Ideal Power Inc
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*Nasdaq FSI: *Deficient: Issuer Failed to Meet NASDAQ Continued Listing Requirements

Industrials : Electrical Equipment | Small Cap ValueCompany profile

Ideal Power Inc. (Ideal Power) designs, markets and sells electrical power conversion products using its Power Packet Switching Architecture (PPSA) technology. The Company's PPSA is a power conversion technology that utilizes standardized hardware with application specific embedded software. It sells products to systems integrators for integration into their system, which enable end users to manage their electricity consumption by reducing demand charges or fossil fuel consumption, integrating renewable energy sources and form their own microgrid. It focuses on licensing PPSA-based product designs to original equipment manufacturers (OEMs) within its target markets. Its products use multiple insulated gate bipolar transistors (IGBTs), which switch power in a direction, including direct current (DC) to alternating current (AC), or AC to DC. The PPSA uses indirect power flow in which power flows through input switches, and is temporarily stored in its AC link inductor.

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Ideal Power Reports Second Quarter 2019 Financial Results

4:17 pm ET August 14, 2019 (Globe Newswire) Print

Ideal Power Inc. (NASDAQ: IPWR), a semiconductor and power conversion technology company, reported results for its second quarter ended June 30, 2019.

Key Second Quarter 2019 and Subsequent B-TRAN(TM) Division Highlights:

-- Completed successful testing of double-sided B-TRAN(TM) wafers, confirming the following testing results:

  • Successful bi-directional operation with symmetrical performance in both directions;

    Management Commentary

    "The second quarter of 2019 was a continuation of our new strategic focus on our proprietary B-TRAN(TM) power switch technology," said Dr. Lon Bell, Chief Executive Officer of Ideal Power. "During the quarter we fabricated and subsequently tested double-sided B-TRAN(TM) wafers that validated the three critical performance metrics of symmetric bi-directionality, low conduction losses and necessary breakdown voltage required for use in a broad range of commercial and military applications. We confirmed our B-TRAN(TM) design is able to be manufactured with conventional silicon processing equipment.

    "Given the progress with our B-TRAN(TM) technology, management and the board of directors unanimously decided to effect a reverse stock split in order to maintain our Nasdaq listing. We strongly believe maintaining this listing status will enable the company to engage strategic partners and investors from a position of strength," concluded Bell.

    Second Quarter 2019 Financial Results

    "We now report our power conversion systems division as a discontinued operation and thus had no revenue from continuing operations in the second quarter of 2019," said Tim Burns, Chief Financial Officer. "On the cash management side, we maintained our targeted cash burn rate, utilizing $0.7 million of cash from continuing operations in the second quarter of 2019," concluded Burns.

    Conference Call Details

    Ideal Power Chairman, CEO and President Dr. Lon Bell, CFO Tim Burns and B-TRAN(TM) Chief Commercial Officer Dan Brdar will host the conference call, followed by a question and answer period.

    To access the call, please use the following information:

    Date:                         Wednesday, August 14, 2019
    Time:                         4:30 p.m. EST, 1:30 p.m. PST
    Toll-free dial-in number:     1-800-458-4121
    International dial-in number: 1-323-794-2093
    Conference ID:                1930397

    Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.

    The conference call will be broadcast live and available for replay at and via the investor relations section of the Company's website at

    A replay of the conference call will be available after 7:30 p.m. Eastern time through September 14, 2019.

    Toll Free Replay Number:     1-844-512-2921
    International Replay Number: 1-412-317-6671
    Replay ID:                   1930397

    About Ideal Power Inc.

    Ideal Power (NASDAQ: IPWR) is a semiconductor and power conversion technology company focused on its patented Bi-directional, Bi-polar Junction Transistor (B-TRAN(TM)) semiconductor technology. B-TRAN(TM) is a unique double-sided bi-directional AC switch able to deliver substantial performance improvements over today's conventional power semiconductors. We believe B-TRAN modules will improve the efficiency and system economics of a wide variety of power converter applications including electrified vehicle traction drives, energy storage applications, photovoltaic (PV) inverters and wind converters, variable frequency (VFD) motor drives, and AC and DC power control applications. For more information, visit

    Safe Harbor Statement

    All statements in this release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the success of a potential sale of our Power Conversion Systems division and PPSA(TM) technology, the success of our B-TRAN(TM) technology, the success of our strategic shift and change in corporate focus, whether the patents for our technology provide adequate protection and whether we can be successful in maintaining, enforcing and defending our patents, our inability to predict with precision or certainty the pace of development and commercialization of our B-TRAN(TM) technology, whether we can continue as a going concern and uncertainties set forth in our quarterly and annual reports filed with the Securities and Exchange Commission. Furthermore, we operate in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise forward-looking statements.

    Ideal Power Investor Relations Contact:

    MZ North America

    Chris Tyson


    Balance Sheets
                                                                                                                                                                                                                                         June 30, 2019          December 31, 2018
    Current assets:
    Cash and cash equivalents                                                                                                                                                                                                                   $      1,437,797       $        3,258,077
    Prepayments and other current assets                                                                                                                                                                                                               221,530                  333,877
    Current assets of discontinued operations held for sale                                                                                                                                                                                            393,408                  1,096,323
    Total current assets                                                                                                                                                                                                                               2,052,735                4,688,277
    Property and equipment, net                                                                                                                                                                                                                        54,682                   63,214
    Intangible assets, net                                                                                                                                                                                                                             1,647,477                1,396,409
    Right of use asset                                                                                                                                                                                                                                 345,344                  -
    Other assets                                                                                                                                                                                                                                       17,920                   17,920
    Total assets                                                                                                                                                                                                                                $      4,118,158       $        6,165,820
    Current liabilities:
    Accounts payable                                                                                                                                                                                                                            $      97,039          $        94,203
    Accrued expenses                                                                                                                                                                                                                                   169,561                  167,755
    Current portion of lease liability                                                                                                                                                                                                                 172,327                  -
    Current liabilities of discontinued operations held for sale                                                                                                                                                                                       473,686                  877,755
    Total current liabilities                                                                                                                                                                                                                          912,613                  1,139,713
    Long-term lease liability                                                                                                                                                                                                                          176,989                  -
    Other long-term liabilities                                                                                                                                                                                                                        647,164                  428,163
    Total liabilities                                                                                                                                                                                                                                  1,736,766                1,567,876
    Commitments and contingencies
    Stockholders' equity:
    Preferred stock, $0.001 par value; 10,000,000 shares authorized; 810,000 shares issued and outstanding at June 30, 2019 and 1,518,430 shares issued at December 31, 2018, respectively                                                             810                      1,518
    Common stock, $0.001 par value; 50,000,000 shares authorized; 14,736,020 shares issued and 14,722,840 shares outstanding at June 30, 2019 and 14,027,590 shares issued and 14,014,410 shares outstanding at December 31, 2018, respectively        14,736                   14,028
    Additional paid-in capital                                                                                                                                                                                                                         68,085,889               68,009,860
    Treasury stock, at cost, 13,180 shares at June 30, 2019 and December 31, 2018, respectively                                                                                                                                                        (13,210     )            (13,210     )
    Accumulated deficit                                                                                                                                                                                                                                (65,706,833 )            (63,414,252 )
    Total stockholders' equity                                                                                                                                                                                                                         2,381,392                4,597,944
    Total liabilities and stockholders' equity                                                                                                                                                                                                  $      4,118,158       $        6,165,820
    Statements of Operations
                                                                            Three Months Ended                    Six Months Ended
                                                                            June 30,                              June 30,
                                                                            2019                2018              2019              2018
    Product revenue                                                         $   -               $   -             $  -              $  -
    Cost of product revenue                                                     -                   -                -                 -
    Gross profit                                                                -                   -                -                 -
    Operating expenses:
    Research and development                                                    335,752             322,218          553,968           416,762
    General and administrative                                                  580,663             803,312          1,049,053         1,685,411
    Total operating expenses                                                    916,415             1,125,530        1,603,021         2,102,173
    Loss from continuing operations before interest                             (916,415   )        (1,125,530 )     (1,603,021 )      (2,102,173 )
    Interest (income) expense, net                                              (6,809     )        (35,614    )     309               (36,929    )
    Loss from continuing operations                                             (909,606   )        (1,089,916 )     (1,603,330 )      (2,065,244 )
    Loss from discontinued operations                                           (342,076   )        (632,530   )     (689,251   )      (1,713,364 )
    Net loss                                                                $   (1,251,682 )    $   (1,722,446 )  $  (2,292,581 )   $  (3,778,608 )
    Loss from continuing operations per share - basic and fully diluted     $   (0.06      )    $   (0.08      )  $  (0.11      )   $  (0.15      )
    Loss from discontinued operations per share - basic and fully diluted       (0.03      )        (0.04      )     (0.05      )      (0.12      )
    Net loss per share - basic and fully diluted                            $   (0.09      )    $   (0.12      )  $  (0.16      )   $  (0.27      )
    Weighted average number of shares outstanding - basic and fully diluted     14,722,840          13,992,791       14,519,313        13,991,961
    Statements of Cash Flows
                                                                                Six Months Ended
                                                                                June 30,
                                                                                2019                2018
    Cash flows from operating activities:
    Loss from continuing operations                                             $   (1,603,330 )    $   (2,065,244 )
    Adjustments to reconcile net loss to net cash used in operating activities:
    Depreciation and amortization                                                   56,497              82,091
    Write-off of capitalized patents                                                -                   10,873
    Stock-based compensation                                                        140,190             510,160
    Decrease in operating assets:
    Prepayments and other current assets                                            112,347             (243,632   )
    Increase (decrease) in operating liabilities:
    Accounts payable                                                                2,836               (158,215   )
    Accrued expenses                                                                (7,588     )        (5,980     )
    Net cash used in operating activities                                           (1,299,048 )        (1,869,947 )
    Net cash used in operating activities - discontinued operations                 (465,328   )        (1,072,185 )
    Cash flows from investing activities:
    Purchase of property and equipment                                              (1,194     )        -
    Acquisition of intangible assets                                                (54,710    )        (63,584    )
    Net cash used in investing activities                                           (55,904    )        (63,584    )
    Net cash used in investing activities - discontinued operations                 -                   (34,130    )
    Cash flows from financing activities:
    Payment of taxes related to restricted stock vesting                            -                   (2,188     )
    Net cash used in financing activities                                           -                   (2,188     )
    Net decrease in cash and cash equivalents - continuing operations               (1,354,952 )        (1,935,719 )
    Net decrease in cash and cash equivalents - discontinued operations             (465,328   )        (1,106,315 )
    Cash and cash equivalents at beginning of period                                3,258,077           10,022,247
    Cash and cash equivalents at end of period                                  $   1,437,797       $   6,980,213

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