10-Q Filing

Ondas Inc. CIK: 1646188 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001213900-20-015651`
Period End Date	20200331
Filing Date	20200624
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	onds-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 40 Cash Flow Statement 64 Stockholders Equity 14

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Secured promissory note, debt discount (in Dollars)	`DebtInstrumentUnamortizedDiscountCurrent`	$161.96K	USD	Point-in-time
Secured promissory note, debt discount (in Dollars)	`DebtInstrumentUnamortizedDiscountCurrent`	$252.93K	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$176.88K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.15M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$437.30K	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`	$5.77K	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$20.21K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	350.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	350.00M	shares	Point-in-time
Inventory	`InventoryNet`	$560.41K	USD	Point-in-time
Inventory	`InventoryNet`	$427.52K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	59.27M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$700.60K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$634.56K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	59.27M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	59.27M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.38M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.30M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	59.27M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$252.25K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$227.60K	USD	Point-in-time
Licenses	`FiniteLivedTrademarksGross`	$200.00K	USD	Point-in-time
Licenses	`FiniteLivedTrademarksGross`	$200.00K	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$150.20K	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$126.34K	USD	Point-in-time
Lease deposits	`PrepaidExpenseCurrent`	$49.38K	USD	Point-in-time
Lease deposits	`PrepaidExpenseCurrent`	$52.15K	USD	Point-in-time
Deferred offering costs	`DeferredFinanceCostsNoncurrentNet`	$14.74K	USD	Point-in-time
Deferred offering costs	`DeferredFinanceCostsNoncurrentNet`	-	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$331.42K	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$265.34K	USD	Point-in-time
Total other assets	`OtherAssets`	$679.66K	USD	Point-in-time
Total other assets	`OtherAssets`	$709.91K	USD	Point-in-time
Total assets	`Assets`	$4.26M	USD	Point-in-time
Total assets	`Assets`	$2.28M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.32M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.87M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$489.41K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$426.69K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$3.19M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$3.14M	USD	Point-in-time
Secured promissory note, net of debt discount $161,957 and $252,933, respectively	`ConvertibleNotesPayableCurrent`	$10.11M	USD	Point-in-time
Secured promissory note, net of debt discount $161,957 and $252,933, respectively	`ConvertibleNotesPayableCurrent`	$10.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.06M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.76M	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$539.92K	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`	$49.75K	USD	Point-in-time
Operating lease liabilities, net of current	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease liabilities, net of current	`OperatingLeaseLiabilityNoncurrent`	$52.45K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$589.67K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$633.61K	USD	Point-in-time
Total liabilities	`Liabilities`	$17.35M	USD	Point-in-time
Total liabilities	`Liabilities`	$16.69M	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 issued and outstanding in each period	`CommonStockValue`	$5.93K	USD	Point-in-time
Common stock - par value $0.0001; 350,000,000 shares authorized; 59,268,085 issued and outstanding in each period	`CommonStockValue`	$5.93K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$39.51M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$39.34M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-54.58M	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`	$-15.06M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-14.88M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-20.66M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$2.28M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$4.26M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`Revenues`	$32.29K	USD	1 Quarter
Revenues, net	`Revenues`	$200.20K	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$5.30K	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$181.09K	USD	1 Quarter
Gross profit	`GrossProfit`	$26.99K	USD	1 Quarter
Gross profit	`GrossProfit`	$19.11K	USD	1 Quarter
General and administration	`GeneralAndAdministrativeExpense`	$908.59K	USD	1 Quarter
General and administration	`GeneralAndAdministrativeExpense`	$1.61M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$549.02K	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$1.87M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.66M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$892.93K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.35M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.15M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.33M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-5.12M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$9.01K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.58K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$92.00	USD	1 Quarter
Interest expense	`InterestExpense`	$484.96K	USD	1 Quarter
Interest expense	`InterestExpense`	$557.18K	USD	1 Quarter
Write-off of prepaid financing costs	`WriteoffOfPrepaidFinancingCosts`	$150.00K	USD	1 Quarter
Write-off of prepaid financing costs	`WriteoffOfPrepaidFinancingCosts`	-	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-475.86K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-705.60K	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.81M	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.82M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.81M	USD	1 Quarter
Foreign currency translation income	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	-	USD	1 Quarter
Foreign currency translation income	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$4.66K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.81M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.82M	USD	1 Quarter
Net loss per share - basic and diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
Net loss per share - basic and diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	1 Quarter
Weighted average number of common shares outstanding, basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	50.46M	shares	1 Quarter
Weighted average number of common shares outstanding, basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	59.41M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.81M	USD	1 Quarter
Depreciation	`Depreciation`	$24.65K	USD	1 Quarter
Depreciation	`Depreciation`	$32.70K	USD	1 Quarter
Amortization of debt discount and deferred financing costs	`AmortizationOfDebtDiscountPremium`	$66.71K	USD	1 Quarter
Amortization of debt discount and deferred financing costs	`AmortizationOfDebtDiscountPremium`	$144.64K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$116.00	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$640.00	USD	1 Quarter
Amortization of right of use assets	`AmortizationOfRightOfUseAssets`	$-66.08K	USD	1 Quarter
Amortization of right of use assets	`AmortizationOfRightOfUseAssets`	$-102.79K	USD	1 Quarter
Impairment of operating lease	`OperatingLeaseImpairmentLoss`	-	USD	1 Quarter
Impairment of operating lease	`OperatingLeaseImpairmentLoss`	$259.93K	USD	1 Quarter
Write-off of prepaid financing costs	`WriteoffOfPrepaidFinancingCosts`	$150.00K	USD	1 Quarter
Write-off of prepaid financing costs	`WriteoffOfPrepaidFinancingCosts`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$25.60K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$47.02K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-14.45K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-30.44K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$132.89K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$7.45K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-66.04K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$85.44K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$547.42K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$454.85K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$115.16K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$77.16K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$192.07K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$154.90K	USD	1 Quarter
Net cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.69M	USD	1 Quarter
Net cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.97M	USD	1 Quarter
Patent costs	`PaymentsToAcquireIntangibleAssets`	$33.31K	USD	1 Quarter
Patent costs	`PaymentsToAcquireIntangibleAssets`	$24.50K	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$45.19K	USD	1 Quarter
Proceeds from sub-lease deposit	`ProceedsFromSubleaseDeposit`	-	USD	1 Quarter
Proceeds from sub-lease deposit	`ProceedsFromSubleaseDeposit`	$19.33K	USD	1 Quarter
Security deposit	`PaymentsForProceedsFromOtherInvestingActivities`	$6.25K	USD	1 Quarter
Security deposit	`PaymentsForProceedsFromOtherInvestingActivities`	$-2.77K	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.39K	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-84.75K	USD	1 Quarter
Proceeds from secured promissory note	`ProceedsFromIssuanceOfSecuredDebt`	-	USD	1 Quarter
Proceeds from secured promissory note	`ProceedsFromIssuanceOfSecuredDebt`	$4.10M	USD	1 Quarter
Payment of deferred offering costs	`PaymentOfDeferredOfferingCosts`	$13.48K	USD	1 Quarter
Payment of deferred offering costs	`PaymentOfDeferredOfferingCosts`	-	USD	1 Quarter
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.09M	USD	1 Quarter
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-692.57K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.98M	USD	1 Quarter
Cash and cash equivalent, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Cash and cash equivalent, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$176.88K	USD	Point-in-time
Cash and cash equivalent, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.15M	USD	Point-in-time
Cash and cash equivalent, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$437.30K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$176.88K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.15M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$437.30K	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$343.99K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$3.19K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Forgiveness of accrued officers salary	`OfficersCompensation`	-	USD	1 Quarter
Forgiveness of accrued officers salary	`OfficersCompensation`	$150.00K	USD	1 Quarter
Interest converted to debt	`InterestConvertedToDebt`	$97.07K	USD	1 Quarter
Interest converted to debt	`InterestConvertedToDebt`	-	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning	`StockholdersEquity`	$-12.43M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$-15.06M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$-14.88M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$-20.66M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$25.60K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$47.02K	USD	1 Quarter
Comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$4.66K	USD	1 Quarter
Forgiveness of accrued officers salary	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	$150.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.81M	USD	1 Quarter
Balance at ending	`StockholdersEquity`	$-12.43M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$-15.06M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$-14.88M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$-20.66M	USD	Point-in-time

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