10-Q Filing

SKYX Platforms Corp. CIK: 1598981 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0000721748-17-000327`
Period End Date	20170331
Filing Date	20170515
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	safe-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 86 Income Statement 32 Cash Flow Statement 76

Balance Sheet 86 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock Par Value	`PreferredStockNoParValue`	-	USD	Point-in-time
Preferred Stock Par Value	`PreferredStockNoParValue`	-	USD	Point-in-time
Preferred Stock Authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred Stock Authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash	`Cash`	$4.13M	USD	Point-in-time
Cash	`Cash`	$7.74M	USD	Point-in-time
Accounts recievable	`AccountsReceivableNetCurrent`	$796.82K	USD	Point-in-time
Preferred Stock Issued	`PreferredStockSharesIssued`	13.26M	shares	Point-in-time
Preferred Stock Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts recievable	`AccountsReceivableNetCurrent`	$1.72M	USD	Point-in-time
Preferred Stock Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock Outstanding	`PreferredStockSharesOutstanding`	13.26M	shares	Point-in-time
Inventory	`InventoryNet`	$2.31M	USD	Point-in-time
Inventory	`InventoryNet`	$2.40M	USD	Point-in-time
Common Stock Par Value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$56.31K	USD	Point-in-time
Common Stock Par Value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$41.23K	USD	Point-in-time
Common Stock Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common Stock Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$7.36M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.83M	USD	Point-in-time
Furniture and Equipment - net	`PropertyPlantAndEquipmentNet`	$113.61K	USD	Point-in-time
Common Stock Issued	`CommonStockSharesIssued`	47.28M	shares	Point-in-time
Furniture and Equipment - net	`PropertyPlantAndEquipmentNet`	$107.06K	USD	Point-in-time
Common Stock Issued	`CommonStockSharesIssued`	48.94M	shares	Point-in-time
Common Stock Outstanding	`CommonStockSharesOutstanding`	48.94M	shares	Point-in-time
Common Stock Outstanding	`CommonStockSharesOutstanding`	47.28M	shares	Point-in-time
Convertible Debt, Currrent, Debt Discount	`ConvertibleDebtCurrrentDebtDiscount`	-	USD	Point-in-time
Patent - net	`FiniteLivedIntangibleAssetsNet`	$134.36K	USD	Point-in-time
Patent - net	`FiniteLivedIntangibleAssetsNet`	$106.34K	USD	Point-in-time
Convertible Debt, Currrent, Debt Discount	`ConvertibleDebtCurrrentDebtDiscount`	-	USD	Point-in-time
GE trademark license - net	`GeTrademarkLicenseNet`	$4.68M	USD	Point-in-time
GE trademark license - net	`GeTrademarkLicenseNet`	$4.07M	USD	Point-in-time
Convertible Debt, Current, Related Party, Debt Discount	`ConvertibleDebtCurrentRelatedPartyDebtDiscount`	-	USD	Point-in-time
Convertible Debt, Current, Related Party, Debt Discount	`ConvertibleDebtCurrentRelatedPartyDebtDiscount`	-	USD	Point-in-time
Other assets	`OtherAssetsCurrent`	$365.88K	USD	Point-in-time
Other assets	`OtherAssetsCurrent`	$202.35K	USD	Point-in-time
Total other assets	`OtherAssets`	$4.57M	USD	Point-in-time
Total other assets	`OtherAssets`	$4.98M	USD	Point-in-time
Total assets	`Assets`	$16.51M	USD	Point-in-time
Total assets	`Assets`	$12.46M	USD	Point-in-time
Accounts payable & accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.06M	USD	Point-in-time
Accounts payable & accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.93M	USD	Point-in-time
Convertible debt - net of debt discount $-0- and $-0- at March 31, 2017 and December 31, 2016 respectively	`ConvertibleLongTermNotesPayable`	$50.00K	USD	Point-in-time
Convertible debt - net of debt discount $-0- and $-0- at March 31, 2017 and December 31, 2016 respectively	`ConvertibleLongTermNotesPayable`	$150.00K	USD	Point-in-time
Convertible debt - related parties - net of debt discount $-0- and $-0- at March 31, 2017 and December 31, 2016 respectively	`ConvertibleDebtNoncurrent`	$50.00K	USD	Point-in-time
Convertible debt - related parties - net of debt discount $-0- and $-0- at March 31, 2017 and December 31, 2016 respectively	`ConvertibleDebtNoncurrent`	$50.00K	USD	Point-in-time
Notes payable-current portion	`NotesPayablecurrentPortion`	$3.23M	USD	Point-in-time
Notes payable-current portion	`NotesPayablecurrentPortion`	$2.66M	USD	Point-in-time
Notes payable - related party	`NotesPayableRelatedParty`	$200.00K	USD	Point-in-time
Notes payable - related party	`NotesPayableRelatedParty`	$200.00K	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilities`	$24.08M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilities`	$38.69M	USD	Point-in-time
Other current liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$15.08K	USD	Point-in-time
Other current liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$40.43K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$43.62M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.78M	USD	Point-in-time
Notes payable	`NotesPayable`	$42.68K	USD	Point-in-time
Notes payable	`NotesPayable`	$73.60K	USD	Point-in-time
GE royalty obligation	`GeRoyaltyObligation`	$11.30M	USD	Point-in-time
GE royalty obligation	`GeRoyaltyObligation`	$11.13M	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$11.38M	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$11.17M	USD	Point-in-time
Total liabilities	`Liabilities`	$54.78M	USD	Point-in-time
Total liabilities	`Liabilities`	$40.16M	USD	Point-in-time
Redeemable preferred stock - subject to redemption: $0 par value; 20,000,000 shares authorized; 13,256,932 and -0- shares issued and outstanding at March 31, 2017 and December 31, 2016 respectively	`PreferredStockValueOutstanding`	$44.39M	USD	Point-in-time
Redeemable preferred stock - subject to redemption: $0 par value; 20,000,000 shares authorized; 13,256,932 and -0- shares issued and outstanding at March 31, 2017 and December 31, 2016 respectively	`PreferredStockValueOutstanding`	$45.07M	USD	Point-in-time
Common stock: $0 par value, 500,000,000 shares authorized; 48,943,166 and 47,276,499 shares issued and outstanding at March 31, 2017 and December 31, 2016 respectively	`CommonStockValue`	$12.29M	USD	Point-in-time
Common stock: $0 par value, 500,000,000 shares authorized; 48,943,166 and 47,276,499 shares issued and outstanding at March 31, 2017 and December 31, 2016 respectively	`CommonStockValue`	$17.29M	USD	Point-in-time
Common stock to be issued	`CommonStockToBeIssued`	$159.00K	USD	Point-in-time
Common stock to be issued	`CommonStockToBeIssued`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$57.88M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$56.91M	USD	Point-in-time
Subscription receivable	`CommonStockShareSubscribedButUnissuedSubscriptionsReceivable`	$78.00K	USD	Point-in-time
Subscription receivable	`CommonStockShareSubscribedButUnissuedSubscriptionsReceivable`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-158.64M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-141.18M	USD	Point-in-time
Total Stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-72.06M	USD	Point-in-time
Total Stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-83.31M	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`	$-72.09M	USD	Point-in-time
Total Deficit	`TotalDeficit`	$-83.35M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$16.51M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$12.46M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$2.61M	USD	1 Quarter
Sales	`Revenues`	$1.75M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$1.56M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$2.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$184.02K	USD	1 Quarter
Gross profit	`GrossProfit`	$608.98K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.76M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.43M	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.24M	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.15M	USD	1 Quarter
Interest expense	`InterestExpense`	$58.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$366.04K	USD	1 Quarter
Derivative expenses	`DerivativeExpenses`	-	USD	1 Quarter
Derivative expenses	`DerivativeExpenses`	$2.06M	USD	1 Quarter
Change in fair value of embedded derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	$-2.00M	USD	1 Quarter
Change in fair value of embedded derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	$13.52M	USD	1 Quarter
Loss on debt extinguishment - net	`GainLossOnNonRecourseDebt`	$-630.00K	USD	1 Quarter
Loss on debt extinguishment - net	`GainLossOnNonRecourseDebt`	-	USD	1 Quarter
Other income	`OtherIncome`	$4.41K	USD	1 Quarter
Other income	`OtherIncome`	-	USD	1 Quarter
Total other income (expense) - net	`OtherExpenses`	$16.26M	USD	1 Quarter
Total other income (expense) - net	`OtherExpenses`	$-1.63M	USD	1 Quarter
Net income (loss) including non-controlling interest	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-17.41M	USD	1 Quarter
Net income (loss) including non-controlling interest	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$387.06K	USD	1 Quarter
Less: net loss attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Less: net loss attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	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`	$-17.41M	USD	1 Quarter
Net income (loss) per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.01	USD	1 Quarter
Net income (loss) per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.45	USD	1 Quarter
Weighted average number of common shares outstanding during the year - basic and diluted	`WeightedAverageBasicSharesOutstandingProForma`	38.46M	shares	1 Quarter
Weighted average number of common shares outstanding during the year - basic and diluted	`WeightedAverageBasicSharesOutstandingProForma`	35.95M	shares	1 Quarter

Cash Flow Statement 76 line items

Line Item	Tag	Value	Unit	Period
Net income (loss) attributable to Safety Quick Lighting & Fans Corp.	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-17.41M	USD	1 Quarter
Net income (loss) attributable to Safety Quick Lighting & Fans Corp.	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$387.06K	USD	1 Quarter
Depreciation expense	`Depreciation`	$6.41K	USD	1 Quarter
Depreciation expense	`Depreciation`	$6.55K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfDebtIssueCosts`	-	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfDebtIssueCosts`	$8.57K	USD	1 Quarter
Amortization of debt discount	`DebtDiscountAmortization`	$276.95K	USD	1 Quarter
Amortization of debt discount	`DebtDiscountAmortization`	-	USD	1 Quarter
Amortization of patent	`AmortizationOfIntangibleAssets`	$2.28K	USD	1 Quarter
Amortization of patent	`AmortizationOfIntangibleAssets`	$1.78K	USD	1 Quarter
Amortization of GE trademark license	`AmortizationOfGeTrademarkLicense`	$608.70K	USD	1 Quarter
Amortization of GE trademark license	`AmortizationOfGeTrademarkLicense`	$602.01K	USD	1 Quarter
Change in fair value of derivative liabilities	`ChangeInFairValueOfDerivativeLiabilities`	$-2.00M	USD	1 Quarter
Change in fair value of derivative liabilities	`ChangeInFairValueOfDerivativeLiabilities`	$13.52M	USD	1 Quarter
Derivative expense	`DerivativeExpense`	-	USD	1 Quarter
Derivative expense	`DerivativeExpense`	$2.06M	USD	1 Quarter
Loss on debt extinguishment	`LossOnDebtExtinguishment`	-	USD	1 Quarter
Loss on debt extinguishment	`LossOnDebtExtinguishment`	$630.00K	USD	1 Quarter
Stock options issued for services - related parties	`StockIssuedDuringPeriodValueOther`	$42.00K	USD	1 Quarter
Stock options issued for services - related parties	`StockIssuedDuringPeriodValueOther`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-760.51K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-926.47K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-15.08K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-8.04K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$64.39K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$90.95K	USD	1 Quarter
Royalty payable	`RoyaltyPayable`	$-177.24K	USD	1 Quarter
Royalty payable	`RoyaltyPayable`	$-116.30K	USD	1 Quarter
Other	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$-138.17K	USD	1 Quarter
Other	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$-2.29K	USD	1 Quarter
Accounts payable & accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$434.25K	USD	1 Quarter
Accounts payable & accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$865.42K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-893.85K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.05M	USD	1 Quarter
Purchase of property & equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$8.32K	USD	1 Quarter
Purchase of property & equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	-	USD	1 Quarter
Payment of patent costs	`LicenseCosts`	$-6.59K	USD	1 Quarter
Payment of patent costs	`LicenseCosts`	$-30.30K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-30.30K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.91K	USD	1 Quarter
Repayments of convertible notes	`RepaymentsOfConvertibleDebt`	$-100.00K	USD	1 Quarter
Repayments of convertible notes	`RepaymentsOfConvertibleDebt`	$-340.00K	USD	1 Quarter
Payments of contigent consideration	`PaymentsOfContigentConsideration`	$50.00K	USD	1 Quarter
Payments of contigent consideration	`PaymentsOfContigentConsideration`	-	USD	1 Quarter
Proceeds from note payable	`ProceedsFromNotesPayable`	$269.45K	USD	1 Quarter
Proceeds from note payable	`ProceedsFromNotesPayable`	-	USD	1 Quarter
Proceeds from note payable - related party	`ProceedsFromRelatedPartyDebt`	$500.00K	USD	1 Quarter
Proceeds from note payable - related party	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Stock issued in exchange for interest	`StockIssuedInExchangeForInterest`	$157.52K	USD	1 Quarter
Stock issued in exchange for interest	`StockIssuedInExchangeForInterest`	-	USD	1 Quarter
Stock issued in exchange for principal	`StockIssuedInExchangeForPrincipal`	$40.00K	USD	1 Quarter
Stock issued in exchange for principal	`StockIssuedInExchangeForPrincipal`	-	USD	1 Quarter
Dividends paid	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	-	USD	1 Quarter
Dividends paid	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$-48.11K	USD	1 Quarter
Repayments of note payable	`RepaymentsOfNotesPayable`	$-27.07K	USD	1 Quarter
Repayments of note payable	`RepaymentsOfNotesPayable`	$-867.86K	USD	1 Quarter
Proceeds from the exercise of warrants	`ProceedsFromWarrantExercises`	$5.00M	USD	1 Quarter
Proceeds from the exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$300.00K	USD	1 Quarter
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$237.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$630.45K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.54M	USD	1 Quarter
(Decrease) Increase cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-438.37K	USD	1 Quarter
(Decrease) Increase cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.62M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$12.50K	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`	$4.13M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$7.74M	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`	$450.87K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$4.13M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$7.74M	USD	Point-in-time
Reclassification of derivative liability to additional paid-in-capital	`PriorPeriodReclassificationAdjustment`	-	USD	1 Quarter
Reclassification of derivative liability to additional paid-in-capital	`PriorPeriodReclassificationAdjustment`	$969.97K	USD	1 Quarter
Interest	`InterestPaid`	$79.55K	USD	1 Quarter
Interest	`InterestPaid`	$121.23K	USD	1 Quarter

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