10-Q Filing

AgEagle Aerial Systems Inc. CIK: 8504 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001575705-21-000290`
Period End Date	20210331
Filing Date	20210517
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	uavs-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 38 Cash Flow Statement 58 Stockholders Equity 18

Balance Sheet 81 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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$23.94M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$718.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$24.19M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$356.08K	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$380.42K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Inventories, net	`InventoryNet`	$135.65K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$894.81K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseCurrent`	$282.87K	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
Common stock, shares issued	`CommonStockSharesIssued`	62.50M	shares	Point-in-time
Notes receivable	`NotesReceivableNet`	$500.00K	USD	Point-in-time
Notes receivable	`NotesReceivableNet`	$600.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	58.64M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$24.80M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$26.25M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	58.64M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	62.50M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$122.59K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$299.26K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$1.14M	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$257.36K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.67M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$440.53K	USD	Point-in-time
Goodwill	`Goodwill`	$19.01M	USD	Point-in-time
Goodwill	`Goodwill`	$22.12M	USD	Point-in-time
Goodwill	`Goodwill`	$3.11M	USD	Point-in-time
Other assets	`OtherAssets`	$25.00K	USD	Point-in-time
Other assets	`OtherAssets`	-	USD	Point-in-time
Total assets	`Assets`	$53.50M	USD	Point-in-time
Total assets	`Assets`	$28.73M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$492.92K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$159.81K	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$3.58M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$1.84M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$65.89K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$2.30K	USD	Point-in-time
Current portion of liability related to acquisition agreement	`CurrentPortionOfLiabilityRelatedToAcquisitionAgreement`	-	USD	Point-in-time
Current portion of liability related to acquisition agreement	`CurrentPortionOfLiabilityRelatedToAcquisitionAgreement`	$4.58M	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$244.83K	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$85.89K	USD	Point-in-time
Current portion of promissory note	`PromissoryNote`	$89.53K	USD	Point-in-time
Current portion of promissory note	`PromissoryNote`	$102.96K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.18M	USD	Point-in-time
Long term portion of lease liability	`OperatingLeaseLiabilityNoncurrent`	$894.21K	USD	Point-in-time
Long term portion of lease liability	`OperatingLeaseLiabilityNoncurrent`	$171.47K	USD	Point-in-time
Long term portion of promissory note	`LongTermNotesPayable`	$17.91K	USD	Point-in-time
Long term portion of promissory note	`LongTermNotesPayable`	$4.48K	USD	Point-in-time
Long term portion of liability related to acquisition agreement	`LongTermPortionOfLiabilityRelatedToAcquisitionAgreement`	$5.00M	USD	Point-in-time
Long term portion of liability related to acquisition agreement	`LongTermPortionOfLiabilityRelatedToAcquisitionAgreement`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$14.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.37M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (SEE NOTE 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (SEE NOTE 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred Stock, $0.001 par value, 25,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2021 and December 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, $0.001 par value, 25,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2021 and December 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, $0.001 par value, 250,000,000 shares authorized, 62,500,815 and 58,636,365 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$62.50K	USD	Point-in-time
Common Stock, $0.001 par value, 250,000,000 shares authorized, 62,500,815 and 58,636,365 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$58.64K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$47.24M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$62.34M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-20.95M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-23.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$26.35M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.27M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$38.53M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$28.73M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$53.50M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$1.70M	USD	1 Quarter
Revenues	`Revenues`	$391.28K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$621.90K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$174.48K	USD	1 Quarter
Gross Profit	`GrossProfit`	$1.08M	USD	1 Quarter
Gross Profit	`GrossProfit`	$216.80K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$445.53K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.85M	USD	1 Quarter
Professional fees	`ProfessionalFees`	$1.66M	USD	1 Quarter
Professional fees	`ProfessionalFees`	$171.50K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$232.80K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	-	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.04K	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$297.70K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.04M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$620.07K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-403.27K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.96M	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$2.85K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	-	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$27.42K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Total Other Income	`NonoperatingIncomeExpense`	$30.27K	USD	1 Quarter
Total Other Income	`NonoperatingIncomeExpense`	-	USD	1 Quarter
Loss Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.93M	USD	1 Quarter
Loss Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-403.27K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$-40.45K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-2.93M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-443.72K	USD	1 Quarter
Series D Preferred stock dividends	`SeriesDPreferredStockDividends`	-	USD	1 Quarter
Series D Preferred stock dividends	`SeriesDPreferredStockDividends`	$40.45K	USD	1 Quarter
Net Loss Available to Common Stockholders	`NetLossAvailableToCommonStockholders`	$-2.93M	USD	1 Quarter
Net Loss Available to Common Stockholders	`NetLossAvailableToCommonStockholders`	$-443.72K	USD	1 Quarter
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
Weighted Average Number of Shares Outstanding During the Period - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	61.29M	shares	1 Quarter
Weighted Average Number of Shares Outstanding During the Period - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	15.60M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.93M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-443.72K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$135.10K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$42.17K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$445.87K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$54.63K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$133.46K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-15.79K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$69.87K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-105.11K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$76.90K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-17.15K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$71.33K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$27.72K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$4.55K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.41M	USD	1 Quarter
Contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$22.78K	USD	1 Quarter
Contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-223.49K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-359.63K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.13M	USD	1 Quarter
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$82.99K	USD	1 Quarter
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.28K	USD	1 Quarter
Acquisition of MicaSense	`AcquisitionOfMicasense`	-	USD	1 Quarter
Acquisition of MicaSense	`AcquisitionOfMicasense`	$12.99M	USD	1 Quarter
Platform development costs	`PlatformDevelopmentCosts`	$205.78K	USD	1 Quarter
Platform development costs	`PlatformDevelopmentCosts`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.28K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.28M	USD	1 Quarter
Sales of Common Stock, net of issuance cost	`SalesOfCommonStockNetOfIssuanceCost1`	$6.31M	USD	1 Quarter
Sales of Common Stock, net of issuance cost	`SalesOfCommonStockNetOfIssuanceCost1`	-	USD	1 Quarter
Sale of Common Stock from exercise of warrants	`ProceedsFromIssuanceOrSaleOfEquity`	$8.31M	USD	1 Quarter
Sale of Common Stock from exercise of warrants	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	1 Quarter
Exercise of stock options	`ProceedsFromStockOptionsExercised`	$41.38K	USD	1 Quarter
Exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.66M	USD	1 Quarter
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$253.21K	USD	1 Quarter
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-361.91K	USD	1 Quarter
Cash at the beginning of the year	`CashAndCashEquivalentsAtCarryingValue`	$23.94M	USD	Point-in-time
Cash at the beginning of the year	`CashAndCashEquivalentsAtCarryingValue`	$718.00K	USD	Point-in-time
Cash at the beginning of the year	`CashAndCashEquivalentsAtCarryingValue`	$24.19M	USD	Point-in-time
Cash at the beginning of the year	`CashAndCashEquivalentsAtCarryingValue`	$356.08K	USD	Point-in-time
Cash at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$23.94M	USD	Point-in-time
Cash at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$718.00K	USD	Point-in-time
Cash at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$24.19M	USD	Point-in-time
Cash at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$356.08K	USD	Point-in-time
Interest cash paid	`InterestPaidNet`	-	USD	1 Quarter
Interest cash paid	`InterestPaidNet`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Accrued dividends on Series D Preferred Stock	`AccruedDividends`	-	USD	1 Quarter
Accrued dividends on Series D Preferred Stock	`AccruedDividends`	$40.45K	USD	1 Quarter
Conversion of Series C Preferred Stock into Common Stock	`ConversionOfSeriesBCDAndEPreferredStockIntoCommonStock`	$189.00	USD	1 Quarter
Conversion of Series C Preferred Stock into Common Stock	`ConversionOfSeriesBCDAndEPreferredStockIntoCommonStock`	-	USD	1 Quarter
Liability related to MicaSense Acquisition	`LiabilityRelatedToMicasenseAcquisition`	-	USD	1 Quarter
Liability related to MicaSense Acquisition	`LiabilityRelatedToMicasenseAcquisition`	$6.58M	USD	1 Quarter
Stock Consideration for Micasense Acquisition	`StockConsiderationForMicasenseAcquisition`	-	USD	1 Quarter
Stock Consideration for Micasense Acquisition	`StockConsiderationForMicasenseAcquisition`	$3.00M	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$26.35M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$3.88M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$4.27M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$38.53M	USD	Point-in-time
Sale of Common Stock, net of issuance costs	`SaleOfCommonStockNetOfIssuanceCosts`	$6.31M	USD	1 Quarter
Sale of Common Stock from exercise of warrants	`SaleOfCommonStockFromConversionOfWarrants`	$8.31M	USD	1 Quarter
Exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$41.38K	USD	1 Quarter
Conversion of Series C Preferred Stock	`SaleOfSeriesCPreferredStock`	-	USD	1 Quarter
Reversal of escrow shares related to Agribotix acquisition	`ReverseSharesIssuedOnPurchaseOfAgribotixAcquisition`	-	USD	1 Quarter
Accrued dividend on Series D Preferred Stock	`AccruedDividendOnSeriesDPreferredStock`	$-40.45K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$54.63K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$445.87K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-2.93M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-443.72K	USD	1 Quarter
Balance, ending	`StockholdersEquity`	$26.35M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$3.88M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$4.27M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$38.53M	USD	Point-in-time

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