Press Release
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Management Commentary
Our operating results for the third quarter reflect operations related to on-going manufacturing efforts from our
Going forward, we will continue to develop domestic and global markets for amorphous metal applications. This will be in partnership with
Q3 2019 Financial Summary
During the third quarter of 2019, the Company generated
Selling, marketing, general and administrative expense was
Research and development expense was
Cash and restricted cash totaled
For a more detailed and complete analysis of the Company’s financial results, please refer to the Company’s
About
Forward-Looking Statement
This press release contains "forward-looking statements," including but not limited to statements regarding the advantages of
LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share data) |
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June 30, |
December 31, |
|||||||||||
|
2019 |
|
|
2018 |
|
|||||||
(Unaudited) |
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ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash |
$ |
31,219 |
|
$ |
35,229 |
|
||||||
Restricted cash |
|
5 |
|
|
5 |
|
||||||
Trade accounts receivable |
|
312 |
|
|
120 |
|
||||||
Inventory |
|
86 |
|
|
31 |
|
||||||
Prepaid expenses and other current assets |
|
411 |
|
|
363 |
|
||||||
Total current assets |
$ |
32,033 |
|
$ |
35,748 |
|
||||||
Property and equipment, net |
|
9,081 |
|
|
11,767 |
|
||||||
Patents and trademarks, net |
|
259 |
|
|
322 |
|
||||||
Equipment held for sale |
|
585 |
|
|||||||||
Other assets |
|
14 |
|
|
14 |
|
||||||
Total assets |
$ |
41,972 |
|
$ |
47,851 |
|
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LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable |
$ |
124 |
|
$ |
253 |
|
||||||
Accrued liabilities |
|
508 |
|
|
270 |
|
||||||
Deferred revenue |
|
1 |
|
|
31 |
|
||||||
Total current liabilities |
$ |
633 |
|
$ |
554 |
|
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Long-term liabilities: | ||||||||||||
Other long-term liabilities |
|
856 |
|
|
856 |
|
||||||
Total liabilities |
$ |
1,489 |
|
$ |
1,410 |
|
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Shareholders' equity: | ||||||||||||
Preferred Stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively |
|
- |
|
|
- |
|
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Common stock, $0.001 par value; 1,100,000,000 shares authorized; 914,359,124 and 914,206,832 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively |
|
914 |
|
|
914 |
|
||||||
Warrants |
|
18,179 |
|
|
18,179 |
|
||||||
Additional paid-in capital |
|
286,705 |
|
|
286,276 |
|
||||||
Accumulated deficit |
|
(265,240 |
) |
|
(258,854 |
) |
||||||
Non-controlling interest in subsidiary |
|
(75 |
) |
|
(74 |
) |
||||||
Total shareholders' equity |
$ |
40,483 |
|
$ |
46,441 |
|
||||||
Total liabilities and shareholders' equity |
$ |
41,972 |
|
$ |
47,851 |
|
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LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per share data) (unaudited) |
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For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||||||
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
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Revenue | ||||||||||||||||||||
Products |
$ |
373 |
|
$ |
205 |
|
$ |
728 |
|
$ |
340 |
|
||||||||
Licensing and royalties |
|
48 |
|
|
48 |
|
|
48 |
|
|
48 |
|
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Total revenue |
|
421 |
|
|
253 |
|
|
776 |
|
|
388 |
|
||||||||
Cost of sales |
|
284 |
|
|
884 |
|
|
566 |
|
|
1,026 |
|
||||||||
Gross profit (loss) |
|
137 |
|
|
(631 |
) |
|
210 |
|
|
(638 |
) |
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Operating expenses | ||||||||||||||||||||
Selling, marketing, general and administrative |
|
1,380 |
|
|
1,381 |
|
|
4,088 |
|
|
4,493 |
|
||||||||
Research and development |
|
284 |
|
|
601 |
|
|
1,179 |
|
|
1,855 |
|
||||||||
Impairment of long-lived assets |
|
- |
|
|
- |
|
|
1,676 |
|
|
- |
|
||||||||
Gain on disposal of fixed assets |
|
(7 |
) |
|
- |
|
|
(2 |
) |
|
- |
|
||||||||
Total operating expenses |
|
1,657 |
|
|
1,982 |
|
|
6,941 |
|
|
6,348 |
|
||||||||
Operating loss |
|
(1,520 |
) |
|
(2,613 |
) |
|
(6,731 |
) |
|
(6,986 |
) |
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Interest income |
|
125 |
|
|
89 |
|
|
344 |
|
|
157 |
|
||||||||
Net loss and comprehensive loss |
|
(1,395 |
) |
|
(2,524 |
) |
|
(6,387 |
) |
|
(6,829 |
) |
||||||||
Net loss attributable to non-controlling interest |
|
- |
|
|
1 |
|
|
1 |
|
|
1 |
|
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Net loss and comprehensive loss attributable to Liquidmetal Technologies shareholders |
$ |
(1,395 |
) |
$ |
(2,523 |
) |
$ |
(6,386 |
) |
$ |
(6,828 |
) |
||||||||
Net loss per common share attributable to Liquidmetal Technologies shareholders, basic and diluted |
$ |
(0.00 |
) |
$ |
(0.00 |
) |
$ |
(0.01 |
) |
$ |
(0.01 |
) |
||||||||
Number of weighted average shares - basic and diluted |
|
914,359,124 |
|
|
909,972,342 |
|
|
914,332,758 |
|
|
909,366,218 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20191112005972/en/
Source:
Company Contact:
Bryce Van
Media Relations
Liquidmetal Technologies, Inc.
949-635-2107
bryce.van@liquidmetal.com