Business Context and Reporting Period
This Form 8-K Current Report was filed by Aqua Metals, Inc. on September 27, 2017. The company is an emerging growth company incorporated in Delaware, headquartered in Alameda, California. The filing primarily addresses a material development regarding a strategic collaboration with Johnson Controls International plc.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a regulatory disclosure under Item 7.01 regarding a business agreement and does not contain financial statements or performance metrics.
Material Changes and Developments
- Strategic Agreement: On February 7, 2017, Aqua Metals entered into an Equipment Supply Agreement with a subsidiary of Johnson Controls to collaborate on converting lead smelters to use Aqua Metals' AquaRefining technology.
- Facility Designation: On September 15, 2017, Johnson Controls provided written notice designating its first facility for potential conversion or retrofit on a preliminary basis.
- Readiness Notification: On September 25, 2017, Aqua Metals notified Johnson Controls of its readiness to commence discussions regarding the conversion of the designated facility.
- Negotiation Status: As of the week of September 25, 2017, the parties commenced meetings to negotiate a definitive Development Program Agreement. This agreement would govern the licensing or sale of technology and equipment to convert existing smelter operations.
Outlook, Risks, and Management Commentary
Management commentary indicates active progress in the commercialization of AquaRefining technology through the Johnson Controls partnership. The definitive designation of the initial facility is contingent upon the execution of the Development Program Agreement. The filing does not explicitly list new risks, contingencies, or unusual items beyond the standard nature of negotiating a definitive agreement for a technology conversion program.
Key Facts for Investor Verification
- Verify the terms and status of the definitive Development Program Agreement with Johnson Controls.
- Confirm the specific identity and location of the Johnson Controls facility designated for the initial retrofit.
- Monitor the timeline for the execution of the agreement and the commencement of the actual conversion work.
- Review subsequent filings for any financial impact or revenue recognition related to this agreement.