10-K Filing

SKYX Platforms Corp. CIK: 1598981 FY 2015

Filing Information

Form Type	10-K
Accession Number	`0000721748-16-001134`
Period End Date	20151231
Filing Date	20160330
Fiscal Year	2015
Fiscal Period	FY
XBRL Instance	safe-20151231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 32 Cash Flow Statement 82 Stockholders Equity 15

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
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
Common Stock Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash	`Cash`	$1.24M	USD	Point-in-time
Cash	`Cash`	$450.87K	USD	Point-in-time
Common Stock Issued	`CommonStockSharesIssued`	41.50M	shares	Point-in-time
Common Stock Issued	`CommonStockSharesIssued`	35.75M	shares	Point-in-time
Accounts recievable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Common Stock Outstanding	`CommonStockSharesOutstanding`	35.75M	shares	Point-in-time
Accounts recievable	`AccountsReceivableNetCurrent`	$234.31K	USD	Point-in-time
Common Stock Outstanding	`CommonStockSharesOutstanding`	41.50M	shares	Point-in-time
Convertible Debt, Currrent, Debt Discount	`ConvertibleDebtCurrrentDebtDiscount`	$970.15K	USD	Point-in-time
Convertible Debt, Currrent, Debt Discount	`ConvertibleDebtCurrrentDebtDiscount`	$474.28K	USD	Point-in-time
Inventory	`InventoryNet`	-	USD	Point-in-time
Inventory	`InventoryNet`	$263.87K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$35.77K	USD	Point-in-time
Convertible Debt, Current, Related Party, Debt Discount	`ConvertibleDebtCurrentRelatedPartyDebtDiscount`	$23.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$29.64K	USD	Point-in-time
Convertible Debt, Current, Related Party, Debt Discount	`ConvertibleDebtCurrentRelatedPartyDebtDiscount`	-	USD	Point-in-time
Other current assets	`OtherInterestEarningAssets`	-	USD	Point-in-time
Other current assets	`OtherInterestEarningAssets`	$210.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$985.03K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.27M	USD	Point-in-time
Furniture and Equipment - net	`PropertyPlantAndEquipmentNet`	$132.61K	USD	Point-in-time
Furniture and Equipment - net	`PropertyPlantAndEquipmentNet`	$127.52K	USD	Point-in-time
Patent - net	`FiniteLivedIntangibleAssetsNet`	$83.17K	USD	Point-in-time
Patent - net	`FiniteLivedIntangibleAssetsNet`	$46.42K	USD	Point-in-time
Debt issue costs - net	`UnamortizedDebtIssuanceExpense`	$14.61K	USD	Point-in-time
Debt issue costs - net	`UnamortizedDebtIssuanceExpense`	$161.95K	USD	Point-in-time
Debt issue costs - net	`UnamortizedDebtIssuanceExpense`	$247.20K	USD	Point-in-time
GE trademark license - net	`GeTrademarkLicenseNet`	$9.57M	USD	Point-in-time
GE trademark license - net	`GeTrademarkLicenseNet`	$7.12M	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`	$7.29M	USD	Point-in-time
Total other assets	`OtherAssets`	$9.84M	USD	Point-in-time
Total assets	`Assets`	$8.40M	USD	Point-in-time
Total assets	`Assets`	$11.24M	USD	Point-in-time
Accounts payable & accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.04M	USD	Point-in-time
Accounts payable & accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$807.80K	USD	Point-in-time
Convertible debt - net of debt discount $474,283 and $970,140 at December 31, 2015 and December 31, 2014 respectively	`ConvertibleLongTermNotesPayable`	$1.22M	USD	Point-in-time
Convertible debt - net of debt discount $474,283 and $970,140 at December 31, 2015 and December 31, 2014 respectively	`ConvertibleLongTermNotesPayable`	$3.99M	USD	Point-in-time
Convertible debt - related parties - net of discount $0 and $23,001 at December 31, 2015 and December 31, 2014 respectively	`ConvertibleDebtNoncurrent`	$50.00K	USD	Point-in-time
Convertible debt - related parties - net of discount $0 and $23,001 at December 31, 2015 and December 31, 2014 respectively	`ConvertibleDebtNoncurrent`	$27.00K	USD	Point-in-time
Notes payable-current portion	`NotesPayablecurrentPortion`	$98.09K	USD	Point-in-time
Notes payable-current portion	`NotesPayablecurrentPortion`	$107.94K	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilities`	$24.16M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilities`	$5.14M	USD	Point-in-time
Other current liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$78.62K	USD	Point-in-time
Other current liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$46.01K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$29.16M	USD	Point-in-time
Convertible debt - net of $1,582,087 debt discount	`ConvertibleDebtCurrent`	$688.01K	USD	Point-in-time
Convertible debt - net of $1,582,087 debt discount	`ConvertibleDebtCurrent`	-	USD	Point-in-time
Notes payable	`NotesPayable`	$307.01K	USD	Point-in-time
Notes payable	`NotesPayable`	$193.80K	USD	Point-in-time
GE royalty obligation	`GeRoyaltyObligation`	$11.80M	USD	Point-in-time
GE royalty obligation	`GeRoyaltyObligation`	$12.00M	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$11.99M	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$13.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$20.61M	USD	Point-in-time
Total liabilities	`Liabilities`	$41.15M	USD	Point-in-time
Common stock: $0 par value, 500,000,000 shares authorized; 41,501,251 snd 35,750,000 shares issued and outstanding at December 31, 2015 and December 31, 2014 respectively	`CommonStockValue`	$189.90K	USD	Point-in-time
Common stock: $0 par value, 500,000,000 shares authorized; 41,501,251 snd 35,750,000 shares issued and outstanding at December 31, 2015 and December 31, 2014 respectively	`CommonStockValue`	$2.89M	USD	Point-in-time
Common stock to be issued	`CommonStockToBeIssued`	$625.00K	USD	Point-in-time
Common stock to be issued	`CommonStockToBeIssued`	$13.81K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$6.47M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$6.28M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-42.70M	USD	Point-in-time
Total Stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-9.33M	USD	Point-in-time
Total Stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-32.71M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$-35.44K	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$-35.44K	USD	Point-in-time
Total Deficit	`TotalDeficit`	$-9.36M	USD	Point-in-time
Total Deficit	`TotalDeficit`	$-32.75M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$11.24M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$8.40M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$2.89M	USD	Annual
Sales	`Revenues`	-	USD	Annual
Cost of sales	`CostOfGoodsSold`	-	USD	Annual
Cost of sales	`CostOfGoodsSold`	$2.48M	USD	Annual
Gross profit	`GrossProfit`	-	USD	Annual
Gross profit	`GrossProfit`	$367.55K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$5.24M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$4.80M	USD	Annual
Loss from operations	`IncomeLossFromContinuingOperations`	$-4.80M	USD	Annual
Loss from operations	`IncomeLossFromContinuingOperations`	$-4.83M	USD	Annual
Interest expense	`InterestExpense`	$2.86M	USD	Annual
Interest expense	`InterestExpense`	$2.14M	USD	Annual
Derivative expenses	`DerivativeCostOfHedge`	$568.49K	USD	Annual
Derivative expenses	`DerivativeCostOfHedge`	-	USD	Annual
Change in fair value of embedded derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	$19.42M	USD	Annual
Change in fair value of embedded derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	$-213.92K	USD	Annual
Gain on debt settlement	`GainOnDebtSettlement`	-	USD	Annual
Gain on debt settlement	`GainOnDebtSettlement`	$209.60K	USD	Annual
Other income	`OtherIncome`	$992.00	USD	Annual
Other income	`OtherIncome`	-	USD	Annual
Total other income (expense) - net	`OtherExpenses`	$2.49M	USD	Annual
Total other income (expense) - net	`OtherExpenses`	$22.06M	USD	Annual
Net loss including noncontrolling interest	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-26.89M	USD	Annual
Net loss including noncontrolling interest	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-7.29M	USD	Annual
Less: net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-2.00	USD	Annual
Less: net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	Annual
Net loss attributable to Safety Quick Lighting & Fans Corp.	`NetIncomeLossAttributableToParentDiluted`	$-7.29M	USD	Annual
Net loss attributable to Safety Quick Lighting & Fans Corp.	`NetIncomeLossAttributableToParentDiluted`	$-26.89M	USD	Annual
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.76	USD	Annual
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.22	USD	Annual
Weighted average number of common shares outstanding during the year - basic and diluted	`WeightedAverageBasicSharesOutstandingProForma`	35.41M	shares	Annual
Weighted average number of common shares outstanding during the year - basic and diluted	`WeightedAverageBasicSharesOutstandingProForma`	33.64M	shares	Annual

Cash Flow Statement 82 line items

Line Item	Tag	Value	Unit	Period
Net loss attributable to Safety Quick Lighting & Fans Corp.	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-26.89M	USD	Annual
Net loss attributable to Safety Quick Lighting & Fans Corp.	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-7.29M	USD	Annual
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-2.00	USD	Annual
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	Annual
Depreciation expense	`Depreciation`	$17.25K	USD	Annual
Depreciation expense	`Depreciation`	$22.46K	USD	Annual
Amortization of debt issue costs	`AmortizationOfDebtIssueCosts`	$142.87K	USD	Annual
Amortization of debt issue costs	`AmortizationOfDebtIssueCosts`	$147.34K	USD	Annual
Amortization of debt discount	`DebtDiscountAmortization`	$1.51M	USD	Annual
Amortization of debt discount	`DebtDiscountAmortization`	$2.10M	USD	Annual
Amortization of patent	`AmortizationOfIntangibleAssets`	$5.35K	USD	Annual
Amortization of patent	`AmortizationOfIntangibleAssets`	$3.00K	USD	Annual
Amortization of GE trademark license	`AmortizationOfGeTrademarkLicense`	$2.43M	USD	Annual
Amortization of GE trademark license	`AmortizationOfGeTrademarkLicense`	$2.44M	USD	Annual
Change in fair value of derivative liabilities	`ChangeInFairValueOfDerivativeLiabilities`	$-213.92K	USD	Annual
Change in fair value of derivative liabilities	`ChangeInFairValueOfDerivativeLiabilities`	$19.42M	USD	Annual
Derivative expense	`DerivativeExpense`	-	USD	Annual
Derivative expense	`DerivativeExpense`	$568.75K	USD	Annual
Loss (Gain) on debt forgiveness	`GainOfDebtForgiveness`	$-209.60K	USD	Annual
Loss (Gain) on debt forgiveness	`GainOfDebtForgiveness`	$23.45K	USD	Annual
Common stock transferred from existing stockholders for services rendered	`StockIssuedDuringPeriodValueIssuedForServices`	-	USD	Annual
Common stock transferred from existing stockholders for services rendered	`StockIssuedDuringPeriodValueIssuedForServices`	-	USD	Annual
Stock issued for services - related party	`StockIssuedDuringPeriodValueOther`	-	USD	Annual
Stock issued for services - related party	`StockIssuedDuringPeriodValueOther`	$76.31K	USD	Annual
Stock options issued for services - related parties	`StockIssuedDuringPeriodValueShareBasedCompensation`	$173.69K	USD	Annual
Stock options issued for services - related parties	`StockIssuedDuringPeriodValueShareBasedCompensation`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-234.31K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$10.36K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-6.13K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	-	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-263.87K	USD	Annual
Deferred royalty	`DeferredRoyalty`	$-12.00M	USD	Annual
Deferred royalty	`DeferredRoyalty`	-	USD	Annual
Royalty payable	`RoyaltyPayable`	$-204.15K	USD	Annual
Royalty payable	`RoyaltyPayable`	$12.00M	USD	Annual
Other	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$-32.82K	USD	Annual
Other	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$12.91K	USD	Annual
Accounts payable & accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-233.94K	USD	Annual
Accounts payable & accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$910.64K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.77M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.80M	USD	Annual
Purchase of property & equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$143.82K	USD	Annual
Purchase of property & equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$17.38K	USD	Annual
Payment of patent costs	`LicenseCosts`	$24.72K	USD	Annual
Payment of patent costs	`LicenseCosts`	$42.10K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-59.48K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-168.54K	USD	Annual
Direct issue costs paid	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	-	USD	Annual
Direct issue costs paid	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$69.60K	USD	Annual
Proceeds from issuance of convertible notes	`ProceedsFromConvertibleDebt`	-	USD	Annual
Proceeds from issuance of convertible notes	`ProceedsFromConvertibleDebt`	$2.27M	USD	Annual
Proceeds from note payable	`ProceedsFromRepaymentsOfNotesPayable`	-	USD	Annual
Proceeds from note payable	`ProceedsFromRepaymentsOfNotesPayable`	-	USD	Annual
Proceeds from note payable - related party	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Proceeds from note payable - related party	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Stock issued in exchange for interest	`StockIssuedInExchangeForInterest`	$-429.65K	USD	Annual
Stock issued in exchange for interest	`StockIssuedInExchangeForInterest`	-	USD	Annual
Repayments of notes payable	`RepaymentsOfNotesPayable1`	$103.35K	USD	Annual
Repayments of notes payable	`RepaymentsOfNotesPayable1`	$98.11K	USD	Annual
Repayments of notes - related party	`RepaymentOfNotesReceivableFromRelatedParties`	$-26.11K	USD	Annual
Repayments of notes - related party	`RepaymentOfNotesReceivableFromRelatedParties`	-	USD	Annual
Proceeds from the exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	Annual
Proceeds from the exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	Annual
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$2.71M	USD	Annual
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$1.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.08M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.04M	USD	Annual
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	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`	$450.87K	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`	$1.24M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$450.87K	USD	Point-in-time
Debt discount recorded on convertible debt accounted for as a derivative liability	`DebtDiscountConvertibleDebtAccountedForAsDerivateiveLibility`	$2.25M	USD	Annual
Debt discount recorded on convertible debt accounted for as a derivative liability	`DebtDiscountConvertibleDebtAccountedForAsDerivateiveLibility`	-	USD	Annual
Reclassification of derivative liability to additional paid-in-capital	`PriorPeriodReclassificationAdjustment`	$214.77K	USD	Annual
Reclassification of derivative liability to additional paid-in-capital	`PriorPeriodReclassificationAdjustment`	$189.61K	USD	Annual
Gain on debt extinguishment	`ExtraordinaryItemsGross`	-	USD	Annual
Gain on debt extinguishment	`ExtraordinaryItemsGross`	$209.60K	USD	Annual
Interest	`InterestPaid`	$563.64K	USD	Annual
Interest	`InterestPaid`	$41.49K	USD	Annual

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, Amount	`StockholdersEquity`	$-9.36M	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$-2.36M	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$-32.75M	USD	Point-in-time
Common stock issued in exchange for interest due, Amount	`CommonStockIssuedInExchangeForInterestDueAmount`	$429.65K	USD	Annual
Payment for exercise of options from Grannus Financial, Amount	`PaymentForExerciseOfOptionsFromGrannusFinancialAmount`	$1.00K	USD	Annual
Reclassification of derivative liability associated with warrants	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax`	$214.77K	USD	Annual
Common stock issued per mutual release and waiver, Amount	`CommonStockIssuedPerMutualReleaseAndWaiverAmount`	$173.69K	USD	Annual
Common stock issued per mutual release and waiver, Amount	`CommonStockIssuedPerMutualReleaseAndWaiverAmount`	$62.50K	USD	Annual
Common stock issued for services - related party	`CommonStockIssuedForServicesRelatedParty`	13,812.00	shares	Annual
Common stock issued, net of issuance cost, Amount	`CommonStockIssuedNetOfIssuanceCostAmount`	$2.71M	USD	Annual
Net loss	`NetIncomeLoss`	$-26.89M	USD	Annual
Net loss	`NetIncomeLoss`	$-7.29M	USD	Annual
Ending Balance, Amount	`StockholdersEquity`	$-9.36M	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$-2.36M	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$-32.75M	USD	Point-in-time

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