10-K Filing

Red Cat Holdings, Inc. CIK: 748268 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001554795-21-000273`
Period End Date	20210430
Filing Date	20210812
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	rcat-20210430.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 36 Cash Flow Statement 74 Stockholders Equity 24

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$503.44K	USD	Point-in-time
Cash	`Cash`	$236.67K	USD	Point-in-time
Cash	`Cash`	$277.35K	USD	Point-in-time
Accounts Receivable, net	`AccountsReceivableNetCurrent`	$321.69K	USD	Point-in-time
Accounts Receivable, net	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Inventory	`InventoryNet`	$362.07K	USD	Point-in-time
Inventory	`InventoryNet`	$78.65K	USD	Point-in-time
Other	`OtherAssetsCurrent`	$678.90K	USD	Point-in-time
Other	`OtherAssetsCurrent`	$3.02K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$318.34K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	6.50M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.64M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	6.50M	shares	Point-in-time
Goodwill	`Goodwill`	$8.02M	USD	Point-in-time
Goodwill	`Goodwill`	$2.47M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	2.13M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	3.89M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$20.00K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	2.13M	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	3.89M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.03M	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$3.85K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$3.85K	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
TOTAL ASSETS	`Assets`	$11.69M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.81M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	20.01M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.43M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	20.01M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.43M	shares	Point-in-time
Accounts payable	`AccountsPayableAndAccruedLiabilitiesCurrent`	$541.90K	USD	Point-in-time
Accounts payable	`AccountsPayableAndAccruedLiabilitiesCurrent`	$249.05K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$89.34K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$614.05K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$269.05K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$118.77K	USD	Point-in-time
Note payable to related party	`DueToRelatedPartiesCurrent`	$390.21K	USD	Point-in-time
Note payable to related party	`DueToRelatedPartiesCurrent`	$333.68K	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$38.42K	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$46.10K	USD	Point-in-time
Warrant derivative liability	`DerivativeLiabilitiesCurrent`	$2.81M	USD	Point-in-time
Warrant derivative liability	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.67M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$829.27K	USD	Point-in-time
Convertible debentures, net	`ConvertibleDebtNoncurrent`	$450.00K	USD	Point-in-time
Convertible debentures, net	`ConvertibleDebtNoncurrent`	-	USD	Point-in-time
Due to related party	`DueToRelatedPartiesNoncurrent`	-	USD	Point-in-time
Due to related party	`DueToRelatedPartiesNoncurrent`	$1.75M	USD	Point-in-time
Total Long Term Liabilities	`LiabilitiesNoncurrent`	$1.75M	USD	Point-in-time
Total Long Term Liabilities	`LiabilitiesNoncurrent`	$450.00K	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Series A Preferred Stock - shares authorized 2,200,000; outstanding 158,704 and 208,704; Series B Preferred Stock - shares authorized 4,300,000; outstanding 1,968,676 and 3,681,623	`PreferredStockValue`	$38.90K	USD	Point-in-time
Series A Preferred Stock - shares authorized 2,200,000; outstanding 158,704 and 208,704; Series B Preferred Stock - shares authorized 4,300,000; outstanding 1,968,676 and 3,681,623	`PreferredStockValue`	$21.27K	USD	Point-in-time
Common stock - shares authorized 500,000,000; outstanding 29,431,264 and 20,011,091	`CommonStockValue`	$29.43K	USD	Point-in-time
Common stock - shares authorized 500,000,000; outstanding 29,431,264 and 20,011,091	`CommonStockValue`	$20.01K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.04M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$21.03M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.57M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-187.27K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$1.53M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.27M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$11.69M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$2.81M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$5.00M	USD	Annual
Revenues	`Revenues`	$403.94K	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.93M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$325.38K	USD	Annual
Gross Margin	`GrossProfit`	$78.56K	USD	Annual
Gross Margin	`GrossProfit`	$1.07M	USD	Annual
Operations	`OtherCostAndExpenseOperating`	-	USD	Annual
Operations	`OtherCostAndExpenseOperating`	$590.34K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$516.08K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$488.99K	USD	Annual
Sales and marketing	`MarketingAndAdvertisingExpense`	-	USD	Annual
Sales and marketing	`MarketingAndAdvertisingExpense`	$172.18K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.28M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$949.64K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$3.39M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$269.89K	USD	Annual
Total operating expenses	`OperatingExpenses`	$5.95M	USD	Annual
Total operating expenses	`OperatingExpenses`	$1.71M	USD	Annual
Operating loss	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-4.88M	USD	Annual
Operating loss	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.63M	USD	Annual
Derivative expense	`InterestExpenseTradingLiabilities`	$4.63M	USD	Annual
Derivative expense	`InterestExpenseTradingLiabilities`	-	USD	Annual
Change in fair value of derivative liability	`IncreaseDecreaseInDerivativeLiabilities`	$2.49M	USD	Annual
Change in fair value of derivative liability	`IncreaseDecreaseInDerivativeLiabilities`	-	USD	Annual
Interest expense	`InterestExpense`	$1.22M	USD	Annual
Interest expense	`InterestExpense`	$29.19K	USD	Annual
Other, net	`OtherNonrecurringIncomeExpense`	$-57.22K	USD	Annual
Other, net	`OtherNonrecurringIncomeExpense`	$12.62K	USD	Annual
Other Expense (Income)	`OtherNonoperatingIncomeExpense`	$-8.36M	USD	Annual
Other Expense (Income)	`OtherNonoperatingIncomeExpense`	$28.03K	USD	Annual
Net loss	`NetIncomeLoss`	$-13.24M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.60M	USD	Annual
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	Annual
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.56	USD	Annual
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	13.73M	shares	Annual
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.66M	shares	Annual

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-13.24M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.60M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$3.39M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$269.89K	USD	Annual
Common stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	Annual
Common stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$204.00K	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$36.83K	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	-	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.10M	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	Annual
Derivative expense	`InterestExpenseTradingLiabilities`	$4.63M	USD	Annual
Derivative expense	`InterestExpenseTradingLiabilities`	-	USD	Annual
Change in fair value of derivative	`IncreaseDecreaseInDerivativeLiabilities`	$2.49M	USD	Annual
Change in fair value of derivative	`IncreaseDecreaseInDerivativeLiabilities`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-72.53K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-60.04K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$48.76K	USD	Annual
Other	`IncreaseDecreaseInOtherCurrentAssets`	$-291.65K	USD	Annual
Other	`IncreaseDecreaseInOtherCurrentAssets`	$124.98K	USD	Annual
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$38.42K	USD	Annual
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$-17.52K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$13.82K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$68.07K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$616.87K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$36.23K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.40M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-811.58K	USD	Annual
Acquired through acquisition	`CashAcquiredFromAcquisition`	$46.33K	USD	Annual
Acquired through acquisition	`CashAcquiredFromAcquisition`	-	USD	Annual
Payment for acquisition, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	Annual
Payment for acquisition, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$48.37K	USD	Annual
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$46.33K	USD	Annual
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-48.37K	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$152.24K	USD	Point-in-time
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$201.25K	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$201.25K	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$152.24K	USD	Annual
Proceeds from related party obligations	`ProceedsFromRelatedPartyDebt`	$79.00K	USD	Annual
Proceeds from related party obligations	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Payments under related party obligations	`RepaymentsOfRelatedPartyDebt`	$22.48K	USD	Annual
Payments under related party obligations	`RepaymentsOfRelatedPartyDebt`	$12.72K	USD	Annual
Proceeds from notes payable	`ProceedsFromNotesPayable`	$660.92K	USD	Annual
Proceeds from notes payable	`ProceedsFromNotesPayable`	-	USD	Annual
Payments under notes payable	`RepaymentsOfNotesPayable`	$91.03K	USD	Annual
Payments under notes payable	`RepaymentsOfNotesPayable`	$510.64K	USD	Annual
Proceeds from convertible debentures	`ProceedsFromConvertibleDebt`	$1.08M	USD	Annual
Proceeds from convertible debentures	`ProceedsFromConvertibleDebt`	$450.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$498.49K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.49M	USD	Annual
Net increase (decrease) Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$40.68K	USD	Annual
Net increase (decrease) Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-266.77K	USD	Annual
Cash, beginning of period	`Cash`	$503.44K	USD	Point-in-time
Cash, beginning of period	`Cash`	$236.67K	USD	Point-in-time
Cash, beginning of period	`Cash`	$277.35K	USD	Point-in-time
Cash, end of period	`Cash`	$503.44K	USD	Point-in-time
Cash, end of period	`Cash`	$236.67K	USD	Point-in-time
Cash, end of period	`Cash`	$277.35K	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$15.84K	USD	Annual
Cash paid for interest	`InterestPaidNet`	-	USD	Annual
Cash paid for taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Cash paid for taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Common stock issued for services	`CommonStockIssuedForServices`	-	USD	Annual
Common stock issued for services	`CommonStockIssuedForServices`	$204.00K	USD	Annual
Fair value of shares exchanged in acquisitions	`StockIssued1`	$1.94M	USD	Annual
Fair value of shares exchanged in acquisitions	`StockIssued1`	$6.35M	USD	Annual
Elimination of derivative liability	`EliminationOfDerivativeLiability`	$5.39M	USD	Annual
Elimination of derivative liability	`EliminationOfDerivativeLiability`	-	USD	Annual
Issuance of note payable related party	`IssuanceOfNotePayableRelatedParty`	$1.75M	USD	Annual
Issuance of note payable related party	`IssuanceOfNotePayableRelatedParty`	-	USD	Annual
Conversion of notes into common stock	`ConversionOfNotesIntoCommonStock`	-	USD	Annual
Conversion of notes into common stock	`ConversionOfNotesIntoCommonStock`	$1.55M	USD	Annual
Conversion of accrued interest into common stock	`ConversionOfAccruedInterestIntoCommonStock`	$92.52K	USD	Annual
Conversion of accrued interest into common stock	`ConversionOfAccruedInterestIntoCommonStock`	-	USD	Annual

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquity`	$-187.27K	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$1.53M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$5.27M	USD	Point-in-time
Issuance of common stock, amount	`StockIssuedDuringPeriodValueNewIssues`	$684.20K	USD	Annual
Share Exchange Agreement, amount	`StockIssuedDuringPeriodValueOther`	$117.75K	USD	Annual
Conversion of Debt, amount	`ConversionOfDebtAmount`	$6.34M	USD	Annual
Conversion of Preferred Stock, amount	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Conversion of Preferred Stock, amount	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Exercise of warrants, amount	`ExerciseOfWarrantsDuringPeriodAmount`	$895.55K	USD	Annual
Exercise of warrants, amount	`ExerciseOfWarrantsDuringPeriodAmount`	$152.24K	USD	Annual
Acquisition of Fat Shark, amount	`StockIssuedDuringPeriodValueAcquisitions`	$6.35M	USD	Annual
Merger with Rotor Riot, amount	`StockIssuedDuringPeriodValueMerger`	$1.82M	USD	Annual
Stock based compensation, amount	`ShareBasedCompensation`	$3.39M	USD	Annual
Stock based compensation, amount	`ShareBasedCompensation`	$269.89K	USD	Annual
Shares Issued for Services, shares	`StockIssuedDuringPeriodSharesIssuedForServices`	1,570.00	shares	Point-in-time
Shares Issued for Services, shares	`StockIssuedDuringPeriodSharesIssuedForServices`	150,000.00	shares	Point-in-time
Shares Issued for Services, amount	`StockIssuedDuringPeriodValueIssuedForServices`	$204.00K	USD	Point-in-time
Shares Issued for Services, amount	`StockIssuedDuringPeriodValueIssuedForServices`	$70.00K	USD	Point-in-time
Shares Issued for Services, amount	`StockIssuedDuringPeriodValueIssuedForServices`	$274.00K	USD	Annual
Net Loss	`NetIncomeLoss`	$-13.24M	USD	Annual
Net Loss	`NetIncomeLoss`	$-1.60M	USD	Annual
Ending balance, amount	`StockholdersEquity`	$-187.27K	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$1.53M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$5.27M	USD	Point-in-time

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