ADVANCE DISPLAY TECHNOLOGIES INC Financials

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ADVANCE DISPLAY TECHNOLOGIES INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Material Modificatio

Item 8.01 Other Events. Annual Meeting Results Advance Display Technologies, Inc. (the "Company") held its annual meeting of stockholders (the "Annual Meeting") on June 29, 2009. At the Annual Meeting, the stockholders: · Re-elected all three directors to the Company's Board of Directors to serve until the next annual meeting of stockholders or until their successors are elected; · Ratified the appointment of AJ Robbins, P.C. as the Company's independent registered public accounting firm for the current fiscal year; · Approved an amendment to the Company's Articles of Incorporation to increase the authorized shares of Common Stock from 175,000,000 to 1,000,000,000 shares; · Approved an amendment to the Company's Articles of Incorporation to increase the authorized shares of Preferred Stock from 130,000,000 to 1,000,000,000 shares; · Approved an amendment to the Company's Articles of Incorporation to increase the authorized shares of Series D Preferred Stock from 70,100,000 to 500,000,000 shares; · Ratified the Senior Secured Revolving Credit Agreement entered into on November 6, 2008, by and between the Company and DeGeorge Holdings Three LLC; · Ratified the conversion of all of the Company's Revolving 10% Convertible, Redeemable Promissory Notes into 55,888,021 shares of the Company's Series D Preferred Stock; · Ratified the exchange of all outstanding shares of the Company's Series E Preferred Stock for 1,267,531 shares of the Company's Common Stock; · Ratified the exchange of all outstanding shares of the Company's Series F Preferred Stock for 4,549,015 shares of the Company's Common Stock; · Ratified the exchange of all outstanding shares of the Company's Series G Preferred Stock for 90,544,000 shares of the Company's Series D Preferred Stock; · Approved an amendment to the Company's Articles of Incorporation to amend the terms of the Series D Preferred Stock in light of the exchange ...
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ADVANCE DISPLAY TECHNOLOGIES INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Creation of a Direct

Item 1.01 Entry into a Material Definitive Agreement. On June 15, 2009, Advance Display Technologies, Inc. (the "Company") and DeGeorge Holdings Three, LLC, a Delaware limited liability company (the "Lender"), entered into the First Amendment ("First Amendment") to the Senior Secured Revolving Credit Agreement, dated November 6, 2008 (the "Loan Agreement"). The First Amendment amended the Loan Agreement to, among other things: (1) increase the maximum amount of revolving credit available to $15,000,000, resulting in an additional $8,105,638 of available credit (the "Additional Credit"); (2) extend the maturity date of the Loan Agreement from November 6, 2009 to December 31, 2010; (3) issue a stock purchase warrant (the "Warrant") in favor of the Lender for the purchase of 810,564 shares of Series D Convertible Preferred Stock (the "Warrant Shares"); (4) enter into a revolving note in favor of the Lender in an aggregate principal amount not to exceed $15,000,000 (the "New Revolving Note") and (5) make certain other revisions. Unless otherwise changed by the First Amendment, the terms of the Loan Agreement are still in effect. Under the terms of the First Amendment, the Lender may elect to convert all or any portion of the unpaid principal relating to the Additional Credit and the New Revolving Note into shares of the Company's Series G Preferred Stock, at any time or from time-to-time at a conversion price of $84.00 per share, or $0.084 per common share equivalent (the "Amendment Conversion Price"). The Warrant grants the Lender the right to purchase 810,564 shares of Series D Convertible Preferred Stock at any time or from time-to-time until June 15, 2013, also at the Amendment Conversion Price. The Series D Convertible Preferred Stock converts 1-for-1 into shares of the Company's Common Stock, and the Series G Convertible Preferred Stock converts 1-for-1000 into shares of the Company's Com...
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ADVANCE DISPLAY TECHNOLOGIES INC Files SEC form 10-Q, Quarterly Report

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION Going Concern The Report of the Company's Independent Registered Public Accounting firm on the Financial Statements included in the Company's Annual Report on Form 10-KSB, as amended, for the fiscal year ended June 30, 2008, includes a qualification regarding the Company's ability to continue as a going concern because the Company is in the development stage, has not yet commenced significant operations from its business, has not yet realized significant revenues from operations and is dependent on the continuation of outside funding which is not certain. Since inception, the Company has devoted most of its efforts toward raising capital and its research and development efforts. Credit Facility During the quarter ended December 31, 2008, the Company entered into a Senior Secured Revolving Credit Facility (the "Credit Agreement") with DeGeorge Holdings Three LLC, to obtain a revolving line of credit (the "Credit Facility") of up to $6,894,362. As of March 31, 2009, the Company had borrowed $5,779,362 under the Credit Facility, and borrowed the remaining $1,115,000 subsequent to the end of the quarter. As a result, as of April 30, 2009, the Company had drawn the full amount under the Credit Agreement. Accordingly, the Company's continued operations may depend upon its success in obtaining an increase in the amount of the Credit Facility available under the Credit Agreement. While there can be no assurance, the officers of the Company believe that the Company will be able to obtain a substantial increase in the amount available under the Credit Facility and that the increase obtained should be sufficient to fund its operations through June of 2010. The Credit Facility is secured by a first priority lien on all of the Company's assets (the "Collateral") and bears interest at ten percent (10%) per annum ...
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ADVANCE DISPLAY TECHNOLOGIES INC Files SEC form 10-Q, Quarterly Report

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION Going Concern The Report of the Company's Independent Registered Public Accounting firm on the Financial Statements included in the Company's Annual Report on Form 10-KSB for the fiscal year ended June 30, 2008, includes a qualification regarding the Company's ability to continue as a going concern because the Company is in the development stage, has not yet commenced significant operations from its business, has not yet realized significant revenues from operations and is dependent on the continuation of outside funding which is not certain. Since inception, the Company has devoted most of its efforts toward raising capital and its research and development efforts. General During the quarter ended December 31, 2008, the Company entered into a Senior Secured Revolving Credit Facility (the "Credit Agreement") with DeGeorge Holdings Three LLC, to obtain a revolving line of credit (the "Credit Facility") of up to $6,894,362. As of the date of this report, the Company has borrowed $4,969,362 under the Credit Facility, with $1,925,000 available for future draws. The Credit Facility is secured by a first priority lien on all of the Company's assets (the "Collateral") and bears interest at ten percent (10%) per annum with principal and interest due and payable on November 6, 2009 (the "Maturity Date"). The Lender has the right to accelerate payment of principal, interest and other amounts, if any, that are outstanding under the Convertible Note as of July 1, 2009 (the "Performance Date") if the Company has not sold, delivered or executed any binding sales agreements for SkyNet™ screens by that time. If the Company does not pay the amounts due under the Credit Facility when due, or there is a continuing Event of Default under the Credit Agreement, the Lender may elect to sell or seize all o...
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ADVANCE DISPLAY TECHNOLOGIES INC Files SEC form 10-Q, Quarterly Report

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION Going Concern The Report of the Company's Independent Registered Public Accounting firm on the Financial Statements included in the Company's Annual Report on Form 10-KSB for the fiscal year ended June 30, 2008, includes a qualification regarding the Company's ability to continue as a going concern because the Company is in the development stage, has not yet commenced significant operations from its business, has not yet realized significant revenues from operations and is dependent on the continuation of outside funding which is not certain. Since inception, the Company has devoted most of its efforts toward raising capital and its research and development efforts. General During the quarter ended September 30, 2008, the Company completed the second half of its first 123 square foot production level SkyNet™ screen. The first half of the screen was completed in June 2008. The Company installed the completed screen at the Colorado Convention Center in Denver on August 11, 2008. While installed, the screen suffered a series of performance failures resulting from noncompliant and defective parts provided by one of the Company's key suppliers. It was subsequently determined that, due to the extent of the defective components, the screen would not be repaired in a manner that would permit it to be offered for sale for outdoor use. Accordingly, the Company decided to instead use it internally for marketing demonstrations and for ongoing product integration testing purposes. It is expected that the screen will be offered for sale for indoor use when it is no longer needed for marketing demonstration purposes. The Company is engaged in negotiations with its supplier concerning the losses suffered by the Company because of the supplier's nonconforming parts. The Company remains optimistic that a mutually satisfactory resolution of the probl...
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ADVANCE DISPLAY TECHNOLOGIES INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Creation of a Direct

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off Balance Sheet Arrangement of a Registrant. Advance Display Technologies, Inc. (the "Company") entered into a Senior Secured Revolving Credit Facility (the "Credit Agreement") with DeGeorge Holdings Three LLC, a Delaware limited liability company ("Lender"), dated November 6, 2008, pursuant to which the Company established a revolving line of credit (the "Credit Facility") not to exceed the aggregate amount of Six Million Eight Hundred Ninety-Four Thousand Three Hundred Sixty-Two Dollars ($6,894,362.00). In connection with the execution of the Credit Agreement, the Company issued a Convertible Revolving Promissory Note in favor of the Lender dated November 6, 2008 (the "Convertible Note"), which provides for interest at ten percent (10%) on all outstanding amounts, payable on November 6, 2009 (the "Maturity Date") or upon conversion of the Convertible Note. In the absence of conversion or acceleration of the term of the Convertible Note, all principal, interest and other amounts owed to Lender shall be immediately due and payable on the Maturity Date. The Convertible Note is secured by a first priority lien on all of the Company's assets (the "Collateral"). Under the terms of the Credit Agreement, the Lender may elect to convert all or any portion of the unpaid principal owed under the Convertible Note into shares of the Company's Series G Preferred Stock at any time or from time-to-time at a conversion price of $110.00 per share, or $0.11 per common share equivalent (the "Conversion Price"). The Credit Agreement also provides for an anti-dilution adjustment that would cause an adjustment to the Conversion Price, the kind of securities issuable upon conversion, and the number of shares issuable under the Convertible Note. As disclosed in the Credit Agreement, in the event the Lender elects to convert any ou...
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ADVANCE DISPLAY TECHNOLOGIES INC Files SEC form 10KSB, Annual Report

Item 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND PLAN OF OPERATION Special Note Regarding Forward Looking Statements Certain statements contained herein constitute "forward looking statements". (See page ii of this report.) General The Report of the Company's Independent Registered Public Accounting firm on the Company's Financial Statements included in Part II, Item 7 of this report contains a qualification regarding the Company's ability to continue as a going concern. The Company's continuation as a going concern is subject to question because it has not realized significant revenues from continuing operations and it remains dependent on the continuation of outside funding, which is not certain. During fiscal 2008, the Company's business activities included raising a substantial amount of new capital for initiating manufacturing operations and the continued efforts of research and development for its proprietary light emitting diode ("LED") display products ("LED Screens"), utilizing the services of a contract engineering firm and its affiliated electrical engineering development company (collectively, the "Project Engineering Firm"). In addition, the Company: (1) implemented and brought on line its Temecula, California production facility; (2) began production of its proprietary SkyNet™ LED Screens; (3) significantly increased its workforce; (4) conducted sales and marketing analysis and operations to support and bring to market such production capacity; and (5) continued proprietary product development activities. Critical Accounting Policies Income Taxes - Income taxes are accounted for under the liability method, whereby deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates that will be in effect when these differences are expected to reve...
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