10-Q Filing

SKYX Platforms Corp. CIK: 1598981 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-016653`
Period End Date	20230331
Filing Date	20230512
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 33 Cash Flow Statement 64 Stockholders Equity 8

Balance Sheet 80 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`	880,400.00	shares	Point-in-time
Temporary Equity, Shares Issued	`TemporaryEquitySharesIssued`	880,400.00	shares	Point-in-time
Temporary Equity, Shares Outstanding	`TemporaryEquitySharesOutstanding`	880,400.00	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
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	83.19M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	82.91M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	83.19M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	82.91M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.72M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.52M	USD	Point-in-time
Investments, available-for-sale	`ShortTermInvestments`	$3.86M	USD	Point-in-time
Investments, available-for-sale	`ShortTermInvestments`	$7.37M	USD	Point-in-time
Inventory	`InventoryNet`	$2.10M	USD	Point-in-time
Inventory	`InventoryNet`	$1.92M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseCurrent`	$311.62K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseCurrent`	$132.23K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$20.62M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.33M	USD	Point-in-time
Furniture and equipment, net	`PropertyPlantAndEquipmentNet`	$193.86K	USD	Point-in-time
Furniture and equipment, net	`PropertyPlantAndEquipmentNet`	$216.00K	USD	Point-in-time
Restricted cash	`RestrictedCash`	$1.00M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$2.70M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$2.74M	USD	Point-in-time
Restricted investments, available-for-sale	`RestrictedInvestments`	-	USD	Point-in-time
Restricted investments, available-for-sale	`RestrictedInvestments`	$3.70M	USD	Point-in-time
Right of use assets, net	`OperatingLeaseRightOfUseAsset`	$23.05M	USD	Point-in-time
Right of use assets, net	`OperatingLeaseRightOfUseAsset`	$22.58M	USD	Point-in-time
Intangible assets, definite life, net	`FiniteLivedIntangibleAssetsNet`	$662.80K	USD	Point-in-time
Intangible assets, definite life, net	`FiniteLivedIntangibleAssetsNet`	$682.05K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$407.19K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$182.31K	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$26.85M	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$28.57M	USD	Point-in-time
Total Assets	`Assets`	$49.19M	USD	Point-in-time
Total Assets	`Assets`	$43.18M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.08M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.95M	USD	Point-in-time
Notes payable, current	`OtherNotesPayableCurrent`	$401.68K	USD	Point-in-time
Notes payable, current	`OtherNotesPayableCurrent`	$405.93K	USD	Point-in-time
Operating lease liabilities, current	`OperatingLeaseLiabilityCurrent`	$1.13M	USD	Point-in-time
Operating lease liabilities, current	`OperatingLeaseLiabilityCurrent`	$1.63M	USD	Point-in-time
Royalty obligation	`ProgramRightsObligationsCurrent`	$2.64M	USD	Point-in-time
Royalty obligation	`ProgramRightsObligationsCurrent`	$2.64M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.06M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.42M	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$5.13M	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$4.87M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$22.76M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$22.33M	USD	Point-in-time
Convertible notes, net	`ConvertibleDebtNoncurrent`	$4.92M	USD	Point-in-time
Convertible notes, net	`ConvertibleDebtNoncurrent`	-	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$32.39M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$27.63M	USD	Point-in-time
Total liabilities	`Liabilities`	$35.05M	USD	Point-in-time
Total liabilities	`Liabilities`	$40.44M	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 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$220.10K	USD	Point-in-time
Redeemable preferred stock - subject to redemption: $0 par value; 20,000,000 shares authorized; 880,400 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$220.10K	USD	Point-in-time
Common stock and additional paid-in-capital: $0 par value, 500,000,000 shares authorized; and 83,189,729 and 82,907,541shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$114.04M	USD	Point-in-time
Common stock and additional paid-in-capital: $0 par value, 500,000,000 shares authorized; and 83,189,729 and 82,907,541shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$122.57M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-114.04M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-106.07M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.65K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-62.15K	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$8.53M	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$7.91M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	-	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`	$8.53M	USD	Point-in-time
Total Liabilities and Stockholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$49.19M	USD	Point-in-time
Total Liabilities and Stockholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$43.18M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.97K	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$10.03K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$5.64K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$1.47K	USD	1 Quarter
Gross income	`GrossProfit`	$8.56K	USD	1 Quarter
Gross income	`GrossProfit`	$1.33K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.25M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$11.95M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-11.95M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-7.24M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$90.50K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$730.62K	USD	1 Quarter
Other income, loan forgiveness	`DebtInstrumentIncreaseDecreaseOtherNet`	$178.25K	USD	1 Quarter
Other income, loan forgiveness	`DebtInstrumentIncreaseDecreaseOtherNet`	-	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-730.62K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$87.75K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.97M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.86M	USD	1 Quarter
Common stock issued pursuant to antidilutive provisions	`CommonStockIssuedPursuantToAntidilutiveProvisions`	-	USD	1 Quarter
Common stock issued pursuant to antidilutive provisions	`CommonStockIssuedPursuantToAntidilutiveProvisions`	$4.69M	USD	1 Quarter
Preferred dividends	`PreferredStockDividendsAndOtherAdjustments`	-	USD	1 Quarter
Preferred dividends	`PreferredStockDividendsAndOtherAdjustments`	$21.23K	USD	1 Quarter
Non-controlling interest	`NoncontrollingInterest`	$35.44K	USD	1 Quarter
Net loss attributed to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-16.61M	USD	1 Quarter
Net loss attributed to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-7.97M	USD	1 Quarter
Unrealized gain on debt securities	`DebtSecuritiesUnrealizedGainLoss`	-	USD	1 Quarter
Unrealized gain on debt securities	`DebtSecuritiesUnrealizedGainLoss`	$57.49K	USD	1 Quarter
Net Comprehensive loss attributed to common stockholders	`ComprehensiveIncomeNetOfTax`	$-7.91M	USD	1 Quarter
Net Comprehensive loss attributed to common stockholders	`ComprehensiveIncomeNetOfTax`	$-16.61M	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasic`	$-0.10	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasic`	$-0.23	USD	1 Quarter
Weighted average number of common shares outstanding during the period basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	82.97M	shares	1 Quarter
Weighted average number of common shares outstanding during the period basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	72.82M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.97M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.86M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$21.90K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$497.37K	USD	1 Quarter
(Other income), loan forgiveness	`GainsLossesOnExtinguishmentOfDebt`	$178.25K	USD	1 Quarter
(Other income), loan forgiveness	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$143.26K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	1 Quarter
Non-cash equity-based compensation expense	`ShareBasedCompensation`	$8.77M	USD	1 Quarter
Non-cash equity-based compensation expense	`ShareBasedCompensation`	$2.96M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	-	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$178.78K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$45.50K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.40M	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	-	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-171.96K	USD	1 Quarter
Accretion operating lease liabilities	`AccretionOperatingLeaseLiabilities`	$245.01K	USD	1 Quarter
Accretion operating lease liabilities	`AccretionOperatingLeaseLiabilities`	-	USD	1 Quarter
Royalty obligation	`IncreaseDecreaseInRoyaltiesPayable`	$-300.00K	USD	1 Quarter
Royalty obligation	`IncreaseDecreaseInRoyaltiesPayable`	-	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$398.18K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.58M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.36M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.12M	USD	1 Quarter
Investments, available-for-sale	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$136.03K	USD	1 Quarter
Investments, available-for-sale	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$191.03K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$306.00	USD	1 Quarter
Payment of patent costs	`PaymentsToAcquireIntangibleAssets`	$48.54K	USD	1 Quarter
Payment of patent costs	`PaymentsToAcquireIntangibleAssets`	$33.56K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-239.58K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-169.90K	USD	1 Quarter
Proceeds from common stock issuance	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from common stock issuance	`ProceedsFromIssuanceOfCommonStock`	$23.10M	USD	1 Quarter
Placement cost	`PaymentsOfStockIssuanceCosts`	-	USD	1 Quarter
Placement cost	`PaymentsOfStockIssuanceCosts`	$2.55M	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$210.00K	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from issuance of convertible notes	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Proceeds from issuance of convertible notes	`ProceedsFromConvertibleDebt`	$10.35M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	-	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$21.23K	USD	1 Quarter
Principal repayments of notes payable	`ProceedsFromRepaymentsOfNotesPayable`	$-839.00	USD	1 Quarter
Principal repayments of notes payable	`ProceedsFromRepaymentsOfNotesPayable`	$-893.00	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$10.35M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$20.74M	USD	1 Quarter
Increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$6.06M	USD	1 Quarter
Increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$17.14M	USD	1 Quarter
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$27.57M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.46M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.43M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.52M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$27.57M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.46M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.43M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.52M	USD	Point-in-time
Preferred stock conversion to common	`PreferredStockConversionToCommon`	-	USD	1 Quarter
Preferred stock conversion to common	`PreferredStockConversionToCommon`	$2.49M	USD	1 Quarter
Common stock issued pursuant to antidilutive provisions	`CommonStockIssuedPursuantToAntidilutiveProvisions`	-	USD	1 Quarter
Common stock issued pursuant to antidilutive provisions	`CommonStockIssuedPursuantToAntidilutiveProvisions`	$4.69M	USD	1 Quarter
Debt discount	`DebtDiscount`	$5.57M	USD	1 Quarter
Debt discount	`DebtDiscount`	-	USD	1 Quarter
Interest	`InterestPaidNet`	$90.63K	USD	1 Quarter
Interest	`InterestPaidNet`	$711.65K	USD	1 Quarter

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$7.91M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.53M	USD	Point-in-time
Common stock issued pursuant to exercise of options, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	200,000.00	shares	1 Quarter
Common stock issued pursuant to exercise of options, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	-	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-7.97M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.86M	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$7.91M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.53M	USD	Point-in-time

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