10-Q Filing

Ideal Power Inc. CIK: 1507957 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001104659-21-104563`
Period End Date	20210630
Filing Date	20210813
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	tmb-20210630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 55 Cash Flow Statement 52 Stockholders Equity 29

Balance Sheet 61 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.06M	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	3.27M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.72M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.79M	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
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	3.26M	shares	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	5.87M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$132.37K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$170.29K	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	1,321.00	shares	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$135.84K	USD	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$118.88K	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	1,321.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.45M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.99M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$37.12K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$58.58K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$2.05M	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`	$335.21K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$11.19K	USD	Point-in-time
Total assets	`Assets`	$28.44M	USD	Point-in-time
Total assets	`Assets`	$5.13M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$101.98K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$159.11K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$546.07K	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`	$37.39K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$659.53K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$742.57K	USD	Point-in-time
Long-term debt	`LongTermLineOfCredit`	$91.41K	USD	Point-in-time
Long-term lease liability	`OperatingLeaseLiabilityNoncurrent`	$297.88K	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$552.03K	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$951.72K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.99M	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 June 30, 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 June 30, 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`	$103.70M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$78.97M	USD	Point-in-time
Treasury stock, at cost, 1,321 shares at June 30, 2021 and December 31, 2020	`TreasuryStockValue`	$13.21K	USD	Point-in-time
Treasury stock, at cost, 1,321 shares at June 30, 2021 and December 31, 2020	`TreasuryStockValue`	$13.21K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-75.14M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-77.25M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.89M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$26.45M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.08M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.58M	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 liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$28.44M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.13M	USD	Point-in-time

Income Statement 55 line items

Line Item	Tag	Value	Unit	Period
Grant revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$84.70K	USD	1 Quarter
Grant revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$6.51K	USD	2 Qtrs
Grant revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$326.77K	USD	2 Qtrs
Grant revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$6.51K	USD	1 Quarter
Cost of grant revenue	`CostOfRevenue`	$84.70K	USD	1 Quarter
Cost of grant revenue	`CostOfRevenue`	$6.51K	USD	2 Qtrs
Cost of grant revenue	`CostOfRevenue`	$6.51K	USD	1 Quarter
Cost of grant revenue	`CostOfRevenue`	$326.77K	USD	2 Qtrs
Gross profit	`GrossProfit`	-	USD	2 Qtrs
Gross profit	`GrossProfit`	-	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$666.99K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$316.32K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$560.69K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$821.57K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$515.88K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$603.52K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.20M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.10M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	-	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$174.61K	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$112.03K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.76M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$2.20M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$832.20K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.28M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.28M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-832.20K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.20M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.76M	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$1.05K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$1.86K	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$1.12K	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$1.86K	USD	1 Quarter
Gain on loan forgiveness	`GainOnForgivenessOfLongTermDebt`	$91.41K	USD	Point-in-time
Gain on loan forgiveness	`GainOnForgivenessOfLongTermDebt`	$91.41K	USD	2 Qtrs
Gain on loan forgiveness	`GainOnForgivenessOfLongTermDebt`	-	USD	2 Qtrs
Gain on loan forgiveness	`GainOnForgivenessOfLongTermDebt`	$91.41K	USD	1 Quarter
Total other expenses	`OtherIncomeExpense`	$89.55K	USD	1 Quarter
Total other expenses	`OtherIncomeExpense`	$-1.05K	USD	1 Quarter
Total other expenses	`OtherIncomeExpense`	$-1.12K	USD	2 Qtrs
Total other expenses	`OtherIncomeExpense`	$89.55K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.19M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-833.26K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.11M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-930.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.76M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-924.15K	USD	1 Quarter
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.37	USD	2 Qtrs
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.28	USD	1 Quarter
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.19	USD	1 Quarter
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.59	USD	2 Qtrs
Weighted average number of shares outstanding - basic and fully diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.98M	shares	2 Qtrs
Weighted average number of shares outstanding - basic and fully diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	6.13M	shares	1 Quarter
Weighted average number of shares outstanding - basic and fully diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	3.00M	shares	1 Quarter
Weighted average number of shares outstanding - basic and fully diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.74M	shares	2 Qtrs

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.19M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-833.26K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.11M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-930.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.76M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-924.15K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$57.25K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$70.34K	USD	2 Qtrs
Write-off of capitalized patents	`ImpairmentOfIntangibleAssetsFinitelived`	$18.23K	USD	2 Qtrs
Write-off of capitalized patents	`ImpairmentOfIntangibleAssetsFinitelived`	$528.00	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$226.17K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$153.64K	USD	2 Qtrs
Stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$50.00K	USD	2 Qtrs
Stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$68.68K	USD	2 Qtrs
Gain on loan forgiveness	`GainOnForgivenessOfLongTermDebt`	$91.41K	USD	Point-in-time
Gain on loan forgiveness	`GainOnForgivenessOfLongTermDebt`	$91.41K	USD	2 Qtrs
Gain on loan forgiveness	`GainOnForgivenessOfLongTermDebt`	-	USD	2 Qtrs
Gain on loan forgiveness	`GainOnForgivenessOfLongTermDebt`	$91.41K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-6.51K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-37.92K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-35.72K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$57.66K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-135.62K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$57.12K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$8.14K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$70.58K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.50M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.80M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.68K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$32.92K	USD	2 Qtrs
Acquisition of intangible assets	`PaymentsToAcquireIntangibleAssets`	$112.10K	USD	2 Qtrs
Acquisition of intangible assets	`PaymentsToAcquireIntangibleAssets`	$23.29K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-145.02K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-33.97K	USD	2 Qtrs
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$21.20M	USD	2 Qtrs
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Exercise of options and warrants	`ProceedsFromWarrantExercises`	$3.30M	USD	2 Qtrs
Exercise of options and warrants	`ProceedsFromWarrantExercises`	$175.82K	USD	2 Qtrs
Proceeds from loans	`ProceedsFromIssuanceOfDebt`	-	USD	2 Qtrs
Proceeds from loans	`ProceedsFromIssuanceOfDebt`	$91.41K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$24.51M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$267.22K	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.26M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$22.56M	USD	2 Qtrs
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$3.06M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$25.72M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.79M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$3.16M	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`	$25.72M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.79M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$3.16M	USD	Point-in-time

Stockholders Equity 29 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$3.89M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$26.45M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$3.08M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.58M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$3.83M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$27.54M	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
Exercise of warrants	`StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants`	$175.82K	USD	1 Quarter
Stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$68.68K	USD	1 Quarter
Stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$68.68K	USD	Point-in-time
Stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$50.00K	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`	$91.71K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$109.67K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$61.93K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.19M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-833.26K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.11M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-930.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.76M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-924.15K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$3.89M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$26.45M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$3.08M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.58M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$3.83M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$27.54M	USD	Point-in-time

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