10-K Filing

AgEagle Aerial Systems Inc. CIK: 8504 FY 2017

Filing Information

Form Type	10-K
Accession Number	`0001580695-18-000161`
Period End Date	20171231
Filing Date	20180323
Fiscal Year	2017
Fiscal Period	FY
XBRL Instance	enrj-20171231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 48 Cash Flow Statement 72 Stockholders Equity 15

Balance Sheet 69 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation, fixed assets	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$618.66K	USD	Point-in-time
Accumulated depreciation, fixed assets	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.82M	USD	Point-in-time
Oil and gas propertie full-cost method depletion	`OilAndGasPropertyFullCostMethodDepletion`	$8.60M	USD	Point-in-time
Oil and gas propertie full-cost method depletion	`OilAndGasPropertyFullCostMethodDepletion`	$15.19M	USD	Point-in-time
Cash unrestricted	`CashAndCashEquivalentsAtCarryingValue`	$128.03K	USD	Point-in-time
Cash unrestricted	`CashAndCashEquivalentsAtCarryingValue`	$3.10M	USD	Point-in-time
Cash unrestricted	`CashAndCashEquivalentsAtCarryingValue`	$677.94K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$50.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$143.80K	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`	-	USD	Point-in-time
Inventory	`InventoryNet`	$185.73K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	-	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$210.99K	USD	Point-in-time
Deposits and prepaid expenses	`PrepaidExpenseAndOtherAssetsCurrent`	$493.38K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.42M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	16.29M	shares	Point-in-time
Deposits and prepaid expenses	`PrepaidExpenseAndOtherAssetsCurrent`	$223.65K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.68M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	16.29M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.42M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.05M	USD	Point-in-time
Fixed assets, net of accumulated depreciation of $618,661 and $1,817,711	`PropertyPlantAndEquipmentGross`	$2.08M	USD	Point-in-time
Fixed assets, net of accumulated depreciation of $618,661 and $1,817,711	`PropertyPlantAndEquipmentGross`	$178.12K	USD	Point-in-time
Oil & gas properties using full-cost accounting, net of accumulated DD&A of $8,597,539 and $15,189,716	`OilAndGasPropertyFullCostMethodNet`	$3.44M	USD	Point-in-time
Oil & gas properties using full-cost accounting, net of accumulated DD&A of $8,597,539 and $15,189,716	`OilAndGasPropertyFullCostMethodNet`	$1.41M	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`	$1.59M	USD	Point-in-time
Total assets	`Assets`	$2.63M	USD	Point-in-time
Total assets	`Assets`	$7.99M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$294.24K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$217.94K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.03M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.54M	USD	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$4.88M	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`	$6.13M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$1.61M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$3.31M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$3.09M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.40M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$6.92M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$6.72M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$8.53M	USD	Point-in-time
Total liabilities	`Liabilities`	$26.47M	USD	Point-in-time
Total liabilities	`Liabilities`	$14.66M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized, 16,294,891 and 8,423,936 shares issued and outstanding, respectively.	`CommonStockValue`	$8.42K	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized, 16,294,891 and 8,423,936 shares issued and outstanding, respectively.	`CommonStockValue`	$16.30K	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapital`	$74.19M	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`	$-86.43M	USD	Point-in-time
Total stockholders' (deficit)	`StockholdersEquity`	$-18.48M	USD	Point-in-time
Total stockholders' (deficit)	`StockholdersEquity`	$-2.53M	USD	Point-in-time
Total stockholders' (deficit)	`StockholdersEquity`	$-12.03M	USD	Point-in-time
Total liabilities and stockholders' (deficit)	`LiabilitiesAndStockholdersEquity`	$7.99M	USD	Point-in-time
Total liabilities and stockholders' (deficit)	`LiabilitiesAndStockholdersEquity`	$2.63M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Crude oil revenues	`OilAndGasSalesRevenue`	$2.39M	USD	Annual
Crude oil revenues	`OilAndGasSalesRevenue`	$1.31M	USD	Annual
Natural gas revenues	`NaturalGasProductionRevenue`	$19.51K	USD	Annual
Natural gas revenues	`NaturalGasProductionRevenue`	$71.70K	USD	Annual
Total revenues	`OilAndGasRevenue`	$2.46M	USD	Annual
Total revenues	`OilAndGasRevenue`	$1.33M	USD	Annual
Direct operating costs	`DirectOperatingCosts`	$1.36M	USD	Annual
Direct operating costs	`DirectOperatingCosts`	$2.66M	USD	Annual
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$346.20K	USD	Annual
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$413.97K	USD	Annual
Impairment of oil and gas assets	`ImpairmentOfOilAndGasProperties`	-	USD	Annual
Impairment of oil and gas assets	`ImpairmentOfOilAndGasProperties`	$8.03M	USD	Annual
Professional fees	`ProfessionalFees`	$310.47K	USD	Annual
Professional fees	`ProfessionalFees`	$1.39M	USD	Annual
Salaries	`SalariesAndWages`	$350.86K	USD	Annual
Salaries	`SalariesAndWages`	$1.72M	USD	Annual
Administrative expense	`GeneralAndAdministrativeExpense`	$458.38K	USD	Annual
Administrative expense	`GeneralAndAdministrativeExpense`	$545.27K	USD	Annual
Total expenses	`CostsAndExpenses`	$13.60M	USD	Annual
Total expenses	`CostsAndExpenses`	$4.00M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-2.67M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-11.14M	USD	Annual
Interest expense	`InterestExpense`	$1.25M	USD	Annual
Interest expense	`InterestExpense`	$1.91M	USD	Annual
Gain on loan sale agreement	`GainsLossesOnExtinguishmentOfDebtBeforeWriteOffOfDeferredDebtIssuanceCost`	$11.50M	USD	Annual
(Loss) on mark to market of derivative contracts	`GainLossOnDerivativeInstrumentsNetPretax`	$-2.53M	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$692.88K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$2.41M	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-2.04M	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$10.94M	USD	Annual
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$8.28M	USD	Annual
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-13.18M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$8.28M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-13.18M	USD	Annual
Beneficial Conversion on Series C Preferred Stock	`PreferredStockConversionsInducements`	$208.50K	USD	Annual
Deemed dividend for anti-dilution provision	`DeemedDividendForAntidilutionProvision`	$3.40M	USD	Annual
Preferred dividends	`PreferredStockDividendsIncomeStatementImpact`	$3.01M	USD	Annual
Preferred dividends	`PreferredStockDividendsIncomeStatementImpact`	$3.52M	USD	Annual
Net income (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-16.19M	USD	Annual
Net income (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.15M	USD	Annual
Net income (loss) per common share basic	`EarningsPerShareBasic`	$-1.92	USD	Annual
Net income (loss) per common share basic	`EarningsPerShareBasic`	$0.11	USD	Annual
Weighted average shares basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.42M	shares	Annual
Weighted average shares basic	`WeightedAverageNumberOfSharesOutstandingBasic`	10.50M	shares	Annual
Net (loss) per common share diluted	`EarningsPerShareDiluted`	$0.11	USD	Annual
Net (loss) per common share diluted	`EarningsPerShareDiluted`	$-1.92	USD	Annual
Weighted average shares diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.50M	shares	Annual
Weighted average shares diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.42M	shares	Annual

Cash Flow Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$8.28M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-13.18M	USD	Annual
Depreciation, depletion and amortization	`AdjustmentDepreciationAndDepletion`	$413.97K	USD	Annual
Depreciation, depletion and amortization	`AdjustmentDepreciationAndDepletion`	$234.13K	USD	Annual
Write-off of inventory	`InventoryWriteDown`	-	USD	Annual
Write-off of inventory	`InventoryWriteDown`	$71.98K	USD	Annual
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$223.79K	USD	Annual
Impairment of oil and gas assets	`ImpairmentOfOilAndGasProperties`	-	USD	Annual
Impairment of oil and gas assets	`ImpairmentOfOilAndGasProperties`	$8.03M	USD	Annual
Stock, options and warrants issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$241.67K	USD	Annual
Stock, options and warrants issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$13.69K	USD	Annual
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$112.06K	USD	Annual
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$225.48K	USD	Annual
Settlement of asset retirement obligations	`AssetRetirementObligationCashPaidToSettle`	$2.77K	USD	Annual
Settlement of asset retirement obligations	`AssetRetirementObligationCashPaidToSettle`	-	USD	Annual
(Gain) loss on derivatives	`UnrealizedGainLossOnDerivatives`	-	USD	Annual
(Gain) loss on derivatives	`UnrealizedGainLossOnDerivatives`	$-2.52M	USD	Annual
Gain on loan sale agreement, net of cash	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Gain on loan sale agreement, net of cash	`GainsLossesOnExtinguishmentOfDebt`	$11.50M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-105.77K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-377.23K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$41.41K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$15.94K	USD	Annual
Deposits and prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$246.06K	USD	Annual
Deposits and prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-252.48K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-94.78K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-848.60K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$404.11K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.08M	USD	Annual
Cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.10M	USD	Annual
Cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.24M	USD	Annual
Purchase of fixed assets	`PaymentsForProceedsFromProductiveAssets`	-	USD	Annual
Purchase of fixed assets	`PaymentsForProceedsFromProductiveAssets`	$241.68K	USD	Annual
Oil and gas properties additions	`PaymentsToAcquireOilAndGasProperty`	$17.09K	USD	Annual
Oil and gas properties additions	`PaymentsToAcquireOilAndGasProperty`	$4.63K	USD	Annual
Increase in restricted cash	`IncreaseDecreaseInRestrictedCash`	$50.00K	USD	Annual
Increase in restricted cash	`IncreaseDecreaseInRestrictedCash`	-	USD	Annual
Cash flows (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-308.77K	USD	Annual
Cash flows (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.63K	USD	Annual
Proceeds from sale of stock and warrant exercises	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	Annual
Proceeds from sale of stock and warrant exercises	`ProceedsFromIssuanceOrSaleOfEquity`	$1.68M	USD	Annual
Proceeds from borrowings	`ProceedsFromIssuanceOfLongTermDebt`	$225.00K	USD	Annual
Repayments of long-term debt	`PaymentsOfDebtIssuanceCosts`	$67.65K	USD	Annual
Repayments of long-term debt	`PaymentsOfDebtIssuanceCosts`	$686.66K	USD	Annual
Bank account transfer on loan sale agreement	`BankAccountTransferOnLoanSaleAgreement`	$-92.55K	USD	Annual
Bank account transfer on loan sale agreement	`BankAccountTransferOnLoanSaleAgreement`	-	USD	Annual
Cash released from restricted cash	`ProceedsFromSaleOfRestrictedInvestments`	-	USD	Annual
Cash released from restricted cash	`ProceedsFromSaleOfRestrictedInvestments`	$50.00K	USD	Annual
Deferred financing costs	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	-	USD	Annual
Deferred financing costs	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$120.43K	USD	Annual
Cash flows provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-566.23K	USD	Annual
Cash flows provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.80M	USD	Annual
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$549.90K	USD	Annual
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.97M	USD	Annual
Cash and cash equivalents, beginning	`CashAndCashEquivalentsAtCarryingValue`	$128.03K	USD	Point-in-time
Cash and cash equivalents, beginning	`CashAndCashEquivalentsAtCarryingValue`	$3.10M	USD	Point-in-time
Cash and cash equivalents, beginning	`CashAndCashEquivalentsAtCarryingValue`	$677.94K	USD	Point-in-time
Cash and cash equivalents, end	`CashAndCashEquivalentsAtCarryingValue`	$128.03K	USD	Point-in-time
Cash and cash equivalents, end	`CashAndCashEquivalentsAtCarryingValue`	$3.10M	USD	Point-in-time
Cash and cash equivalents, end	`CashAndCashEquivalentsAtCarryingValue`	$677.94K	USD	Point-in-time
Interest paid	`InterestPaidNet`	$922.07K	USD	Annual
Beneficial conversion feature on Series C preferred stock accounted as preferred dividend	`BeneficalConversionFeatureOnSeriesCPreferredStockAccountedAsPreferredDividend`	$208.50K	USD	Annual
Common stock issued for anti-dilution provision	`StockIssued2`	$597.00	USD	Annual
Conversion of Series B preferred stock into common stock	`ConversionOfStockAmountConverted1`	$5.50K	USD	Annual
Share-based payments issued for services	`StockIssued1`	$13.69K	USD	Annual
Share-based payments issued for services	`StockIssued1`	$241.67K	USD	Annual
Payroll liability converted to note payable	`DebtConversionOriginalDebtAmount1`	$113.75K	USD	Annual
Non-cash note payable issued in conjunction with the LSA	`NotesIssued1`	$105.81K	USD	Annual
Deemed dividend for anti-dilution provision	`DeemedDividendForAntidilutionProvision`	$3.40M	USD	Annual
Preferred dividends payable	`PreferredDividendsPayable`	$3.01M	USD	Annual
Preferred dividends payable	`PreferredDividendsPayable`	$3.52M	USD	Annual
Loan settled and exchanged with assets including oil and gas properties and liabilities	`LoansSettled1`	$13.43M	USD	Annual

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$-18.48M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$-2.53M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$-12.03M	USD	Point-in-time
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$13.69K	USD	Annual
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$241.67K	USD	Annual
Preferred stock dividends	`DividendsPreferredStock`	$3.52M	USD	Annual
Preferred stock dividends	`DividendsPreferredStock`	$3.01M	USD	Annual
Warrants exercised	`StockIssuedDuringPeriodValueOther`	$531.43K	USD	Annual
Sale of series preferred stock	`StockIssuedDuringPeriodValueNewIssues`	$949.79K	USD	Annual
Series C preferred stock issuable	`StockholdersEquityOther`	$200.00K	USD	Annual
Net income (loss) for the year	`NetIncomeLoss`	$8.28M	USD	Annual
Net income (loss) for the year	`NetIncomeLoss`	$-13.18M	USD	Annual
Balance, ending	`StockholdersEquity`	$-18.48M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$-2.53M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$-12.03M	USD	Point-in-time

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