10-Q Filing

SKYX Platforms Corp. CIK: 1598981 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0000721748-15-000348`
Period End Date	20150331
Filing Date	20150514
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	safe-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 87 Income Statement 26 Cash Flow Statement 75

Balance Sheet 87 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock Par Value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred Stock Par Value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred Stock Authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred Stock Authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred Stock Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$641.60K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.24M	USD	Point-in-time
Preferred Stock Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$184.69K	USD	Point-in-time
Preferred Stock Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$1.42M	USD	Point-in-time
Preferred Stock Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$15.91K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$29.64K	USD	Point-in-time
Common Stock Par Value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common Stock Par Value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common Stock Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.27M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.62M	USD	Point-in-time
Common Stock Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common Stock Issued	`CommonStockSharesIssued`	35.75M	shares	Point-in-time
Furniture and Equipment - net	`PropertyPlantAndEquipmentNet`	$132.61K	USD	Point-in-time
Common Stock Issued	`CommonStockSharesIssued`	37.35M	shares	Point-in-time
Furniture and Equipment - net	`PropertyPlantAndEquipmentNet`	$128.69K	USD	Point-in-time
Common Stock Outstanding	`CommonStockSharesOutstanding`	37.35M	shares	Point-in-time
Common Stock Outstanding	`CommonStockSharesOutstanding`	35.75M	shares	Point-in-time
Convertible Debt, Currrent, Debt Discount	`ConvertibleDebtCurrrentDebtDiscount`	$970.15K	USD	Point-in-time
Patent - net	`FiniteLivedIntangibleAssetsNet`	$51.36K	USD	Point-in-time
Convertible Debt, Currrent, Debt Discount	`ConvertibleDebtCurrrentDebtDiscount`	$713.32K	USD	Point-in-time
Patent - net	`FiniteLivedIntangibleAssetsNet`	$46.42K	USD	Point-in-time
Debt issue costs - net	`UnamortizedDebtIssuanceExpense`	$123.33K	USD	Point-in-time
Convertible Debt, Current, Related Party, Debt Discount	`ConvertibleDebtCurrentRelatedPartyDebtDiscount`	$17.30K	USD	Point-in-time
Debt issue costs - net	`UnamortizedDebtIssuanceExpense`	$161.95K	USD	Point-in-time
Convertible Debt, Current, Related Party, Debt Discount	`ConvertibleDebtCurrentRelatedPartyDebtDiscount`	$23.00K	USD	Point-in-time
Debt issue costs - net	`UnamortizedDebtIssuanceExpense`	$235.21K	USD	Point-in-time
GE trademark license - net	`GeTrademarkLicenseNet`	$8.96M	USD	Point-in-time
GE trademark license - net	`GeTrademarkLicenseNet`	$9.57M	USD	Point-in-time
Convertible Debt, Long Term, Debt Discount	`ConvertibleDebtLongTermDebtDiscount`	$1.58M	USD	Point-in-time
Convertible Debt, Long Term, Debt Discount	`ConvertibleDebtLongTermDebtDiscount`	$1.31M	USD	Point-in-time
Other assets	`OtherAssetsCurrent`	$65.71K	USD	Point-in-time
Other assets	`OtherAssetsCurrent`	$65.71K	USD	Point-in-time
Total other assets	`OtherAssets`	$9.84M	USD	Point-in-time
Total other assets	`OtherAssets`	$9.20M	USD	Point-in-time
Total assets	`Assets`	$10.95M	USD	Point-in-time
Total assets	`Assets`	$11.24M	USD	Point-in-time
Accounts payable & accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.74M	USD	Point-in-time
Accounts payable & accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.04M	USD	Point-in-time
Convertible debt - net of debt discount (includes $713,319 at March 31, 2015 and $970,150 at December 31, 2014)	`ConvertibleLongTermNotesPayable`	$1.48M	USD	Point-in-time
Convertible debt - net of debt discount (includes $713,319 at March 31, 2015 and $970,150 at December 31, 2014)	`ConvertibleLongTermNotesPayable`	$1.22M	USD	Point-in-time
Convertible debt - related parties - net of debt discount (includes $17,305 at March 31, 2015 and $23,001 at December 31, 2014)	`ConvertibleDebtNoncurrent`	$27.00K	USD	Point-in-time
Convertible debt - related parties - net of debt discount (includes $17,305 at March 31, 2015 and $23,001 at December 31, 2014)	`ConvertibleDebtNoncurrent`	$32.70K	USD	Point-in-time
Notes payable - third party	`NotesPayableThirdParty`	$98.09K	USD	Point-in-time
Notes payable - third party	`NotesPayableThirdParty`	$104.16K	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilities`	$4.65M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilities`	$4.38M	USD	Point-in-time
Other current liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$78.62K	USD	Point-in-time
Other current liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$73.29K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.81M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.12M	USD	Point-in-time
Convertible debt - net of debt discount (includes $1,308, 213 at March 31, 2015 and $1,582,087 at December 31, 2014)	`ConvertibleDebtCurrent`	$688.01K	USD	Point-in-time
Convertible debt - net of debt discount (includes $1,308, 213 at March 31, 2015 and $1,582,087 at December 31, 2014)	`ConvertibleDebtCurrent`	$961.89K	USD	Point-in-time
Notes payable	`NotesPayable`	$275.26K	USD	Point-in-time
Notes payable	`NotesPayable`	$307.01K	USD	Point-in-time
GE royalty obligation	`GeRoyaltyObligation`	$11.92M	USD	Point-in-time
GE royalty obligation	`GeRoyaltyObligation`	$12.00M	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$13.00M	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$13.16M	USD	Point-in-time
Total liabilities	`Liabilities`	$20.12M	USD	Point-in-time
Total liabilities	`Liabilities`	$20.97M	USD	Point-in-time
Common stock: $0 par value, 500,000,000 shares authorized; 37,351,243 and 35,750,000 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	`CommonStockValue`	$127.40K	USD	Point-in-time
Common stock: $0 par value, 500,000,000 shares authorized; 37,351,243 and 35,750,000 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	`CommonStockValue`	$127.40K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$6.76M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$6.36M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-16.87M	USD	Point-in-time
Total Stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-8.84M	USD	Point-in-time
Total Stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-9.98M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$5.19K	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-35.44K	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-35.44K	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-35.44K	USD	Point-in-time
Total Deficit	`TotalDeficit`	$-8.87M	USD	Point-in-time
Total Deficit	`TotalDeficit`	$-10.02M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$10.95M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$11.24M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	-	USD	1 Quarter
Sales	`Revenues`	$1.42M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	-	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$-1.24M	USD	1 Quarter
Gross loss	`GrossProfit`	$179.49K	USD	1 Quarter
Gross loss	`GrossProfit`	-	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.25M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$377.73K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-377.73K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.07M	USD	1 Quarter
Interest expense	`InterestExpense`	$-748.52K	USD	1 Quarter
Interest expense	`InterestExpense`	$-364.20K	USD	1 Quarter
Change in fair value of embedded derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	$-89.78K	USD	1 Quarter
Change in fair value of embedded derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	$-272.99K	USD	1 Quarter
Total other expense - net	`OtherExpenses`	$-475.53K	USD	1 Quarter
Total other expense - net	`OtherExpenses`	$-274.43K	USD	1 Quarter
Net loss including non-controlling interest	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-1.54M	USD	1 Quarter
Net loss including non-controlling interest	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-652.15K	USD	1 Quarter
Less: net loss attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-2.00	USD	1 Quarter
Less: net loss attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Net loss attributable to Safety Quick Lighting & Fans Corp.	`NetIncomeLossAttributableToParentDiluted`	$-652.15K	USD	1 Quarter
Net loss attributable to Safety Quick Lighting & Fans Corp.	`NetIncomeLossAttributableToParentDiluted`	$-1.54M	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
Weighted average number of common shares outstanding during the year - basic and diluted	`WeightedAverageBasicSharesOutstandingProForma`	32.60M	shares	1 Quarter
Weighted average number of common shares outstanding during the year - basic and diluted	`WeightedAverageBasicSharesOutstandingProForma`	33.89M	shares	1 Quarter

Cash Flow Statement 75 line items

Line Item	Tag	Value	Unit	Period
Net loss attributable to Safety Quick Lighting & Fans Corp.	`NetIncomeLossAttributableToParentDiluted`	$-652.15K	USD	1 Quarter
Net loss attributable to Safety Quick Lighting & Fans Corp.	`NetIncomeLossAttributableToParentDiluted`	$-1.54M	USD	1 Quarter
Net loss attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-2.00	USD	1 Quarter
Net loss attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Depreciation expense	`Depreciation`	$2.76K	USD	1 Quarter
Depreciation expense	`Depreciation`	$5.40K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfDebtIssueCosts`	$29.79K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfDebtIssueCosts`	$38.61K	USD	1 Quarter
Amortization of debt discount	`DebtDiscountAmortization`	$536.40K	USD	1 Quarter
Amortization of debt discount	`DebtDiscountAmortization`	$262.53K	USD	1 Quarter
Amortization of patent	`AmortizationOfIntangibleAssets`	$654.00	USD	1 Quarter
Amortization of patent	`AmortizationOfIntangibleAssets`	$1.01K	USD	1 Quarter
Amortization of GE trademark license	`AmortizationOfGeTrademarkLicense`	$602.01K	USD	1 Quarter
Amortization of GE trademark license	`AmortizationOfGeTrademarkLicense`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	$-89.78K	USD	1 Quarter
Change in fair value of derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	$-272.99K	USD	1 Quarter
Stock options issued for services - related parties	`StockIssuedDuringPeriodValueShareBasedCompensation`	$15.62K	USD	1 Quarter
Stock options issued for services - related parties	`StockIssuedDuringPeriodValueShareBasedCompensation`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.42M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$13.73K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$26.49K	USD	1 Quarter
Royalty payable	`RoyaltyPayable`	-	USD	1 Quarter
Royalty payable	`RoyaltyPayable`	$-75.13K	USD	1 Quarter
Other	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$-23.51K	USD	1 Quarter
Other	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$-5.33K	USD	1 Quarter
Accounts payable & accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$82.52K	USD	1 Quarter
Accounts payable & accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$694.95K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-345.06K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.42M	USD	1 Quarter
Purchase of property & equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$-108.06K	USD	1 Quarter
Purchase of property & equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$-1.49K	USD	1 Quarter
Payment of patent costs	`LicenseCosts`	$-5.96K	USD	1 Quarter
Payment of patent costs	`LicenseCosts`	$-8.70K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.45K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-116.76K	USD	1 Quarter
Stock issued in exchange for interest	`StockIssuedDuringPeriodValueOther`	$400.31K	USD	1 Quarter
Stock issued in exchange for interest	`StockIssuedDuringPeriodValueOther`	$125.00K	USD	Annual
Stock issued in exchange for interest	`StockIssuedDuringPeriodValueOther`	-	USD	1 Quarter
Repayments of notes	`RepaymentsOfNotesPayable`	$-25.68K	USD	1 Quarter
Repayments of notes	`RepaymentsOfNotesPayable`	$-24.20K	USD	1 Quarter
Repayments of notes - related party	`RepaymentOfNotesReceivableFromRelatedParties`	$-5.36K	USD	1 Quarter
Repayments of notes - related party	`RepaymentOfNotesReceivableFromRelatedParties`	-	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$374.63K	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-29.55K	USD	1 Quarter
Increase (decrease) cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-491.38K	USD	1 Quarter
Increase (decrease) cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.06M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$641.60K	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.24M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$184.69K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$641.60K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.24M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$184.69K	USD	Point-in-time
Conversion of note payable and accrued interest to convertible note	`DebtInstrumentIncreaseAccruedInterest`	-	USD	1 Quarter
Conversion of note payable and accrued interest to convertible note	`DebtInstrumentIncreaseAccruedInterest`	-	USD	1 Quarter
Debt forgiveness - related parties	`DebtInstrumentDecreaseForgiveness`	$83.00K	USD	Annual
Debt forgiveness - related parties	`DebtInstrumentDecreaseForgiveness`	-	USD	1 Quarter
Debt forgiveness - related parties	`DebtInstrumentDecreaseForgiveness`	-	USD	1 Quarter
Debt forgiveness - related parties	`DebtInstrumentDecreaseForgiveness`	-	USD	Annual
Debt discount recorded on convertible debt accounted for as a derivative liability	`DebtDiscountConvertibleDebtAccountedForAsDerivateiveLibility`	-	USD	1 Quarter
Debt discount recorded on convertible debt accounted for as a derivative liability	`DebtDiscountConvertibleDebtAccountedForAsDerivateiveLibility`	-	USD	1 Quarter
Reclassification of derivative liability to additional paid-in-capital	`PriorPeriodReclassificationAdjustment`	-	USD	1 Quarter
Reclassification of derivative liability to additional paid-in-capital	`PriorPeriodReclassificationAdjustment`	-	USD	1 Quarter
Loss on debt extinguishment - related party	`ExtraordinaryItemsGross`	-	USD	1 Quarter
Loss on debt extinguishment - related party	`ExtraordinaryItemsGross`	-	USD	1 Quarter
Sale of subsidiary ownership	`GainLossOnSaleOfEquityInvestments`	-	USD	1 Quarter
Sale of subsidiary ownership	`GainLossOnSaleOfEquityInvestments`	-	USD	1 Quarter
Reacquired subsidiary ownership	`ReacquireSubsidiaryOwnership`	-	USD	1 Quarter
Reacquired subsidiary ownership	`ReacquireSubsidiaryOwnership`	-	USD	1 Quarter
Interest	`InterestPaid`	$5.80K	USD	1 Quarter
Interest	`InterestPaid`	$4.96K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.