10-Q Filing

AgEagle Aerial Systems Inc. CIK: 8504 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001575705-20-000090`
Period End Date	20200331
Filing Date	20200514
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	uavs-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 30 Cash Flow Statement 48 Stockholders Equity 17

Balance Sheet 60 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`	$356.08K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$718.00K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.15M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$50.04K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$65.83K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$221.17K	USD	Point-in-time
Inventories, net	`InventoryNet`	$116.05K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseCurrent`	$107.01K	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseCurrent`	$124.16K	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
Total current assets	`AssetsCurrent`	$629.19K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.13M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	15.42M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	15.61M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.42M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$37.78K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.61M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$36.12K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$482.34K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$520.57K	USD	Point-in-time
Goodwill	`Goodwill`	$3.11M	USD	Point-in-time
Goodwill	`Goodwill`	$3.11M	USD	Point-in-time
Total assets	`Assets`	$4.80M	USD	Point-in-time
Total assets	`Assets`	$4.26M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$85.15K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$57.43K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$34.09K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$36.42K	USD	Point-in-time
Accrued dividends	`DividendsPayableCurrent`	$163.56K	USD	Point-in-time
Accrued dividends	`DividendsPayableCurrent`	$204.00K	USD	Point-in-time
Contract liabilities	`DepositContractsLiabilities`	$40.98K	USD	Point-in-time
Contract liabilities	`DepositContractsLiabilities`	$264.47K	USD	Point-in-time
Payroll liabilities	`EmployeeRelatedLiabilitiesCurrent`	-	USD	Point-in-time
Payroll liabilities	`EmployeeRelatedLiabilitiesCurrent`	$6.88K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$371.10K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$521.88K	USD	Point-in-time
Total liabilities	`Liabilities`	$371.10K	USD	Point-in-time
Total liabilities	`Liabilities`	$521.88K	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, 15,610,019 and 15,424,394 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$15.61K	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized, 15,610,019 and 15,424,394 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$15.42K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$12.46M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$12.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.20M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.60M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$6.51M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.96M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.27M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.26M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.80M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$391.28K	USD	1 Quarter
Revenues	`Revenues`	$45.99K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$174.48K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$33.95K	USD	1 Quarter
Gross Profit	`GrossProfit`	$216.80K	USD	1 Quarter
Gross Profit	`GrossProfit`	$12.04K	USD	1 Quarter
Selling expenses	`SellingExpense`	$12.13K	USD	1 Quarter
Selling expenses	`SellingExpense`	$3.04K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$445.53K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$474.90K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$171.50K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$90.02K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$620.07K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$577.05K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-403.27K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-565.00K	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$462.00	USD	1 Quarter
Total Other Expenses	`NonoperatingIncomeExpense`	-	USD	1 Quarter
Total Other Expenses	`NonoperatingIncomeExpense`	$-462.00	USD	1 Quarter
Loss Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-565.47K	USD	1 Quarter
Loss Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-403.27K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-403.27K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-565.47K	USD	1 Quarter
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted Average Number of Shares Outstanding During the Period - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	15.60M	shares	1 Quarter
Weighted Average Number of Shares Outstanding During the Period - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	13.25M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-403.27K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-565.47K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$45.07K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$42.17K	USD	1 Quarter
Loss on impairment	`ImpairmentOfIntangibleAssetsFinitelived`	$60.92K	USD	1 Quarter
Loss on impairment	`ImpairmentOfIntangibleAssetsFinitelived`	$54.63K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-15.79K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$11.40K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-105.11K	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`	$-417.15K	USD	1 Quarter
Contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-223.49K	USD	1 Quarter
Contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-2.37K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$27.72K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$30.13K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-20.02K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-2.33K	USD	1 Quarter
Payroll liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$15.65K	USD	1 Quarter
Payroll liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$6.88K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-418.64K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-359.63K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.28K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.28K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Payments on promissory note	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Payments on promissory note	`RepaymentsOfNotesPayable`	$31.97K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-31.97K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-361.91K	USD	1 Quarter
Net 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`	$356.08K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$718.00K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.15M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.60M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$356.08K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$718.00K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.15M	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
Conversion of Series B and C preferred stock into common stock	`ConversionOfSeriesBAndCPreferredStockIntoCommonStock`	$1.03K	USD	1 Quarter
Conversion of Series B and C preferred stock into common stock	`ConversionOfSeriesBAndCPreferredStockIntoCommonStock`	$189.00	USD	1 Quarter
Accrued dividends on Series D Preferred Stock	`AccruedDividendsOnSeriesDPreferredStock`	$40.00K	USD	1 Quarter
Accrued dividends on Series D Preferred Stock	`AccruedDividendsOnSeriesDPreferredStock`	$40.45K	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$6.51M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$3.88M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$5.96M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$4.27M	USD	Point-in-time
Conversion of Series C	`ConversionOfSeriesC`	-	USD	1 Quarter
Conversion of Series C	`ConversionOfSeriesC`	-	USD	1 Quarter
Purchase of Acquisition	`StockIssuedDuringPeriodValueAcquisitions`	-	USD	1 Quarter
Dividend on Series D Preferred Stock	`DividendOnSeriesDPreferredStock`	$-40.00K	USD	1 Quarter
Dividend on Series D Preferred Stock	`DividendOnSeriesDPreferredStock`	$-40.45K	USD	1 Quarter
Share compensation period costs	`StockIssuedDuringPeriodValueShareBasedCompensation`	$54.63K	USD	1 Quarter
Share compensation period costs	`StockIssuedDuringPeriodValueShareBasedCompensation`	$60.92K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-403.27K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-565.47K	USD	1 Quarter
Balance, ending	`StockholdersEquity`	$6.51M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$3.88M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$5.96M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$4.27M	USD	Point-in-time

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