UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number:

001-40454

KULR TECHNOLOGY GROUP, INC.

(Exact name of registrant as specified in its charter)


Delaware		81-1004273
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification Number)

4863 Shawline Street, San Diego, California 92111

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: 408-663-5247

(Former name, former address and former fiscal year, if changed since last report) N/A

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock	KULR	NYSE American LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b- 2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of May 16, 2022, there were 107,022,536 shares outstanding.

Table of Contents

KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2022

TABLE OF CONTENTS

		Page
PART I – FINANCIAL INFORMATION

	Item 1. Financial Statements.	3

	Condensed Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021	3

	Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021	4

	Unaudited Condensed Consolidated Statement of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2022 and 2021	5

	Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021	6

	Notes to Unaudited Condensed Consolidated Financial Statements	8

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.	19

	Item 3. Quantitative and Qualitative Disclosures About Market Risk.	23

	Item 4. Controls and Procedures.	24

PART II - OTHER INFORMATION

	Item 1. Legal Proceedings.	25

	Item 1A. Risk Factors.	25

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	25

	Item 3. Defaults Upon Senior Securities.	25

	Item 4. Mine Safety Disclosures	25

	Item 5. Other Information.	25

	Item 6. Exhibits.	26

	SIGNATURES	27

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)


	March 31,		December 31,
	2022		2021
	(unaudited)
Assets
Current Assets:
Cash	$	10,132,676	$	14,863,301
Accounts receivable		193,092		136,326
Inventory		287,328		191,311
Prepaid expenses and other current assets		1,918,011		570,360
Total Current Assets		12,531,107		15,761,298
Property and equipment, net		357,509		374,475
Vendor deposits		2,381,488		2,153,950
Security deposits		58,941		58,941
Intangible assets, net		213,808		216,952
Right of use asset		470,903		665,687
Total Assets	$	16,013,756	$	19,231,303

Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable	$	188,737	$	454,507
Accrued expenses and other current liabilities		1,800,217		1,163,227
Accrued issuable equity		182,281		290,721
Lease liability, current portion		209,560		262,379
Loan payable		155,226		155,226
Deferred revenue		20,000		132,303
Total Current Liabilities		2,556,021

SEC Form 10-Q filed by KULR Technology Group Inc.