10-Q Filing

SKYX Platforms Corp. CIK: 1598981 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0000721748-16-001288`
Period End Date	20160331
Filing Date	20160516
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	safe-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 26 Cash Flow Statement 64

Balance Sheet 80 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
Cash	`Cash`	$450.87K	USD	Point-in-time
Common Stock Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash	`Cash`	$12.50K	USD	Point-in-time
Accounts recievable	`AccountsReceivableNetCurrent`	$234.31K	USD	Point-in-time
Accounts recievable	`AccountsReceivableNetCurrent`	$994.82K	USD	Point-in-time
Common Stock Issued	`CommonStockSharesIssued`	43.65M	shares	Point-in-time
Common Stock Issued	`CommonStockSharesIssued`	41.50M	shares	Point-in-time
Inventory	`InventoryNet`	$263.87K	USD	Point-in-time
Common Stock Outstanding	`CommonStockSharesOutstanding`	43.65M	shares	Point-in-time
Common Stock Outstanding	`CommonStockSharesOutstanding`	41.50M	shares	Point-in-time
Inventory	`InventoryNet`	$199.49K	USD	Point-in-time
Convertible Debt, Currrent, Debt Discount	`ConvertibleDebtCurrrentDebtDiscount`	$474.28K	USD	Point-in-time
Convertible Debt, Currrent, Debt Discount	`ConvertibleDebtCurrrentDebtDiscount`	$197.33K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$35.77K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$43.81K	USD	Point-in-time
Other current assets	`OtherInterestEarningAssets`	$210.00	USD	Point-in-time
Convertible Debt, Current, Related Party, Debt Discount	`ConvertibleDebtCurrentRelatedPartyDebtDiscount`	-	USD	Point-in-time
Other current assets	`OtherInterestEarningAssets`	$210.00	USD	Point-in-time
Convertible Debt, Current, Related Party, Debt Discount	`ConvertibleDebtCurrentRelatedPartyDebtDiscount`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$985.03K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.25M	USD	Point-in-time
Furniture and Equipment - net	`PropertyPlantAndEquipmentNet`	$129.43K	USD	Point-in-time
Furniture and Equipment - net	`PropertyPlantAndEquipmentNet`	$127.52K	USD	Point-in-time
Patent - net	`FiniteLivedIntangibleAssetsNet`	$87.99K	USD	Point-in-time
Patent - net	`FiniteLivedIntangibleAssetsNet`	$83.17K	USD	Point-in-time
Debt issue costs - net	`UnamortizedDebtIssuanceExpense`	$6.04K	USD	Point-in-time
Debt issue costs - net	`UnamortizedDebtIssuanceExpense`	$14.61K	USD	Point-in-time
GE trademark license - net	`GeTrademarkLicenseNet`	$6.52M	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`	$6.67M	USD	Point-in-time
Total other assets	`OtherAssets`	$7.29M	USD	Point-in-time
Total assets	`Assets`	$8.40M	USD	Point-in-time
Total assets	`Assets`	$8.06M	USD	Point-in-time
Accounts payable & accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$807.80K	USD	Point-in-time
Accounts payable & accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.24M	USD	Point-in-time
Convertible debt - net of debt discount $197,331 and $474,283 at March 31, 2016 and December 31, 2015 respectively	`ConvertibleLongTermNotesPayable`	$3.99M	USD	Point-in-time
Convertible debt - net of debt discount $197,331 and $474,283 at March 31, 2016 and December 31, 2015 respectively	`ConvertibleLongTermNotesPayable`	$3.93M	USD	Point-in-time
Convertible debt - related parties - net of discount $0 and $0 at March 31, 2016 and December 31, 2015 respectively	`ConvertibleDebtNoncurrent`	$50.00K	USD	Point-in-time
Convertible debt - related parties - net of discount $0 and $0 at March 31, 2016 and December 31, 2015 respectively	`ConvertibleDebtNoncurrent`	$50.00K	USD	Point-in-time
Notes payable-current portion	`NotesPayablecurrentPortion`	$107.94K	USD	Point-in-time
Notes payable-current portion	`NotesPayablecurrentPortion`	$109.25K	USD	Point-in-time
Advances from related party	`DueToRelatedPartiesCurrent`	$500.00K	USD	Point-in-time
Advances from related party	`DueToRelatedPartiesCurrent`	-	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilities`	$24.16M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilities`	$22.16M	USD	Point-in-time
Other current liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$43.72K	USD	Point-in-time
Other current liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$46.01K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$29.16M	USD	Point-in-time
Convertible debt	`ConvertibleDebtCurrent`	-	USD	Point-in-time
Convertible debt	`ConvertibleDebtCurrent`	-	USD	Point-in-time
Notes payable	`NotesPayable`	$165.42K	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`	$11.68M	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$11.84M	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$11.99M	USD	Point-in-time
Total liabilities	`Liabilities`	$41.15M	USD	Point-in-time
Total liabilities	`Liabilities`	$39.88M	USD	Point-in-time
Common stock: $0 par value, 500,000,000 shares authorized; 43,653,343 and 41,501,251 shares issued and outstanding at March 31, 2016 and December 31, 2015 respectively	`CommonStockValue`	$4.06M	USD	Point-in-time
Common stock: $0 par value, 500,000,000 shares authorized; 43,653,343 and 41,501,251 shares issued and outstanding at March 31, 2016 and December 31, 2015 respectively	`CommonStockValue`	$2.89M	USD	Point-in-time
Common stock to be issued	`CommonStockToBeIssued`	-	USD	Point-in-time
Common stock to be issued	`CommonStockToBeIssued`	$625.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$6.47M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$6.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-42.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-42.70M	USD	Point-in-time
Total Stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-31.79M	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`	$-32.75M	USD	Point-in-time
Total Deficit	`TotalDeficit`	$-31.82M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$8.40M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$8.06M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$1.42M	USD	1 Quarter
Sales	`Revenues`	$1.75M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$1.56M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$1.24M	USD	1 Quarter
Gross profit	`GrossProfit`	$184.02K	USD	1 Quarter
Gross profit	`GrossProfit`	$179.49K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$-1.25M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$-1.43M	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.07M	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.24M	USD	1 Quarter
Interest expense	`InterestExpense`	$366.04K	USD	1 Quarter
Interest expense	`InterestExpense`	$748.52K	USD	1 Quarter
Change in fair value of embedded derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	$-462.17K	USD	1 Quarter
Change in fair value of embedded derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	$-2.00M	USD	1 Quarter
Total other income (expense) - net	`OtherExpenses`	$-1.63M	USD	1 Quarter
Total other income (expense) - net	`OtherExpenses`	$286.35K	USD	1 Quarter
Net income (loss) including noncontrolling interest	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-1.35M	USD	1 Quarter
Net income (loss) including noncontrolling interest	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$387.06K	USD	1 Quarter
Less: net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Less: net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-2.00	USD	1 Quarter
Net income (loss) attributable to Safety Quick Lighting & Fans Corp.	`NetIncomeLossAttributableToParentDiluted`	$387.06K	USD	1 Quarter
Net income (loss) attributable to Safety Quick Lighting & Fans Corp.	`NetIncomeLossAttributableToParentDiluted`	$-1.35M	USD	1 Quarter
Net income (loss) per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter
Net income (loss) per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.01	USD	1 Quarter
Weighted average number of common shares outstanding during the year - basic and diluted	`WeightedAverageBasicSharesOutstandingProForma`	35.95M	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 64 line items

Line Item	Tag	Value	Unit	Period
Net loss attributable to Safety Quick Lighting & Fans Corp.	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-1.35M	USD	1 Quarter
Net loss attributable to Safety Quick Lighting & Fans Corp.	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$387.06K	USD	1 Quarter
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-2.00	USD	1 Quarter
Depreciation expense	`Depreciation`	$5.40K	USD	1 Quarter
Depreciation expense	`Depreciation`	$6.41K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfDebtIssueCosts`	$8.57K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfDebtIssueCosts`	$38.61K	USD	1 Quarter
Amortization of debt discount	`DebtDiscountAmortization`	$276.95K	USD	1 Quarter
Amortization of debt discount	`DebtDiscountAmortization`	$536.40K	USD	1 Quarter
Amortization of patent	`AmortizationOfIntangibleAssets`	$1.01K	USD	1 Quarter
Amortization of patent	`AmortizationOfIntangibleAssets`	$1.78K	USD	1 Quarter
Amortization of GE trademark license	`AmortizationOfGeTrademarkLicense`	$602.01K	USD	1 Quarter
Amortization of GE trademark license	`AmortizationOfGeTrademarkLicense`	$608.70K	USD	1 Quarter
Change in fair value of derivative liabilities	`ChangeInFairValueOfDerivativeLiabilities`	$-2.00M	USD	1 Quarter
Change in fair value of derivative liabilities	`ChangeInFairValueOfDerivativeLiabilities`	$-462.17K	USD	1 Quarter
Stock issued for services - related party	`StockIssuedDuringPeriodValueOther`	-	USD	1 Quarter
Stock issued for services - related party	`StockIssuedDuringPeriodValueOther`	$42.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.42M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-760.51K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$13.73K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-8.04K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$64.39K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	-	USD	1 Quarter
Royalty payable	`RoyaltyPayable`	$-116.30K	USD	1 Quarter
Royalty payable	`RoyaltyPayable`	$-75.13K	USD	1 Quarter
Other	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$-2.29K	USD	1 Quarter
Other	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$-5.33K	USD	1 Quarter
Accounts payable & accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$434.25K	USD	1 Quarter
Accounts payable & accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$694.94K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.05M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.42M	USD	1 Quarter
Purchase of property & equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$1.49K	USD	1 Quarter
Purchase of property & equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$8.32K	USD	1 Quarter
Payment of patent costs	`LicenseCosts`	$-5.96K	USD	1 Quarter
Payment of patent costs	`LicenseCosts`	$-6.59K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.91K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.45K	USD	1 Quarter
Repayments of convertible notes	`RepaymentsOfConvertibleDebt`	$-340.00K	USD	1 Quarter
Repayments of convertible notes	`RepaymentsOfConvertibleDebt`	-	USD	1 Quarter
Proceeds from related party advance	`ProceedsFromRelatedPartyDebt`	$500.00K	USD	1 Quarter
Proceeds from related party advance	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Stock issued in exchange for interest	`StockIssuedInExchangeForInterest`	$-400.31K	USD	1 Quarter
Stock issued in exchange for interest	`StockIssuedInExchangeForInterest`	$-157.52K	USD	1 Quarter
Stock issued in exchange for principal	`StockIssuedInExchangeForPrincipal`	-	USD	1 Quarter
Stock issued in exchange for principal	`StockIssuedInExchangeForPrincipal`	$40.00K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable1`	$27.07K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable1`	$25.68K	USD	1 Quarter
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$-300.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$630.45K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$374.63K	USD	1 Quarter
(Decrease) Increase cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-438.37K	USD	1 Quarter
(Decrease) Increase cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.06M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$184.69K	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$450.87K	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$12.50K	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.24M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$184.69K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$450.87K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$12.50K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.24M	USD	Point-in-time
Interest	`InterestPaid`	$121.23K	USD	1 Quarter
Interest	`InterestPaid`	$4.96K	USD	1 Quarter

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