10-Q Filing

AgEagle Aerial Systems Inc. CIK: 8504 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001575705-18-000117`
Period End Date	20180331
Filing Date	20180518
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	uavs-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 36 Cash Flow Statement 57

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	25.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$15.89K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.47M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$24.48K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$35.29K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$255.00	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$84.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$143.37K	USD	Point-in-time
Inventory	`InventoryNet`	$158.63K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Prepaid expense	`PrepaidExpenseCurrent`	$117.66K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expense	`PrepaidExpenseCurrent`	$3.38K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$197.56K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.20M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.73M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.83M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$38.70K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.20M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.83M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$34.55K	USD	Point-in-time
Investment in unconsolidated investee	`EquityMethodInvestments`	$75.00K	USD	Point-in-time
Investment in unconsolidated investee	`EquityMethodInvestments`	$1.11M	USD	Point-in-time
Total assets	`Assets`	$311.26K	USD	Point-in-time
Total assets	`Assets`	$4.87M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$426.15K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$695.82K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$19.72K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$59.35K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$185.34K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$4.17K	USD	Point-in-time
Payroll liabilities	`EmployeeRelatedLiabilitiesCurrent`	$5.52K	USD	Point-in-time
Payroll liabilities	`EmployeeRelatedLiabilitiesCurrent`	$5.05K	USD	Point-in-time
Convertible notes payable	`ConvertibleNotesPayableCurrent`	$1.16M	USD	Point-in-time
Convertible notes payable	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Promissory note	`PromissoryNote`	$125.56K	USD	Point-in-time
Promissory note	`PromissoryNote`	-	USD	Point-in-time
Promissory notes - related party	`PromissoryNotesRelatedParty`	$131.05K	USD	Point-in-time
Promissory notes - related party	`PromissoryNotesRelatedParty`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$850.32K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$850.32K	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value; 250,000,000 shares authorized; 9,832,048 shares issued and outstanding at March 31, 2018. Common stock, $0.0001 par value; 100,000,000 shares authorized; 4,200,000 shares issued and outstanding at December 31, 2017.	`CommonStockValue`	$420.00	USD	Point-in-time
Common stock, $0.001 par value; 250,000,000 shares authorized; 9,832,048 shares issued and outstanding at March 31, 2018. Common stock, $0.0001 par value; 100,000,000 shares authorized; 4,200,000 shares issued and outstanding at December 31, 2017.	`CommonStockValue`	$9.83K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.94M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$7.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.80M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.60M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-1.66M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$4.02M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$311.26K	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$4.87M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$35.20K	USD	1 Quarter
Revenues	`Revenues`	$29.19K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$23.80K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$12.43K	USD	1 Quarter
Gross Profit	`GrossProfit`	$22.77K	USD	1 Quarter
Gross Profit	`GrossProfit`	$5.39K	USD	1 Quarter
Selling expenses	`SellingExpense`	$4.16K	USD	1 Quarter
Selling expenses	`SellingExpense`	$4.63K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$40.85K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$66.79K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$150.59K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$85.97K	USD	1 Quarter
Consulting fees - related party	`TechnologyServicesCosts`	-	USD	1 Quarter
Consulting fees - related party	`TechnologyServicesCosts`	$1.59K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$316.00	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$476.00	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$158.83K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$196.54K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-191.15K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-136.06K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$15.06K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$4.65K	USD	1 Quarter
Interest expense	`InterestExpense`	$41.17K	USD	1 Quarter
Interest expense	`InterestExpense`	$27.41K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-203.50K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-36.52K	USD	1 Quarter
Loss before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-203.50K	USD	1 Quarter
Loss before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-172.58K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-172.58K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-203.50K	USD	1 Quarter
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter
Weighted Average Number of Shares Outstanding During the Period - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.20M	shares	1 Quarter
Weighted Average Number of Shares Outstanding During the Period - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.92M	shares	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Reverse merger Fees	`ReverseMergerFees`	$20.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-172.58K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-203.50K	USD	1 Quarter
Depreciation	`Depreciation`	$4.16K	USD	1 Quarter
Depreciation	`Depreciation`	$4.15K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.49K	USD	1 Quarter
Accretion for debt discounts, warrants and issuance cost	`AccretionExpense`	$18.62K	USD	1 Quarter
Accretion for debt discounts, warrants and issuance cost	`AccretionExpense`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$171.00	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$14.11K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$15.27K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-9.18K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-114.28K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.33K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$30.95K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-461.42K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-39.63K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-74.14K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$27.41K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$21.73K	USD	1 Quarter
Accrued payroll liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-3.62K	USD	1 Quarter
Accrued payroll liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-469.00	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-769.80K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-168.63K	USD	1 Quarter
Cash received in reverse merger	`ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell`	$256.25K	USD	1 Quarter
Cash received in reverse merger	`ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell`	-	USD	1 Quarter
Investment in unconsolidated investee	`PaymentsToAcquireBusinessesAndInterestInAffiliates`	$35.00K	USD	1 Quarter
Investment in unconsolidated investee	`PaymentsToAcquireBusinessesAndInterestInAffiliates`	-	USD	1 Quarter
Purchase of fixed assets	`PaymentsForProceedsFromProductiveAssets`	-	USD	1 Quarter
Purchase of fixed assets	`PaymentsForProceedsFromProductiveAssets`	$12.78K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-12.78K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$221.25K	USD	1 Quarter
Issuance of convertible notes payable	`ProceedsFromConvertibleDebt`	$190.00K	USD	1 Quarter
Issuance of convertible notes payable	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Issuance of common stock Series C convertible preferred stock in connection with investment upon merger, net of $20,000 in fees	`ProceedsFromIssuanceOfConvertiblePreferredStock`	-	USD	1 Quarter
Issuance of common stock Series C convertible preferred stock in connection with investment upon merger, net of $20,000 in fees	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$3.98M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$190.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.98M	USD	1 Quarter
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$8.59K	USD	1 Quarter
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.43M	USD	1 Quarter
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$15.89K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.47M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$24.48K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$35.29K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$15.89K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.47M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$24.48K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$35.29K	USD	Point-in-time
Assets acquired and (liabilities assumed) in reverse merger cash	`AssetsAcquiredAndLiabilitiesAssumedInReverseMergerCash`	-	USD	1 Quarter
Assets acquired and (liabilities assumed) in reverse merger cash	`AssetsAcquiredAndLiabilitiesAssumedInReverseMergerCash`	$256.25K	USD	1 Quarter
Assets acquired and (liabilities assumed) in reverse merger accounts payable	`AssetsAcquiredAndLiabilitiesAssumedInReverseMergerAccountsPayable`	$-860.81K	USD	1 Quarter
Assets acquired and (liabilities assumed) in reverse merger accounts payable	`AssetsAcquiredAndLiabilitiesAssumedInReverseMergerAccountsPayable`	-	USD	1 Quarter
Net liabilities assumed	`LiabilitiesAssumed1`	-	USD	1 Quarter
Net liabilities assumed	`LiabilitiesAssumed1`	$604.56K	USD	1 Quarter
Investment made in unconsolidated investee	`InvestmentMadeInUnconsolidatedInvestee`	$1.00M	USD	1 Quarter
Investment made in unconsolidated investee	`InvestmentMadeInUnconsolidatedInvestee`	-	USD	1 Quarter

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