10-Q Filing

ENERGY FOCUS, INC/DE CIK: 924168 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000924168-22-000041`
Period End Date	20220331
Filing Date	20220512
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	efoi-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 34 Cash Flow Statement 70 Stockholders Equity 18

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$225.00K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$548.00K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.68M	USD	Point-in-time
Trade accounts receivable, less allowances of $5 and $14, respectively	`AccountsReceivableNetCurrent`	$1.33M	USD	Point-in-time
Trade accounts receivable, less allowances of $5 and $14, respectively	`AccountsReceivableNetCurrent`	$1.24M	USD	Point-in-time
Inventories, net	`InventoryNet`	$7.37M	USD	Point-in-time
Inventories, net	`InventoryNet`	$7.87M	USD	Point-in-time
Trade accounts receivable, less allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$5.00K	USD	Point-in-time
Trade accounts receivable, less allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$14.00K	USD	Point-in-time
Short-term deposits	`DepositsAssetsCurrent`	$712.00K	USD	Point-in-time
Short-term deposits	`DepositsAssetsCurrent`	$701.00K	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$924.00K	USD	Point-in-time
Preferred stock, par value (USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$909.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.53M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$13.42M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	876,447.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$631.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$675.00K	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	876,447.00	shares	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	876,447.00	shares	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.39M	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	876,447.00	shares	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$292.00K	USD	Point-in-time
Common stock, par value (USD per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total assets	`Assets`	$14.39M	USD	Point-in-time
Total assets	`Assets`	$12.55M	USD	Point-in-time
Common stock, par value (USD per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	6.45M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	6.37M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	6.45M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.23M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	6.37M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.23M	USD	Point-in-time
Accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$265.00K	USD	Point-in-time
Accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$317.00K	USD	Point-in-time
Accrued legal and professional fees	`AccruedProfessionalFeesCurrent`	$104.00K	USD	Point-in-time
Accrued legal and professional fees	`AccruedProfessionalFeesCurrent`	$69.00K	USD	Point-in-time
Accrued payroll and related benefits	`AccruedEmployeeBenefitsCurrent`	$718.00K	USD	Point-in-time
Accrued payroll and related benefits	`AccruedEmployeeBenefitsCurrent`	$477.00K	USD	Point-in-time
Accrued sales commissions	`AccruedSalesCommissionCurrent`	$57.00K	USD	Point-in-time
Accrued sales commissions	`AccruedSalesCommissionCurrent`	$71.00K	USD	Point-in-time
Accrued warranty reserve	`StandardProductWarrantyAccrualCurrent`	$295.00K	USD	Point-in-time
Accrued warranty reserve	`StandardProductWarrantyAccrualCurrent`	$265.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$268.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	-	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$237.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$325.00K	USD	Point-in-time
Finance lease liabilities	`FinanceLeaseLiabilityCurrent`	$1.00K	USD	Point-in-time
Finance lease liabilities	`FinanceLeaseLiabilityCurrent`	-	USD	Point-in-time
Streeterville - 2021 note, net of discount and loan origination fees	`NotesPayableCurrent`	$1.16M	USD	Point-in-time
Streeterville - 2021 note, net of discount and loan origination fees	`NotesPayableCurrent`	$1.72M	USD	Point-in-time
Credit line borrowings, net of loan origination fees	`LinesOfCreditCurrent`	$3.11M	USD	Point-in-time
Credit line borrowings, net of loan origination fees	`LinesOfCreditCurrent`	$2.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.16M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.94M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.18M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$26.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$8.18M	USD	Point-in-time
Total liabilities	`Liabilities`	$9.12M	USD	Point-in-time
Preferred stock, par value $0.0001 per share	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share	`CommonStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$145.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$144.95M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-141.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-138.74M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.28M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.25M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.71M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$6.21M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.43M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$14.39M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$12.55M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$2.06M	USD	1 Quarter
Net sales	`Revenues`	$2.64M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$2.08M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$2.09M	USD	1 Quarter
Gross (loss) profit	`GrossProfit`	$553.00K	USD	1 Quarter
Gross (loss) profit	`GrossProfit`	$-26.00K	USD	1 Quarter
Product development	`ResearchAndDevelopmentExpense`	$653.00K	USD	1 Quarter
Product development	`ResearchAndDevelopmentExpense`	$503.00K	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$2.22M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$2.13M	USD	1 Quarter
Restructuring recovery	`RestructuringCosts`	-	USD	1 Quarter
Restructuring recovery	`RestructuringCosts`	$-19.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.63M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.85M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.30M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.66M	USD	1 Quarter
Interest expense	`InterestExpense`	$184.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$127.00K	USD	1 Quarter
Gain on forgiveness of PPP loan	`GainLossOnForgivenessOfDebt`	-	USD	1 Quarter
Gain on forgiveness of PPP loan	`GainLossOnForgivenessOfDebt`	$801.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	-	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$30.00K	USD	1 Quarter
Other expenses	`OtherNonoperatingExpense`	$17.00K	USD	1 Quarter
Other expenses	`OtherNonoperatingExpense`	$11.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.64M	USD	1 Quarter
Net loss, basic (USD per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.45	USD	1 Quarter
Net loss, basic (USD per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.44	USD	1 Quarter
Net loss, diluted (USD per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$-0.44	USD	1 Quarter
Net loss, diluted (USD per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$-0.45	USD	1 Quarter
Diluted weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.61M	shares	1 Quarter
Diluted weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.44M	shares	1 Quarter
Basic weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	3.61M	shares	1 Quarter
Basic weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.44M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.64M	USD	1 Quarter
Other income	`OtherNoncashIncome`	-	USD	1 Quarter
Other income	`OtherNoncashIncome`	$30.00K	USD	1 Quarter
Gain on forgiveness of PPP loan	`GainLossOnForgivenessOfDebt`	-	USD	1 Quarter
Gain on forgiveness of PPP loan	`GainLossOnForgivenessOfDebt`	$801.00K	USD	1 Quarter
Depreciation	`Depreciation`	$47.00K	USD	1 Quarter
Depreciation	`Depreciation`	$44.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$140.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$44.00K	USD	1 Quarter
Provision for doubtful accounts receivable	`ProvisionForDoubtfulAccounts`	$-9.00K	USD	1 Quarter
Provision for doubtful accounts receivable	`ProvisionForDoubtfulAccounts`	$6.00K	USD	1 Quarter
Provision for slow-moving and obsolete inventories	`InventoryWriteDown`	$89.00K	USD	1 Quarter
Provision for slow-moving and obsolete inventories	`InventoryWriteDown`	$129.00K	USD	1 Quarter
Provision for warranties	`IncreaseDecreaseInProvisionForWarranties`	$12.00K	USD	1 Quarter
Provision for warranties	`IncreaseDecreaseInProvisionForWarranties`	$-30.00K	USD	1 Quarter
Amortization of loan discounts and origination fees	`AmortizationOfDebtDiscountPremium`	$38.00K	USD	1 Quarter
Amortization of loan discounts and origination fees	`AmortizationOfDebtDiscountPremium`	$69.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-532.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$83.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-370.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.96M	USD	1 Quarter
Short-term deposits	`IncreaseDecreaseInDepositOtherAssets`	$-12.00K	USD	1 Quarter
Short-term deposits	`IncreaseDecreaseInDepositOtherAssets`	$-12.00K	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-4.00K	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-20.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$61.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$951.00K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-211.00K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-209.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$1.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-268.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$118.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-1.14M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.70M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.78M	USD	1 Quarter
Acquisitions of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$35.00K	USD	1 Quarter
Acquisitions of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$109.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-109.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-35.00K	USD	1 Quarter
Proceeds from the exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Principal payments under finance lease obligations	`FinanceLeasePrincipalPayments`	$1.00K	USD	1 Quarter
Principal payments under finance lease obligations	`FinanceLeasePrincipalPayments`	$1.00K	USD	1 Quarter
Common stock withheld in lieu of income tax withholding on vesting of restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.00K	USD	1 Quarter
Common stock withheld in lieu of income tax withholding on vesting of restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Payments on the 2021 Streeterville note	`RepaymentsOfNotesPayable`	$615.00K	USD	1 Quarter
Payments on the 2021 Streeterville note	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Net proceeds from the credit line borrowings - Credit Facilities	`ProceedsFromLinesOfCredit`	$1.08M	USD	1 Quarter
Net proceeds from the credit line borrowings - Credit Facilities	`ProceedsFromLinesOfCredit`	$897.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$281.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.60M	USD	1 Quarter
Net decrease in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.29M	USD	1 Quarter
Net decrease in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.46M	USD	1 Quarter
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$225.00K	USD	Point-in-time
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.68M	USD	Point-in-time
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.18M	USD	Point-in-time
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$890.00K	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$225.00K	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.68M	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.18M	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$890.00K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$225.00K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$548.00K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.68M	USD	Point-in-time
Restricted cash held in other assets	`RestrictedCash`	-	USD	Point-in-time
Restricted cash held in other assets	`RestrictedCash`	$342.00K	USD	Point-in-time
Cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$225.00K	USD	Point-in-time
Cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.68M	USD	Point-in-time
Cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.18M	USD	Point-in-time
Cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$890.00K	USD	Point-in-time

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance at the beginning of the period	`StockholdersEquity`	$3.28M	USD	Point-in-time
Balance at the beginning of the period	`StockholdersEquity`	$4.25M	USD	Point-in-time
Balance at the beginning of the period	`StockholdersEquity`	$1.71M	USD	Point-in-time
Balance at the beginning of the period	`StockholdersEquity`	$6.21M	USD	Point-in-time
Balance at the beginning of the period	`StockholdersEquity`	$3.43M	USD	Point-in-time
Issuance of common stock under employee stock option and stock purchase plans	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	-	USD	1 Quarter
Issuance of common stock upon the exercise of warrants	`StockIssuedDuringPeriodValueNewIssues`	$527.00K	USD	1 Quarter
Issuance of common stock upon the exercise of warrants	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
Common stock withheld in lieu of income tax withholding on vesting of restricted stock units	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$140.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$44.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.64M	USD	1 Quarter
Balance at the end of the period	`StockholdersEquity`	$3.28M	USD	Point-in-time
Balance at the end of the period	`StockholdersEquity`	$4.25M	USD	Point-in-time
Balance at the end of the period	`StockholdersEquity`	$1.71M	USD	Point-in-time
Balance at the end of the period	`StockholdersEquity`	$6.21M	USD	Point-in-time
Balance at the end of the period	`StockholdersEquity`	$3.43M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.