10-K Filing

AgEagle Aerial Systems Inc. CIK: 8504 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001575705-21-000158`
Period End Date	20201231
Filing Date	20210331
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	uavs-20201231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 44 Cash Flow Statement 70 Stockholders Equity 18

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.60M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$718.00K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$23.94M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$65.83K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Inventories, net	`InventoryNet`	$221.17K	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, net	`InventoryNet`	$135.65K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseCurrent`	$124.16K	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseCurrent`	$122.01K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Notes receivable	`NotesReceivableNet`	-	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	58.64M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	15.42M	shares	Point-in-time
Notes receivable	`NotesReceivableNet`	$600.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.13M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	58.64M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.42M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$24.80M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$37.78K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$122.59K	USD	Point-in-time
Right of use asset	`OtherAssetsCurrent`	-	USD	Point-in-time
Right of use asset	`OtherAssetsCurrent`	$257.36K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$440.53K	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`	$28.73M	USD	Point-in-time
Total assets	`Assets`	$4.80M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$57.43K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$159.81K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.84M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$36.42K	USD	Point-in-time
Accrued dividends	`DividendsPayableCurrent`	-	USD	Point-in-time
Accrued dividends	`DividendsPayableCurrent`	$163.56K	USD	Point-in-time
Contract liabilities	`DepositContractsLiabilities`	$2.30K	USD	Point-in-time
Contract liabilities	`DepositContractsLiabilities`	$264.47K	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$85.89K	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Current portion of promissory note	`PromissoryNote`	-	USD	Point-in-time
Current portion of promissory note	`PromissoryNote`	$89.53K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.18M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$521.88K	USD	Point-in-time
Long term portion of lease liability	`OperatingLeaseLiabilityNoncurrent`	$171.47K	USD	Point-in-time
Long term portion of lease liability	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Long term portion of promissory note	`LongTermNotesPayable`	$17.91K	USD	Point-in-time
Long term portion of promissory note	`LongTermNotesPayable`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$2.37M	USD	Point-in-time
Total liabilities	`Liabilities`	$521.88K	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized, 58,636,365 and 15,424,394 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$15.42K	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized, 58,636,365 and 15,424,394 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$58.64K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$47.24M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$12.46M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.20M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-20.95M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$6.51M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.27M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$26.35M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.80M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$28.73M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$1.29M	USD	Annual
Revenues	`Revenues`	$296.68K	USD	Annual
Cost of sales	`CostOfRevenue`	$202.05K	USD	Annual
Cost of sales	`CostOfRevenue`	$711.65K	USD	Annual
Gross Profit	`GrossProfit`	$94.63K	USD	Annual
Gross Profit	`GrossProfit`	$573.73K	USD	Annual
Selling expenses	`SellingExpense`	$65.02K	USD	Annual
Selling expenses	`SellingExpense`	$40.00K	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.85M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$2.73M	USD	Annual
Professional fees	`ProfessionalFees`	$2.70M	USD	Annual
Professional fees	`ProfessionalFees`	$662.63K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$29.39K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$38.95K	USD	Annual
Total operating expenses	`OperatingExpenses`	$5.51M	USD	Annual
Total operating expenses	`OperatingExpenses`	$2.62M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-2.52M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-4.93M	USD	Annual
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-594.00	USD	Annual
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	Annual
Interest expense	`InterestExpense`	$549.00	USD	Annual
Interest expense	`InterestExpense`	$501.00	USD	Annual
Total Other Expenses	`NonoperatingIncomeExpense`	$-501.00	USD	Annual
Total Other Expenses	`NonoperatingIncomeExpense`	$-1.14K	USD	Annual
Loss Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.52M	USD	Annual
Loss Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.93M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net Loss	`NetIncomeLoss`	$-2.52M	USD	Annual
Net Loss	`NetIncomeLoss`	$-4.93M	USD	Annual
Deemed dividends on redemption of Series D Preferred Stock	`DeemedDividendsOnRedemptionOfSeriesDPreferredStock`	$-3.76M	USD	Annual
Deemed dividends on redemption of Series D Preferred Stock	`DeemedDividendsOnRedemptionOfSeriesDPreferredStock`	-	USD	Annual
Deemed dividends on Series C Preferred Stock and Series D warrants	`DeemedDividendsOnSeriesCPreferredStockAndSeriesDWarrants`	-	USD	Annual
Deemed dividends on Series C Preferred Stock and Series D warrants	`DeemedDividendsOnSeriesCPreferredStockAndSeriesDWarrants`	$-4.05M	USD	Annual
Deemed dividends on issuance and repurchase of Series E Preferred Stock	`DeemedDividendOnIssuanceAndRepurchaseOfSeriesEPreferredStock`	$-1.23M	USD	Annual
Deemed dividends on issuance and repurchase of Series E Preferred Stock	`DeemedDividendOnIssuanceAndRepurchaseOfSeriesEPreferredStock`	-	USD	Annual
Series D Preferred stock dividends	`SeriesDPreferredStockDividends`	$-162.22K	USD	Annual
Series D Preferred stock dividends	`SeriesDPreferredStockDividends`	$-69.78K	USD	Annual
Net Loss Available to Common Stockholders	`NetLossAvailableToCommonStockholders`	$-14.04M	USD	Annual
Net Loss Available to Common Stockholders	`NetLossAvailableToCommonStockholders`	$-2.68M	USD	Annual
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.18	USD	Annual
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.35	USD	Annual
Weighted Average Number of Shares Outstanding During the Period - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	14.52M	shares	Annual
Weighted Average Number of Shares Outstanding During the Period - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	40.69M	shares	Annual

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.52M	USD	Annual
Net loss	`NetIncomeLoss`	$-4.93M	USD	Annual
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets`	-	USD	Annual
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets`	$594.00	USD	Annual
Depreciation and amortization	`Depreciation`	$171.59K	USD	Annual
Depreciation and amortization	`Depreciation`	$173.66K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$402.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$260.31K	USD	Annual
Shares issued for professional services	`SharesIssuedInExchangeForProfessionalServices`	$-190.50K	USD	Annual
Shares issued for professional services	`SharesIssuedInExchangeForProfessionalServices`	$-297.50K	USD	Annual
Loss on impairment	`ImpairmentOfIntangibleAssetsFinitelived`	$162.98K	USD	Annual
Loss on impairment	`ImpairmentOfIntangibleAssetsFinitelived`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-65.83K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$65.74K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-85.52K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$71.69K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.15K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$43.79K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-140.40K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$102.38K	USD	Annual
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.81M	USD	Annual
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-18.95K	USD	Annual
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	-	USD	Annual
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	-	USD	Annual
Contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-262.17K	USD	Annual
Contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$259.58K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.82M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.26M	USD	Annual
Issuance of notes receivable	`IncreaseDecreaseInNotesReceivableCurrent`	$-600.00K	USD	Annual
Issuance of notes receivable	`IncreaseDecreaseInNotesReceivableCurrent`	-	USD	Annual
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$106.12K	USD	Annual
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$24.45K	USD	Annual
Platform development costs	`PlatformDevelopmentCosts`	$-72.90K	USD	Annual
Platform development costs	`PlatformDevelopmentCosts`	-	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-24.45K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-779.02K	USD	Annual
Proceeds from (payments on) promissory note	`RepaymentsOfNotesPayable`	$-107.44K	USD	Annual
Proceeds from (payments on) promissory note	`RepaymentsOfNotesPayable`	$41.00K	USD	Annual
Issuance of Series E Preferred stock	`IssuanceOfSeriesEPreferredStock`	-	USD	Annual
Issuance of Series E Preferred stock	`IssuanceOfSeriesEPreferredStock`	$1.01M	USD	Annual
Repurchase of Series E Preferred stock	`RepurchaseOfSeriesEPreferredStock`	$-1.11M	USD	Annual
Repurchase of Series E Preferred stock	`RepurchaseOfSeriesEPreferredStock`	-	USD	Annual
Sales of Common Stock, net of issuance cost	`SalesOfCommonStockNetOfIssuanceCost1`	-	USD	Annual
Sales of Common Stock, net of issuance cost	`SalesOfCommonStockNetOfIssuanceCost1`	$22.80M	USD	Annual
Sale of Common Stock from exercise of warrants	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	Annual
Sale of Common Stock from exercise of warrants	`ProceedsFromIssuanceOrSaleOfEquity`	$3.32M	USD	Annual
Exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	Annual
Exercise of stock options	`ProceedsFromStockOptionsExercised`	$134.51K	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$26.26M	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-41.00K	USD	Annual
Net (decrease) increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.88M	USD	Annual
Net (decrease) increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$23.22M	USD	Annual
Cash at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$2.60M	USD	Point-in-time
Cash at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$718.00K	USD	Point-in-time
Cash at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$23.94M	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$2.60M	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$718.00K	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$23.94M	USD	Point-in-time
Interest cash paid	`InterestPaidNet`	$501.00	USD	Annual
Interest cash paid	`InterestPaidNet`	-	USD	Annual
Income taxes paid	`IncomeTaxesPaid`	-	USD	Annual
Income taxes paid	`IncomeTaxesPaid`	-	USD	Annual
Accrued dividends	`AccruedDividends`	$163.56K	USD	Annual
Accrued dividends	`AccruedDividends`	-	USD	Annual
Conversion of Series B, C, D and E Preferred Stock into Common Stock	`ConversionOfSeriesBCDAndEPreferredStockIntoCommonStock`	$6.55K	USD	Annual
Conversion of Series B, C, D and E Preferred Stock into Common Stock	`ConversionOfSeriesBCDAndEPreferredStockIntoCommonStock`	$2.15K	USD	Annual
Issuance of Series E Preferred Stock	`IssuanceOfSeriesEPreferredStock1`	$1.05K	USD	Annual
Issuance of Series E Preferred Stock	`IssuanceOfSeriesEPreferredStock1`	-	USD	Annual
Deemed dividends	`DeemedDividends`	$162.22K	USD	Annual
Deemed dividends	`DeemedDividends`	$9.11M	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$6.51M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$4.27M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$26.35M	USD	Point-in-time
Conversion of Series D Preferred stock and accrued dividends	`ConversionOfSeriesDPreferredStockAndAccruedDividends`	$163.56K	USD	Annual
Sale of Common Stock from exercise of warrants	`SaleOfCommonStockFromConversionOfWarrants`	$3.32M	USD	Annual
Issuance of Series E Preferred stock, net of issuance costs	`IssuanceOfSeriesEPreferredStockNetOfIssuanceCosts`	$1.01M	USD	Annual
Repurchase of Series E Preferred stock	`RepurchaseOfSeriesEPreferredStock1`	$-1.11M	USD	Annual
Sale of Common Stock, net of issuance costs	`SaleOfCommonStockNetOfIssuanceCosts`	$22.80M	USD	Annual
Issuance of common stock for consulting services	`StockIssuedDuringPeriodValueIssuedForServices`	$297.50K	USD	Annual
Issuance of common stock for consulting services	`StockIssuedDuringPeriodValueIssuedForServices`	$190.50K	USD	Annual
Dividend on Series D Preferred Stock	`DividendOnSeriesDPreferredStock`	$-162.22K	USD	Annual
Dividend on Series D Preferred Stock	`DividendOnSeriesDPreferredStock`	$402.00K	USD	Annual
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$260.31K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.52M	USD	Annual
Net loss	`NetIncomeLoss`	$-4.93M	USD	Annual
Balance, ending	`StockholdersEquity`	$6.51M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$4.27M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$26.35M	USD	Point-in-time

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