10-Q Filing

WYTEC INTERNATIONAL INC CIK: 1560143 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001683168-23-006823`
Period End Date	20230331
Filing Date	20230929
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	wytec_i10q-033123_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 28 Cash Flow Statement 58 Stockholders Equity 15

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$255.70K	USD	Point-in-time
Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$341.82K	USD	Point-in-time
Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$93.75K	USD	Point-in-time
Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$270.07K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$1.50K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Inventory	`InventoryNet`	$99.66K	USD	Point-in-time
Inventory	`InventoryNet`	$95.94K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$191.19K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$355.37K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$68.56K	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
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$57.56K	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
Operating lease, right-of-use assets	`OperatingLeaseRightOfUseAsset`	$12.28K	USD	Point-in-time
Operating lease, right-of-use assets	`OperatingLeaseRightOfUseAsset`	$9.23K	USD	Point-in-time
Total assets	`Assets`	$272.03K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.20M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.20M	shares	Point-in-time
Total assets	`Assets`	$422.16K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.20M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$636.36K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.20M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$640.19K	USD	Point-in-time
Accounts payable, related party	`AccountsPayableRelatedPartiesCurrent1`	$271.51K	USD	Point-in-time
Accounts payable, related party	`AccountsPayableRelatedPartiesCurrent1`	$245.67K	USD	Point-in-time
Other payable	`AccountsPayableOtherCurrent`	$335.00K	USD	Point-in-time
Other payable	`AccountsPayableOtherCurrent`	$335.00K	USD	Point-in-time
Operating lease, right-of-use obligation, current portion	`OperatingLeaseLiabilityCurrent`	$9.33K	USD	Point-in-time
Operating lease, right-of-use obligation, current portion	`OperatingLeaseLiabilityCurrent`	$11.13K	USD	Point-in-time
Contract liability	`ContractWithCustomerLiabilityCurrent`	$6.93K	USD	Point-in-time
Contract liability	`ContractWithCustomerLiabilityCurrent`	$2.83K	USD	Point-in-time
Notes payable, current portion	`OtherNotesPayableCurrent`	$27.75K	USD	Point-in-time
Notes payable, current portion	`OtherNotesPayableCurrent`	$27.55K	USD	Point-in-time
Convertible promissory notes, shareholders	`ConvertiblePromissoryNotesShareholders`	$705.90K	USD	Point-in-time
Convertible promissory notes, shareholders	`ConvertiblePromissoryNotesShareholders`	$705.90K	USD	Point-in-time
Convertible promissory notes, current portion	`ConvertibleNotesPayableCurrent`	$380.00K	USD	Point-in-time
Convertible promissory notes, current portion	`ConvertibleNotesPayableCurrent`	$417.00K	USD	Point-in-time
Promissory notes, shareholders	`PromissoryNotesShareholders`	$935.00K	USD	Point-in-time
Promissory notes, shareholders	`PromissoryNotesShareholders`	$860.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.23M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.32M	USD	Point-in-time
Operating lease, right-of-use obligation, long term portion	`OperatingLeaseLiabilityNoncurrent`	$1.24K	USD	Point-in-time
Operating lease, right-of-use obligation, long term portion	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Notes payable, long term portion	`OtherLongTermDebtNoncurrent`	$21.90K	USD	Point-in-time
Notes payable, long term portion	`OtherLongTermDebtNoncurrent`	$14.72K	USD	Point-in-time
Convertible promissory notes, long term portion	`ConvertibleLongTermNotesPayable`	$428.00K	USD	Point-in-time
Convertible promissory notes, long term portion	`ConvertibleLongTermNotesPayable`	-	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$442.72K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$23.14K	USD	Point-in-time
Total liabilities	`Liabilities`	$3.25M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.77M	USD	Point-in-time
Commitments and contingencies (See Note M)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (See Note M)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, par value $0.001 per share, 495,000,000 shares authorized, 12,195,166 shares issued and outstanding	`CommonStockValue`	$12.19K	USD	Point-in-time
Common stock, par value $0.001 per share, 495,000,000 shares authorized, 12,195,166 shares issued and outstanding	`CommonStockValue`	$12.19K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$25.12M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$25.12M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-28.16M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-27.80M	USD	Point-in-time
Repurchased shares	`RepurchasedSharesValue`	$80.00K	USD	Point-in-time
Repurchased shares	`RepurchasedSharesValue`	$80.00K	USD	Point-in-time
Subscriptions payable	`SubscriptionsPayable`	$25.40K	USD	Point-in-time
Subscriptions payable	`SubscriptionsPayable`	$25.40K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-3.34M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.98M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.88M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.12M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$272.03K	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$422.16K	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	6.96M	shares	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$204.04K	USD	1 Quarter
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.20M	shares	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$20.41K	USD	1 Quarter
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.96M	shares	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$177.59K	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$7.51K	USD	1 Quarter
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.20M	shares	1 Quarter
Earnings Per Share, Basic	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Earnings Per Share, Basic	`EarningsPerShareBasic`	$-0.07	USD	1 Quarter
Gross profit	`GrossProfit`	$12.89K	USD	1 Quarter
Gross profit	`GrossProfit`	$26.45K	USD	1 Quarter
Earnings Per Share, Diluted	`EarningsPerShareDiluted`	$-0.07	USD	1 Quarter
Earnings Per Share, Diluted	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$475.25K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$316.82K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.29K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.00K	USD	1 Quarter
Operating expenses, net	`OperatingExpenses`	$487.54K	USD	1 Quarter
Operating expenses, net	`OperatingExpenses`	$327.82K	USD	1 Quarter
Net operating loss	`OperatingIncomeLoss`	$-461.08K	USD	1 Quarter
Net operating loss	`OperatingIncomeLoss`	$-314.92K	USD	1 Quarter
Interest expense	`InterestExpense`	$30.17K	USD	1 Quarter
Interest expense	`InterestExpense`	$46.60K	USD	1 Quarter
Total other expense	`OtherNonoperatingExpense`	$30.17K	USD	1 Quarter
Total other expense	`OtherNonoperatingExpense`	$46.60K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-361.53K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-491.26K	USD	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-361.53K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-491.26K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$12.29K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$11.00K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscount`	-	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscount`	$2.71K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfDebtIssuanceCosts`	$7.25K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfDebtIssuanceCosts`	-	USD	1 Quarter
Non-cash lease expense	`OtherNoncashExpense`	$2.88K	USD	1 Quarter
Non-cash lease expense	`OtherNoncashExpense`	$3.20K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.50K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$28.14K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$3.73K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-24.95K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$186.44K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$3.83K	USD	1 Quarter
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-25.84K	USD	1 Quarter
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$25.60K	USD	1 Quarter
Contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$4.10K	USD	1 Quarter
Contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$149.00	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-3.20K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-2.88K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-260.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-370.67K	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$847.00	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-847.00	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from promissory notes, shareholders	`ProceedsFromPromissoryNotesShareholders`	$175.00K	USD	1 Quarter
Proceeds from promissory notes, shareholders	`ProceedsFromPromissoryNotesShareholders`	$75.00K	USD	1 Quarter
Proceeds from issuance of convertible promissory notes	`ProceedsFromConvertibleDebt`	$465.00K	USD	1 Quarter
Proceeds from issuance of convertible promissory notes	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Payments on notes payable	`RepaymentsOfNotesPayable`	$8.38K	USD	1 Quarter
Payments on notes payable	`RepaymentsOfNotesPayable`	$7.38K	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$25.00K	USD	1 Quarter
Proceeds from previously issued of common stock	`ProceedsFromIssuanceOfCommonStock`	$140.97K	USD	1 Quarter
Proceeds from previously issued of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$532.62K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$332.59K	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$71.74K	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$161.95K	USD	1 Quarter
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$255.70K	USD	Point-in-time
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$341.82K	USD	Point-in-time
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$93.75K	USD	Point-in-time
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$270.07K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$255.70K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$341.82K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$93.75K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$270.07K	USD	Point-in-time
Interest paid	`InterestPaidNet`	$1.91K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$2.09K	USD	1 Quarter
Common stock owed for conversion of accrued interest	`CommonStockOwedForConversionsOfAccruedInterest`	-	USD	1 Quarter
Common stock owed for conversion of accrued interest	`CommonStockOwedForConversionsOfAccruedInterest`	$21.88K	USD	1 Quarter
Issuance of warrants with promissory note	`IssuanceOfWarrantsWithPromissoryNote`	-	USD	1 Quarter
Issuance of warrants with promissory note	`IssuanceOfWarrantsWithPromissoryNote`	$32.57K	USD	1 Quarter
Issuance of warrants to gain access to line of credit	`IssuanceOfWarrantsToGainAccessToToLineOfCredit`	-	USD	1 Quarter
Issuance of warrants to gain access to line of credit	`IssuanceOfWarrantsToGainAccessToToLineOfCredit`	$31.28K	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$-3.34M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-2.98M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-1.88M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-2.12M	USD	Point-in-time
Receipt of cash for common stock already issued	`ReceiptOfCashForCommonStockAlreadyIssued`	$140.97K	USD	1 Quarter
Warrants issued to gain access to line of credit	`WarrantsIssuedToGainAccessToLineOfCredit`	$31.28K	USD	1 Quarter
Warrants issued with promissory note	`WarrantsIssuedWithPromissoryNote`	$32.57K	USD	1 Quarter
Common stock owed for conversion of accrued interest	`CommonStockOwedForConversionOfAccruedInterest`	$21.88K	USD	1 Quarter
Conversion of warrants to common stock	`ConversionOfWarrantsToCommonStock`	$25.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-361.53K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-491.26K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$-3.34M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-2.98M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-1.88M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-2.12M	USD	Point-in-time

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