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DayStar Technologies Inc. (DSTI) filed Quarterly Report for the period ended 2011-09-30.
Daystar Technologies Inc. has a market cap of $2.72 million; its shares were traded at around $0.285 .
This is the annual revenues and earnings per share of DSTI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of DSTI.
Highlight of Business Operations:
Research and development expenses. Research and development expenses were $207,173 for the three months ended September 30, 2011 compared to $210,869 for the three months ended September 30, 2010, a decrease of $3,696 or 2%. Research and development expenses for the third quarter of 2011 were fairly consistent with the same quarter in the prior year and reflected lower costs for personnel, facilities, and materials and supplies, as well as a decrease of $39,886 in share based compensation.Selling, general and administrative expenses. Selling, general and administrative expenses were $336,748 for the three months ended September 30, 2011 compared to $1,328,056 for the three months ended September 30, 2010, a decrease of $991,308 or 75%. The decrease in selling, general and administrative expenses was primarily due to cost savings measures, including a reduction in our workforce and outside consultants and professional fees, as well as a decrease of $313,093 in share based compensation.
Research and development expenses. Research and development expenses were $1,046,944 for the nine months ended September 30, 2011 compared to $5,264,054 for the nine months ended September 30, 2010, a decrease of $4,217,110 or 80%. The decrease reflects cost savings measures which resulted in lower costs for personnel, facilities, and materials and supplies, as well as a decrease of $1,213,533 in share based compensation.
Selling, general and administrative expenses. Selling, general and administrative expenses were $2,028,292 for the nine months ended September 30, 2011 compared to $4,661,127 for the nine months ended September 30, 2010, a decrease of $2,632,835 or 56%. The decrease in selling, general and administrative expenses was primarily due to cost savings measures, including a reduction in our workforce and outside consultants and professional fees, as well as a decrease of $1,649,327 in share based compensation.
Restructuring. Restructuring expenses were $850,000 for the nine months ended September 30, 2011 compared to $9,745,407 for the nine months ended September 30, 2010, a decrease of $8,895,407 or 91%. The restructuring expenses in 2011 resulted from impairment charges on certain equipment, as we have cancelled orders for such equipment and settled the outstanding obligations with the vendors. The settlement amounts which were paid in shares of our common stock were recorded as restructuring expense during the nine months ended September 30, 2011. During the nine months ended September 30, 2010, we recorded restructuring charges of $3,509,763 from the impairment of leasehold improvements and the write-off of non-cash deferred rent, upon closing our Newark, California manufacturing facility. Additionally, we recorded impairment charges of $6,235,644 on certain equipment during the nine months ended September 30, 2010.
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