10-Q Filing

ENERGY FOCUS, INC/DE CIK: 924168 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000924168-23-000059`
Period End Date	20230331
Filing Date	20230511
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	efoi-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 85 Income Statement 31 Cash Flow Statement 58 Stockholders Equity 19

Balance Sheet 85 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$52.00K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$301.00K	USD	Point-in-time
Trade accounts receivable, less allowances of $58 and $26, respectively	`AccountsReceivableNetCurrent`	$1.33M	USD	Point-in-time
Trade accounts receivable, less allowances of $58 and $26, respectively	`AccountsReceivableNetCurrent`	$909.00K	USD	Point-in-time
Trade accounts receivable, less allowances of $58 and $26, respectively	`AccountsReceivableNetCurrent`	$445.00K	USD	Point-in-time
Inventories, net	`InventoryNet`	$4.94M	USD	Point-in-time
Inventories, net	`InventoryNet`	$5.48M	USD	Point-in-time
Short-term deposits	`DepositsAssetsCurrent`	$615.00K	USD	Point-in-time
Trade accounts receivable, less allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$7.00K	USD	Point-in-time
Trade accounts receivable, less allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$58.00K	USD	Point-in-time
Short-term deposits	`DepositsAssetsCurrent`	$592.00K	USD	Point-in-time
Trade accounts receivable, less allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$26.00K	USD	Point-in-time
Preferred stock, par value (USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$232.00K	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$226.00K	USD	Point-in-time
Preferred stock, par value (USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Receivable for claimed ERTC	`ReceivableForClaimedEmployeeRetentionTaxCreditCurrent`	$445.00K	USD	Point-in-time
Receivable for claimed ERTC	`ReceivableForClaimedEmployeeRetentionTaxCreditCurrent`	$445.00K	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, issued (in shares)	`PreferredStockSharesIssued`	876,447.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$7.24M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.43M	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
Property and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$76.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$68.00K	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	876,447.00	shares	Point-in-time
Operating lease, right-of-use asset	`OperatingLeaseRightOfUseAsset`	$1.18M	USD	Point-in-time
Common stock, par value (USD per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Operating lease, right-of-use asset	`OperatingLeaseRightOfUseAsset`	$1.11M	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
Total assets	`Assets`	$8.50M	USD	Point-in-time
Total assets	`Assets`	$8.61M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	19.24M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	9.85M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	19.24M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	9.85M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.18M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.20M	USD	Point-in-time
Accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$229.00K	USD	Point-in-time
Accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$145.00K	USD	Point-in-time
Accrued payroll and related benefits	`AccruedEmployeeBenefitsCurrent`	$261.00K	USD	Point-in-time
Accrued payroll and related benefits	`AccruedEmployeeBenefitsCurrent`	$235.00K	USD	Point-in-time
Accrued sales commissions	`AccruedSalesCommissionCurrent`	$29.00K	USD	Point-in-time
Accrued sales commissions	`AccruedSalesCommissionCurrent`	$76.00K	USD	Point-in-time
Accrued warranty reserve	`StandardProductWarrantyAccrualCurrent`	$295.00K	USD	Point-in-time
Accrued warranty reserve	`StandardProductWarrantyAccrualCurrent`	$265.00K	USD	Point-in-time
Accrued warranty reserve	`StandardProductWarrantyAccrualCurrent`	$183.00K	USD	Point-in-time
Accrued warranty reserve	`StandardProductWarrantyAccrualCurrent`	$143.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$205.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$198.00K	USD	Point-in-time
Credit line borrowings, net of loan origination fees	`LinesOfCreditCurrent`	$1.45M	USD	Point-in-time
Credit line borrowings, net of loan origination fees	`LinesOfCreditCurrent`	$388.00K	USD	Point-in-time
Related party promissory notes payable	`NotesPayableRelatedPartiesClassifiedCurrent`	$814.00K	USD	Point-in-time
Related party promissory notes payable	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Promissory notes payable, net of discounts and loan origination fees	`NotesPayableCurrent`	$1.28M	USD	Point-in-time
Promissory notes payable, net of discounts and loan origination fees	`NotesPayableCurrent`	$2.62M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.68M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.95M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.03M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$975.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$8.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.66M	USD	Point-in-time
Preferred stock, par value $0.0001 per share: Authorized: 5,000,000 shares (3,300,000 designated as Series A Convertible Preferred Stock) at March 31, 2023 and December 31, 2022. Issued and outstanding: 876,447 at March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share: Authorized: 5,000,000 shares (3,300,000 designated as Series A Convertible Preferred Stock) at March 31, 2023 and December 31, 2022. Issued and outstanding: 876,447 at March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share: Authorized: 50,000,000 shares at March 31, 2023 and December 31, 2022. Issued and outstanding: 19,243,610 at March 31, 2023 and 9,848,438 at December 31, 2022	`CommonStockValue`	$2.00K	USD	Point-in-time
Common stock, par value $0.0001 per share: Authorized: 50,000,000 shares at March 31, 2023 and December 31, 2022. Issued and outstanding: 19,243,610 at March 31, 2023 and 9,848,438 at December 31, 2022	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$153.31M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$148.54M	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`	$-149.02M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-150.35M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$6.21M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$3.43M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-477.00K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$2.50M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$1.50M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$2.96M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$8.61M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$8.50M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$930.00K	USD	1 Quarter
Net sales	`Revenues`	$2.06M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$913.00K	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$2.09M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-26.00K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$17.00K	USD	1 Quarter
Product development	`ResearchAndDevelopmentExpense`	$503.00K	USD	1 Quarter
Product development	`ResearchAndDevelopmentExpense`	$154.00K	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$1.07M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$2.13M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.63M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.22M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.66M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.20M	USD	1 Quarter
Interest expense	`InterestExpense`	$184.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$123.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$30.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	-	USD	1 Quarter
Other expenses	`OtherNonoperatingExpense`	$7.00K	USD	1 Quarter
Other expenses	`OtherNonoperatingExpense`	$11.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.33M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.30M	USD	Annual
Net loss, basic (USD per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.44	USD	1 Quarter
Net loss, basic (USD per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.08	USD	1 Quarter
Net loss, diluted (USD per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$-0.44	USD	1 Quarter
Net loss, diluted (USD per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$-0.08	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	16.17M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.44M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	16.17M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.44M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.33M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.30M	USD	Annual
Other income	`GainLossFromEmployeeRetentionTaxCredit`	-	USD	1 Quarter
Other income	`GainLossFromEmployeeRetentionTaxCredit`	$30.00K	USD	1 Quarter
Depreciation	`Depreciation`	$44.00K	USD	1 Quarter
Depreciation	`Depreciation`	$8.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$44.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$26.00K	USD	1 Quarter
Provision for doubtful accounts receivable	`ProvisionForDoubtfulAccounts`	$-9.00K	USD	1 Quarter
Provision for doubtful accounts receivable	`ProvisionForDoubtfulAccounts`	$29.00K	USD	1 Quarter
Provision for slow-moving and obsolete inventories	`InventoryWriteDown`	$129.00K	USD	1 Quarter
Provision for slow-moving and obsolete inventories	`InventoryWriteDown`	$-23.00K	USD	1 Quarter
Provision for warranties	`IncreaseDecreaseInProvisionForWarranties`	$-30.00K	USD	1 Quarter
Provision for warranties	`IncreaseDecreaseInProvisionForWarranties`	$-40.00K	USD	1 Quarter
Amortization of loan discounts and origination fees	`AmortizationOfDebtDiscountPremium`	$62.00K	USD	1 Quarter
Amortization of loan discounts and origination fees	`AmortizationOfDebtDiscountPremium`	$69.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$496.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$83.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-370.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-562.00K	USD	1 Quarter
Short-term deposits	`IncreaseDecreaseInDepositOtherAssets`	$23.00K	USD	1 Quarter
Short-term deposits	`IncreaseDecreaseInDepositOtherAssets`	$-12.00K	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-20.00K	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-6.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-27.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$61.00K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-211.00K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$66.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-268.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$150.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$118.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.18M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.70M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.70M	USD	1 Quarter
Acquisitions of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Acquisitions of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$35.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-35.00K	USD	1 Quarter
Proceeds from the issuance of common stock and warrants	`ProceedsFromIssuanceOfCommonStockAndWarrants`	$3.02M	USD	1 Quarter
Proceeds from the issuance of common stock and warrants	`ProceedsFromIssuanceOfCommonStockAndWarrants`	-	USD	1 Quarter
Principal payments under finance lease obligations	`FinanceLeasePrincipalPayments`	-	USD	1 Quarter
Principal payments under finance lease obligations	`FinanceLeasePrincipalPayments`	$1.00K	USD	1 Quarter
Net payments on proceeds from the credit line borrowings - Credit Facilities	`ProceedsFromLinesOfCredit`	$-1.09M	USD	1 Quarter
Net payments on proceeds from the credit line borrowings - Credit Facilities	`ProceedsFromLinesOfCredit`	$897.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.43M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$281.00K	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.46M	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$249.00K	USD	1 Quarter
Cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.68M	USD	Point-in-time
Cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$301.00K	USD	Point-in-time
Cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$225.00K	USD	Point-in-time
Cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$52.00K	USD	Point-in-time
Cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.68M	USD	Point-in-time
Cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$301.00K	USD	Point-in-time
Cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$225.00K	USD	Point-in-time
Cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$52.00K	USD	Point-in-time

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$6.21M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$3.43M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-477.00K	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.50M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$1.50M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.96M	USD	Point-in-time
Issuance of common stock	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$3.02M	USD	1 Quarter
Stock issued in exchange transactions	`AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt`	$1.72M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$44.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$26.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.33M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.30M	USD	Annual
Ending balance	`StockholdersEquity`	$6.21M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$3.43M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-477.00K	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.50M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$1.50M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.96M	USD	Point-in-time

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