$IPWR
Ideal Power Inc.

2015 Q1 Form 10-K Financial Statement

#000114420415018355 Filed on March 25, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2013 Q4 2013
Revenue $1.198M $250.0K $1.892M
YoY Change 311.55% -51.92% 67.93%
Cost Of Revenue $1.020M $600.0K $2.147M
YoY Change 156.66% 33.33% 91.03%
Gross Profit $178.5K -$350.0K -$254.5K
YoY Change -268.18% -600.0% -8465.07%
Gross Profit Margin 14.9% -140.0% -13.45%
Selling, General & Admin $1.384M $830.0K $2.596M
YoY Change 36.57% -29.06% 24.82%
% of Gross Profit 775.24%
Research & Development $992.2K $390.0K $1.212M
YoY Change 220.07% 34.48% 15.44%
% of Gross Profit 555.9%
Depreciation & Amortization $32.80K $10.00K $29.71K
YoY Change 261.11% 0.0% -43.02%
% of Gross Profit 18.38%
Operating Expenses $2.376M $1.230M $3.809M
YoY Change 79.62% -15.75% 262.67%
Operating Profit -$2.197M -$1.580M -$4.063M
YoY Change 53.79% 13.67% 33.73%
Interest Expense $0.00 -$2.000M $5.489M
YoY Change -100.0% 106.19% 241.13%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.190M -$3.570M -$9.550M
YoY Change 54.23% 50.63% 105.38%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.193M -$3.570M -$9.552M
YoY Change 54.36% 50.63% 105.54%
Net Earnings / Revenue -183.06% -1428.0% -504.73%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.085M -$17.85M -$47.75M
COMMON SHARES
Basic Shares Outstanding 7.066M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2013 Q4 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.170M $14.14M $14.14M
YoY Change -50.4% 617.77% 617.77%
Cash & Equivalents $6.169M $14.14M $14.14M
Short-Term Investments
Other Short-Term Assets $260.0K $24.24K $230.0K
YoY Change 13.04% 285.88% 666.67%
Inventory $234.0K $519.7K $520.0K
Prepaid Expenses
Receivables $833.5K $252.4K $250.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.501M $15.14M $15.14M
YoY Change -44.53% 459.87% 460.74%
LONG-TERM ASSETS
Property, Plant & Equipment $496.5K $85.72K $90.00K
YoY Change 324.23% 207.2% 200.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $17.92K $0.00
YoY Change -50.0%
Total Long-Term Assets $1.538M $694.6K $700.0K
YoY Change 71.58% 38.18% 37.25%
TOTAL ASSETS
Total Short-Term Assets $7.501M $15.14M $15.14M
Total Long-Term Assets $1.538M $694.6K $700.0K
Total Assets $9.039M $15.84M $15.84M
YoY Change -37.31% 393.77% 393.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $687.4K $539.1K $540.0K
YoY Change 113.35% -21.24% -20.59%
Accrued Expenses $1.017M $461.2K $460.0K
YoY Change 121.04% 159.09% 155.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $1.705M $1.000M $1.000M
YoY Change 117.87% -54.02% -54.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.705M $1.000M $1.000M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.700M $1.000M $1.000M
YoY Change 117.95% -69.76% -69.79%
SHAREHOLDERS EQUITY
Retained Earnings -$25.85M -$16.75M
YoY Change 42.22% 132.65%
Common Stock $7.066K $6.932K
YoY Change 0.78% 368.38%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.657K $2.657K
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $7.334M $14.83M $14.83M
YoY Change
Total Liabilities & Shareholders Equity $9.039M $15.84M $15.84M
YoY Change -37.31% 393.77% 393.46%

Cashflow Statement

Concept 2015 Q1 2013 Q4 2013
OPERATING ACTIVITIES
Net Income -$2.193M -$3.570M -$9.552M
YoY Change 54.36% 50.63% 105.54%
Depreciation, Depletion And Amortization $32.80K $10.00K $29.71K
YoY Change 261.11% 0.0% -43.02%
Cash From Operating Activities -$1.590M -$1.110M -$3.240M
YoY Change 4.61% 32.14% 44.0%
INVESTING ACTIVITIES
Capital Expenditures $150.3K -$50.00K $78.94K
YoY Change 303.51% -77.27% 1224.29%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$240.0K -$50.00K -$220.0K
YoY Change 33.33% -77.27% -29.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $15.02M
YoY Change 28776.89%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K 15.02M 15.63M
YoY Change 409.15% 252.82%
NET CHANGE
Cash From Operating Activities -1.590M -1.110M -3.240M
Cash From Investing Activities -240.0K -50.00K -220.0K
Cash From Financing Activities 80.00K 15.02M 15.63M
Net Change In Cash -1.750M 13.86M 12.17M
YoY Change 2.94% 633.33% 550.8%
FREE CASH FLOW
Cash From Operating Activities -$1.590M -$1.110M -$3.240M
Capital Expenditures $150.3K -$50.00K $78.94K
Free Cash Flow -$1.740M -$1.060M -$3.319M
YoY Change 11.76% 70.97% 47.12%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2014 us-gaap Use Of Estimates
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CY2014 us-gaap Concentration Risk Credit Risk
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0.05 pure
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0.29 pure
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0 pure
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0 pure
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CY2014Q4 us-gaap Operating Loss Carryforwards
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14000000 USD
CY2014 us-gaap Operating Loss Carryforwards Limitations On Use
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the Company has federal net operating loss carryforwards of approximately $14 million which will begin to expire in 2031
CY2014 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 15pt; MARGIN: 0in 0in 6pt"> </div> <h5 style="MARGIN: 0in 0in 6pt"><u><font style="FONT-WEIGHT: normal">Reclassifications</font></u> <font style="FONT-WEIGHT: normal"></font></h5> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 15pt; MARGIN: 0in 0in 6pt"> <font style="FONT-SIZE: 10pt">Certain items in prior financial statements have been reclassified to conform to current year presentation.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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30000 shares
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CY2013Q4 us-gaap Other Assets Current
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CY2013Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2013 us-gaap Product Warranty Accrual Payments
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23042 USD
CY2014 us-gaap Product Warranty Accrual Payments
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46385 USD
CY2013 us-gaap Proceeds From Issuance Initial Public Offering
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17250000 USD
CY2013 ipwr Net Proceeds From Issuance Initial Public Offering
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15000000 USD
CY2013 us-gaap Payments Of Stock Issuance Costs
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2200000 USD
CY2014 us-gaap Debt Conversion Original Debt Amount1
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6100000 USD
CY2014 us-gaap Debt Instrument Increase Accrued Interest
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1218000 USD
CY2014Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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3686355 USD
CY2014 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P3Y3M18D
CY2013Q4 ipwr Trade Receivables Current
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24643 USD
CY2014Q4 ipwr Trade Receivables Current
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231412 USD
CY2013Q4 ipwr Grant Receivables Current
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211063 USD
CY2014Q4 ipwr Grant Receivables Current
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132227 USD
CY2013Q4 us-gaap Other Receivables
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CY2014Q4 us-gaap Other Receivables
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CY2013Q4 us-gaap Accounts Receivable Gross Current
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CY2014Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2013Q4 us-gaap Other Prepaid Expense Current
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0 USD
CY2014Q4 us-gaap Other Prepaid Expense Current
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27219 USD
CY2013 ipwr Adjustments To Additional Paid In Capital Warrant Issued In Connection With Consulting Services
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37145 USD
CY2014 ipwr Adjustments To Additional Paid In Capital Warrant Issued In Connection With Consulting Services
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130179 USD
CY2014 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2013 us-gaap Stock Issued During Period Shares New Issues
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151665 shares
CY2014 us-gaap Stock Issued During Period Shares New Issues
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201669 shares
CY2014 us-gaap Adjustment Of Warrants Granted For Services
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130719 USD
CY2014 us-gaap Stock Issued During Period Value Issued For Services
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46000 USD
CY2014Q4 ipwr Shares Authorised Value
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75000000 USD
CY2014 dei Document Type
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10-K
CY2014 dei Amendment Flag
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false
CY2014 dei Document Period End Date
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2014-12-31
CY2014 dei Document Fiscal Year Focus
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2014
CY2014 dei Document Fiscal Period Focus
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FY
CY2014 dei Entity Registrant Name
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Ideal Power Inc.
CY2014 dei Entity Central Index Key
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0001507957
CY2014 dei Current Fiscal Year End Date
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--12-31
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2015Q1 dei Entity Common Stock Shares Outstanding
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7066137 shares
CY2014 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014Q2 dei Entity Public Float
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42387538 USD
CY2014 dei Trading Symbol
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IPWR
CY2013 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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2145495 shares
CY2014 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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2932155 shares
CY2013Q4 us-gaap Deferred Tax Assets Derivative Instruments
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0 USD
CY2014Q4 us-gaap Deferred Tax Assets Derivative Instruments
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0 USD
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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191000 USD
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0 USD
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54000 USD
CY2013Q4 us-gaap Commitments And Contingencies
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USD
CY2014Q4 us-gaap Commitments And Contingencies
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USD
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0 USD
CY2014 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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0 USD

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