10-Q Filing

SKYX Platforms Corp. CIK: 1598981 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001493152-22-012565`
Period End Date	20220331
Filing Date	20220509
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 30 Cash Flow Statement 56 Stockholders Equity 7

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Temporary Equity, Par or Stated Value Per Share	`TemporaryEquityParOrStatedValuePerShare`	-	USD	Point-in-time
Temporary Equity, Par or Stated Value Per Share	`TemporaryEquityParOrStatedValuePerShare`	-	USD	Point-in-time
Temporary Equity, Shares Authorized	`TemporaryEquitySharesAuthorized`	20.00M	shares	Point-in-time
Temporary Equity, Shares Authorized	`TemporaryEquitySharesAuthorized`	20.00M	shares	Point-in-time
Temporary Equity, Shares Issued	`TemporaryEquitySharesIssued`	13.26M	shares	Point-in-time
Temporary Equity, Shares Issued	`TemporaryEquitySharesIssued`	3.28M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.57M	USD	Point-in-time
Temporary Equity, Shares Outstanding	`TemporaryEquitySharesOutstanding`	3.28M	shares	Point-in-time
Inventory	`InventoryNet`	$918.65K	USD	Point-in-time
Inventory	`InventoryNet`	$918.65K	USD	Point-in-time
Temporary Equity, Shares Outstanding	`TemporaryEquitySharesOutstanding`	13.26M	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseCurrent`	$41.02K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseCurrent`	$1.44M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$11.39M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$29.92M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	79.22M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	66.30M	shares	Point-in-time
Furniture and equipment, net	`PropertyPlantAndEquipmentNet`	$25.71K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	66.30M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	79.22M	shares	Point-in-time
Furniture and equipment, net	`PropertyPlantAndEquipmentNet`	$207.24K	USD	Point-in-time
Patents, net	`FiniteLivedIntangibleAssetsNet`	$540.03K	USD	Point-in-time
Patents, net	`FiniteLivedIntangibleAssetsNet`	$576.18K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.17K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.17K	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$567.92K	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$785.60K	USD	Point-in-time
Total Assets	`Assets`	$30.71M	USD	Point-in-time
Total Assets	`Assets`	$11.95M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.03M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.61M	USD	Point-in-time
Notes payable, current	`NotesPayableCurrent`	$404.65K	USD	Point-in-time
Notes payable, current	`NotesPayableCurrent`	$405.04K	USD	Point-in-time
Royalty obligation	`RoyaltyObligation`	$1.73M	USD	Point-in-time
Royalty obligation	`RoyaltyObligation`	$1.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.63M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.74M	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$5.49M	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$5.31M	USD	Point-in-time
Convertible notes	`ConvertibleDebtNoncurrent`	$1.30M	USD	Point-in-time
Convertible notes	`ConvertibleDebtNoncurrent`	$1.30M	USD	Point-in-time
Royalty obligation	`RoyaltyObligationNonCurrent`	$1.81M	USD	Point-in-time
Royalty obligation	`RoyaltyObligationNonCurrent`	$2.64M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$9.43M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$8.43M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.06M	USD	Point-in-time
Total liabilities	`Liabilities`	$13.17M	USD	Point-in-time
Commitments and Contingent Liabilities:	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingent Liabilities:	`CommitmentsAndContingencies`	-	USD	Point-in-time
Redeemable preferred stock - subject to redemption: $0 par value; 20,000,000 shares authorized; 3,280,400 and 13,256,936 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$3.31M	USD	Point-in-time
Redeemable preferred stock - subject to redemption: $0 par value; 20,000,000 shares authorized; 3,280,400 and 13,256,936 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$820.10K	USD	Point-in-time
Common stock and additional paid-in-capital: $0 par value, 500,000,000 shares authorized; and 79,217,056 and 66,295,288 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$70.88M	USD	Point-in-time
Common stock and additional paid-in-capital: $0 par value, 500,000,000 shares authorized; and 79,217,056 and 66,295,288 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$107.60M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-90.88M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-74.27M	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$-3.39M	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$16.72M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-35.44K	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	-	USD	Point-in-time
Total equity (deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-3.42M	USD	Point-in-time
Total equity (deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$16.72M	USD	Point-in-time
Total Liabilities and Stockholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$30.71M	USD	Point-in-time
Total Liabilities and Stockholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$11.95M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.97K	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$100.19K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$31.14K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$82.51K	USD	1 Quarter
Gross income (loss)	`GrossProfit`	$17.68K	USD	1 Quarter
Gross income (loss)	`GrossProfit`	$-24.17K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$11.92M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$867.68K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-11.95M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-850.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$136.96K	USD	1 Quarter
Interest expense	`InterestExpense`	$90.63K	USD	1 Quarter
Other income, loan forgiveness	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income, loan forgiveness	`OtherNonoperatingIncomeExpense`	$178.25K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$22.00	USD	1 Quarter
Interest income	`InterestIncomeOther`	$125.00	USD	1 Quarter
Total other (expense), net	`NonoperatingIncomeExpense`	$-136.94K	USD	1 Quarter
Total other (expense), net	`NonoperatingIncomeExpense`	$87.75K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.86M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-986.94K	USD	1 Quarter
Common stock issued pursuant to antidilutive provisions	`CommonStockIssuedPursuantToAntidilutiveProvisions`	$4.69M	USD	1 Quarter
Common stock issued pursuant to antidilutive provisions	`CommonStockIssuedPursuantToAntidilutiveProvisions`	-	USD	1 Quarter
Preferred dividends	`PreferredStockDividendsAndOtherAdjustments`	$32.55K	USD	1 Quarter
Preferred dividends	`PreferredStockDividendsAndOtherAdjustments`	$21.23K	USD	1 Quarter
Net loss attributed to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-16.57M	USD	1 Quarter
Net loss attributed to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.02M	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasic`	$-0.23	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Weighted average number of common shares outstanding during the year basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	72.82M	shares	1 Quarter
Weighted average number of common shares outstanding during the year basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	64.56M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-11.86M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-986.94K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$21.90K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$20.77K	USD	1 Quarter
(Other income), loan forgiveness	`OtherIncomeLoanForgiveness`	-	USD	1 Quarter
(Other income), loan forgiveness	`OtherIncomeLoanForgiveness`	$178.25K	USD	1 Quarter
Non-cash equity-based compensation expense	`ShareBasedCompensation`	$8.77M	USD	1 Quarter
Non-cash equity-based compensation expense	`ShareBasedCompensation`	$187.44K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpensesOther`	$1.40M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpensesOther`	$181.20K	USD	1 Quarter
Royalty obligation	`IncreaseDecreaseInRoyaltyObligations`	$-300.00K	USD	1 Quarter
Royalty obligation	`IncreaseDecreaseInRoyaltyObligations`	$-125.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.58M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$320.83K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-764.10K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.36M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$191.03K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Payment of patent costs	`PaymentsToAcquireIntangibleAssets`	$48.54K	USD	1 Quarter
Payment of patent costs	`PaymentsToAcquireIntangibleAssets`	$54.62K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-54.62K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-239.58K	USD	1 Quarter
Proceeds from common stock issuance	`ProceedsFromIssuanceOfCommonStock`	$754.46K	USD	1 Quarter
Proceeds from common stock issuance	`ProceedsFromIssuanceOfCommonStock`	$23.10M	USD	1 Quarter
Placement cost	`PaymentsOfPlacementCosts`	$2.55M	USD	1 Quarter
Placement cost	`PaymentsOfPlacementCosts`	-	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$210.00K	USD	1 Quarter
Proceeds from SBA - PPP notes payable	`ProceedsFromNotesPayable`	-	USD	1 Quarter
Proceeds from SBA - PPP notes payable	`ProceedsFromNotesPayable`	$178.24K	USD	1 Quarter
Proceeds from issuance of convertible notes	`ProceedsFromConvertibleDebt`	$50.00K	USD	1 Quarter
Proceeds from issuance of convertible notes	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$21.23K	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$32.55K	USD	1 Quarter
Principal repayments of notes payable	`RepaymentsOfNotesPayable`	$839.00	USD	1 Quarter
Principal repayments of notes payable	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$20.74M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$950.15K	USD	1 Quarter
Increase (decrease) cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$131.43K	USD	1 Quarter
Increase (decrease) cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$17.14M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.44M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.31M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.43M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$27.57M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.44M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.31M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.43M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$27.57M	USD	Point-in-time
Preferred stock conversion to common	`PreferredStockConversionToCommon`	$50.00K	USD	1 Quarter
Preferred stock conversion to common	`PreferredStockConversionToCommon`	$2.49M	USD	1 Quarter
Common stock issued pursuant to antidilutive provisions	`CommonStockIssuedPursuantToAntidilutiveProvisions`	$4.69M	USD	1 Quarter
Common stock issued pursuant to antidilutive provisions	`CommonStockIssuedPursuantToAntidilutiveProvisions`	-	USD	1 Quarter
Stock issuance, cashless exercise of warrants	`StockIssued1`	$74.38K	USD	1 Quarter
Stock issuance, cashless exercise of warrants	`StockIssued1`	-	USD	1 Quarter
Interest	`InterestPaidNet`	$90.63K	USD	1 Quarter
Interest	`InterestPaidNet`	$136.96K	USD	1 Quarter

Stockholders Equity 7 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-3.42M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$16.72M	USD	Point-in-time
Common stock issued pursuant to exercise of options, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	200,000.00	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-11.86M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-986.94K	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-3.42M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$16.72M	USD	Point-in-time

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