10-Q Filing

WYTEC INTERNATIONAL INC CIK: 1560143 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001683168-21-003785`
Period End Date	20210331
Filing Date	20210819
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	wytc-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 28 Cash Flow Statement 66 Stockholders Equity 21

Balance Sheet 76 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`	$740.80K	USD	Point-in-time
Cash	`Cash`	$595.73K	USD	Point-in-time
Cash	`Cash`	$443.16K	USD	Point-in-time
Cash	`Cash`	$619.10K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$42.31K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$60.93K	USD	Point-in-time
Inventory	`InventoryNet`	$2.35K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	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, shares authorized	`CommonStockSharesAuthorized`	495.00M	shares	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	-	USD	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.58K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	495.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.22M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.73M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$642.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$506.45K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	6.60M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	6.09M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$55.18K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$157.57K	USD	Point-in-time
Treasury stock	`TreasuryStockShares`	24.17M	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`	$100.38K	USD	Point-in-time
Total Assets	`Assets`	$814.35K	USD	Point-in-time
Total Assets	`Assets`	$764.40K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$123.77K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$152.23K	USD	Point-in-time
Accounts payable, related party	`AccountsPayableRelatedPartiesCurrent`	$107.08K	USD	Point-in-time
Accounts payable, related party	`AccountsPayableRelatedPartiesCurrent`	$124.09K	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`	$71.26K	USD	Point-in-time
Operating lease, right-of-use obligation, current portion	`OperatingLeaseLiabilityCurrent`	$60.31K	USD	Point-in-time
Contract liability	`ContractWithCustomerLiabilityCurrent`	$23.35K	USD	Point-in-time
Contract liability	`ContractWithCustomerLiabilityCurrent`	$25.91K	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	$49.40K	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	-	USD	Point-in-time
Short-term debt, net of unamortized discount	`ShortTermBorrowings`	$586.95K	USD	Point-in-time
Short-term debt, net of unamortized discount	`ShortTermBorrowings`	$600.73K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.81M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.91M	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`	$27.44K	USD	Point-in-time
Note payable	`LongTermNotesPayable`	-	USD	Point-in-time
Note payable	`LongTermNotesPayable`	$58.11K	USD	Point-in-time
Paycheck protection program loan	`OtherLoansPayableLongTerm`	-	USD	Point-in-time
Paycheck protection program loan	`OtherLoansPayableLongTerm`	$160.07K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$27.27K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$245.62K	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.15M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.84M	USD	Point-in-time
Common stock, $0.001 par value, 495,000,000 shares authorized, 30,734,709 shares and 30,224,653 shares issued, 6,600,261 shares and 6,090,205 shares outstanding	`CommonStockValue`	$30.73K	USD	Point-in-time
Common stock, $0.001 par value, 495,000,000 shares authorized, 30,734,709 shares and 30,224,653 shares issued, 6,600,261 shares and 6,090,205 shares outstanding	`CommonStockValue`	$30.23K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$26.65M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$26.35M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-22.09M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-22.64M	USD	Point-in-time
Repurchased shares	`TreasuryStockValue1`	$80.00K	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 stock, at cost, 24,174,448 shares and 24,134,448 shares	`TreasuryStockCommonValue`	$5.10M	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`	$-1.02M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-234.64K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.39M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$764.40K	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$814.35K	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$258.38K	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$225.46K	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$212.42K	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$230.45K	USD	1 Quarter
Gross profit	`GrossProfit`	$13.03K	USD	1 Quarter
Gross profit	`GrossProfit`	$27.93K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$526.98K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$865.36K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.72K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$492.00	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$17.39K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.54K	USD	1 Quarter
Operating expenses, net	`OperatingExpenses`	$544.86K	USD	1 Quarter
Operating expenses, net	`OperatingExpenses`	$879.63K	USD	1 Quarter
Net operating loss	`OperatingIncomeLoss`	$-866.59K	USD	1 Quarter
Net operating loss	`OperatingIncomeLoss`	$-516.93K	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$30.00	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$20.00	USD	1 Quarter
Interest expense	`InterestExpense`	$26.81K	USD	1 Quarter
Interest expense	`InterestExpense`	$7.59K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-7.57K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-26.78K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-874.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-543.71K	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`	6.43M	shares	1 Quarter
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.16	USD	1 Quarter
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-874.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-543.71K	USD	1 Quarter
Depreciation	`Depreciation`	$9.54K	USD	1 Quarter
Depreciation	`Depreciation`	$17.39K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$3.94K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$13.78K	USD	1 Quarter
Stock based payments	`ShareBasedCompensation`	$57.39K	USD	1 Quarter
Stock based payments	`ShareBasedCompensation`	$141.93K	USD	1 Quarter
Non-cash adjustment to notes payable and fixed assets	`NoncashAdjustmentToNotesPayableAndFixedAssets`	-	USD	1 Quarter
Non-cash adjustment to notes payable and fixed assets	`NoncashAdjustmentToNotesPayableAndFixedAssets`	$3.90K	USD	1 Quarter
Non-cash lease expense	`OtherNoncashExpense`	$26.98K	USD	1 Quarter
Non-cash lease expense	`OtherNoncashExpense`	$43.89K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$18.62K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.93K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$39.63K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-16.00	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.58K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-9.91K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$113.73K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$28.46K	USD	1 Quarter
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$17.01K	USD	1 Quarter
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$22.12K	USD	1 Quarter
Contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-2.56K	USD	1 Quarter
Contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	-	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-20.97K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-35.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-597.80K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-427.15K	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`	$-5.50K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from issuance of non-convertible notes	`ProceedsFromIssuanceOfDebt`	-	USD	1 Quarter
Proceeds from issuance of non-convertible notes	`ProceedsFromIssuanceOfDebt`	$625.00K	USD	1 Quarter
Proceeds from Paycheck Protection Program loan	`ProceedsFromOtherShortTermDebt`	-	USD	1 Quarter
Proceeds from Paycheck Protection Program loan	`ProceedsFromOtherShortTermDebt`	$160.07K	USD	1 Quarter
Payments on notes payable	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Payments on notes payable	`RepaymentsOfNotesPayable`	$8.38K	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$76.00K	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$1.00K	USD	Point-in-time
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$75.00K	USD	Point-in-time
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$100.00K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$46.88K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$725.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$274.57K	USD	1 Quarter
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$121.69K	USD	1 Quarter
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-152.57K	USD	1 Quarter
Cash - beginning	`Cash`	$740.80K	USD	Point-in-time
Cash - beginning	`Cash`	$595.73K	USD	Point-in-time
Cash - beginning	`Cash`	$443.16K	USD	Point-in-time
Cash - beginning	`Cash`	$619.10K	USD	Point-in-time
Cash - ending	`Cash`	$740.80K	USD	Point-in-time
Cash - ending	`Cash`	$595.73K	USD	Point-in-time
Cash - ending	`Cash`	$443.16K	USD	Point-in-time
Cash - ending	`Cash`	$619.10K	USD	Point-in-time
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Interest paid	`InterestPaidNet`	$2.09K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Conversion of series B preferred stock to common stock	`ConversionOfSeriesBPreferredStockToCommonStock`	$461.00	USD	1 Quarter
Conversion of series B preferred stock to common stock	`ConversionOfSeriesBPreferredStockToCommonStock`	-	USD	1 Quarter
Issuance of common stock in lieu of interest payment	`IssuanceOfCommonStockInLieuOfInterestPayment`	-	USD	1 Quarter
Issuance of common stock in lieu of interest payment	`IssuanceOfCommonStockInLieuOfInterestPayment`	$21.88K	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

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$-786.83K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-1.02M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-234.64K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-1.39M	USD	Point-in-time
Conversion of Series B preferred stock to common stock, value	`ConversionOfStockAmountIssued1`	-	USD	1 Quarter
Conversion of warrants to common stock, value	`ConversionOfWarrantsToCommonStockValue`	$76.00K	USD	1 Quarter
Issuance of common stock for cash already received, value	`IssuanceOfCommonStockForCashAlreadyReceivedValue`	-	USD	1 Quarter
Issuance of common stock for services, value	`StockIssuedDuringPeriodValueIssuedForServices`	$52.77K	USD	1 Quarter
Issuance of common stock for cash, shares	`StockIssuedDuringPeriodSharesNewIssues`	24,211.00	shares	Point-in-time
Issuance of common stock for cash, value	`StockIssuedDuringPeriodValueNewIssues`	$100.00K	USD	1 Quarter
Issuance of common stock for cash, value	`StockIssuedDuringPeriodValueNewIssues`	$46.88K	USD	1 Quarter
Issuance of warrants for services	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$89.16K	USD	1 Quarter
Issuance of warrants for services	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$51.34K	USD	1 Quarter
Issuance of detachable warrants with Debt	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$80.05K	USD	1 Quarter
Issuance of detachable warrants with Debt	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$6.05K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-874.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-543.71K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$-786.83K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-1.02M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-234.64K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-1.39M	USD	Point-in-time

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