10-Q Filing

WYTEC INTERNATIONAL INC CIK: 1560143 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001683168-20-002438`
Period End Date	20200331
Filing Date	20200731
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	wytc-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 28 Cash Flow Statement 53 Stockholders Equity 15

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$1.04M	USD	Point-in-time
Cash	`Cash`	$1.72M	USD	Point-in-time
Cash	`Cash`	$740.80K	USD	Point-in-time
Cash	`Cash`	$619.10K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$87.86K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$93.80K	USD	Point-in-time
Inventory	`InventoryNet`	-	USD	Point-in-time
Inventory	`InventoryNet`	$39.63K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$13.29K	USD	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.37K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$871.67K	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
Total current assets	`AssetsCurrent`	$726.19K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$80.27K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$76.23K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.59M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.56M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.43M	shares	Point-in-time
Operating lease, right-of-use assets	`OperatingLeaseRightOfUseAsset`	$342.86K	USD	Point-in-time
Operating lease, right-of-use assets	`OperatingLeaseRightOfUseAsset`	$386.74K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.46M	shares	Point-in-time
Treasury stock	`TreasuryStockShares`	24.13M	shares	Point-in-time
Total Assets	`Assets`	$1.19M	USD	Point-in-time
Total Assets	`Assets`	$1.29M	USD	Point-in-time
Treasury stock	`TreasuryStockShares`	24.13M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$182.34K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$68.61K	USD	Point-in-time
Accounts payable, related party	`AccountsPayableRelatedPartiesCurrent`	$76.28K	USD	Point-in-time
Accounts payable, related party	`AccountsPayableRelatedPartiesCurrent`	$98.40K	USD	Point-in-time
Other payable	`AccountsPayableOtherCurrent`	$895.00K	USD	Point-in-time
Other payable	`AccountsPayableOtherCurrent`	$895.00K	USD	Point-in-time
Operating lease, right-of-use obligation, current portion	`OperatingLeaseLiabilityCurrent`	$152.91K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.33M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.19M	USD	Point-in-time
Operating lease, right-of-use obligation, long term portion	`OperatingLeaseLiabilityNoncurrent`	$200.05K	USD	Point-in-time
Long-term debt, net of unamortized discount	`LongTermDebtNoncurrent`	$548.89K	USD	Point-in-time
Long-term debt, net of unamortized discount	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$748.94K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$237.04K	USD	Point-in-time
Common stock, $0.001 par value, 495,000,000 shares authorized, 29,594,568 shares and 29,564,014 shares issued, 5,460,120 shares and 5,429,566 shares outstanding	`CommonStockValue`	$29.59K	USD	Point-in-time
Common stock, $0.001 par value, 495,000,000 shares authorized, 29,594,568 shares and 29,564,014 shares issued, 5,460,120 shares and 5,429,566 shares outstanding	`CommonStockValue`	$29.56K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$25.53M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$25.21M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-20.99M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-20.12M	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' deficit	`StockholdersEquity`	$-786.83K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$543.01K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-234.64K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$32.08K	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$1.19M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$1.29M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$37.72K	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$225.46K	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$12.73K	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$212.42K	USD	1 Quarter
Gross profit	`GrossProfit`	$13.03K	USD	1 Quarter
Gross profit	`GrossProfit`	$24.99K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$865.36K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$601.51K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	-	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.72K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.54K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$49.50K	USD	1 Quarter
Operating expenses, net	`OperatingExpenses`	$651.01K	USD	1 Quarter
Operating expenses, net	`OperatingExpenses`	$879.63K	USD	1 Quarter
Net operating loss	`OperatingIncomeLoss`	$-626.03K	USD	1 Quarter
Net operating loss	`OperatingIncomeLoss`	$-866.59K	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$47.00	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$20.00	USD	1 Quarter
Interest expense	`InterestExpense`	$7.59K	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$47.00	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-7.57K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-874.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-625.98K	USD	1 Quarter
Weighted average number of common shares outstanding - basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.44M	shares	1 Quarter
Weighted average number of common shares outstanding - basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.99M	shares	1 Quarter
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.13	USD	1 Quarter
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.16	USD	1 Quarter

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-874.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-625.98K	USD	1 Quarter
Depreciation	`Depreciation`	$9.54K	USD	1 Quarter
Depreciation	`Depreciation`	$49.50K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$3.94K	USD	1 Quarter
Stock based payments	`ShareBasedCompensation`	$141.93K	USD	1 Quarter
Stock based payments	`ShareBasedCompensation`	-	USD	1 Quarter
Non-cash lease expense	`OtherNoncashExpense`	$43.89K	USD	1 Quarter
Non-cash lease expense	`OtherNoncashExpense`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.93K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$416.00	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	-	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$39.63K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$28.66K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-9.91K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-149.93K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$113.73K	USD	1 Quarter
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$22.12K	USD	1 Quarter
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLiabilities`	-	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLiabilities`	$-35.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-597.80K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-755.48K	USD	1 Quarter
Purchase of construction in process equipment	`PaymentsToAcquireMachineryAndEquipment`	$11.35K	USD	1 Quarter
Purchase of construction in process equipment	`PaymentsToAcquireMachineryAndEquipment`	-	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.50K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.35K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.50K	USD	1 Quarter
Proceeds from issuance of non-convertible notes	`ProceedsFromIssuanceOfDebt`	$625.00K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$90.05K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$100.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$90.05K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$725.00K	USD	1 Quarter
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$121.69K	USD	1 Quarter
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-676.79K	USD	1 Quarter
Cash - beginning	`Cash`	$1.04M	USD	Point-in-time
Cash - beginning	`Cash`	$1.72M	USD	Point-in-time
Cash - beginning	`Cash`	$740.80K	USD	Point-in-time
Cash - beginning	`Cash`	$619.10K	USD	Point-in-time
Cash - ending	`Cash`	$1.04M	USD	Point-in-time
Cash - ending	`Cash`	$1.72M	USD	Point-in-time
Cash - ending	`Cash`	$740.80K	USD	Point-in-time
Cash - ending	`Cash`	$619.10K	USD	Point-in-time
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Issuance of detachable warrants with Debt	`IssuanceOfDetachableWarrantsWithDebt`	$80.05K	USD	1 Quarter
Issuance of detachable warrants with Debt	`IssuanceOfDetachableWarrantsWithDebt`	-	USD	1 Quarter
Issuance of common stock in exchange for registered link and equipment	`IssuanceOfCommonStockInExchangeForRegisteredLinkAndEquipment`	-	USD	1 Quarter
Issuance of common stock in exchange for registered link and equipment	`IssuanceOfCommonStockInExchangeForRegisteredLinkAndEquipment`	$25.00K	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$-786.83K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$543.01K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-234.64K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$32.08K	USD	Point-in-time
Issuance of common stock for services, value	`StockIssuedDuringPeriodValueIssuedForServices`	$52.77K	USD	1 Quarter
Issuance of common stock, value	`StockIssuedDuringPeriodValueNewIssues`	$115.05K	USD	1 Quarter
Issuance of common stock, value	`StockIssuedDuringPeriodValueNewIssues`	$100.00K	USD	1 Quarter
Issuance of warrants for service	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$89.16K	USD	1 Quarter
Issuance of detachable warrants with debt	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$80.05K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-874.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-625.98K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$-786.83K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$543.01K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-234.64K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$32.08K	USD	Point-in-time

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