10-Q Filing

ORION ENERGY SYSTEMS, INC. CIK: 1409375 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001409375-16-000043`
Period End Date	20160630
Filing Date	20160803
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	oesx-20160630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 46 Cash Flow Statement 62

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.94M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.54M	USD	Point-in-time
Preferred stock, shares authorized (shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.16M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.00M	USD	Point-in-time
Preferred stock, shares authorized (shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Preferred stock, shares issued (shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$13.10M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$10.89M	USD	Point-in-time
Inventories, net	`InventoryNet`	$15.49M	USD	Point-in-time
Preferred stock, shares outstanding (shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$17.02M	USD	Point-in-time
Preferred stock, shares outstanding (shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Deferred contract costs	`DeferredCostsCurrent`	$37.00K	USD	Point-in-time
Common stock, par value (usd per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, par value (usd per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Deferred contract costs	`DeferredCostsCurrent`	$237.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.04M	USD	Point-in-time
Common stock, shares authorized (shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized (shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.80M	USD	Point-in-time
Common stock, shares issued (shares)	`CommonStockSharesIssued`	37.19M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$48.53M	USD	Point-in-time
Common stock, shares issued (shares)	`CommonStockSharesIssued`	37.52M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$45.79M	USD	Point-in-time
Common stock, shares outstanding (shares)	`SharesOutstanding`	27.77M	shares	Point-in-time
Common stock, shares outstanding (shares)	`SharesOutstanding`	28.09M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$17.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$14.24M	USD	Point-in-time
Treasury stock, shares (shares)	`TreasuryStockShares`	9.43M	shares	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.80M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$5.05M	USD	Point-in-time
Treasury stock, shares (shares)	`TreasuryStockShares`	9.43M	shares	Point-in-time
Long-term accounts receivable	`AccountsReceivableNetNoncurrent`	$108.00K	USD	Point-in-time
Long-term accounts receivable	`AccountsReceivableNetNoncurrent`	$79.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$185.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$187.00K	USD	Point-in-time
Total assets	`Assets`	$65.10M	USD	Point-in-time
Total assets	`Assets`	$70.88M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.20M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.72M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$6.59M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$6.34M	USD	Point-in-time
Deferred revenue, current	`DeferredRevenueCurrent`	$314.00K	USD	Point-in-time
Deferred revenue, current	`DeferredRevenueCurrent`	$243.00K	USD	Point-in-time
Current maturities of long-term debt and capital leases	`LongTermDebtCurrent`	$746.00K	USD	Point-in-time
Current maturities of long-term debt and capital leases	`LongTermDebtCurrent`	$560.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.29M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.41M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$2.49M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$3.72M	USD	Point-in-time
Long-term debt and capital leases, less current maturities	`OtherLongTermDebtNoncurrent`	$302.00K	USD	Point-in-time
Long-term debt and capital leases, less current maturities	`OtherLongTermDebtNoncurrent`	$281.00K	USD	Point-in-time
Deferred revenue, long-term	`DeferredRevenueNoncurrent`	$1.02M	USD	Point-in-time
Deferred revenue, long-term	`DeferredRevenueNoncurrent`	$1.00M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$558.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$443.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$24.89M	USD	Point-in-time
Total liabilities	`Liabilities`	$21.62M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 at June 30, 2016 and March 31, 2016; no shares issued and outstanding at June 30, 2016 and March 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 at June 30, 2016 and March 31, 2016; no shares issued and outstanding at June 30, 2016 and March 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Common stock, no par value: Shares authorized: 200,000,000 at June 30, 2016 and March 31, 2016; shares issued: 37,517,419 and 37,192,559 at June 30, 2016 and March 31, 2016; shares outstanding: 28,091,049 and 27,767,138 at June 30, 2016 and March 31, 2016	`CommonStockValue`	-	USD	Point-in-time
Common stock, no par value: Shares authorized: 200,000,000 at June 30, 2016 and March 31, 2016; shares issued: 37,517,419 and 37,192,559 at June 30, 2016 and March 31, 2016; shares outstanding: 28,091,049 and 27,767,138 at June 30, 2016 and March 31, 2016	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$152.57M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$152.14M	USD	Point-in-time
Treasury stock: 9,426,370 and 9,425,421 common shares at June 30, 2016 and March 31, 2016	`TreasuryStockValue`	$36.08M	USD	Point-in-time
Treasury stock: 9,426,370 and 9,425,421 common shares at June 30, 2016 and March 31, 2016	`TreasuryStockValue`	$36.08M	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`	$-70.08M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-73.02M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$45.98M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$43.48M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$70.88M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$65.10M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Product revenue	`SalesRevenueGoodsNet`	$15.35M	USD	1 Quarter
Product revenue	`SalesRevenueGoodsNet`	$15.79M	USD	1 Quarter
Service revenue	`SalesRevenueServicesNet`	$282.00K	USD	1 Quarter
Service revenue	`SalesRevenueServicesNet`	$792.00K	USD	1 Quarter
Total revenue	`Revenues`	$15.63M	USD	1 Quarter
Total revenue	`Revenues`	$16.59M	USD	1 Quarter
Cost of product revenue	`CostOfGoodsSold`	$12.11M	USD	1 Quarter
Cost of product revenue	`CostOfGoodsSold`	$11.42M	USD	1 Quarter
Cost of service revenue	`CostOfServices`	$189.00K	USD	1 Quarter
Cost of service revenue	`CostOfServices`	$717.00K	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$11.61M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$12.83M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.03M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.76M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.90M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.87M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$2.90M	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`	$481.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.28M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.36M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.25M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.60M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	-	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$100.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$91.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$70.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$10.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$48.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$40.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-43.00K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.21M	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.65M	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-271.00K	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$4.00K	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-3.65M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-2.94M	USD	1 Quarter
Basic net loss per share attributable to common shareholders (in dollars per share)	`EarningsPerShareBasic`	$-0.11	USD	1 Quarter
Basic net loss per share attributable to common shareholders (in dollars per share)	`EarningsPerShareBasic`	$-0.13	USD	1 Quarter
Weighted-average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.89M	shares	1 Quarter
Weighted-average common shares outstanding (in shares)	`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`	$-0.11	USD	1 Quarter
Weighted-average common shares and share equivalents outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.48M	shares	1 Quarter
Weighted-average common shares and share equivalents outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.89M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.65M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.94M	USD	1 Quarter
Depreciation	`Depreciation`	$786.00K	USD	1 Quarter
Depreciation	`Depreciation`	$389.00K	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$243.00K	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$351.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$385.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$329.00K	USD	1 Quarter
Loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-4.00K	USD	1 Quarter
Changes in inventory reserves	`Provisionforinventoryreserves`	$254.00K	USD	1 Quarter
Changes in inventory reserves	`Provisionforinventoryreserves`	$83.00K	USD	1 Quarter
Changes in bad debt reserves	`ProvisionForDoubtfulAccounts`	$-375.00K	USD	1 Quarter
Changes in bad debt reserves	`ProvisionForDoubtfulAccounts`	$219.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-56.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-19.00K	USD	1 Quarter
Accounts receivable, current and long-term	`IncreaseDecreaseInAccountsReceivable`	$1.80M	USD	1 Quarter
Accounts receivable, current and long-term	`IncreaseDecreaseInAccountsReceivable`	$758.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.28M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.50M	USD	1 Quarter
Deferred contract costs	`IncreaseDecreaseInDeferredCharges`	$81.00K	USD	1 Quarter
Deferred contract costs	`IncreaseDecreaseInDeferredCharges`	$200.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.20M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-977.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.52M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.01M	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$-981.00K	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$-285.00K	USD	1 Quarter
Deferred revenue, current and long-term	`IncreaseDecreaseInDeferredRevenue`	$2.00K	USD	1 Quarter
Deferred revenue, current and long-term	`IncreaseDecreaseInDeferredRevenue`	$52.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.31M	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`	$53.00K	USD	1 Quarter
Proceeds from sales of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.60M	USD	1 Quarter
Proceeds from sales of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	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`	$2.55M	USD	1 Quarter
Payment of long-term debt and capital leases	`RepaymentsOfLongTermDebt`	$521.00K	USD	1 Quarter
Payment of long-term debt and capital leases	`RepaymentsOfLongTermDebt`	$381.00K	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	$5.37M	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	$16.66M	USD	1 Quarter
Payment of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$4.68M	USD	1 Quarter
Payment of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$17.89M	USD	1 Quarter
Payment of common stock issuance costs	`PaymentsOfStockIssuanceCosts`	-	USD	1 Quarter
Payment of common stock issuance costs	`PaymentsOfStockIssuanceCosts`	$1.00K	USD	1 Quarter
Payments to settle employee tax withholdings on stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Payments to settle employee tax withholdings on stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$4.00K	USD	1 Quarter
Net proceeds from employee equity exercises	`ProceedsfromExerciseofWarrantsandStockOptions`	$2.00K	USD	1 Quarter
Net proceeds from employee equity exercises	`ProceedsfromExerciseofWarrantsandStockOptions`	$12.00K	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`	$-1.61M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.38M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.07M	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`	$15.54M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$14.16M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$20.00M	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`	$15.54M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$14.16M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$20.00M	USD	Point-in-time

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