10-K Filing

Red Cat Holdings, Inc. CIK: 748268 FY 2017

Filing Information

Form Type	10-K
Accession Number	`0001554795-18-000086`
Period End Date	20171231
Filing Date	20180409
Fiscal Year	2017
Fiscal Period	FY
XBRL Instance	tfvr-20171231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 49 Cash Flow Statement 78 Stockholders Equity 21

Balance Sheet 69 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$225.38K	USD	Point-in-time
Cash	`Cash`	$559.24K	USD	Point-in-time
Escrow fund	`EscrowDeposit`	$79.86K	USD	Point-in-time
Escrow fund	`EscrowDeposit`	-	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$38.00	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Deposit on contract	`DepositContractsAssets`	-	USD	Point-in-time
Deposit on contract	`DepositContractsAssets`	$75.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$131.25K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$119.55K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$690.52K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$499.78K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$38.73K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$26.13K	USD	Point-in-time
Deposit	`DepositsAssets`	$33.50K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	15,425.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	20,986.00	shares	Point-in-time
Deposit	`DepositsAssets`	$44.88K	USD	Point-in-time
Total Assets	`Assets`	$583.39K	USD	Point-in-time
Total Assets	`Assets`	$750.15K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	15,425.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	20,986.00	shares	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
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`	44.52M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$34.45K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	47.27M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$349.47K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	47.27M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	44.52M	shares	Point-in-time
Demand obligation payable - related party	`DueToRelatedPartiesCurrent`	-	USD	Point-in-time
Demand obligation payable - related party	`DueToRelatedPartiesCurrent`	$116.88K	USD	Point-in-time
Convertible notes payable, net	`ConvertibleNotesPayable`	-	USD	Point-in-time
Convertible notes payable, net	`ConvertibleNotesPayable`	$1.56M	USD	Point-in-time
Accrued interest	`AccruedLiabilitiesCurrent`	-	USD	Point-in-time
Accrued interest	`AccruedLiabilitiesCurrent`	$321.82K	USD	Point-in-time
Short-term advance - related party	`ShortTermBorrowings`	$57.40K	USD	Point-in-time
Short-term advance - related party	`ShortTermBorrowings`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$34.45K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.41M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilities`	$198.99K	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilities`	$4.39M	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$198.99K	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$4.39M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.61M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.43M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred Series A stock, par value $.01 per share, 134,000 shares authorized; 133,334 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively. Stated at redemption value.	`PreferredStockRedemptionAmount`	$1.50M	USD	Point-in-time
Preferred Series A stock, par value $.01 per share, 134,000 shares authorized; 133,334 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively. Stated at redemption value.	`PreferredStockRedemptionAmount`	$1.50M	USD	Point-in-time
Preferred Stock, par value $.01, 10,000,000 shares authorized all series	`PreferredStockValue`	$154.00	USD	Point-in-time
Preferred Stock, par value $.01, 10,000,000 shares authorized all series	`PreferredStockValue`	$210.00	USD	Point-in-time
Common stock, par value $.001 per share, 500,000,000 shares authorized; 47,269,804 and 44,520,065 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$47.27K	USD	Point-in-time
Common stock, par value $.001 per share, 500,000,000 shares authorized; 47,269,804 and 44,520,065 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$44.52K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$-1.52M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$-666.10K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.74M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.87M	USD	Point-in-time
Total shareholders' equity/(deficit)	`StockholdersEquity`	$-3.36M	USD	Point-in-time
Total shareholders' equity/(deficit)	`StockholdersEquity`	$-242.61K	USD	Point-in-time
Total shareholders' equity/(deficit)	`StockholdersEquity`	$-5.34M	USD	Point-in-time
Total Liabilities and Shareholders' Equity/(Deficit)	`LiabilitiesAndStockholdersEquity`	$750.15K	USD	Point-in-time
Total Liabilities and Shareholders' Equity/(Deficit)	`LiabilitiesAndStockholdersEquity`	$583.39K	USD	Point-in-time

Income Statement 49 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$203.64K	USD	Annual
Revenues	`Revenues`	$933.00	USD	Annual
Cost of sales	`CostOfRevenue`	-	USD	Annual
Cost of sales	`CostOfRevenue`	$280.00	USD	Annual
Gross profit	`GrossProfit`	$203.64K	USD	Annual
Gross profit	`GrossProfit`	$653.00	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$860.53K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$993.93K	USD	Annual
Occupancy	`OccupancyNet`	$57.53K	USD	Annual
Occupancy	`OccupancyNet`	$83.81K	USD	Annual
Depreciation & amortization	`DepreciationAndAmortization`	$12.30K	USD	Annual
Depreciation & amortization	`DepreciationAndAmortization`	$12.61K	USD	Annual
Officer compensation	`OfficersCompensation`	$237.21K	USD	Annual
Officer compensation	`OfficersCompensation`	$650.73K	USD	Annual
Professional fees	`ProfessionalFees`	$440.01K	USD	Annual
Professional fees	`ProfessionalFees`	$905.47K	USD	Annual
Other operating expenses	`OtherGeneralExpense`	$48.37K	USD	Annual
Other operating expenses	`OtherGeneralExpense`	$42.27K	USD	Annual
Total operating expenses	`OperatingExpenses`	$1.66M	USD	Annual
Total operating expenses	`OperatingExpenses`	$2.69M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-2.69M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-1.45M	USD	Annual
Gain on sale of assets	`GainLossOnDispositionOfAssets`	-	USD	Annual
Gain on sale of assets	`GainLossOnDispositionOfAssets`	$180.25K	USD	Annual
Change in fair value of derivative liabilities	`ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1`	$-2.09M	USD	Annual
Change in fair value of derivative liabilities	`ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1`	$4.19M	USD	Annual
Interest income	`InterestIncomeOperating`	$2.00	USD	Annual
Interest income	`InterestIncomeOperating`	$3.00	USD	Annual
Interest expense	`InterestIncomeExpenseNet`	$-376.08K	USD	Annual
Interest expense	`InterestIncomeExpenseNet`	$-10.40K	USD	Annual
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-1.92M	USD	Annual
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$3.82M	USD	Annual
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$1.13M	USD	Annual
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-3.38M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net income (loss)	`NetIncomeLoss`	$1.13M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-3.38M	USD	Annual
Accretion on Series A preferred stock	`PreferredStockAccretionOfRedemptionDiscount`	$1.50M	USD	Annual
Net income (loss) attributed to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-4.88M	USD	Annual
Net income (loss) attributed to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.13M	USD	Annual
Basic net income (loss) per common share	`EarningsPerShareBasic`	$0.02	USD	Annual
Basic net income (loss) per common share	`EarningsPerShareBasic`	$-0.12	USD	Annual
Diluted net income (loss) per common share	`EarningsPerShareDiluted`	$0.02	USD	Annual
Diluted net income (loss) per common share	`EarningsPerShareDiluted`	$-0.12	USD	Annual
Basic weighted average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	46.42M	shares	Annual
Basic weighted average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	41.98M	shares	Annual
Diluted weighted average common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	69.72M	shares	Annual
Diluted weighted average common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	41.98M	shares	Annual

Cash Flow Statement 78 line items

Line Item	Tag	Value	Unit	Period
Conversion of Series A-1 Preferred stock to common stock	`ConversionOfSeriesA1PreferredStockToCommonStock`	-	USD	Annual
Conversion of Series A-1 Preferred stock to common stock	`ConversionOfSeriesA1PreferredStockToCommonStock`	$545.00	USD	Annual
Net income (loss)	`NetIncomeLoss`	$1.13M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-3.38M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$12.30K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$12.61K	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$242.50K	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	-	USD	Annual
Options issued for services	`OptionsIssuedForServices`	$483.88K	USD	Annual
Options issued for services	`OptionsIssuedForServices`	-	USD	Annual
Gain on sale of assets	`GainLossOnDispositionOfAssets`	-	USD	Annual
Gain on sale of assets	`GainLossOnDispositionOfAssets`	$180.25K	USD	Annual
Change in derivative liabilities	`ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1`	$-2.09M	USD	Annual
Change in derivative liabilities	`ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1`	$4.19M	USD	Annual
Restricted stock units issued for services	`StockIssuedDuringPeriodValueShareBasedCompensation`	$128.69K	USD	Annual
Restricted stock units issued for services	`StockIssuedDuringPeriodValueShareBasedCompensation`	$97.31K	USD	Annual
Unearned revenue - related party	`RecognitionOfDeferredRevenue`	$-156.00K	USD	Annual
Unearned revenue - related party	`RecognitionOfDeferredRevenue`	-	USD	Annual
Interest expense from amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	Annual
Interest expense from amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$53.56K	USD	Annual
Deferred rent	`IncreaseDecreaseInDeferredLeasingFees`	$20.13K	USD	Annual
Deferred rent	`IncreaseDecreaseInDeferredLeasingFees`	$904.00	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-38.00	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-29.04K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-11.71K	USD	Annual
Deferred contracted software development costs - related party	`IncreaseDecreaseInDeferredCharges`	-	USD	Annual
Deferred contracted software development costs - related party	`IncreaseDecreaseInDeferredCharges`	$55.94K	USD	Annual
Escrow fund	`IncreaseDecreaseInRestrictedCash`	$-79.86K	USD	Annual
Escrow fund	`IncreaseDecreaseInRestrictedCash`	$79.86K	USD	Annual
Deposits	`IncreaseDecreaseInDeposits`	$-44.88K	USD	Annual
Deposits	`IncreaseDecreaseInDeposits`	$86.38K	USD	Annual
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$8.04K	USD	Annual
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$321.82K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-13.21K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$314.12K	USD	Annual
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.35M	USD	Annual
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.59M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquireProductiveAssets`	-	USD	Annual
Purchases of property and equipment	`PaymentsToAcquireProductiveAssets`	$8.74K	USD	Annual
Cash acquired in merger	`CashAcquiredFromAcquisition`	$420.00	USD	Annual
Cash acquired in merger	`CashAcquiredFromAcquisition`	-	USD	Annual
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.32K	USD	Annual
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Proceeds from sale of Series A Preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$1.50M	USD	Annual
Proceeds from sale of Series A Preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	-	USD	Annual
Capital contributions	`ProceedsFromContributionsFromParent`	$325.00K	USD	Annual
Capital contributions	`ProceedsFromContributionsFromParent`	-	USD	Annual
Proceeds from notes payable	`ProceedsFromNotesPayable`	-	USD	Annual
Proceeds from notes payable	`ProceedsFromNotesPayable`	$25.00K	USD	Annual
Payments on notes payable	`RepaymentsOfNotesPayable`	-	USD	Annual
Payments on notes payable	`RepaymentsOfNotesPayable`	$27.50K	USD	Annual
Demand obligation payable - related party	`ProceedsFromOtherDebt`	-	USD	Annual
Demand obligation payable - related party	`ProceedsFromOtherDebt`	$116.88K	USD	Annual
Short-term advance - related party	`ProceedsFromShortTermDebt`	$57.40K	USD	Annual
Short-term advance - related party	`ProceedsFromShortTermDebt`	-	USD	Annual
Net proceeds from convertible notes payable	`ProceedsFromConvertibleDebt`	-	USD	Annual
Net proceeds from convertible notes payable	`ProceedsFromConvertibleDebt`	$1.51M	USD	Annual
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$1.82M	USD	Annual
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$1.69M	USD	Annual
Net Increase in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$222.21K	USD	Annual
Net Increase in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$333.86K	USD	Annual
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$225.38K	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$3.17K	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$559.24K	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$225.38K	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$3.17K	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$559.24K	USD	Point-in-time
Common stock issued for officers loans, related party notes and accrued interest	`CommonStockIssuedForOfficersLoansRelatedPartyNotesAndAccruedInterest`	$193.93K	USD	Annual
Common stock issued for officers loans, related party notes and accrued interest	`CommonStockIssuedForOfficersLoansRelatedPartyNotesAndAccruedInterest`	-	USD	Annual
Conversion of Series C Preferred stock to common stock	`ConversionOfSeriesCPreferredStockToCommonStock`	$2.38K	USD	Annual
Conversion of Series C Preferred stock to common stock	`ConversionOfSeriesCPreferredStockToCommonStock`	$1.13K	USD	Annual
Conversion of Series A-1 Preferred stock to common stock	`ConversionOfSeriesA1PreferredStockToCommonStock`	-	USD	Annual
Conversion of Series A-1 Preferred stock to common stock	`ConversionOfSeriesA1PreferredStockToCommonStock`	$545.00	USD	Annual
Interest paid in cash	`InterestPaidNet`	$697.00	USD	Annual
Interest paid in cash	`InterestPaidNet`	$1.31K	USD	Annual
Income taxes paid in cash	`IncomeTaxesPaidNet`	-	USD	Annual
Income taxes paid in cash	`IncomeTaxesPaidNet`	-	USD	Annual

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Conversion of Series A-1 Preferred stock to common stock	`ConversionOfSeriesA1PreferredStockToCommonStock`	-	USD	Annual
Conversion of Series A-1 Preferred stock to common stock	`ConversionOfSeriesA1PreferredStockToCommonStock`	$545.00	USD	Annual
Beginning balance, amount	`StockholdersEquity`	$-3.36M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-242.61K	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$-5.34M	USD	Point-in-time
Reverse acquisition, amount	`StockIssuedDuringPeriodValueAcquisitions`	$483.56K	USD	Annual
Preferred Series A-1 stock converted to common stock, amount	`StockIssuedDuringPeriodValuePreferredSeriesAConversion`	-	USD	Annual
Preferred Series C stock converted to common stock, amount	`StockIssuedDuringPeriodValuePreferredSeriesCConvertedToCommonStock`	-	USD	Annual
Preferred Series C stock converted to common stock, amount	`StockIssuedDuringPeriodValuePreferredSeriesCConvertedToCommonStock`	-	USD	Annual
Exchange of shares for services, amount	`StockIssuedDuringPeriodValueIssuedForServices`	$242.50K	USD	Annual
Exchange of shares for services, amount	`StockIssuedDuringPeriodValueIssuedForServices`	-	USD	Annual
Stock options issued for services	`StockOptionsIssuedForServices`	$483.88K	USD	Annual
Restricted stock units issued for services	`StockIssuedDuringPeriodValueShareBasedCompensation`	$128.69K	USD	Annual
Restricted stock units issued for services	`StockIssuedDuringPeriodValueShareBasedCompensation`	$97.31K	USD	Annual
Issuance of rounding shares for reverse split, amount	`StockIssuedDuringPeriodValueIssuanceOfRoundingSharesForReverseSplit`	$1.00	USD	Annual
Discount on Series A shares	`PreferredStockRedemptionDiscount`	$1.50M	USD	Annual
Net loss/income	`NetIncomeLoss`	$1.13M	USD	Annual
Net loss/income	`NetIncomeLoss`	$-3.38M	USD	Annual
Ending balance, amount	`StockholdersEquity`	$-3.36M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-242.61K	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$-5.34M	USD	Point-in-time

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