Atomera(US:ATOM)2023-08-01 16:00Financial Performance - For the three months ended June 30, 2023, the company reported no revenue, compared to $375,000 for the same period in 2022[11]. - The net loss for the three months ended June 30, 2023, was $5,152,000, compared to a net loss of $4,481,000 for the same period in 2022, indicating an increase in loss of approximately 15%[11]. - The company reported a net loss of $10,171,000 for the three months ended June 30, 2023, compared to a net loss of $8,567,000 for the same period in 2022, representing an increase of approximately 18.7%[21]. - Total operating expenses for the three months ended June 30, 2023, were $5,360,000, compared to $4,447,000 for the same period in 2022, marking an increase of approximately 20.5%[11]. - Total operating expenses for the six months ended June 30, 2023, were $10,527,000, compared to $8,759,000 for the same period in 2022, an increase of about 20.2%[11]. Assets and Liabilities - As of June 30, 2023, total assets increased to $28,989,000 from $26,729,000 as of December 31, 2022, representing a growth of approximately 8.4%[9]. - The accumulated deficit as of June 30, 2023, was $193,466,000, up from $183,295,000 as of December 31, 2022[9]. - The company reported total liabilities of $5,750,000 as of June 30, 2023, down from $6,415,000 as of December 31, 2022, a decrease of approximately 10.4%[9]. - As of June 30, 2023, the company reported cash, cash equivalents, and short-term investments totaling approximately $23.8 million, with working capital of approximately $21.6 million[25]. Cash Flow - Cash and cash equivalents decreased to $12,904,000 from $21,184,000, a decline of about 39.2%[9]. - Net cash used in operating activities for the three months ended June 30, 2023, was $8,172,000, compared to $6,615,000 for the same period in 2022, reflecting an increase of approximately 23.5%[21]. - The company had cash, cash equivalents, and short-term investments totaling approximately $23.8 million as of June 30, 2023[25]. - As of June 30, 2023, the company had a net decrease in cash and cash equivalents of $8,280,000 compared to a decrease of $6,861,000 for the same period in 2022[21]. Equity and Stock Options - The total stockholders' equity increased to $23,239,000 as of June 30, 2023, from $20,314,000 as of December 31, 2022, representing an increase of approximately 14.3%[9]. - The weighted average number of common shares outstanding, basic, increased to 24,677,000 for the three months ended June 30, 2023, from 22,936,000 for the same period in 2022[11]. - As of June 30, 2023, the Company had 3,364 stock options outstanding, an increase from 3,009 at the beginning of the year, with a weighted average exercise price of $7.03[60]. - The Company granted approximately 375,000 stock options under the 2017 Plan during the six months ended June 30, 2023, with a fair value of approximately $1.9 million at the time of grant[60]. Research and Development - Research and development expenses for the three months ended June 30, 2023, were $3,192,000, up from $2,433,000 in the same period of 2022, reflecting a year-over-year increase of about 31.2%[11]. - The Company recorded total stock-based compensation expense of $1,030,000 for the three months ended June 30, 2023, compared to $859,000 for the same period in 2022[57]. - The company incurred stock-based compensation of $1,957,000 for the three months ended June 30, 2023, compared to $1,585,000 for the same period in 2022, an increase of approximately 23.4%[21]. Business Operations and Future Plans - The company has incurred recurring operating losses and is subject to risks associated with financing and scaling a business that is not generating positive cash flow[25]. - The company plans to consider alternatives to its current business plan to achieve revenue-producing operations with a smaller amount of capital if necessary[27]. - The company has primarily financed operations through private placements and public offerings, including an IPO in August 2016[25]. - The Company recognized revenue from engineering service contracts, license agreements, and joint development agreements, with total revenue for the six months ended June 30, 2023, amounting to $375,000[39]. Lease Obligations - Future minimum lease payments under non-cancellable leases as of June 30, 2023, total $4,029,000 for financing leases and $710,000 for operating leases[50]. - The Company leased an additional 404 square feet at its Tempe office, increasing monthly rent from $1,277 to $2,365, with a right-of-use asset recorded of approximately $33,000[46]. - The weighted average remaining discount rate for operating leases is 5.48%, with a remaining lease term of 2.6 years[54]. Litigation - The company has not been involved in any material litigation as of June 30, 2023[63].