10-Q Filing

AgEagle Aerial Systems Inc. CIK: 8504 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0001144204-16-119383`
Period End Date	20160630
Filing Date	20160815
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	enrj-20160630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 84 Cash Flow Statement 68

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.73M	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.66M	USD	Point-in-time
Properties using full-cost accounting	`MineralPropertiesAccumulatedDepletion`	$15.11M	USD	Point-in-time
Properties using full-cost accounting	`MineralPropertiesAccumulatedDepletion`	$14.94M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.10M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.25M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$1.01M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$977.49K	USD	Point-in-time
Derivative receivable	`DerivativeAssetsCurrent`	$2.53M	USD	Point-in-time
Derivative receivable	`DerivativeAssetsCurrent`	$150.00K	USD	Point-in-time
Inventory	`InventoryNet`	$203.07K	USD	Point-in-time
Inventory	`InventoryNet`	$144.33K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$210.99K	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$210.99K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Deposits and prepaid expenses	`PrepaidExpenseAndOtherAssetsCurrent`	$406.58K	USD	Point-in-time
Deposits and prepaid expenses	`PrepaidExpenseAndOtherAssetsCurrent`	$247.32K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.42M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.23M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.42M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$7.21M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.42M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.42M	shares	Point-in-time
Fixed assets, net of accumulated depreciation of $1,728,361 and $1,658,073	`PropertyPlantAndEquipmentGross`	$2.00M	USD	Point-in-time
Fixed assets, net of accumulated depreciation of $1,728,361 and $1,658,073	`PropertyPlantAndEquipmentGross`	$2.00M	USD	Point-in-time
Oil and gas properties using full-cost accounting, net of accumulated DD&A of $15,113,776 and $14,935,386	`OilAndGasPropertyFullCostMethodNet`	$11.71M	USD	Point-in-time
Oil and gas properties using full-cost accounting, net of accumulated DD&A of $15,113,776 and $14,935,386	`OilAndGasPropertyFullCostMethodNet`	$4.90M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$859.02K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$919.24K	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$14.62M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$7.76M	USD	Point-in-time
Total assets	`Assets`	$10.99M	USD	Point-in-time
Total assets	`Assets`	$21.83M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.14M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$314.09K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$621.56K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.13M	USD	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$18.00M	USD	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$1.99M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.26M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.94M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$3.20M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$3.09M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$16.62M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$390.94K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.66M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$4.86M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$20.11M	USD	Point-in-time
Total liabilities	`Liabilities`	$23.80M	USD	Point-in-time
Total liabilities	`Liabilities`	$24.37M	USD	Point-in-time
Commitments & Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments & Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized; shares issued and outstanding 8,423,936 at June 30, 2016 and December 31, 2015	`CommonStockValue`	$8.42K	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized; shares issued and outstanding 8,423,936 at June 30, 2016 and December 31, 2015	`CommonStockValue`	$8.42K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$68.85M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$69.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-81.82M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-71.39M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-12.81M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-2.53M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$21.83M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$10.99M	USD	Point-in-time

Income Statement 84 line items

Line Item	Tag	Value	Unit	Period
Oil revenues	`OilAndGasSalesRevenue`	$2.88M	USD	2 Qtrs
Oil revenues	`OilAndGasSalesRevenue`	$1.50M	USD	1 Quarter
Oil revenues	`OilAndGasSalesRevenue`	$593.17K	USD	1 Quarter
Oil revenues	`OilAndGasSalesRevenue`	$1.13M	USD	2 Qtrs
Natural gas revenues	`NaturalGasProductionRevenue`	$24.53K	USD	2 Qtrs
Natural gas revenues	`NaturalGasProductionRevenue`	$87.26K	USD	1 Quarter
Natural gas revenues	`NaturalGasProductionRevenue`	$204.45K	USD	2 Qtrs
Natural gas revenues	`NaturalGasProductionRevenue`	$2.51K	USD	1 Quarter
Total revenues	`OilAndGasRevenue`	$1.15M	USD	2 Qtrs
Total revenues	`OilAndGasRevenue`	$595.68K	USD	1 Quarter
Total revenues	`OilAndGasRevenue`	$3.08M	USD	2 Qtrs
Total revenues	`OilAndGasRevenue`	$1.59M	USD	1 Quarter
Direct operating costs	`DirectOperatingCosts`	$1.35M	USD	2 Qtrs
Direct operating costs	`DirectOperatingCosts`	$2.45M	USD	2 Qtrs
Direct operating costs	`DirectOperatingCosts`	$1.18M	USD	1 Quarter
Direct operating costs	`DirectOperatingCosts`	$653.80K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$248.68K	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$84.49K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$1.09M	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$342.62K	USD	1 Quarter
Impairment of oil and gas asset	`ImpairmentOfOilAndGasProperties`	$2.14M	USD	1 Quarter
Impairment of oil and gas asset	`ImpairmentOfOilAndGasProperties`	$11.42M	USD	1 Quarter
Impairment of oil and gas asset	`ImpairmentOfOilAndGasProperties`	$6.64M	USD	2 Qtrs
Impairment of oil and gas asset	`ImpairmentOfOilAndGasProperties`	$27.82M	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$59.31K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$350.82K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$137.12K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$97.09K	USD	1 Quarter
Salaries	`SalariesAndWages`	$1.01M	USD	2 Qtrs
Salaries	`SalariesAndWages`	$290.23K	USD	1 Quarter
Salaries	`SalariesAndWages`	$492.47K	USD	1 Quarter
Salaries	`SalariesAndWages`	$747.39K	USD	2 Qtrs
Administrative expense	`GeneralAndAdministrativeExpense`	$127.82K	USD	1 Quarter
Administrative expense	`GeneralAndAdministrativeExpense`	$430.03K	USD	2 Qtrs
Administrative expense	`GeneralAndAdministrativeExpense`	$199.29K	USD	1 Quarter
Administrative expense	`GeneralAndAdministrativeExpense`	$311.53K	USD	2 Qtrs
Total expenses	`CostsAndExpenses`	$13.73M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$33.15M	USD	2 Qtrs
Total expenses	`CostsAndExpenses`	$3.35M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$9.44M	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$-8.29M	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$-30.07M	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$-2.76M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-12.15M	USD	1 Quarter
Interest expense	`InterestExpense`	$321.21K	USD	1 Quarter
Interest expense	`InterestExpense`	$332.46K	USD	1 Quarter
Interest expense	`InterestExpense`	$662.22K	USD	2 Qtrs
Interest expense	`InterestExpense`	$630.70K	USD	2 Qtrs
Loss on derivatives	`DerivativeGainLossOnDerivativeNet`	$-2.38M	USD	2 Qtrs
Loss on derivatives	`DerivativeGainLossOnDerivativeNet`	$-1.96M	USD	1 Quarter
Loss on derivatives	`DerivativeGainLossOnDerivativeNet`	$-2.18M	USD	2 Qtrs
Loss on derivatives	`DerivativeGainLossOnDerivativeNet`	$-1.30M	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$922.94K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$2.21M	USD	2 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$2.17M	USD	2 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$1.12M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-1.16M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-869.43K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-595.01K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-705.31K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-30.67M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-13.31M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.46M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.15M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-30.67M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-13.31M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.46M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.15M	USD	2 Qtrs
Preferred dividends	`PreferredStockDividendsIncomeStatementImpact`	$684.14K	USD	1 Quarter
Preferred dividends	`PreferredStockDividendsIncomeStatementImpact`	$1.02M	USD	2 Qtrs
Preferred dividends	`PreferredStockDividendsIncomeStatementImpact`	$546.31K	USD	1 Quarter
Preferred dividends	`PreferredStockDividendsIncomeStatementImpact`	$1.27M	USD	2 Qtrs
Net income (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-10.43M	USD	2 Qtrs
Net income (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-31.68M	USD	2 Qtrs
Net income (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-4.15M	USD	1 Quarter
Net income (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-13.86M	USD	1 Quarter
Net income (loss) per share basic and diluted	`EarningsPerShareDiluted`	$-3.91	USD	2 Qtrs
Net income (loss) per share basic and diluted	`EarningsPerShareDiluted`	$-0.49	USD	1 Quarter
Net income (loss) per share basic and diluted	`EarningsPerShareDiluted`	$-1.65	USD	1 Quarter
Net income (loss) per share basic and diluted	`EarningsPerShareDiluted`	$-1.24	USD	2 Qtrs
Weighted average shares	`WeightedAverageNumberOfSharesOutstandingBasic`	8.42M	shares	1 Quarter
Weighted average shares	`WeightedAverageNumberOfSharesOutstandingBasic`	8.10M	shares	2 Qtrs
Weighted average shares	`WeightedAverageNumberOfSharesOutstandingBasic`	8.42M	shares	2 Qtrs
Weighted average shares	`WeightedAverageNumberOfSharesOutstandingBasic`	8.41M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-30.67M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-13.31M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.46M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.15M	USD	2 Qtrs
Depreciation, depletion and amortization	`AdjustmentDepreciationAndDepletion`	$1.09M	USD	2 Qtrs
Depreciation, depletion and amortization	`AdjustmentDepreciationAndDepletion`	$248.68K	USD	2 Qtrs
Impairment of oil and gas assets	`ImpairmentOfOilAndGasProperties`	$2.14M	USD	1 Quarter
Impairment of oil and gas assets	`ImpairmentOfOilAndGasProperties`	$11.42M	USD	1 Quarter
Impairment of oil and gas assets	`ImpairmentOfOilAndGasProperties`	$6.64M	USD	2 Qtrs
Impairment of oil and gas assets	`ImpairmentOfOilAndGasProperties`	$27.82M	USD	2 Qtrs
Stock, options and warrants issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$151.23K	USD	2 Qtrs
Stock, options and warrants issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$230.54K	USD	2 Qtrs
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$112.74K	USD	2 Qtrs
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$141.97K	USD	2 Qtrs
Settlement of asset retirement obligation	`AssetRetirementObligationCashPaidToSettle`	$2.77K	USD	2 Qtrs
Settlement of asset retirement obligation	`AssetRetirementObligationCashPaidToSettle`	$2.24K	USD	2 Qtrs
Loss on derivatives	`DerivativeLossOnDerivative`	$2.17M	USD	2 Qtrs
Loss on derivatives	`DerivativeLossOnDerivative`	$2.38M	USD	2 Qtrs
Loss on sale of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	2 Qtrs
Loss on sale of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-13.66K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$698.29K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$28.39K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$58.74K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-61.40K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-499.64K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$159.26K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.85M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-828.76K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$178.88K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-509.50K	USD	2 Qtrs
Cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.20M	USD	2 Qtrs
Cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.01M	USD	2 Qtrs
(Purchase) sale of fixed assets	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$76.57K	USD	2 Qtrs
(Purchase) sale of fixed assets	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$-21.29K	USD	2 Qtrs
Additions to oil and gas properties	`PaymentsToAcquireOilAndGasProperty`	$16.79K	USD	2 Qtrs
Additions to oil and gas properties	`PaymentsToAcquireOilAndGasProperty`	$134.80K	USD	2 Qtrs
Proceeds from the sale of fixed assets	`ProceedsFromSaleOfProductiveAssets`	-	USD	2 Qtrs
Proceeds from the sale of fixed assets	`ProceedsFromSaleOfProductiveAssets`	$4.29K	USD	2 Qtrs
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-109.23K	USD	2 Qtrs
Cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-93.36K	USD	2 Qtrs
Repayments of long-term debt	`PaymentsOfDebtIssuanceCosts`	$611.66K	USD	2 Qtrs
Repayments of long-term debt	`PaymentsOfDebtIssuanceCosts`	$2.06M	USD	2 Qtrs
Proceeds from borrowings	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	2 Qtrs
Proceeds from borrowings	`ProceedsFromIssuanceOfLongTermDebt`	$500.00K	USD	2 Qtrs
Proceeds from sale of preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	-	USD	2 Qtrs
Proceeds from sale of preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$4.68M	USD	2 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$-60.22K	USD	2 Qtrs
Deferred financing costs	`PaymentsOfFinancingCosts`	$-63.89K	USD	2 Qtrs
Dividends paid on preferred stock	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	-	USD	2 Qtrs
Dividends paid on preferred stock	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$1.02M	USD	2 Qtrs
Cash flows (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-551.45K	USD	2 Qtrs
Cash flows (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$2.17M	USD	2 Qtrs
Net (decrease) increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.85M	USD	2 Qtrs
Net (decrease) increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.05M	USD	2 Qtrs
Cash - beginning	`Cash`	$805.52K	USD	Point-in-time
Cash - beginning	`Cash`	$1.25M	USD	Point-in-time
Cash - beginning	`Cash`	$3.10M	USD	Point-in-time
Cash - beginning	`Cash`	$1.86M	USD	Point-in-time
Cash - ending	`Cash`	$805.52K	USD	Point-in-time
Cash - ending	`Cash`	$1.25M	USD	Point-in-time
Cash - ending	`Cash`	$3.10M	USD	Point-in-time
Cash - ending	`Cash`	$1.86M	USD	Point-in-time
Interest paid	`InterestPaid`	$448.04K	USD	2 Qtrs
Interest paid	`InterestPaid`	$384.13K	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Share based payments issued for services	`StockIssued1`	$230.54K	USD	2 Qtrs
Share based payments issued for services	`StockIssued1`	$151.23K	USD	2 Qtrs

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