10-K Filing

FIEE, INC. CIK: 1467761 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001493152-23-010335`
Period End Date	20221231
Filing Date	20230331
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	form10-k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 38 Cash Flow Statement 80 Stockholders Equity 16

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$138.33K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$236.82K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.57M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$530.11K	USD	Point-in-time
Restricted cash	`RestrictedCash`	$500.00K	USD	Point-in-time
Restricted cash	`RestrictedCash`	$500.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $138,331 and $236,819 as of December 31, 2022 and, 2021, respectively	`AccountsReceivableNetCurrent`	$2.76M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $138,331 and $236,819 as of December 31, 2022 and, 2021, respectively	`AccountsReceivableNetCurrent`	$4.88M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$25.42M	USD	Point-in-time
Inventories, net	`InventoryNet`	$33.89M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$360.74K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$587.88K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	46.95M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	45.89M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$29.56M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$52.43M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	46.95M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	45.89M	shares	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$636.97K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$762.82K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$173.48K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$241.63K	USD	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
Goodwill	`Goodwill`	$58.87K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$262.70K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$73.30K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$511.80K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$544.74K	USD	Point-in-time
Total assets	`Assets`	$54.30M	USD	Point-in-time
Total assets	`Assets`	$30.96M	USD	Point-in-time
Bank credit line	`LinesOfCreditCurrent`	$4.76M	USD	Point-in-time
Bank credit line	`LinesOfCreditCurrent`	$5.07M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.84M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.46M	USD	Point-in-time
Current maturities of bridge loan agreement	`BridgeLoan`	-	USD	Point-in-time
Current maturities of bridge loan agreement	`BridgeLoan`	$1.00M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$34.24K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	-	USD	Point-in-time
Current maturities of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$143.49K	USD	Point-in-time
Current maturities of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$150.97K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$4.44M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$5.28M	USD	Point-in-time
Deferred revenue, current	`DeferredRevenueCurrent`	$633.54K	USD	Point-in-time
Deferred revenue, current	`DeferredRevenueCurrent`	$291.30K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$23.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.82M	USD	Point-in-time
Operating lease liabilities, less current maturities	`OperatingLeaseLiabilityNoncurrent`	$22.51K	USD	Point-in-time
Operating lease liabilities, less current maturities	`OperatingLeaseLiabilityNoncurrent`	$98.81K	USD	Point-in-time
Deferred revenue, noncurrent	`DeferredRevenueNoncurrent`	$443.45K	USD	Point-in-time
Deferred revenue, noncurrent	`DeferredRevenueNoncurrent`	$771.74K	USD	Point-in-time
Total Liabilities	`Liabilities`	$14.62M	USD	Point-in-time
Total Liabilities	`Liabilities`	$23.81M	USD	Point-in-time
Commitments and Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred Stock, Authorized: 2,000,000 shares at $0.01 par value; 0 shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, Authorized: 2,000,000 shares at $0.01 par value; 0 shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common Stock: Authorized: 60,000,000 shares at December 31, 2022 and 2021, at $0.01 par value; issued and outstanding: 46,949,240 shares and 45,885,043 shares at December 31, 2022 and 2021, respectively	`CommonStockValue`	$469.49K	USD	Point-in-time
Common Stock: Authorized: 60,000,000 shares at December 31, 2022 and 2021, at $0.01 par value; issued and outstanding: 46,949,240 shares and 45,885,043 shares at December 31, 2022 and 2021, respectively	`CommonStockValue`	$458.85K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$90.71M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$89.31M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-74.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-59.29M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$30.49M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$7.79M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$16.34M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$30.96M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$54.30M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$50.62M	USD	Annual
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$55.42M	USD	Annual
Cost of goods sold	`CostOfRevenue`	$36.50M	USD	Annual
Cost of goods sold	`CostOfRevenue`	$38.70M	USD	Annual
Gross profit	`GrossProfit`	$18.92M	USD	Annual
Gross profit	`GrossProfit`	$11.93M	USD	Annual
Selling and marketing	`SellingAndMarketingExpense`	$15.02M	USD	Annual
Selling and marketing	`SellingAndMarketingExpense`	$13.75M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$4.89M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$6.12M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$5.82M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$6.16M	USD	Annual
Sale of Trademark, net	`GainLossOnDispositionOfIntangibleAssets`	-	USD	Annual
Sale of Trademark, net	`GainLossOnDispositionOfIntangibleAssets`	$3.96M	USD	Annual
Total operating expenses	`OperatingExpenses`	$26.97M	USD	Annual
Total operating expenses	`OperatingExpenses`	$20.85M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-15.05M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-1.93M	USD	Annual
Interest income	`InvestmentIncomeInterest`	$44.17K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$457.00	USD	Annual
Interest expense	`InterestExpense`	$270.41K	USD	Annual
Interest expense	`InterestExpense`	$394.62K	USD	Annual
Gain on forgiveness of debt (Note 7)	`GainsLossesOnExtinguishmentOfDebt`	$20.00K	USD	Annual
Gain on forgiveness of debt (Note 7)	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Other, net	`OtherNonoperatingIncomeExpense`	$89.00	USD	Annual
Other, net	`OtherNonoperatingIncomeExpense`	$2.30K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-206.15K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-391.86K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-15.44M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.13M	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$63.77K	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$112.35K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.20M	USD	Annual
Net loss	`NetIncomeLoss`	$-15.55M	USD	Annual
Basic and diluted net loss per share	`EarningsPerShareBasic`	$-0.34	USD	Annual
Basic and diluted net loss per share	`EarningsPerShareBasic`	$-0.06	USD	Annual
Basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	39.76M	shares	Annual
Basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	46.40M	shares	Annual

Cash Flow Statement 80 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.20M	USD	Annual
Net loss	`NetIncomeLoss`	$-15.55M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$837.23K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$957.49K	USD	Annual
Amortization of right-of-use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$172.06K	USD	Annual
Amortization of right-of-use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$145.14K	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$41.59K	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$71.40K	USD	Annual
Amortization of sales contract costs	`AmortizationOfSalesContractCosts`	$32.34K	USD	Annual
Amortization of sales contract costs	`AmortizationOfSalesContractCosts`	$75.51K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.17M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$996.94K	USD	Annual
Goodwill impairment charge	`GoodwillImpairmentLoss`	-	USD	Annual
Goodwill impairment charge	`GoodwillImpairmentLoss`	$58.87K	USD	Annual
Intangible asset impairment charge	`ImpairmentOfIntangibleAssetsFinitelived`	-	USD	Annual
Intangible asset impairment charge	`ImpairmentOfIntangibleAssetsFinitelived`	$67.42K	USD	Annual
Provision for (recovery of) accounts receivable allowances	`ProvisionForDoubtfulAccounts`	$63.22K	USD	Annual
Provision for (recovery of) accounts receivable allowances	`ProvisionForDoubtfulAccounts`	$-98.49K	USD	Annual
Provision for inventory reserves	`InventoryWriteDown`	$1.79M	USD	Annual
Provision for inventory reserves	`InventoryWriteDown`	$643.67K	USD	Annual
Non-cash loan forgiveness	`GainsLossesOnExtinguishmentOfDebt`	$20.00K	USD	Annual
Non-cash loan forgiveness	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.26M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.22M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$18.03M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-6.69M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$188.77K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-227.15K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$92.16K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-63.04K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-9.62M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$862.45K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-839.26K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-2.26M	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$670.53K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$661.83K	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-172.66K	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-145.41K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-14.27M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.17M	USD	Annual
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$593.12K	USD	Annual
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$276.67K	USD	Annual
Certification costs incurred and capitalized	`CertificationCostsIncurredAndCapitalized`	$418.35K	USD	Annual
Certification costs incurred and capitalized	`CertificationCostsIncurredAndCapitalized`	$88.71K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-695.02K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-681.83K	USD	Annual
Net proceeds from the bank credit line	`ProceedsFromLongTermLinesOfCredit`	$-377.81K	USD	Annual
Net proceeds from the bank credit line	`ProceedsFromLongTermLinesOfCredit`	$5.17M	USD	Annual
Proceeds from bridge loan agreement	`ProceedsFromNotesPayable`	-	USD	Annual
Proceeds from bridge loan agreement	`ProceedsFromNotesPayable`	$1.00M	USD	Annual
Repayment of the Rosenthal bank credit line	`RepaymentsOfLinesOfCredit`	$2.44M	USD	Annual
Repayment of the Rosenthal bank credit line	`RepaymentsOfLinesOfCredit`	-	USD	Annual
Costs associated with bank credit line	`RepaymentsOfBankDebt`	$142.80K	USD	Annual
Costs associated with bank credit line	`RepaymentsOfBankDebt`	-	USD	Annual
Repayment of government loan	`PaymentsForProceedsFromDepositOnLoan`	$26.23K	USD	Annual
Repayment of government loan	`PaymentsForProceedsFromDepositOnLoan`	$34.24K	USD	Annual
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$1.17M	USD	Annual
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$236.80K	USD	Annual
Proceeds from public offering, net of offering costs	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	Annual
Proceeds from public offering, net of offering costs	`ProceedsFromIssuanceInitialPublicOffering`	$22.73M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$26.45M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$824.75K	USD	Annual
Net change in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-12.04M	USD	Annual
Net change in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$11.50M	USD	Annual
Cash, cash equivalents, and restricted cash - Beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.57M	USD	Point-in-time
Cash, cash equivalents, and restricted cash - Beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.03M	USD	Point-in-time
Cash, cash equivalents, and restricted cash - Beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.07M	USD	Point-in-time
Cash, cash equivalents, and restricted cash - Ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.57M	USD	Point-in-time
Cash, cash equivalents, and restricted cash - Ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.03M	USD	Point-in-time
Cash, cash equivalents, and restricted cash - Ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.07M	USD	Point-in-time
Interest	`InterestPaidNet`	$270.41K	USD	Annual
Interest	`InterestPaidNet`	$394.62K	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	$88.35K	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	$63.77K	USD	Annual
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.57M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$530.11K	USD	Point-in-time
Restricted cash	`RestrictedCash`	$500.00K	USD	Point-in-time
Restricted cash	`RestrictedCash`	$500.00K	USD	Point-in-time
Total cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.07M	USD	Point-in-time
Total cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.03M	USD	Point-in-time

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$30.49M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$7.79M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$16.34M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-2.20M	USD	Annual
Net loss	`NetIncomeLoss`	$-15.55M	USD	Annual
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.17M	USD	Annual
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$236.80K	USD	Annual
Stock option exercises, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	430,815.00	shares	Annual
Stock option exercises, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	814,005.00	shares	Annual
Public offering equity, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$22.73M	USD	Annual
Stock-Based Compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.17M	USD	Annual
Stock-Based Compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$996.94K	USD	Annual
Common stock issued for vested restricted units	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	Annual
Ending balance, value	`StockholdersEquity`	$30.49M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$7.79M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$16.34M	USD	Point-in-time

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