Press Release
|
New Prototype Shipments Reach Customers in
Q2 2013 Operational Highlights
During the second quarter,
- Two prototype shipments were high performance automotive components intended for evaluation and testing by customers.
- Prototype shipments were also completed under the Company’s development program with iGolf which leverages the Company’s materials technology and iGolf’s equipment design expertise.
-
The medical industry prototype shipment was in the dental appliance
category where the strength and resilience of
Liquidmetal alloy provides remarkable advantages over current manufacturing methods.
Management Commentary
“During the second quarter, we shipped 5 prototypes into very exciting
markets. We are also pleased with the subsequent repayment of our debt
in July and the continued expansion of our IP portfolio,” said
Q2 2013 Financial Summary
In Q2 2013, the company generated nominal revenues as it focused on the development of prototype parts for its customers.
Selling, marketing, general and administrative expense was
Research and development expense was
Cash totaled
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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) | ||||||||
| June 30, | December 31, | |||||||
|
2013 |
2012 |
|||||||
| (Unaudited) | (Audited) | |||||||
|
ASSETS |
||||||||
| Current assets: | ||||||||
| Cash | $ | 4,208 | $ | 7,162 | ||||
| Trade accounts receivable, net of allowance for doubtful accounts of $25 and $11, respectively | 141 | 64 | ||||||
| Prepaid expenses and other current assets | 598 | 689 | ||||||
| Total current assets | $ | 4,947 | $ | 7,915 | ||||
| Property and equipment, net | 284 | 161 | ||||||
| Patents and trademarks, net | 810 | 869 | ||||||
| Other assets | 28 | 28 | ||||||
| Total assets | $ | 6,069 | $ | 8,973 | ||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) |
||||||||
| Current liabilities: | ||||||||
| Accounts payable | 143 | 154 | ||||||
| Accrued liabilities | 401 | 248 | ||||||
| Accrued dividends | - | 222 | ||||||
| Convertible notes, net of debt discount of $627 and $4,635, respectively | 373 | 2,365 | ||||||
| Embedded conversion feature liabilities on convertible notes | 878 | 3,934 | ||||||
| Total current liabilities | $ | 1,795 | $ | 6,923 | ||||
| Long-term liabilities: | ||||||||
| Warrant liabilities | 1,970 | 2,766 | ||||||
| Other long-term liabilities | 856 | 856 | ||||||
| Total liabilities | $ | 4,621 | $ | 10,545 | ||||
| Shareholders' equity (deficit): | ||||||||
|
Convertible, redeemable Series A Preferred Stock, $0.001 par value; 10,000,000 shares authorized; 0 and 506,936 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively |
- | - | ||||||
|
Common stock, $0.001 par value; 500,000,000 shares and 400,000,000 authorized at June 30, 2013 and December 31, 2012, respectively; 350,868,867 and 242,074,324 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively |
351 | 242 | ||||||
| Warrants | 18,179 | 18,179 | ||||||
| Additional paid-in capital | 178,214 | 169,891 | ||||||
| Accumulated deficit | (195,288 | ) | (189,884 | ) | ||||
| Noncontrolling interest in subsidiary | (8 | ) | - | |||||
| Total shareholders equity (deficit) | 1,448 | (1,572 | ) | |||||
| Total liabilities and shareholders' equity (deficit) | $ | 6,069 | $ | 8,973 | ||||
| LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| For the Three Months | For the Six Months | |||||||||||||||
|
Ended June 30, |
Ended June 30, |
|||||||||||||||
|
2013 |
2012 |
2013 |
2012 |
|||||||||||||
| Revenue | ||||||||||||||||
| Products | $ | 150 | $ | 208 | $ | 265 | $ | 391 | ||||||||
| Licensing and royalties | - | 6 | 7 | 19 | ||||||||||||
| Total revenue | 150 | 214 | 272 | 410 | ||||||||||||
| Cost of sales | 111 | 102 | 193 | 184 | ||||||||||||
| Gross profit | 39 | 112 | 79 | 226 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Selling, marketing, general and administrative | 1,209 | 1,007 | 2,523 | 1,964 | ||||||||||||
| Research and development | 224 | 211 | 460 | 399 | ||||||||||||
| Manufacturing contract costs | - | 6,300 | - | 6,300 | ||||||||||||
| Total operating expenses | 1,433 | 7,518 | 2,983 | 8,663 | ||||||||||||
| Operating loss | (1,394 | ) | (7,406 | ) | (2,904 | ) | (8,437 | ) | ||||||||
| Change in value of warrants, gain (loss) | 286 | (174 | ) | 796 | (174 | ) | ||||||||||
| Change in value of embedded conversion feature liabilities, gain | 1,378 | - | 3,056 | - | ||||||||||||
| Debt discount amortization expense | (2,108 | ) | - | (6,143 | ) | - | ||||||||||
| Financing costs | - | (1,355 | ) | - | (1,355 | ) | ||||||||||
| Interest expense | (80 | ) | 22 | (221 | ) | (18 | ) | |||||||||
| Interest income | 1 | 4 | 4 | 8 | ||||||||||||
| Net loss before noncontrolling interest | (1,917 | ) | (8,909 | ) | (5,412 | ) | (9,976 | ) | ||||||||
| Noncontrolling interest | 8 | - | 8 | - | ||||||||||||
| Net loss | $ | (1,909 | ) | $ | (8,909 | ) | $ | (5,404 | ) | $ | (9,976 | ) | ||||
| Per common share basic and diluted | $ | (0.01 | ) | $ | (0.05 | ) | $ | (0.02 | ) | $ | (0.06 | ) | ||||
| Number of weighted average shares - basic and diluted | 335,472,213 | 171,651,573 | 309,073,707 | 162,679,410 | ||||||||||||
Source:
Liquidmetal Technologies, Inc.
Otis Buchanan
Media Relations
949-635-2120
otis.buchanan@liquidmetal.com