10-Q Filing

AgEagle Aerial Systems Inc. CIK: 8504 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001575705-19-000058`
Period End Date	20190331
Filing Date	20190515
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	uavs-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 32 Cash Flow Statement 61 Stockholders Equity 20

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	25.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	25.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.60M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$35.29K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.15M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.47M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$11.49K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$93.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$134.14K	USD	Point-in-time
Inventories, net	`InventoryNet`	$149.48K	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
Prepaid and other current assets	`PrepaidExpenseCurrent`	$66.87K	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseCurrent`	$80.37K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	14.45M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$2.83M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.36M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.55M	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`	$25.14K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	14.45M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$677.12K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$635.28K	USD	Point-in-time
Goodwill	`Goodwill`	$3.27M	USD	Point-in-time
Goodwill	`Goodwill`	$3.27M	USD	Point-in-time
Total assets	`Assets`	$6.81M	USD	Point-in-time
Total assets	`Assets`	$6.30M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$197.83K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$227.96K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$41.84K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$21.82K	USD	Point-in-time
Accrued dividends	`DividendsPayableCurrent`	$41.33K	USD	Point-in-time
Accrued dividends	`DividendsPayableCurrent`	$1.33K	USD	Point-in-time
Contract liability	`DepositContractsLiabilities`	$4.89K	USD	Point-in-time
Contract liability	`DepositContractsLiabilities`	$2.52K	USD	Point-in-time
Payroll liabilities	`EmployeeRelatedLiabilitiesCurrent`	$13.52K	USD	Point-in-time
Payroll liabilities	`EmployeeRelatedLiabilitiesCurrent`	$29.17K	USD	Point-in-time
Promissory note	`PromissoryNote`	$41.00K	USD	Point-in-time
Promissory note	`PromissoryNote`	$9.03K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$331.84K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$300.41K	USD	Point-in-time
Total liabilities	`Liabilities`	$300.41K	USD	Point-in-time
Total liabilities	`Liabilities`	$331.84K	USD	Point-in-time
Preferred stock value	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock value	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, $0.001 par value, 250,000,000 shares authorized, 14,449,394 and 12,549,394 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$14.45K	USD	Point-in-time
Common Stock, $0.001 par value, 250,000,000 shares authorized, 14,449,394 and 12,549,394 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$12.55K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$12.17M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$12.19M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.24M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.68M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.02M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-1.66M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$6.51M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.96M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$6.81M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$6.30M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$29.19K	USD	1 Quarter
Revenues	`Revenues`	$45.99K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$23.80K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$33.95K	USD	1 Quarter
Gross Profit	`GrossProfit`	$5.39K	USD	1 Quarter
Gross Profit	`GrossProfit`	$12.04K	USD	1 Quarter
Selling expenses	`SellingExpense`	$12.13K	USD	1 Quarter
Selling expenses	`SellingExpense`	$4.63K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$474.90K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$40.85K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$151.06K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$90.02K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$196.54K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$577.05K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-565.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-191.15K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$15.06K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$27.41K	USD	1 Quarter
Interest expense	`InterestExpense`	$462.00	USD	1 Quarter
Total Other Expenses, Net	`NonoperatingIncomeExpense`	$-12.35K	USD	1 Quarter
Total Other Expenses, Net	`NonoperatingIncomeExpense`	$-462.00	USD	1 Quarter
Loss Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-203.50K	USD	1 Quarter
Loss Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-565.47K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-203.50K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-565.47K	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`	13.25M	shares	1 Quarter
Weighted Average Number of Shares Outstanding During the Period - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.92M	shares	1 Quarter

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Reverse merger Fees	`ReverseMergerFees`	$20.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-203.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-565.47K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$4.15K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$45.07K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.49K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$60.92K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-11.40K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$171.00	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$15.27K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$15.35K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$13.50K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-114.28K	USD	1 Quarter
Contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	-	USD	1 Quarter
Contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-2.37K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-461.42K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$30.13K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-39.63K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-20.02K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	-	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$27.41K	USD	1 Quarter
Accrued payroll liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$15.65K	USD	1 Quarter
Accrued payroll liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-469.00	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-418.64K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-769.80K	USD	1 Quarter
Cash received in reverse merger	`ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell`	-	USD	1 Quarter
Cash received in reverse merger	`ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell`	$256.25K	USD	1 Quarter
Investment in unconsolidated investee	`InvestmentInUnconsolidatedInvestee`	$35.00K	USD	1 Quarter
Investment in unconsolidated investee	`InvestmentInUnconsolidatedInvestee`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$221.25K	USD	1 Quarter
Payments on promissory note	`RepaymentsOfOtherDebt`	$31.97K	USD	1 Quarter
Payments on promissory note	`RepaymentsOfOtherDebt`	-	USD	1 Quarter
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	1 Quarter
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	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-31.97K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.98M	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.43M	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-450.61K	USD	1 Quarter
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.60M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$35.29K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.15M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.47M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.60M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$35.29K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.15M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.47M	USD	Point-in-time
Interest cash paid	`InterestPaidNet`	-	USD	1 Quarter
Interest cash paid	`InterestPaidNet`	$462.00	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	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 cash	`AssetsAcquiredAndLiabilitiesAssumedInReverseMergerCash`	-	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`	$604.56K	USD	1 Quarter
Net liabilities assumed	`LiabilitiesAssumed1`	-	USD	1 Quarter
Investment made in unconsolidated investee	`InvestmentMadeInUnconsolidatedInvestee`	-	USD	1 Quarter
Investment made in unconsolidated investee	`InvestmentMadeInUnconsolidatedInvestee`	$1.00M	USD	1 Quarter
Accrued dividends on Series D Preferred Stock	`AccruedDividendsOnSeriesDPreferredStock`	$40.00K	USD	1 Quarter
Accrued dividends on Series D Preferred Stock	`AccruedDividendsOnSeriesDPreferredStock`	-	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$4.02M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$-1.66M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$6.51M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$5.96M	USD	Point-in-time
Pre-merger issuances and conversions of shares	`PremergerIssuancesAndConversionsOfShares`	-	USD	1 Quarter
AgEagle debt conversion into common stock	`AgeagleDebtConversionIntoCommonStock`	$1.50M	USD	1 Quarter
AgEagle shareholder common stock conversion to Enerjex common shares	`AgeagleShareholderCommonStockConversionToEnerjexCommonShares`	-	USD	1 Quarter
Investment in Agribotix	`InvestmentInAgribotix`	$1.00M	USD	1 Quarter
Issuance of common and preferred stock for Enerjex shareholders upon merger	`IssuanceOfCommonAndPreferredStockForEnerjexShareholdersUponMerger`	$-604.55K	USD	1 Quarter
Issuance of common stock Series C in connection with investment upon merger	`IssuanceOfCommonStockSeriesCInConnectionWithInvestmentUponMerger`	$3.98M	USD	1 Quarter
Conversion of Series C Preferred Stock	`ConversionOfSeriesCPreferredStock`	-	USD	1 Quarter
Conversion of Series D Preferred Stock	`ConversionOfSeriesDPreferredStock`	$-40.00K	USD	1 Quarter
Share compensation period costs	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.49K	USD	1 Quarter
Share compensation period costs	`StockIssuedDuringPeriodValueShareBasedCompensation`	$60.92K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-203.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-565.47K	USD	1 Quarter
Balance, ending	`StockholdersEquity`	$4.02M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$-1.66M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$6.51M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$5.96M	USD	Point-in-time

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