10-Q Filing

ORION ENERGY SYSTEMS, INC. CIK: 1409375 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001409375-15-000020`
Period End Date	20150630
Filing Date	20150811
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	oesx-20150630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 44 Cash Flow Statement 73

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$676.00K	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$458.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.94M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.57M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.34M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	36.84M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	36.98M	shares	Point-in-time
Accounts receivable, net of allowances of $458 and $676 at March 31, 2015 and June 30, 2015, respectively	`AccountsReceivableNetCurrent`	$18.95M	USD	Point-in-time
Accounts receivable, net of allowances of $458 and $676 at March 31, 2015 and June 30, 2015, respectively	`AccountsReceivableNetCurrent`	$18.26M	USD	Point-in-time
Inventories, net	`InventoryNet`	$14.28M	USD	Point-in-time
Common stock, shares outstanding	`SharesOutstanding`	27.42M	shares	Point-in-time
Common stock, shares outstanding	`SharesOutstanding`	27.56M	shares	Point-in-time
Inventories, net	`InventoryNet`	$15.70M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	9.42M	shares	Point-in-time
Deferred contract costs	`DeferredCostsCurrent`	$90.00K	USD	Point-in-time
Deferred contract costs	`DeferredCostsCurrent`	$171.00K	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	9.42M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.42M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.41M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$55.05M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$54.17M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$21.22M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$20.54M	USD	Point-in-time
Goodwill	`Goodwill`	$4.41M	USD	Point-in-time
Goodwill	`Goodwill`	$4.41M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$6.01M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$6.33M	USD	Point-in-time
Long-term accounts receivable	`AccountsReceivableNetNoncurrent`	$426.00K	USD	Point-in-time
Long-term accounts receivable	`AccountsReceivableNetNoncurrent`	$282.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$367.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$353.00K	USD	Point-in-time
Total assets	`Assets`	$87.81M	USD	Point-in-time
Total assets	`Assets`	$85.77M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$13.01M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.00M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$3.83M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$5.20M	USD	Point-in-time
Deferred revenue, current	`DeferredRevenueCurrent`	$308.00K	USD	Point-in-time
Deferred revenue, current	`DeferredRevenueCurrent`	$287.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$1.83M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$1.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.32M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$3.19M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$2.50M	USD	Point-in-time
Long-term debt, less current maturities	`OtherLongTermDebtNoncurrent`	$722.00K	USD	Point-in-time
Long-term debt, less current maturities	`OtherLongTermDebtNoncurrent`	$687.00K	USD	Point-in-time
Deferred revenue, long-term	`DeferredRevenueNoncurrent`	$1.23M	USD	Point-in-time
Deferred revenue, long-term	`DeferredRevenueNoncurrent`	$1.21M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$528.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$522.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$23.29M	USD	Point-in-time
Total liabilities	`Liabilities`	$24.49M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, no par value: Shares authorized: 200,000,000 at March 31, 2015 and June 30, 2015; shares issued: 36,837,864 and 36,980,019 at March 31, 2015 and June 30, 2015; shares outstanding: 27,421,533 and 27,564,229 at March 31, 2015 and June 30, 2015	`CommonStockValue`	-	USD	Point-in-time
Common stock, no par value: Shares authorized: 200,000,000 at March 31, 2015 and June 30, 2015; shares issued: 36,837,864 and 36,980,019 at March 31, 2015 and June 30, 2015; shares outstanding: 27,421,533 and 27,564,229 at March 31, 2015 and June 30, 2015	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$150.52M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$150.93M	USD	Point-in-time
Treasury stock: 9,416,331 and 9,415,790 common shares at March 31, 2015 and June 30, 2015	`TreasuryStockValue`	$36.05M	USD	Point-in-time
Treasury stock: 9,416,331 and 9,415,790 common shares at March 31, 2015 and June 30, 2015	`TreasuryStockValue`	$36.05M	USD	Point-in-time
Shareholder notes receivable	`ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock`	$4.00K	USD	Point-in-time
Shareholder notes receivable	`ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock`	$4.00K	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-53.60M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-49.95M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$64.51M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$61.27M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$85.77M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$87.81M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Product revenue	`SalesRevenueGoodsNet`	$15.79M	USD	1 Quarter
Product revenue	`SalesRevenueGoodsNet`	$12.24M	USD	1 Quarter
Service revenue	`SalesRevenueServicesNet`	$792.00K	USD	1 Quarter
Service revenue	`SalesRevenueServicesNet`	$1.07M	USD	1 Quarter
Total revenue	`Revenues`	$16.59M	USD	1 Quarter
Total revenue	`Revenues`	$13.31M	USD	1 Quarter
Cost of product revenue	`CostOfGoodsSold`	$12.11M	USD	1 Quarter
Cost of product revenue	`CostOfGoodsSold`	$9.86M	USD	1 Quarter
Cost of service revenue	`CostOfServices`	$717.00K	USD	1 Quarter
Cost of service revenue	`CostOfServices`	$846.00K	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$12.83M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$10.70M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.61M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.76M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.67M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.87M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$2.88M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.07M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$422.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$416.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.36M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.96M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.35M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.60M	USD	1 Quarter
Interest expense	`InterestExpense`	$91.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$90.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$94.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$48.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-43.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$4.00K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.65M	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-4.35M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$4.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$11.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.36M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.65M	USD	1 Quarter
Basic net loss per share attributable to common shareholders (in dollars per share)	`EarningsPerShareBasic`	$-0.13	USD	1 Quarter
Basic net loss per share attributable to common shareholders (in dollars per share)	`EarningsPerShareBasic`	$-0.20	USD	1 Quarter
Weighted-average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	21.67M	shares	1 Quarter
Weighted-average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	27.48M	shares	1 Quarter
Diluted net loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.13	USD	1 Quarter
Diluted net loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.20	USD	1 Quarter
Weighted-average common shares and share equivalents outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.67M	shares	1 Quarter
Weighted-average common shares and share equivalents outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.48M	shares	1 Quarter

Cash Flow Statement 73 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.36M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.65M	USD	1 Quarter
Depreciation	`Depreciation`	$786.00K	USD	1 Quarter
Depreciation	`Depreciation`	$762.00K	USD	1 Quarter
Amortization of long-term assets	`AdjustmentForAmortization`	$346.00K	USD	1 Quarter
Amortization of long-term assets	`AdjustmentForAmortization`	$351.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$427.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$385.00K	USD	1 Quarter
(Gain) loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-4.00K	USD	1 Quarter
(Gain) loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$5.00K	USD	1 Quarter
Provision for inventory reserves	`Provisionforinventoryreserves`	$20.00K	USD	1 Quarter
Provision for inventory reserves	`Provisionforinventoryreserves`	$83.00K	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$219.00K	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$44.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-29.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-19.00K	USD	1 Quarter
Accounts receivable, current and long-term	`IncreaseDecreaseInAccountsReceivable`	$758.00K	USD	1 Quarter
Accounts receivable, current and long-term	`IncreaseDecreaseInAccountsReceivable`	$-1.83M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.50M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-612.00K	USD	1 Quarter
Deferred contract costs	`IncreaseDecreaseInDeferredCharges`	$-612.00K	USD	1 Quarter
Deferred contract costs	`IncreaseDecreaseInDeferredCharges`	$81.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-977.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-829.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.01M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.59M	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$-981.00K	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$-582.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$2.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-259.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.28M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.14M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$104.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$304.00K	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireShortTermInvestments`	$1.00K	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireShortTermInvestments`	-	USD	1 Quarter
Additions to patents and licenses	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Additions to patents and licenses	`PaymentsToAcquireIntangibleAssets`	$48.00K	USD	1 Quarter
Proceeds from sales of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Proceeds from sales of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.00M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-104.00K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$648.00K	USD	1 Quarter
Payment of long-term debt	`RepaymentsOfLongTermDebt`	$521.00K	USD	1 Quarter
Payment of long-term debt	`RepaymentsOfLongTermDebt`	$819.00K	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	$5.37M	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	-	USD	1 Quarter
Payment of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	-	USD	1 Quarter
Payment of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$4.68M	USD	1 Quarter
Proceeds from issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$-1.00K	USD	1 Quarter
Proceeds from issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$17.50M	USD	Point-in-time
Proceeds from issuance of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from repayment of shareholder notes	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Proceeds from repayment of shareholder notes	`ProceedsFromRelatedPartyDebt`	$10.00K	USD	1 Quarter
Net proceeds from the exercise of warrants and employee stock options	`ProceedsfromExerciseofWarrantsandStockOptions`	$12.00K	USD	1 Quarter
Net proceeds from the exercise of warrants and employee stock options	`ProceedsfromExerciseofWarrantsandStockOptions`	$212.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$178.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-597.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.07M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.23M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$17.94M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$17.57M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$20.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$16.34M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$17.94M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$17.57M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$20.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$16.34M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$84.00K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$58.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$17.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$5.00K	USD	1 Quarter
Vendor financed capital lease addition	`OtherSignificantNoncashTransactionValueOfConsiderationGiven1`	$377.00K	USD	1 Quarter
Vendor financed capital lease addition	`OtherSignificantNoncashTransactionValueOfConsiderationGiven1`	-	USD	1 Quarter

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