10-Q Filing

Ondas Inc. CIK: 1646188 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001615774-19-007498`
Period End Date	20190331
Filing Date	20190510
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	onds-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 36 Cash Flow Statement 72 Stockholders Equity 13 Comprehensive Income 6

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Secured promissory note, debt discount	`DebtInstrumentUnamortizedDiscountCurrent`	$46.31K	USD	Point-in-time
Secured promissory note, debt discount	`DebtInstrumentUnamortizedDiscountCurrent`	$72.04K	USD	Point-in-time
Preferred stock, par value (in dollar pers share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollar pers share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.63M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$456.02K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$437.30K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$30.44K	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
Common stock, authorized	`CommonStockSharesAuthorized`	350.00M	shares	Point-in-time
Inventory	`InventoryNet`	$347.94K	USD	Point-in-time
Inventory	`InventoryNet`	$355.43K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	350.00M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	50.46M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$430.59K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$533.48K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	50.46M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	50.46M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	50.46M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$2.04M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.22M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$502.15K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$515.85K	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$875.87K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$53.29K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$86.49K	USD	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	$14.98K	USD	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	$66.77K	USD	Point-in-time
Lease deposits	`SecurityDeposit`	$49.38K	USD	Point-in-time
Lease deposits	`SecurityDeposit`	$55.63K	USD	Point-in-time
Total other assets	`OtherAssets`	$1.08M	USD	Point-in-time
Total other assets	`OtherAssets`	$117.65K	USD	Point-in-time
Total assets	`Assets`	$2.66M	USD	Point-in-time
Total assets	`Assets`	$2.82M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.57M	USD	Point-in-time
Secured promissory note, net of debt discount $46,310 and $72,038, respectively	`SecuredDebtCurrent`	$10.06M	USD	Point-in-time
Secured promissory note, net of debt discount $46,310 and $72,038, respectively	`SecuredDebtCurrent`	$10.13M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$3.88M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$3.98M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$550.47K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$2.15M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$2.19M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.37M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.25M	USD	Point-in-time
Secured promissory note	`SecuredLongTermDebt`	-	USD	Point-in-time
Secured promissory note	`SecuredLongTermDebt`	$4.10M	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$300.00K	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$300.00K	USD	Point-in-time
Operating lease liabilities, net of current	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease liabilities, net of current	`OperatingLeaseLiabilityNoncurrent`	$705.86K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$300.00K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.11M	USD	Point-in-time
Total liabilities	`Liabilities`	$23.48M	USD	Point-in-time
Total liabilities	`Liabilities`	$17.55M	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 issued and outstanding	`CommonStockValue`	$5.05K	USD	Point-in-time
Common stock - par value $0.0001; 350,000,000 shares authorized; 50,463,732 issued and outstanding	`CommonStockValue`	$5.05K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$17.49M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$17.54M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-38.21M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-32.38M	USD	Point-in-time
Other accumulated comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$4.66K	USD	Point-in-time
Other accumulated comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	-	USD	Point-in-time
Total stockholders' Deficit	`StockholdersEquity`	$-20.66M	USD	Point-in-time
Total stockholders' Deficit	`StockholdersEquity`	$-14.88M	USD	Point-in-time
Total stockholders' Deficit	`StockholdersEquity`	$-9.49M	USD	Point-in-time
Total stockholders' Deficit	`StockholdersEquity`	$-7.92M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$2.66M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$2.82M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`Revenues`	$32.29K	USD	1 Quarter
Revenues, net	`Revenues`	$29.38K	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$968.00	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$5.30K	USD	1 Quarter
Gross profit	`GrossProfit`	$28.41K	USD	1 Quarter
Gross profit	`GrossProfit`	$26.99K	USD	1 Quarter
General and administration	`GeneralAndAdministrativeExpense`	$165.36K	USD	1 Quarter
General and administration	`GeneralAndAdministrativeExpense`	$1.61M	USD	1 Quarter
Sales and marketing	`MarketingExpense`	$289.24K	USD	1 Quarter
Sales and marketing	`MarketingExpense`	$1.87M	USD	1 Quarter
Research and Development	`ResearchAndDevelopmentExpense`	$137.18K	USD	1 Quarter
Research and Development	`ResearchAndDevelopmentExpense`	$1.66M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$591.78K	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$5.15M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-5.12M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-563.37K	USD	1 Quarter
Interest expense	`InterestExpense`	$138.97K	USD	1 Quarter
Interest expense	`InterestExpense`	$557.18K	USD	1 Quarter
Write-off of prepaid financing costs	`WriteoffOfPrepaidFinancingCosts`	-	USD	1 Quarter
Write-off of prepaid financing costs	`WriteoffOfPrepaidFinancingCosts`	$150.00K	USD	1 Quarter
Change in fair value of derivative liability	`IncreaseDecreaseInDerivativeLiabilities`	$869.13K	USD	1 Quarter
Change in fair value of derivative liability	`IncreaseDecreaseInDerivativeLiabilities`	-	USD	1 Quarter
Interest income	`InvestmentIncomeNet`	$1.58K	USD	1 Quarter
Interest income	`InvestmentIncomeNet`	-	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-1.01M	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-705.60K	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.82M	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.57M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.57M	USD	1 Quarter
Net loss per share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	1 Quarter
Net loss per share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	1 Quarter
Weighted average number of common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	16.80M	shares	1 Quarter
Weighted average number of common shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	50.46M	shares	1 Quarter

Cash Flow Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.57M	USD	1 Quarter
Depreciation	`Depreciation`	$2.63K	USD	1 Quarter
Depreciation	`Depreciation`	$32.70K	USD	1 Quarter
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-7.91K	USD	1 Quarter
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Amortization of debt discount and deferred financing costs	`AmortizationOfDebtDiscountPremium`	$-61.98K	USD	1 Quarter
Amortization of debt discount and deferred financing costs	`AmortizationOfDebtDiscountPremium`	$66.71K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	-	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$116.00	USD	1 Quarter
Amortization of operating lease asset	`AmortizationOfLeasedAsset`	$102.79K	USD	1 Quarter
Amortization of operating lease asset	`AmortizationOfLeasedAsset`	-	USD	1 Quarter
Impairment of operating lease	`OperatingLeaseImpairmentLoss`	-	USD	1 Quarter
Impairment of operating lease	`OperatingLeaseImpairmentLoss`	$259.93K	USD	1 Quarter
Write-off of prepaid financing costs	`WriteoffOfPrepaidFinancingCosts`	-	USD	1 Quarter
Write-off of prepaid financing costs	`WriteoffOfPrepaidFinancingCosts`	$150.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$47.02K	USD	1 Quarter
Change in fair value of derivative liability	`DerivativeGainLossOnDerivativeNet`	$869.13K	USD	1 Quarter
Change in fair value of derivative liability	`DerivativeGainLossOnDerivativeNet`	-	USD	1 Quarter
Account receivable	`IncreaseDecreaseInAccountsReceivable`	$39.77K	USD	1 Quarter
Account receivable	`IncreaseDecreaseInAccountsReceivable`	$30.44K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-99.25K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-7.45K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-29.60K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-85.44K	USD	1 Quarter
Account payable	`IncreaseDecreaseInAccountsPayable`	$-48.65K	USD	1 Quarter
Account payable	`IncreaseDecreaseInAccountsPayable`	$454.85K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$77.16K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	-	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$29.17K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$154.90K	USD	1 Quarter
Net cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.69M	USD	1 Quarter
Net cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-878.17K	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.62K	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$45.19K	USD	1 Quarter
Patent costs	`PaymentsToAcquireIntangibleAssets`	$33.31K	USD	1 Quarter
Patent costs	`PaymentsToAcquireIntangibleAssets`	$8.38K	USD	1 Quarter
Deposits	`PaymentsForDeposits`	-	USD	1 Quarter
Deposits	`PaymentsForDeposits`	$6.25K	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-84.75K	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.00K	USD	1 Quarter
Proceeds from secured promissory note	`ProceedsFromIssuanceOfSecuredDebt`	$4.10M	USD	1 Quarter
Proceeds from secured promissory note	`ProceedsFromIssuanceOfSecuredDebt`	$5.00M	USD	1 Quarter
Payment of deferred offering costs	`PaymentOfDeferredOfferingCosts`	-	USD	1 Quarter
Payment of deferred offering costs	`PaymentOfDeferredOfferingCosts`	$13.48K	USD	1 Quarter
Proceeds from convertible notes payable	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Proceeds from convertible notes payable	`ProceedsFromConvertibleDebt`	$100.00K	USD	1 Quarter
Repayment of advances from related party	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Repayment of advances from related party	`RepaymentsOfRelatedPartyDebt`	$41.98K	USD	1 Quarter
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.09M	USD	1 Quarter
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.06M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-692.57K	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.17M	USD	1 Quarter
Cash and cash equivalent, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.63M	USD	Point-in-time
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`	$437.30K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.63M	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`	$437.30K	USD	Point-in-time
Cash paid for interest	`IncomeTaxesPaidNet`	$343.99K	USD	1 Quarter
Cash paid for interest	`IncomeTaxesPaidNet`	$123.58K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Interest converted to debt	`InterestConvertedToDebt`	$17.31K	USD	1 Quarter
Interest converted to debt	`InterestConvertedToDebt`	$97.07K	USD	1 Quarter
Derivative liability	`DerivativeLiability`	$1.04M	USD	1 Quarter
Derivative liability	`DerivativeLiability`	-	USD	1 Quarter
Increase in debt for non cash interest	`IncreaseInDebtForNonCashInterest`	-	USD	1 Quarter
Increase in debt for non cash interest	`IncreaseInDebtForNonCashInterest`	$10.02K	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balances at beginning	`StockholdersEquity`	$-20.66M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$-14.88M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$-9.49M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$-7.92M	USD	Point-in-time
Issuance of shares in private placement	`ProceedsFromIssuanceOfPrivatePlacement`	$4.70K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$47.02K	USD	1 Quarter
Comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$4.66K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.57M	USD	1 Quarter
Balances at ending	`StockholdersEquity`	$-20.66M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$-14.88M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$-9.49M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$-7.92M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.57M	USD	1 Quarter
Foreign currency translation income	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	-	USD	1 Quarter
Foreign currency translation income	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$4.66K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.82M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.57M	USD	1 Quarter

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