10-K Filing

WRAP TECHNOLOGIES, INC. CIK: 1702924 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001437749-23-005218`
Period End Date	20221231
Filing Date	20230302
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	wrap20221231_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 42 Cash Flow Statement 72 Stockholders Equity 20

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, Shares Authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred Stock, Shares Authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.94M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.65M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.33M	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$13.95M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$29.98M	USD	Point-in-time
Preferred Stock, Shares Issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, Shares Issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable and contract assets, net	`AccountsReceivableNetCurrent`	$3.86M	USD	Point-in-time
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable and contract assets, net	`AccountsReceivableNetCurrent`	$2.83M	USD	Point-in-time
Inventories, net	`InventoryNet`	$1.57M	USD	Point-in-time
Inventories, net	`InventoryNet`	$3.98M	USD	Point-in-time
Common Stock, Shares Authorized (in shares)	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common Stock, Shares Authorized (in shares)	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$3.98M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$775.00K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$868.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$41.21M	USD	Point-in-time
Common Stock, Shares, Issued (in shares)	`CommonStockSharesIssued`	40.85M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$26.86M	USD	Point-in-time
Common Stock, Shares, Issued (in shares)	`CommonStockSharesIssued`	41.18M	shares	Point-in-time
Common Stock, Shares, Outstanding, Ending Balance (in shares)	`CommonStockSharesOutstanding`	40.85M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$758.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$976.00K	USD	Point-in-time
Common Stock, Shares, Outstanding, Ending Balance (in shares)	`CommonStockSharesOutstanding`	41.18M	shares	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$285.00K	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$51.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.57M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.98M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$100.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$9.00K	USD	Point-in-time
Total assets	`Assets`	$30.57M	USD	Point-in-time
Total assets	`Assets`	$44.23M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.78M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.42M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$824.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.46M	USD	Point-in-time
Customer deposits	`CurrentLiabilitiesCustomerDeposits`	-	USD	Point-in-time
Customer deposits	`CurrentLiabilitiesCustomerDeposits`	$43.00K	USD	Point-in-time
Deferred revenue- short term	`ContractWithCustomerLiabilityCurrent`	$155.00K	USD	Point-in-time
Deferred revenue- short term	`ContractWithCustomerLiabilityCurrent`	$166.00K	USD	Point-in-time
Operating lease liability - short term	`OperatingLeaseLiabilityCurrent`	$108.00K	USD	Point-in-time
Operating lease liability - short term	`OperatingLeaseLiabilityCurrent`	$56.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.86M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.16M	USD	Point-in-time
Deferred revenue- long term	`ContractWithCustomerLiabilityNoncurrent`	$110.00K	USD	Point-in-time
Deferred revenue- long term	`ContractWithCustomerLiabilityNoncurrent`	$167.00K	USD	Point-in-time
Operating lease liability - long term	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease liability - long term	`OperatingLeaseLiabilityNoncurrent`	$193.00K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$360.00K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$110.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$3.52M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.97M	USD	Point-in-time
Commitments and contingencies (Note 9 and 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock - 5,000,000 authorized; par value $0.0001 per share; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock - 5,000,000 authorized; par value $0.0001 per share; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock - 150,000,000 authorized; par value $0.0001 per share; 41,175,993 and 40,851,945 shares issued and outstanding each period, respectively	`CommonStockValue`	$4.00K	USD	Point-in-time
Common stock - 150,000,000 authorized; par value $0.0001 per share; 41,175,993 and 40,851,945 shares issued and outstanding each period, respectively	`CommonStockValue`	$4.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$94.33M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$91.03M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-67.38M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-49.76M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$94.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$27.05M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$46.41M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$41.26M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$30.57M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$44.23M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Product sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$7.38M	USD	Annual
Product sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$7.48M	USD	Annual
Other revenue	`OtherOperatingIncome`	$348.00K	USD	Annual
Other revenue	`OtherOperatingIncome`	$568.00K	USD	Annual
Total revenues	`Revenues`	$7.73M	USD	1 Quarter
Total revenues	`Revenues`	$7.73M	USD	Annual
Total revenues	`Revenues`	$8.05M	USD	Annual
Total revenues	`Revenues`	$8.05M	USD	1 Quarter
Products and services	`CostOfGoodsAndServicesSold`	$4.32M	USD	Annual
Products and services	`CostOfGoodsAndServicesSold`	$4.99M	USD	Annual
Product line exit expense	`ProductLineExitExpense`	$747.00K	USD	Annual
Product line exit expense	`ProductLineExitExpense`	-	USD	Annual
Total cost of revenues	`CostOfRevenue`	$5.73M	USD	Annual
Total cost of revenues	`CostOfRevenue`	$4.32M	USD	Annual
Gross profit	`GrossProfit`	$3.73M	USD	Annual
Gross profit	`GrossProfit`	$2.00M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$20.28M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$16.39M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$5.08M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$6.21M	USD	Annual
Total operating expenses	`OperatingExpenses`	$26.49M	USD	Annual
Total operating expenses	`OperatingExpenses`	$21.46M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-17.73M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-24.50M	USD	Annual
Investment income	`InvestmentIncomeInterest`	$52.00K	USD	Annual
Investment income	`InvestmentIncomeInterest`	$31.00K	USD	Annual
Other	`OtherNonoperatingIncomeExpense`	$61.00K	USD	Annual
Other	`OtherNonoperatingIncomeExpense`	$15.00K	USD	Annual
Nonoperating Income (Expense), Total	`NonoperatingIncomeExpense`	$46.00K	USD	Annual
Nonoperating Income (Expense), Total	`NonoperatingIncomeExpense`	$113.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-17.62M	USD	Annual
Net loss	`NetIncomeLoss`	$-24.45M	USD	Annual
Net loss per basic and diluted common share (in dollars per share)	`EarningsPerShareBasic`	$-0.62	USD	Annual
Net loss per basic and diluted common share (in dollars per share)	`EarningsPerShareBasic`	$-0.43	USD	Annual
Weighted average common shares used to compute net loss per basic and diluted common share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	41.17M	shares	Annual
Weighted average common shares used to compute net loss per basic and diluted common share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	39.28M	shares	Annual
Net loss	`NetIncomeLoss`	$-24.45M	USD	Annual
Net loss	`NetIncomeLoss`	$-17.62M	USD	Annual
Net unrealized gain (loss) on short-term investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-21.00K	USD	Annual
Net unrealized gain (loss) on short-term investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$100.00K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-17.52M	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-24.47M	USD	Annual

Cash Flow Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-24.45M	USD	Annual
Net loss	`NetIncomeLoss`	$-17.62M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$762.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$478.00K	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$5.36M	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$3.23M	USD	Annual
Common shares issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	Annual
Common shares issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$239.00K	USD	Annual
Product line exit expense	`ProductLineExitExpense`	$747.00K	USD	Annual
Product line exit expense	`ProductLineExitExpense`	-	USD	Annual
Gain on sale of assets	`GainLossOnDispositionOfAssets`	$27.00K	USD	Annual
Gain on sale of assets	`GainLossOnDispositionOfAssets`	-	USD	Annual
Warranty provision	`ProductWarrantyExpenseIncome`	$10.00K	USD	Annual
Warranty provision	`ProductWarrantyExpenseIncome`	$210.00K	USD	Annual
Software impairment charge	`ImpairmentOfIntangibleAssetsFinitelived`	-	USD	Annual
Software impairment charge	`ImpairmentOfIntangibleAssetsFinitelived`	$170.00K	USD	Annual
Change in contingent liability	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	-	USD	Annual
Change in contingent liability	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$-23.00K	USD	Annual
Non-cash lease expense	`NoncashLeaseExpense`	$88.00K	USD	Annual
Non-cash lease expense	`NoncashLeaseExpense`	$101.00K	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$123.00K	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$72.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.11M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-957.00K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-559.00K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$2.41M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets`	$-93.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets`	$109.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-360.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$546.00K	USD	Annual
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-94.00K	USD	Annual
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-91.00K	USD	Annual
Customer deposits	`IncreaseDecreaseInDepositOtherAssets`	$-41.00K	USD	Annual
Customer deposits	`IncreaseDecreaseInDepositOtherAssets`	$43.00K	USD	Annual
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilitiesAndOtherLiabilities`	$-54.00K	USD	Annual
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilitiesAndOtherLiabilities`	$611.00K	USD	Annual
Warranty settlement	`IncreaseDecreaseInWarrantySettlement`	$38.00K	USD	Annual
Warranty settlement	`IncreaseDecreaseInWarrantySettlement`	$-181.00K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$249.00K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$68.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-18.22M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-14.60M	USD	Annual
Purchase of short-term investments	`PaymentsToAcquireInvestments`	$30.47M	USD	Annual
Purchase of short-term investments	`PaymentsToAcquireInvestments`	$55.01M	USD	Annual
Proceeds from maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$46.60M	USD	Annual
Proceeds from maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$50.01M	USD	Annual
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$256.00K	USD	Annual
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$995.00K	USD	Annual
Proceeds from long-term deposits	`PaymentsForOtherDeposits`	$92.00K	USD	Annual
Proceeds from long-term deposits	`ProceedsFromOtherDeposits`	$4.00K	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.94M	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$14.91M	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$12.05M	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$83.00K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.68M	USD	Annual
Repayment of debt	`ProceedsFromRepaymentsOfDebt`	-	USD	Annual
Repayment of debt	`ProceedsFromRepaymentsOfDebt`	$-275.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$13.45M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$83.00K	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$393.00K	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-11.71M	USD	Annual
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.94M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$16.65M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.33M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.94M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$16.65M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.33M	USD	Point-in-time
Change in unrealized gain on short-term investments	`ChangeInUnrealizedGainOnShortTermInvestments`	$100.00K	USD	Annual
Change in unrealized gain on short-term investments	`ChangeInUnrealizedGainOnShortTermInvestments`	$-21.00K	USD	Annual
Right-of-use asset and liability recorded during period	`RightofuseAssetAndLiabilityRecorded`	$234.00K	USD	Annual
Right-of-use asset and liability recorded during period	`RightofuseAssetAndLiabilityRecorded`	-	USD	Annual

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$27.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$46.41M	USD	Point-in-time
Balance	`StockholdersEquity`	$41.26M	USD	Point-in-time
Common shares issued upon exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	55,500.00	shares	Annual
Common shares issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.68M	USD	Annual
Common shares issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$83.00K	USD	Annual
Common shares issued upon vesting of restricted stock units	`StockIssuedDuringPeriodValueRestrictedStockUnitsVested`	-	USD	Annual
Common shares issued upon vesting of restricted stock units	`StockIssuedDuringPeriodValueRestrictedStockUnitsVested`	-	USD	Annual
Common shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$239.00K	USD	Annual
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.23M	USD	Annual
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.36M	USD	Annual
Net unrealized gain (loss) on short-term investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-21.00K	USD	Annual
Net unrealized gain (loss) on short-term investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$100.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-24.45M	USD	Annual
Net loss	`NetIncomeLoss`	$-17.62M	USD	Annual
Net loss for the period	`NetIncomeLoss`	$-24.45M	USD	Annual
Net loss for the period	`NetIncomeLoss`	$-17.62M	USD	Annual
Balance	`StockholdersEquity`	$27.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$46.41M	USD	Point-in-time
Balance	`StockholdersEquity`	$41.26M	USD	Point-in-time

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