false2024Q3000176169612-31Nasdaq0.00667xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purecrkn:segmentcrkn:agreementcrkn:thirdPartycrkn:dayiso4217:CNYxbrli:sharescrkn:investorutr:sqft00017616962024-01-012024-09-3000017616962024-11-1400017616962024-09-3000017616962023-12-310001761696us-gaap:SeriesAPreferredStockMember2024-09-300001761696us-gaap:SeriesAPreferredStockMember2023-12-310001761696us-gaap:SeriesBPreferredStockMember2024-09-300001761696us-gaap:SeriesBPreferredStockMember2023-12-310001761696us-gaap:SeriesCPreferredStockMember2023-12-310001761696us-gaap:SeriesCPreferredStockMember2024-09-300001761696us-gaap:SeriesDPreferredStockMember2024-09-300001761696us-gaap:SeriesDPreferredStockMember2023-12-310001761696us-gaap:SeriesEPreferredStockMember2023-12-310001761696us-gaap:SeriesEPreferredStockMember2024-09-300001761696us-gaap:SeriesFPreferredStockMember2023-12-310001761696us-gaap:SeriesFPreferredStockMember2024-09-300001761696crkn:SeriesF1PreferredStockMember2023-12-310001761696crkn:SeriesF1PreferredStockMember2024-09-300001761696crkn:SeriesF2PreferredStockMember2023-12-310001761696crkn:SeriesF2PreferredStockMember2024-09-3000017616962024-07-012024-09-3000017616962023-07-012023-09-3000017616962023-01-012023-09-300001761696us-gaap:SeriesDPreferredStockMember2024-07-012024-09-300001761696us-gaap:SeriesDPreferredStockMember2023-07-012023-09-300001761696us-gaap:SeriesDPreferredStockMember2024-01-012024-09-300001761696us-gaap:SeriesDPreferredStockMember2023-01-012023-09-300001761696us-gaap:SeriesAPreferredStockMember2024-07-012024-09-300001761696us-gaap:SeriesAPreferredStockMember2023-07-012023-09-300001761696us-gaap:SeriesAPreferredStockMember2024-01-012024-09-300001761696us-gaap:SeriesAPreferredStockMember2023-01-012023-09-300001761696us-gaap:SeriesBPreferredStockMember2024-07-012024-09-300001761696us-gaap:SeriesBPreferredStockMember2023-07-012023-09-300001761696us-gaap:SeriesBPreferredStockMember2024-01-012024-09-300001761696us-gaap:SeriesBPreferredStockMember2023-01-012023-09-300001761696us-gaap:SeriesCPreferredStockMember2024-07-012024-09-300001761696us-gaap:SeriesCPreferredStockMember2023-07-012023-09-300001761696us-gaap:SeriesCPreferredStockMember2024-01-012024-09-300001761696us-gaap:SeriesCPreferredStockMember2023-01-012023-09-300001761696us-gaap:SeriesFPreferredStockMember2024-07-012024-09-300001761696us-gaap:SeriesFPreferredStockMember2023-07-012023-09-300001761696us-gaap:SeriesFPreferredStockMember2024-01-012024-09-300001761696us-gaap:SeriesFPreferredStockMember2023-01-012023-09-300001761696crkn:SeriesF1PreferredStockMember2024-07-012024-09-300001761696crkn:SeriesF1PreferredStockMember2023-07-012023-09-300001761696crkn:SeriesF1PreferredStockMember2024-01-012024-09-300001761696crkn:SeriesF1PreferredStockMember2023-01-012023-09-300001761696crkn:SeriesF2PreferredStockMember2024-07-012024-09-300001761696crkn:SeriesF2PreferredStockMember2023-07-012023-09-300001761696crkn:SeriesF2PreferredStockMember2024-01-012024-09-300001761696crkn:SeriesF2PreferredStockMember2023-01-012023-09-300001761696crkn:PreferredStockSeriesABAndCMember2024-07-012024-09-300001761696crkn:PreferredStockSeriesABAndCMember2023-07-012023-09-300001761696crkn:PreferredStockSeriesABAndCMember2024-01-012024-09-300001761696crkn:PreferredStockSeriesABAndCMember2023-01-012023-09-300001761696crkn:SeriesFF1AndF2PreferredStockMember2024-07-012024-09-300001761696crkn:SeriesFF1AndF2PreferredStockMember2023-07-012023-09-300001761696crkn:SeriesFF1AndF2PreferredStockMember2024-01-012024-09-300001761696crkn:SeriesFF1AndF2PreferredStockMember2023-01-012023-09-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2023-12-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2023-12-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2023-12-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2023-12-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesEPreferredStockMember2023-12-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesFPreferredStockMember2023-12-310001761696us-gaap:PreferredStockMembercrkn:SeriesF1PreferredStockMember2023-12-310001761696us-gaap:PreferredStockMembercrkn:SeriesF2PreferredStockMember2023-12-310001761696us-gaap:CommonStockMember2023-12-310001761696us-gaap:CommonStockMemberus-gaap:CommonStockMember2023-12-310001761696us-gaap:AdditionalPaidInCapitalMember2023-12-310001761696us-gaap:RetainedEarningsMember2023-12-310001761696us-gaap:CommonStockMember2024-01-012024-03-310001761696us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-3100017616962024-01-012024-03-310001761696us-gaap:RetainedEarningsMember2024-01-012024-03-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2024-03-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2024-03-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2024-03-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2024-03-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesEPreferredStockMember2024-03-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesFPreferredStockMember2024-03-310001761696us-gaap:PreferredStockMembercrkn:SeriesF1PreferredStockMember2024-03-310001761696us-gaap:PreferredStockMembercrkn:SeriesF2PreferredStockMember2024-03-310001761696us-gaap:CommonStockMember2024-03-310001761696us-gaap:CommonStockMemberus-gaap:CommonStockMember2024-03-310001761696us-gaap:AdditionalPaidInCapitalMember2024-03-310001761696us-gaap:RetainedEarningsMember2024-03-3100017616962024-03-310001761696us-gaap:CommonStockMember2024-04-012024-06-300001761696us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-3000017616962024-04-012024-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2024-04-012024-06-300001761696us-gaap:CommonStockMemberus-gaap:SeriesAPreferredStockMember2024-04-012024-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2024-04-012024-06-300001761696us-gaap:CommonStockMemberus-gaap:SeriesBPreferredStockMember2024-04-012024-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2024-04-012024-06-300001761696us-gaap:CommonStockMemberus-gaap:SeriesCPreferredStockMember2024-04-012024-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesFPreferredStockMember2024-04-012024-06-300001761696us-gaap:CommonStockMemberus-gaap:SeriesFPreferredStockMember2024-04-012024-06-300001761696us-gaap:PreferredStockMembercrkn:SeriesF1PreferredStockMember2024-04-012024-06-300001761696us-gaap:CommonStockMembercrkn:SeriesF1PreferredStockMember2024-04-012024-06-300001761696us-gaap:PreferredStockMembercrkn:SeriesF2PreferredStockMember2024-04-012024-06-300001761696us-gaap:CommonStockMembercrkn:SeriesF2PreferredStockMember2024-04-012024-06-300001761696us-gaap:RetainedEarningsMember2024-04-012024-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2024-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2024-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2024-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2024-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesEPreferredStockMember2024-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesFPreferredStockMember2024-06-300001761696us-gaap:PreferredStockMembercrkn:SeriesF1PreferredStockMember2024-06-300001761696us-gaap:PreferredStockMembercrkn:SeriesF2PreferredStockMember2024-06-300001761696us-gaap:CommonStockMember2024-06-300001761696us-gaap:CommonStockMemberus-gaap:CommonStockMember2024-06-300001761696us-gaap:AdditionalPaidInCapitalMember2024-06-300001761696us-gaap:RetainedEarningsMember2024-06-3000017616962024-06-300001761696us-gaap:CommonStockMember2024-07-012024-09-300001761696us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001761696us-gaap:CommonStockMembercrkn:SeriesF1PreferredStockMember2024-07-012024-09-300001761696us-gaap:RetainedEarningsMember2024-07-012024-09-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2024-09-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2024-09-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2024-09-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2024-09-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesEPreferredStockMember2024-09-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesFPreferredStockMember2024-09-300001761696us-gaap:PreferredStockMembercrkn:SeriesF1PreferredStockMember2024-09-300001761696us-gaap:PreferredStockMembercrkn:SeriesF2PreferredStockMember2024-09-300001761696us-gaap:CommonStockMember2024-09-300001761696us-gaap:CommonStockMemberus-gaap:CommonStockMember2024-09-300001761696us-gaap:AdditionalPaidInCapitalMember2024-09-300001761696us-gaap:RetainedEarningsMember2024-09-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2022-12-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2022-12-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2022-12-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2022-12-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesEPreferredStockMember2022-12-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesFPreferredStockMember2022-12-310001761696us-gaap:PreferredStockMembercrkn:SeriesF1PreferredStockMember2022-12-310001761696us-gaap:PreferredStockMembercrkn:SeriesF2PreferredStockMember2022-12-310001761696us-gaap:CommonStockMember2022-12-310001761696us-gaap:AdditionalPaidInCapitalMember2022-12-310001761696us-gaap:RetainedEarningsMember2022-12-3100017616962022-12-310001761696us-gaap:CommonStockMember2023-01-012023-03-310001761696us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-3100017616962023-01-012023-03-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesEPreferredStockMember2023-01-012023-03-310001761696us-gaap:RetainedEarningsMember2023-01-012023-03-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2023-03-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2023-03-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2023-03-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2023-03-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesEPreferredStockMember2023-03-310001761696us-gaap:PreferredStockMemberus-gaap:SeriesFPreferredStockMember2023-03-310001761696us-gaap:PreferredStockMembercrkn:SeriesF1PreferredStockMember2023-03-310001761696us-gaap:PreferredStockMembercrkn:SeriesF2PreferredStockMember2023-03-310001761696us-gaap:CommonStockMember2023-03-310001761696us-gaap:AdditionalPaidInCapitalMember2023-03-310001761696us-gaap:RetainedEarningsMember2023-03-3100017616962023-03-310001761696us-gaap:CommonStockMember2023-04-012023-06-3000017616962023-04-012023-06-300001761696us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2023-04-012023-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesFPreferredStockMember2023-04-012023-06-300001761696us-gaap:PreferredStockMembercrkn:SeriesF1PreferredStockMember2023-04-012023-06-300001761696us-gaap:PreferredStockMembercrkn:SeriesF2PreferredStockMember2023-04-012023-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesEPreferredStockMember2023-04-012023-06-300001761696us-gaap:RetainedEarningsMember2023-04-012023-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2023-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2023-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2023-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2023-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesEPreferredStockMember2023-06-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesFPreferredStockMember2023-06-300001761696us-gaap:PreferredStockMembercrkn:SeriesF1PreferredStockMember2023-06-300001761696us-gaap:PreferredStockMembercrkn:SeriesF2PreferredStockMember2023-06-300001761696us-gaap:CommonStockMember2023-06-300001761696us-gaap:AdditionalPaidInCapitalMember2023-06-300001761696us-gaap:RetainedEarningsMember2023-06-3000017616962023-06-300001761696us-gaap:CommonStockMember2023-07-012023-09-300001761696us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesFPreferredStockMember2023-07-012023-09-300001761696us-gaap:CommonStockMemberus-gaap:SeriesFPreferredStockMember2023-07-012023-09-300001761696us-gaap:PreferredStockMembercrkn:SeriesF1PreferredStockMember2023-07-012023-09-300001761696us-gaap:CommonStockMembercrkn:SeriesF1PreferredStockMember2023-07-012023-09-300001761696us-gaap:RetainedEarningsMember2023-07-012023-09-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2023-09-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2023-09-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2023-09-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2023-09-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesEPreferredStockMember2023-09-300001761696us-gaap:PreferredStockMemberus-gaap:SeriesFPreferredStockMember2023-09-300001761696us-gaap:PreferredStockMembercrkn:SeriesF1PreferredStockMember2023-09-300001761696us-gaap:PreferredStockMembercrkn:SeriesF2PreferredStockMember2023-09-300001761696us-gaap:CommonStockMember2023-09-300001761696us-gaap:AdditionalPaidInCapitalMember2023-09-300001761696us-gaap:RetainedEarningsMember2023-09-3000017616962023-09-300001761696crkn:SeriesF1PreferredStockConvertedToCommonStockMember2024-01-012024-09-300001761696crkn:SeriesF1PreferredStockConvertedToCommonStockMember2023-01-012023-09-300001761696crkn:SeriesF2PreferredStockConvertedToCommonStockMember2024-01-012024-09-300001761696crkn:SeriesF2PreferredStockConvertedToCommonStockMember2023-01-012023-09-300001761696crkn:SeriesF1F2AndF3PreferredStockMember2024-01-012024-09-300001761696crkn:SeriesF1F2AndF3PreferredStockMember2023-01-012023-09-3000017616962024-06-252024-06-250001761696crkn:SmartWindowsMember2023-07-012023-09-300001761696crkn:SmartWindowsMember2024-07-012024-09-300001761696crkn:SmartWindowsMember2024-01-012024-09-300001761696crkn:SmartWindowsMember2023-01-012023-09-300001761696srt:MinimumMember2024-01-012024-09-300001761696srt:MaximumMember2024-01-012024-09-300001761696crkn:RetainageReceivableMember2024-09-300001761696crkn:RetainageReceivableMember2023-12-310001761696crkn:ThreeCustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2024-01-012024-09-300001761696crkn:ThreeCustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-07-012024-09-300001761696crkn:ThreeCustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-01-012024-09-3000017616962023-01-012023-12-310001761696us-gaap:SeriesAPreferredStockMember2024-01-012024-09-300001761696us-gaap:SeriesAPreferredStockMember2023-01-012023-09-300001761696us-gaap:SeriesBPreferredStockMember2024-01-012024-09-300001761696us-gaap:SeriesBPreferredStockMember2023-01-012023-09-300001761696us-gaap:SeriesCPreferredStockMember2024-01-012024-09-300001761696us-gaap:SeriesCPreferredStockMember2023-01-012023-09-300001761696us-gaap:SeriesFPreferredStockMember2024-01-012024-09-300001761696us-gaap:SeriesFPreferredStockMember2023-01-012023-09-300001761696crkn:SeriesF1PreferredStockMember2024-01-012024-09-300001761696crkn:SeriesF1PreferredStockMember2023-01-012023-09-300001761696crkn:SeriesF2PreferredStockMember2024-01-012024-09-300001761696crkn:SeriesF2PreferredStockMember2023-01-012023-09-300001761696crkn:WarrantsToPurchaseCommonStockexcludingPennyWarrantsMember2024-01-012024-09-300001761696crkn:WarrantsToPurchaseCommonStockexcludingPennyWarrantsMember2023-01-012023-09-300001761696crkn:WarrantsToPurchaseSeriesEPreferredStockMember2024-01-012024-09-300001761696crkn:WarrantsToPurchaseSeriesEPreferredStockMember2023-01-012023-09-300001761696crkn:OptionsToPurchaseCommonStockMember2024-01-012024-09-300001761696crkn:OptionsToPurchaseCommonStockMember2023-01-012023-09-300001761696crkn:UnvestedRestrictedStockUnitsMember2024-01-012024-09-300001761696crkn:UnvestedRestrictedStockUnitsMember2023-01-012023-09-300001761696crkn:CommitmentSharesMember2024-01-012024-09-300001761696crkn:CommitmentSharesMember2023-01-012023-09-3000017616962024-10-012024-09-300001761696crkn:SeniorSecuredPromissoryNoteMay2024Member2024-05-100001761696crkn:SeniorSecuredPromissoryNoteMay2024Member2024-09-300001761696us-gaap:EquipmentMember2024-09-300001761696us-gaap:EquipmentMember2023-12-310001761696us-gaap:LeaseholdImprovementsMember2024-09-300001761696us-gaap:LeaseholdImprovementsMember2023-12-310001761696us-gaap:VehiclesMember2024-09-300001761696us-gaap:VehiclesMember2023-12-310001761696us-gaap:ComputerEquipmentMember2024-09-300001761696us-gaap:ComputerEquipmentMember2023-12-310001761696us-gaap:FurnitureAndFixturesMember2024-09-300001761696us-gaap:FurnitureAndFixturesMember2023-12-310001761696us-gaap:ConstructionInProgressMember2024-09-300001761696us-gaap:ConstructionInProgressMember2023-12-310001761696us-gaap:StandbyLettersOfCreditMember2024-09-300001761696us-gaap:StandbyLettersOfCreditMember2023-12-310001761696us-gaap:RevolvingCreditFacilityMember2024-09-300001761696us-gaap:RevolvingCreditFacilityMember2023-12-310001761696us-gaap:LineOfCreditMember2024-09-300001761696us-gaap:LineOfCreditMember2023-12-310001761696us-gaap:LineOfCreditMember2024-07-012024-09-300001761696us-gaap:LineOfCreditMember2024-01-012024-09-300001761696us-gaap:LineOfCreditMember2023-07-012023-09-300001761696us-gaap:LineOfCreditMember2023-01-012023-09-300001761696crkn:CemenTechCapitalLLCMemberus-gaap:SecuredDebtMember2023-12-310001761696crkn:FordMotorCreditMemberus-gaap:SecuredDebtMember2023-03-310001761696us-gaap:SecuredDebtMember2024-09-300001761696us-gaap:SecuredDebtMember2023-12-310001761696crkn:IndividuallyImmaterialNotesMemberus-gaap:SecuredDebtMember2023-12-310001761696crkn:IndividuallyImmaterialNotesMemberus-gaap:SecuredDebtMember2024-09-300001761696us-gaap:VehiclesMember2024-08-012024-08-310001761696crkn:FordMotorCreditMemberus-gaap:SecuredDebtMember2024-08-310001761696crkn:FordMotorCreditMemberus-gaap:SecuredDebtMember2024-08-012024-08-310001761696crkn:FordMotorCreditMemberus-gaap:SecuredDebtMember2024-09-300001761696crkn:MobilizationFundingIILLCMemberus-gaap:LineOfCreditMember2024-05-310001761696crkn:MobilizationFundingIILLCMemberus-gaap:LineOfCreditMember2024-04-012024-06-300001761696us-gaap:CommonStockMemberus-gaap:CommonStockMember2024-01-012024-06-300001761696crkn:AtTheMarketOfferingMember2024-01-012024-06-300001761696crkn:AtTheMarketOfferingMembersrt:WeightedAverageMember2024-06-300001761696us-gaap:CommonStockMemberus-gaap:CommonStockMember2024-07-012024-09-300001761696crkn:AtTheMarketOfferingMember2024-07-012024-09-300001761696crkn:AtTheMarketOfferingMembersrt:WeightedAverageMember2024-09-300001761696crkn:ELOCPurchaseAgreementMember2023-07-202023-07-200001761696crkn:ELOCPurchaseAgreementMember2023-07-200001761696crkn:ELOCPurchaseAgreementMember2024-01-012024-06-300001761696crkn:ELOCPurchaseAgreementMembersrt:WeightedAverageMember2024-06-300001761696crkn:ELOCPurchaseAgreementMember2024-07-012024-09-300001761696crkn:ELOCPurchaseAgreementMembersrt:WeightedAverageMember2024-09-300001761696crkn:ELOCPurchaseAgreementMember2024-09-300001761696crkn:ELOCPurchaseAgreementMember2024-08-312024-08-310001761696crkn:ELOCPurchaseAgreementMember2024-08-300001761696crkn:ELOCPurchaseAgreementMember2024-01-012024-09-300001761696crkn:ELOCPurchaseAgreementMember2024-08-3100017616962024-05-310001761696us-gaap:CommonStockMemberus-gaap:SeriesFPreferredStockMember2024-05-310001761696us-gaap:SeriesFPreferredStockMembercrkn:StockIssuedThroughConversionMember2024-01-012024-09-300001761696us-gaap:SeriesFPreferredStockMembercrkn:CommonStockIssuedForDeemedDividendMember2024-01-012024-09-300001761696crkn:SeriesF1PreferredSharesMember2024-01-012024-09-300001761696crkn:SeriesF1PreferredSharesMembercrkn:StockIssuedThroughConversionMember2024-01-012024-09-300001761696crkn:SeriesF1PreferredSharesMembercrkn:CommonStockIssuedForDeemedDividendMember2024-01-012024-09-300001761696crkn:SeriesF2PreferredStockMembercrkn:StockIssuedThroughConversionMember2024-01-012024-09-300001761696crkn:SeriesF2PreferredStockMembercrkn:CommonStockIssuedForDeemedDividendMember2024-01-012024-09-300001761696crkn:SeriesFF1AndF2PreferredStockMembercrkn:StockIssuedThroughConversionMember2024-01-012024-09-300001761696crkn:SeriesFF1AndF2PreferredStockMembercrkn:CommonStockIssuedForDeemedDividendMember2024-01-012024-09-300001761696crkn:TwoThousandSixteenLongTermIncentivePlanMember2016-03-020001761696crkn:TwoThousandSixteenLongTermIncentivePlanMember2016-03-022016-03-020001761696crkn:TwoThousandTwentyLongTermIncentivePlanMember2020-12-160001761696crkn:TwoThousandTwentyLongTermIncentivePlanMember2020-12-162020-12-160001761696crkn:TwoThousandTwentyFourLongTermIncentivePlanMember2024-05-090001761696crkn:TwoThousandTwentyFourLongTermIncentivePlanMember2024-05-092024-05-090001761696crkn:TwoThousandTwentyTwoLongTermIncentivePlanMember2022-12-220001761696us-gaap:EmployeeStockOptionMember2024-07-012024-09-300001761696us-gaap:EmployeeStockOptionMember2024-01-012024-09-300001761696us-gaap:ResearchAndDevelopmentExpenseMember2024-07-012024-09-300001761696us-gaap:ResearchAndDevelopmentExpenseMember2023-07-012023-09-300001761696us-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-09-300001761696us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-09-300001761696us-gaap:GeneralAndAdministrativeExpenseMember2024-07-012024-09-300001761696us-gaap:GeneralAndAdministrativeExpenseMember2023-07-012023-09-300001761696us-gaap:GeneralAndAdministrativeExpenseMember2024-01-012024-09-300001761696us-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-09-300001761696us-gaap:RestrictedStockMembercrkn:A2024InducementAwardsMember2024-09-022024-09-020001761696us-gaap:CommonStockMembercrkn:A2024InducementAwardsMember2024-09-022024-09-020001761696us-gaap:RestrictedStockMembercrkn:A2024InducementAwardsMember2024-09-022024-09-300001761696us-gaap:CommonStockMembercrkn:A2024InducementAwardsMember2024-09-022024-09-300001761696crkn:A2024InducementAwardsMember2024-01-012024-09-300001761696us-gaap:RestrictedStockMember2023-12-310001761696us-gaap:RestrictedStockMember2024-01-012024-09-300001761696us-gaap:RestrictedStockMember2024-09-300001761696us-gaap:RestrictedStockMembercrkn:A2024InducementAwardsMember2024-07-012024-09-300001761696us-gaap:RestrictedStockMember2024-07-012024-09-300001761696crkn:WarrantIssuedBetweenJune2020ToNovember2020Member2024-09-300001761696crkn:WarrantIssuedBetweenJune2020ToNovember2020Membersrt:MinimumMember2024-09-300001761696crkn:WarrantIssuedBetweenJune2020ToNovember2020Membersrt:MaximumMember2024-09-300001761696crkn:WarrantsIssuedBetweenJanuary2021ToDecember2021Member2024-09-300001761696crkn:WarrantsIssuedBetweenJanuary2021ToDecember2021Membersrt:MinimumMember2024-09-300001761696crkn:WarrantsIssuedBetweenJanuary2021ToDecember2021Membersrt:MaximumMember2024-09-300001761696crkn:WarrantsIssuedBetweenMarch2022ToOctober2022Member2024-09-300001761696crkn:WarrantsIssuedBetweenMarch2022ToOctober2022Membersrt:MinimumMember2024-09-300001761696crkn:WarrantsIssuedBetweenMarch2022ToOctober2022Membersrt:MaximumMember2024-09-300001761696crkn:WarrantsIssuedInJanuary2023Member2024-09-300001761696crkn:WarrantsIssuedInFebruary2023Member2024-09-300001761696crkn:WarrantsIssuedInFebruary2023Membersrt:MinimumMember2024-09-300001761696crkn:WarrantsIssuedInFebruary2023Membersrt:MaximumMember2024-09-300001761696crkn:WarrantsIssuedInJune2023Member2024-09-300001761696crkn:WarrantsIssuedInJune2023Membersrt:MinimumMember2024-09-300001761696crkn:WarrantsIssuedInJune2023Membersrt:MaximumMember2024-09-300001761696crkn:WarrantsIssuedInMarch2024Member2024-09-300001761696crkn:WarrantsIssuedInJuly2024Member2024-09-300001761696crkn:WarrantsIssuedInAugust2024Member2024-09-300001761696crkn:WarrantsIssuedInAugust2024Membersrt:MinimumMember2024-09-300001761696crkn:WarrantsIssuedInAugust2024Membersrt:MaximumMember2024-09-300001761696crkn:A2024WarrantExchangeMember2024-09-180001761696crkn:A2024WarrantExchangeMember2024-09-182024-09-180001761696crkn:A2024WarrantExchangeMember2024-07-012024-09-300001761696crkn:Hudson11601WilshireLLCMember2021-03-310001761696crkn:Hudson11601WilshireLLCMember2024-06-300001761696crkn:A12627S182ndPlGilbertArizonaMember2024-07-012024-09-300001761696crkn:MobilizationNoteMember2024-05-012024-05-310001761696crkn:FiberOpticsSegmentWSMember2024-07-012024-09-300001761696crkn:FiberOpticsSegmentWSMember2023-07-012023-09-300001761696crkn:FiberOpticsSegmentWSMember2024-01-012024-09-300001761696crkn:FiberOpticsSegmentWSMember2023-01-012023-09-300001761696crkn:SlantWellsGroupMember2024-07-012024-09-300001761696crkn:SlantWellsGroupMember2023-07-012023-09-300001761696crkn:SlantWellsGroupMember2024-01-012024-09-300001761696crkn:SlantWellsGroupMember2023-01-012023-09-300001761696crkn:Element82Member2024-07-012024-09-300001761696crkn:Element82Member2023-07-012023-09-300001761696crkn:Element82Member2024-01-012024-09-300001761696crkn:Element82Member2023-01-012023-09-300001761696us-gaap:OperatingSegmentsMembercrkn:SmartWindowsMember2024-07-012024-09-300001761696us-gaap:OperatingSegmentsMembercrkn:FiberOpticsSegmentWSMember2024-07-012024-09-300001761696us-gaap:OperatingSegmentsMembercrkn:SlantWellsGroupMember2024-07-012024-09-300001761696us-gaap:OperatingSegmentsMembercrkn:Element82Member2024-07-012024-09-300001761696us-gaap:CorporateNonSegmentMember2024-07-012024-09-300001761696us-gaap:OperatingSegmentsMembercrkn:SmartWindowsMember2023-07-012023-09-300001761696us-gaap:OperatingSegmentsMembercrkn:FiberOpticsSegmentWSMember2023-07-012023-09-300001761696us-gaap:OperatingSegmentsMembercrkn:SlantWellsGroupMember2023-07-012023-09-300001761696us-gaap:OperatingSegmentsMembercrkn:Element82Member2023-07-012023-09-300001761696us-gaap:CorporateNonSegmentMember2023-07-012023-09-300001761696us-gaap:OperatingSegmentsMembercrkn:SmartWindowsMember2024-01-012024-09-300001761696us-gaap:OperatingSegmentsMembercrkn:FiberOpticsSegmentWSMember2024-01-012024-09-300001761696us-gaap:OperatingSegmentsMembercrkn:SlantWellsGroupMember2024-01-012024-09-300001761696us-gaap:OperatingSegmentsMembercrkn:Element82Member2024-01-012024-09-300001761696us-gaap:CorporateNonSegmentMember2024-01-012024-09-300001761696us-gaap:OperatingSegmentsMembercrkn:SmartWindowsMember2023-01-012023-09-300001761696us-gaap:OperatingSegmentsMembercrkn:FiberOpticsSegmentWSMember2023-01-012023-09-300001761696us-gaap:OperatingSegmentsMembercrkn:SlantWellsGroupMember2023-01-012023-09-300001761696us-gaap:OperatingSegmentsMembercrkn:Element82Member2023-01-012023-09-300001761696us-gaap:CorporateNonSegmentMember2023-01-012023-09-300001761696crkn:SmartWindowsMember2024-09-300001761696crkn:SmartWindowsMember2023-09-300001761696crkn:FiberOpticsSegmentWSMember2024-09-300001761696crkn:FiberOpticsSegmentWSMember2023-09-300001761696crkn:SlantWellsGroupMember2024-09-300001761696crkn:SlantWellsGroupMember2023-09-300001761696crkn:Element82Member2024-09-300001761696crkn:Element82Member2023-09-300001761696us-gaap:SubsequentEventMembercrkn:ATMSalesAgreementMember2024-10-102024-11-140001761696us-gaap:SubsequentEventMembercrkn:ATMSalesAgreementMembersrt:WeightedAverageMember2024-11-140001761696us-gaap:SubsequentEventMembercrkn:ATMSalesAgreementMember2024-10-150001761696us-gaap:SubsequentEventMembercrkn:ATMSalesAgreementMember2022-03-302024-10-150001761696us-gaap:SubsequentEventMembercrkn:ATMSalesAgreementMember2024-10-152024-10-150001761696us-gaap:SubsequentEventMembercrkn:ELOCPurchaseAgreementMember2024-10-150001761696us-gaap:SubsequentEventMembercrkn:ELOCPurchaseAgreementMember2024-10-012024-10-280001761696us-gaap:SubsequentEventMembercrkn:ELOCPurchaseAgreementMembersrt:WeightedAverageMember2024-10-28




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number: 333-232426
Crown Electrokinetics Corp.
(Exact name of registrant as specified in its charter)
Delaware47-5423944
(State or other jurisdiction of
 incorporation or organization)
(I.R.S. Employer
 Identification No.)
1110 NE Circle Blvd., Corvallis, Oregon 97330
(Address of principal executive offices) (Zip Code)
458.212.2500
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.0001 par value
CRKN
The Nasdaq Capital Market
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 of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
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 x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 fileroAccelerated filero
Non-accelerated filerxSmaller reporting companyx
Emerging growth companyx
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. o
Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
The number of shares of common stock, $0.0001 par value per share, outstanding as of November 14, 2024 was 9,301,635.






CROWN ELECTROKINETICS CORP.
Page
14
42
49
50
52
52
52
52
52
52
53
55
i




CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA
This Quarterly Report on Form 10-Q contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements may be identified by such forward-looking terminology as “may,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. Our forward-looking statements are based on a series of expectations, assumptions, estimates and projections about our company, are not guarantees of future results or performance and involve substantial risks and uncertainty. We may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements. Our business and our forward-looking statements involve substantial known and unknown risks and uncertainties.
All of our forward-looking statements are as of the date of this Quarterly Report on Form 10-Q only. In each case, actual results may differ materially from such forward-looking information. We can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of, or any material adverse change in, one or more of the risk factors or risks and uncertainties referred to in this Quarterly Report on Form 10-Q or included in our other public disclosures or our other periodic reports or other documents or filings filed with or furnished to the U.S. Securities and Exchange Commission (the “SEC”) could materially and adversely affect our business, prospects, financial condition and results of operations. Except as required by law, we do not undertake or plan to update or revise any such forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections or other circumstances affecting such forward-looking statements occurring after the date of this Quarterly Report on Form 10-Q, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. Any public statements or disclosures by us following this Quarterly Report on Form 10-Q that modify or impact any of the forward-looking statements contained in this Quarterly Report on Form 10-Q will be deemed to modify or supersede such statements in this Quarterly Report on Form 10-Q.
ii




PART I - FINANCIAL INFORMATION
Item 1. - Financial Statements.
CROWN ELECTROKINETICS CORP.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
September 30,
2024		December 31,
2023
(Unaudited)
ASSETS
Current assets:
Cash$3,087 $1,059 
Accounts and retention receivables4,869 83 
Contract assets255 — 
Prepaid and other current assets382 728 
Note receivable158 — 
Total current assets8,751 1,870 
Prepaid expenses - non-current210 — 
Property and equipment, net5,316 3,129 
Intangible assets, net1,213 1,382 
Right-of-use assets1,720 1,701 
Deferred debt issuance costs223 1,306 
Other assets191 139 
TOTAL ASSETS$17,624 $9,527 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$4,337 $1,500 
Accrued expenses917 1,194 
Lease liabilities - current639 655 
Notes payable - current128 429 
Contract liabilities240 — 
Total current liabilities6,261 3,778 
Notes payable - non-current310 — 
Lease liabilities - non-current1,130 1,072 
Total liabilities7,701 4,850 
Commitments and contingencies (Note 10)
STOCKHOLDERS’ EQUITY:
Preferred stock, par value $0.0001; 50,000,000 shares authorized, no shares issued and outstanding
— — 
Series A preferred stock, par value $0.0001; 300 shares authorized, no issued and shares outstanding as of September 30, 2024, and 251 shares issued and outstanding as of December 31, 2023; liquidation preference zero as of September 30, 2024 and $261 as of December 31, 2023
— — 
Series B preferred stock, par value $0.0001; 1,500 shares authorized, no shares issued and outstanding as of September 30, 2024, and 1,443 shares issued and outstanding as of December 31, 2023; liquidation preference zero as of September 30, 2024 and $1,501 as of December 31, 2023
— — 
Series C preferred stock, par value $0.0001; 600,000 shares authorized, no shares issued and outstanding as of September 30, 2024, and 500,756 shares issued and outstanding as of December 31, 2023; liquidation preference zero as of September 30, 2024 and $531 as of December 31, 2023
— — 
Series D preferred stock, par value $0.0001; 7,000 shares authorized, no shares issued and outstanding as of September 30, 2024, and December 31, 2023; liquidation preference zero as of September 30, 2024 and December 31, 2023
— — 
Series E preferred stock, par value $0.0001; 77,000 shares authorized, no shares issued and outstanding as of September 30, 2024 and December 31, 2023
— — 
Series F preferred stock, par value $0.0001; 9,073 shares authorized, no shares issued and outstanding as of September 30, 2024, and 4,448 shares issued and outstanding as of December 31, 2023; liquidation preference zero as of September 30, 2024 and $4,753 as of December 31, 2023
— — 
Series F-1 preferred stock, par value $0.0001; 9,052 shares authorized, no shares issued and outstanding as of September 30, 2024, and 653 shares issued and outstanding as of December 31, 2023; liquidation preference zero as of September 30, 2024 and $696 as of December 31, 2023
— — 
Series F-2 preferred stock, par value $0.0001; 9,052 shares authorized, no shares issued and outstanding as of September 30, 2024, and 1,153 shares issued and outstanding as of December 31, 2023; liquidation preference zero as of September 30, 2024 and $1,232 as of December 31, 2023
— — 
Common stock, par value $0.0001; 800,000,000 shares authorized; 6,708,113 and 171,677 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
— 7 
Additional paid-in capital142,423 121,665 
Accumulated deficit(132,500)(116,995)
Total stockholders’ equity9,923 4,677 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$17,624 $9,527 
The accompanying notes are an integral part of these condensed consolidated financial statements.
1




CROWN ELECTROKINETICS CORP.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share amounts)
2




Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Revenue$8,037 $— $13,367 $59 
Cost of revenue6,623 — 12,442 54 
Gross profit1,414 — 925 5 
Operating expenses:
Research and development720 492 1,945 1,523 
General and administrative6,507 2,941 13,405 10,926 
Total operating expenses7,227 3,433 15,350 12,449 
Loss from operations(5,813)(3,433)(14,425)(12,444)
Other income (expense), net:
Interest expense— (2,445)(1,001)(6,970)
Loss on extinguishment of warrant liability— — — (504)
Loss on extinguishment of debt— — — (2,345)
Gain on issuance of convertible notes— — — 64 
Change in fair value of warrants— 2,688 — 10,424 
Change in fair value of notes— (40)— (7,040)
Change in fair value of derivative liability— 401 — 401 
Other expense, net(51)(30)(79)(1,264)
Total other income (expense), net(51)574 (1,080)(7,234)
Net loss(5,864)(2,859)(15,505)(19,678)
Deemed dividend on Series D preferred stock— — — (6)
Cumulative dividends on Series A preferred stock— (5)(18)(14)
Cumulative dividends on Series B preferred stock— (29)(17)(78)
Cumulative dividends on Series C preferred stock— (10)(46)(20)
Cumulative dividends on Series D preferred stock— — — (53)
Cumulative dividends on Series F preferred stock— (144)(341)(190)
Cumulative dividends on Series F-1 preferred stock— (51)(60)(71)
Cumulative dividends on Series F-2 preferred stock— (44)(19)(44)
Deemed dividend in connection with conversion of Series A, Series B, and Series C preferred stock— — (1,350)— 
Deemed dividend in connection with conversion of Series F, F-1, and F-2— — (3,874)— 
Net loss attributable to common stockholders$(5,864)$(3,142)$(21,230)$(20,154)
Net loss per share attributable to common stockholders$(1.26)$(140.54)$(9.54)$(1,941.24)
Weighted-average shares outstanding, basic and diluted (a):
4,662,08622,3562,224,47710,382
(a) Amounts as of September 30, 2023 differ from those in prior year consolidated financial statements as they were retrospectively adjusted as a result of the accounting or the Reverse Stock Split (as defined in the Notes to the Condensed Consolidated Financial Statements).
The accompanying notes are an integral part of these condensed consolidated financial statements.
3




CROWN ELECTROKINETICS CORP.
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(in thousands, except share and per share amounts)
Series A
 Preferred Stock		Series B
 Preferred Stock		Series C
 Preferred Stock		Series D
 Preferred Stock		Series E
 Preferred Stock		Series F
 Preferred Stock		Series F-1
 Preferred Stock		Series F-2
 Preferred Stock		Common StockAdditional
Paid-in
Capital 		Accumulated
Deficit 		Total
Stockholders’
Equity
NumberAmountNumberAmountNumberAmountNumber AmountNumber AmountNumber AmountNumber AmountNumberAmountNumberAmount
Balance as of December 31, 2023251$— 1,443$— 500,756$— — $— — $— 4,448$— 653$— 1,153$— 318,463 $7 $121,665 $(116,995)$4,677 
Issuance of common stock in connection with equity line of credit— — — — — — — — — — — — — — — — 140,9043 1,388 — 1,391 
Issuance of common stock/at-the-market offering, net of offering costs— — — — — — — — — — — — — — — — 32,163— 588 — 588 
Stock-based compensation— — — — — — — — — — — — — — — — — — 274 — 274 
Net loss— — — — — — — — — — — — — — — — — — — (4,612)(4,612)
Balance at March 31, 2024 (unaudited)251 — 1,443 — 500,756 — — — — — 4,448 — 653 — 1,153 — 491,530 10 123,915 (121,607)2,318 
Issuance of common stock in connection with equity line of credit— — — — — — — — — — — — — — — — 1,599,123 — 9,343 — 9,343 
Issuance of common stock upon the conversion of Series A preferred stock(251)— — — — — — — — — — — — — — — 36,220 — — — — 
Issuance of common stock upon the conversion of Series B preferred stock— — (1,443)— — — — — — — — — — — — — 220,782 — — — — 
Issuance of common stock upon the conversion of Series C preferred stock— — — — (500,756)— — — — — — — — — — — 78,056 — — — — 
Issuance of common stock upon the conversion of Series F preferred stock— — — — — — — — — — (4,448)— — — — — 648,441 — — — — 
Issuance of common stock upon the conversion of Series F-1 preferred stock— — — — — — — — — — — — (653)— — — 113,576 — — — — 
Issuance of common stock upon the conversion of Series F-2 preferred stock— — — — — — — — — — — — — — (1,153)— 140,264 — — — — 
Vesting of restricted stock units— — — — — — — — — — — — — — — — 126,666 — — — — 
Reclassification of common stock to additional paid-in capital to reflect no change in par value in connection with reverse stock split— — — — — — — — — — — — — — — — — (10)10 — — 
Stock-based compensation— — — — — — — — — — — — — — — — — — 2,150 — 2,150 
Net loss— — — — — — — — — — — — — — — — — — — (5,029)(5,029)
Balance at June 30, 2024 (unaudited)— — — — — — — — — — — — — — — — 3,454,658 — 135,418 (126,636)8,782 
Issuance of common stock in connection with equity line of credit— — — — — — — — — — — — — — — — 1,493,000 — 3,606 — 3,606 
Issuance of common stock/at-the-market offering, net of offering costs— — — — — — — — — — — — — — — — 980,294 — 1,183 — 1,183 
Issuance of common stock in connection with employee inducement award (See Note 7)— — — — — — — — — — — — — — — — 200,000 — 292 — 292 
Stock-based compensation— — — — — — — — — — — — — — — — — — 1,861 — 1,861 
Issuance of common stock in connection with warrant exchange— — — — — — — — — — — — — — — — 50,000 — 63 — 63 
Conversion of accrued Series F and F-1 preferred stock dividends liability to common stock— — — — — — — — — — — — — — — — 25,712 — — — — 
Vesting of restricted stock units— — — — — — — — — — — — — — — — 504,449 — — — — 
Net loss— — — — — — — — — — — — — — — — — — — (5,864)(5,864)
Balance as of September 30, 2024 (Unaudited)— $— — $— — $— — $— — $— — $— — $— — $— 6,708,113 $— $142,423 $(132,500)$9,923 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4




CROWN ELECTROKINETICS CORP.
Condensed Consolidated Statements of Stockholders’ Equity (Continued)
(Unaudited)
(in thousands, except share and per share amounts)





Series A
 Preferred Stock		Series B
 Preferred Stock		Series C
 Preferred Stock		Series D
 Preferred Stock		Series E
 Preferred Stock		Series F
 Preferred Stock		Series F-1
 Preferred Stock		Series F-2
 Preferred Stock		Common StockAdditional
Paid-in
Capital 		Accumulated
Deficit 		Total
Stockholders’
Equity
NumberAmountNumberAmountNumberAmountNumber AmountNumber AmountNumber AmountNumber AmountNumberAmountNumberAmount
Balance as of December 31, 2022251$— 1,443$— 500,756$— 1,058$— — $— — $— — $— — $— 149,043$2 $88,533 $(88,005)$530 
Exercise of common stock warrants— — — — — — — — — — — — — — — — 7291 2,061 — 2,062 
Issuance of common stock in connection with conversion of notes— — — — — — — — — — — — — — — — 210— 516 — 516 
Issuance of common stock/at-the-market offering, net of offering costs— — — — — — — — — — — — — — — — 1,4121 2,106 — 2,107 
Issuance of Series E preferred stock in connection with LOC— — — — — — — — 5,000— — — — — — — — — 4,350 — 4,350 
Deemed dividend for repricing of Series D preferred stock — — — — — — — — — — — — — — — — — — 6 (6)— 
Commitment to issue shares of common stock in connection with March waiver agreement— — — — — — — — — — — — — — — — — — 298 — 298 
Stock-based compensation— — — — — — — — — — — — — — — — 265— 181 — 181 
Net loss— — — — — — — — — — — — — — — — — — — (2,300)(2,300)
Balance at March 31, 2023 (Unaudited)251 — 1,443 — 500,756 — 1,058 — 5,000 — — — — — — — 151,659 4 98,051 (90,311)7,744 
Issuance of common stock in connection with Series A and Series B Dividends— — — — — — — — — — — — — — — — 50— — — — 
Issuance of common stock upon the conversion of Series E preferred stock— — — — — — — — — — — — — — — — 5561 — — 1 
Issuance of common stock in connection with conversion of October Notes— — — — — — — — — — — — — — — — 1,6601 2,165 — 2,166 
Dividends paid in shares of Series D preferred stock — — — — — — 139— — — — — — — — — — — — — — 
Series D preferred stock exchanged for Series F preferred stock in connection with Exchange Agreements— — — — — — (1,197)— — — 1,847— — — — — — — (450)— (450)
5




Conversion of Demand Notes and October Notes into Series F preferred stock in connection with Exchange Agreements— — — — — — — — — — 3,198— 3,583— — — — — 1,276 — 1,276 
Conversion of January Notes into Series F preferred stock in connection with Exchange Agreements— — — — — — — — — — 206— — — 1,153— — — 82 — 82 
Issuance of Series F-1 preferred stock— — — — — — — — — — — — — — — — — — 1,372 — 1,372 
Issuance of Series F-2 preferred stock— — — — — — — — — — — — — — — — — — 464 — 464 
Commitment to issue shares of common stock in connection with January Notes— — — — — — — — — — — — — — — — — — 2,410 — 2,410 
Commitment to issue shares of common stock in connection with LOC Notes— — — — — — — — — — — — — — — — — — 230 — 230 
Commitment to issue shares of Series E preferred stock in connection with LOC Notes— — — — — — — — (5,000)— — — — — — — — — 3,363 — 3,363 
Commitment to issue shares of common stock in connection with Demand Notes— — — — — — — — — — — — — — — — — — 286 — 286 
Stock-based compensation— — — — — — — — — — — — — — — — — — 132 — 132 
Net loss— — — — — — — — — — — — — — — — — — — (14,519)(14,519)
Balance as of June 30, 2023 (unaudited)251 — 1,443 — 500,756 — — — — — 5,251 — 3,583 — 1,153 — 153,925 6 109,381 (104,830)4,557 
Issuance of common stock to settle commitment shares— — — — — — — — — — — — — — — — 3,807 1 (1)— — 
Issuance of common stock in connection with January Notes Settlement— — — — — — — — — — — — — — — — 1,265 — 1,160 — 1,160 
Issuance of common stock in connection with equity line of credit issuance costs— — — — — — — — — — — — — — — — 146 — 114 — 114 
Issuance of common stock under the equity line of credit, net of issuance costs— — — — — — — — — — — — — — — — 26,580 — 4,489 — 4,489 
Issuance of common stock/at-the-market offering, net of offering costs— — — — — — — — — — — — — — — — 3,887 — 1,680 — 1,680 
Conversion of Series F preferred stock into common stock— — — — — — — — — — (803)— — — — — 689 — — — — 
Conversion of Series F-1 preferred stock into common stock— — — — — — — — — — — — (2,930)— — — 2,172 — — — — 
Reverse stock split rounding— — — — — — — — — — — — — — — — 220 — — 
Stock-based compensation— — — — — — — —