10-K Filing

Ondas Inc. CIK: 1646188 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001213900-20-006218`
Period End Date	20191231
Filing Date	20200313
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	onds-20191231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 43 Cash Flow Statement 82 Stockholders Equity 17

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Secured promissory note, debt discount	`DebtInstrumentUnamortizedDiscountCurrent`	$252.93K	USD	Point-in-time
Secured promissory note, debt discount	`DebtInstrumentUnamortizedDiscountCurrent`	$72.04K	USD	Point-in-time
Preferred stock, par value (in dollar pers share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollar pers share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$456.02K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.15M	USD	Point-in-time
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, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$30.44K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$20.21K	USD	Point-in-time
Inventory, net	`InventoryNet`	$427.52K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	350.00M	shares	Point-in-time
Inventory, net	`InventoryNet`	$347.94K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	350.00M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	59.27M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	120,000.00	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	50.46M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$533.48K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$700.60K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	59.27M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.30M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	50.46M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$2.04M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$252.25K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$502.15K	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$331.42K	USD	Point-in-time
Licenses	`Licenses`	-	USD	Point-in-time
Licenses	`Licenses`	$200.00K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$53.29K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$126.34K	USD	Point-in-time
Lease deposits	`SecurityDeposit`	$49.38K	USD	Point-in-time
Lease deposits	`SecurityDeposit`	$52.15K	USD	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	$14.98K	USD	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	-	USD	Point-in-time
Total other assets	`OtherAssets`	$117.65K	USD	Point-in-time
Total other assets	`OtherAssets`	$429.56K	USD	Point-in-time
Total assets	`Assets`	$2.66M	USD	Point-in-time
Total assets	`Assets`	$4.26M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.32M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$489.41K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$2.19M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$3.14M	USD	Point-in-time
Secured promissory note, net of debt discount of $252,933 and $72,038, respectively	`SecuredDebtCurrent`	$10.06M	USD	Point-in-time
Secured promissory note, net of debt discount of $252,933 and $72,038, respectively	`SecuredDebtCurrent`	$10.11M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	-	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$3.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.06M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.25M	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$300.00K	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$539.92K	USD	Point-in-time
Accrued interest	`AccountsPayableAndAccruedLiabilitiesNoncurrent`	$41.24K	USD	Point-in-time
Accrued interest	`AccountsPayableAndAccruedLiabilitiesNoncurrent`	-	USD	Point-in-time
Operating lease liabilities, net of current	`OperatingLeaseLiabilityNoncurrent`	$52.45K	USD	Point-in-time
Operating lease liabilities, net of current	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$300.00K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$633.61K	USD	Point-in-time
Total liabilities	`Liabilities`	$16.69M	USD	Point-in-time
Total liabilities	`Liabilities`	$17.55M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock - par value $0.0001; 10,000,000 shares authorized	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock - par value $0.0001; 10,000,000 shares authorized	`PreferredStockValue`	-	USD	Point-in-time
Common stock - par value $0.0001; 350,000,000 shares authorized; 59,268,085 and 50,463,732 issued and outstanding, respectively	`CommonStockValue`	$5.05K	USD	Point-in-time
Common stock - par value $0.0001; 350,000,000 shares authorized; 59,268,085 and 50,463,732 issued and outstanding, respectively	`CommonStockValue`	$5.93K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$17.49M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$39.34M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-32.38M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-51.77M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-12.43M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-14.88M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-7.92M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$2.66M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$4.26M	USD	Point-in-time

Income Statement 43 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`Revenues`	$320.38K	USD	Annual
Revenues, net	`Revenues`	$190.03K	USD	Annual
Cost of goods sold	`CostOfRevenue`	$79.13K	USD	Annual
Cost of goods sold	`CostOfRevenue`	$39.37K	USD	Annual
Gross profit	`GrossProfit`	$241.26K	USD	Annual
Gross profit	`GrossProfit`	$150.66K	USD	Annual
General and administration	`GeneralAndAdministrativeExpense`	$4.79M	USD	Annual
General and administration	`GeneralAndAdministrativeExpense`	$2.61M	USD	Annual
Sales and marketing	`MarketingExpense`	$5.40M	USD	Annual
Sales and marketing	`MarketingExpense`	$2.90M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$3.08M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$5.42M	USD	Annual
Total operating expense	`OperatingExpenses`	$8.59M	USD	Annual
Total operating expense	`OperatingExpenses`	$15.61M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-8.44M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-15.37M	USD	Annual
Interest expense	`InterestExpense`	$2.66M	USD	Annual
Interest expense	`InterestExpense`	$2.93M	USD	Annual
Impairment of deferred offering costs and financing costs associated with canceled financing efforts	`ImpairmentOfDeferredOfferingAndFinancingCosts`	$919.95K	USD	Annual
Impairment of deferred offering costs and financing costs associated with canceled financing efforts	`ImpairmentOfDeferredOfferingAndFinancingCosts`	-	USD	Annual
Change in fair value of derivative liability	`IncreaseDecreaseInDerivativeLiabilities`	-	USD	Annual
Change in fair value of derivative liability	`IncreaseDecreaseInDerivativeLiabilities`	$975.90K	USD	Annual
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	Annual
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-183.43K	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-44.35K	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$44.35K	USD	Point-in-time
Interest income	`InvestmentIncomeNet`	$1.86K	USD	Annual
Interest income	`InvestmentIncomeNet`	$18.15K	USD	Annual
Other income	`OtherIncome`	$4.42K	USD	Annual
Other income	`OtherIncome`	$12.69K	USD	Annual
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-4.02M	USD	Annual
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-3.66M	USD	Annual
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-12.10M	USD	Annual
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-19.39M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-19.39M	USD	Annual
Net loss	`NetIncomeLoss`	$-12.10M	USD	Annual
Net loss per share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.37	USD	Annual
Net loss per share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.42	USD	Annual
Weighted average number of common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	28.53M	shares	Annual
Weighted average number of common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	52.70M	shares	Annual

Cash Flow Statement 82 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-19.39M	USD	Annual
Net loss	`NetIncomeLoss`	$-12.10M	USD	Annual
Depreciation	`Depreciation`	$54.95K	USD	Annual
Depreciation	`Depreciation`	$143.46K	USD	Annual
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-7.91K	USD	Annual
Amortization of debt discount and deferred financing costs	`AmortizationOfDebtDiscountPremium`	$835.85K	USD	Annual
Amortization of debt discount and deferred financing costs	`AmortizationOfDebtDiscountPremium`	$119.11K	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.05K	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$194.00	USD	Annual
Amortization of right of use assets	`AmortizationOfRightOfUseAssets`	-	USD	Annual
Amortization of right of use assets	`AmortizationOfRightOfUseAssets`	$81.66K	USD	Annual
Impairment of operating lease	`OperatingLeaseImpairmentLoss`	-	USD	Annual
Impairment of operating lease	`OperatingLeaseImpairmentLoss`	$292.10K	USD	Annual
Impairment of deferred offering and financing costs	`ImpairmentOfDeferredOfferingAndFinancingCosts1`	$82.33K	USD	Annual
Impairment of deferred offering and financing costs	`ImpairmentOfDeferredOfferingAndFinancingCosts1`	-	USD	Annual
Accreted interest	`AccretedInterest`	$224.58K	USD	Annual
Accreted interest	`AccretedInterest`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$938.05K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	-	USD	Annual
Loss on disposal of fixed assets	`IncreaseDecreaseInOtherNoncurrentAssets`	-	USD	Annual
Loss on disposal of fixed assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-183.43K	USD	Annual
Loss on conversion of debt	`LossOnConversionOfDebt`	$-31.94K	USD	Annual
Loss on conversion of debt	`LossOnConversionOfDebt`	-	USD	Annual
Change in fair value of derivative liability	`DerivativeGainLossOnDerivativeNet`	-	USD	Annual
Change in fair value of derivative liability	`DerivativeGainLossOnDerivativeNet`	$-975.90K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-9.33K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-10.23K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$79.59K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$174.62K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$167.19K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$477.94K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-44.36K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.21M	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$2.38M	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$1.85M	USD	Annual
Net cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.52M	USD	Annual
Net cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-14.66M	USD	Annual
Purchase of licenses	`PaymentsToAcquireLicenses`	$200.00K	USD	Annual
Purchase of licenses	`PaymentsToAcquireLicenses`	-	USD	Annual
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$77.94K	USD	Annual
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$544.24K	USD	Annual
Patent costs	`PaymentsToAcquireIntangibleAssets`	$53.48K	USD	Annual
Patent costs	`PaymentsToAcquireIntangibleAssets`	$74.11K	USD	Annual
Deposits	`PaymentsForDeposits`	$31.96K	USD	Annual
Deposits	`PaymentsForDeposits`	$2.77K	USD	Annual
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-629.68K	USD	Annual
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-354.82K	USD	Annual
Proceeds from secured promissory note	`ProceedsFromIssuanceOfSecuredDebt`	$9.88M	USD	Annual
Proceeds from secured promissory note	`ProceedsFromIssuanceOfSecuredDebt`	$10.00M	USD	Annual
Payments for deferred offering costs	`PaymentsForDeferredOfferingCosts`	$67.35K	USD	Annual
Payments for deferred offering costs	`PaymentsForDeferredOfferingCosts`	-	USD	Annual
Proceeds from convertible notes payable	`ProceedsFromConvertibleDebt`	-	USD	Annual
Proceeds from convertible notes payable	`ProceedsFromConvertibleDebt`	$100.00K	USD	Annual
Proceeds from sale of common stock, net of costs	`ProceedsFromIssuanceOfCommonStock`	$6.11M	USD	Annual
Proceeds from sale of common stock, net of costs	`ProceedsFromIssuanceOfCommonStock`	$4.70K	USD	Annual
Repayment of advances from related party	`RepaymentsOfRelatedPartyDebt`	$155.65K	USD	Annual
Repayment of advances from related party	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Purchase and retirement of common stock	`PurchaseAndRetirementOfCommonStock`	-	USD	Annual
Purchase and retirement of common stock	`PurchaseAndRetirementOfCommonStock`	$3.26K	USD	Annual
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.82M	USD	Annual
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$16.04M	USD	Annual
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$673.85K	USD	Annual
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.02M	USD	Annual
Cash and cash equivalent, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Cash and cash equivalent, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$456.02K	USD	Point-in-time
Cash and cash equivalent, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$2.15M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$456.02K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$2.15M	USD	Point-in-time
Cash paid for interest	`IncomeTaxesPaidNet`	$1.04M	USD	Annual
Cash paid for interest	`IncomeTaxesPaidNet`	$979.17K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	Annual
Debt exchanged for common stock	`DebtConversionOriginalDebtAmount1`	$14.50M	USD	Annual
Debt exchanged for common stock	`DebtConversionOriginalDebtAmount1`	-	USD	Annual
Accrued interest converted to debt	`InterestConvertedToDebt`	$17.31K	USD	Annual
Accrued interest converted to debt	`InterestConvertedToDebt`	$230.56K	USD	Annual
Increase in debt for non cash interest	`IncreaseInDebtForNonCashInterest`	-	USD	Annual
Increase in debt for non cash interest	`IncreaseInDebtForNonCashInterest`	$135.25K	USD	Annual
Derivative liability	`DerivativeLiability`	-	USD	Annual
Derivative liability	`DerivativeLiability`	$1.14M	USD	Annual

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balances at beginning	`StockholdersEquity`	$-12.43M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$-14.88M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$-7.92M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$938.05K	USD	Annual
Shares issued in private placement, net of costs	`ProceedsFromIssuanceOfPrivatePlacement`	$6.11M	USD	Annual
Shares issued in private placement, net of costs	`ProceedsFromIssuanceOfPrivatePlacement`	$4.70K	USD	Annual
Issuance of shares in debt conversion	`StockIssuedDuringPeriodValueConversionOfUnits`	$4.00M	USD	Annual
Reclassification of derivative liability	`ReclassificationOfDerivativeLiability`	$1.14M	USD	Annual
Shares issued in exchange for debt	`StockIssuedDuringPeriodValueConversionOfUnit`	$14.50M	USD	Annual
Shares issued for extension of debt	`SharesIssuedForExtensionOfDebt`	$300.00K	USD	Annual
Purchase and retirement of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$-3.26K	USD	Annual
Effect of merger and recapitalization pursuant to execution of Agreement and Plan of Merger and Reorganization	`StockIssuedDuringPeriodValueAcquisitions`	$-12.55K	USD	Annual
Net loss	`NetIncomeLoss`	$-19.39M	USD	Annual
Net loss	`NetIncomeLoss`	$-12.10M	USD	Annual
Balances at ending	`StockholdersEquity`	$-12.43M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$-14.88M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$-7.92M	USD	Point-in-time

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