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Resonant Inc (RESN) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Resonant Inc

CIK: 1579910 Ticker: RESN

Exhibit 99

 

For Immediate Release

 

Resonant Inc. Reports 2014 Financial Results

and Provides Business Update

 

– Management to Host Conference Call Today at 2:00 p.m. PST –

 

SANTA BARBARA, Calif.—February 26, 2015

-- Resonant Inc. (NASDAQ: RESN), a late-stage development company creating innovative filter designs for radio frequency, or RF, front-ends for the mobile device industry, today announced financial results and provided a business update for the fourth quarter and year ended December 31, 2014.

 

2014 Highlights

·                 Raised net proceeds of $16.2 million in an initial public offering

·                 Made significant progress on the Company’s first product design for a major customer

·                 Commenced development of a prototype tunable RF filter design

·                 Expanded the patent portfolio to more than 50 issued and pending patents

·                 Built out the senior management team and added technical staff to the R&D team

·                 Developed new software tools that have enhanced Resonant’s filter design development capabilities

·                 Moved into new offices and built an electronics laboratory

 

Chief Executive Officer, Co-Founder and Chairman Terry Lingren, stated, “Last year was transformative for Resonant, as we accomplished a great deal toward the advancement of our technology and business model. In particular, our successful initial public offering provided the resources necessary to grow our uniquely talented development team as well as build out our ISN tool suite and laboratory facilities. These resources will enable us to have multiple projects underway simultaneously, a process we have already begun. We were also able to accelerate our patent filing activity, advance our first project and commence development of a prototype tunable filter design.”

 

“We have delivered a completed duplexer design for consideration to our first customer.  Our design does not meet all the specifications in the development agreement, but we believe it delivers competitive performance, which we view as a major accomplishment. Our customer’s decision whether to use our design is complex and based on a number of considerations, many of which are beyond our control.”

 

Bob Hammond, Ph.D., Resonant Co-founder and Chief Technology Officer, stated, “The explosion in the number of filters needed to address the communication bands in smartphones has created a major growth opportunity for our customers and an increasing cost burden for their customers. What we find most exciting is the growing capabilities of our ISN technology platform and the opportunity to transform RF front-ends.”

 

Lingren, added: “We are evaluating several single band opportunities and are in active discussions with other potential customers.  We are not limited by any single customer’s interest in a particular filter design and expect to announce an additional customer in the first half of this year. We also see multiple opportunities to improve upon the design of traditional SAW filters, potentially augmenting our customers’ capacity-constrained engineering teams. Looking ahead, we believe we will complete our prototype tunable filter, which can replace multiple filters and significantly reduce the size and cost of RF front-ends.”

 

5


The following information was filed by Resonant Inc (RESN) on Thursday, February 26, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders' Equity (deficit) Of Resonant Llc For The Period From January 1, 2013 To June 16, 2013, And Resonant Inc. For The Period From June 17, 2013 To December 31, 2013 And The Year Ended December 31, 2014
Bridge Loans, Member Loan And Convertible Debt
Bridge Loans, Member Loan And Convertible Debt (details)
Commitment And Contingencies
Commitment And Contingencies (details 2)
Commitment And Contingencies (details)
Commitment And Contingencies (tables)
Employee Benefit Plan
Employee Benefit Plan (details)
Fair Value Measurements And Derivative Instruments
Fair Value Measurements And Derivative Instruments (details 2)
Fair Value Measurements And Derivative Instruments (details 3)
Fair Value Measurements And Derivative Instruments (details)
Fair Value Measurements And Derivative Instruments (tables)
Income Taxes
Income Taxes (details 2)
Income Taxes (details 3)
Income Taxes (details)
Income Taxes (tables)
Organization And Description Of Business
Organization And Description Of Business (details)
Patents And Domain Name
Patents And Domain Name (details)
Patents And Domain Name (tables)
Property And Equipment, Net
Property And Equipment, Net (details)
Property And Equipment, Net (tables)
Related Party Transactions
Related Party Transactions (details)
Stock-based Compensation
Stock-based Compensation (details 2)
Stock-based Compensation (details 3)
Stock-based Compensation (details 4)
Stock-based Compensation (details 5)
Stock-based Compensation (details)
Stock-based Compensation (tables)
Stockholders' Equity (deficit)
Stockholders' Equity (deficit) (details)
Subsequent Event (details)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details 2)
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Warrant Liabilities
Warrant Liabilities (details 2)
Warrant Liabilities (details)
Warrant Liabilities (tables)
Ticker: RESN
CIK: 1579910
Form Type: 10-K Annual Report
Accession Number: 0001104659-15-023395
Submitted to the SEC: Fri Mar 27 2015 1:50:40 PM EST
Accepted by the SEC: Fri Mar 27 2015
Period: Wednesday, December 31, 2014
Industry: Semiconductors And Related Devices

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