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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ideal Power Inc | NASDAQ:IPWR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.825 | 6.80 | 8.04 | 0 | 10:05:55 |
ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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14-1999058
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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Large accelerated filer
¨
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Accelerated filer
¨
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Non-accelerated filer
¨
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Smaller reporting company
x
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(Do not check if a smaller reporting company)
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Emerging growth company
x
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PART I
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Item 1.
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Balance Sheets at March 31, 2017 (Unaudited) and December 31, 2016
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Statements of Operations for the three months ended March 31, 2017 and 2016 (Unaudited)
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Statements of Cash Flows for the three months ended March 31, 2017 and 2016 (Unaudited)
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Item 2.
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Item 3.
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Item 4.
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PART II
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Item 1.
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Item 1A.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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March 31, 2017
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December 31, 2016
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(unaudited)
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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15,350,915
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$
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4,204,916
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Accounts receivable, net
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565,467
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378,658
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Inventories, net
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851,863
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1,245,147
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Prepayments and other current assets
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304,813
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312,593
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Total current assets
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17,073,058
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6,141,314
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Property and equipment, net
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835,137
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936,486
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Intangible assets, net
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1,959,498
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1,905,556
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Other assets
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17,920
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17,920
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Total Assets
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$
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19,885,613
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$
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9,001,276
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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$
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363,333
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$
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346,767
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Accrued expenses
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1,030,961
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1,149,129
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Total current liabilities
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1,394,294
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1,495,896
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Other long-term liabilities
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266,938
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265,418
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Total liabilities
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1,661,232
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1,761,314
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Commitments
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Stockholders’ equity:
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Preferred stock, $0.001 par value; 10,000,000 shares authorized; 1,518,430 shares issued and outstanding at March 31, 2017
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1,518
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—
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Common stock, $0.001 par value; 50,000,000 shares authorized; 13,998,465 shares issued and 13,996,782 shares outstanding at March 31, 2017 and 9,560,896 shares issued and 9,559,213 shares outstanding at December 31, 2016, respectively
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13,998
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9,561
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Additional paid-in capital
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66,357,329
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52,310,481
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Treasury stock, at cost, 1,683 shares at March 31, 2017 and December 31, 2016, respectively
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(5,915
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)
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(5,915
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)
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Accumulated deficit
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(48,142,549
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)
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(45,074,165
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)
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Total stockholders’ equity
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18,224,381
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7,239,962
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Total Liabilities and Stockholders’ Equity
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$
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19,885,613
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$
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9,001,276
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Three Months Ended March 31,
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2017
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2016
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Product revenue
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$
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275,670
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$
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496,644
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Cost of product revenue
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710,930
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494,754
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Gross profit (loss)
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(435,260
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)
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1,890
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Operating expenses:
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Research and development
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1,190,169
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1,479,985
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General and administrative
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905,963
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920,331
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Sales and marketing
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541,533
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412,530
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Total operating expenses
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2,637,665
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2,812,846
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Loss from operations
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(3,072,925
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)
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(2,810,956
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)
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Interest income, net
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4,541
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8,609
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Net loss
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$
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(3,068,384
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$
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(2,802,347
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)
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Net loss per share – basic and fully diluted
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$
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(0.28
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$
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(0.29
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Weighted average number of shares outstanding – basic and fully diluted
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10,879,690
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9,545,982
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Three Months Ended
March 31, |
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2017
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2016
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Cash flows from operating activities:
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Net loss
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$
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(3,068,384
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$
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(2,802,347
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Adjustments to reconcile net loss to net cash used in operating activities:
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Allowance for doubtful accounts
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60,703
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—
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Write-down of inventory
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348,793
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4,242
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Depreciation and amortization
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113,068
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86,999
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Write-off of capitalized patents
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559
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24,753
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Write-off of fixed assets
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10,534
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992
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Stock-based compensation
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384,329
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383,516
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Decrease (increase) in operating assets:
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Accounts receivable
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(247,512
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)
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425,103
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Inventories
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44,491
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(76,801
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)
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Prepayments and other current assets
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7,780
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5,586
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Increase (decrease) in operating liabilities:
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Accounts payable
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16,566
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(574,774
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Accrued expenses
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(116,648
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(53,140
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)
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Net cash used in operating activities
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(2,445,721
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(2,575,871
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Cash flows from investing activities:
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Purchase of property and equipment
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(4,378
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)
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(100,382
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)
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Acquisition of intangible assets
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(72,376
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)
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(103,111
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)
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Net cash used in investing activities
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(76,754
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(203,493
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Cash flows from financing activities:
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Net proceeds from issuance of stock
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13,657,331
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—
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Exercise of options and warrants
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11,143
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35,536
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Net cash provided by financing activities
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13,668,474
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35,536
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Net increase (decrease) in cash and cash equivalents
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11,145,999
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(2,743,828
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)
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Cash and cash equivalents at beginning of period
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4,204,916
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15,022,286
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Cash and cash equivalents at end of period
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$
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15,350,915
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$
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12,278,458
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March 31, 2017
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December 31,
2016 |
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(unaudited)
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Trade receivables
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$
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594,748
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$
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430,278
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Other receivables
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116,782
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33,755
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711,530
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464,033
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Allowance for doubtful accounts
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(146,063
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)
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(85,375
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)
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$
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565,467
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$
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378,658
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March 31, 2017
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December 31,
2016 |
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(unaudited)
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Raw materials
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$
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340,138
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$
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363,195
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Finished goods
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896,856
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941,921
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1,236,994
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1,305,116
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Reserve for obsolescence
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(385,131
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)
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(59,969
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)
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$
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851,863
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$
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1,245,147
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March 31, 2017
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December 31,
2016 |
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(unaudited)
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Machinery and equipment
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$
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887,043
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$
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894,228
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Building leasehold improvements
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395,335
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395,335
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Furniture, fixtures, software and computers
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229,040
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228,011
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1,511,418
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1,517,574
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Accumulated depreciation and amortization
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(676,281
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)
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(581,088
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)
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$
|
835,137
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|
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$
|
936,486
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March 31, 2017
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December 31,
2016 |
||||
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(unaudited)
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Patents
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$
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1,628,021
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$
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1,556,204
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Other intangible assets
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470,870
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470,870
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2,098,891
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2,027,074
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Accumulated amortization
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(139,393
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)
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(121,518
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)
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$
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1,959,498
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|
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$
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1,905,556
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March 31, 2017
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December 31,
2016 |
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(unaudited)
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Accrued compensation
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$
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489,132
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$
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519,485
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Warranty reserve
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308,955
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335,893
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Other
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232,874
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293,751
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$
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1,030,961
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$
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1,149,129
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Year Ended December 31,
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Amount
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2017
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$
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123,134
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2018
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68,736
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Total
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$
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191,870
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Stock
Options
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Weighted
Average
Exercise
Price
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Weighted
Average
Remaining
Life
(in years)
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Outstanding at December 31, 2016
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1,385,204
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$
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6.89
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7.5
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Granted
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142,725
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$
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3.12
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Exercised
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(26,743
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)
|
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$
|
0.42
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Outstanding at March 31, 2017
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1,501,186
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|
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$
|
6.65
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|
|
7.5
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Exercisable at March 31, 2017
|
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862,017
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|
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$
|
6.67
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|
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7.1
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Warrants
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Weighted
Average
Exercise
Price
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Weighted
Average Remaining Life (in years) |
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Outstanding at December 31, 2016
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1,398,653
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$
|
4.57
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|
|
2.5
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Granted
|
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6,166,426
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|
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$
|
2.43
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|
|
3.0
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Outstanding at March 31, 2017
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7,565,079
|
|
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$
|
2.83
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2.8
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•
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our history of losses;
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•
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our ability to achieve profitability;
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•
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our limited operating history;
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•
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our ability to successfully market and sell our products;
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•
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the size and growth of markets for our current and future products;
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•
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our expectations regarding the growth and expansion of our customer base;
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•
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regulatory developments that may affect our business;
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•
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our ability to successfully develop new technologies, including our bi-directional bipolar junction transistor, or B-TRAN™;
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our expectations regarding the completion of testing of new products under development and the timing of the introduction of those new products;
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•
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the expected performance of new and existing products, including future products incorporating our B-TRAN™;
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•
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the performance of third-party manufacturers who supply and manufacture our products;
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•
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our expectations of the reliability of our products over the applicable warranty term and the future costs associated with warranty claims;
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•
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our ability to cost effectively manage product life cycles, inclusive of product launches and end of product life situations;
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•
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the rate and degree of market acceptance for our current and future products;
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•
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our ability to successfully obtain certification for our products, including in new markets, and the timing of the receipt of any necessary certifications;
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•
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our ability to successfully license our technology;
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•
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our ability to obtain, maintain, defend and enforce intellectual property rights protecting our current and future products;
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•
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our expectations regarding the decline in prices of battery energy storage systems;
|
•
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general economic conditions and events and the impact they may have on us and our potential customers;
|
•
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our ability to obtain adequate financing in the future, as and when we need it;
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•
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our success at managing the risks involved in the foregoing items; and
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•
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other factors discussed in this report.
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•
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The 30kW SunDial™ and the 30kW SunDial™ Plus, which are UL-1741 certified and are intended to be used for the commercial and industrial grid-tied solar and solar plus storage market. The SunDial™ is a PV string inverter which is field upgradable through the addition of a drop-in second DC port to connect batteries to a solar PV array. The SunDial™ Plus includes the PV inverter and the second DC battery port in one package. These products both include a built-in 6 string PV combiner and DC disconnects and are grid-tied, AC export only.
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•
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The 30kW Stabiliti™ series has two product offerings, two-port (AC-DC) and multi-port (AC-DC-DC) models, which are both UL-1741 certified. These products are intended to be used in the stand-alone storage and microgrid markets. They are bi-directional and operate in both grid-tied and grid-forming modes with near seamless transfer between operating modes. Grid-forming mode provides customers the ability to form and manage a microgrid. The products operate in both 50Hz and 60Hz environments and we plan to introduce these products in one or more markets other than North America in the second half of 2017.
|
•
|
125kW Grid-Resilient AC-DC PCS, which is certified for UL-1741 conformance, has over four times the power of the 30kW product and is also able to convert in both 50Hz and 60Hz AC environments and form and manage a microgrid. This product is intended for use in higher power stand-alone storage and microgrid applications.
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Exhibit
Number
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Document
|
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4.1
|
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Form of Investor Warrant (incorporated by reference to Exhibit 4.1 of the Company's Current Report on Form 8-K filed with the Commission on February 27, 2017).
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4.2
|
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Form of Registration Rights Agreement between the Registrant and the Investors party (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed with the Commission on February 27, 2017).
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|
|
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10.1
|
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Purchase Agreement, dated February 24, 2017 between the Registrant and the Investors party thereto (incorporated by reference to Exhibit 10.2 of the Company's Current Report on Form 8-K filed with the Commission on February 27, 2017).
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|
|
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10.2
|
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Exchange Agreement, dated February 24, 2017, by and among the Company and the common stockholders listed in Schedule 1 (incorporated by reference to Exhibit 10.3 of the Company's Current Report on Form 8-K filed with the Commission on February 27, 2017).
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|
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31.1
|
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Certification of Principal Executive Officer pursuant to Exchange Act Rule, 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
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|
|
|
31.2
|
|
Certification of Principal Financial Officer pursuant to Exchange Act Rule, 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
|
|
|
|
32.1
|
|
Certification pursuant to 18 U.S.C. 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
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|
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101.INS
|
|
XBRL Instant Document *
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|
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101.SCH
|
|
XBRL Taxonomy Extension Schema Document *
|
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|
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101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document *
|
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101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document *
|
|
|
|
10.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document *
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|
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101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document *
|
*
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Filed herewith
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**
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Furnished herewith
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Dated May 12, 2017
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IDEAL POWER INC.
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By:
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/s/ R. Daniel Brdar
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R. Daniel Brdar
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Chief Executive Officer
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By:
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/s/ Timothy W. Burns
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Timothy W. Burns
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Chief Financial Officer
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1 Year Ideal Power Chart |
1 Month Ideal Power Chart |
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