10-Q Filing

WYTEC INTERNATIONAL INC CIK: 1560143 Q2 2020

Filing Information

Form Type	10-Q
Accession Number	`0001683168-20-003007`
Period End Date	20200630
Filing Date	20200903
Fiscal Year	2020
Fiscal Period	Q2
XBRL Instance	wytc-20200630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 58 Cash Flow Statement 66 Stockholders Equity 26

Balance Sheet 70 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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash	`Cash`	$619.10K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash	`Cash`	$494.34K	USD	Point-in-time
Cash	`Cash`	$1.01M	USD	Point-in-time
Cash	`Cash`	$1.72M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$93.80K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$172.71K	USD	Point-in-time
Inventory	`InventoryNet`	$23.88K	USD	Point-in-time
Inventory	`InventoryNet`	-	USD	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.10K	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
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$13.29K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$696.03K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$726.19K	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`	29.56M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$80.27K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.63M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$70.53K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.43M	shares	Point-in-time
Operating lease, right-of-use assets	`OperatingLeaseRightOfUseAsset`	$176.12K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.46M	shares	Point-in-time
Operating lease, right-of-use assets	`OperatingLeaseRightOfUseAsset`	$386.74K	USD	Point-in-time
Treasury stock	`TreasuryStockShares`	24.17M	shares	Point-in-time
Total Assets	`Assets`	$1.19M	USD	Point-in-time
Treasury stock	`TreasuryStockShares`	24.13M	shares	Point-in-time
Total Assets	`Assets`	$942.68K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$216.13K	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`	$77.31K	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`	$150.91K	USD	Point-in-time
Operating lease, right-of-use obligation, current portion	`OperatingLeaseLiabilityCurrent`	$90.16K	USD	Point-in-time
Note payable, current portion	`NotesPayableCurrent`	$180.00K	USD	Point-in-time
Note payable, current portion	`NotesPayableCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.19M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.46M	USD	Point-in-time
Operating lease, right-of-use obligation, long term portion	`OperatingLeaseLiabilityNoncurrent`	$93.34K	USD	Point-in-time
Operating lease, right-of-use obligation, long term portion	`OperatingLeaseLiabilityNoncurrent`	$237.04K	USD	Point-in-time
Note payable, long term portion	`LongTermNotesPayable`	-	USD	Point-in-time
Note payable, long term portion	`LongTermNotesPayable`	$178.16K	USD	Point-in-time
Long-term debt, net of unamortized discount	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Long-term debt, net of unamortized discount	`LongTermDebtNoncurrent`	$561.05K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$237.04K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$832.55K	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.29M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.43M	USD	Point-in-time
Common stock, $0.001 par value, 495,000,000 shares authorized, 29,634,568 shares and 29,564,014 shares issued, 5,460,120 shares and 5,429,566 shares outstanding	`CommonStockValue`	$29.56K	USD	Point-in-time
Common stock, $0.001 par value, 495,000,000 shares authorized, 29,634,568 shares and 29,564,014 shares issued, 5,460,120 shares and 5,429,566 shares outstanding	`CommonStockValue`	$29.64K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$25.21M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$25.53M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-21.35M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-20.12M	USD	Point-in-time
Common stock, at cost, 24,174,448 shares and 24,134,448 shares	`TreasuryStockCommonValue`	$5.20M	USD	Point-in-time
Common stock, at cost, 24,174,448 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`	$-116.33K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.35M	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`	$942.68K	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$1.19M	USD	Point-in-time

Income Statement 58 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$90.07K	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$332.76K	USD	2 Qtrs
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$127.79K	USD	2 Qtrs
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$107.31K	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$98.33K	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$93.23K	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$105.97K	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$310.75K	USD	2 Qtrs
Gross profit	`GrossProfit`	$8.98K	USD	1 Quarter
Gross profit	`GrossProfit`	$-3.16K	USD	1 Quarter
Gross profit	`GrossProfit`	$21.82K	USD	2 Qtrs
Gross profit	`GrossProfit`	$22.02K	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$796.04K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.40M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$337.50K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.20M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$4.72K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$4.50K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	-	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.50K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.04K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$19.58K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$49.50K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$99.00K	USD	2 Qtrs
Operating expenses, net	`OperatingExpenses`	$1.23M	USD	2 Qtrs
Operating expenses, net	`OperatingExpenses`	$347.53K	USD	1 Quarter
Operating expenses, net	`OperatingExpenses`	$1.50M	USD	2 Qtrs
Operating expenses, net	`OperatingExpenses`	$850.04K	USD	1 Quarter
Net operating loss	`OperatingIncomeLoss`	$-1.48M	USD	2 Qtrs
Net operating loss	`OperatingIncomeLoss`	$-1.21M	USD	2 Qtrs
Net operating loss	`OperatingIncomeLoss`	$-338.55K	USD	1 Quarter
Net operating loss	`OperatingIncomeLoss`	$-853.21K	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$83.00	USD	2 Qtrs
Interest income	`InterestIncomeOperating`	$31.00	USD	2 Qtrs
Interest income	`InterestIncomeOperating`	$11.00	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$36.00	USD	1 Quarter
Interest expense	`InterestExpense`	$23.10K	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	2 Qtrs
Interest expense	`InterestExpense`	$30.69K	USD	2 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$36.00	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$83.00	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-30.66K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-23.09K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.48M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-853.17K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.24M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-874.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-361.64K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-625.98K	USD	1 Quarter
Weighted average number of common shares outstanding - basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.45M	shares	2 Qtrs
Weighted average number of common shares outstanding - basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.45M	shares	1 Quarter
Weighted average number of common shares outstanding - basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.08M	shares	2 Qtrs
Weighted average number of common shares outstanding - basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.03M	shares	1 Quarter
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.07	USD	1 Quarter
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.17	USD	1 Quarter
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.23	USD	2 Qtrs
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.29	USD	2 Qtrs

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.48M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-853.17K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.24M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-874.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-361.64K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-625.98K	USD	1 Quarter
Depreciation	`Depreciation`	$19.58K	USD	2 Qtrs
Depreciation	`Depreciation`	$99.00K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$16.11K	USD	2 Qtrs
Stock based payments	`ShareBasedCompensation`	-	USD	2 Qtrs
Stock based payments	`ShareBasedCompensation`	$141.93K	USD	2 Qtrs
Non-cash lease expense	`OtherNoncashExpense`	$76.12K	USD	2 Qtrs
Non-cash lease expense	`OtherNoncashExpense`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$78.91K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$51.78K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$23.88K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	-	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-8.19K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$22.24K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$53.45K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$147.52K	USD	2 Qtrs
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	2 Qtrs
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$1.03K	USD	2 Qtrs
Operating lease liability	`IncreaseDecreaseInOperatingLiabilities`	$-69.96K	USD	2 Qtrs
Operating lease liability	`IncreaseDecreaseInOperatingLiabilities`	-	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.40M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-998.09K	USD	2 Qtrs
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	2 Qtrs
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.83K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.83K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Payments on stock repurchase note payable	`RepaymentsOfNotesPayable`	-	USD	2 Qtrs
Payments on stock repurchase note payable	`RepaymentsOfNotesPayable`	$20.00K	USD	2 Qtrs
Proceeds from issuance of debt	`ProceedsFromIssuanceOfDebt`	$803.16K	USD	2 Qtrs
Proceeds from issuance of debt	`ProceedsFromIssuanceOfDebt`	-	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$689.82K	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$100.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$689.82K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$883.16K	USD	2 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-124.76K	USD	2 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-710.91K	USD	2 Qtrs
Cash - beginning	`Cash`	$619.10K	USD	Point-in-time
Cash - beginning	`Cash`	$494.34K	USD	Point-in-time
Cash - beginning	`Cash`	$1.01M	USD	Point-in-time
Cash - beginning	`Cash`	$1.72M	USD	Point-in-time
Cash - ending	`Cash`	$619.10K	USD	Point-in-time
Cash - ending	`Cash`	$494.34K	USD	Point-in-time
Cash - ending	`Cash`	$1.01M	USD	Point-in-time
Cash - ending	`Cash`	$1.72M	USD	Point-in-time
Interest paid	`InterestPaidNet`	-	USD	2 Qtrs
Interest paid	`InterestPaidNet`	-	USD	2 Qtrs
Income taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Income taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Conversion of Series A preferred stock to common stock	`ConversionOfSeriesPreferredStockToCommonStock`	0.00	shares	2 Qtrs
Conversion of Series A preferred stock to common stock	`ConversionOfSeriesPreferredStockToCommonStock`	40.00	shares	2 Qtrs
Cancellation and renegotiation of leases	`CancellationAndRenegotiationOfLeases`	-	USD	2 Qtrs
Cancellation and renegotiation of leases	`CancellationAndRenegotiationOfLeases`	$134.50K	USD	2 Qtrs
Issuance of Stock Repurchase Note Payable	`IssuanceOfStockRepurchaseNotePayable`	-	USD	2 Qtrs
Issuance of Stock Repurchase Note Payable	`IssuanceOfStockRepurchaseNotePayable`	$200.00K	USD	2 Qtrs
Issuance of detachable warrants with Debt	`IssuanceOfDetachableWarrantsWithDebt`	-	USD	2 Qtrs
Issuance of detachable warrants with Debt	`IssuanceOfDetachableWarrantsWithDebt`	$80.05K	USD	2 Qtrs
Issuance of common stock in exchange for registered link and equipment	`IssuanceOfCommonStockInExchangeForRegisteredLinkAndEquipment`	$25.00K	USD	2 Qtrs
Issuance of common stock in exchange for registered link and equipment	`IssuanceOfCommonStockInExchangeForRegisteredLinkAndEquipment`	-	USD	2 Qtrs
Issuance of common stock in lieu of deferred revenue	`IssuanceOfCommonStockInLieuOfDeferredRevenue`	-	USD	2 Qtrs
Issuance of common stock in lieu of deferred revenue	`IssuanceOfCommonStockInLieuOfDeferredRevenue`	$105.00K	USD	2 Qtrs

Stockholders Equity 26 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`	$-116.33K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-1.35M	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`	$100.00K	USD	1 Quarter
Issuance of common stock, value	`StockIssuedDuringPeriodValueNewIssues`	$704.77K	USD	1 Quarter
Issuance of common stock, value	`StockIssuedDuringPeriodValueNewIssues`	$115.05K	USD	1 Quarter
Conversion of Series A Preferred Stock to Common Stock, value issued	`ConversionOfStockAmountIssued1`	$5.00	USD	1 Quarter
Repurchase of Series B preferred and common stock, in exchange for note payable, value	`StockRepurchasedDuringPeriodValue`	$200.00K	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`	$-1.48M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-853.17K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.24M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-874.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-361.64K	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`	$-116.33K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-1.35M	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.