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Note 1 - Description of Business and Basis of Presentation
12 Months Ended
Dec. 31, 2012
Business Description and Basis of Presentation [Text Block]
1.     DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Description of Business — We are a Delaware corporation, with principal assets and operations in the United States, whose primary business is developing, manufacturing and selling our nano lithium titanate battery products.  Our primary focus is marketing our large-scale energy storage solutions to power companies and electric grid operators throughout the world.  In addition, we market our battery products to electric and hybrid-electric mass-transit vehicle manufacturers. During 2010 we also started to expand our market focus to include use of our battery technology in additional industrial markets with applications requiring batteries that can provide high power quickly, a fast recharge, have a long cycle life, operate at a wide temperature range and are extremely safe.

We also provide contract research services on select projects where we can utilize our resources to develop intellectual property and/or new products and technology.  Although contract services revenue comprised a significant portion of our total revenues through 2010 accounting for 5%, 50%, and 33%, in 2011, 2010 and 2009, respectively, there has been a major decline in this percentage because of our decision to terminate participation in military contracts.

    In July 2011, Canon Investment Holdings, Ltd, (“Canon”) acquired a majority of shares of common stock of the Company. As a result of this investment, the Company initiated activities to enter the China market including the sales of batteries and systems, and to develop a manufacturing and supply chain strategy to reduce costs.

Principles of Consolidation — The consolidated financial statements include the accounts of Altair Nanotechnologies Inc. and our subsidiaries which include (1) Altair U.S. Holdings, (2) Altairnano, Inc., (3) Altair Nanotechnologies (China) Co., Ltd., established in 2012, and (4) Northern Altair Nanotechnologies Co., Ltd., established in 2012. All of the subsidiaries are either incorporated in the United States of America or China. Inter-company transactions and balances have been eliminated in consolidation.

Basis of Presentation —As shown in the consolidated financial statements for the years ended December 31, 2012, and 2011, we incurred net losses of $18.0 million and $19.9 million, respectively. At December 31, 2012 and 2011, we had stockholders’ equity of $36.6 million and $53.5 million, respectively.

The $11.8 million of restricted cash located in a bank in China is designated for use in operations. The Company plans to set aside this cash with banks in China and in return obtain loans as needed for use as operating capital in U.S. operations. We believe that current working capital, restricted cash and cash receipts from anticipated sales in 2013 will be sufficient to fund the $3 million manufacturing facility in China as well as fund operations in the U.S. and China through 2013.

On December 6, 2012, the Board of Directors of the Company authorized a reverse split of the Company’s common stock at a ratio of one-for-six, effective close of business on December 17, 2012. The Company’s stockholders previously approved the reverse split in November 2012. As a result of the reverse split, every six shares of common stock outstanding were combined into one share of common stock. The reverse split did not affect the amount of equity the Company has nor did it affect the Company’s market capitalization. All previously reported share and per share amounts have been restated in the accompanying consolidated financial statements and related notes to reflect the reverse stock split.