10-Q Filing

FIEE, INC. CIK: 1467761 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-040237`
Period End Date	20230331
Filing Date	20231113
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 34 Cash Flow Statement 70 Stockholders Equity 14

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$209.71K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$138.33K	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, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.05M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$530.11K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$802.09K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Restricted cash	`RestrictedCash`	$500.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	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 outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net of allowance of doubtful accounts of $209,710 and $138,331 as of March 31, 2023 and December 31, 2022, respectively	`AccountsReceivableNetCurrent`	$2.76M	USD	Point-in-time
Accounts receivable, net of allowance of doubtful accounts of $209,710 and $138,331 as of March 31, 2023 and December 31, 2022, respectively	`AccountsReceivableNetCurrent`	$3.19M	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
Inventories, net	`InventoryNet`	$22.77M	USD	Point-in-time
Inventories, net	`InventoryNet`	$25.42M	USD	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
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$441.97K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$27.71M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$29.56M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.88M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.89M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.89M	shares	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$552.19K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.88M	shares	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$636.97K	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$173.48K	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$134.07K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$46.26K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$73.30K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$514.24K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$511.80K	USD	Point-in-time
Total assets	`Assets`	$30.96M	USD	Point-in-time
Total assets	`Assets`	$28.95M	USD	Point-in-time
Bank credit line	`LinesOfCreditCurrent`	$3.83M	USD	Point-in-time
Bank credit line	`LinesOfCreditCurrent`	$4.76M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.34M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.84M	USD	Point-in-time
Current maturities of bridge loan agreement	`LoansPayableCurrent`	$1.00M	USD	Point-in-time
Current maturities of bridge loan agreement	`LoansPayableCurrent`	$1.00M	USD	Point-in-time
Current maturities of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$150.97K	USD	Point-in-time
Current maturities of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$125.01K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$4.73M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$4.44M	USD	Point-in-time
Deferred revenue, current	`DeferredRevenueCurrent`	$629.69K	USD	Point-in-time
Deferred revenue, current	`DeferredRevenueCurrent`	$633.54K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$15.65M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.82M	USD	Point-in-time
Operating lease liabilities, less current maturities	`OperatingLeaseLiabilityNoncurrent`	$9.06K	USD	Point-in-time
Operating lease liabilities, less current maturities	`OperatingLeaseLiabilityNoncurrent`	$22.51K	USD	Point-in-time
Deferred revenue, noncurrent	`DeferredRevenueNoncurrent`	$896.99K	USD	Point-in-time
Deferred revenue, noncurrent	`DeferredRevenueNoncurrent`	$771.74K	USD	Point-in-time
Total liabilities	`Liabilities`	$16.55M	USD	Point-in-time
Total liabilities	`Liabilities`	$14.62M	USD	Point-in-time
Commitments and Contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 7)	`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 $0.01 par value; issued and outstanding: 1,887,535 shares at March 31, 2023 and 1,877,970 shares at December 31, 2022 respectively	`CommonStockValue`	$471.88K	USD	Point-in-time
Common Stock, authorized: 60,000,000 shares at $0.01 par value; issued and outstanding: 1,887,535 shares at March 31, 2023 and 1,877,970 shares at December 31, 2022 respectively	`CommonStockValue`	$469.49K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$90.83M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$90.71M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-74.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-78.91M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$29.10M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$16.34M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$27.22M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$12.40M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$30.96M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$28.95M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$13.30M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$10.75M	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$9.11M	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$8.14M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.19M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.61M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$3.72M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$3.65M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.45M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.33M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.48M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.54M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.65M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.53M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-3.93M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.45M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$144.99K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$78.10K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-78.10K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-144.99K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.53M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.07M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$6.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.07M	USD	1 Quarter
Basic net loss per share	`EarningsPerShareBasic`	$-1.38	USD	1 Quarter
Basic net loss per share	`EarningsPerShareBasic`	$-2.16	USD	1 Quarter
Diluted net loss per share	`EarningsPerShareDiluted`	$-2.16	USD	1 Quarter
Diluted net loss per share	`EarningsPerShareDiluted`	$-1.38	USD	1 Quarter
Weighted average common and common equivalent shares basic	`WeightedAverageNumberOfSharesOutstandingBasic`	1.84M	shares	1 Quarter
Weighted average common and common equivalent shares basic	`WeightedAverageNumberOfSharesOutstandingBasic`	1.88M	shares	1 Quarter
Weighted average common and common equivalent shares	`WeightedAverageNumberOfDilutedSharesOutstanding`	1.84M	shares	1 Quarter
Weighted average common and common equivalent shares	`WeightedAverageNumberOfDilutedSharesOutstanding`	1.88M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.07M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$229.42K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$130.73K	USD	1 Quarter
Amortization of right-of-use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$39.41K	USD	1 Quarter
Amortization of right-of-use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$45.80K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$15.19K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$17.61K	USD	1 Quarter
Amortization of sales contract costs	`AmortizationOfSalesContractCosts`	$9.61K	USD	1 Quarter
Amortization of sales contract costs	`AmortizationOfSalesContractCosts`	-	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$562.88K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$123.50K	USD	1 Quarter
Provision for accounts receivable allowances	`ProvisionForDoubtfulAccounts`	$71.38K	USD	1 Quarter
Provision for accounts receivable allowances	`ProvisionForDoubtfulAccounts`	$9.71K	USD	1 Quarter
Provision for inventory reserves	`InventoryWriteDown`	-	USD	1 Quarter
Provision for inventory reserves	`InventoryWriteDown`	$40.27K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$507.73K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$331.31K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-2.65M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-2.51M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$81.25K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$53.49K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-17.78K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-8.41K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.50M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-4.18M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-600.10K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$288.31K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$97.28K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$121.40K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-39.41K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-46.21K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.35M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.31M	USD	1 Quarter
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.33K	USD	1 Quarter
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$115.10K	USD	1 Quarter
Certification costs capitalized	`CertificationCostsIncurredAndCapitalized`	$156.30K	USD	1 Quarter
Certification costs capitalized	`CertificationCostsIncurredAndCapitalized`	$122.12K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-128.45K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-271.40K	USD	1 Quarter
Net proceeds from the bank credit line	`ProceedsFromLongTermLinesOfCredit`	$945.44K	USD	1 Quarter
Net proceeds from the bank credit line	`ProceedsFromLongTermLinesOfCredit`	$1.99M	USD	1 Quarter
Repayment of government loan	`PaymentsForProceedsFromDepositOnLoan`	-	USD	1 Quarter
Repayment of government loan	`PaymentsForProceedsFromDepositOnLoan`	$26.51K	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$99.17K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$945.44K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.06M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$271.98K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.52M	USD	1 Quarter
Cash, cash equivalents, and restricted cash - Beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.30M	USD	Point-in-time
Cash, cash equivalents, and restricted cash - Beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.55M	USD	Point-in-time
Cash, cash equivalents, and restricted cash - Beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.07M	USD	Point-in-time
Cash, cash equivalents, and restricted cash - Beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.03M	USD	Point-in-time
Cash, cash equivalents, and restricted cash - Ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.30M	USD	Point-in-time
Cash, cash equivalents, and restricted cash - Ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.55M	USD	Point-in-time
Cash, cash equivalents, and restricted cash - Ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.07M	USD	Point-in-time
Cash, cash equivalents, and restricted cash - Ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.03M	USD	Point-in-time
Interest	`InterestPaidNet`	$78.33K	USD	1 Quarter
Interest	`InterestPaidNet`	$103.95K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$6.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.05M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$530.11K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$802.09K	USD	Point-in-time
Restricted cash	`RestrictedCash`	$500.00K	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`	$10.55M	USD	Point-in-time
Total cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.30M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$29.10M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$16.34M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$27.22M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$12.40M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-2.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.07M	USD	1 Quarter
Common stock issued for vested restricted units	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$562.88K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$123.50K	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$99.17K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$29.10M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$16.34M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$27.22M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$12.40M	USD	Point-in-time

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