alpha-En Corp

CIK:0001023298|SEC Filings

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Total revenues	$ 58		$ 58
Operating expenses
General and administrative	1,076	1,213	3,220	3,396
Legal and professional fees	60	103	229	364
Research and development (includes stock based compensation of $18 and $59 for the three and nine months ended September 30, 2019 and $(28) and $(245) for the three and nine months ended September 30, 2018, respectively. See Note 7)	101	372	399	837
Total operating expenses	1,237	1,688	3,848	4,597
Other income (loss)
Other expenses	(3)	(2)	(9)	(2)
Interest income		1	1	1
Total other income (loss)	(3)	(1)	(8)	(1)
Net loss	(1,182)	(1,689)	(3,798)	(4,598)
Less: net loss attributable to non-controlling interest				(155)
Net loss attributable to controlling interest	(1,182)	(1,689)	(3,798)	(4,443)
Net loss attributable to alpha-En Corporation common stockholders	$ (1,239)	$ (1,789)	$ (4,807)	$ (6,361)
Net loss per share attributable to alpha-En Corporation common stockholders
Basic and diluted	$ (0.03)	$ (0.05)	$ (0.12)	$ (0.18)
Weighted average shares outstanding:
Basic and diluted	39,444,549	35,890,676	39,278,981	35,693,698
Series A Preferred Stock [Member]
Other income (loss)
Less: Dividends accrued on Preferred Stock	$ (111)	$ (100)	$ (324)	$ (275)
Less: Deemed dividend on Preferred Stock				(687)
Less: Deemed dividend - beneficial conversion feature on Preferred Stock				(956)
Series B Preferred Stock [Member]
Other income (loss)
Less: Dividends accrued on Preferred Stock	(20)		(40)
Less: Deemed dividend on Preferred Stock	22		(192)
Less: Deemed dividend - beneficial conversion feature on Preferred Stock	52		(453)
Grant [Member]
Revenues
Total revenues	$ 58		$ 58

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities
Net loss	$ (3,798)	$ (4,598)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	91	83
Stock-based compensation	2,401	1,932
Amortization of right-of-use assets	78
Changes in operating assets and liabilities of business, net of acquisitions:
Grant receivable	(35)
Prepaid expenses	(71)
Deferred rent		118
Operating lease liability	(85)
Accounts payable and accrued expenses	250	(553)
Net cash used in operating activities	(1,169)	(3,018)
Cash flows from investing activities
Purchase of fixed assets	(56)	(180)
Net cash used in investing activities	(56)	(180)
Cash flows from financing activities
Proceeds from issuance of preferred stock and warrants	820	1,700
Proceeds from issuance of common stock in private placements	100	1,800
Options exercised for cash		22
Warrants exercised for cash		200
Advances from related parties	50
Repayments of advances from related parties		(22)
Net cash provided by financing activities	970	3,700
Net (decrease) increase in cash	(255)	502
Cash and restricted cash at beginning of period	568	612
Cash and restricted cash at end of period	313	1,114
Non cash financing and investing activities:
Beneficial conversion feature of Series A Preferred Stock and deemed dividends related to beneficial conversion feature of Series A Preferred Stock		(956)
Beneficial conversion feature of Series B Preferred Stock and deemed dividends related to beneficial conversion feature of Series B Preferred Stock	(453)
Issuance of warrants in Preferred Stock offering and deemed dividend on Series A Preferred Stock		(687)
Issuance of warrants in Preferred Stock offering and deemed dividend on Series B Preferred Stock	(192)
Accrued Series A Preferred Stock dividends	(324)	(275)
Accrued Series B Preferred Stock dividends	(40)
Conversion of advances from related parties to preferred stock	50	250
Series A Preferred Stock converted to common stock		55
Purchase of assets included in accounts payable		67
Forgiveness of the lease payments		$ 104

Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash	$ 278	$ 518
Grant receivable	35
Restricted cash		15
Prepaid expenses	71
Total current assets	384	533
Long-term restricted cash	35	35
Property and equipment, net	597	632
Right-of-use assets	825
Total assets	1,841	1,200
Current liabilities
Accounts payable and accrued expenses	807	557
Advances from related parties	36	36
Current portion of deferred rent		10
Current portion of operating lease liability	127
Total current liabilities	970	603
Deferred rent		105
Noncurrent operating lease liability	806
Total liabilities	1,776	708
COMMITMENTS AND CONTINGENCIES
Stockholders' deficit:
Common stock value	394	390
Additional paid-in capital	23,719	21,586
Treasury stock at cost: 714,750 shares as of September 30, 2019 and December 31, 2018	(69)	(69)
Accumulated deficit	(29,421)	(25,623)
Total stockholders' deficit	(5,377)	(3,716)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT AND TEMPORARY EQUITY	1,841	1,200
Series A Preferred Stock [Member]
Current liabilities
Preferred Stock value	4,532	4,208
Series B Preferred Stock [Member]
Current liabilities
Preferred Stock value	910
Class B Common Stock [Member]
Stockholders' deficit:
Common stock value