10-Q Filing

AgEagle Aerial Systems Inc. CIK: 8504 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0001580695-17-000542`
Period End Date	20170930
Filing Date	20171114
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	enrj-20170930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 83 Cash Flow Statement 55

Balance Sheet 65 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`	$600.09K	USD	Point-in-time
Properties using full-cost accounting	`OilAndGasPropertyFullCostMethodDepletion`	$8.59M	USD	Point-in-time
Properties using full-cost accounting	`OilAndGasPropertyFullCostMethodDepletion`	$15.19M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$128.03K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.10K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$50.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$600.25K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$257.15K	USD	Point-in-time
Derivative receivable	`DerivativeAssetsCurrent`	$10.57K	USD	Point-in-time
Derivative receivable	`DerivativeAssetsCurrent`	-	USD	Point-in-time
Inventory	`InventoryNet`	$185.73K	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`	-	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	-	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$210.99K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	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`	$179.42K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.32M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$451.68K	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
Fixed assets, net of accumulated depreciation of $600,085 and $1,817,711	`PropertyPlantAndEquipmentGross`	$2.08M	USD	Point-in-time
Fixed assets, net of accumulated depreciation of $600,085 and $1,817,711	`PropertyPlantAndEquipmentGross`	$196.69K	USD	Point-in-time
Oil and gas properties using full-cost accounting, net of accumulated DD&A of $8,594,167 and $15,189,716	`OilAndGasPropertyFullCostMethodNet`	$1.41M	USD	Point-in-time
Oil and gas properties using full-cost accounting, net of accumulated DD&A of $8,594,167 and $15,189,716	`OilAndGasPropertyFullCostMethodNet`	$3.44M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$798.81K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	-	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$6.31M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$1.61M	USD	Point-in-time
Total assets	`Assets`	$7.99M	USD	Point-in-time
Total assets	`Assets`	$2.06M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$294.24K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$153.17K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$709.30K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.54M	USD	Point-in-time
Note Payable	`NotesPayableCurrent`	$105.81K	USD	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$17.93M	USD	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$4.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.47M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$3.31M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$1.59M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.40M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$6.04M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$7.63M	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`	$13.10M	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized; shares issued and outstanding 10,321,397 at September 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 September 30, 2017 and 8,423,936 at December 31, 2016, respectively.	`CommonStockValue`	$10.32K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$69.09M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$69.61M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-87.58M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-80.81M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-18.48M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-11.04M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$2.06M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$7.99M	USD	Point-in-time

Income Statement 83 line items

Line Item	Tag	Value	Unit	Period
Oil revenues	`OilAndGasSalesRevenue`	$187.30K	USD	1 Quarter
Oil revenues	`OilAndGasSalesRevenue`	$1.58M	USD	3 Qtrs
Oil revenues	`OilAndGasSalesRevenue`	$1.08M	USD	3 Qtrs
Oil revenues	`OilAndGasSalesRevenue`	$454.82K	USD	1 Quarter
Natural gas revenues	`NaturalGasProductionRevenue`	$43.46K	USD	3 Qtrs
Natural gas revenues	`NaturalGasProductionRevenue`	$18.93K	USD	1 Quarter
Natural gas revenues	`NaturalGasProductionRevenue`	$19.51K	USD	3 Qtrs
Total revenues	`OilAndGasRevenue`	$473.75K	USD	1 Quarter
Total revenues	`OilAndGasRevenue`	$1.63M	USD	3 Qtrs
Total revenues	`OilAndGasRevenue`	$187.30K	USD	1 Quarter
Total revenues	`OilAndGasRevenue`	$1.10M	USD	3 Qtrs
Direct operating costs	`DirectOperatingCosts`	$569.11K	USD	1 Quarter
Direct operating costs	`DirectOperatingCosts`	$1.92M	USD	3 Qtrs
Direct operating costs	`DirectOperatingCosts`	$1.01M	USD	3 Qtrs
Direct operating costs	`DirectOperatingCosts`	$205.25K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$63.64K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$80.45K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$305.68K	USD	3 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$312.32K	USD	3 Qtrs
Impairment of oil and gas asset	`ImpairmentOfOilAndGasProperties`	$800.00K	USD	1 Quarter
Impairment of oil and gas asset	`ImpairmentOfOilAndGasProperties`	$7.44M	USD	3 Qtrs
Professional fees	`ProfessionalFees`	$43.97K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$422.54K	USD	3 Qtrs
Professional fees	`ProfessionalFees`	$181.09K	USD	3 Qtrs
Salaries	`SalariesAndWages`	$407.89K	USD	3 Qtrs
Salaries	`SalariesAndWages`	$1.04M	USD	3 Qtrs
Salaries	`SalariesAndWages`	$130.74K	USD	1 Quarter
Salaries	`SalariesAndWages`	$297.24K	USD	1 Quarter
Administrative expense	`GeneralAndAdministrativeExpense`	$461.38K	USD	3 Qtrs
Administrative expense	`GeneralAndAdministrativeExpense`	$190.34K	USD	1 Quarter
Administrative expense	`GeneralAndAdministrativeExpense`	$435.62K	USD	3 Qtrs
Administrative expense	`GeneralAndAdministrativeExpense`	$124.09K	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$2.61M	USD	3 Qtrs
Total expenses	`CostsAndExpenses`	$1.90M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$606.78K	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$11.34M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.51M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-419.49K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.42M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-9.71M	USD	3 Qtrs
Interest expense	`InterestExpense`	$184.15K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.00M	USD	3 Qtrs
Interest expense	`InterestExpense`	$339.72K	USD	1 Quarter
Interest expense	`InterestExpense`	$908.64K	USD	3 Qtrs
Gain on loan sale agreement	`GainsLossesOnExtinguishmentOfDebtBeforeWriteOffOfDeferredDebtIssuanceCost`	$11.50M	USD	3 Qtrs
Loss on derivatives	`GainLossOnDerivativeInstrumentsNetPretax`	$-2.45M	USD	3 Qtrs
Loss on derivatives	`GainLossOnDerivativeInstrumentsNetPretax`	$-68.46K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$285.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$138.07K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$531.85K	USD	3 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$2.31M	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-1.14M	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-270.10K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$11.12M	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$100.85K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-1.69M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-318.63K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-10.85M	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$9.61M	USD	3 Qtrs
Preferred dividends	`PreferredStockDividendsIncomeStatementImpact`	$2.85M	USD	3 Qtrs
Preferred dividends	`PreferredStockDividendsIncomeStatementImpact`	$879.61K	USD	1 Quarter
Preferred dividends	`PreferredStockDividendsIncomeStatementImpact`	$860.06K	USD	1 Quarter
Preferred dividends	`PreferredStockDividendsIncomeStatementImpact`	$2.13M	USD	3 Qtrs
Net (loss) income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-12.98M	USD	3 Qtrs
Net (loss) income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$6.77M	USD	3 Qtrs
Net (loss) income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.20M	USD	1 Quarter
Net (loss) income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.55M	USD	1 Quarter
Net (loss) income per share basic	`EarningsPerShareBasic`	$-0.30	USD	1 Quarter
Net (loss) income per share basic	`EarningsPerShareBasic`	$-0.12	USD	1 Quarter
Net (loss) income per share basic	`EarningsPerShareBasic`	$0.72	USD	3 Qtrs
Net (loss) income per share basic	`EarningsPerShareBasic`	$-1.54	USD	3 Qtrs
Weighted average shares basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.42M	shares	3 Qtrs
Weighted average shares basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.42M	shares	1 Quarter
Weighted average shares basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.42M	shares	3 Qtrs
Weighted average shares basic	`WeightedAverageNumberOfSharesOutstandingBasic`	10.32M	shares	1 Quarter
Net (loss) income per share diluted	`EarningsPerShareDiluted`	$-0.30	USD	1 Quarter
Net (loss) income per share diluted	`EarningsPerShareDiluted`	$-1.54	USD	3 Qtrs
Net (loss) income per share diluted	`EarningsPerShareDiluted`	$0.45	USD	3 Qtrs
Net (loss) income per share diluted	`EarningsPerShareDiluted`	$-0.12	USD	1 Quarter
Weighted average shares diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	15.15M	shares	3 Qtrs
Weighted average shares diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.42M	shares	3 Qtrs
Weighted average shares diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.42M	shares	1 Quarter
Weighted average shares diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.32M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-1.69M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-318.63K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-10.85M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$9.61M	USD	3 Qtrs
Depreciation, depletion and amortization	`AdjustmentDepreciationAndDepletion`	$212.19K	USD	3 Qtrs
Depreciation, depletion and amortization	`AdjustmentDepreciationAndDepletion`	$312.32K	USD	3 Qtrs
Write-off of inventory	`InventoryWriteDown`	$71.98K	USD	3 Qtrs
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$223.79K	USD	3 Qtrs
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$90.32K	USD	3 Qtrs
Impairment of oil and gas assets	`ImpairmentOfOilAndGasProperties`	$800.00K	USD	1 Quarter
Impairment of oil and gas assets	`ImpairmentOfOilAndGasProperties`	$7.44M	USD	3 Qtrs
Stock, options and warrants issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$217.28K	USD	3 Qtrs
Stock, options and warrants issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$13.69K	USD	3 Qtrs
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$169.11K	USD	3 Qtrs
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$93.50K	USD	3 Qtrs
Settlement of asset retirement obligation	`AssetRetirementObligationCashPaidToSettle`	$2.77K	USD	3 Qtrs
Amortization of prepaid expenses	`AdjustmentForAmortization`	$241.10K	USD	3 Qtrs
Loss on derivatives	`UnrealizedGainLossOnDerivatives`	$-2.45M	USD	3 Qtrs
Gain on loan sale agreement, net of cash	`GainsLossesOnExtinguishmentOfDebt`	$11.50M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-156.84K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$15.66K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$81.81K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$15.94K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-55.60K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$76.26K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-762.19K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-67.01K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$556.68K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-360.15K	USD	3 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.29M	USD	3 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-515.75K	USD	3 Qtrs
Purchase of fixed assets	`PaymentsForProceedsFromProductiveAssets`	$243.27K	USD	3 Qtrs
Additions to oil and gas properties	`PaymentsToAcquireOilAndGasProperty`	$16.79K	USD	3 Qtrs
Additions to oil and gas properties	`PaymentsToAcquireOilAndGasProperty`	$4.63K	USD	3 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.63K	USD	3 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-260.07K	USD	3 Qtrs
Bank account transfer on loan sale agreement	`BankAccountTransferOnLoanSaleAgreement`	$-92.55K	USD	3 Qtrs
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$686.66K	USD	3 Qtrs
Proceeds from sale of preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$450.00K	USD	3 Qtrs
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-686.66K	USD	3 Qtrs
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$357.45K	USD	3 Qtrs
Net (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-162.94K	USD	3 Qtrs
Net (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.24M	USD	3 Qtrs
Cash - beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$178.03K	USD	Point-in-time
Cash - beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$862.97K	USD	Point-in-time
Cash - beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.10M	USD	Point-in-time
Cash - beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.10K	USD	Point-in-time
Cash - ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$178.03K	USD	Point-in-time
Cash - ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$862.97K	USD	Point-in-time
Cash - ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.10M	USD	Point-in-time
Cash - ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.10K	USD	Point-in-time
Interest paid	`InterestPaid`	$919.09K	USD	3 Qtrs
Benefical conversion feature on Series C Preferred Stock accounted as preferred dividend	`BeneficalConversionFeatureOnSeriesCPreferredStockAccountedAsPreferredDividend`	$208.50K	USD	3 Qtrs
Accrued preference dividend included in long term debt	`AccruedPreferenceDividendIncludedInLongTermDebt`	$2.64M	USD	3 Qtrs
Conversion of Series B preferred into common stock	`ConversionOfStockAmountConverted1`	$1.90K	USD	3 Qtrs

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