10-K Filing

Ondas Inc. CIK: 1646188 FY 2018

Filing Information

Form Type	10-K
Accession Number	`0001615774-19-004224`
Period End Date	20181231
Filing Date	20190319
Fiscal Year	2018
Fiscal Period	FY
XBRL Instance	onds-20181231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 39 Cash Flow Statement 79 Stockholders Equity 16

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	-	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$7.91K	USD	Point-in-time
Secured promissory note, debt discount	`DebtInstrumentUnamortizedDiscountCurrent`	$72.04K	USD	Point-in-time
Notes payable, net of debt discount	`DebtInstrumentUnamortizedDiscount`	$162.66K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$456.02K	USD	Point-in-time
Notes payable, net of debt discount	`DebtInstrumentUnamortizedDiscount`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$45.25K	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $0 and $7,914, respectively	`AccountsReceivableNetCurrent`	$31.86K	USD	Point-in-time
Preferred stock, par value (in dollar pers share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $0 and $7,914, respectively	`AccountsReceivableNetCurrent`	$30.44K	USD	Point-in-time
Preferred stock, par value (in dollar pers share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$347.94K	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Inventory	`InventoryNet`	$173.32K	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$43.58K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$533.48K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	350.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	350.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$2.04M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$704.77K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$502.15K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.86K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	50.46M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	16.80M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	16.80M	shares	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	-	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	50.46M	shares	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$53.29K	USD	Point-in-time
Lease deposits	`SecurityDeposit`	-	USD	Point-in-time
Lease deposits	`SecurityDeposit`	$49.38K	USD	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	-	USD	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	$14.98K	USD	Point-in-time
Total other assets	`OtherAssets`	-	USD	Point-in-time
Total other assets	`OtherAssets`	$117.65K	USD	Point-in-time
Total assets	`Assets`	$717.63K	USD	Point-in-time
Total assets	`Assets`	$2.66M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$795.75K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.11M	USD	Point-in-time
Secured promissory note, net of debt discount $72,038	`SecuredDebtCurrent`	$10.06M	USD	Point-in-time
Secured promissory note, net of debt discount $72,038	`SecuredDebtCurrent`	-	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$3.88M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$3.87M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$166.09K	USD	Point-in-time
Advance from related party	`DueToOfficersOrStockholdersCurrent`	-	USD	Point-in-time
Advance from related party	`DueToOfficersOrStockholdersCurrent`	$155.65K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$2.19M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$879.02K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.25M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.86M	USD	Point-in-time
Notes payable, net of debt discount of $0 and $162,659, respectively	`LongTermNotesPayable`	$2.78M	USD	Point-in-time
Notes payable, net of debt discount of $0 and $162,659, respectively	`LongTermNotesPayable`	$300.00K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.78M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$300.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$17.55M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.64M	USD	Point-in-time
Preferred stock - par value $0.0001: 10,000,000 shares authorized	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock - par value $0.0001: 10,000,000 shares authorized	`PreferredStockValue`	-	USD	Point-in-time
Common stock - par value $0.0001; 350,000,000 shares authorized; 50,463,732 and 16,797,744 issued and outstanding	`CommonStockValue`	$5.05K	USD	Point-in-time
Common stock - par value $0.0001; 350,000,000 shares authorized; 50,463,732 and 16,797,744 issued and outstanding	`CommonStockValue`	$1.68K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$17.49M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$12.36M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-32.38M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-20.28M	USD	Point-in-time
Total stockholders' Deficit	`StockholdersEquity`	$-7.92M	USD	Point-in-time
Total stockholders' Deficit	`StockholdersEquity`	$-14.88M	USD	Point-in-time
Total stockholders' Deficit	`StockholdersEquity`	$-4.91M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$717.63K	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$2.66M	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`Revenues`	$190.03K	USD	Annual
Revenues, net	`Revenues`	$274.40K	USD	Annual
Cost of goods sold	`CostOfRevenue`	$39.37K	USD	Annual
Cost of goods sold	`CostOfRevenue`	$79.77K	USD	Annual
Gross profit	`GrossProfit`	$194.63K	USD	Annual
Gross profit	`GrossProfit`	$150.66K	USD	Annual
General and administration	`GeneralAndAdministrativeExpense`	$2.61M	USD	Annual
General and administration	`GeneralAndAdministrativeExpense`	$1.08M	USD	Annual
Sales and marketing	`MarketingExpense`	$2.90M	USD	Annual
Sales and marketing	`MarketingExpense`	$502.79K	USD	Annual
Research and Development	`ResearchAndDevelopmentExpense`	$3.08M	USD	Annual
Research and Development	`ResearchAndDevelopmentExpense`	$1.00M	USD	Annual
Total operating expense	`OperatingExpenses`	$8.59M	USD	Annual
Total operating expense	`OperatingExpenses`	$2.59M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-8.44M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-2.39M	USD	Annual
Interest expense	`InterestExpense`	$642.72K	USD	Annual
Interest expense	`InterestExpense`	$2.66M	USD	Annual
Change in fair value of derivative liability	`IncreaseDecreaseInDerivativeLiabilities`	$-5.03K	USD	Annual
Change in fair value of derivative liability	`IncreaseDecreaseInDerivativeLiabilities`	$975.90K	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$44.35K	USD	Point-in-time
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-44.35K	USD	Annual
Other income	`OtherIncome`	$9.82K	USD	Annual
Other income	`OtherIncome`	$4.42K	USD	Annual
Interest income	`InvestmentIncomeNet`	$18.15K	USD	Annual
Interest income	`InvestmentIncomeNet`	-	USD	Annual
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-627.87K	USD	Annual
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-3.66M	USD	Annual
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-12.10M	USD	Annual
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.02M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-3.02M	USD	Annual
Net loss	`NetIncomeLoss`	$-12.10M	USD	Annual
Net loss per share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.42	USD	Annual
Net loss per share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.19	USD	Annual
Weighted average number of common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	28.53M	shares	Annual
Weighted average number of common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	16.19M	shares	Annual

Cash Flow Statement 79 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.02M	USD	Annual
Net loss	`NetIncomeLoss`	$-12.10M	USD	Annual
Depreciation	`Depreciation`	$13.44K	USD	Annual
Depreciation	`Depreciation`	$54.95K	USD	Annual
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-7.91K	USD	Annual
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$7.91K	USD	Annual
Amortization of debt discount and deferred financing costs	`AmortizationOfDebtDiscountPremium`	$106.68K	USD	Annual
Amortization of debt discount and deferred financing costs	`AmortizationOfDebtDiscountPremium`	$835.85K	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$194.00	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	-	USD	Annual
Change in fair value of derivative liability	`DerivativeGainLossOnDerivativeNet`	$-5.03K	USD	Annual
Change in fair value of derivative liability	`DerivativeGainLossOnDerivativeNet`	$975.90K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.17K	USD	Annual
Loss on conversion of debt	`LossOnConversionOfDebt`	$31.94K	USD	Annual
Loss on conversion of debt	`LossOnConversionOfDebt`	-	USD	Annual
Account receivable	`IncreaseDecreaseInAccountsReceivable`	$9.33K	USD	Annual
Account receivable	`IncreaseDecreaseInAccountsReceivable`	$-39.77K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-174.62K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-156.29K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-477.94K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$113.81K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-44.36K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	-	USD	Annual
Account payable	`IncreaseDecreaseInAccountsPayable`	$316.17K	USD	Annual
Account payable	`IncreaseDecreaseInAccountsPayable`	$-58.75K	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$2.06M	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$408.56K	USD	Annual
Net cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.52M	USD	Annual
Net cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.63M	USD	Annual
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$544.24K	USD	Annual
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
Patent costs	`PaymentsToAcquireIntangibleAssets`	-	USD	Annual
Patent costs	`PaymentsToAcquireIntangibleAssets`	$53.48K	USD	Annual
Deposits	`PaymentsForDeposits`	$31.96K	USD	Annual
Deposits	`PaymentsForDeposits`	-	USD	Annual
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-629.68K	USD	Annual
Proceeds from secured promissory note, net of costs	`ProceedsFromIssuanceOfSecuredDebt`	-	USD	Annual
Proceeds from secured promissory note, net of costs	`ProceedsFromIssuanceOfSecuredDebt`	$9.88M	USD	Annual
Proceeds from convertible notes payable	`ProceedsFromConvertibleDebt`	$100.00K	USD	Annual
Proceeds from convertible notes payable	`ProceedsFromConvertibleDebt`	$2.94M	USD	Annual
Proceeds from sale of common stock	`ProceedsFromIssuanceOrSaleOfEquity`	$4.70K	USD	Annual
Proceeds from sale of common stock	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	Annual
Repayment of advances from related party	`RepaymentsOfRelatedPartyDebt`	$155.65K	USD	Annual
Repayment of advances from related party	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Purchase and retirement of common stock	`PurchaseAndRetirementOfCommonStock`	-	USD	Annual
Purchase and retirement of common stock	`PurchaseAndRetirementOfCommonStock`	$3.26K	USD	Annual
Proceeds from loans payable	`ProceedsFromLoans`	-	USD	Annual
Proceeds from loans payable	`ProceedsFromLoans`	$50.00K	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$6.74K	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	Annual
Advances from related parties	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Advances from related parties	`ProceedsFromRelatedPartyDebt`	$119.51K	USD	Annual
Repayment of short term loan	`RepaymentsOfSubordinatedShortTermDebt`	-	USD	Annual
Repayment of short term loan	`RepaymentsOfSubordinatedShortTermDebt`	$75.00K	USD	Annual
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.82M	USD	Annual
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.04M	USD	Annual
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$673.85K	USD	Annual
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$410.77K	USD	Annual
Cash and cash equivalent, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Cash and cash equivalent, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$456.02K	USD	Point-in-time
Cash and cash equivalent, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$45.25K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$456.02K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$45.25K	USD	Point-in-time
Cash paid for interest	`IncomeTaxesPaidNet`	$502.64K	USD	Annual
Cash paid for interest	`IncomeTaxesPaidNet`	$979.17K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	Annual
Reclassification of derivative liability to additional paid in capital	`ReclassificationOfDerivativeLiabilityToAdditionalPaidInCapital`	-	USD	Annual
Reclassification of derivative liability to additional paid in capital	`ReclassificationOfDerivativeLiabilityToAdditionalPaidInCapital`	$1.14M	USD	Annual
Reclassification of derivative liability to additional paid in capital	`ReclassificationOfDerivativeLiabilityToAdditionalPaidInCapital`	$1.14M	USD	Point-in-time
Increase in debt for non cash interest	`IncreaseInDebtForNonCashInterest`	-	USD	Annual
Increase in debt for non cash interest	`IncreaseInDebtForNonCashInterest`	$135.25K	USD	Annual
Interest converted to debt	`InterestConvertedToDebt`	$880.56K	USD	Annual
Interest converted to debt	`InterestConvertedToDebt`	$17.31K	USD	Annual
Derivative liability	`DerivativeLiability`	$171.12K	USD	Annual
Derivative liability	`DerivativeLiability`	-	USD	Annual

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balances at beginning	`StockholdersEquity`	$-7.92M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$-14.88M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$-4.91M	USD	Point-in-time
Shares issued for exercise of warrants	`SharesIssuedForExerciseOfWarrants`	$6.74K	USD	Annual
Issuance of shares in private placement	`ProceedsFromIssuanceOfPrivatePlacement`	$4.70K	USD	Annual
Issuance of shares in conversion of debt	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$4.00M	USD	Annual
Reclassification of derivative liability	`ReclassificationOfDerivativeLiability`	$1.14M	USD	Annual
Purchase and retirement of common stock	`PurchaseAndRetirementOfCommonStock`	-	USD	Annual
Purchase and retirement of common stock	`PurchaseAndRetirementOfCommonStock`	$3.26K	USD	Annual
Effect of merger and recapitalization pursuant to execution of Agreement and Plan of Merger and Reorganization	`RecapitalizationCosts`	$12.55K	USD	Annual
Share based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.17K	USD	Annual
Net loss	`NetIncomeLoss`	$-3.02M	USD	Annual
Net loss	`NetIncomeLoss`	$-12.10M	USD	Annual
Balances at ending	`StockholdersEquity`	$-7.92M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$-14.88M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$-4.91M	USD	Point-in-time

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