10-Q Filing

SKYX Platforms Corp. CIK: 1598981 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001721868-18-000425`
Period End Date	20180331
Filing Date	20180515
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	sqfl-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 34 Cash Flow Statement 65

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Common Stock Par Value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common Stock Par Value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common Stock Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.76M	USD	Point-in-time
Common Stock Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.88M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.13M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.74M	USD	Point-in-time
Accounts recievable	`AccountsReceivableNetCurrent`	$1.82M	USD	Point-in-time
Common Stock Issued	`CommonStockSharesIssued`	53.17M	shares	Point-in-time
Accounts recievable	`AccountsReceivableNetCurrent`	$1.05M	USD	Point-in-time
Common Stock Issued	`CommonStockSharesIssued`	54.41M	shares	Point-in-time
Common Stock Outstanding	`CommonStockSharesOutstanding`	54.41M	shares	Point-in-time
Inventory	`InventoryNet`	$2.35M	USD	Point-in-time
Common Stock Outstanding	`CommonStockSharesOutstanding`	53.17M	shares	Point-in-time
Inventory	`InventoryNet`	$2.27M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$61.71K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$42.78K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.34M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.88M	USD	Point-in-time
Furniture and equipment - net	`PropertyPlantAndEquipmentNet`	$194.87K	USD	Point-in-time
Furniture and equipment - net	`PropertyPlantAndEquipmentNet`	$177.17K	USD	Point-in-time
Patent - net	`FiniteLivedIntangibleAssetsNet`	$204.41K	USD	Point-in-time
Patent - net	`FiniteLivedIntangibleAssetsNet`	$225.05K	USD	Point-in-time
GE trademark license - net	`GeTrademarkLicenseNet`	$1.19M	USD	Point-in-time
GE trademark license - net	`GeTrademarkLicenseNet`	$1.64M	USD	Point-in-time
Other assets	`OtherAssetsCurrent`	$40.94K	USD	Point-in-time
Other assets	`OtherAssetsCurrent`	$40.93K	USD	Point-in-time
Total other assets	`OtherAssets`	$1.64M	USD	Point-in-time
Total other assets	`OtherAssets`	$2.08M	USD	Point-in-time
Total assets	`Assets`	$10.42M	USD	Point-in-time
Total assets	`Assets`	$10.52M	USD	Point-in-time
Accounts payable & accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.18M	USD	Point-in-time
Accounts payable & accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.36M	USD	Point-in-time
Notes payable-current portion	`NotesPayablecurrentPortion`	$70.22K	USD	Point-in-time
Notes payable-current portion	`NotesPayablecurrentPortion`	$3.96M	USD	Point-in-time
Notes payable - related party	`NotesPayableRelatedParty`	$200.00K	USD	Point-in-time
Notes payable - related party	`NotesPayableRelatedParty`	$200.00K	USD	Point-in-time
GE royalty obligation	`GeRoyaltyObligation`	$10.76M	USD	Point-in-time
GE royalty obligation	`GeRoyaltyObligation`	$10.58M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilities`	$18.93M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilities`	$19.18M	USD	Point-in-time
Other current liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$39.26K	USD	Point-in-time
Other current liabilities	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$42.33K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$35.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$31.61M	USD	Point-in-time
Notes payable	`NotesPayable`	$3.46M	USD	Point-in-time
Notes payable	`NotesPayable`	-	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	-	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$3.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$35.07M	USD	Point-in-time
Total liabilities	`Liabilities`	$35.90M	USD	Point-in-time
Redeemable preferred stock - subject to redemption: $0 par value; 20,000,000 shares authorized; 13,456,936 and 13,056,932 shares issued and outstanding at March 31, 2018 and December 31, 2017, Respectively	`RedeemablePreferredStockSubjectToRedemption0ParValue20000000SharesAuthorized13056932And0SharesIssuedAndOutstandingAtDecember312016AndDecember312015Respectively`	$45.75M	USD	Point-in-time
Redeemable preferred stock - subject to redemption: $0 par value; 20,000,000 shares authorized; 13,456,936 and 13,056,932 shares issued and outstanding at March 31, 2018 and December 31, 2017, Respectively	`RedeemablePreferredStockSubjectToRedemption0ParValue20000000SharesAuthorized13056932And0SharesIssuedAndOutstandingAtDecember312016AndDecember312015Respectively`	$45.75M	USD	Point-in-time
Common stock: $0 par value, 500,000,000 shares authorized; 54,414,900 and 53,174,900 shares issued and outstanding at March 31, 2018 and December 31, 2017 respectively	`CommonStockValue`	$18.30M	USD	Point-in-time
Common stock: $0 par value, 500,000,000 shares authorized; 54,414,900 and 53,174,900 shares issued and outstanding at March 31, 2018 and December 31, 2017 respectively	`CommonStockValue`	$17.58M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$80.10M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$80.28M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-168.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-169.68M	USD	Point-in-time
Total Stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-70.37M	USD	Point-in-time
Total Stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-71.09M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$-35.44K	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$-35.44K	USD	Point-in-time
Total Deficit	`TotalDeficit`	$-70.40M	USD	Point-in-time
Total Deficit	`TotalDeficit`	$-71.13M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$10.42M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$10.52M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$3.14M	USD	1 Quarter
Sales	`Revenues`	$2.61M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$2.43M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$2.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$708.76K	USD	1 Quarter
Gross profit	`GrossProfit`	$608.98K	USD	1 Quarter
Selling, general and administrative expenses	`GeneralAndAdministrativeExpense`	$2.00M	USD	1 Quarter
Selling, general and administrative expenses	`GeneralAndAdministrativeExpense`	$1.15M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$610.83K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$469.59K	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$2.47M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$1.76M	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.77M	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.15M	USD	1 Quarter
Interest expense	`InterestExpense`	$83.57K	USD	1 Quarter
Interest expense	`InterestExpense`	$58.00K	USD	1 Quarter
Change in fair value of embedded derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	$13.52M	USD	1 Quarter
Change in fair value of embedded derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	$-244.51K	USD	1 Quarter
Loss on debt extinguishment	`GainLossOnNonRecourseDebt`	$-630.00K	USD	1 Quarter
Loss on debt extinguishment	`GainLossOnNonRecourseDebt`	-	USD	1 Quarter
Gain on exchange	`GainOnExchange`	$4.57K	USD	1 Quarter
Gain on exchange	`GainOnExchange`	-	USD	1 Quarter
Other income	`OtherIncome`	$4.41K	USD	1 Quarter
Other income	`OtherIncome`	$4.38K	USD	1 Quarter
Total other income (expense) net	`OtherExpenses`	$169.89K	USD	1 Quarter
Total other income (expense) net	`OtherExpenses`	$16.26M	USD	1 Quarter
Net loss including noncontrolling interest	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-17.41M	USD	1 Quarter
Net loss including noncontrolling interest	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-1.60M	USD	1 Quarter
Net loss attributable to Safety Quick Lighting & Fans Corp.	`NetIncomeLossAttributableToParentDiluted`	$-17.41M	USD	1 Quarter
Net loss attributable to Safety Quick Lighting & Fans Corp.	`NetIncomeLossAttributableToParentDiluted`	$-1.60M	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.45	USD	1 Quarter
Weighted average number of common shares outstanding during the year - basic and diluted	`WeightedAverageBasicSharesOutstandingProForma`	38.46M	shares	1 Quarter
Weighted average number of common shares outstanding during the year - basic and diluted	`WeightedAverageBasicSharesOutstandingProForma`	53.20M	shares	1 Quarter

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net loss attributable to Safety Quick Lighting & Fans Corp.	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-17.41M	USD	1 Quarter
Net loss attributable to Safety Quick Lighting & Fans Corp.	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-1.60M	USD	1 Quarter
Depreciation expense	`Depreciation`	$6.55K	USD	1 Quarter
Depreciation expense	`Depreciation`	$17.70K	USD	1 Quarter
Amortization of patent	`AmortizationOfIntangibleAssets`	$2.28K	USD	1 Quarter
Amortization of patent	`AmortizationOfIntangibleAssets`	$4.49K	USD	1 Quarter
Amortization of GE trademark license	`AmortizationOfGeTrademarkLicense`	$602.01K	USD	1 Quarter
Amortization of GE trademark license	`AmortizationOfGeTrademarkLicense`	$447.40K	USD	1 Quarter
Change in fair value of derivative liabilities	`ChangeInFairValueOfDerivativeLiabilities`	$-244.51K	USD	1 Quarter
Change in fair value of derivative liabilities	`ChangeInFairValueOfDerivativeLiabilities`	$13.52M	USD	1 Quarter
Derivative expense	`DerivativeExpense`	$2.06M	USD	1 Quarter
Derivative expense	`DerivativeExpense`	-	USD	1 Quarter
Loss on debt extinguishment	`LossOnDebtExtinguishment`	-	USD	1 Quarter
Loss on debt extinguishment	`LossOnDebtExtinguishment`	$630.00K	USD	1 Quarter
Stock compensation - related parties	`StockCompensationRelatedParties`	-	USD	1 Quarter
Stock compensation - related parties	`StockCompensationRelatedParties`	$720.00K	USD	1 Quarter
Stock options issued for services - related parties	`StockIssuedDuringPeriodValueShareBasedCompensation`	$181.07K	USD	1 Quarter
Stock options issued for services - related parties	`StockIssuedDuringPeriodValueShareBasedCompensation`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-766.41K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-926.47K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$18.94K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-15.08K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$90.95K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$87.05K	USD	1 Quarter
Royalty payable	`RoyaltyPayable`	$-178.84K	USD	1 Quarter
Royalty payable	`RoyaltyPayable`	$-177.24K	USD	1 Quarter
Other	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$-138.17K	USD	1 Quarter
Other	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$-3.07K	USD	1 Quarter
Accounts payable & accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$815.81K	USD	1 Quarter
Accounts payable & accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$865.42K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-495.95K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-893.85K	USD	1 Quarter
Payment of patent costs	`LicenseCosts`	$-25.13K	USD	1 Quarter
Payment of patent costs	`LicenseCosts`	$-30.30K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.13K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-30.30K	USD	1 Quarter
Repayments of convertible notes	`RepaymentsOfConvertibleDebt`	-	USD	1 Quarter
Repayments of convertible notes	`RepaymentsOfConvertibleDebt`	$-100.00K	USD	1 Quarter
Payments of contingent consideration	`PaymentsOfContingentConsideration`	-	USD	1 Quarter
Payments of contingent consideration	`PaymentsOfContingentConsideration`	$50.00K	USD	1 Quarter
Proceeds from note payable	`ProceedsFromRepaymentsOfNotesPayable`	$269.45K	USD	1 Quarter
Proceeds from note payable	`ProceedsFromRepaymentsOfNotesPayable`	$435.77K	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$-48.11K	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$-32.55K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable1`	$867.86K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable1`	-	USD	1 Quarter
Proceeds from the exercise of warrants	`ProceedsFromIssuanceOfWarrants`	-	USD	1 Quarter
Proceeds from the exercise of warrants	`ProceedsFromIssuanceOfWarrants`	$5.00M	USD	1 Quarter
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$237.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.54M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$403.22K	USD	1 Quarter
Increase (Decrease) cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-117.86K	USD	1 Quarter
Increase (Decrease) cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.62M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$4.76M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$4.88M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$4.13M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$7.74M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$4.76M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$4.88M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$4.13M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$7.74M	USD	Point-in-time
Reclassification of derivative liability to additional paid-in-capital	`PriorPeriodReclassificationAdjustment`	$969.97K	USD	1 Quarter
Reclassification of derivative liability to additional paid-in-capital	`PriorPeriodReclassificationAdjustment`	-	USD	1 Quarter
Interest	`InterestPaid`	$79.55K	USD	1 Quarter
Interest	`InterestPaid`	$83.57K	USD	1 Quarter

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