$IPWR
Ideal Power Inc.

2015 Q2 Form 10-Q Financial Statement

#000114420415048720 Filed on August 13, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $1.199M $560.5K
YoY Change 113.91% -13.8%
Cost Of Revenue $1.056M $570.3K
YoY Change 85.18% -17.4%
Gross Profit $142.9K -$9.808K
YoY Change -1556.96% -75.61%
Gross Profit Margin 11.92% -1.75%
Selling, General & Admin $1.340M $979.8K
YoY Change 36.72% 83.62%
% of Gross Profit 937.44%
Research & Development $1.100M $645.3K
YoY Change 70.51% 95.43%
% of Gross Profit 770.02%
Depreciation & Amortization $50.00K $10.00K
YoY Change 400.0%
% of Gross Profit 34.99%
Operating Expenses $2.440M $1.625M
YoY Change 50.14% 88.13%
Operating Profit -$2.297M -$1.635M
YoY Change 40.5% 80.85%
Interest Expense $0.00 $10.00K
YoY Change -100.0% -100.93%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.290M -$1.630M
YoY Change 40.49% -18.09%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.292M -$1.628M
YoY Change 40.85% -18.11%
Net Earnings / Revenue -191.19% -290.36%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.827M -$2.329M
COMMON SHARES
Basic Shares Outstanding 7.085M shares 7.011M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.97M $11.15M
YoY Change 79.1% 2913.51%
Cash & Equivalents $19.97M $11.15M
Short-Term Investments
Other Short-Term Assets $290.0K $170.0K
YoY Change 70.59% 13.33%
Inventory $670.0K $250.0K
Prepaid Expenses
Receivables $760.0K $410.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $21.68M $11.97M
YoY Change 81.12% 767.39%
LONG-TERM ASSETS
Property, Plant & Equipment $620.0K $310.0K
YoY Change 100.0% 933.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $17.92K $40.00K
YoY Change -55.2%
Total Long-Term Assets $1.725M $1.200M
YoY Change 43.76% 93.55%
TOTAL ASSETS
Total Short-Term Assets $21.68M $11.97M
Total Long-Term Assets $1.725M $1.200M
Total Assets $23.41M $13.17M
YoY Change 77.72% 558.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.150M $340.0K
YoY Change 238.24% -63.83%
Accrued Expenses $880.0K $590.0K
YoY Change 49.15% 126.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.040M $930.0K
YoY Change 119.35% -79.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.040M $930.0K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $2.040M $930.0K
YoY Change 119.35% -83.97%
SHAREHOLDERS EQUITY
Retained Earnings -$28.14M
YoY Change
Common Stock $9.345K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.657K
YoY Change
Treasury Stock Shares
Shareholders Equity $21.37M $12.24M
YoY Change
Total Liabilities & Shareholders Equity $23.41M $13.17M
YoY Change 77.72% 558.5%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$2.292M -$1.628M
YoY Change 40.85% -18.11%
Depreciation, Depletion And Amortization $50.00K $10.00K
YoY Change 400.0%
Cash From Operating Activities -$1.890M -$980.0K
YoY Change 92.86% 30.67%
INVESTING ACTIVITIES
Capital Expenditures -$300.0K -$310.0K
YoY Change -3.23% 342.86%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$300.0K -$310.0K
YoY Change -3.23% 342.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.99M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -1.890M -980.0K
Cash From Investing Activities -300.0K -310.0K
Cash From Financing Activities 15.99M 0.000
Net Change In Cash 13.80M -1.290M
YoY Change -1169.77% 53.57%
FREE CASH FLOW
Cash From Operating Activities -$1.890M -$980.0K
Capital Expenditures -$300.0K -$310.0K
Free Cash Flow -$1.590M -$670.0K
YoY Change 137.31% -1.47%

Facts In Submission

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<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: 0.5in; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <u><font style="FONT-SIZE: 10pt">Use of Estimates</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with US GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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: 0.5in; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <u><font style="FONT-SIZE: 10pt">Concentration of Credit Risk</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"></font></font></font></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, accounts receivable and accounts payable. The Company maintains its cash with a major financial institution located in the United States. Balances are insured by the Federal Deposit Insurance Corporation up to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">250,000</font>. The Company maintains balances in excess of federally insured limits. The Company has not experienced losses in such accounts and believes it is not exposed to significant credit risk regarding its cash and cash equivalents.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The Company encounters a certain amount of risk as a result of a concentration of revenue from a few significant customers. Credit is extended to customers based on an evaluation of their financial condition. In limited instances, the Company may require an upfront deposit and, in most cases, the Company does charge interest on past due amounts. The Company performs ongoing credit evaluations of its customers and records an allowance for potential bad debts based on available information.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"></font>&#160;</div> <font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"></font></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The Company had revenue from three customers which accounted for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 28</font>%, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 21</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 20</font>% of net revenue for the three months ended June 30, 2015 and revenue from three customers which accounted for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 36</font>%, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 21</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 17</font>% of net revenue for the six months ended June 30, 2015. The Company had receivable balances from three customers that accounted for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 78</font>% of trade receivables at June 30, 2015.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Property Plant And Equipment Depreciation Methods
PropertyPlantAndEquipmentDepreciationMethods
straight-line method
CY2014 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
24775 USD
CY2015Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
757464 USD
CY2014Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
471296 USD
CY2014 us-gaap Inventory Write Down
InventoryWriteDown
14079 USD
CY2015Q2 us-gaap Inventory Gross
InventoryGross
665481 USD
CY2014Q4 us-gaap Inventory Gross
InventoryGross
292041 USD
CY2015Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
800861 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
494659 USD
CY2015Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
53166 USD
CY2014Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
26886 USD
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
12000 shares
us-gaap Noncash Project Abandonment Costs
NoncashProjectAbandonmentCosts
45641 USD
us-gaap Noncash Project Abandonment Costs
NoncashProjectAbandonmentCosts
0 USD
ipwr Gross Proceeds From Issuance Of Common Stock
GrossProceedsFromIssuanceOfCommonStock
17250000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1000000 USD
CY2015Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
9345263 shares
CY2015Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
9345263 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
7048235 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
7048235 shares
dei Entity Incorporation State Country Name
EntityIncorporationStateCountryName
Delaware
ipwr Research And Development Expense Including Grants
ResearchAndDevelopmentExpenseIncludingGrants
332245 USD
CY2014Q2 ipwr Research And Development Expense Including Grants
ResearchAndDevelopmentExpenseIncludingGrants
129362 USD
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2017-05-31

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