Press Release
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FY 2014 Operational Highlights
-
Introduced a Certified Liquidmetal Alloy from
Materion -
Paul Hauck joined the Company as VP of Sales - Settled arbitration with Visser Precision Cast in the best interest of shareholders
-
Set up a
$30M Equity Line of Credit -
Opened up the Liquidmetal Manufacturing Center of Excellence in
Rancho Santa Margarita, Ca. - Booked the Company’s first production order with Miltner Adams
Management Commentary
“2014 represented another significant milestone in the evolution of
2014 Financial Summary
In 2014, the company generated
Selling, marketing, general and administrative expense was
Research and development expense was
Cash totaled
Conference Call
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International:
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Conference ID: 3705802
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
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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) | ||||||||||
| December 31, | December 31, | |||||||||
| 2014 | 2013 | |||||||||
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash | $ | 10,009 | $ | 2,062 | ||||||
| Trade accounts receivable, net of allowance for doubtful accounts | 83 | 215 | ||||||||
| Prepaid expenses and other current assets | 374 | 412 | ||||||||
| Total current assets | $ | 10,466 | $ | 2,689 | ||||||
| Property and equipment, net | 1,118 | 249 | ||||||||
| Patents and trademarks, net | 669 | 764 | ||||||||
| Other assets | 31 | 401 | ||||||||
| Total assets | $ | 12,284 | $ | 4,103 | ||||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) |
||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | 155 | 361 | ||||||||
| Accrued liabilities | 705 | 710 | ||||||||
| Convertible note, net of debt discount | - | - | ||||||||
| Embedded conversion feature liability | - | - | ||||||||
| Total current liabilities | $ | 860 | $ | 1,071 | ||||||
| Long-term liabilities | ||||||||||
| Warrant liabilities | 2,005 | 4,921 | ||||||||
| Other long-term liabilities | 856 | 856 | ||||||||
| Total liabilities | $ | 3,721 | $ | 6,848 | ||||||
| Shareholders' equity (deficit): | ||||||||||
| Preferred Stock, $0.001 par value; 10,000,000 | ||||||||||
| shares authorized; 0 shares issued and outstanding at | ||||||||||
| December 31, 2014 and December 31, 2013, respectively | - | - | ||||||||
| Common stock, $0.001 par value; 700,000,000 shares authorized; 464,482,819 | ||||||||||
| and 375,707,190 shares issued and outstanding at December 31, 2014 | ||||||||||
| and December 31, 2013, respectively | 464 | 376 | ||||||||
| Warrants | 18,179 | 18,179 | ||||||||
| Additional paid-in capital | 200,610 | 182,832 | ||||||||
| Accumulated deficit | (210,636 | ) | (204,090 | ) | ||||||
| Non-controlling interest in subsidiary | (54 | ) | (42 | ) | ||||||
| Total shareholders' equity (deficit) | $ | 8,563 | $ | (2,745 | ) | |||||
| Total liabilities and shareholders' equity (deficit) | $ | 12,284 | $ | 4,103 | ||||||
| LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE LOSS | |||||||||||
| (in thousands, except share and per share data) | |||||||||||
| Years Ended December 31, | |||||||||||
| 2014 | 2013 | ||||||||||
| Revenue | |||||||||||
| Products | $ | 565 | $ | 1,007 | |||||||
| Licensing and royalties | 38 | 19 | |||||||||
| Total revenue | 603 | 1,026 | |||||||||
| Cost of revenue | 483 | 774 | |||||||||
| Gross margin | 120 | 252 | |||||||||
| Operating expenses | |||||||||||
| Selling, marketing, general and administrative | 7,463 | 5,157 | |||||||||
| Research and development | 1,596 | 1,156 | |||||||||
| Total operating expenses | 9,059 | 6,313 | |||||||||
| Operating loss | (8,939 | ) | (6,061 | ) | |||||||
| Change in value of warrants, gain (loss) | 2,700 | (2,155 | ) | ||||||||
| Change in value of embedded conversion feature liability, gain | - | 621 | |||||||||
| Debt discount amortization expense | (373 | ) | (6,504 | ) | |||||||
| Other income | 30 | - | |||||||||
| Interest expense | - | (245 | ) | ||||||||
| Interest income | 24 | 5 | |||||||||
| Gain on extinguishment of debt (Note 10) | - | 91 | |||||||||
| Loss before income taxes | (6,558 | ) | (14,248 | ) | |||||||
| Income taxes | - | - | |||||||||
| Net loss and comprehensive loss | (6,558 | ) | (14,248 | ) | |||||||
| Net loss attributable to non-controlling interest | 12 | 42 | |||||||||
| Net loss and comprehensive loss attributable to | |||||||||||
| Liquidmetal Technologies shareholders | (6,546 | ) | (14,206 | ) | |||||||
| Per common share basic and diluted: | |||||||||||
| Net loss per common share attributable to Liquidmetal | |||||||||||
| Technologies shareholders, basic | $ | (0.01 | ) | $ | (0.04 | ) | |||||
| Net loss per common share attributable to Liquidmetal | |||||||||||
| Technologies shareholders, diluted | $ | (0.01 | ) | $ | (0.04 | ) | |||||
| Number of weighted average shares - basic | 441,439,018 | 341,451,559 | |||||||||
| Number of weighted average shares - diluted | 441,439,018 | 341,451,559 | |||||||||
Source: Liquidmetal®
Liquidmetal Technologies, Inc.
Otis Buchanan
Media Relations
949-635-2120
otis.buchanan@liquidmetal.com