10-Q Filing

Ideal Power Inc. CIK: 1507957 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001104659-21-066337`
Period End Date	20210331
Filing Date	20210514
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	ipwr-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 59 Income Statement 24 Cash Flow Statement 42 Stockholders Equity 17

Balance Sheet 59 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	3.27M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$26.79M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.06M	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	5.87M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.16M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.22M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$170.29K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$125.89K	USD	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	5.87M	shares	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	3.26M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	1,321.00	shares	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$172.91K	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	1,321.00	shares	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$118.88K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.45M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$27.09M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$32.77K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$37.12K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$2.00M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$1.57M	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$79.72K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$32.22K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$11.19K	USD	Point-in-time
Total assets	`Assets`	$29.17M	USD	Point-in-time
Total assets	`Assets`	$5.13M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$107.29K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$101.98K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$448.03K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$475.49K	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$82.06K	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$33.15K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$588.47K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$659.53K	USD	Point-in-time
Long-term debt	`LongTermLineOfCredit`	$91.41K	USD	Point-in-time
Long-term debt	`LongTermLineOfCredit`	$91.41K	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$552.03K	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$944.03K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.62M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.30M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value; 50,000,000 shares authorized; 5,873,367 shares issued and 5,872,046 shares outstanding at March 31, 2021 and 3,265,740 shares issued and 3,264,419 shares outstanding at December 31, 2020	`CommonStockValue`	$5.87K	USD	Point-in-time
Common stock, $0.001 par value; 50,000,000 shares authorized; 5,873,367 shares issued and 5,872,046 shares outstanding at March 31, 2021 and 3,265,740 shares issued and 3,264,419 shares outstanding at December 31, 2020	`CommonStockValue`	$3.27K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$103.61M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$78.97M	USD	Point-in-time
Treasury stock, at cost, 1,321 shares at March 31, 2021 and December 31, 2020	`TreasuryStockValue`	$13.21K	USD	Point-in-time
Treasury stock, at cost, 1,321 shares at March 31, 2021 and December 31, 2020	`TreasuryStockValue`	$13.21K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-76.06M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-75.14M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.08M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.83M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$27.54M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.89M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.13M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$29.17M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Grant revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	-	USD	1 Quarter
Grant revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$242.06K	USD	1 Quarter
Cost of grant revenue	`CostOfRevenue`	$242.06K	USD	1 Quarter
Cost of grant revenue	`CostOfRevenue`	-	USD	1 Quarter
Gross profit	`GrossProfit`	-	USD	1 Quarter
Gross profit	`GrossProfit`	-	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$350.66K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$260.88K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$579.77K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$600.69K	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$62.58K	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	-	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$924.14K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$930.43K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-924.14K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-930.43K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$6.00	USD	1 Quarter
Interest expense, net	`InterestExpense`	$67.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-930.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-924.15K	USD	1 Quarter
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.31	USD	1 Quarter
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.17	USD	1 Quarter
Weighted average number of shares outstanding - basic and fully diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.34M	shares	1 Quarter
Weighted average number of shares outstanding - basic and fully diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.97M	shares	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-930.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-924.15K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$28.11K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$29.52K	USD	1 Quarter
Write-off of capitalized patents	`ImpairmentOfIntangibleAssetsFinitelived`	-	USD	1 Quarter
Write-off of capitalized patents	`ImpairmentOfIntangibleAssetsFinitelived`	$17.34K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$61.93K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$116.50K	USD	1 Quarter
Stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$68.68K	USD	1 Quarter
Stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-44.40K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$17.71K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.75K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.31K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-44.04K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$4.71K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-111.31K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-813.63K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-843.34K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.46K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.68K	USD	1 Quarter
Acquisition of intangible assets	`PaymentsToAcquireIntangibleAssets`	$13.38K	USD	1 Quarter
Acquisition of intangible assets	`PaymentsToAcquireIntangibleAssets`	$29.27K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-24.06K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-30.74K	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$21.20M	USD	1 Quarter
Exercise of options and warrants	`ProceedsFromWarrantExercises`	$3.30M	USD	1 Quarter
Exercise of options and warrants	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$24.51M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$23.63M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-837.69K	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$26.79M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$3.06M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$3.16M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$2.22M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$26.79M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$3.06M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$3.16M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$2.22M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$3.08M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$3.83M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$27.54M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$3.89M	USD	Point-in-time
Issuance of shares of common stock in public offering	`StockIssuedDuringPeriodValueNewIssues`	$21.20M	USD	1 Quarter
Exercise of warrants	`StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants`	$3.30M	USD	1 Quarter
Stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$68.68K	USD	Point-in-time
Stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$68.68K	USD	1 Quarter
Stock issued for services (in shares)	`StockIssuedDuringPeriodSharesIssuedForServices`	4,000.00	shares	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$116.50K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$61.93K	USD	1 Quarter
Net loss for the year	`NetIncomeLoss`	$-930.50K	USD	1 Quarter
Net loss for the year	`NetIncomeLoss`	$-924.15K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$3.08M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$3.83M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$27.54M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$3.89M	USD	Point-in-time

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