Company Quick10K Filing
Energous
Price3.32 EPS-1
Shares31 P/E-2
MCap102 P/FCF-5
Net Debt-23 EBIT-41
TEV80 TEV/EBIT-2
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-09
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-13
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-16
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-16
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-15
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-13
10-Q 2015-03-31 Filed 2015-05-13
10-K 2014-12-31 Filed 2015-03-30
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-13
10-Q 2014-03-31 Filed 2014-05-14
8-K 2020-11-09 Earnings, Exhibits
8-K 2020-10-20 Officers, Exhibits
8-K 2020-09-30 Other Events, Exhibits
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-07-24 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2020-05-26
8-K 2020-05-06
8-K 2020-04-21
8-K 2020-02-26
8-K 2019-11-07
8-K 2019-10-11
8-K 2019-08-28
8-K 2019-08-15
8-K 2019-08-08
8-K 2019-05-15
8-K 2019-04-30
8-K 2019-03-28
8-K 2019-03-28
8-K 2019-02-27
8-K 2019-02-27
8-K 2018-10-30
8-K 2018-08-01
8-K 2018-05-16
8-K 2018-05-01
8-K 2018-03-21
8-K 2018-02-15
8-K 2018-01-11
8-K 2018-01-10

WATT 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Business Organization, Nature of Operations
Note 2 - Liquidity and Management Plans
Note 3 - Summary of Significant Accounting Policies
Note 4 - Commitments and Contingencies
Note 5 - Stockholders' Equity
Note 6 - Stock - Based Compensation
Note 7 - Related Party Transactions
Note 8 - Customer Concentrations
Note 9 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Sales of Unregistered Securities&#59; Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.2 watt-ex102_137.htm
EX-31.1 watt-ex311_10.htm
EX-31.2 watt-ex312_9.htm
EX-32.1 watt-ex321_8.htm

Energous Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
503214-4-22-402014201620182020
Assets, Equity
2.1-1.3-4.7-8.2-11.6-15.02013201520172020
Rev, G Profit, Net Income
4533219-3-152014201620182020
Ops, Inv, Fin

watt-10q_20200930.htm
false Q3 Energous Corp 0001575793 --12-31 P3Y P4Y3M18D P3Y6M P4Y3M18D P3Y6M 1.77 4.27 0.61 0.83 0.0017 0.0210 2.96 5.79 1.82 0.96 0.0157 0.0251 0001575793 2020-01-01 2020-09-30 xbrli:shares 0001575793 2020-11-04 iso4217:USD 0001575793 2020-09-30 0001575793 2019-12-31 iso4217:USD xbrli:shares 0001575793 2020-07-01 2020-09-30 0001575793 2019-07-01 2019-09-30 0001575793 2019-01-01 2019-09-30 0001575793 us-gaap:CommonStockMember 2019-12-31 0001575793 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001575793 us-gaap:RetainedEarningsMember 2019-12-31 0001575793 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0001575793 2020-01-01 2020-03-31 0001575793 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0001575793 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001575793 us-gaap:CommonStockMember 2020-03-31 0001575793 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001575793 us-gaap:RetainedEarningsMember 2020-03-31 0001575793 2020-03-31 0001575793 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001575793 2020-04-01 2020-06-30 0001575793 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001575793 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001575793 us-gaap:CommonStockMember 2020-06-30 0001575793 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001575793 us-gaap:RetainedEarningsMember 2020-06-30 0001575793 2020-06-30 0001575793 us-gaap:AdditionalPaidInCapitalMember 2020-07-01 2020-09-30 0001575793 us-gaap:CommonStockMember 2020-07-01 2020-09-30 0001575793 us-gaap:RetainedEarningsMember 2020-07-01 2020-09-30 0001575793 us-gaap:CommonStockMember 2020-09-30 0001575793 us-gaap:AdditionalPaidInCapitalMember 2020-09-30 0001575793 us-gaap:RetainedEarningsMember 2020-09-30 0001575793 watt:AtTheMarketMember 2020-01-01 2020-03-31 0001575793 us-gaap:PrivatePlacementMember 2019-01-01 2019-03-31 0001575793 watt:AtTheMarketMember 2020-04-01 2020-06-30 0001575793 watt:AtTheMarketMember 2020-07-01 2020-09-30 0001575793 us-gaap:CommonStockMember 2018-12-31 0001575793 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001575793 us-gaap:RetainedEarningsMember 2018-12-31 0001575793 2018-12-31 0001575793 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001575793 2019-01-01 2019-03-31 0001575793 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001575793 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001575793 us-gaap:CommonStockMember 2019-03-31 0001575793 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001575793 us-gaap:RetainedEarningsMember 2019-03-31 0001575793 2019-03-31 0001575793 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001575793 2019-04-01 2019-06-30 0001575793 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001575793 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001575793 us-gaap:CommonStockMember 2019-06-30 0001575793 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001575793 us-gaap:RetainedEarningsMember 2019-06-30 0001575793 2019-06-30 0001575793 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001575793 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0001575793 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001575793 us-gaap:CommonStockMember 2019-09-30 0001575793 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001575793 us-gaap:RetainedEarningsMember 2019-09-30 0001575793 2019-09-30 0001575793 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-09-30 0001575793 us-gaap:PerformanceSharesMember 2019-01-01 2019-09-30 0001575793 us-gaap:RestrictedStockUnitsRSUMember 2020-01-01 2020-09-30 0001575793 us-gaap:TechnologyServiceMember 2020-07-01 2020-09-30 0001575793 us-gaap:TechnologyServiceMember 2020-01-01 2020-09-30 0001575793 us-gaap:TechnologyServiceMember 2019-07-01 2019-09-30 0001575793 us-gaap:TechnologyServiceMember 2019-01-01 2019-09-30 0001575793 2019-03-01 2019-03-31 0001575793 2019-10-01 2019-12-31 xbrli:pure 0001575793 watt:EmployeeStockPurchasePlanMember 2020-01-01 2020-09-30 0001575793 us-gaap:WarrantMember 2020-07-01 2020-09-30 0001575793 us-gaap:WarrantMember 2019-07-01 2019-09-30 0001575793 us-gaap:WarrantMember 2020-01-01 2020-09-30 0001575793 us-gaap:WarrantMember 2019-01-01 2019-09-30 0001575793 us-gaap:EmployeeStockOptionMember 2020-07-01 2020-09-30 0001575793 us-gaap:EmployeeStockOptionMember 2019-07-01 2019-09-30 0001575793 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-09-30 0001575793 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-09-30 0001575793 us-gaap:RestrictedStockUnitsRSUMember 2020-07-01 2020-09-30 0001575793 us-gaap:RestrictedStockUnitsRSUMember 2019-07-01 2019-09-30 0001575793 us-gaap:RestrictedStockUnitsRSUMember 2020-01-01 2020-09-30 0001575793 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-09-30 0001575793 us-gaap:PhantomShareUnitsPSUsMember 2020-07-01 2020-09-30 0001575793 us-gaap:PhantomShareUnitsPSUsMember 2020-01-01 2020-09-30 0001575793 watt:BalzerFamilyInvestmentsLPMember watt:SanJoseCaliforniaMember 2014-09-09 2014-09-10 0001575793 watt:BalzerFamilyInvestmentsLPMember watt:SanJoseCaliforniaMember 2019-03-12 2019-03-13 0001575793 watt:BalzerFamilyInvestmentsLPMember watt:SanJoseCaliforniaMember 2019-07-01 2019-09-30 0001575793 watt:SanJoseCaliforniaMember 2015-08-24 2015-08-25 0001575793 watt:SanJoseCaliforniaMember 2019-07-01 0001575793 watt:SanJoseCaliforniaMember 2019-10-01 2019-10-31 0001575793 watt:SanJoseCaliforniaMember srt:MaximumMember 2019-10-01 2019-10-31 0001575793 watt:CostaMesaCaliforniaMember 2017-05-30 2017-05-31 0001575793 watt:CostaMesaCaliforniaMember 2019-07-15 0001575793 watt:CostaMesaCaliforniaMember 2019-10-01 2019-10-31 0001575793 watt:CostaMesaCaliforniaMember srt:MaximumMember 2019-10-01 2019-10-31 0001575793 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0001575793 us-gaap:AccountingStandardsUpdate201602Member 2020-09-30 0001575793 watt:HostedDesignSoftwareAgreementMember 2015-06-25 2015-06-25 0001575793 watt:HostedDesignSoftwareAgreementMember 2015-07-01 2015-07-31 0001575793 watt:HostedDesignSoftwareAgreementMember 2015-12-18 2015-12-18 0001575793 watt:HostedDesignSoftwareAgreementMember 2018-07-01 2018-07-31 0001575793 srt:ExecutiveOfficerMember watt:AccruedExpensesMember 2020-07-01 2020-09-30 0001575793 srt:ExecutiveOfficerMember watt:AccruedExpensesMember 2019-07-01 2019-09-30 0001575793 srt:ExecutiveOfficerMember watt:AccruedExpensesMember 2020-01-01 2020-09-30 0001575793 srt:ExecutiveOfficerMember watt:AccruedExpensesMember 2019-01-01 2019-09-30 0001575793 watt:MrRizzoneMember 2015-01-01 2015-01-01 0001575793 watt:MrRizzoneMember 2020-01-01 2020-09-30 0001575793 watt:StrategicAllianceAgreementMember 2016-11-01 2016-11-30 watt:Vote 0001575793 watt:ConsummationOfOfferingUnderShelfRegistrationMember 2018-08-17 2018-08-17 0001575793 srt:MaximumMember 2020-09-23 2020-09-24 0001575793 watt:SalesAgreementMember srt:MaximumMember 2020-09-23 2020-09-24 0001575793 watt:SalesAgreementMember 2020-09-23 2020-09-24 0001575793 watt:RestrictedStockUnitsRescissionAgreementsMember us-gaap:CommonStockMember 2019-08-01 2019-08-31 0001575793 srt:ScenarioForecastMember 2020-10-01 2020-12-31 0001575793 watt:TwoThousandThirteenEquityIncentivePlanMember 2020-05-26 0001575793 watt:TwoThousandThirteenEquityIncentivePlanMember 2020-09-30 0001575793 watt:NonemployeeEquityCompensationPlans2014Member 2020-05-26 0001575793 watt:NonemployeeEquityCompensationPlans2014Member 2020-09-30 0001575793 watt:TwoThousandAndFifteenPerformanceShareUnitPlanMember 2020-05-26 0001575793 watt:TwoThousandAndFifteenPerformanceShareUnitPlanMember 2020-09-30 0001575793 watt:TwoThousandsSeventeenEquityInducementPlanMember us-gaap:RestrictedStockUnitsRSUMember 2017-12-28 0001575793 watt:TwoThousandsSeventeenEquityInducementPlanMember 2020-09-30 0001575793 watt:EmployeeStockPurchasePlanMember 2015-04-30 0001575793 watt:EmployeeStockPurchasePlanMember 2020-05-26 0001575793 watt:EmployeeStockPurchasePlanMember 2015-04-29 2015-04-30 0001575793 watt:EmployeeStockPurchasePlanMember 2020-09-30 0001575793 us-gaap:EmployeeStockOptionMember 2019-12-31 0001575793 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-09-30 0001575793 us-gaap:EmployeeStockOptionMember 2020-09-30 0001575793 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-12-31 0001575793 us-gaap:EmployeeStockOptionMember 2020-09-30 0001575793 watt:TwoThousandThirteenEquityIncentivePlanMember us-gaap:RestrictedStockUnitsRSUMember watt:EmployeeMember us-gaap:CommonStockMember 2020-01-01 2020-09-30 0001575793 watt:TwoThousandThirteenEquityIncentivePlanMember us-gaap:RestrictedStockUnitsRSUMember srt:MinimumMember 2020-01-01 2020-09-30 0001575793 watt:TwoThousandThirteenEquityIncentivePlanMember us-gaap:RestrictedStockUnitsRSUMember srt:MaximumMember 2020-01-01 2020-09-30 0001575793 watt:NonemployeeEquityCompensationPlans2014Member us-gaap:RestrictedStockUnitsRSUMember us-gaap:CommonStockMember 2020-01-01 2020-09-30 0001575793 watt:NonemployeeEquityCompensationPlans2014Member us-gaap:RestrictedStockUnitsRSUMember srt:MinimumMember 2020-01-01 2020-09-30 0001575793 watt:NonemployeeEquityCompensationPlans2014Member us-gaap:RestrictedStockUnitsRSUMember srt:MaximumMember 2020-01-01 2020-09-30 0001575793 watt:TwoThousandsSeventeenEquityInducementPlanMember watt:EmployeeMember us-gaap:RestrictedStockUnitsRSUMember 2020-01-01 2020-09-30 0001575793 us-gaap:RestrictedStockUnitsRSUMember 2020-09-30 0001575793 us-gaap:RestrictedStockUnitsRSUMember 2019-12-31 0001575793 us-gaap:RestrictedStockUnitsRSUMember 2020-09-30 0001575793 us-gaap:PhantomShareUnitsPSUsMember 2020-01-01 2020-09-30 0001575793 us-gaap:PhantomShareUnitsPSUsMember 2019-01-01 2019-09-30 0001575793 us-gaap:PhantomShareUnitsPSUsMember 2020-07-01 2020-09-30 0001575793 us-gaap:PhantomShareUnitsPSUsMember 2019-07-01 2019-09-30 0001575793 us-gaap:PerformanceSharesMember 2019-12-31 0001575793 us-gaap:PerformanceSharesMember 2020-01-01 2020-09-30 0001575793 us-gaap:PerformanceSharesMember 2020-09-30 0001575793 watt:EmployeeStockPurchasePlanMember 2019-01-01 2019-09-30 0001575793 watt:EmployeeStockPurchasePlanMember 2019-07-01 2019-09-30 0001575793 watt:EmployeeStockPurchasePlanMember 2020-07-01 2020-09-30 0001575793 us-gaap:EmployeeStockOptionMember watt:EmployeeStockPurchasePlanMember srt:MinimumMember 2020-09-30 0001575793 us-gaap:EmployeeStockOptionMember watt:EmployeeStockPurchasePlanMember srt:MinimumMember 2019-09-30 0001575793 us-gaap:EmployeeStockOptionMember watt:EmployeeStockPurchasePlanMember srt:MaximumMember 2020-09-30 0001575793 us-gaap:EmployeeStockOptionMember watt:EmployeeStockPurchasePlanMember srt:MaximumMember 2019-09-30 0001575793 us-gaap:EmployeeStockOptionMember watt:EmployeeStockPurchasePlanMember 2020-01-01 2020-09-30 0001575793 us-gaap:EmployeeStockOptionMember watt:EmployeeStockPurchasePlanMember 2019-01-01 2019-09-30 0001575793 us-gaap:EmployeeStockOptionMember watt:EmployeeStockPurchasePlanMember srt:MinimumMember 2020-01-01 2020-09-30 0001575793 us-gaap:EmployeeStockOptionMember watt:EmployeeStockPurchasePlanMember srt:MinimumMember 2019-01-01 2019-09-30 0001575793 us-gaap:EmployeeStockOptionMember watt:EmployeeStockPurchasePlanMember srt:MaximumMember 2020-01-01 2020-09-30 0001575793 us-gaap:EmployeeStockOptionMember watt:EmployeeStockPurchasePlanMember srt:MaximumMember 2019-01-01 2019-09-30 0001575793 us-gaap:RestrictedStockUnitsRSUMember 2020-07-01 2020-09-30 0001575793 us-gaap:RestrictedStockUnitsRSUMember 2019-07-01 2019-09-30 0001575793 us-gaap:PerformanceSharesMember 2020-07-01 2020-09-30 0001575793 us-gaap:PerformanceSharesMember 2019-07-01 2019-09-30 0001575793 us-gaap:ResearchAndDevelopmentExpenseMember 2020-07-01 2020-09-30 0001575793 us-gaap:ResearchAndDevelopmentExpenseMember 2019-07-01 2019-09-30 0001575793 us-gaap:ResearchAndDevelopmentExpenseMember 2020-01-01 2020-09-30 0001575793 us-gaap:ResearchAndDevelopmentExpenseMember 2019-01-01 2019-09-30 0001575793 us-gaap:SellingAndMarketingExpenseMember 2020-07-01 2020-09-30 0001575793 us-gaap:SellingAndMarketingExpenseMember 2019-07-01 2019-09-30 0001575793 us-gaap:SellingAndMarketingExpenseMember 2020-01-01 2020-09-30 0001575793 us-gaap:SellingAndMarketingExpenseMember 2019-01-01 2019-09-30 0001575793 us-gaap:GeneralAndAdministrativeExpenseMember 2020-07-01 2020-09-30 0001575793 us-gaap:GeneralAndAdministrativeExpenseMember 2019-07-01 2019-09-30 0001575793 us-gaap:GeneralAndAdministrativeExpenseMember 2020-01-01 2020-09-30 0001575793 us-gaap:GeneralAndAdministrativeExpenseMember 2019-01-01 2019-09-30 0001575793 us-gaap:PrivatePlacementMember watt:DialogSemiconductorPlcMember 2016-11-07 2017-06-28 0001575793 us-gaap:PrivatePlacementMember watt:DialogSemiconductorPlcMember us-gaap:WarrantMember 2017-06-28 0001575793 watt:DialogSemiconductorPlcMember 2020-09-30 0001575793 watt:StrategicAllianceAgreementMember us-gaap:RoyaltyMember 2020-07-01 2020-09-30 0001575793 watt:StrategicAllianceAgreementMember us-gaap:RoyaltyMember 2019-07-01 2019-09-30 0001575793 watt:StrategicAllianceAgreementMember us-gaap:RoyaltyMember 2020-01-01 2020-09-30 0001575793 watt:StrategicAllianceAgreementMember us-gaap:RoyaltyMember 2019-01-01 2019-09-30 0001575793 watt:DialogSemiconductorPlcMember watt:ContractServicesMember 2020-07-01 2020-09-30 0001575793 watt:DialogSemiconductorPlcMember watt:ContractServicesMember 2019-07-01 2019-09-30 0001575793 watt:DialogSemiconductorPlcMember watt:ContractServicesMember 2020-01-01 2020-09-30 0001575793 watt:DialogSemiconductorPlcMember watt:ContractServicesMember 2019-01-01 2019-09-30 watt:Customer 0001575793 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2020-07-01 2020-09-30 0001575793 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-07-01 2019-09-30 0001575793 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2020-01-01 2020-09-30 0001575793 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-09-30 0001575793 us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2019-01-01 2019-12-31 0001575793 us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2020-01-01 2020-09-30 0001575793 us-gaap:SubsequentEventMember watt:AtTheMarketMember 2020-10-02 0001575793 us-gaap:SubsequentEventMember watt:AtTheMarketMember 2020-11-04 0001575793 us-gaap:SubsequentEventMember watt:AtTheMarketMember 2020-10-03 2020-11-04

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

COMMISSION FILE NUMBER 001-36379

ENERGOUS CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

 

46-1318953

(State of incorporation)

 

(I.R.S. Employer Identification No.)

3590 North First Street, Suite 210, San Jose, CA  95134

(Address of principal executive office)        (Zip code)

(408963-0200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.00001 par value

 

WATT

 

The Nasdaq Stock Market

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes           No 

As of November 4, 2020, there were 44,546,728 shares of our Common Stock, par value $0.00001 per share, outstanding.

 

 

 

 


ENERGOUS CORPORATION

FORM 10-Q

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020

INDEX

 

PART I - FINANCIAL INFORMATION

 

3

 

 

 

Item 1.  Financial Statements

 

3

 

 

 

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

19

 

 

 

Item 3.  Quantitative and Qualitative Disclosure About Market Risk

 

24

 

 

 

Item 4.  Controls and Procedures

 

24

 

 

 

PART II – OTHER INFORMATION

 

25

 

 

 

Item 1.  Legal Proceedings

 

25

 

 

 

Item 1A.  Risk Factors

 

25

 

 

 

Item 2.  Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities

 

36

 

 

 

Item 3.  Defaults Upon Senior Securities

 

36

 

 

 

Item 4.  Mine Safety Disclosures

 

36

 

 

 

Item 5.  Other Information

 

36

 

 

 

Item 6.  Exhibits

 

36

 

 

 

 


PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

Energous Corporation

BALANCE SHEETS

 

 

 

As of

 

 

 

September 30, 2020

 

 

December 31, 2019

 

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

17,303,234

 

 

$

21,684,089

 

At-the-market ("ATM") funds receivable

 

 

3,165,868

 

 

 

 

Accounts receivable

 

 

26,350

 

 

 

63,144

 

Prepaid expenses and other current assets

 

 

781,598

 

 

 

450,231

 

Total current assets

 

 

21,277,050

 

 

 

22,197,464

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

346,836

 

 

 

626,524

 

Operating lease right-of-use assets

 

 

1,487,116

 

 

 

2,057,576

 

Other assets

 

 

2,410

 

 

 

2,410

 

Total assets

 

$

23,113,412

 

 

$

24,883,974

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,045,466

 

 

$

1,671,519

 

Accrued expenses

 

 

1,403,601

 

 

 

2,063,097

 

Operating lease liabilities, current portion

 

 

845,108

 

 

 

722,291

 

Deferred revenue

 

 

12,000

 

 

 

12,000

 

Total current liabilities

 

 

3,306,175

 

 

 

4,468,907

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities, long-term portion

 

 

765,209

 

 

 

1,402,193

 

Total liabilities

 

 

4,071,384

 

 

 

5,871,100

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred Stock, $0.00001 par value, 10,000,000 shares authorized

   at September 30, 2020 and December 31, 2019; no shares issued or

   outstanding

 

 

 

 

 

 

Common Stock, $0.00001 par value, 200,000,000 and 50,000,000

   shares authorized at September 30, 2020 and December 31, 2019,

   respectively; 43,062,944 and 33,203,806 shares issued and

   outstanding at September 30, 2020 and December 31, 2019, respectively.

 

 

431

 

 

 

333

 

Additional paid-in capital

 

 

306,541,496

 

 

 

282,153,201

 

Accumulated deficit

 

 

(287,499,899

)

 

 

(263,140,660

)

Total stockholders’ equity

 

 

19,042,028

 

 

 

19,012,874

 

Total liabilities and stockholders’ equity

 

$

23,113,412

 

 

$

24,883,974

 

 

The accompanying notes are an integral part of these condensed financial statements.

 

3


Energous Corporation

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

$

61,500

 

 

$

40,500

 

 

$

237,350

 

 

$

154,500

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

4,003,642

 

 

 

5,190,056

 

 

 

12,909,378

 

 

 

17,505,751

 

Sales and marketing

 

 

1,500,068

 

 

 

1,242,105

 

 

 

4,386,881

 

 

 

3,985,467

 

General and administrative

 

 

2,117,848

 

 

 

1,910,408

 

 

 

7,240,925

 

 

 

8,007,548

 

Cost of services revenue

 

 

 

 

 

 

 

 

126,539

 

 

 

 

Total operating expenses

 

 

7,621,558

 

 

 

8,342,569

 

 

 

24,663,723

 

 

 

29,498,766

 

Loss from operations

 

 

(7,560,058

)

 

 

(8,302,069

)

 

 

(24,426,373

)

 

 

(29,344,266

)

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

3,221

 

 

 

117,842

 

 

 

67,134

 

 

 

336,575

 

Total other income

 

 

3,221

 

 

 

117,842

 

 

 

67,134

 

 

 

336,575

 

Net loss

 

$

(7,556,837

)

 

$

(8,184,227

)

 

$

(24,359,239

)

 

$

(29,007,691

)

Basic and diluted loss per common share

 

$

(0.18

)

 

$

(0.27

)

 

$

(0.62

)

 

$

(0.98

)

Weighted average shares outstanding, basic and diluted

 

 

41,861,614

 

 

 

30,736,736

 

 

 

39,116,532

 

 

 

29,717,361

 

 

The accompanying notes are an integral part of these condensed financial statements.

 

4


Energous Corporation

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

Balance at January 1, 2020

 

 

33,203,806

 

 

$

333

 

 

$

282,153,201

 

 

$

(263,140,660

)

 

$

19,012,874

 

Stock-based compensation - restricted

   stock units ("RSUs")

 

 

 

 

 

 

 

 

2,321,820

 

 

 

 

 

 

2,321,820

 

Stock-based compensation - performance

   share units ("PSUs")

 

 

 

 

 

 

 

 

(88,348

)

 

 

 

 

 

(88,348

)

Stock-based compensation - employee

   stock purchase plan ("ESPP")

 

 

 

 

 

 

 

 

42,827

 

 

 

 

 

 

42,827

 

Issuance of shares for RSUs

 

 

396,559

 

 

 

4

 

 

 

(4

)

 

 

 

 

 

 

Proceeds from contributions to the ESPP

 

 

 

 

 

 

 

 

113,059

 

 

 

 

 

 

113,059

 

Issuance of shares in an at-the-market ("ATM")

   offering, net of $141,322 in issuance costs

 

 

4,351,652

 

 

 

44

 

 

 

5,506,836

 

 

 

 

 

 

5,506,880

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(8,597,736

)

 

 

(8,597,736

)

Balance March 31, 2020 (unaudited)

 

 

37,952,017

 

 

 

381

 

 

 

290,049,391

 

 

 

(271,738,396

)

 

 

18,311,376

 

Stock-based compensation - restricted

   stock units ("RSUs")

 

 

 

 

 

 

 

 

2,028,599

 

 

 

 

 

 

2,028,599

 

Stock-based compensation - employee

   stock purchase plan ("ESPP")

 

 

 

 

 

 

 

 

41,308

 

 

 

 

 

 

41,308

 

Issuance of shares for RSUs

 

 

232,995

 

 

 

2

 

 

 

(2

)

 

 

 

 

 

 

Proceeds from contributions to the ESPP

 

 

144,370

 

 

 

1

 

 

 

104,144

 

 

 

 

 

 

104,145

 

Issuance of shares in an at-the-market ("ATM")

   offering, net of $236,528 in issuance costs

 

 

3,355,928

 

 

 

33

 

 

 

9,216,578

 

 

 

 

 

 

9,216,611

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(8,204,666

)

 

 

(8,204,666

)

Balance, June 30, 2020 (unaudited)

 

 

41,685,310

 

 

$

417

 

 

$

301,440,018

 

 

$

(279,943,062

)

 

$

21,497,373

 

Stock-based compensation - restricted

   stock units ("RSUs")

 

 

 

 

 

 

 

 

1,876,686

 

 

 

 

 

 

1,876,686

 

Stock-based compensation - employee

   stock purchase plan ("ESPP")

 

 

 

 

 

 

 

 

96,056

 

 

 

 

 

 

96,056

 

Issuance of shares for RSUs

 

 

361,608

 

 

 

4

 

 

 

(4

)

 

 

 

 

 

 

Proceeds from contributions to the ESPP

 

 

 

 

 

 

 

 

121,692

 

 

 

 

 

 

121,692

 

Issuance of shares in an at-the-market ("ATM")

   offering, net of $240,060 in issuance costs

 

 

1,016,026

 

 

 

10

 

 

 

3,007,048

 

 

 

 

 

 

3,007,058

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(7,556,837

)

 

 

(7,556,837

)

Balance, September 30, 2020 (unaudited)

 

 

43,062,944

 

 

$

431

 

 

$

306,541,496

 

 

$

(287,499,899

)

 

$

19,042,028

 

5


Energous Corporation

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (CONTINUED)

 

 

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

Balance at January 1, 2019

 

 

26,526,303

 

 

$

265

 

 

$

243,111,741

 

 

$

(224,741,571

)

 

$

18,370,435

 

Stock-based compensation - restricted

   stock units ("RSUs")

 

 

 

 

 

 

 

 

3,083,567

 

 

 

 

 

 

3,083,567

 

Stock-based compensation - employee

   stock purchase plan ("ESPP")

 

 

 

 

 

 

 

 

87,825

 

 

 

 

 

 

87,825

 

Issuance of shares for RSUs

 

 

434,522

 

 

 

4

 

 

 

(4

)

 

 

 

 

 

 

Shares withheld for payroll tax on RSUs

 

 

(1,329

)

 

 

 

 

 

(10,207

)

 

 

 

 

 

(10,207

)

Shares withheld for payroll tax on performance share units ("PSUs")

 

 

(44,481

)

 

 

 

 

 

(329,159

)

 

 

 

 

 

(329,159

)

Exercise of stock options

 

 

80,201

 

 

 

1

 

 

 

400,102

 

 

 

 

 

 

400,103

 

Proceeds from contributions to the ESPP

 

 

 

 

 

 

 

 

173,167

 

 

 

 

 

 

173,167

 

Issuance of shares and warrant in a private

   placement, net of $1,680,844 in issuance costs

 

 

3,333,333

 

 

 

33

 

 

 

23,319,123

 

 

 

 

 

 

23,319,156

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(11,019,468

)

 

 

(11,019,468

)

Balance, March 31, 2019 (unaudited)

 

 

30,328,549

 

 

$

303

 

 

$

269,836,155

 

 

$

(235,761,039

)

 

$

34,075,419

 

Stock-based compensation - restricted

   stock units ("RSUs")

 

 

 

 

 

 

 

 

2,675,184

 

 

 

 

 

 

2,675,184

 

Stock-based compensation - employee

   stock purchase plan ("ESPP")

 

 

 

 

 

 

 

 

122,749

 

 

 

 

 

 

122,749

 

Issuance of shares for RSUs

 

 

189,220

 

 

 

2

 

 

 

(2

)

 

 

 

 

 

 

Proceeds from contributions to the ESPP

 

 

85,765

 

 

 

1

 

 

 

145,421

 

 

 

 

 

 

145,422

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(9,803,996

)

 

 

(9,803,996

)

Balance, June 30, 2019 (unaudited)

 

 

30,603,534

 

 

$

306

 

 

$

272,779,507

 

 

$

(245,565,035

)

 

$

27,214,778

 

Stock-based compensation - restricted

   stock units ("RSUs")

 

 

 

 

 

 

 

 

2,037,620

 

 

 

 

 

 

2,037,620

 

Stock-based compensation - employee

   stock purchase plan ("ESPP")

 

 

 

 

 

 

 

 

62,055

 

 

 

 

 

 

62,055

 

Issuance of shares for RSUs

 

 

280,053

 

 

 

3

 

 

 

(3

)

 

 

 

 

 

 

Shares returned

 

 

(38,666

)

 

 

 

 

 

 

 

 

 

 

 

-

 

Proceeds from contributions to the ESPP

 

 

 

 

 

 

 

 

147,809

 

 

 

 

 

 

147,809

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(8,184,227

)

 

 

(8,184,227

)

Balance, September 30, 2019 (unaudited)

 

 

30,844,921

 

 

$

309

 

 

$

275,026,988

 

 

$

(253,749,262

)

 

$

21,278,035

 

 

The accompanying notes are an integral part of these condensed financial statements.

6


Energous Corporation

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

For the Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(24,359,239

)

 

$

(29,007,691

)

Adjustments to reconcile net loss to:

 

 

 

 

 

 

 

 

Net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

286,990

 

 

 

652,266

 

Stock based compensation

 

 

6,318,948

 

 

 

8,069,000

 

Changes in operating lease right-of-use assets

 

 

570,460

 

 

 

599,582

 

Bad debt expense

 

 

33,000

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

3,794

 

 

 

(40,950

)

Prepaid expenses and other current assets

 

 

(331,367

)