10-Q Filing

AgEagle Aerial Systems Inc. CIK: 8504 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001580695-17-000391`
Period End Date	20170630
Filing Date	20170821
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	enrj-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 91 Cash Flow Statement 55

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Accumulated Depreciation, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.82M	USD	Point-in-time
Accumulated Depreciation, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$579.65K	USD	Point-in-time
Properties using full-cost accounting	`OilAndGasPropertyFullCostMethodDepletion`	$15.19M	USD	Point-in-time
Properties using full-cost accounting	`OilAndGasPropertyFullCostMethodDepletion`	$8.55M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$90.87K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$128.03K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$50.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$262.50K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$600.25K	USD	Point-in-time
Derivative receivable	`DerivativeAssetsCurrent`	-	USD	Point-in-time
Derivative receivable	`DerivativeAssetsCurrent`	$10.57K	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
Inventory	`InventoryNet`	$71.98K	USD	Point-in-time
Inventory	`InventoryNet`	$185.73K	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	-	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
Marketable securities	`MarketableSecuritiesCurrent`	$210.99K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	10.32M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.42M	shares	Point-in-time
Deposits and prepaid expenses	`PrepaidExpenseAndOtherAssetsCurrent`	$493.38K	USD	Point-in-time
Deposits and prepaid expenses	`PrepaidExpenseAndOtherAssetsCurrent`	$268.23K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.42M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.68M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$693.58K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.32M	shares	Point-in-time
Fixed assets, net of accumulated depreciation of $579,647 and $1,817,711	`PropertyPlantAndEquipmentGross`	$217.13K	USD	Point-in-time
Fixed assets, net of accumulated depreciation of $579,647 and $1,817,711	`PropertyPlantAndEquipmentGross`	$2.08M	USD	Point-in-time
Oil and gas properties using full-cost accounting, net of accumulated DD&A of $8,552,720 and $15,189,716	`OilAndGasPropertyFullCostMethodNet`	$3.44M	USD	Point-in-time
Oil and gas properties using full-cost accounting, net of accumulated DD&A of $8,552,720 and $15,189,716	`OilAndGasPropertyFullCostMethodNet`	$1.46M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	-	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$798.81K	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$6.31M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$1.67M	USD	Point-in-time
Total assets	`Assets`	$2.37M	USD	Point-in-time
Total assets	`Assets`	$7.99M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$306.36K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$294.24K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$525.57K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.54M	USD	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$4.61M	USD	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$17.93M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.44M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$1.57M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$3.31M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.40M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$5.16M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$6.74M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$6.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$26.47M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.17M	USD	Point-in-time
Commitments & Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized; shares issued and outstanding 10,321,397 at June 30, 2017 and 8,423,936 at December 31, 2016, respectively.	`CommonStockValue`	$8.42K	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized; shares issued and outstanding 10,321,397 at June 30, 2017 and 8,423,936 at December 31, 2016, respectively.	`CommonStockValue`	$10.32K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$69.65M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$69.09M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-87.58M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-79.61M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-9.81M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-18.48M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$2.37M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$7.99M	USD	Point-in-time

Income Statement 91 line items

Line Item	Tag	Value	Unit	Period
Oil revenues	`OilAndGasSalesRevenue`	$1.13M	USD	2 Qtrs
Oil revenues	`OilAndGasSalesRevenue`	$593.17K	USD	1 Quarter
Oil revenues	`OilAndGasSalesRevenue`	$895.20K	USD	2 Qtrs
Oil revenues	`OilAndGasSalesRevenue`	$285.69K	USD	1 Quarter
Natural gas revenues	`NaturalGasProductionRevenue`	$24.53K	USD	2 Qtrs
Natural gas revenues	`NaturalGasProductionRevenue`	$19.51K	USD	2 Qtrs
Natural gas revenues	`NaturalGasProductionRevenue`	-	USD	1 Quarter
Natural gas revenues	`NaturalGasProductionRevenue`	$2.51K	USD	1 Quarter
Total revenues	`OilAndGasRevenue`	$285.69K	USD	1 Quarter
Total revenues	`OilAndGasRevenue`	$914.70K	USD	2 Qtrs
Total revenues	`OilAndGasRevenue`	$595.68K	USD	1 Quarter
Total revenues	`OilAndGasRevenue`	$1.15M	USD	2 Qtrs
Direct operating costs	`DirectOperatingCosts`	$199.87K	USD	1 Quarter
Direct operating costs	`DirectOperatingCosts`	$808.14K	USD	2 Qtrs
Direct operating costs	`DirectOperatingCosts`	$653.80K	USD	1 Quarter
Direct operating costs	`DirectOperatingCosts`	$1.35M	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$84.49K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$101.29K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$225.24K	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$248.68K	USD	2 Qtrs
Impairment of oil and gas asset	`ImpairmentOfOilAndGasProperties`	$6.64M	USD	2 Qtrs
Impairment of oil and gas asset	`ImpairmentOfOilAndGasProperties`	-	USD	1 Quarter
Impairment of oil and gas asset	`ImpairmentOfOilAndGasProperties`	$2.14M	USD	1 Quarter
Professional fees	`ProfessionalFees`	$422.54K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$59.31K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$112.28K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$137.12K	USD	2 Qtrs
Salaries	`SalariesAndWages`	$810.06K	USD	2 Qtrs
Salaries	`SalariesAndWages`	$267.68K	USD	1 Quarter
Salaries	`SalariesAndWages`	$277.15K	USD	2 Qtrs
Salaries	`SalariesAndWages`	$326.31K	USD	1 Quarter
Administrative expense	`GeneralAndAdministrativeExpense`	$248.86K	USD	2 Qtrs
Administrative expense	`GeneralAndAdministrativeExpense`	$91.74K	USD	1 Quarter
Administrative expense	`GeneralAndAdministrativeExpense`	$271.04K	USD	2 Qtrs
Administrative expense	`GeneralAndAdministrativeExpense`	$137.08K	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$2.00M	USD	2 Qtrs
Total expenses	`CostsAndExpenses`	$3.35M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$9.44M	USD	2 Qtrs
Total expenses	`CostsAndExpenses`	$818.20K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-532.51K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-2.76M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-8.29M	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$-1.09M	USD	2 Qtrs
Interest expense	`InterestExpense`	$44.65K	USD	1 Quarter
Interest expense	`InterestExpense`	$724.49K	USD	2 Qtrs
Interest expense	`InterestExpense`	$662.22K	USD	2 Qtrs
Interest expense	`InterestExpense`	$332.46K	USD	1 Quarter
Gain on loan sale agreement	`GainsLossesOnExtinguishmentOfDebtBeforeWriteOffOfDeferredDebtIssuanceCost`	$11.50M	USD	1 Quarter
Gain on loan sale agreement	`GainsLossesOnExtinguishmentOfDebtBeforeWriteOffOfDeferredDebtIssuanceCost`	-	USD	2 Qtrs
Gain on loan sale agreement	`GainsLossesOnExtinguishmentOfDebtBeforeWriteOffOfDeferredDebtIssuanceCost`	$11.50M	USD	2 Qtrs
Gain on loan sale agreement	`GainsLossesOnExtinguishmentOfDebtBeforeWriteOffOfDeferredDebtIssuanceCost`	-	USD	1 Quarter
Loss on derivatives	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	2 Qtrs
Loss on derivatives	`GainLossOnDerivativeInstrumentsNetPretax`	$-2.38M	USD	2 Qtrs
Loss on derivatives	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Loss on derivatives	`GainLossOnDerivativeInstrumentsNetPretax`	$-1.30M	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$2.17M	USD	2 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$246.83K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$246.85K	USD	2 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$922.94K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$11.02M	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-869.43K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$11.70M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-705.31K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-9.15M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$9.93M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-3.46M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$11.17M	USD	1 Quarter
Preferred dividends	`PreferredStockDividendsIncomeStatementImpact`	$1.97M	USD	2 Qtrs
Preferred dividends	`PreferredStockDividendsIncomeStatementImpact`	$1.27M	USD	2 Qtrs
Preferred dividends	`PreferredStockDividendsIncomeStatementImpact`	$1.09M	USD	1 Quarter
Preferred dividends	`PreferredStockDividendsIncomeStatementImpact`	$684.14K	USD	1 Quarter
Net income (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$10.08M	USD	1 Quarter
Net income (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-4.15M	USD	1 Quarter
Net income (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-10.43M	USD	2 Qtrs
Net income (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$7.97M	USD	2 Qtrs
Net income (loss) per share basic	`EarningsPerShareBasic`	$0.89	USD	2 Qtrs
Net income (loss) per share basic	`EarningsPerShareBasic`	$1.06	USD	1 Quarter
Net income (loss) per share basic	`EarningsPerShareBasic`	$-0.49	USD	1 Quarter
Net income (loss) per share basic	`EarningsPerShareBasic`	$-1.24	USD	2 Qtrs
Weighted average shares basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.42M	shares	1 Quarter
Weighted average shares basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.42M	shares	2 Qtrs
Weighted average shares basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.95M	shares	2 Qtrs
Weighted average shares basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.49M	shares	1 Quarter
Net income (Loss) per share diluted	`EarningsPerShareDiluted`	$0.69	USD	1 Quarter
Net income (Loss) per share diluted	`EarningsPerShareDiluted`	$0.55	USD	2 Qtrs
Net income (Loss) per share diluted	`EarningsPerShareDiluted`	$-1.24	USD	2 Qtrs
Net income (Loss) per share diluted	`EarningsPerShareDiluted`	$-0.49	USD	1 Quarter
Weighted average shares diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.42M	shares	2 Qtrs
Weighted average shares diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	14.56M	shares	1 Quarter
Weighted average shares diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.42M	shares	1 Quarter
Weighted average shares diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	14.43M	shares	2 Qtrs

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-9.15M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$9.93M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-3.46M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$11.17M	USD	1 Quarter
Depreciation, depletion and amortization	`AdjustmentDepreciationAndDepletion`	$150.30K	USD	2 Qtrs
Depreciation, depletion and amortization	`AdjustmentDepreciationAndDepletion`	$248.68K	USD	2 Qtrs
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$60.22K	USD	2 Qtrs
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$223.79K	USD	2 Qtrs
Impairment of oil and gas assets	`ImpairmentOfOilAndGasProperties`	$6.64M	USD	2 Qtrs
Impairment of oil and gas assets	`ImpairmentOfOilAndGasProperties`	-	USD	1 Quarter
Impairment of oil and gas assets	`ImpairmentOfOilAndGasProperties`	$2.14M	USD	1 Quarter
Stock, options and warrants issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$151.23K	USD	2 Qtrs
Stock, options and warrants issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$47.95K	USD	2 Qtrs
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$112.74K	USD	2 Qtrs
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$74.93K	USD	2 Qtrs
Settlement of asset retirement obligation	`AssetRetirementObligationCashPaidToSettle`	$2.77K	USD	2 Qtrs
Loss on derivatives	`UnrealizedGainLossOnDerivatives`	$-2.38M	USD	2 Qtrs
Gain on loan sale agreement, net of cash	`GainsLossesOnExtinguishmentOfDebt`	$11.50M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$21.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$28.39K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$15.94K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$58.74K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-207.90K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$159.26K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-828.76K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-6.37K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-509.50K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$372.95K	USD	2 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.14M	USD	2 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-532.53K	USD	2 Qtrs
Purchase of fixed assets	`PaymentsForProceedsFromProductiveAssets`	$76.57K	USD	2 Qtrs
Additions to oil and gas properties	`PaymentsToAcquireOilAndGasProperty`	$4.63K	USD	2 Qtrs
Additions to oil and gas properties	`PaymentsToAcquireOilAndGasProperty`	$16.79K	USD	2 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-4.63K	USD	2 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-93.36K	USD	2 Qtrs
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$611.66K	USD	2 Qtrs
Proceeds from sale of preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$450.00K	USD	2 Qtrs
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$450.00K	USD	2 Qtrs
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-611.66K	USD	2 Qtrs
Net (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.85M	USD	2 Qtrs
Net (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-87.16K	USD	2 Qtrs
Cash - beginning	`CashAndCashEquivalentsIncludingRestrictedCash`	$178.03K	USD	Point-in-time
Cash - beginning	`CashAndCashEquivalentsIncludingRestrictedCash`	$1.25M	USD	Point-in-time
Cash - beginning	`CashAndCashEquivalentsIncludingRestrictedCash`	$3.10M	USD	Point-in-time
Cash - beginning	`CashAndCashEquivalentsIncludingRestrictedCash`	$90.87K	USD	Point-in-time
Cash - ending	`CashAndCashEquivalentsIncludingRestrictedCash`	$178.03K	USD	Point-in-time
Cash - ending	`CashAndCashEquivalentsIncludingRestrictedCash`	$1.25M	USD	Point-in-time
Cash - ending	`CashAndCashEquivalentsIncludingRestrictedCash`	$3.10M	USD	Point-in-time
Cash - ending	`CashAndCashEquivalentsIncludingRestrictedCash`	$90.87K	USD	Point-in-time
Interest paid	`InterestPaid`	-	USD	2 Qtrs
Interest paid	`InterestPaid`	$448.04K	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Share based payments issued for services	`StockIssued1`	$151.23K	USD	2 Qtrs
Share based payments issued for services	`StockIssued1`	$47.95K	USD	2 Qtrs

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