10-K Filing

WYTEC INTERNATIONAL INC CIK: 1560143 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001683168-21-002718`
Period End Date	20201231
Filing Date	20210625
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	wytc-20201231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 31 Cash Flow Statement 74 Stockholders Equity 21

Balance Sheet 68 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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash	`Cash`	$619.10K	USD	Point-in-time
Cash	`Cash`	$595.73K	USD	Point-in-time
Cash	`Cash`	$1.72M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$42.31K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$93.80K	USD	Point-in-time
Inventory	`InventoryNet`	-	USD	Point-in-time
Inventory	`InventoryNet`	$2.37K	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	495.00M	shares	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.58K	USD	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$13.29K	USD	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
Common stock, shares issued	`CommonStockSharesIssued`	30.22M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$642.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$726.19K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	6.09M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$80.27K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.43M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$55.18K	USD	Point-in-time
Treasury stock	`TreasuryStockShares`	24.13M	shares	Point-in-time
Treasury stock	`TreasuryStockShares`	24.13M	shares	Point-in-time
Operating lease, right-of-use assets	`OperatingLeaseRightOfUseAsset`	$117.17K	USD	Point-in-time
Operating lease, right-of-use assets	`OperatingLeaseRightOfUseAsset`	$386.74K	USD	Point-in-time
Total Assets	`Assets`	$1.19M	USD	Point-in-time
Total Assets	`Assets`	$814.35K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$123.77K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$68.61K	USD	Point-in-time
Accounts payable, related party	`AccountsPayableRelatedPartiesCurrent`	$76.28K	USD	Point-in-time
Accounts payable, related party	`AccountsPayableRelatedPartiesCurrent`	$107.08K	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`	$71.26K	USD	Point-in-time
Contract liability	`ContractWithCustomerLiabilityCurrent`	$25.91K	USD	Point-in-time
Contract liability	`ContractWithCustomerLiabilityCurrent`	-	USD	Point-in-time
Short-term debt, net of unamortized discount	`ShortTermBorrowings`	-	USD	Point-in-time
Short-term debt, net of unamortized discount	`ShortTermBorrowings`	$586.95K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.19M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.81M	USD	Point-in-time
Operating lease, right-of-use obligation, long term portion	`OperatingLeaseLiabilityNoncurrent`	$27.27K	USD	Point-in-time
Operating lease, right-of-use obligation, long term portion	`OperatingLeaseLiabilityNoncurrent`	$237.04K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$27.27K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$237.04K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.84M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.43M	USD	Point-in-time
Common stock, $0.001 par value, 495,000,000 shares authorized, 30,224,653 shares and 29,564,014 shares issued, 6,090,205 and 5,429,566 shares outstanding	`CommonStockValue`	$29.56K	USD	Point-in-time
Common stock, $0.001 par value, 495,000,000 shares authorized, 30,224,653 shares and 29,564,014 shares issued, 6,090,205 and 5,429,566 shares outstanding	`CommonStockValue`	$30.23K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$25.21M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$26.35M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-20.12M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-22.09M	USD	Point-in-time
Repurchased shares	`TreasuryStockValue1`	-	USD	Point-in-time
Repurchased shares	`TreasuryStockValue1`	$80.00K	USD	Point-in-time
Deposit for future common stock subscriptions	`CommonStockSharesSubscriptions`	$121.06K	USD	Point-in-time
Deposit for future common stock subscriptions	`CommonStockSharesSubscriptions`	-	USD	Point-in-time
Common and preferred stock	`TreasuryStockCommonValue`	$5.10M	USD	Point-in-time
Common and preferred stock	`TreasuryStockCommonValue`	$5.10M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-234.64K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-1.02M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$543.01K	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$1.19M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$814.35K	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$405.47K	USD	Annual
Revenue	`Revenues`	$1.08M	USD	Annual
Cost of sales	`CostOfRevenue`	$791.85K	USD	Annual
Cost of sales	`CostOfRevenue`	$219.09K	USD	Annual
Gross profit	`GrossProfit`	$186.38K	USD	Annual
Gross profit	`GrossProfit`	$285.18K	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.75M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.29M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$21.16K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$4.50K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$136.18K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$38.13K	USD	Annual
Operating expenses, net	`OperatingExpenses`	$2.35M	USD	Annual
Operating expenses, net	`OperatingExpenses`	$2.90M	USD	Annual
Net operating loss	`OperatingIncomeLoss`	$-2.71M	USD	Annual
Net operating loss	`OperatingIncomeLoss`	$-2.07M	USD	Annual
Interest income	`InterestIncomeOperating`	$404.00	USD	Annual
Interest income	`InterestIncomeOperating`	$42.00	USD	Annual
Interest expense	`InterestExpense`	$86.00K	USD	Annual
Interest expense	`InterestExpense`	$38.00	USD	Annual
Other income	`OtherIncome`	$178.16K	USD	Annual
Impairment of assets	`AssetImpairmentCharges`	-	USD	Annual
Impairment of assets	`AssetImpairmentCharges`	$144.99K	USD	Annual
Total other expense	`NonoperatingIncomeExpense`	$92.20K	USD	Annual
Total other expense	`NonoperatingIncomeExpense`	$-144.63K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.85M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.97M	USD	Annual
Weighted average number of common shares outstanding - basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.13M	shares	Annual
Weighted average number of common shares outstanding - basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.65M	shares	Annual
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.56	USD	Annual
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.35	USD	Annual

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.85M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.97M	USD	Annual
Depreciation	`Depreciation`	$136.18K	USD	Annual
Depreciation	`Depreciation`	$38.13K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$42.01K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	Annual
Impairment of assets	`AssetImpairmentCharges`	-	USD	Annual
Impairment of assets	`AssetImpairmentCharges`	$144.99K	USD	Annual
Stock based payments	`ShareBasedCompensation`	$225.78K	USD	Annual
Stock based payments	`ShareBasedCompensation`	$142.63K	USD	Annual
Non-cash lease expense	`OtherNoncashExpense`	$123.11K	USD	Annual
Non-cash lease expense	`OtherNoncashExpense`	$142.26K	USD	Annual
Debt forgiveness	`GainsLossesOnExtinguishmentOfDebt`	$178.16K	USD	Annual
Debt forgiveness	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-51.49K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$70.34K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$2.37K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	-	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.86K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-338.00	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-159.84K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$55.15K	USD	Annual
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$30.80K	USD	Annual
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$76.28K	USD	Annual
Other payable	`IncreaseDecreaseInOtherAccountsPayable`	-	USD	Annual
Other payable	`IncreaseDecreaseInOtherAccountsPayable`	$-35.00K	USD	Annual
Operating lease liability	`IncreaseDecreaseOperatingLeaseLiability`	$-141.05K	USD	Annual
Operating lease liability	`IncreaseDecreaseOperatingLeaseLiability`	$-131.59K	USD	Annual
Contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	-	USD	Annual
Contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$25.91K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.69M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.62M	USD	Annual
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$25.00K	USD	Annual
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.04K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.04K	USD	Annual
Repurchase agreement	`RepaymentsOfNotesPayable`	-	USD	Annual
Repurchase agreement	`RepaymentsOfNotesPayable`	$80.00K	USD	Annual
Deposit received for future common stock subscriptions	`ProceedsFromOtherEquity`	-	USD	Annual
Deposit received for future common stock subscriptions	`ProceedsFromOtherEquity`	$121.06K	USD	Annual
Proceeds from issuance of debt	`ProceedsFromIssuanceOfDebt`	-	USD	Annual
Proceeds from issuance of debt	`ProceedsFromIssuanceOfDebt`	$803.16K	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$574.10K	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$327.50K	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$511.88K	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$969.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.68M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.54M	USD	Annual
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.10M	USD	Annual
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-23.37K	USD	Annual
Cash - beginning	`Cash`	$619.10K	USD	Point-in-time
Cash - beginning	`Cash`	$595.73K	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`	$595.73K	USD	Point-in-time
Cash - ending	`Cash`	$1.72M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$38.00	USD	Annual
Interest paid	`InterestPaidNet`	$29.41K	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Conversion of Series A preferred stock to common stock	`ConversionOfSeriesPreferredStockToCommonStock`	0.00	shares	Annual
Conversion of Series A preferred stock to common stock	`ConversionOfSeriesPreferredStockToCommonStock`	140.00	shares	Annual
Conversion of series B preferred stock to common stock	`ConversionOfSeriesBPreferredStockToCommonStock`	$323.00	USD	Annual
Conversion of series B preferred stock to common stock	`ConversionOfSeriesBPreferredStockToCommonStock`	-	USD	Annual
Cancellation and renegotiation of leases	`CancellationAndRenegotiationOfLeases`	$157.83K	USD	Annual
Cancellation and renegotiation of leases	`CancellationAndRenegotiationOfLeases`	-	USD	Annual
Issuance of detachable warrants with Debt	`IssuanceOfDetachableWarrantsWithDebt`	-	USD	Annual
Issuance of detachable warrants with Debt	`IssuanceOfDetachableWarrantsWithDebt`	-	USD	Annual
Issuance of common stock in exchange for deferred revenue obligations	`IssuanceOfCommonStockInExchangeForDeferredRevenueObligations`	$390.00K	USD	Annual
Issuance of common stock in exchange for deferred revenue obligations	`IssuanceOfCommonStockInExchangeForDeferredRevenueObligations`	-	USD	Annual
Recognition of right-of use asset and lease liability upon adoption of ASU 2016-02	`RecognitionOfRightofUseAssetAndLeaseLiabilityUponAdoptionOfAsu201602`	-	USD	Annual
Recognition of right-of use asset and lease liability upon adoption of ASU 2016-02	`RecognitionOfRightofUseAssetAndLeaseLiabilityUponAdoptionOfAsu201602`	$510.68K	USD	Annual
Recognition of right-of use asset and lease liability during the period	`RecognitionOfRightofUseAssetAndLeaseLiabilityDuringPeriod`	$18.32K	USD	Annual
Recognition of right-of use asset and lease liability during the period	`RecognitionOfRightofUseAssetAndLeaseLiabilityDuringPeriod`	-	USD	Annual

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$-234.64K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-1.02M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$543.01K	USD	Point-in-time
Issuance of common stock for services, value	`StockIssuedDuringPeriodValueIssuedForServices`	$136.62K	USD	Annual
Issuance of common stock for cash, value	`StockIssuedDuringPeriodValueNewIssues`	$511.88K	USD	Annual
Issuance of common stock for cash, value	`StockIssuedDuringPeriodValueNewIssues`	$969.00K	USD	Annual
Conversion of series A preferred stock to common stock, value	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Conversion of Series B preferred stock to common stock, value	`ConversionOfStockAmountIssued1`	-	USD	Annual
Repurchase agreement, value	`RepurchaseAgreementValue`	$80.00K	USD	Annual
Issuance of warrants for services	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$89.16K	USD	Annual
Issuance of detachable warrants with Debt	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$80.05K	USD	Annual
Stock based payments for services, value	`StockBasedPaymentsForServicesValue`	$142.63K	USD	Annual
Issuance of common stock in exchange for deferred revenue obligation, value	`IssuanceOfCommonStockInExchangeForDeferredRevenueObligationValue`	$390.00K	USD	Annual
Conversion of warrants to common stock, value	`ConversionOfWarrantsToCommonStockValue`	$327.50K	USD	Annual
Conversion of warrants to common stock, value	`ConversionOfWarrantsToCommonStockValue`	$574.10K	USD	Annual
Deposit received for future common stock subscriptions	`DepositReceivedForFutureCommonStocksSubscriptions`	$121.06K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.85M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.97M	USD	Annual
Ending balance, value	`StockholdersEquity`	$-234.64K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-1.02M	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.