10-Q Filing

AgEagle Aerial Systems Inc. CIK: 8504 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001144204-17-027460`
Period End Date	20170331
Filing Date	20170515
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	enrj-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 42 Cash Flow Statement 52

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.82M	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.86M	USD	Point-in-time
Properties using full-cost accounting	`MineralPropertiesAccumulatedDepletion`	$15.27M	USD	Point-in-time
Properties using full-cost accounting	`MineralPropertiesAccumulatedDepletion`	$15.19M	USD	Point-in-time
Cash unrestricted	`CashAndCashEquivalentsAtCarryingValue`	$140.36K	USD	Point-in-time
Cash unrestricted	`CashAndCashEquivalentsAtCarryingValue`	$128.03K	USD	Point-in-time
Cash restricted	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$50.00K	USD	Point-in-time
Cash restricted	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$50.03K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$600.25K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$627.18K	USD	Point-in-time
Derivative receivable	`DerivativeAssetsCurrent`	$10.57K	USD	Point-in-time
Derivative receivable	`DerivativeAssetsCurrent`	-	USD	Point-in-time
Inventory	`InventoryNet`	$185.73K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$201.68K	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
Marketable securities	`MarketableSecuritiesCurrent`	$210.99K	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$210.99K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.42M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.42M	shares	Point-in-time
Deposits and prepaid expenses	`PrepaidExpenseAndOtherAssetsCurrent`	$376.25K	USD	Point-in-time
Deposits and prepaid expenses	`PrepaidExpenseAndOtherAssetsCurrent`	$493.38K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.68M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.61M	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 $1,864,680 and $1,817,711	`PropertyPlantAndEquipmentGross`	$2.03M	USD	Point-in-time
Fixed assets, net of accumulated depreciation of $1,864,680 and $1,817,711	`PropertyPlantAndEquipmentGross`	$2.08M	USD	Point-in-time
Oil and gas properties using full-cost accounting, net of accumulated DD&A of $15,266,692and $15,189,716	`OilAndGasPropertyFullCostMethodNet`	$3.36M	USD	Point-in-time
Oil and gas properties using full-cost accounting, net of accumulated DD&A of $15,266,692and $15,189,716	`OilAndGasPropertyFullCostMethodNet`	$3.44M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$575.02K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$798.81K	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$6.31M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$5.97M	USD	Point-in-time
Total assets	`Assets`	$7.58M	USD	Point-in-time
Total assets	`Assets`	$7.99M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$836.78K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$294.24K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.54M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.73M	USD	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$17.93M	USD	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$17.93M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.50M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$3.31M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$3.37M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$4.28M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.40M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$7.65M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$6.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$26.47M	USD	Point-in-time
Total liabilities	`Liabilities`	$28.15M	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 March 31, 2017 and December 31, 2016	`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 March 31, 2017 and December 31, 2016	`CommonStockValue`	$8.42K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$69.11M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$69.09M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-89.69M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-87.58M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-20.57M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-18.48M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$7.58M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$7.99M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Oil revenues	`OilAndGasSalesRevenue`	$609.50K	USD	1 Quarter
Oil revenues	`OilAndGasSalesRevenue`	$533.97K	USD	1 Quarter
Natural gas revenues	`NaturalGasProductionRevenue`	$22.03K	USD	1 Quarter
Natural gas revenues	`NaturalGasProductionRevenue`	$19.51K	USD	1 Quarter
Total revenues	`OilAndGasRevenue`	$629.01K	USD	1 Quarter
Total revenues	`OilAndGasRevenue`	$556.00K	USD	1 Quarter
Direct operating costs	`DirectOperatingCosts`	$693.86K	USD	1 Quarter
Direct operating costs	`DirectOperatingCosts`	$608.27K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$164.19K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$123.95K	USD	1 Quarter
Impairment of oil and gas properties	`ImpairmentOfOilAndGasProperties`	$4.51M	USD	1 Quarter
Impairment of oil and gas properties	`ImpairmentOfOilAndGasProperties`	-	USD	1 Quarter
Professional fees	`ProfessionalFees`	$310.26K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$77.81K	USD	1 Quarter
Salaries	`SalariesAndWages`	$457.17K	USD	1 Quarter
Salaries	`SalariesAndWages`	$9.46K	USD	1 Quarter
Administrative expense	`GeneralAndAdministrativeExpense`	$133.96K	USD	1 Quarter
Administrative expense	`GeneralAndAdministrativeExpense`	$183.71K	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$1.19M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$6.08M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.53M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-556.88K	USD	1 Quarter
Interest expense	`InterestExpense`	$329.76K	USD	1 Quarter
Interest expense	`InterestExpense`	$679.84K	USD	1 Quarter
Derivative losses	`GainLossOnDerivativeInstrumentsNetPretax`	$-1.09M	USD	1 Quarter
Derivative losses	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$12.00	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$1.25M	USD	1 Quarter
Total other (expense)	`NonoperatingIncomeExpense`	$-164.12K	USD	1 Quarter
Total other (expense)	`NonoperatingIncomeExpense`	$-679.83K	USD	1 Quarter
Net (loss)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.24M	USD	1 Quarter
Net (loss)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.69M	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-1.24M	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-5.69M	USD	1 Quarter
Preferred dividends	`PreferredStockDividendsIncomeStatementImpact`	$586.40K	USD	1 Quarter
Preferred dividends	`PreferredStockDividendsIncomeStatementImpact`	$879.61K	USD	1 Quarter
Net (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.12M	USD	1 Quarter
Net (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-6.28M	USD	1 Quarter
Net (loss) per share basic and diluted	`EarningsPerShareDiluted`	$-0.75	USD	1 Quarter
Net (loss) per share basic and diluted	`EarningsPerShareDiluted`	$-0.25	USD	1 Quarter
Weighted average shares	`WeightedAverageNumberOfSharesOutstandingBasic`	8.42M	shares	1 Quarter
Weighted average shares	`WeightedAverageNumberOfSharesOutstandingBasic`	8.42M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.24M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.69M	USD	1 Quarter
Depreciation, depletion and amortization	`AdjustmentDepreciationAndDepletion`	$164.19K	USD	1 Quarter
Depreciation, depletion and amortization	`AdjustmentDepreciationAndDepletion`	$123.95K	USD	1 Quarter
Impairment of oil and gas properties	`ImpairmentOfOilAndGasProperties`	$4.51M	USD	1 Quarter
Impairment of oil and gas properties	`ImpairmentOfOilAndGasProperties`	-	USD	1 Quarter
Shares based payments issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$75.64K	USD	1 Quarter
Shares based payments issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$23.98K	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$56.37K	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$56.37K	USD	1 Quarter
Gain derivatives	`UnrealizedGainLossOnDerivatives`	$-1.09M	USD	1 Quarter
Gain derivatives	`UnrealizedGainLossOnDerivatives`	$-10.57K	USD	1 Quarter
Settlement of asset retirement obligation	`AssetRetirementObligationCashPaidToSettle`	$2.77K	USD	1 Quarter
Settlement of asset retirement obligation	`AssetRetirementObligationCashPaidToSettle`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-88.57K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$26.92K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$55.01K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$15.94K	USD	1 Quarter
Deposits and prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-117.13K	USD	1 Quarter
Deposits and prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$238.55K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$542.54K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-447.73K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$198.23K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-229.42K	USD	1 Quarter
Cash flows (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-687.96K	USD	1 Quarter
Cash flows (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-206.80K	USD	1 Quarter
Additions to oil and gas properties	`PaymentsToAcquireOilAndGasProperty`	$4.63K	USD	1 Quarter
Additions to oil and gas properties	`PaymentsToAcquireOilAndGasProperty`	$7.60K	USD	1 Quarter
Cash flows (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-7.60K	USD	1 Quarter
Cash flows (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-4.63K	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$406.73K	USD	1 Quarter
Deferred financing costs	`ProceedsFromFinancingCosts`	$223.79K	USD	1 Quarter
Deferred financing costs	`ProceedsFromFinancingCosts`	$30.11K	USD	1 Quarter
Cash flows provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-376.62K	USD	1 Quarter
Cash flows provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$223.79K	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$12.36K	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.07M	USD	1 Quarter
Cash - beginning	`Cash`	$2.03M	USD	Point-in-time
Cash - beginning	`Cash`	$3.10M	USD	Point-in-time
Cash - beginning	`Cash`	$190.39K	USD	Point-in-time
Cash - beginning	`Cash`	$178.03K	USD	Point-in-time
Cash - ending	`Cash`	$2.03M	USD	Point-in-time
Cash - ending	`Cash`	$3.10M	USD	Point-in-time
Cash - ending	`Cash`	$190.39K	USD	Point-in-time
Cash - ending	`Cash`	$178.03K	USD	Point-in-time
Interest paid	`InterestPaid`	$299.97K	USD	1 Quarter
Interest paid	`InterestPaid`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Share based payments issued for services	`StockIssued1`	$75.64K	USD	1 Quarter
Share based payments issued for services	`StockIssued1`	$23.98K	USD	1 Quarter

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