10-K Filing

Red Cat Holdings, Inc. CIK: 748268 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001554795-23-000231`
Period End Date	20230430
Filing Date	20230727
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	rcat0721form10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 38 Cash Flow Statement 90 Stockholders Equity 25

Balance Sheet 69 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$3.26M	USD	Point-in-time
Cash	`Cash`	$4.08M	USD	Point-in-time
Marketable securities	`Investments`	$12.81M	USD	Point-in-time
Marketable securities	`Investments`	$44.79M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$780.97K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$495.51K	USD	Point-in-time
Inventory	`InventoryNet`	$11.99M	USD	Point-in-time
Inventory	`InventoryNet`	$3.90M	USD	Point-in-time
Other	`OtherAssetsCurrent`	$2.35M	USD	Point-in-time
Other	`OtherAssetsCurrent`	$3.33M	USD	Point-in-time
Due from related party	`DueFromRelatedPartyCurrent`	-	USD	Point-in-time
Due from related party	`DueFromRelatedPartyCurrent`	$31.85K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$55.65M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	54.57M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	53.75M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$32.18M	USD	Point-in-time
Goodwill	`Goodwill`	$25.14M	USD	Point-in-time
Goodwill	`Goodwill`	$17.01M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.70M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$7.34M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$511.69K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.65M	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$307.03K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$57.03K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.02M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$704.85K	USD	Point-in-time
Total long term assets	`AssetsNoncurrent`	$29.43M	USD	Point-in-time
Total long term assets	`AssetsNoncurrent`	$28.02M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$60.19M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$85.08M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.02M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.00M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.08M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$518.92K	USD	Point-in-time
Debt obligations - short term	`ShortTermBorrowings`	$922.14K	USD	Point-in-time
Debt obligations - short term	`ShortTermBorrowings`	$956.90K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$331.26K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$293.80K	USD	Point-in-time
Warrant derivative liability	`DerivativeLiabilitiesCurrent`	$2.81M	USD	Point-in-time
Warrant derivative liability	`DerivativeLiabilitiesCurrent`	$1.61M	USD	Point-in-time
Warrant derivative liability	`DerivativeLiabilitiesCurrent`	$588.21K	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$400.67K	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$437.93K	USD	Point-in-time
Due to related party	`DueToRelatedPartyCurrent`	$40.06K	USD	Point-in-time
Due to related party	`DueToRelatedPartyCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.76M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.44M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$421.28K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$749.83K	USD	Point-in-time
Debt obligations - long term	`LongTermDebtNoncurrent`	$401.57K	USD	Point-in-time
Debt obligations - long term	`LongTermDebtNoncurrent`	$973.71K	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$822.85K	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$1.72M	USD	Point-in-time
Series B preferred stock - shares authorized 4,300,000; outstanding 986,676	`PreferredStockValueSeriesB`	$9.87K	USD	Point-in-time
Series B preferred stock - shares authorized 4,300,000; outstanding 986,676	`PreferredStockValueSeriesB`	$9.87K	USD	Point-in-time
Common stock - shares authorized 500,000,000; outstanding 54,568,065 and 53,748,735	`CommonStockValue`	$54.57K	USD	Point-in-time
Common stock - shares authorized 500,000,000; outstanding 54,568,065 and 53,748,735	`CommonStockValue`	$53.75K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$109.99M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$106.82M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-27.50M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-54.59M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-861.12K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.47M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.27M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$77.92M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$54.61M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$60.19M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$85.08M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$9.91M	USD	Annual
Revenues	`Revenues`	$6.43M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.50M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$10.25M	USD	Annual
Gross margin	`GrossProfit`	$-336.80K	USD	Annual
Gross margin	`GrossProfit`	$925.51K	USD	Annual
Operations	`OtherCostAndExpenseOperating`	$4.41M	USD	Annual
Operations	`OtherCostAndExpenseOperating`	$1.35M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$5.25M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$2.61M	USD	Annual
Sales and marketing	`MarketingAndAdvertisingExpense`	$4.03M	USD	Annual
Sales and marketing	`MarketingAndAdvertisingExpense`	$1.13M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$5.55M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$6.62M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$3.29M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$3.66M	USD	Annual
Impairment loss	`ImpairmentOfIntangibleAssetsExcludingGoodwill`	$2.83M	USD	Annual
Impairment loss	`ImpairmentOfIntangibleAssetsExcludingGoodwill`	-	USD	Annual
Total operating expenses	`OperatingExpenses`	$13.93M	USD	Annual
Total operating expenses	`OperatingExpenses`	$26.79M	USD	Annual
Operating loss	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-13.00M	USD	Annual
Operating loss	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-27.13M	USD	Annual
Change in fair value of derivative liability	`IncreaseDecreaseInDerivativeAssetsAndLiabilities`	$1.02M	USD	Annual
Change in fair value of derivative liability	`IncreaseDecreaseInDerivativeAssetsAndLiabilities`	$1.04M	USD	Annual
Investment income, net	`InvestmentIncomeNet`	$355.77K	USD	Annual
Investment income, net	`InvestmentIncomeNet`	$137.79K	USD	Annual
Interest expense	`InterestExpense`	$147.72K	USD	Annual
Interest expense	`InterestExpense`	$122.00K	USD	Annual
Other, net	`OtherNonrecurringIncomeExpense`	$-62.98K	USD	Annual
Other, net	`OtherNonrecurringIncomeExpense`	$995.75K	USD	Annual
Other (income) expense	`OtherNonoperatingIncomeExpense`	$39.32K	USD	Annual
Other (income) expense	`OtherNonoperatingIncomeExpense`	$1.31M	USD	Annual
Net loss	`NetIncomeLoss`	$-27.09M	USD	Annual
Net loss	`NetIncomeLoss`	$-11.69M	USD	Annual
Loss per share - basic and diluted	`EarningsPerShareBasicAndDilutedRCAT`	$-0.50	USD	Annual
Loss per share - basic and diluted	`EarningsPerShareBasicAndDilutedRCAT`	$-0.24	USD	Annual
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDilutedRCAT`	48.22M	shares	Annual
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDilutedRCAT`	53.86M	shares	Annual

Cash Flow Statement 90 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-27.09M	USD	Annual
Net loss	`NetIncomeLoss`	$-11.69M	USD	Annual
Shares	`StockAwardsNonEmployees`	$2.04M	USD	Annual
Shares	`StockAwardsNonEmployees`	$1.84M	USD	Annual
Options	`ShareBasedCompensationOptions`	$1.45M	USD	Annual
Options	`ShareBasedCompensationOptions`	$1.62M	USD	Annual
Common stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$38.64K	USD	Annual
Common stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$250.40K	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$654.53K	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$224.64K	USD	Annual
Realized loss from sale of marketable securities	`MarketableSecuritiesGainLoss`	$296.01K	USD	Annual
Realized loss from sale of marketable securities	`MarketableSecuritiesGainLoss`	-	USD	Annual
Depreciation	`Depreciation`	$311.55K	USD	Annual
Depreciation	`Depreciation`	$40.16K	USD	Annual
Change in fair value of derivative	`IncreaseDecreaseInDerivativeLiabilities`	$-1.02M	USD	Annual
Change in fair value of derivative	`IncreaseDecreaseInDerivativeLiabilities`	$-1.04M	USD	Annual
Impairment loss	`ImpairmentOfIntangibleAssetsExcludingGoodwill`	$2.83M	USD	Annual
Impairment loss	`ImpairmentOfIntangibleAssetsExcludingGoodwill`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-74.32K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-285.46K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-8.09M	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-2.23M	USD	Annual
Other	`IncreaseDecreaseInOtherCurrentAssets`	$-978.29K	USD	Annual
Other	`IncreaseDecreaseInOtherCurrentAssets`	$-3.63M	USD	Annual
Operating lease right-of-use assets and liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$24.30K	USD	Annual
Operating lease right-of-use assets and liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$23.39K	USD	Annual
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$328.84K	USD	Annual
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$-37.26K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.17M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$980.67K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-336.16K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-489.15K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-29.20M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-16.02M	USD	Annual
Cash acquired through acquisitions	`CashAcquiredFromAcquisition`	-	USD	Annual
Cash acquired through acquisitions	`CashAcquiredFromAcquisition`	$24.87K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquireProductiveAssets`	$2.45M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquireProductiveAssets`	$363.69K	USD	Annual
Proceeds from sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$32.29M	USD	Annual
Proceeds from sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$11.36M	USD	Annual
Purchases of marketable securities	`PaymentsToAcquireInvestments`	$57.62M	USD	Annual
Purchases of marketable securities	`PaymentsToAcquireInvestments`	-	USD	Annual
SAFE Investment agreement	`PaymentsToAcquireAssetsInvestingActivities`	$250.00K	USD	Annual
SAFE Investment agreement	`PaymentsToAcquireAssetsInvestingActivities`	-	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-46.60M	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$29.59M	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises1`	$100.00K	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises1`	-	USD	Annual
Proceeds from related party obligations	`ProceedsFromRelatedPartyDebt`	$13.40K	USD	Annual
Proceeds from related party obligations	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Payments under related party obligations	`RepaymentsOfRelatedPartyDebt`	$1.97M	USD	Annual
Payments under related party obligations	`RepaymentsOfRelatedPartyDebt`	$40.06K	USD	Annual
Payments under debt obligations	`RepaymentsOfDebt`	$606.90K	USD	Annual
Payments under debt obligations	`RepaymentsOfDebt`	$929.95K	USD	Annual
Payments of taxes related to equity awards	`PaymentsForOtherTaxes`	$581.77K	USD	Annual
Payments of taxes related to equity awards	`PaymentsForOtherTaxes`	$834.22K	USD	Annual
Proceeds from issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$70.07M	USD	Annual
Proceeds from issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.22M	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$66.43M	USD	Annual
Net (decrease) increase in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.81M	USD	Annual
Net (decrease) increase in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-824.51K	USD	Annual
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$277.35K	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.26M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.08M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$277.35K	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.26M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.08M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$164.57K	USD	Annual
Cash paid for interest	`InterestPaidNet`	$122.10K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Issued in acquisitions	`StockIssued1`	-	USD	Annual
Issued in acquisitions	`StockIssued1`	$12.73M	USD	Annual
Withheld as payment of note receivable	`FairValueOfSharesWithheldAsPaymentOfNoteReceivable`	$18.45K	USD	Annual
Withheld as payment of note receivable	`FairValueOfSharesWithheldAsPaymentOfNoteReceivable`	$201.87K	USD	Annual
Unrealized gain (loss) on marketable securities	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent`	$610.13K	USD	Annual
Unrealized gain (loss) on marketable securities	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent`	$-1.47M	USD	Annual
Forgiveness of PPP loan	`SBAPPPLoanPrincipalBalanceForgiven`	-	USD	Annual
Forgiveness of PPP loan	`SBAPPPLoanPrincipalBalanceForgiven`	$300.91K	USD	Annual
Elimination of derivative liability	`EliminationOfDerivativeLiability`	-	USD	Annual
Elimination of derivative liability	`EliminationOfDerivativeLiability`	$163.14K	USD	Annual
Financed purchases of property and equipment	`FinancedPurchasesOfPropertyAndEquipment`	$144.38K	USD	Annual
Financed purchases of property and equipment	`FinancedPurchasesOfPropertyAndEquipment`	-	USD	Annual
Indirect payment to related party	`IndirectPaymentToRelatedParty`	-	USD	Annual
Indirect payment to related party	`IndirectPaymentToRelatedParty`	$132.20K	USD	Annual
Taxes related to net share settlement of equity awards	`TaxesRelatedToNetShareSettlementOfEquityAwards`	$108.97K	USD	Annual
Taxes related to net share settlement of equity awards	`TaxesRelatedToNetShareSettlementOfEquityAwards`	$32.47K	USD	Annual
Conversion of preferred stock into common stock	`ConversionOfPreferredStockIntoCommonStock`	$11.41K	USD	Annual
Conversion of preferred stock into common stock	`ConversionOfPreferredStockIntoCommonStock`	-	USD	Annual

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Payments of Stock Issuance Costs	`PaymentsOfStockIssuanceCosts`	$5.96M	USD	1 Quarter
Beginning balance, value	`StockholdersEquity`	$5.27M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$77.92M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$54.61M	USD	Point-in-time
Conversion of preferred stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Exercise of warrants	`ProceedsFromWarrantExercises`	$263.14K	USD	Annual
Acquisition of Skypersonic	`StockIssuedDuringPeriodValueAcquisitions1`	$2.72M	USD	Annual
Acquisition of Teal	`StockIssuedDuringPeriodValueAcquisitions2`	$10.01M	USD	Annual
Public offerings, net of $5,959,800 of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$70.04M	USD	Annual
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$3.66M	USD	Annual
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$3.29M	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	Annual
Issuance of restricted stock units, net of payroll tax withholding	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$-763.89K	USD	Annual
Issuance of restricted stock units, net of payroll tax withholding	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$-522.83K	USD	Annual
Shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$38.64K	USD	Annual
Shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$250.40K	USD	Annual
Unrealized gain on marketable securities	`MarketableSecuritiesUnrealizedGainLoss`	$610.13K	USD	Annual
Unrealized gain on marketable securities	`MarketableSecuritiesUnrealizedGainLoss`	$-1.47M	USD	Annual
Currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-974.00	USD	Annual
Currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$4.02K	USD	Annual
Net Loss	`NetIncomeLoss`	$-27.09M	USD	Annual
Net Loss	`NetIncomeLoss`	$-11.69M	USD	Annual
Ending balance, value	`StockholdersEquity`	$5.27M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$77.92M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$54.61M	USD	Point-in-time

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