10-K Filing

WYTEC INTERNATIONAL INC CIK: 1560143 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001683168-24-001864`
Period End Date	20231231
Filing Date	20240329
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	wytec_i10k-123123_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 32 Cash Flow Statement 82 Stockholders Equity 24

Balance Sheet 74 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	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$564.76K	USD	Point-in-time
Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$93.75K	USD	Point-in-time
Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$270.07K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$1.50K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$30.30K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$95.94K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	495.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$595.06K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	495.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$191.19K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$26.20K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.20M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	13.29M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$68.56K	USD	Point-in-time
Investment in limited liability company	`InvestmentInLimitedLiabilityCompany`	$600.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	13.29M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.20M	shares	Point-in-time
Investment in limited liability company	`InvestmentInLimitedLiabilityCompany`	-	USD	Point-in-time
Operating lease, right-of-use assets	`OperatingLeaseRightOfUseAsset`	$12.28K	USD	Point-in-time
Operating lease, right-of-use assets	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Total assets	`Assets`	$272.03K	USD	Point-in-time
Total assets	`Assets`	$1.22M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$636.36K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$391.10K	USD	Point-in-time
Accounts payable, related party	`AccountsPayableRelatedParty`	$253.77K	USD	Point-in-time
Accounts payable, related party	`AccountsPayableRelatedParty`	$271.51K	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`	-	USD	Point-in-time
Operating lease, right-of-use obligation, current portion	`OperatingLeaseLiabilityCurrent`	$11.13K	USD	Point-in-time
Contract liability	`ContractWithCustomerLiabilityCurrent`	$21.39K	USD	Point-in-time
Contract liability	`ContractWithCustomerLiabilityCurrent`	$2.84K	USD	Point-in-time
Notes payable, current portion	`OtherNotesPayableCurrent`	$21.61K	USD	Point-in-time
Notes payable, current portion	`OtherNotesPayableCurrent`	$27.75K	USD	Point-in-time
Convertible promissory notes, shareholders	`ConvertiblePromissoryNotesShareholders`	$705.90K	USD	Point-in-time
Convertible promissory notes, shareholders	`ConvertiblePromissoryNotesShareholders`	-	USD	Point-in-time
Convertible promissory notes	`ConvertibleNotesPayableCurrent`	$380.00K	USD	Point-in-time
Convertible promissory notes	`ConvertibleNotesPayableCurrent`	$364.51K	USD	Point-in-time
Promissory notes, shareholders	`PromissoryNotesShareholders`	$710.00K	USD	Point-in-time
Promissory notes, shareholders	`PromissoryNotesShareholders`	$860.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.23M	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`	-	USD	Point-in-time
Notes payable, long term portion	`OtherLongTermDebtNoncurrent`	$21.90K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	-	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$23.14K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.10M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.25M	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, 13,288,692 and 12,195,166 shares issued and outstanding at December 31, 2023 and 2022	`CommonStockValue`	$13.29K	USD	Point-in-time
Common stock, par value $0.001 per share, 495,000,000 shares authorized, 13,288,692 and 12,195,166 shares issued and outstanding at December 31, 2023 and 2022	`CommonStockValue`	$12.19K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$25.12M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$30.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-31.11M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-27.80M	USD	Point-in-time
Repurchased shares	`CommonStockHeldBySubsidiary`	$80.00K	USD	Point-in-time
Repurchased shares	`CommonStockHeldBySubsidiary`	$80.00K	USD	Point-in-time
Subscriptions payable	`CommonStockSharesSubscriptions`	$25.40K	USD	Point-in-time
Subscriptions payable	`CommonStockSharesSubscriptions`	-	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`	$-876.12K	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$1.22M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$272.03K	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Weighted average number of common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	10.53M	shares	Annual
Weighted average number of common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.28M	shares	Annual
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$413.86K	USD	Annual
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$255.63K	USD	Annual
Weighted average number of common shares outstanding - fully diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.28M	shares	Annual
Cost of revenues	`CostOfGoodsAndServicesSold`	$170.90K	USD	Annual
Cost of revenues	`CostOfGoodsAndServicesSold`	$339.80K	USD	Annual
Weighted average number of common shares outstanding - fully diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.53M	shares	Annual
Gross profit	`GrossProfit`	$74.06K	USD	Annual
Net loss per share, basic	`EarningsPerShareBasic`	$-0.27	USD	Annual
Net loss per share, basic	`EarningsPerShareBasic`	$-0.20	USD	Annual
Gross profit	`GrossProfit`	$84.73K	USD	Annual
Net loss per share, fully diluted	`EarningsPerShareDiluted`	$-0.27	USD	Annual
Net loss per share, fully diluted	`EarningsPerShareDiluted`	$-0.20	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.00M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.93M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	-	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$131.76K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$48.20K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$42.35K	USD	Annual
Operating expenses, net	`OperatingExpenses`	$1.98M	USD	Annual
Operating expenses, net	`OperatingExpenses`	$3.17M	USD	Annual
Net operating loss	`OperatingIncomeLoss`	$-3.09M	USD	Annual
Net operating loss	`OperatingIncomeLoss`	$-1.91M	USD	Annual
Other income	`InterestIncomeOperating`	$14.68K	USD	Annual
Other income	`InterestIncomeOperating`	-	USD	Annual
Interest expense	`InterestExpense`	$174.92K	USD	Annual
Interest expense	`InterestExpense`	$236.92K	USD	Annual
Total other expense	`OtherNonoperatingExpense`	$222.25K	USD	Annual
Total other expense	`OtherNonoperatingExpense`	$174.92K	USD	Annual
Net loss	`NetIncomeLoss`	$-3.31M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.08M	USD	Annual

Cash Flow Statement 82 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.31M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.08M	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$48.20K	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$42.35K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$31.89K	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$29.40K	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	-	USD	Annual
Reversal of stock based compensation	`ReversalOfStockBasedCompensation`	-	USD	Annual
Reversal of stock based compensation	`ReversalOfStockBasedCompensation`	$25.40K	USD	Annual
Warrant expense	`WarrantExpense`	$42.08K	USD	Annual
Warrant expense	`WarrantExpense`	$68.60K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$125.00K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$1.38M	USD	Annual
Non-cash lease expense	`OtherNoncashExpense`	$12.28K	USD	Annual
Non-cash lease expense	`OtherNoncashExpense`	$11.78K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-7.31K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.50K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-65.64K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$62.45K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$414.31K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-57.70K	USD	Annual
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-17.74K	USD	Annual
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$85.08K	USD	Annual
Contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$18.56K	USD	Annual
Contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-3.65K	USD	Annual
Operating lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-12.38K	USD	Annual
Operating lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-11.78K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.86M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.34M	USD	Annual
Purchase of investment	`PaymentsToAcquireRestrictedInvestments`	$600.00K	USD	Annual
Purchase of investment	`PaymentsToAcquireRestrictedInvestments`	-	USD	Annual
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$848.00	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-600.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-848.00	USD	Annual
Proceeds from issuance of unsecured promissory note	`ProceedsFromIssuanceOfUnsecuredPromissoryNote`	-	USD	Annual
Proceeds from issuance of unsecured promissory note	`ProceedsFromIssuanceOfUnsecuredPromissoryNote`	-	USD	Annual
Proceeds from promissory notes, shareholders	`ProceedsFromPromissoryNotesShareholders`	$25.00K	USD	Annual
Proceeds from promissory notes, shareholders	`ProceedsFromPromissoryNotesShareholders`	$650.00K	USD	Annual
Proceeds from issuance of convertible promissory notes	`ProceedsFromConvertibleDebt`	$380.00K	USD	Annual
Proceeds from issuance of convertible promissory notes	`ProceedsFromConvertibleDebt`	$2.35M	USD	Annual
Proceeds from convertible promissory notes, shareholders	`ProceedsFromConvertiblePromissoryNotesShareholders`	-	USD	Annual
Proceeds from convertible promissory notes, shareholders	`ProceedsFromConvertiblePromissoryNotesShareholders`	-	USD	Annual
Payments on promissory notes, shareholders	`PaymentsOnPromissoryNotesShareholders`	$-25.00K	USD	Annual
Payments on promissory notes, shareholders	`PaymentsOnPromissoryNotesShareholders`	-	USD	Annual
Payments on notes payable	`RepaymentsOfNotesPayable`	$28.05K	USD	Annual
Payments on notes payable	`RepaymentsOfNotesPayable`	$33.50K	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$25.00K	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$605.87K	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$605.87K	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$25.00K	USD	1 Quarter
Proceeds from previously issued common stock	`ProceedsFromPreviouslyIssuedCommonStock`	$140.97K	USD	Annual
Proceeds from previously issued common stock	`ProceedsFromPreviouslyIssuedCommonStock`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.16M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.93M	USD	Annual
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$471.01K	USD	Annual
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-176.33K	USD	Annual
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$564.76K	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`	$564.76K	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`	$8.38K	USD	Annual
Interest paid	`InterestPaidNet`	$8.73K	USD	Annual
Conversion of series B preferred stock to common stock	`ConversionOfSeriesBPreferredStockToCommonStocks`	-	USD	Annual
Conversion of series B preferred stock to common stock	`ConversionOfSeriesBPreferredStockToCommonStocks`	$2.81K	USD	Annual
Conversion of series A preferred stock to common stock	`ConversionOfSeriesAPreferredStockToCommonStocks`	-	USD	Annual
Conversion of series A preferred stock to common stock	`ConversionOfSeriesAPreferredStockToCommonStocks`	$2.28K	USD	Annual
Conversion of non-convertible promissory notes, shareholders to convertible promissory notes	`ConversionOfNonconvertiblePromissoryNotesShareholdersToConvertiblePromissoryNotes`	-	USD	Annual
Conversion of non-convertible promissory notes, shareholders to convertible promissory notes	`ConversionOfNonconvertiblePromissoryNotesShareholdersToConvertiblePromissoryNotes`	$675.00K	USD	Annual
Conversion of accrued interest and note payable into common stock	`ConversionOfAccruedInterestAndNotePayableIntoCommonStock`	-	USD	Annual
Conversion of accrued interest and note payable into common stock	`ConversionOfAccruedInterestAndNotePayableIntoCommonStock`	$3.41M	USD	Annual
Issuance of detachable warrants with Debt	`IssuanceOfDetachableWarrantWithDebt`	-	USD	Annual
Issuance of detachable warrants with Debt	`IssuanceOfDetachableWarrantWithDebt`	$31.89K	USD	Annual
Issuance of warrants to gain access to line of credit	`IssuanceOfWarrantsToGainAccessToToLineOfCredit`	$29.40K	USD	Annual
Issuance of warrants to gain access to line of credit	`IssuanceOfWarrantsToGainAccessToToLineOfCredit`	-	USD	Annual
Exchange of link obligations into common shares	`ExchangeOfLinkObligationsIntoCommonShares`	-	USD	Annual
Exchange of link obligations into common shares	`ExchangeOfLinkObligationsIntoCommonShares`	$560.00K	USD	Annual
Conversion of accrued interest into note payable	`ConversionOfAccruedInterestIntoNotePayable`	-	USD	Annual
Conversion of accrued interest into note payable	`ConversionOfAccruedInterestIntoNotePayable`	$30.90K	USD	Annual

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$-2.98M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-1.88M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-876.12K	USD	Point-in-time
Conversion of note payable into common stock	`ConversionOfNotePayableIntoCommonStock`	$3.41M	USD	Annual
Cancellation of subscription payable	`CancellationOfSubscriptionPayable`	$25.40K	USD	Annual
Warrants exercised for cash	`WarrantsExercisedForCash`	$605.87K	USD	Annual
Cashless warrants exercised	`CashlessWarrantsExercised`	-	USD	Annual
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$125.00K	USD	Annual
Receipt of cash for common stock already issued	`ReceiptOfCashForCommonStockAlreadyIssued`	$140.97K	USD	Annual
Issuance of common stock in exchange for link obligations	`IssuanceOfCommonStockInExchangeForLinkObligations`	$560.00K	USD	Annual
Warrants issued to gain access to line of credit	`WarrantsIssuedToGainAccessToLineOfCredit`	$29.40K	USD	Annual
Warrants issued with promissory note	`WarrantsIssuedWithPromissorynote`	$31.89K	USD	Annual
Conversion of warrants to common stock	`ConversionOfWarrantsToCommonStock`	$25.00K	USD	Annual
Conversion of series A preferred stock to common stock	`ConversionOfSeriesAPreferredStockToCommonStock`	-	USD	Annual
Conversion of series B preferred stock to common stock	`ConversionOfSeriesBPreferredStockToCommonStock`	-	USD	Annual
Extension of warrants	`ExtensionOfWarrants`	$68.60K	USD	Annual
Extension of warrants	`ExtensionOfWarrants`	$3.47K	USD	Annual
Warrants issued as compensation	`WarrantsIssuedAsCompensation`	$38.61K	USD	Annual
Stock issued for board member compensation	`StockIssuedForBoardMemberCompensation`	$1.38M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.31M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.08M	USD	Annual
Ending balance, value	`StockholdersEquity`	$-2.98M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-1.88M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-876.12K	USD	Point-in-time

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