10-Q Filing

WYTEC INTERNATIONAL INC CIK: 1560143 Q3 2019

Filing Information

Form Type	10-Q
Accession Number	`0001683168-19-003764`
Period End Date	20190930
Filing Date	20191120
Fiscal Year	2019
Fiscal Period	Q3
XBRL Instance	wytc-20190930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 60 Cash Flow Statement 60 Stockholders Equity 33

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$1.72M	USD	Point-in-time
Cash	`Cash`	$735.13K	USD	Point-in-time
Cash	`Cash`	$3.50M	USD	Point-in-time
Cash	`Cash`	$1.72M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$129.57K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$23.46K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$10.43K	USD	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$61.73K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Related party receivable, CCI, net of allowance of $419,433	`AccountsReceivableRelatedPartiesCurrent`	-	USD	Point-in-time
Related party receivable, CCI, net of allowance of $419,433	`AccountsReceivableRelatedPartiesCurrent`	-	USD	Point-in-time
Subscription receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$153.81K	USD	Point-in-time
Subscription receivable	`StockholdersEquityNoteSubscriptionsReceivable`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.08M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.76M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$191.45K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$89.94K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Operating lease, right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Operating lease, right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$314.30K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	495.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	495.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.11M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.38M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.97M	shares	Point-in-time
Construction in process	`ConstructionInProgressGross`	$140.78K	USD	Point-in-time
Construction in process	`ConstructionInProgressGross`	$144.99K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.25M	shares	Point-in-time
Treasury stock	`TreasuryStockShares`	24.13M	shares	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$144.99K	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$140.78K	USD	Point-in-time
Treasury stock	`TreasuryStockShares`	24.13M	shares	Point-in-time
Total Assets	`Assets`	$2.09M	USD	Point-in-time
Total Assets	`Assets`	$1.63M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$207.60K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$228.46K	USD	Point-in-time
Deferred revenues, net of commissions	`DeferredRevenueCurrent`	$1.32M	USD	Point-in-time
Deferred revenues, net of commissions	`DeferredRevenueCurrent`	$1.18M	USD	Point-in-time
Operating lease, right-of-use obligation, current portion	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Operating lease, right-of-use obligation, current portion	`OperatingLeaseLiabilityCurrent`	$128.24K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.52M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.55M	USD	Point-in-time
Operating lease, right-of-use obligation, net of current portion	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease, right-of-use obligation, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$185.17K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	-	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$185.17K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.70M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.55M	USD	Point-in-time
Common stock, $.001 par value, 495,000,000 shares authorized, 29,384,391 shares and 29,106,998 shares issued, 5,249,943 shares and 4,972,550 shares outstanding at September 30, 2019 and December 31, 2018, respectively	`CommonStockValue`	$29.11K	USD	Point-in-time
Common stock, $.001 par value, 495,000,000 shares authorized, 29,384,391 shares and 29,106,998 shares issued, 5,249,943 shares and 4,972,550 shares outstanding at September 30, 2019 and December 31, 2018, respectively	`CommonStockValue`	$29.39K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$23.13M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$24.51M	USD	Point-in-time
Accumulated (deficit)	`RetainedEarningsAccumulatedDeficit`	$-19.26M	USD	Point-in-time
Accumulated (deficit)	`RetainedEarningsAccumulatedDeficit`	$-17.26M	USD	Point-in-time
Common stock, at cost, 24,134,448 shares and 24,134,448 shares	`TreasuryStockCommonValue`	$5.10M	USD	Point-in-time
Common stock, at cost, 24,134,448 shares and 24,134,448 shares	`TreasuryStockCommonValue`	$5.10M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$1.75M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-75.75K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$32.08K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$351.63K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$1.09M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$1.95M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-116.33K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$543.01K	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.63M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$2.09M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$259.73K	USD	3 Qtrs
Revenue	`Revenues`	$131.94K	USD	1 Quarter
Revenue	`Revenues`	$70.56K	USD	1 Quarter
Revenue	`Revenues`	$259.20K	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$88.76K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$173.67K	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$67.71K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$170.24K	USD	3 Qtrs
Gross profit (loss)	`GrossProfit`	$88.96K	USD	3 Qtrs
Gross profit (loss)	`GrossProfit`	$-18.20K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$86.06K	USD	3 Qtrs
Gross profit (loss)	`GrossProfit`	$64.23K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.04M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.95M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$554.49K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$695.67K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$23.56K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$4.50K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$2.26K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	-	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$54.14K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$161.75K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$27.51K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$126.52K	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$752.06K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.22M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$582.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.08M	USD	3 Qtrs
Net operating loss	`OperatingIncomeLoss`	$-770.26K	USD	1 Quarter
Net operating loss	`OperatingIncomeLoss`	$-2.00M	USD	3 Qtrs
Net operating loss	`OperatingIncomeLoss`	$-2.13M	USD	3 Qtrs
Net operating loss	`OperatingIncomeLoss`	$-517.77K	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$106.00	USD	3 Qtrs
Interest income	`InterestAndOtherIncome`	$23.00	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$48.00	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$144.00	USD	3 Qtrs
Interest expense	`InterestExpense`	$38.00	USD	3 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$38.00	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-15.00	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$144.00	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$68.00	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$48.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-735.47K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-625.98K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.00M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-853.17K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.13M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-770.21K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-517.78K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-625.98K	USD	1 Quarter
Weighted average number of common shares outstanding - basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.17M	shares	1 Quarter
Weighted average number of common shares outstanding - basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.07M	shares	3 Qtrs
Weighted average number of common shares outstanding - basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.04M	shares	3 Qtrs
Weighted average number of common shares outstanding - basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.19M	shares	1 Quarter
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.10	USD	1 Quarter
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.18	USD	1 Quarter
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.53	USD	3 Qtrs
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.39	USD	3 Qtrs

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-735.47K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-625.98K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.00M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-853.17K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.13M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-770.21K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-517.78K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-625.98K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$54.14K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$161.75K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$27.51K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$126.52K	USD	3 Qtrs
Stock based payments	`ShareBasedCompensation`	$16.07K	USD	3 Qtrs
Stock based payments	`ShareBasedCompensation`	$10.26K	USD	3 Qtrs
Noncash lease expense	`OtherNoncashExpense`	-	USD	3 Qtrs
Noncash lease expense	`OtherNoncashExpense`	$94.35K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$11.00	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$106.11K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-8.33K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$47.09K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-20.86K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-280.49K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-35.00K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	-	USD	3 Qtrs
Operating lease obligations	`IncreaseDecreaseInOperatingLiabilities`	$-95.23K	USD	3 Qtrs
Operating lease obligations	`IncreaseDecreaseInOperatingLiabilities`	-	USD	3 Qtrs
Net cash (used) in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.07M	USD	3 Qtrs
Net cash (used) in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.23M	USD	3 Qtrs
Purchase of construction in process equipment	`PaymentsToAcquireMachineryAndEquipment`	$45.30K	USD	3 Qtrs
Purchase of construction in process equipment	`PaymentsToAcquireMachineryAndEquipment`	-	USD	3 Qtrs
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.66K	USD	3 Qtrs
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	3 Qtrs
Net cash (used) in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-63.97K	USD	3 Qtrs
Net cash (used) in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$528.70K	USD	3 Qtrs
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	3 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$555.41K	USD	3 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$517.15K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$517.15K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.08M	USD	3 Qtrs
Net (decrease) in cash	`CashPeriodIncreaseDecrease`	$-1.77M	USD	3 Qtrs
Net (decrease) in cash	`CashPeriodIncreaseDecrease`	$-986.00K	USD	3 Qtrs
Cash - beginning	`Cash`	$1.72M	USD	Point-in-time
Cash - beginning	`Cash`	$735.13K	USD	Point-in-time
Cash - beginning	`Cash`	$3.50M	USD	Point-in-time
Cash - beginning	`Cash`	$1.72M	USD	Point-in-time
Cash - ending	`Cash`	$1.72M	USD	Point-in-time
Cash - ending	`Cash`	$735.13K	USD	Point-in-time
Cash - ending	`Cash`	$3.50M	USD	Point-in-time
Cash - ending	`Cash`	$1.72M	USD	Point-in-time
Interest paid	`InterestPaidNet`	-	USD	3 Qtrs
Interest paid	`InterestPaidNet`	$38.00	USD	3 Qtrs
Income taxes	`IncomeTaxesPaidNet`	-	USD	3 Qtrs
Income taxes	`IncomeTaxesPaidNet`	-	USD	3 Qtrs
Issuance of common stock in exchange for registered link and equipment	`IssuanceOfCommonStockInExchangeForRegisteredLinkAndEquipment`	$-25.00K	USD	3 Qtrs
Issuance of common stock in exchange for registered link and equipment	`IssuanceOfCommonStockInExchangeForRegisteredLinkAndEquipment`	-	USD	3 Qtrs
Issuance of common stock in lieu of deferred revenue	`IssuanceOfCommonStockInLieuOfDeferredRevenue`	$-105.00K	USD	3 Qtrs
Issuance of common stock in lieu of deferred revenue	`IssuanceOfCommonStockInLieuOfDeferredRevenue`	-	USD	3 Qtrs
ROU assets and operating lease obligations recognized	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	3 Qtrs
ROU assets and operating lease obligations recognized	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$408.65K	USD	3 Qtrs

Stockholders Equity 33 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$1.75M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-75.75K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$32.08K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$351.63K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$1.09M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$1.95M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-116.33K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$543.01K	USD	Point-in-time
Issuance of common stock, value	`StockIssuedDuringPeriodValueNewIssues`	$50.00K	USD	1 Quarter
Issuance of common stock, value	`StockIssuedDuringPeriodValueNewIssues`	$430.36K	USD	1 Quarter
Issuance of common stock, value	`StockIssuedDuringPeriodValueNewIssues`	$33.25K	USD	1 Quarter
Issuance of common stock, value	`StockIssuedDuringPeriodValueNewIssues`	$590.67K	USD	1 Quarter
Issuance of common stock, value	`StockIssuedDuringPeriodValueNewIssues`	$255.00K	USD	1 Quarter
Issuance of common stock, value	`StockIssuedDuringPeriodValueNewIssues`	$69.61K	USD	1 Quarter
Conversion of warrants, value	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$449.77K	USD	1 Quarter
Conversion of warrants, value	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$65.05K	USD	1 Quarter
Conversion of warrants, value	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$67.69K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-735.47K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-625.98K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.00M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-853.17K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.13M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-770.21K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-517.78K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-625.98K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$1.75M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-75.75K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$32.08K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$351.63K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$1.09M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$1.95M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-116.33K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$543.01K	USD	Point-in-time

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