10-K Filing

AgEagle Aerial Systems Inc. CIK: 8504 FY 2018

Filing Information

Form Type	10-K
Accession Number	`0001575705-19-000030`
Period End Date	20181231
Filing Date	20190328
Fiscal Year	2018
Fiscal Period	FY
XBRL Instance	uavs-20181231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 32 Cash Flow Statement 99 Stockholders Equity 30

Balance Sheet 62 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`	$35.29K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.60M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$255.00	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$93.00	USD	Point-in-time
Inventories	`InventoryNet`	$158.63K	USD	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
Inventories	`InventoryNet`	$149.48K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseCurrent`	$80.37K	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseCurrent`	$3.38K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.83M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.55M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.20M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$197.56K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.20M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$28.37K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.55M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$38.70K	USD	Point-in-time
Investment in unconsolidated investee	`EquityMethodInvestments`	-	USD	Point-in-time
Investment in unconsolidated investee	`EquityMethodInvestments`	$75.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$677.12K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	-	USD	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
Goodwill	`Goodwill`	$3.27M	USD	Point-in-time
Total assets	`Assets`	$6.81M	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`	$197.83K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$59.35K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$41.84K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$185.34K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$1.33K	USD	Point-in-time
Contract liability	`DepositContractsLiabilities`	-	USD	Point-in-time
Contract liability	`DepositContractsLiabilities`	$4.89K	USD	Point-in-time
Payroll liabilities	`EmployeeRelatedLiabilitiesCurrent`	$13.52K	USD	Point-in-time
Payroll liabilities	`EmployeeRelatedLiabilitiesCurrent`	$5.52K	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`	-	USD	Point-in-time
Promissory note	`PromissoryNote`	$41.00K	USD	Point-in-time
Promissory notes - related party	`PromissoryNotesRelatedParty`	-	USD	Point-in-time
Promissory notes - related party	`PromissoryNotesRelatedParty`	$131.05K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$300.41K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$300.41K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.97M	USD	Point-in-time
Common Stock, $0.001 par value, 250,000,000 shares authorized, 12,549,394 shares issued and outstanding at December 31, 2018, 100,000,000 shares authorized, 4,200,000 shares issued and outstanding at December 31, 2017	`CommonStockValue`	$12.55K	USD	Point-in-time
Common Stock, $0.001 par value, 250,000,000 shares authorized, 12,549,394 shares issued and outstanding at December 31, 2018, 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`	$1.94M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$12.17M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.68M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.60M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-896.61K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$6.51M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-1.66M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$6.81M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$311.26K	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$116.03K	USD	Annual
Revenues	`Revenues`	$107.81K	USD	Annual
Cost of sales	`CostOfRevenue`	$61.68K	USD	Annual
Cost of sales	`CostOfRevenue`	$93.36K	USD	Annual
Gross Profit	`GrossProfit`	$46.13K	USD	Annual
Gross Profit	`GrossProfit`	$22.68K	USD	Annual
Selling expenses	`SellingExpense`	$77.14K	USD	Annual
Selling expenses	`SellingExpense`	$31.00K	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.33M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$247.84K	USD	Annual
Professional fees	`ProfessionalFees`	$696.22K	USD	Annual
Professional fees	`ProfessionalFees`	$410.70K	USD	Annual
Total operating expenses	`OperatingExpenses`	$2.11M	USD	Annual
Total operating expenses	`OperatingExpenses`	$689.54K	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-666.86K	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-2.06M	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$12.46K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$13.33K	USD	Annual
Interest expense	`InterestExpense`	$142.81K	USD	Annual
Interest expense	`InterestExpense`	$32.42K	USD	Annual
Total Other Expenses, Net	`NonoperatingIncomeExpense`	$-130.35K	USD	Annual
Total Other Expenses, Net	`NonoperatingIncomeExpense`	$-19.08K	USD	Annual
Loss Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.08M	USD	Annual
Loss Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-797.22K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net Loss	`NetIncomeLoss`	$-797.22K	USD	Annual
Net Loss	`NetIncomeLoss`	$-2.08M	USD	Annual
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.19	USD	Annual
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.25	USD	Annual
Weighted Average Number of Shares Outstanding During the Period - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.18M	shares	Annual
Weighted Average Number of Shares Outstanding During the Period - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.20M	shares	Annual

Cash Flow Statement 99 line items

Line Item	Tag	Value	Unit	Period
Reverse merger Fees	`ReverseMergerFees`	$20.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-797.22K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.08M	USD	Annual
Depreciation and amortization	`Depreciation`	$65.36K	USD	Annual
Depreciation and amortization	`Depreciation`	$18.45K	USD	Annual
Issuance of employee and director stock options	`IssuanceOfEmployeeAndDirectorStockOptions`	$6.40K	USD	Annual
Issuance of employee and director stock options	`IssuanceOfEmployeeAndDirectorStockOptions`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$22.19K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$110.59K	USD	Annual
Shares issued for professional services	`SharesIssuedInExchangeForProfessionalServices`	-	USD	Annual
Shares issued for professional services	`SharesIssuedInExchangeForProfessionalServices`	$400.60K	USD	Annual
Warrants issued with convertible promissory note	`WarrantsIssuedWithConvertiblePromissoryNote`	$9.08K	USD	Annual
Warrants issued with convertible promissory note	`WarrantsIssuedWithConvertiblePromissoryNote`	-	USD	Annual
Accretion for debt discounts, warrants and issuance cost	`AccretionExpense`	$25.00K	USD	Annual
Accretion for debt discounts, warrants and issuance cost	`AccretionExpense`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$163.00	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$18.63K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$12.84K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-1.23K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-10.23K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-76.99K	USD	Annual
Deferred Revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	Annual
Deferred Revenue	`IncreaseDecreaseInDeferredRevenue`	$-1.93K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$349.73K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-228.33K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-17.51K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-67.71K	USD	Annual
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$106.31K	USD	Annual
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$28.74K	USD	Annual
Accrued payroll liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-8.30K	USD	Annual
Accrued payroll liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$8.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-328.88K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.78M	USD	Annual
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.78K	USD	Annual
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
Cash received in reverse merger	`ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell`	-	USD	Annual
Cash received in reverse merger	`ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell`	$256.25K	USD	Annual
Payments of liabilities assumed in reverse merger	`PaymentsForMergerRelatedCosts`	-	USD	Annual
Payments of liabilities assumed in reverse merger	`PaymentsForMergerRelatedCosts`	$891.47K	USD	Annual
Acquisition of Agribotix	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$75.00K	USD	Annual
Acquisition of Agribotix	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$925.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-87.78K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.56M	USD	Annual
Proceeds from the issuance of convertible notes payable	`ProceedsFromConvertibleDebt`	-	USD	Annual
Proceeds from the issuance of convertible notes payable	`ProceedsFromConvertibleDebt`	$335.00K	USD	Annual
Proceeds from the issuance of promissory note - related party	`ProceedsFromIssuanceOfDebt`	$101.05K	USD	Annual
Proceeds from the issuance of promissory note - related party	`ProceedsFromIssuanceOfDebt`	-	USD	Annual
Payments of the principle on note payable	`RepaymentsOfNotesPayable`	-	USD	Annual
Payments of the principle on note payable	`RepaymentsOfNotesPayable`	$84.56K	USD	Annual
Shares repurchased from shareholder	`SharesRepurchasedFromShareholder`	$-210.64K	USD	Annual
Shares repurchased from shareholder	`SharesRepurchasedFromShareholder`	-	USD	Annual
Proceeds from the issuance of Common Stock and Series C convertible preferred stock in connection with merger, net of $20,000 in fees	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$3.98M	USD	Annual
Proceeds from the issuance of Common Stock and Series C convertible preferred stock in connection with merger, net of $20,000 in fees	`ProceedsFromIssuanceOfConvertiblePreferredStock`	-	USD	Annual
Proceeds from the sale of Series C convertible preferred stock	`ProceedsFromIssuanceOrSaleOfEquity`	$250.00K	USD	Annual
Proceeds from the sale of Series C convertible preferred stock	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	Annual
Proceeds from the issuance of Common Stock Series D	`ProceedsFromIssuanceOfCommonStock`	$1.97M	USD	Annual
Proceeds from the issuance of Common Stock Series D	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$436.06K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.90M	USD	Annual
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$19.40K	USD	Annual
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.57M	USD	Annual
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$15.89K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$35.29K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.60M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$15.89K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$35.29K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.60M	USD	Point-in-time
Interest cash paid	`InterestPaidNet`	-	USD	Annual
Interest cash paid	`InterestPaidNet`	$39.31K	USD	Annual
Income taxes paid	`IncomeTaxesPaid`	-	USD	Annual
Income taxes paid	`IncomeTaxesPaid`	-	USD	Annual
Assets acquired and (liabilities assumed) in reverse merger cash	`AssetsAcquiredAndLiabilitiesAssumedInReverseMergerCash`	$256.25K	USD	Annual
Assets acquired and (liabilities assumed) in reverse merger cash	`AssetsAcquiredAndLiabilitiesAssumedInReverseMergerCash`	-	USD	Annual
Assets acquired and (liabilities assumed) in reverse merger accounts payable	`AssetsAcquiredAndLiabilitiesAssumedInReverseMergerAccountsPayable`	$-891.47K	USD	Annual
Assets acquired and (liabilities assumed) in reverse merger accounts payable	`AssetsAcquiredAndLiabilitiesAssumedInReverseMergerAccountsPayable`	-	USD	Annual
Promissory note	`NoncashTransactionPromissoryNote`	$-125.56K	USD	Annual
Promissory note	`NoncashTransactionPromissoryNote`	-	USD	Annual
Net liabilities assumed	`LiabilitiesAssumed1`	-	USD	Annual
Net liabilities assumed	`LiabilitiesAssumed1`	$760.77K	USD	Annual
Conversion of debt into common stock	`ConversionOfDebtIntoCommonStock`	-	USD	Annual
Conversion of debt into common stock	`ConversionOfDebtIntoCommonStock`	$1.50M	USD	Annual
Conversion of Series B and C preferred stock into common stock	`ConversionOfSeriesBAndCPreferredStockIntoCommonStock`	-	USD	Annual
Conversion of Series B and C preferred stock into common stock	`ConversionOfSeriesBAndCPreferredStockIntoCommonStock`	$613.00	USD	Annual
Issuance of common stock as consideration	`IssuanceOfCommonStockAsConsideration`	$3.00M	USD	Annual
Issuance of common stock as consideration	`IssuanceOfCommonStockAsConsideration`	-	USD	Annual
Cash paid in the prior year	`CashPaidInPriorYear`	-	USD	Annual
Cash paid in the prior year	`CashPaidInPriorYear`	$75.00K	USD	Annual
Deferred revenue	`NonCashDeferredRevenue`	-	USD	Annual
Deferred revenue	`NonCashDeferredRevenue`	$6.82K	USD	Annual
Inventory	`Inventory`	$-3.69K	USD	Annual
Inventory	`Inventory`	-	USD	Annual
Fixed assets	`FixedAssets`	$-7.65K	USD	Annual
Fixed assets	`FixedAssets`	-	USD	Annual
Intangible assets	`IntangibleAssets`	-	USD	Annual
Intangible assets	`IntangibleAssets`	$-724.50K	USD	Annual
Goodwill	`NonCashTransactionGoodwill`	-	USD	Annual
Goodwill	`NonCashTransactionGoodwill`	$-3.27M	USD	Annual
Cash paid for acquisition	`CashPaidForAcquisition`	-	USD	Annual
Cash paid for acquisition	`CashPaidForAcquisition`	$-925.00K	USD	Annual

Stockholders Equity 30 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$-896.61K	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$6.51M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$-1.66M	USD	Point-in-time
Pre-merger issuances and conversions of shares	`PremergerIssuancesAndConversionsOfShares`	-	USD	Annual
Pre-merger issuances of shares	`PremergerIssuancesOfShares`	-	USD	Annual
Sale of Series C preferred stock	`SaleOfSeriesCPreferredStock`	$250.00K	USD	Annual
Founder stock returned to company	`FounderStockReturnedToCompany`	-	USD	Annual
Shares repurchased from shareholder	`SharesRepurchasedFromShareholder`	$-210.64K	USD	Annual
Shares repurchased from shareholder	`SharesRepurchasedFromShareholder`	-	USD	Annual
Conversion of Series B and C preferred stock	`ConversionOfSeriesBAndCPreferredStock`	-	USD	Annual
Exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	Annual
Pre-merger conversion of shares	`PremergerConversionOfShares`	-	USD	Annual
Issuance of employee and director stock options	`IssuanceOfEmployeeAndDirectorStockOptions`	$6.40K	USD	Annual
Issuance of employee and director stock options	`IssuanceOfEmployeeAndDirectorStockOptions`	-	USD	Annual
Issuance of common stock for consulting services	`IssuanceOfCommonStockForConsultingServices`	$400.60K	USD	Annual
AgEagle debt conversion into common stock	`AgeagleDebtConversionIntoCommonStock`	$1.50M	USD	Annual
AgEagle shareholder common stock conversion to Enerjex common shares	`AgeagleShareholderCommonStockConversionToEnerjexCommonShares`	-	USD	Annual
Acquisition of Agribotix	`AcquisitionOfAgribotix`	$3.00M	USD	Annual
Issuance of common and preferred stock for Enerjex shareholders upon merger	`IssuanceOfCommonAndPreferredStockForEnerjexShareholdersUponMerger`	$-760.77K	USD	Annual
Issuance of Series C common stock in connection with merger, net of fees	`IssuanceOfSeriesCCommonStockInConnectionWithMergerNetOf20kInFees`	$3.98M	USD	Annual
Warrants issued with convertible promissory note	`WarrantsIssuedWithConvertiblePromissoryNote`	$9.08K	USD	Annual
Warrants issued with convertible promissory note	`WarrantsIssuedWithConvertiblePromissoryNote`	-	USD	Annual
Issuance of Series D preferred stock and warrants for cash	`IssuanceOfSeriesDPreferredStockAndWarrantsForCash`	$1.97M	USD	Annual
Share compensation period costs	`StockIssuedDuringPeriodValueShareBasedCompensation`	$110.59K	USD	Annual
Share compensation period costs	`StockIssuedDuringPeriodValueShareBasedCompensation`	$22.19K	USD	Annual
Net loss	`NetIncomeLoss`	$-797.22K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.08M	USD	Annual
Balance, ending	`StockholdersEquity`	$-896.61K	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$6.51M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$-1.66M	USD	Point-in-time

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