10-Q Filing

Ideal Power Inc. CIK: 1507957 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001104659-23-059376`
Period End Date	20230331
Filing Date	20230512
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	ipwr-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 28 Cash Flow Statement 34 Stockholders Equity 21

Balance Sheet 58 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`	5.93M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.52M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.35M	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	5.93M	shares	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	5.93M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$65.94K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$66.60K	USD	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	5.92M	shares	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$436.65K	USD	Point-in-time
Treasury stock, common shares	`TreasuryStockCommonShares`	1,321.00	shares	Point-in-time
Treasury stock, common shares	`TreasuryStockCommonShares`	1,321.00	shares	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$491.37K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.02M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.90M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$200.10K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$230.13K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$2.04M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$2.02M	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$233.54K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$248.72K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$11.19K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$11.19K	USD	Point-in-time
Total assets	`Assets`	$17.52M	USD	Point-in-time
Total assets	`Assets`	$19.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$130.50K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$68.81K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$366.41K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$254.22K	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$64.60K	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$66.08K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$449.32K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$501.31K	USD	Point-in-time
Long-term lease liability	`OperatingLeaseLiabilityNoncurrent`	$186.01K	USD	Point-in-time
Long-term lease liability	`OperatingLeaseLiabilityNoncurrent`	$202.99K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$843.36K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$838.46K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.49M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.53M	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; 5,932,890 shares issued and 5,931,569 shares outstanding at March 31, 2023 and 5,926,001 shares issued and 5,924,680 shares outstanding at December 31, 2022	`CommonStockValue`	$5.93K	USD	Point-in-time
Common stock, $0.001 par value; 50,000,000 shares authorized; 5,932,890 shares issued and 5,931,569 shares outstanding at March 31, 2023 and 5,926,001 shares issued and 5,924,680 shares outstanding at December 31, 2022	`CommonStockValue`	$5.93K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$105.01M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$105.62M	USD	Point-in-time
Treasury stock, at cost, 1,321 shares at March 31, 2023 and December 31, 2022	`TreasuryStockCommonValue`	$13.21K	USD	Point-in-time
Treasury stock, at cost, 1,321 shares at March 31, 2023 and December 31, 2022	`TreasuryStockCommonValue`	$13.21K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-87.10M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-89.62M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.99M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$22.58M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$24.15M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$17.91M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$19.40M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$17.52M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Grant revenue	`GrantRevenue`	$664.00	USD	1 Quarter
Grant revenue	`GrantRevenue`	$125.01K	USD	1 Quarter
Cost of grant revenue	`CostOfRevenue`	$664.00	USD	1 Quarter
Cost of grant revenue	`CostOfRevenue`	$125.01K	USD	1 Quarter
Gross profit	`GrossProfit`	-	USD	1 Quarter
Gross profit	`GrossProfit`	-	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$828.55K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.44M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$852.95K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$894.93K	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$219.43K	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$304.33K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.64M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.90M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.90M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.64M	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-3.72K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$111.30K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.53M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.90M	USD	1 Quarter
Net loss per share - basic	`EarningsPerShareBasic`	$-0.41	USD	1 Quarter
Net loss per share - basic	`EarningsPerShareBasic`	$-0.31	USD	1 Quarter
Net loss per share - diluted	`EarningsPerShareDiluted`	$-0.31	USD	1 Quarter
Net loss per share - diluted	`EarningsPerShareDiluted`	$-0.41	USD	1 Quarter
Weighted average number of shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	6.16M	shares	1 Quarter
Weighted average number of shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	6.18M	shares	1 Quarter
Weighted average number of shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.18M	shares	1 Quarter
Weighted average number of shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.16M	shares	1 Quarter

Cash Flow Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.53M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.90M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$44.19K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$53.20K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$609.93K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$231.76K	USD	1 Quarter
Stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	1 Quarter
Stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$100.10K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$28.88K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$664.00	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-69.89K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$62.72K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$249.53K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-61.69K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$101.61K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-46.47K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.42M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.76M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.03K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$44.99K	USD	1 Quarter
Acquisition of intangible assets	`PaymentsToAcquireIntangibleAssets`	$16.59K	USD	1 Quarter
Acquisition of intangible assets	`PaymentsToAcquireIntangibleAssets`	$24.45K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-69.45K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-27.62K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.83M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.44M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.35M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.73M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.17M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.52M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.35M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.73M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.17M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.52M	USD	Point-in-time

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$15.99M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$22.58M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$24.15M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$17.91M	USD	Point-in-time
Treasury Stock, beginning balance	`TreasuryStockCommonValue`	$13.21K	USD	Point-in-time
Treasury Stock, beginning balance	`TreasuryStockCommonValue`	$13.21K	USD	Point-in-time
Treasury stock, beginning balance (in shares)	`TreasuryStockCommonShares`	1,321.00	shares	Point-in-time
Treasury stock, beginning balance (in shares)	`TreasuryStockCommonShares`	1,321.00	shares	Point-in-time
Stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$100.10K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$609.93K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$231.76K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.53M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.90M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$15.99M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$22.58M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$24.15M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$17.91M	USD	Point-in-time
Treasury stock, ending balance (in shares)	`TreasuryStockCommonShares`	1,321.00	shares	Point-in-time
Treasury stock, ending balance (in shares)	`TreasuryStockCommonShares`	1,321.00	shares	Point-in-time
Treasury Stock, ending balance	`TreasuryStockCommonValue`	$13.21K	USD	Point-in-time
Treasury Stock, ending balance	`TreasuryStockCommonValue`	$13.21K	USD	Point-in-time

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