Exhibit 99.1

 

Akoustis Technologies, Inc.

PRO FORMA CONSOLIDATED BALANCE SHEET

(Unaudited)

 

       Pro Forma      As Adjusted 
   December 31, 2016   Adjustments   Note Reference  December 31, 2016 
ASSETS                  
Assets                  
Cash and cash equivalents  $5,001,466   $6,299,035   (1) (2)  $11,300,501 
Accounts receivable   29,000            29,000 
Inventory   43,185            43,185 
Prepaid expenses   93,249            93,249 
Total Current Assets   5,166,900    6,299,035       11,465,935 
                   
Property and equipment, net   625,580            625,580 
Intangibles, net   107,771            107,771 
Other Assets   20,715            20,715 
Total Assets  $5,920,966   $6,299,035      $12,220,001 
                   
LIABILITIES AND STOCKHOLDERS' EQUITY                  
Current liabilities                  
Accounts payable and accrued expenses  $918,370           $918,370 
Deferred revenue   29,000            29,000 
Total Current Liabilities   947,370            947,370 
                   
Long-term liabilities                  
Derivative Liabilities   396,828    -       396,828 
Total Liabilities   1,344,198    -       1,344,198 
                   
Stockholders' Equity                  
Preferred stock, par value $0.001: 5,000,000 shares authorized; none issued and outstanding   -            - 
Common stock, $0.001 par value; 45,000,000 shares authorized; 16,569,978 shares issued and outstanding at December 31, 2016, and 17,958,974 on a pro forma basis at December 31, 2016   16,570    1,389   (1) (2)   17,959 
Additional Paid In Capital   16,703,677    6,297,646   (1) (2)   23,001,323 
Accumulated Deficit   (12,143,479)   -       (12,143,479)
Total Stockholders' Equity   4,576,768    6,299,035       10,875,803 
Total Liabilities and Stockholders' Equity  $5,920,966   $6,299,035      $12,220,001 

 

NOTES TO THE PROFORMA CONSOLIDATED BALANCE SHEET:

This Pro Forma Balance Sheet reflects the Akoustis Technologies, Inc. (AKTS) Balance Sheet as reported in the Company's 10-Q for the quarter ended December 31, 2016, filed with the Securities and Exchange Commission on February 14, 2017, adjusted to reflect the closings of the 2016-2017 Offering held on January 18, 2017 and February 7, 2017, as described below:

 

PRO FORMA ADJUSTMENTS:

(1)On January 18, 2017, there was an increase in cash related to the sale of 1,258,996 shares of common stock at $5.00 per share, net of commissions and fees of $605,195, and the issuance of placement agent warrants for 123,900 shares of common stock.
(2)On February 7, 2017, there was an increase in cash related to the sale of 130,000 shares of common stock at $5.00 per share, net of commissions and fees of $40,750, and the issuance of placement agent warrants for 7,350 shares of common stock.