Press Release
|
Q1 2014 Operational Highlights
During the first quarter, the Company completed another milestone on the path toward commercialization of its technology with the announcement of its first commercially available non-beryllium alloy and the hiring of a World-Wide VP of Sales and Support.
-
We announced the availability of beryllium-free LM105 from our alloy
partner,
Materion Brush Inc. -
We hired
Paul Hauck , as our World-Wide VP of Sales and Support. Mr. Hauck is a 30-year veteran of the Metal Injection Molding (MIM) industry, which we view as a complementary technology toLiquidmetal .
Management Commentary
“Our activities during the first quarter are not only important
milestones, but set the stage for a much more aggressive sales and
marketing campaign, which we see as an important next step,” said
Q1 2014 Financial Summary
In Q1 2014, the company generated revenues of
Selling, marketing, general and administrative expense was
Research and development expense was
Cash totaled
Conference Call
The Company’s management will hold a conference call later today (
Date:
Time:
Dial-In Number: 1-800-455-2263
International:
1-719-325-2484
Conference ID: 2887500
The conference call will be broadcast simultaneously and available for replay via the investor section of the Company's website at www.liquidmetal.com.
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.
A replay of the call will be available after
Toll-Free Replay Number: 1-888-203-1112
International Replay
Number: 1-719-457-0820
Replay PIN Number: 2887500
About
Forward-Looking Statement
This press release contains "forward-looking statements," including but
not limited to statements regarding the advantages of
| Liquidmetal Technologies | |||||||||||
| Balance Sheet | |||||||||||
| March 31, | December 31, | ||||||||||
| 2014 | 2013 | ||||||||||
| (Unaudited) | (Audited) | ||||||||||
|
ASSETS |
|||||||||||
| Current assets: | |||||||||||
| Cash | $ | 6,954 | $ | 2,062 | |||||||
| Trade accounts receivable, net of allowance for doubtful accounts | 106 | 215 | |||||||||
| Prepaid expenses and other current assets | 260 | 412 | |||||||||
| Total current assets | $ | 7,320 | $ | 2,689 | |||||||
| Property and equipment, net | 224 | 249 | |||||||||
| Patents and trademarks, net | 738 | 764 | |||||||||
| Other assets | 380 | 401 | |||||||||
| Total assets | $ | 8,662 | $ | 4,103 | |||||||
|
LIABILITIES AND STOCKHOLDERS' DEFICIT |
|||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | 472 | 361 | |||||||||
| Accrued liabilities | 449 | 710 | |||||||||
| Convertible notes, net of debt discount | - | - | |||||||||
| Embedded conversion feature liabilities on convertible notes | - | - | |||||||||
| Total current liabilities | $ | 921 | $ | 1,071 | |||||||
| Long-term liabilities: | |||||||||||
| Warrant liabilities | 6,647 | 4,921 | |||||||||
| Other long-term liabilities | 856 | 856 | |||||||||
| Total liabilities | $ | 8,424 | $ | 6,848 | |||||||
| Stockholders' equity (deficit): | |||||||||||
| Convertible, redeemable Preferred Stock, $0.001 par value; | |||||||||||
| 10,000,000 shares authorized; 0 shares issued and | |||||||||||
| outstanding at March 31, 2014 and December 31, 2013. | - | - | |||||||||
| Common stock, $0.001 par value; 700,000,000 shares | |||||||||||
| authorized at March 31, 2014 and December 31, 2013; | |||||||||||
| 406,005,498 and 375,707,190 shares issued and outstanding at March | |||||||||||
| 31, 2014 and December 31, 2013, respectively | 406 | 376 | |||||||||
| Warrants | 18,179 | 18,179 | |||||||||
| Additional paid-in capital | 189,697 | 182,832 | |||||||||
| Accumulated deficit | (207,999 | ) | (204,090 | ) | |||||||
| Non-controlling interest in subsidiary | (45 | ) | (42 | ) | |||||||
| Total stockholders' equity (deficit) | 238 | (2,745 | ) | ||||||||
| Total liabilities and stockholders' equity (deficit) | $ | 8,662 | $ | 4,103 | |||||||
| Working Capital (Deficit): | 6,399 | 1,618 | |||||||||
| - | - | ||||||||||
| Liquidmetal Technologies | |||||||||||
| Statement of Income | |||||||||||
|
For the Three Months Ended March 31, |
|||||||||||
| 2014 | 2013 | ||||||||||
| Revenue | |||||||||||
| Products | $ | 156 | $ | 117 | |||||||
| Licensing and royalties | 4 | 5 | |||||||||
| Total revenue | 160 | 122 | |||||||||
| Cost of sales | 140 | 82 | |||||||||
| Gross profit | 20 | 40 | |||||||||
| Operating expenses | |||||||||||
| Selling, marketing, general and administrative | 1,851 | 1,314 | |||||||||
| Research and development | 334 | 236 | |||||||||
| Total operating expenses | 2,185 | 1,550 | |||||||||
| Operating loss | (2,165 | ) | (1,510 | ) | |||||||
| Change in value of warrants, gain (loss) | (1,726 | ) | 510 | ||||||||
| Change in value of embedded conversion feature | |||||||||||
| liabilities, gain | - | 1,678 | |||||||||
| Debt discount amortization expense | (21 | ) | (4,034 | ) | |||||||
| Interest expense | - | (141 | ) | ||||||||
| Interest income | - | 3 | |||||||||
| Net loss | (3,912 | ) | (3,494 | ) | |||||||
| Net loss attributable to non-controlling interest | 3 | - | |||||||||
| Net loss and comprehensive loss attributable to | |||||||||||
| Liquidmetal Technologies shareholders | $ | (3,909 | ) | $ | (3,494 | ) | |||||
| Net loss per common share attributable to Liquidmetal | |||||||||||
| Technologies shareholders, basic and diluted | $ | (0.01 | ) | $ | (0.01 | ) | |||||
| Number of weighted average shares - basic and diluted | 387,601,876 | 282,675,201 | |||||||||
Source:
Liquidmetal Technologies, Inc.
Otis Buchanan
Media Relations
949-635-2120
otis.buchanan@liquidmetal.com