|
15,962,257
|
|
||||||
|
Proceeds from private placement: Class B public warrants (8/07 @ $19.10)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,754,468
|
|
|
—
|
|
|
—
|
|
|
3,754,468
|
|
||||||
|
Private placement costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(75,807
|
)
|
|
—
|
|
|
—
|
|
|
(75,807
|
)
|
||||||
|
Exercise of representative’s warrants (9/07 - 11/07 @ $66.00 per unit)
|
|
30,000
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
1,979,997
|
|
|
—
|
|
|
—
|
|
|
1,980,000
|
|
||||||
|
Stock based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,734,879
|
|
|
—
|
|
|
—
|
|
|
1,734,879
|
|
||||||
|
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,503,419
|
)
|
|
—
|
|
|
(6,503,419
|
)
|
||||||
|
Balance, December 31, 2007
|
|
1,143,589
|
|
|
$
|
114
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
60,513,506
|
|
|
$
|
(11,891,565
|
)
|
|
$
|
—
|
|
|
$
|
48,622,055
|
|
|
|
|
Common Stock
|
|
Preferred Stock
|
|
Additional
Paid-In
Capital
|
|
Accumulated
Deficit
|
|
Accumulated
Other
Comprehensive
Income
|
|
Total
Stockholders’ Equity |
||||||||||||||||||
|
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|||||||||||||||||||||
|
Balance,
December 31, 2007
|
|
1,143,589
|
|
|
$
|
114
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
60,513,506
|
|
|
$
|
(11,891,565
|
)
|
|
$
|
—
|
|
|
$
|
48,622,055
|
|
|
Components of comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Unrealized gain on investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
331,068
|
|
|
331,068
|
|
||||||
|
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,215,076
|
)
|
|
—
|
|
|
(13,215,076
|
)
|
||||||
|
Total comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12,884,008
|
)
|
|||||||||||||
|
Exercise of stock options (1/08 - 12/08 @ $1.00, $27.30, $29.00 & $42.50)
|
|
13,314
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
120,532
|
|
|
—
|
|
|
—
|
|
|
120,533
|
|
||||||
|
Conversion of Class B public warrants at $110.00 per share
|
|
9,880
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1,086,799
|
|
|
—
|
|
|
—
|
|
|
1,086,800
|
|
||||||
|
Proceeds from private placement: Common stock (3/08 @ $92.62 & 10/08 @$61.76)
|
|
476,370
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
36,647,645
|
|
|
—
|
|
|
—
|
|
|
36,647,693
|
|
||||||
|
Proceeds from private placement: Class B public warrants (3/08 @ $39.54)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,681,884
|
|
|
—
|
|
|
—
|
|
|
6,681,884
|
|
||||||
|
Exercise of representative’s warrants (1/08 @ $66.00 per unit)
|
|
7,500
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
494,999
|
|
|
—
|
|
|
—
|
|
|
495,000
|
|
||||||
|
Proceeds from shareholder under Section 16(b)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
148,109
|
|
|
—
|
|
|
—
|
|
|
148,109
|
|
||||||
|
Proceeds from secondary public offering (5/08 @ $140.00)
|
|
437,000
|
|
|
44
|
|
|
—
|
|
|
—
|
|
|
61,179,956
|
|
|
—
|
|
|
—
|
|
|
61,180,000
|
|
||||||
|
Costs of secondary public offering
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,361,358
|
)
|
|
—
|
|
|
—
|
|
|
(4,361,358
|
)
|
||||||
|
Issuance of Restricted Stock
|
|
6,985
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Stock based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,881,399
|
|
|
—
|
|
|
—
|
|
|
1,881,399
|
|
||||||
|
Balance, December 31, 2008
|
|
2,094,638
|
|
|
$
|
210
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
164,393,470
|
|
|
$
|
(25,106,641
|
)
|
|
$
|
331,068
|
|
|
$
|
139,618,107
|
|
|
Components of comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Unrealized loss on investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(334,080
|
)
|
|
(334,080
|
)
|
||||||
|
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,922,717
|
)
|
|
—
|
|
|
(20,922,717
|
)
|
||||||
|
Total comprehensive loss
|
|
0
|
|
0
|
|
|
|
—
|
|
|
0
|
|
|
|
|
|
(21,256,797
|
)
|
||||||||||||
|
Exercise of stock options (1/09 - 12/09 @ $1.00, $27.60 & $42.50)
|
|
10,517
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
339,615
|
|
|
—
|
|
|
—
|
|
|
339,616
|
|
||||||
|
Proceeds from private placement: Common stock (10/09 @ $65.00)
|
|
76,923
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
4,999,987
|
|
|
—
|
|
|
—
|
|
|
4,999,995
|
|
||||||
|
Proceeds from public offering (10/09 @ $65.00)
|
|
461,539
|
|
|
46
|
|
|
—
|
|
|
—
|
|
|
29,999,957
|
|
|
—
|
|
|
—
|
|
|
30,000,003
|
|
||||||
|
Costs of public offering
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,062,866
|
)
|
|
—
|
|
|
—
|
|
|
(2,062,866
|
)
|
||||||
|
Issuance of Restricted Stock
|
|
14,768
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Stock based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,676,957
|
|
|
—
|
|
|
—
|
|
|
2,676,957
|
|
||||||
|
Balance, December 31, 2009
|
|
2,658,385
|
|
|
$
|
266
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
200,347,119
|
|
|
$
|
(46,029,358
|
)
|
|
$
|
(3,012
|
)
|
|
$
|
154,315,015
|
|
|
|
|
Common Stock
|
|
Preferred Stock
|
|
Additional
Paid-In
Capital
|
|
Accumulated
Deficit
|
|
Accumulated
Other
Comprehensive
Income
|
|
Total
Stockholders’
Equity
|
||||||||||||||||||
|
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|||||||||||||||||||||
|
Balance, December 31, 2009
|
|
2,658,385
|
|
|
$
|
266
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
200,347,119
|
|
|
$
|
(46,029,358
|
)
|
|
$
|
(3,012
|
)
|
|
$
|
154,315,015
|
|
|
Components of comprehensive loss
|
|
0
|
|
0
|
|
|
|
|
|
0
|
|
|
|
|
|
|
||||||||||||||
|
Unrealized loss on investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,786
|
|
|
2,786
|
|
||||||
|
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31,233,718
|
)
|
|
—
|
|
|
(31,233,718
|
)
|
||||||
|
Total comprehensive loss
|
|
0
|
|
0
|
|
|
|
|
|
0
|
|
|
|
|
|
(31,230,932
|
)
|
|||||||||||||
|
Proceeds from public offering (11/11 @ $41.50)
|
|
525,000
|
|
|
52
|
|
|
—
|
|
|
—
|
|
|
21,787,448
|
|
|
—
|
|
|
—
|
|
|
21,787,500
|
|
||||||
|
Costs of public offering
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,409,937
|
)
|
|
—
|
|
|
—
|
|
|
(1,409,937
|
)
|
||||||
|
Exercise of stock options (1/10 - 12/10 @ $1.00, $29.00, $27.30, $27.60 & $31.70)
|
|
16,133
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
390,999
|
|
|
—
|
|
|
—
|
|
|
391,001
|
|
||||||
|
Issuance of Restricted Stock
|
|
27,041
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Stock based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,713,468
|
|
|
—
|
|
|
—
|
|
|
2,713,468
|
|
||||||
|
Balance, December 31, 2010
|
|
3,226,559
|
|
|
$
|
323
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
223,829,094
|
|
|
$
|
(77,263,076
|
)
|
|
$
|
(226
|
)
|
|
$
|
146,566,115
|
|
|
Components of comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Unrealized loss on investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,245
|
|
|
1,245
|
|
||||||
|
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(105,743,860
|
)
|
|
—
|
|
|
(105,743,860
|
)
|
||||||
|
Total comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(105,742,615
|
)
|
|||||||||||||
|
Proceeds from private offering (8/11 @ $11.50)
|
|
640,000
|
|
|
64
|
|
|
—
|
|
|
—
|
|
|
7,359,936
|
|
|
—
|
|
|
—
|
|
|
7,360,000
|
|
||||||
|
Costs of private offering
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(123,973
|
)
|
|
—
|
|
|
—
|
|
|
(123,973
|
)
|
||||||
|
Net Proceeds from At-The-Market offering sales (10/11 - 11/11, $8.10 - $8.30)
|
|
38,605
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
305,780
|
|
|
—
|
|
|
—
|
|
|
305,784
|
|
||||||
|
Exercise of stock options (1/11 - 9/11 @ $1.00)
|
|
5,700
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,700
|
|
|
—
|
|
|
—
|
|
|
5,700
|
|
||||||
|
Issuance of Common Stock to service provider (5/11 @ $13.10)
|
|
4,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58,950
|
|
|
—
|
|
|
—
|
|
|
58,950
|
|
||||||
|
Issuance of Restricted Stock
|
|
19,182
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Stock based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,572,607
|
|
|
—
|
|
|
—
|
|
|
1,572,607
|
|
||||||
|
Balance, December 31, 2011
|
|
3,934,546
|
|
|
$
|
393
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
233,008,092
|
|
|
$
|
(183,006,936
|
)
|
|
$
|
1,019
|
|
|
$
|
50,002,568
|
|
|
Components of comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Unrealized loss on investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,019
|
)
|
|
(1,019
|
)
|
||||||
|
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28,768,398
|
)
|
|
—
|
|
|
(28,768,398
|
)
|
||||||
|
Total comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(28,769,417
|
)
|
|||||||||||||
|
Proceeds from private offering (8/12 @ $12.00)
|
|
916,670
|
|
|
92
|
|
|
—
|
|
|
—
|
|
|
10,999,947
|
|
|
—
|
|
|
—
|
|
|
11,000,039
|
|
||||||
|
Costs of private offering
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(836,697
|
)
|
|
—
|
|
|
—
|
|
|
(836,697
|
)
|
||||||
|
Net Proceeds from At-The-Market offering sales (01/12 - 09/12, $5.00 - $18.30)
|
|
197,218
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
1,896,552
|
|
|
—
|
|
|
—
|
|
|
1,896,572
|
|
||||||
|
Exercise of stock options (8/12 - 9/12 @ $6.80)
|
|
1,375
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,350
|
|
|
—
|
|
|
—
|
|
|
9,350
|
|
||||||
|
Issuance of Restricted Stock
|
|
64,582
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Stock based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
924,315
|
|
|
—
|
|
|
—
|
|
|
924,315
|
|
||||||
|
Balance, December 31, 2012
|
|
5,114,391
|
|
|
$
|
511
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
246,001,553
|
|
|
$
|
(211,775,334
|
)
|
|
$
|
—
|
|
|
$
|
34,226,730
|
|
|
|
|
Common Stock
|
|
Series A Preferred Stock
|
|
Series B-1 Preferred Stock
|
|
Series C Preferred Stock
|
Additional
Paid-In
Capital
|
|
Accumulated
Deficit
|
|
Total
Stockholders’
Equity
|
||||||||||||||||||||||||||
|
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|||||||||||||||||||||||
|
Balance, December 31, 2012
|
|
5,114,391
|
|
|
$
|
511
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
$
|
246,001,553
|
|
|
(211,775,334
|
)
|
|
$
|
34,226,730
|
|
|
|
Proceeds from private placement: Common stock (5/13 @ $5.70)
|
|
250,000
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
1,424,975
|
|
|
—
|
|
|
1,425,000
|
|
|||||||
|
Proceeds from issuance of Series A Preferred Stock (6/13 - 8/13 at $8.00)
|
|
—
|
|
|
—
|
|
|
750,000
|
|
|
75
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
5,999,925
|
|
|
—
|
|
|
6,000,000
|
|
|||||||
|
Discount on Series A Preferred Stock issuance - Warrants (6/13 - 8/13 @ $9.00)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
1,071,063
|
|
|
—
|
|
|
1,071,063
|
|
|||||||
|
Discount on Series A Preferred Stock issuance - beneficial conversion feature
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
1,350,000
|
|
|
—
|
|
|
1,350,000
|
|
|||||||
|
Cost of Series A Preferred Share issuance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(139,894
|
)
|
|
—
|
|
|
(139,894
|
)
|
|||||||
|
Conversion of Series A Preferred Shares (9/13 - 10/13 @ $8.00, plus make-whole @ $8.30 - $10.70)
|
|
487,274
|
|
|
49
|
|
|
(387,610
|
)
|
|
(39
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
919,612
|
|
|
—
|
|
|
919,622
|
|
|||||||
|
Proceeds from issuance of Series B Preferred Stock (11/13 @ $10,000)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
5,000,000
|
|
|
—
|
|
|
5,000,000
|
|
|||||||
|
Cost of Series B Preferred Share issuance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(72,589
|
)
|
|
—
|
|
|
(72,589
|
)
|
|||||||
|
Conversion of Series B Preferred Shares (11/13 - 12/13 @ $11.50, plus make-whole @ $6.90 - $8.80)
|
|
247,647
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
(150
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
924,121
|
|
|
—
|
|
|
924,146
|
|
|||||||
|
Exercise of stock options (9/13 @ $6.80)
|
|
4,750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
32,300
|
|
|
—
|
|
|
32,300
|
|
|||||||
|
Issuance of Common Stock to a service provider (5/13 @ $6.50)
|
|
24,000
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
142,997
|
|
|
—
|
|
|
142,999
|
|
|||||||
|
Issuance of Restricted Stock
|
|
46,791
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|||||||
|
Stock based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
621,505
|
|
|
—
|
|
|
621,505
|
|
|||||||
|
Deemed dividends on preferred stock and accretion of warrants
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
(5,935,762
|
)
|
|
(5,935,762
|
)
|
|||||||
|
Net Loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
(30,130,951
|
)
|
|
(30,130,951
|
)
|
|||||||
|
Balance, December 31, 2013
|
|
6,174,853
|
|
|
$
|
617
|
|
|
362,390
|
|
|
$
|
36
|
|
|
350
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
$
|
263,275,563
|
|
|
$
|
(247,842,047
|
)
|
|
$
|
15,434,169
|
|
|
|
|
Common Stock
|
|
Series A Preferred Stock
|
|
Series B-1 Preferred Stock
|
|
Series C Preferred Stock
|
Additional
Paid-In
Capital
|
|
Accumulated
Deficit
|
|
Total
Stockholders’
Equity
|
||||||||||||||||||||||||||
|
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|||||||||||||||||||||||
|
Balance, December 31, 2013
|
|
6,174,853
|
|
|
$
|
617
|
|
|
362,390
|
|
|
$
|
36
|
|
|
350
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
$
|
263,275,563
|
|
|
$
|
(247,842,047
|
)
|
|
$
|
15,434,169
|
|
|
Proceeds from private placement: Common stock (7/14 & 8/14 @ $3.30, 8/14 @ 2.37, 11/14 @ 2.80)
|
|
4,315,618
|
|
|
432
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
11,959,513
|
|
|
—
|
|
|
11,959,945
|
|
|||||||
|
Conversion of Series A Preferred Shares (3/14 - 5/14 @ $8.00, plus make-whole @ $6.21 - $3.80)
|
|
254,075
|
|
|
25
|
|
|
(150,000
|
)
|
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
572,424
|
|
|
—
|
|
|
572,434
|
|
|||||||
|
Proceeds from issuance of Series B Preferred Stock (2/14 @ $10,000)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
5,000,000
|
|
|
—
|
|
|
5,000,000
|
|
|||||||
|
Conversion of Series B Preferred Shares (1/14, 2/14, 3/14, 4/14, 5/14 @ $11.50, plus make-whole @ $6.21, $6.43, $6.27, $6.68, $5.76, $4.80, $4.40, $3.45)
|
|
1,977,811
|
|
|
198
|
|
|
—
|
|
|
—
|
|
|
(850
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
7,037,299
|
|
|
—
|
|
|
7,037,497
|
|
|||||||
|
Proceeds from issuance of Series C Preferred Stock (4/14 & 5/14 @ $10,000)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
600
|
|
|
—
|
|
6,000,000
|
|
|
—
|
|
|
6,000,000
|
|
|||||||
|
Issuance of Preferred C Penalty Shares (4/14)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
—
|
|
300,000
|
|
|
—
|
|
|
300,000
|
|
|||||||
|
Cost of Series C Preferred Share issuance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(53,362
|
)
|
|
—
|
|
|
(53,362
|
)
|
|||||||
|
Conversion of Series C Preferred Shares (6/14, 7,14, 8/14, 9/14, 10/14 @ $11.50, plus make-whole @ $3.17, $3.59, $3.31, $2.40, $1.67, $1.31)
|
|
3,482,909
|
|
|
348
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(630
|
)
|
|
—
|
|
8,803,910
|
|
|
—
|
|
|
8,804,258
|
|
|||||||
|
Conversion of Series D Preferred Shares & Dividends (11/14, 12/14 @ $1.41, $1.44, $1.50, $1.41)
|
|
1,696,136
|
|
|
170
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
2,856,532
|
|
|
—
|
|
|
2,856,702
|
|
|||||||
|
Interest Expense paid with Common stock
|
|
180,499
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
266,405
|
|
|
—
|
|
|
266,423
|
|
|||||||
|
Issuance of Restricted Stock
|
|
51,425
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|||||||
|
Common Stock Issued to Placement Agent
|
|
77,778
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
94,548
|
|
|
—
|
|
|
94,556
|
|
|||||||
|
Stock based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
834,317
|
|
|
—
|
|
|
834,317
|
|
|||||||
|
Deemed dividends on preferred stock and accretion of warrants
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
(8,087,500
|
)
|
|
(8,087,500
|
)
|
|||||||
|
Net Loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
(43,354,449
|
)
|
|
(43,354,449
|
)
|
|||||||
|
Balance, December 31, 2014
|
|
18,211,104
|
|
|
$
|
1,821
|
|
|
212,390
|
|
|
$
|
21
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
$
|
306,947,144
|
|
|
$
|
(299,283,996
|
)
|
|
$
|
7,664,990
|
|
|
|
|
|
|
For the Period
from Inception
(October 18, 2005)
through
December 31,
|
||||||||
|
|
|
For the Years Ended
|
||||||||||
|
|
|
December 31,
|
||||||||||
|
|
|
2014
|
|
2013
|
|
2014
|
||||||
|
Operating Activities:
|
|
|
|
|
|
|
||||||
|
Net loss
|
|
$
|
(43,354,449
|
)
|
|
$
|
(30,130,951
|
)
|
|
$
|
(285,260,734
|
)
|
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
||||||||
|
Depreciation and amortization
|
|
5,960,843
|
|
|
6,225,854
|
|
|
36,699,844
|
|
|||
|
Stock based compensation
|
|
834,317
|
|
|
621,505
|
|
|
14,267,514
|
|
|||
|
Common stock issued for services
|
|
—
|
|
|
142,999
|
|
|
201,949
|
|
|||
|
Realized loss on forward contracts
|
|
—
|
|
|
—
|
|
|
1,430,766
|
|
|||
|
Foreign currency transaction loss (gain)
|
|
—
|
|
|
—
|
|
|
(590,433
|
)
|
|||
|
Amortization of financing costs
|
|
51,689
|
|
|
—
|
|
|
1,050,254
|
|
|||
|
Impairment loss
|
|
324,031
|
|
|
822,350
|
|
|
84,317,471
|
|
|||
|
Contract cancellation loss
|
|
—
|
|
|
—
|
|
|
1,167,586
|
|
|||
|
Non-cash interest expense
|
|
266,423
|
|
|
—
|
|
|
266,423
|
|
|||
|
Amortization of debt discount
|
|
3,267,340
|
|
|
—
|
|
|
3,267,340
|
|
|||
|
Non-cash Preferred C Penalty Shares
|
|
300,000
|
|
|
—
|
|
|
300,000
|
|
|||
|
Loss on extinguishment of liabilities
|
|
2,991,025
|
|
|
159,841
|
|
|
3,150,866
|
|
|||
|
Bad debt expense
|
|
32,566
|
|
|
—
|
|
|
32,566
|
|
|||
|
Accrued litigation settlement
|
|
(325,508
|
)
|
|
1,700,000
|
|
|
1,374,492
|
|
|||
|
Deemed interest expense on warrant liability
|
|
4,037,517
|
|
|
—
|
|
|
4,037,517
|
|
|||
|
Change in fair value of derivative liabilities
|
|
(1,939,485
|
)
|
|
1,315,383
|
|
|
(624,102
|
)
|
|||
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||||||
|
Accounts receivable
|
|
(2,356,595
|
)
|
|
(357,912
|
)
|
|
(2,814,671
|
)
|
|||
|
Related party receivables and deposits
|
|
21,122
|
|
|
575,217
|
|
|
—
|
|
|||
|
Inventories
|
|
(539,600
|
)
|
|
271,941
|
|
|
(2,427,212
|
)
|
|||
|
Prepaid expenses and other current assets
|
|
(387,809
|
)
|
|
(922,178
|
)
|
|
(1,545,292
|
)
|
|||
|
Accounts payable
|
|
1,126,992
|
|
|
(412,619
|
)
|
|
1,569,745
|
|
|||
|
Accrued expenses
|
|
1,516,377
|
|
|
(370,766
|
)
|
|
1,983,209
|
|
|||
|
Warranty reserve
|
|
88,063
|
|
|
9,750
|
|
|
136,000
|
|
|||
|
Net cash used in operating activities
|
|
(28,085,141
|
)
|
|
(20,349,586
|
)
|
|
(138,008,902
|
)
|
|||
|
Investing Activities:
|
|
|
|
|
|
|
||||||
|
Purchases of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
(907,118,828
|
)
|
|||
|
Maturities and sales of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
907,118,828
|
|
|||
|
Purchase of property, plant and equipment
|
|
(134,727
|
)
|
|
(519,741
|
)
|
|
(135,476,471
|
)
|
|||
|
Note Receivable
|
|
(171,000
|
)
|
|
—
|
|
|
(171,000
|
)
|
|||
|
Investment in Joint Venture
|
|
(320,000
|
)
|
|
—
|
|
|
(320,000
|
)
|
|||
|
Patent activity costs
|
|
(465,721
|
)
|
|
(413,876
|
)
|
|
(1,403,668
|
)
|
|||
|
Net cash used in investing activities
|
|
(1,091,448
|
)
|
|
(933,617
|
)
|
|
(137,371,139
|
)
|
|||
|
Financing Activities:
|
|
|
|
|
|
|
||||||
|
Proceeds from bridge loan financing
|
|
—
|
|
|
—
|
|
|
1,600,000
|
|
|||
|
Repayment of bridge loan financing
|
|
—
|
|
|
—
|
|
|
(1,600,000
|
)
|
|||
|
Payment of debt financing costs
|
|
(447,645
|
)
|
|
—
|
|
|
(721,210
|
)
|
|||
|
Payment of equity offering costs
|
|
—
|
|
|
(212,483
|
)
|
|
(10,514,523
|
)
|
|||
|
Proceeds from debt
|
|
—
|
|
|
—
|
|
|
7,700,000
|
|
|||
|
Repayment of debt
|
|
(282,960
|
)
|
|
(264,936
|
)
|
|
(2,732,826
|
)
|
|||
|
Proceeds from Convertible Note
|
|
32,000,000
|
|
|
—
|
|
|
32,000,000
|
|
|||
|
Restricted cash
|
|
(28,001,880
|
)
|
|
—
|
|
|
(28,001,880
|
)
|
|||
|
Proceeds from shareholder under Section 16(b)
|
|
—
|
|
|
—
|
|
|
148,109
|
|
|||
|
Proceeds from issuance of stock and warrants
|
|
25,907,495
|
|
|
12,457,300
|
|
|
280,867,075
|
|
|||
|
Redemption of Class A warrants
|
|
—
|
|
|
—
|
|
|
(48,128
|
)
|
|||
|
Net cash provided by financing activities
|
|
29,175,010
|
|
|
11,979,881
|
|
|
278,696,617
|
|
|||
|
Net change in cash and cash equivalents
|
|
(1,579
|
)
|
|
(9,303,322
|
)
|
|
3,316,576
|
|
|||
|
Cash and cash equivalents at beginning of period
|
|
3,318,155
|
|
|
12,621,477
|
|
|
—
|
|
|||
|
Cash and cash equivalents at end of period
|
|
$
|
3,316,576
|
|
|
$
|
3,318,155
|
|
|
$
|
3,316,576
|
|
|
Supplemental Cash Flow Information:
|
|
|
|
|
|
|
||||||
|
Cash paid for interest
|
|
$
|
519,014
|
|
|
$
|
428,798
|
|
|
$
|
1,064,397
|
|
|
Cash paid for income taxes
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Non-Cash Transactions:
|
|
|
|
|
|
|
||||||
|
ITN initial contribution of assets for equity
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
31,200
|
|
|
Note with ITN and related capital expenditures
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,100,000
|
|
|
Non-cash conversions
|
|
$
|
16,278,954
|
|
|
$
|
1,683,926
|
|
|
$
|
17,962,880
|
|
|
Make-whole provision on convertible preferred stock
|
|
$
|
8,087,500
|
|
|
$
|
3,514,699
|
|
|
$
|
11,602,199
|
|
|
Beneficial conversion feature on convertible preferred stock
|
|
$
|
—
|
|
|
$
|
2,421,063
|
|
|
$
|
2,421,063
|
|
|
•
|
Level 1 - Quoted prices in active markets for identical assets or liabilities.
|
|
•
|
Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
|
•
|
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities
|
|
|
|
Useful Lives
in Years
|
|
Buildings
|
|
40
|
|
Manufacturing machinery and equipment
|
|
5 - 10
|
|
Furniture, fixtures, computer hardware/software
|
|
3 - 7
|
|
Leasehold improvements
|
|
life of lease
|
|
|
|
As of December 31,
|
||||||
|
|
|
2014
|
|
2013
|
||||
|
Building
|
|
$
|
5,828,960
|
|
|
$
|
5,820,509
|
|
|
Furniture, fixtures, computer hardware and computer software
|
|
475,266
|
|
|
461,491
|
|
||
|
Manufacturing machinery and equipment
|
|
31,227,523
|
|
|
32,332,905
|
|
||
|
Depreciable property, plant and equipment
|
|
37,531,749
|
|
|
38,614,905
|
|
||
|
Manufacturing machinery and equipment in progress
|
|
66,703
|
|
|
—
|
|
||
|
Property, plant and equipment
|
|
37,598,452
|
|
|
38,614,905
|
|
||
|
Less: Accumulated depreciation and amortization
|
|
(22,941,264
|
)
|
|
(17,850,688
|
)
|
||
|
Net property, plant and equipment
|
|
$
|
14,657,188
|
|
|
$
|
20,764,217
|
|
|
|
|
As of December 31,
|
||||||
|
|
|
2014
|
|
2013
|
||||
|
Raw materials
|
|
$
|
941,912
|
|
|
$
|
1,190,079
|
|
|
Work in process
|
|
335,275
|
|
|
401,274
|
|
||
|
Finished goods
|
|
1,150,025
|
|
|
296,259
|
|
||
|
Total
|
|
$
|
2,427,212
|
|
|
$
|
1,887,612
|
|
|
|
|
||
|
2015
|
$
|
302,210
|
|
|
2016
|
322,771
|
|
|
|
2017
|
344,730
|
|
|
|
2018
|
368,183
|
|
|
|
2019
|
393,232
|
|
|
|
Thereafter
|
4,336,049
|
|
|
|
|
$
|
6,067,175
|
|
|
|
|
For the years ended December 31,
|
|||||||
|
|
|
2014
|
|
2013
|
|
||||
|
Share-based compensation cost included in:
|
|
|
|
|
|
||||
|
Research, development and manufacturing operations
|
|
$
|
358,626
|
|
|
$
|
228,120
|
|
|
|
Selling, general and administrative
|
|
475,691
|
|
|
393,385
|
|
|
||
|
Total share-based compensation cost
|
|
$
|
834,317
|
|
|
$
|
621,505
|
|
|
|
|
|
For the years ended December 31,
|
|||||||
|
|
|
2014
|
|
2013
|
|
||||
|
Type of Award:
|
|
|
|
|
|
||||
|
Stock Options
|
|
$
|
413,697
|
|
|
$
|
311,965
|
|
|
|
Restricted Stock Units and Awards
|
|
420,620
|
|
|
309,540
|
|
|
||
|
Total share-based compensation cost
|
|
$
|
834,317
|
|
|
$
|
621,505
|
|
|
|
|
|
For the years ended December 31,
|
|||||
|
|
|
2014
|
|
2013
|
|
||
|
Expected volatility
|
|
94.6
|
%
|
|
97.3
|
%
|
|
|
Risk free interest rate
|
|
1.9
|
%
|
|
0.9
|
%
|
|
|
Expected dividends
|
|
—
|
|
|
—
|
|
|
|
Expected life (in years)
|
|
6.0
|
|
|
5.2
|
|
|
|
|
|
Stock
Option
Shares
|
|
Stock Options
Weighted
Average
Exercise Price
|
|
Weighted
Average
Remaining
Contractual
Life in Years
|
|
Aggregate
Intrinsic
Value
|
|||||
|
Outstanding at December 31, 2012
|
|
121,967
|
|
|
$
|
25.40
|
|
|
7.79
|
|
$
|
8,057
|
|
|
Granted
|
|
78,500
|
|
|
$
|
6.60
|
|
|
|
|
|
||
|
Exercised
|
|
(4,750
|
)
|
|
$
|
6.80
|
|
|
|
|
$
|
5,400
|
|
|
Forfeited
|
|
(40,917
|
)
|
|
$
|
20.40
|
|
|
|
|
|
||
|
Outstanding at December 31, 2013
|
|
154,800
|
|
|
$
|
17.83
|
|
|
7.81
|
|
$
|
51,160
|
|
|
Granted
|
|
105,300
|
|
|
$
|
5.55
|
|
|
|
|
|
||
|
Exercised
|
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Forfeited
|
|
(15,900
|
)
|
|
13.37
|
|
|
|
|
|
|||
|
Outstanding at December 31, 2014
|
|
244,200
|
|
|
$
|
12.82
|
|
|
7.84
|
|
$
|
96
|
|
|
Exercisable at December 31, 2014
|
|
98,267
|
|
|
$
|
22.40
|
|
|
6.36
|
|
$
|
96
|
|
|
|
|
Shares
|
|
Weighted Average
Grant-Date
Fair-Value
|
|||
|
Non-vested at December 31, 2012
|
|
4,800
|
|
|
$
|
34.70
|
|
|
Granted
|
|
42,741
|
|
|
$
|
6.20
|
|
|
Vested
|
|
(46,791
|
)
|
|
|
||
|
Forfeited
|
|
—
|
|
|
|
||
|
Non-vested at December 31, 2013
|
|
750
|
|
|
$
|
36.77
|
|
|
Granted
|
|
61,955
|
|
|
7.06
|
|
|
|
Vested
|
|
(49,815
|
)
|
|
|
||
|
Forfeited
|
|
(1,845
|
)
|
|
|
||
|
Non-vested at December 31, 2014
|
|
11,045
|
|
|
$
|
7.00
|
|
|
|
|
As of December 31
|
||||||
|
|
|
2014
|
|
2013
|
||||
|
Deferred Tax Asset
|
|
|
|
|
||||
|
Current:
|
|
|
|
|
||||
|
Accrued Expenses
|
|
$
|
615,000
|
|
|
$
|
705,000
|
|
|
Inventory Allowance
|
|
339,000
|
|
|
427,000
|
|
||
|
Other
|
|
16,000
|
|
|
—
|
|
||
|
Total Current
|
|
970,000
|
|
|
1,132,000
|
|
||
|
Non-current:
|
|
|
|
|
||||
|
Stock Based Compensation-Stock Options and Restricted Stock
|
|
1,565,000
|
|
|
1,332,000
|
|
||
|
Tax effect of NOL carryforward
|
|
43,252,000
|
|
|
27,027,000
|
|
||
|
Depreciation
|
|
23,771,000
|
|
|
25,336,000
|
|
||
|
Amortization
|
|
(513,000
|
)
|
|
(334,000
|
)
|
||
|
Warranty reserve
|
|
53,000
|
|
|
18,000
|
|
||
|
Convertible Note
|
|
3,170,000
|
|
|
—
|
|
||
|
Total Non-current
|
|
71,298,000
|
|
|
53,379,000
|
|
||
|
Net deferred tax asset
|
|
72,268,000
|
|
|
54,511,000
|
|
||
|
Less valuation allowance
|
|
(72,268,000
|
)
|
|
(54,511,000
|
)
|
||
|
Net deferred tax asset
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
2014
|
|
2013
|
||
|
Federal statutory rate
|
|
35
|
%
|
|
35
|
%
|
|
State statutory rate
|
|
4
|
%
|
|
3
|
%
|
|
Change in rate
|
|
2
|
%
|
|
—
|
%
|
|
Permanent tax differences
|
|
(3
|
)%
|
|
—
|
%
|
|
Loss on revaluation
|
|
(3
|
)%
|
|
(2
|
)%
|
|
Warrant/Derivative
|
|
5
|
%
|
|
—
|
%
|
|
Other
|
|
—
|
%
|
|
(5
|
)%
|
|
Increase in valuation allowance
|
|
(40
|
)%
|
|
(31
|
)%
|
|
|
|
—
|
%
|
|
—
|
%
|
|
Exhibit
No.
|
|
Description
|
|
3.1
|
|
Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.2 to our Registration Statement on Form SB-2 filed on January 23, 2006 (Reg. No. 333-131216))
|
|
|
|
|
|
3.2
|
|
Certificate of Amendment to the Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011)
|
|
|
|
|
|
3.3
|
|
Certificate of Amendment dated February 7, 2014 to the Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed February 11, 2014)
|
|
|
|
|
|
3.4
|
|
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated October 27, 2014 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K dated October 28, 2014).
|
|
|
|
|
|
3.5
|
|
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated August 26, 2014. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed September 2, 2014).
|
|
|
|
|
|
3.6
|
|
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated December 22, 2014. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K dated December 23, 2014).
|
|
|
|
|
|
3.7
|
|
Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to our Current Report on Form 8-K filed on February 17, 2009)
|
|
|
|
|
|
3.8
|
|
First Amendment to Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.3 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2009)
|
|
|
|
|
|
3.9
|
|
Second Amendment to Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed January 25, 2013)
|
|
|
|
|
|
4.1
|
|
Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 to our Registration Statement on Form SB-2 filed on January 23, 2006 (Reg. No. 333-131216))
|
|
|
|
|
|
4.2
|
|
Certificate of Designations of Series A Preferred Stock (filed as Exhibit 4.2 to our Registration Statement on Form S-3 filed July 1, 2013 (Reg. No. 333-189739)).
|
|
|
|
|
|
4.3
|
|
Form of Warrant (filed as Exhibit 4.3 to our Registration Statement on Form S-3 filed July 1, 2013 (Reg. No. 333-189739)).
|
|
|
|
|
|
4.4
|
|
Certificate of Designations of Series B-1 and B-2 Preferred Stock (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed October 30, 2013)
|
|
|
|
|
|
4.5
|
|
Certificate of Designations of Preferences, Rights and Limitations of Series C Preferred Stock (attached as Exhibit 2 to the Stock Purchase Agreement filed as Exhibit 10.1 to our Current Report on Form 8-K filed on April 2, 2014).
|
|
|
|
|
|
4.6
|
|
Certificate of Designations of Preferences, Rights and Limitations of Series D Preferred Stock (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed November 17, 2014)
|
|
|
|
|
|
4.7
|
|
Form of Warrant (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed February 20, 2015).
|
|
|
|
|
|
4.8
|
|
Certificate of Designations of Preferences, Rights and Limitations of Series D-1 Preferred Stock (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed February 20, 2015).
|
|
|
|
|
|
Exhibit
No.
|
|
Description
|
|
4.9
|
|
Form of Warrant (incorporated by reference to Exhibit 10.3 to our Current Report on Form 8-K filed November 17, 2014)
|
|
|
|
|
|
10.1†
|
|
Fifth Amended and Restated 2005 Stock Option Plan (incorporated by reference to Annex A of our definitive proxy statement dated October 22, 2014).†
|
|
|
|
|
|
10.2†
|
|
Fifth Amended and Restated 2008 Restricted Stock Plan Stock Option Plan Plan (incorporated by reference to Annex B of our definitive proxy statement dated October 22, 2014).†
|
|
|
|
|
|
10.3
|
|
Securities Purchase Agreement, dated January 17, 2006, between the Company and ITN Energy Systems, Inc. (incorporated by reference to Exhibit 10.1 to our Registration Statement on Form SB-2 filed on January 23, 2006 (Reg. No. 333-131216))
CTR
|
|
|
|
|
|
10.4
|
|
Invention and Trade Secret Assignment Agreement, dated January 17, 2006, between the Company and ITN Energy Systems, Inc. (incorporated by reference to Exhibit 10.2 to our Registration Statement on Form SB-2 filed on January 23, 2006 (Reg. No. 333-131216))
CTR
|
|
|
|
|
|
10.5
|
|
Patent Application Assignment Agreement, dated January 17, 2006, between the Company and ITN Energy Systems, Inc. (incorporated by reference to Exhibit 10.3 to our Registration Statement on Form SB-2 filed on January 23, 2006 (Reg. No. 333-131216))
|
|
|
|
|
|
10.6
|
|
License Agreement, dated January 17, 2006, between the Company and ITN Energy Systems, Inc. (incorporated by reference to Exhibit 10.4 to our Registration Statement on Form SB-2 filed on January 23, 2006 (Reg. No. 333-131216))
CTR
|
|
|
|
|
|
10.7
|
|
Service Center Agreement, dated January 17, 2006, between the Company and ITN Energy Systems, Inc., as amended (incorporated by reference to Exhibit 10.6 to our Registration Statement on Form SB-2 filed on January 23, 2006 (Reg. No. 333-131216))
|
|
|
|
|
|
10.8
|
|
Administrative Services Agreement, dated January 17, 2006, between the Company and ITN Energy Systems, Inc., as amended (incorporated by reference to Exhibit 10.8 to our Registration Statement on Form SB-2 filed on January 23, 2006 (Reg. No. 333-131216))
|
|
|
|
|
|
10.9
|
|
Letter Agreement, dated November 23, 2005, among the Company, ITN Energy Systems, Inc. and the University of Delaware (incorporated by reference to Exhibit 10.16 to our Registration Statement on Form SB-2/A filed on May 26, 2006 (Reg. No. 333-131216))
|
|
|
|
|
|
Exhibit
No.
|
|
Description
|
|
10.10
|
|
License Agreement, dated November 21, 2006, between the Company and UD Technology Corporation (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on November 29, 2006)
CTR
|
|
|
|
|
|
10.11
|
|
Novation Agreement, dated January 1, 2007, among the Company, ITN Energy Systems, Inc. and the United States Government (incorporated by reference to Exhibit 10.23 to our Annual Report on Form 10-KSB for the year ended December 31, 2006)
|
|
|
|
|
|
10.12
|
|
Construction Loan Agreement, dated February 8, 2008, between the Company and the Colorado Housing and Finance Authority (incorporated by reference to Exhibit 10.37 to our Annual Report on Form 10-K for the year ended December 31, 2007)
|
|
|
|
|
|
10.13
|
|
Promissory Note, dated February 8, 2008, issued to the Colorado Housing and Finance Authority (incorporated by reference to Exhibit 10.38 to our Annual Report on Form 10-K for the year ended December 31, 2007)
|
|
|
|
|
|
10.14
|
|
Loan Modification Agreement, dated January 29, 2009, between the Company and the Colorado Housing and Finance Authority (incorporated by reference to Exhibit 10.52 to our Annual Report on Form 10-K for the year ended December 31, 2008)
|
|
|
|
|
|
10.15
|
|
Cooperation Agreement, dated December 18, 2007, between the Company and Norsk Hydro Produksjon AS (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on December 19, 2007)
|
|
|
|
|
|
10.16
|
|
Equipment Purchase Agreement, dated January 7, 2010, between the Company and ITN Energy Systems, Inc. (incorporated by reference to Exhibit 10.46 to our Annual Report on Form 10-K for the year ended December 31, 2009)
|
|
|
|
|
|
10.17
|
|
Securities Purchase Agreement dated as of August 12, 2011 between TFG Radiant Investment Group Ltd. and the Company (incorporated by reference to Exhibit 99.1 to our Current Report on Form 8-K filed on August 15, 2011)
|
|
|
|
|
|
10.18
|
|
Stockholders Agreement dated as of August 12, 2011 between TFG Radiant Investment Group Ltd. and the Company (incorporated by reference to Exhibit 99.2 to our Current Report on Form 8-K filed on August 15, 2011)
|
|
|
|
|
|
10.19
|
|
Registration Rights Agreement dated as of August 12, 2011 between TFG Radiant Investment Group Ltd. and the Company (incorporated by reference to Exhibit 99.3 to our Current Report on Form 8-K filed on August 15, 2011)
|
|
|
|
|
|
10.20
|
|
Joint Development Agreement dated as of August 12, 2011 between TFG Radiant New-Energy Group Ltd. and the Company (incorporated by reference to Exhibit 10.5 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011)
CTR
|
|
|
|
|
|
10.21
|
|
Amended and Restated Stockholders Agreement dated as of December 30, 2011 between TFG Radiant Investment Group Ltd. and the Company (incorporated by reference to Exhibit 99.2 to our Current Report on Form 8-K filed on January 5, 2012)
|
|
|
|
|
|
10.22
|
|
Amended and Restated Registration Rights Agreement dated as of December 30, 2011 between TFG Radiant Investment Group Ltd. and the Company (incorporated by reference to Exhibit 99.3 to our Current Report on Form 8-K filed on January 5, 2012)
|
|
|
|
|
|
10.23
|
|
Services Agreement dated December 10, 2012 between the Company and TFG Radiant (incorporated by reference to Exhibit 99.1 to our Current Report on Form 8-K filed December 14, 2012)
|
|
Exhibit
No.
|
|
Description
|
|
10.24
|
|
Stock Purchase Agreement, dated April 26, 2013, between the Company and Foo Joo Loong (filed as Exhibit 10.1 to our Registration Statement on Form S-3 filed July 1, 2013 (Reg. No. 333-189739)).
|
|
|
|
|
|
10.25
|
|
Securities Purchase Agreement, dated June 17, 2013, between the Company and Seng Wei Seow (filed as Exhibit 10.2 to our Registration Statement on Form S-3 filed July 1, 2013 (Reg. No. 333-189739)).
|
|
|
|
|
|
10.26
|
|
Registration Rights Agreement dated June 17, 2013 between the Company and Seng Wei Seow (filed as exhibit 10.2 to our Current Report on Form 8-K filed June 21, 2013).
|
|
|
|
|
|
10.27
|
|
First Amendment dated August 7, 2013 to Securities Purchase Agreement and Registration Rights Agreement (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on August 7, 2013).
|
|
|
|
|
|
10.28
|
|
Second Amendment dated August 13, 2013 to Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on August 15, 2013).
|
|
|
|
|
|
10.29
|
|
Framework Agreement, dated July 2, 2013, between the Company and
the Government of the Municipal City of Suqian in Jiangsu Province, China
(incorporated by reference to Exhibit 10.5 to our Registration Statement on Form S-3 filed August 29, 2013 (Reg. No. 333-190701), as amended)
|
|
|
|
|
|
10.30
|
|
Stock Purchase Agreement, dated October 28, 2013 between the Company and Ironridge Technology Co., a division of Ironridge Global IV, Ltd. (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed October 30, 2013)
|
|
|
|
|
|
10.31
|
|
Industrial Project Entry and Joint Venture Construction Contract by and between the Registrant and Suqian Economic Development Company, Ltd. dated December 28, 2013*
|
|
|
|
|
|
10.32
|
|
Securities Purchase Agreement, dated April 1, 2014, between the Company and Ironridge Global IV, Ltd. (filed as Exhibit 10.1 to our Current Report on Form 8-K April 2, 2014).
|
|
|
|
|
|
10.33
|
|
Registration Rights Agreement dated April 1, 2014 between the Company and Ironridge Global IV, Ltd. (filed as exhibit 10.2 to our Current Report on Form 8-K filed April 2, 2014).
|
|
|
|
|
|
10.34†
|
|
Executive Employment Agreement, dated April 4, 2014, between the Company and Victor Lee (filed as Exhibit 10.1 to our Current Report on Form 8-K filed on April 9, 2014). †
|
|
|
|
|
|
10.35
|
|
Settlement Agreement and Release dated April 15, 2014 between the Company and Jefferies LLC (filed as Exhibit 10.1 to our Current Report on Form 8-K filed on April 22, 2014).
|
|
|
|
|
|
10.36
|
|
Stock Purchase Agreement, dated July 29, 2014, between the Company and SHTARD Enterprise Ltd. (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K July 31, 2014).
|
|
|
|
|
|
10.37
|
|
Securities Purchase Agreement, dated August 29, 2014, among the Company, Seng Wei Seow and TFG Radiant Investment Group Ltd. (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed September 4, 2014).
|
|
|
|
|
|
10.38
|
|
Securities Purchase Agreement, dated November 14, 2014, between the Company and the Investor named therein (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed November 17, 2014).
|
|
|
|
|
|
10.39
|
|
Form of Senior Secured Convertible Note (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed November 17, 2014).
|
|
|
|
|
|
10.40
|
|
Form of Registration Rights Agreement between the Company and the Investor named therein (incorporated by reference to Exhibit 10.4 to our Current Report on Form 8-K filed November 17, 2014).
|
|
|
|
|
|
10.41
|
|
Form of Security and Pledge Agreement by the Company in favor of the collateral agent named therein (incorporated by reference to Exhibit 10.5 to our Current Report on Form 8-K filed November 17, 2014).
|
|
|
|
|
|
10.42
|
|
Securities Purchase Agreement, dated February 19, 2015, between the Company and the Investor named therein(incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed February 20, 2015).
|
|
|
|
|
|
Exhibit
No.
|
|
Description
|
|
23.1
|
|
Consent of Hein & Associates LLP*
|
|
|
|
|
|
31.1
|
|
Chief Executive Officer Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002*
|
|
|
|
|
|
31.2
|
|
Chief Financial Officer Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002*
|
|
|
|
|
|
32.1
|
|
Chief Executive Officer Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002*
|
|
|
|
|
|
32.2
|
|
Chief Financial Officer Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002*
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document*
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document*
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document*
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document*
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document*
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document*
|
|
|
|
|
|
*
|
Filed herewith
|
|
CTR
|
Portions of this exhibit have been omitted pursuant to a request for confidential treatment.
|
|
†
|
Denotes management contract or compensatory plan or arrangement.
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|