IDEAL POWER INC.

Statements of Operations

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Commercial revenue

$

1,331

$

98,443

$

80,070

$

98,443

Grant revenue

-

36,724

-

37,388

Total revenue

1,331

135,167

80,070

135,831

Cost of commercial revenue

17,474

74,013

85,972

74,013

Cost of grant revenue

-

36,724

-

37,388

Total cost of revenue

17,474

110,737

85,972

111,401

Gross profit

(16,143)

24,430

(5,902)

24,430

Operating expenses:

Research and development

1,562,747

1,206,688

2,929,640

2,646,716

General and administrative

947,384

933,993

1,801,072

1,828,926

Sales and marketing

359,739

271,900

676,350

576,226

Total operating expenses

2,869,870

2,412,581

5,407,062

5,051,868

Loss from operations

(2,886,013)

(2,388,151)

(5,412,964)

(5,027,438)

Interest income, net

223,948

108,345

281,273

219,647

Net loss

$

(2,662,065)

$

(2,279,806)

$

(5,131,691)

$

(4,807,791)

Net loss per share – basic and fully diluted

$

(0.31)

$

(0.37)

$

(0.69)

$

(0.78)

Weighted average number of shares outstanding –
 basic and fully diluted

8,514,581

6,185,397

7,417,260

6,181,972