10-Q Filing

AgEagle Aerial Systems Inc. CIK: 8504 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001575705-22-000351`
Period End Date	20220331
Filing Date	20220516
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	uavs_1q22_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 36 Cash Flow Statement 64 Stockholders Equity 19

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	25.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$14.59M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$9.19M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$3.10M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.89M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$4.04M	USD	Point-in-time
Inventories, net	`InventoryNet`	$5.31M	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`	75.31M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	81.57M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseCurrent`	$1.43M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseCurrent`	$1.29M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	81.57M	shares	Point-in-time
Notes receivable	`NotesReceivableNet`	$185.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	75.31M	shares	Point-in-time
Notes receivable	`NotesReceivableNet`	$185.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.22M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$23.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$952.13K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$912.24K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$2.02M	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$1.73M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$13.29M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$13.57M	USD	Point-in-time
Goodwill	`Goodwill`	$64.87M	USD	Point-in-time
Goodwill	`Goodwill`	$64.87M	USD	Point-in-time
Other assets	`OtherAssets`	$282.87K	USD	Point-in-time
Other assets	`OtherAssets`	$280.94K	USD	Point-in-time
Total assets	`Assets`	$100.30M	USD	Point-in-time
Total assets	`Assets`	$104.68M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.92M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.53M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesAndOtherLiabilities`	$1.90M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesAndOtherLiabilities`	$1.77M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$971.14K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$1.80M	USD	Point-in-time
Current portion of liabilities related to acquisition agreements	`CurrentPortionOfLiabilityRelatedToAcquisitionAgreement`	$10.06M	USD	Point-in-time
Current portion of liabilities related to acquisition agreements	`CurrentPortionOfLiabilityRelatedToAcquisitionAgreement`	$9.00M	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.24M	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.18M	USD	Point-in-time
Current portion of COVID loans	`CurrentPortionOfCovidLoan`	$451.89K	USD	Point-in-time
Current portion of COVID loans	`CurrentPortionOfCovidLoan`	$445.78K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.15M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.12M	USD	Point-in-time
Long term portion of liabilities related to acquisition agreements	`LongTermPortionOfLiabilitiesRelatedToAcquisitionAgreements`	$8.88M	USD	Point-in-time
Long term portion of liabilities related to acquisition agreements	`LongTermPortionOfLiabilitiesRelatedToAcquisitionAgreements`	$4.00M	USD	Point-in-time
Long term portion of lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$942.40K	USD	Point-in-time
Long term portion of lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$693.14K	USD	Point-in-time
Long term portion of COVID loans	`LongTermDebtNoncurrent`	$802.68K	USD	Point-in-time
Long term portion of COVID loans	`LongTermDebtNoncurrent`	$808.02K	USD	Point-in-time
Defined benefit plan obligation	`DefinedBenefitPlanBenefitObligation`	$331.73K	USD	Point-in-time
Defined benefit plan obligation	`DefinedBenefitPlanBenefitObligation`	$320.73K	USD	Point-in-time
Total liabilities	`Liabilities`	$21.93M	USD	Point-in-time
Total liabilities	`Liabilities`	$28.11M	USD	Point-in-time
Preferred Stock, $0.001 par value, 25,000,000 shares authorized, no shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, $0.001 par value, 25,000,000 shares authorized, no shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, $0.001 par value, 250,000,000 shares authorized, 81,568,546 and 75,314,988 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$81.57K	USD	Point-in-time
Common Stock, $0.001 par value, 250,000,000 shares authorized, 81,568,546 and 75,314,988 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$75.31K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$127.63M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$136.99M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-58.65M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-51.05M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-50.42K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-70.59K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$38.53M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$26.35M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$76.58M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$78.37M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$104.68M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$100.30M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$1.70M	USD	1 Quarter
Revenues	`Revenues`	$3.84M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$2.48M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$621.90K	USD	1 Quarter
Gross Profit	`GrossProfit`	$1.08M	USD	1 Quarter
Gross Profit	`GrossProfit`	$1.36M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.51M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.48M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$232.80K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.18M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$1.18M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$297.70K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$8.85M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$4.04M	USD	1 Quarter
Loss from Operations	`OperatingIncomeLoss`	$-2.96M	USD	1 Quarter
Loss from Operations	`OperatingIncomeLoss`	$-7.48M	USD	1 Quarter
Interest (expense) income, net	`InterestIncomeExpenseNet`	$-16.33K	USD	1 Quarter
Interest (expense) income, net	`InterestIncomeExpenseNet`	$2.85K	USD	1 Quarter
Other (expense) income, net	`OtherOperatingIncomeExpenseNet`	$-98.30K	USD	1 Quarter
Other (expense) income, net	`OtherOperatingIncomeExpenseNet`	$27.42K	USD	1 Quarter
Total Other (Expense) Income, Net	`NonoperatingIncomeExpense`	$30.27K	USD	1 Quarter
Total Other (Expense) Income, Net	`NonoperatingIncomeExpense`	$-114.63K	USD	1 Quarter
Loss Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.93M	USD	1 Quarter
Loss Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.60M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net Loss	`ProfitLoss`	$-7.60M	USD	1 Quarter
Net Loss	`ProfitLoss`	$-2.93M	USD	1 Quarter
Cumulative translation adjustment	`CumulativeTranslationAdjustment`	$-20.17K	USD	1 Quarter
Cumulative translation adjustment	`CumulativeTranslationAdjustment`	-	USD	1 Quarter
Total comprehensive loss, net of tax	`ComprehensiveIncomeNetOfTax`	$-2.93M	USD	1 Quarter
Total comprehensive loss, net of tax	`ComprehensiveIncomeNetOfTax`	$-7.58M	USD	1 Quarter
Net Loss Per Common Share Basic and Diluted	`NetLossPercommonShareBasicAndDiluted`	$-0.05	USD	1 Quarter
Net Loss Per Common Share Basic and Diluted	`NetLossPercommonShareBasicAndDiluted`	$-0.10	USD	1 Quarter
Weighted Average Number of Common Shares Outstanding During the Period Basic and Diluted	`WeightedAverageNumberOfSharesOutstandingDuringPeriodBasicAndDiluted`	61.29M	shares	1 Quarter
Weighted Average Number of Common Shares Outstanding During the Period Basic and Diluted	`WeightedAverageNumberOfSharesOutstandingDuringPeriodBasicAndDiluted`	77.92M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-7.60M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.93M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$445.87K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.75M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$135.10K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$875.99K	USD	1 Quarter
Defined benefit plan obligation and other	`DefinedBenefitPlanOtherChanges`	$7.99K	USD	1 Quarter
Defined benefit plan obligation and other	`DefinedBenefitPlanOtherChanges`	-	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$232.76K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$133.46K	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$1.29M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$69.87K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$76.90K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$144.12K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-594.94K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$71.33K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-105.02K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.41M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$22.78K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$828.41K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.51M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.13M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$82.99K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$74.95K	USD	1 Quarter
Acquisition of senseFly, net of cash acquired	`AcquisitionOfSenseflyNetOfCashAcquired`	-	USD	1 Quarter
Acquisition of senseFly, net of cash acquired	`AcquisitionOfSenseflyNetOfCashAcquired`	$489.99K	USD	1 Quarter
Acquisition of MicaSense, net of cash acquired	`AcquisitionOfMicasenseNetOfCashAcquired`	$2.45M	USD	1 Quarter
Acquisition of MicaSense, net of cash acquired	`AcquisitionOfMicasenseNetOfCashAcquired`	$12.99M	USD	1 Quarter
Capitalization of platform development costs	`CapitalizationOfPlatformDevelopmentCosts`	$319.80K	USD	1 Quarter
Capitalization of platform development costs	`CapitalizationOfPlatformDevelopmentCosts`	$205.78K	USD	1 Quarter
Capitalization of internal use software costs	`CapitalizationOfInternalUseSoftwareCosts`	$171.91K	USD	1 Quarter
Capitalization of internal use software costs	`CapitalizationOfInternalUseSoftwareCosts`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.50M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.28M	USD	1 Quarter
Sales of Common Stock, net of issuance costs	`SalesOfCommonStockNetOfIssuanceCost1`	$6.31M	USD	1 Quarter
Sales of Common Stock, net of issuance costs	`SalesOfCommonStockNetOfIssuanceCost1`	$4.58M	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`	$30.75K	USD	1 Quarter
Exercise of stock options	`ProceedsFromStockOptionsExercised`	$41.38K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.61M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.66M	USD	1 Quarter
Effects of foreign exchange rates on cash flows	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	1 Quarter
Effects of foreign exchange rates on cash flows	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-4.52K	USD	1 Quarter
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.40M	USD	1 Quarter
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$253.21K	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.59M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.94M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.19M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.19M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.59M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.94M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.19M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.19M	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
Acquisition liability related to the MicaSense Acquisition	`AcquisitionLiabilityRelatedToMicasenseAcquisition`	$6.58M	USD	1 Quarter
Acquisition liability related to the MicaSense Acquisition	`AcquisitionLiabilityRelatedToMicasenseAcquisition`	-	USD	1 Quarter
Stock consideration for the MicaSense Acquisition	`StockConsiderationForMicasenseAcquisition`	$3.00M	USD	1 Quarter
Stock consideration for the MicaSense Acquisition	`StockConsiderationForMicasenseAcquisition`	-	USD	1 Quarter
Stock consideration for the senseFly Acquisition	`StockConsiderationForMeasureAcquisition`	$3.00M	USD	1 Quarter
Stock consideration for the senseFly Acquisition	`StockConsiderationForMeasureAcquisition`	-	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance as of December 31, 2020	`StockholdersEquity`	$38.53M	USD	Point-in-time
Balance as of December 31, 2020	`StockholdersEquity`	$26.35M	USD	Point-in-time
Balance as of December 31, 2020	`StockholdersEquity`	$76.58M	USD	Point-in-time
Balance as of December 31, 2020	`StockholdersEquity`	$78.37M	USD	Point-in-time
Sale of Common Stock, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$6.31M	USD	1 Quarter
Sale of Common Stock, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$4.58M	USD	1 Quarter
Sale of Common Stock from exercise of warrants	`SaleOfCommonStockFromConversionOfWarrants`	$8.31M	USD	1 Quarter
Exercise of options	`ExerciseOfOptions`	$41.38K	USD	1 Quarter
Issuance of Common Stock for SenseFly Acquisition	`StockIssuedDuringPeriodValueAcquisitions`	$3.00M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$30.75K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$445.87K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.75M	USD	1 Quarter
Currency translation adjustment	`ForeignCurrencyTransactionLossBeforeTax`	$20.17K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.60M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.93M	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$38.53M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$26.35M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$76.58M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$78.37M	USD	Point-in-time

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