Press Release
|
Management Commentary
Our second quarter results reflect our continued shifting of manufacturing operations to trusted suppliers, refinement of our operating cost structure, and active management of the Company’s assets to maximize value. During the second quarter, we have continued to engage with our primary supplier, Yihao, to advance product development and design efforts, improve manufacturing throughput, and deliver bulk metallic glass parts into key markets. This has resulted in securing our first orders for recurring, volume, deliveries of functional parts utilizing our technology. Monthly shipments began in July and will result in regular supply into a targeted market, along with providing market participants with needed benchmarks on the advantages of our technology.
Q2 2020 Financial Summary
During the second quarter of 2020, the Company generated
Cost of goods sold was
Selling, marketing, general and administrative expense was
Research and development decreased to
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
CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share data) |
|||||||
|
|
|
|||||
2020 |
|
2019 |
|||||
(Unaudited) |
|
(Audited) |
|||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents |
$ |
20,526 |
|
$ |
19,543 |
|
|
Restricted cash |
|
5 |
|
|
5 |
|
|
Investments in debt securities- short term |
|
4,225 |
|
|
4,415 |
|
|
Trade accounts receivable, net of allowance for doubtful accounts |
|
291 |
|
|
303 |
|
|
Inventory |
|
23 |
|
|
12 |
|
|
Prepaid expenses and other current assets |
|
359 |
|
|
322 |
|
|
Total current assets |
$ |
25,429 |
|
$ |
24,600 |
|
|
Investments in debt securities- long term |
|
5,071 |
|
|
7,074 |
|
|
Property and equipment, net |
|
8,774 |
|
|
8,819 |
|
|
Patents and trademarks, net |
|
197 |
|
|
239 |
|
|
Equipment held for sale |
|
- |
|
|
585 |
|
|
Other assets |
|
219 |
|
|
14 |
|
|
Total assets |
$ |
39,690 |
|
$ |
41,331 |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable |
|
103 |
|
|
132 |
|
|
Accrued liabilities |
|
248 |
|
|
775 |
|
|
Total current liabilities |
$ |
351 |
|
$ |
907 |
|
|
Long-term liabilities | |||||||
Other long-term liabilities |
|
899 |
|
|
856 |
|
|
Total liabilities |
$ |
1,250 |
|
$ |
1,763 |
|
|
Shareholders' equity: | |||||||
Preferred Stock, |
|
- |
|
|
- |
|
|
Common stock, |
|
914 |
|
|
914 |
|
|
Warrants |
|
18,179 |
|
|
18,179 |
|
|
Additional paid-in capital |
|
287,005 |
|
|
286,832 |
|
|
Accumulated deficit |
|
(267,673 |
) |
|
(266,284 |
) |
|
Accumulated other comprehensive income |
|
90 |
|
|
2 |
|
|
Non-controlling interest in subsidiary |
|
(75 |
) |
|
(75 |
) |
|
Total shareholders' equity |
$ |
38,440 |
|
$ |
39,568 |
|
|
Total liabilities and shareholders' equity |
$ |
39,690 |
|
$ |
41,331 |
{ |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per share data) (unaudited) |
|||||||||||||||||
For the Three Months
|
For the Six Months
|
||||||||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||||||||
Revenue | |||||||||||||||||
Products |
$ |
33 |
|
$ |
132 |
|
$ |
79 |
|
$ |
355 |
|
|||||
Licensing and royalties |
|
- |
|
|
- |
|
|
25 |
|
|
- |
|
|||||
Total revenue |
|
33 |
|
|
132 |
|
|
104 |
|
|
355 |
|
|||||
Cost of sales |
|
35 |
|
|
103 |
|
|
71 |
|
|
282 |
|
|||||
Gross profit (loss) |
|
(2 |
) |
|
29 |
|
|
33 |
|
|
73 |
|
|||||
Operating expenses | |||||||||||||||||
Selling, marketing, general and administrative |
|
870 |
|
|
1,275 |
|
|
1,857 |
|
|
2,708 |
|
|||||
Research and development |
|
27 |
|
|
406 |
|
|
56 |
|
|
895 |
|
|||||
Impairment of long-lived assets |
|
- |
|
|
1,676 |
|
|
- |
|
|
1,676 |
|
|||||
(Gain) loss on disposal of long-lived assets |
|
(15 |
) |
|
5 |
|
|
(35 |
) |
|
5 |
|
|||||
Total operating expenses |
|
882 |
|
|
3,362 |
|
|
1,878 |
|
|
5,284 |
|
|||||
Operating loss |
|
(884 |
) |
|
(3,333 |
) |
|
(1,845 |
) |
|
(5,211 |
) |
|||||
Lease income |
|
132 |
|
|
- |
|
|
220 |
|
|
- |
|
|||||
Interest and investment income |
|
109 |
|
|
109 |
|
|
236 |
|
|
219 |
|
|||||
Loss before income taxes |
|
(643 |
) |
|
(3,224 |
) |
|
(1,389 |
) |
|
(4,992 |
) |
|||||
Income taxes |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
Net loss |
|
(643 |
) |
|
(3,224 |
) |
|
(1,389 |
) |
|
(4,992 |
) |
|||||
Net loss attributable to non-controlling interest |
|
- |
|
|
1 |
|
|
- |
|
|
1 |
|
|||||
Net loss attributable to |
$ |
(643 |
) |
$ |
(3,223 |
) |
$ |
(1,389 |
) |
$ |
(4,991 |
) |
|||||
Per common share basic and diluted: | |||||||||||||||||
Net loss per common share attributable to |
$ |
(0.00 |
) |
$ |
(0.00 |
) |
$ |
(0.00 |
) |
$ |
(0.01 |
) |
|||||
Number of weighted average shares - basic and diluted |
|
914,449,957 |
|
|
914,359,124 |
|
|
914,449,957 |
|
|
914,319,575 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20200804006005/en/
Bryce Van
Media Relations
949-635-2107
bryce.van@liquidmetal.com
Source: