10-Q Filing

AgEagle Aerial Systems Inc. CIK: 8504 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001575705-18-000170`
Period End Date	20180630
Filing Date	20180814
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	uavs-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 76 Cash Flow Statement 75

Balance Sheet 56 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`	$5.18K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$35.29K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.56M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$15.89K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$6.36K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$255.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories	`InventoryNet`	$132.31K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories	`InventoryNet`	$158.63K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Prepaid expense	`PrepaidExpenseCurrent`	$3.38K	USD	Point-in-time
Prepaid expense	`PrepaidExpenseCurrent`	$117.16K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.82M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.20M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	10.16M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$197.56K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$38.70K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$30.40K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.20M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.16M	shares	Point-in-time
Investment in unconsolidated investee	`EquityMethodInvestments`	$1.08M	USD	Point-in-time
Investment in unconsolidated investee	`EquityMethodInvestments`	$75.00K	USD	Point-in-time
Total assets	`Assets`	$3.93M	USD	Point-in-time
Total assets	`Assets`	$311.26K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$426.15K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$381.17K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$59.35K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$26.48K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$185.34K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$2.34K	USD	Point-in-time
Payroll liabilities	`EmployeeRelatedLiabilitiesCurrent`	$5.52K	USD	Point-in-time
Payroll liabilities	`EmployeeRelatedLiabilitiesCurrent`	$5.33K	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`	$93.22K	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`	$508.54K	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`	$508.54K	USD	Point-in-time
Common stock, $0.001 par value; 250,000,000 shares authorized; 10,164,001 shares issued and outstanding at June 30, 2018. Common stock, $0.0001 par value; 100,000,000 shares authorized; 4,200,000 shares issued and outstanding at December 31, 2017	`CommonStockValue`	$10.16K	USD	Point-in-time
Common stock, $0.001 par value; 250,000,000 shares authorized; 10,164,001 shares issued and outstanding at June 30, 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
Additional paid-in capital	`AdditionalPaidInCapital`	$7.92M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.94M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.60M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.51M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-1.66M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$3.42M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$311.26K	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$3.93M	USD	Point-in-time

Income Statement 76 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$82.39K	USD	2 Qtrs
Revenues	`Revenues`	$53.71K	USD	2 Qtrs
Revenues	`Revenues`	$24.52K	USD	1 Quarter
Revenues	`Revenues`	$47.19K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$41.97K	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$18.17K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$36.91K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$43.18K	USD	2 Qtrs
Gross Profit	`GrossProfit`	$39.21K	USD	2 Qtrs
Gross Profit	`GrossProfit`	$11.74K	USD	2 Qtrs
Gross Profit	`GrossProfit`	$6.34K	USD	1 Quarter
Gross Profit	`GrossProfit`	$10.29K	USD	1 Quarter
Selling expenses	`SellingExpense`	$14.85K	USD	2 Qtrs
Selling expenses	`SellingExpense`	$8.38K	USD	1 Quarter
Selling expenses	`SellingExpense`	$36.46K	USD	2 Qtrs
Selling expenses	`SellingExpense`	$27.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$233.80K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$269.82K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$76.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$142.62K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$576.79K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$15.58K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$426.21K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$101.55K	USD	2 Qtrs
Consulting fees - related party	`ConsultingFeesRelatedParty`	$1.00K	USD	1 Quarter
Consulting fees - related party	`ConsultingFeesRelatedParty`	$7.99K	USD	2 Qtrs
Consulting fees - related party	`ConsultingFeesRelatedParty`	$1.00K	USD	2 Qtrs
Consulting fees - related party	`ConsultingFeesRelatedParty`	$6.40K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$476.00	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$5.88K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	-	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.56K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$107.91K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$688.01K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$884.55K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$272.90K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-681.67K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-872.82K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-97.63K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-233.69K	USD	2 Qtrs
Loss on investment from unconsolidated investee	`IncomeLossFromEquityMethodInvestments`	-	USD	2 Qtrs
Loss on investment from unconsolidated investee	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Loss on investment from unconsolidated investee	`IncomeLossFromEquityMethodInvestments`	$-30.35K	USD	1 Quarter
Loss on investment from unconsolidated investee	`IncomeLossFromEquityMethodInvestments`	$-30.35K	USD	2 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$5.19K	USD	2 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$16.71K	USD	2 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$1.65K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$535.00	USD	1 Quarter
Interest expense	`InterestExpense`	$29.25K	USD	2 Qtrs
Interest expense	`InterestExpense`	$1.83K	USD	1 Quarter
Interest expense	`InterestExpense`	$36.38K	USD	1 Quarter
Interest expense	`InterestExpense`	$77.55K	USD	2 Qtrs
Total Income (Expenses), Net	`NonoperatingIncomeExpense`	$-35.85K	USD	1 Quarter
Total Income (Expenses), Net	`NonoperatingIncomeExpense`	$-189.00	USD	1 Quarter
Total Income (Expenses), Net	`NonoperatingIncomeExpense`	$-12.54K	USD	2 Qtrs
Total Income (Expenses), Net	`NonoperatingIncomeExpense`	$-72.36K	USD	2 Qtrs
Loss before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-133.47K	USD	1 Quarter
Loss before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-306.05K	USD	2 Qtrs
Loss before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-915.71K	USD	2 Qtrs
Loss before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-712.21K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-712.21K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-133.47K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-915.71K	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-306.05K	USD	2 Qtrs
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.07	USD	1 Quarter
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.07	USD	2 Qtrs
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.10	USD	2 Qtrs
Weighted Average Number of Shares Outstanding During the Period - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	10.04M	shares	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`	4.20M	shares	2 Qtrs
Weighted Average Number of Shares Outstanding During the Period - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	9.44M	shares	2 Qtrs

Cash Flow Statement 75 line items

Line Item	Tag	Value	Unit	Period
Reverse merger Fees	`ReverseMergerFees`	$20.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-712.21K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-133.47K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-915.71K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-306.05K	USD	2 Qtrs
Depreciation	`Depreciation`	$8.30K	USD	2 Qtrs
Depreciation	`Depreciation`	$5.29K	USD	1 Quarter
Depreciation	`Depreciation`	$9.45K	USD	2 Qtrs
Depreciation	`Depreciation`	$4.15K	USD	1 Quarter
Loss on investment from unconsolidated investee	`LossOnInvestmentFromUnconsolidatedInvestee`	$30.35K	USD	2 Qtrs
Loss on investment from unconsolidated investee	`LossOnInvestmentFromUnconsolidatedInvestee`	-	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$6.40K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$24.51K	USD	2 Qtrs
Shares issued in exchange for professional services	`SharesIssuedInExchangeForProfessionalServices`	-	USD	2 Qtrs
Shares issued in exchange for professional services	`SharesIssuedInExchangeForProfessionalServices`	$135.60K	USD	2 Qtrs
Warrants issued with convertible promissory note	`WarrantsIssuedWithConvertiblePromissoryNote`	$4.93K	USD	2 Qtrs
Warrants issued with convertible promissory note	`WarrantsIssuedWithConvertiblePromissoryNote`	-	USD	2 Qtrs
Accretion for debt discounts, warrants and issuance cost	`AccretionExpense`	-	USD	2 Qtrs
Accretion for debt discounts, warrants and issuance cost	`AccretionExpense`	$25.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$12.21K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-6.11K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$1.23K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$26.32K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$805.00	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-113.78K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-865.51K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$41.90K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-84.86K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-32.87K	USD	2 Qtrs
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$45.98K	USD	2 Qtrs
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$25.58K	USD	2 Qtrs
Accrued payroll liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-194.00	USD	2 Qtrs
Accrued payroll liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-2.97K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-245.98K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.68M	USD	2 Qtrs
Cash received in reverse merger	`ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell`	-	USD	2 Qtrs
Cash received in reverse merger	`ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell`	$256.25K	USD	2 Qtrs
Investment in unconsolidated investee	`PaymentsToAcquireBusinessesAndInterestInAffiliates`	-	USD	2 Qtrs
Investment in unconsolidated investee	`PaymentsToAcquireBusinessesAndInterestInAffiliates`	$35.00K	USD	2 Qtrs
Purchase of fixed assets	`PaymentsForProceedsFromProductiveAssets`	$12.78K	USD	2 Qtrs
Purchase of fixed assets	`PaymentsForProceedsFromProductiveAssets`	-	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$221.25K	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-12.78K	USD	2 Qtrs
Issuance of convertible notes payable	`ProceedsFromConvertibleDebt`	-	USD	2 Qtrs
Issuance of convertible notes payable	`ProceedsFromConvertibleDebt`	$248.05K	USD	2 Qtrs
Payments on note payable	`RepaymentsOfNotesPayable`	$32.34K	USD	2 Qtrs
Payments on note payable	`RepaymentsOfNotesPayable`	-	USD	2 Qtrs
Shares repurchased from shareholder	`StockRepurchasedDuringPeriodValue`	$-210.64K	USD	2 Qtrs
Shares repurchased from shareholder	`StockRepurchasedDuringPeriodValue`	-	USD	2 Qtrs
Issuance of common stock and Series C convertible preferred stock in connection upon merger, net of $20,000 in fees	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$3.98M	USD	2 Qtrs
Issuance of common stock and Series C convertible preferred stock in connection upon merger, net of $20,000 in fees	`ProceedsFromIssuanceOfConvertiblePreferredStock`	-	USD	2 Qtrs
Sale of Series C convertible preferred stock	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	2 Qtrs
Sale of Series C convertible preferred stock	`ProceedsFromIssuanceOrSaleOfEquity`	$250.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.99M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$248.05K	USD	2 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.52M	USD	2 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-10.71K	USD	2 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.18K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$35.29K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.56M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$15.89K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.18K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$35.29K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.56M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$15.89K	USD	Point-in-time
Assets acquired and (liabilities assumed) in reverse merger cash	`AssetsAcquiredAndLiabilitiesAssumedInReverseMergerCash`	-	USD	2 Qtrs
Assets acquired and (liabilities assumed) in reverse merger cash	`AssetsAcquiredAndLiabilitiesAssumedInReverseMergerCash`	$256.25K	USD	2 Qtrs
Assets acquired and (liabilities assumed) in reverse merger accounts payable	`AssetsAcquiredAndLiabilitiesAssumedInReverseMergerAccountsPayable`	$-950.26K	USD	2 Qtrs
Assets acquired and (liabilities assumed) in reverse merger accounts payable	`AssetsAcquiredAndLiabilitiesAssumedInReverseMergerAccountsPayable`	-	USD	2 Qtrs
Net liabilities assumed	`LiabilitiesAssumed1`	$694.00K	USD	2 Qtrs
Net liabilities assumed	`LiabilitiesAssumed1`	-	USD	2 Qtrs
Issuance of common stock for investment made in unconsolidated investee	`IssuanceOfCommonStockForInvestmentMadeInUnconsolidatedInvestee`	-	USD	2 Qtrs
Issuance of common stock for investment made in unconsolidated investee	`IssuanceOfCommonStockForInvestmentMadeInUnconsolidatedInvestee`	$1.00M	USD	2 Qtrs
Conversion of Series B and C preferred stock into common stock	`ConversionOfSeriesBAndCPreferredStockIntoCommonStock`	$412.00	USD	2 Qtrs
Conversion of Series B and C preferred stock into common stock	`ConversionOfSeriesBAndCPreferredStockIntoCommonStock`	-	USD	2 Qtrs

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