10-K Filing

SKYX Platforms Corp. CIK: 1598981 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001493152-23-010336`
Period End Date	20221231
Filing Date	20230331
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	form10-k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 88 Income Statement 38 Cash Flow Statement 66 Stockholders Equity 6

Balance Sheet 88 line items

Line Item	Tag	Value	Unit	Period
Temporary equity, par value	`TemporaryEquityParOrStatedValuePerShare`	-	USD	Point-in-time
Temporary equity, par value	`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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.43M	USD	Point-in-time
Temporary equity, shares issued	`TemporaryEquitySharesIssued`	880,400.00	shares	Point-in-time
Temporary equity, shares issued	`TemporaryEquitySharesIssued`	13.26M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.72M	USD	Point-in-time
Investments, available-for-sale	`ShortTermInvestments`	-	USD	Point-in-time
Investments, available-for-sale	`ShortTermInvestments`	$7.37M	USD	Point-in-time
Temporary equity, shares outstanding	`TemporaryEquitySharesOutstanding`	13.26M	shares	Point-in-time
Temporary equity, shares outstanding	`TemporaryEquitySharesOutstanding`	880,400.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Inventory	`InventoryNet`	$1.92M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Inventory	`InventoryNet`	$918.65K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseCurrent`	$41.02K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseCurrent`	$311.62K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.39M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	66.30M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$16.33M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	82.91M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	82.91M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	66.30M	shares	Point-in-time
Furniture and equipment, net	`PropertyPlantAndEquipmentNet`	$216.00K	USD	Point-in-time
Furniture and equipment, net	`PropertyPlantAndEquipmentNet`	$25.71K	USD	Point-in-time
Restricted cash	`RestrictedCash`	$2.70M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$2.74M	USD	Point-in-time
Restricted cash	`RestrictedCash`	-	USD	Point-in-time
Right of use assets	`OperatingLeaseRightOfUseAsset`	$23.05M	USD	Point-in-time
Right of use assets	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Intangibles, definite life	`FiniteLivedIntangibleAssetsNet`	$540.03K	USD	Point-in-time
Intangibles, definite life	`FiniteLivedIntangibleAssetsNet`	$662.80K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.17K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$182.31K	USD	Point-in-time
Total long-term assets	`AssetsNoncurrent`	$567.92K	USD	Point-in-time
Total long-term assets	`AssetsNoncurrent`	$26.85M	USD	Point-in-time
Total Assets	`Assets`	$11.95M	USD	Point-in-time
Total Assets	`Assets`	$43.18M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.85M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$996.73K	USD	Point-in-time
Accrued expenses, related parties	`AccruedExpensesRelatedPartiesCurrent`	$104.38K	USD	Point-in-time
Accrued expenses, related parties	`AccruedExpensesRelatedPartiesCurrent`	$32.60K	USD	Point-in-time
Notes payable, current	`OtherNotesPayableCurrent`	$405.93K	USD	Point-in-time
Notes payable, current	`OtherNotesPayableCurrent`	$404.65K	USD	Point-in-time
Operating lease liabilities, current	`OperatingLeaseLiabilityCurrent`	$1.13M	USD	Point-in-time
Operating lease liabilities, current	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Royalty obligations, current	`ProgramRightsObligationsCurrent`	$1.20M	USD	Point-in-time
Royalty obligations, current	`ProgramRightsObligationsCurrent`	$2.64M	USD	Point-in-time
Convertible notes, current related parties	`ConvertibleNotesCurrentRelatedParties`	$950.00K	USD	Point-in-time
Convertible notes, current related parties	`ConvertibleNotesCurrentRelatedParties`	-	USD	Point-in-time
Convertible notes, current	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Convertible notes, current	`ConvertibleNotesPayableCurrent`	$350.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.63M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.42M	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$5.49M	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$4.87M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$22.76M	USD	Point-in-time
Convertible notes	`ConvertibleDebtNoncurrent`	-	USD	Point-in-time
Convertible notes	`ConvertibleDebtNoncurrent`	$350.00K	USD	Point-in-time
Convertible notes- related parties	`ConvertibleNotesRelatedPartiesNoncurrent`	$950.00K	USD	Point-in-time
Convertible notes- related parties	`ConvertibleNotesRelatedPartiesNoncurrent`	-	USD	Point-in-time
Royalty obligations	`RoyaltyObligation`	$2.64M	USD	Point-in-time
Royalty obligations	`RoyaltyObligation`	-	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$27.63M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$9.43M	USD	Point-in-time
Total liabilities	`Liabilities`	$35.05M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.06M	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; 880,400 and 13,256,936 shares issued and outstanding at December 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; 880,400 and 13,256,936 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$220.10K	USD	Point-in-time
Common stock and additional paid-in capital: $0 par value, 500,000,000 shares authorized; 82,907,541 and 66,295,288 shares issued and outstanding at December 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; 82,907,541 and 66,295,288 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$114.04M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-74.27M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-106.07M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-62.15K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	-	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$-3.39M	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$7.91M	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`	$7.91M	USD	Point-in-time
Total equity (deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-3.42M	USD	Point-in-time
Total Liabilities and Stockholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$11.95M	USD	Point-in-time
Total Liabilities and Stockholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$43.18M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$32.02K	USD	Annual
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$43.11K	USD	Annual
Cost of revenues	`CostOfRevenue`	$18.91K	USD	Annual
Cost of revenues	`CostOfRevenue`	$88.46K	USD	Annual
Gross profit (loss)	`GrossProfit`	$13.11K	USD	Annual
Gross profit (loss)	`GrossProfit`	$-45.35K	USD	Annual
Selling, general and administrative expenses- related party	`SellingGeneralAndAdministrativeExpensesRelatedParty`	$248.22K	USD	Annual
Selling, general and administrative expenses- related party	`SellingGeneralAndAdministrativeExpensesRelatedParty`	-	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.14M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$26.39M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-26.63M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-5.19M	USD	Annual
Interest expense, net	`InterestExpense`	$589.01K	USD	Annual
Interest expense, net	`InterestExpense`	$560.38K	USD	Annual
Other income - loan forgiveness	`DebtInstrumentIncreaseDecreaseOtherNet`	$178.25K	USD	Annual
Other income - loan forgiveness	`DebtInstrumentIncreaseDecreaseOtherNet`	-	USD	Annual
Other income	`OtherNonoperatingIncome`	$18.05K	USD	Annual
Other income	`OtherNonoperatingIncome`	-	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-410.76K	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-542.33K	USD	Annual
Net loss	`NetIncomeLoss`	$-27.04M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.73M	USD	Annual
Common stock issued pursuant to antidilutive provisions	`CommonStockIssuedPursuantToAntidilutiveProvisions`	-	USD	Annual
Common stock issued pursuant to antidilutive provisions	`CommonStockIssuedPursuantToAntidilutiveProvisions`	$4.69M	USD	Annual
Non-controlling interest	`NoncontrollingInterest`	$35.44K	USD	Annual
Non-controlling interest	`NoncontrollingInterest`	-	USD	Annual
Preferred dividends	`PreferredStockDividendsAndOtherAdjustments`	$129.46K	USD	Annual
Preferred dividends	`PreferredStockDividendsAndOtherAdjustments`	$38.05K	USD	Annual
Net loss attributed to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-31.80M	USD	Annual
Net loss attributed to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-5.86M	USD	Annual
Unrealized loss on debt securities	`DebtSecuritiesUnrealizedGainLoss`	-	USD	Annual
Unrealized loss on debt securities	`DebtSecuritiesUnrealizedGainLoss`	$-62.15K	USD	Annual
Net comprehensive loss attributed to common stockholders	`ComprehensiveIncomeNetOfTax`	$-5.86M	USD	Annual
Net comprehensive loss attributed to common stockholders	`ComprehensiveIncomeNetOfTax`	$-31.86M	USD	Annual
Net loss per share - basic and diluted	`EarningsPerShareBasic`	$-0.40	USD	Annual
Net loss per share - basic and diluted	`EarningsPerShareBasic`	$-0.09	USD	Annual
Weighted average number of common shares outstanding basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	64.94M	shares	Annual
Weighted average number of common shares outstanding basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	79.49M	shares	Annual

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-27.04M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.73M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$883.23K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$84.29K	USD	Annual
Gain on forgiveness of debt	`GainsLossesOnExtinguishmentOfDebt`	$178.25K	USD	Annual
Gain on forgiveness of debt	`GainsLossesOnExtinguishmentOfDebt`	$10.00K	USD	Annual
Share-based payments	`ShareBasedCompensation`	$1.46M	USD	Annual
Share-based payments	`ShareBasedCompensation`	$13.96M	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	-	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$1.00M	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$270.60K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$39.47K	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-109.89K	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	-	USD	Annual
Accretion operating lease liabilities	`AccretionOperatingLeaseLiabilities`	-	USD	Annual
Accretion operating lease liabilities	`AccretionOperatingLeaseLiabilities`	$377.75K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	-	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$180.13K	USD	Annual
Royalty obligation	`IncreaseDecreaseInRoyaltyObligations`	$-500.00K	USD	Annual
Royalty obligation	`IncreaseDecreaseInRoyaltyObligations`	$-1.20M	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$920.49K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$104.81K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-13.84M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.63M	USD	Annual
Investments, available-for-sale	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	-	USD	Annual
Investments, available-for-sale	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$7.44M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$312.69K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
Payment of patent costs	`PaymentsToAcquireIntangibleAssets`	$179.20K	USD	Annual
Payment of patent costs	`PaymentsToAcquireIntangibleAssets`	$307.62K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-179.20K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.06M	USD	Annual
Proceeds from common stock issuance	`ProceedsFromIssuanceOfCommonStock`	$23.10M	USD	Annual
Proceeds from common stock issuance	`ProceedsFromIssuanceOfCommonStock`	$13.04M	USD	Annual
Placement cost	`PaymentsOfStockIssuanceCosts`	$2.55M	USD	Annual
Placement cost	`PaymentsOfStockIssuanceCosts`	-	USD	Annual
Proceeds from exercise of options and warrants	`ProceedsFromStockOptionsExercised`	$130.00K	USD	Annual
Proceeds from exercise of options and warrants	`ProceedsFromStockOptionsExercised`	$862.30K	USD	Annual
Proceeds from SBA - PPP notes payable	`ProceedsFromNotesPayable`	-	USD	Annual
Proceeds from SBA - PPP notes payable	`ProceedsFromNotesPayable`	$178.24K	USD	Annual
Proceeds from issuance of convertible notes	`ProceedsFromConvertibleDebt`	$50.00K	USD	Annual
Proceeds from issuance of convertible notes	`ProceedsFromConvertibleDebt`	-	USD	Annual
Dividends paid	`PaymentsOfDividends`	$129.46K	USD	Annual
Dividends paid	`PaymentsOfDividends`	$38.05K	USD	Annual
Principal repayments of notes payable	`RepaymentsOfNotesPayable`	$446.04K	USD	Annual
Principal repayments of notes payable	`RepaymentsOfNotesPayable`	$343.84K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.92M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$20.93M	USD	Annual
Change in cash and cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-964.65K	USD	Annual
Change in cash and cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$8.12M	USD	Annual
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.46M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.43M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.31M	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.46M	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.43M	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.31M	USD	Point-in-time
Preferred stock conversion to common	`PreferredStockConversionToCommon`	$3.09M	USD	Annual
Preferred stock conversion to common	`PreferredStockConversionToCommon`	$50.00K	USD	Annual
Common stock issued pursuant to antidilutive provisions	`CommonStockIssuedPursuantToAntidilutiveProvisions`	-	USD	Annual
Common stock issued pursuant to antidilutive provisions	`CommonStockIssuedPursuantToAntidilutiveProvisions`	$4.69M	USD	Annual
Right-of-use assets and operating lease liabilities	`RightofuseAssetsAndOperatingLeaseLiabilities`	$23.62M	USD	Annual
Right-of-use assets and operating lease liabilities	`RightofuseAssetsAndOperatingLeaseLiabilities`	-	USD	Annual
Interest	`InterestPaidNet`	$425.32K	USD	Annual
Interest	`InterestPaidNet`	$303.96K	USD	Annual
Taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Taxes	`IncomeTaxesPaidNet`	-	USD	Annual

Stockholders Equity 6 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning of year	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$7.91M	USD	Point-in-time
Balance, beginning of year	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-3.42M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-27.04M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.73M	USD	Annual
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$7.91M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-3.42M	USD	Point-in-time

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