10-Q Filing

Ondas Inc. CIK: 1646188 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001213900-21-027188`
Period End Date	20210331
Filing Date	20210517
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	f10q0321_ondasholdings_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 34 Cash Flow Statement 62 Stockholders Equity 15

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Secured promissory note, net of debt discount (in Dollars)	`DebtInstrumentUnamortizedDiscountCurrent`	$59.91K	USD	Point-in-time
Secured promissory note, net of debt discount (in Dollars)	`DebtInstrumentUnamortizedDiscountCurrent`	$120.71K	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`	$2.15M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$26.06M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$176.88K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$24.03M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$47.65K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$19.23K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Inventory, net	`InventoryNet`	$1.15M	USD	Point-in-time
Inventory, net	`InventoryNet`	$1.15M	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$629.03K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.00M	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$27.89M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	116.67M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$26.20M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	116.67M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.54M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$163.08K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$196.22K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.67M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.67M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.54M	shares	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$379.53K	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$332.60K	USD	Point-in-time
Lease deposits	`PrepaidExpenseCurrent`	$118.58K	USD	Point-in-time
Lease deposits	`PrepaidExpenseCurrent`	$28.58K	USD	Point-in-time
Deferred offering costs	`DeferredFinanceCostsNoncurrentNet`	$99.96K	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$51.06K	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Total other assets	`OtherAssets`	$551.14K	USD	Point-in-time
Total other assets	`OtherAssets`	$459.17K	USD	Point-in-time
Total assets	`Assets`	$26.95M	USD	Point-in-time
Total assets	`Assets`	$28.51M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.93M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.37M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$56.17K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$2.18M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$2.83M	USD	Point-in-time
Secured promissory note, net of debt discount of $59,914 and $120,711, respectively	`SecuredPromissoryNoteCurrent`	$7.00M	USD	Point-in-time
Secured promissory note, net of debt discount of $59,914 and $120,711, respectively	`SecuredPromissoryNoteCurrent`	$7.06M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$56.18K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$165.03K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$59.55K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$104.34K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.34M	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$861.75K	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$906.54K	USD	Point-in-time
Accrued interest	`AccountsPayableAndAccruedLiabilitiesNoncurrent`	$36.83K	USD	Point-in-time
Accrued interest	`AccountsPayableAndAccruedLiabilitiesNoncurrent`	$36.33K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$898.58K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$942.87K	USD	Point-in-time
Total liabilities	`Liabilities`	$12.24M	USD	Point-in-time
Total liabilities	`Liabilities`	$13.43M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, value	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, value	`PreferredStockValue`	-	USD	Point-in-time
Common stock - par value $0.0001; 116,666,667 shares authorized; 26,672,040 and 26,540,769 issued and outstanding, respectively March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$2.67K	USD	Point-in-time
Common stock - par value $0.0001; 116,666,667 shares authorized; 26,672,040 and 26,540,769 issued and outstanding, respectively March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$2.65K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$80.33M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$83.09M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-65.25M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-68.39M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$15.08M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-12.43M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$14.71M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-15.06M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$26.95M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$28.51M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`Revenues`	$200.20K	USD	1 Quarter
Revenues, net	`Revenues`	$1.16M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$181.09K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$555.35K	USD	1 Quarter
Gross profit	`GrossProfit`	$609.41K	USD	1 Quarter
Gross profit	`GrossProfit`	$19.11K	USD	1 Quarter
General and administration	`GeneralAndAdministrativeExpense`	$2.41M	USD	1 Quarter
General and administration	`GeneralAndAdministrativeExpense`	$908.59K	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$187.37K	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$549.02K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$892.93K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$894.58K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.35M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.49M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.33M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.88M	USD	1 Quarter
Other income (expense)	`OtherIncome`	$-34.18K	USD	1 Quarter
Other income (expense)	`OtherIncome`	$9.01K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$92.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$32.00	USD	1 Quarter
Interest expense	`InterestExpense`	$222.59K	USD	1 Quarter
Interest expense	`InterestExpense`	$484.96K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-256.73K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-475.86K	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.81M	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.14M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.81M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.14M	USD	1 Quarter
Net loss per share - basic and diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.14	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`	26.67M	shares	1 Quarter
Weighted average number of common shares outstanding, basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	19.76M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.81M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.14M	USD	1 Quarter
Depreciation	`Depreciation`	$25.14K	USD	1 Quarter
Depreciation	`Depreciation`	$24.65K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$60.80K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$159.38K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$640.00	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$12.75K	USD	1 Quarter
Amortization of right of use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$66.08K	USD	1 Quarter
Amortization of right of use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$51.06K	USD	1 Quarter
Loss on Intellectual Property	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Loss on Intellectual Property	`GainLossOnDispositionOfAssets1`	$-34.18K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$25.60K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.35M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-14.45K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-28.42K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$142.00	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$132.89K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-51.30K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$374.45K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-433.40K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$547.42K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-108.85K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-53.09K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseOperatingLeaseLiabilities`	$-115.16K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseOperatingLeaseLiabilities`	$-56.17K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-515.88K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$245.16K	USD	1 Quarter
Net cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.97M	USD	1 Quarter
Net cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.07M	USD	1 Quarter
Patent costs	`PaymentsToAcquireIntangibleAssets`	$24.50K	USD	1 Quarter
Patent costs	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$58.28K	USD	1 Quarter
Proceeds from sub-lease deposit	`ProceedsFromOtherDeposits`	-	USD	1 Quarter
Proceeds from sub-lease deposit	`ProceedsFromOtherDeposits`	$19.33K	USD	1 Quarter
Security deposit	`IncreaseDecreaseInSecurityDeposits`	$-90.00K	USD	1 Quarter
Security deposit	`IncreaseDecreaseInSecurityDeposits`	$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`	$-148.28K	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfSecuredDebt`	$1.28M	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfSecuredDebt`	-	USD	1 Quarter
Payments for deferred offering costs	`PaymentsOfStockIssuanceCosts`	-	USD	1 Quarter
Payments for deferred offering costs	`PaymentsOfStockIssuanceCosts`	$99.96K	USD	1 Quarter
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.18M	USD	1 Quarter
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.03M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.98M	USD	1 Quarter
Cash and cash equivalent, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.15M	USD	Point-in-time
Cash and cash equivalent, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$26.06M	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`	$24.03M	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`	$26.06M	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`	$24.03M	USD	Point-in-time
Cash paid for interest	`IncomeTaxesPaidNet`	$11.71K	USD	1 Quarter
Cash paid for interest	`IncomeTaxesPaidNet`	$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	`DebtConversionOriginalDebtAmount1`	$135.10K	USD	1 Quarter
Forgiveness of accrued officers salary	`DebtConversionOriginalDebtAmount1`	$150.00K	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$15.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.43M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$-15.06M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.35M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$25.60K	USD	1 Quarter
Shares issued for extension of debt	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$1.28M	USD	1 Quarter
Forgiveness of accrued officers salary	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	$135.10K	USD	1 Quarter
Forgiveness of accrued officers salary	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	$150.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.81M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.14M	USD	1 Quarter
Balance	`StockholdersEquity`	$15.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.43M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$-15.06M	USD	Point-in-time

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