10-Q Filing

DIGITAL ALLY, INC. CIK: 1342958 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001493152-14-001478`
Period End Date	20140331
Filing Date	20140514
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	dgly-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 85 Income Statement 44 Cash Flow Statement 66 Stockholders Equity 12

Balance Sheet 85 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivable`	$55.03K	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivable`	$55.03K	USD	Point-in-time
Discount on subordinated notes payable, long-term	`DiscountOnSubordinatedNotesPayableNonCurrent`	$154.52K	USD	Point-in-time
Discount on subordinated notes payable, long-term	`DiscountOnSubordinatedNotesPayableNonCurrent`	$187.63K	USD	Point-in-time
Senior secured convertible note payable-long-term, net of discount	`DebtInstrumentUnamortizedDiscount`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$454.98K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$394.75K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.37M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$703.17K	USD	Point-in-time
Senior secured convertible note payable-long-term, net of discount	`DebtInstrumentUnamortizedDiscount`	$353.64K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable-trade, less allowance for doubtful accounts of $55,033 - 2014 and $55,033 - 2013	`AccountsAndNotesReceivableNet`	$2.19M	USD	Point-in-time
Accounts receivable-trade, less allowance for doubtful accounts of $55,033 - 2014 and $55,033 - 2013	`AccountsAndNotesReceivableNet`	$1.84M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	9.38M	shares	Point-in-time
Accounts receivable-other	`AccountsAndOtherReceivablesNetCurrent`	$153.56K	USD	Point-in-time
Accounts receivable-other	`AccountsAndOtherReceivablesNetCurrent`	$106.58K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	9.38M	shares	Point-in-time
Inventories	`InventoryNet`	$8.18M	USD	Point-in-time
Inventories	`InventoryNet`	$8.05M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.36M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.28M	shares	Point-in-time
Treasury stock shares	`TreasuryStockShares`	63,518.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$402.82K	USD	Point-in-time
Treasury stock shares	`TreasuryStockShares`	63,518.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$437.72K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.30M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.89M	USD	Point-in-time
Furniture, fixtures and equipment	`PropertyPlantAndEquipmentGross`	$4.60M	USD	Point-in-time
Furniture, fixtures and equipment	`PropertyPlantAndEquipmentGross`	$4.56M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$3.62M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$3.69M	USD	Point-in-time
Furniture, fixtures and equipment, Net	`PropertyPlantAndEquipmentNet`	$909.03K	USD	Point-in-time
Furniture, fixtures and equipment, Net	`PropertyPlantAndEquipmentNet`	$938.07K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$662.50K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$662.50K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$267.28K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$302.71K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$245.04K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$253.89K	USD	Point-in-time
Total assets	`Assets`	$13.01M	USD	Point-in-time
Total assets	`Assets`	$14.42M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.44M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.55M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesFairValueDisclosure`	$1.47M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesFairValueDisclosure`	$1.34M	USD	Point-in-time
Secured convertible note payable-current	`ConvertibleNotesPayableCurrent`	$666.67K	USD	Point-in-time
Secured convertible note payable-current	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Warrant derivative liability	`WarrantDerivativeLiabilityCurrent`	-	USD	Point-in-time
Warrant derivative liability	`WarrantDerivativeLiabilityCurrent`	$355.87K	USD	Point-in-time
Capital lease obligation-current	`CapitalLeaseObligationsCurrent`	$91.28K	USD	Point-in-time
Capital lease obligation-current	`CapitalLeaseObligationsCurrent`	$92.68K	USD	Point-in-time
Deferred revenue-current	`DeferredRevenueCurrent`	$6.00K	USD	Point-in-time
Deferred revenue-current	`DeferredRevenueCurrent`	$29.60K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$8.59K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$8.62K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$1.88K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$1.88K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.02M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.04M	USD	Point-in-time
Subordinated note payable-long-term, net of discount of $154,523 - 2014 and $187,634 - 2013	`SubordinatedLongTermDebt`	$2.35M	USD	Point-in-time
Subordinated note payable-long-term, net of discount of $154,523 - 2014 and $187,634 - 2013	`SubordinatedLongTermDebt`	$2.31M	USD	Point-in-time
Senior secured convertible note payable-long-term, net of discount of $353,638 - 2014 and $0 - 2013	`ConvertibleLongTermNotesPayable`	-	USD	Point-in-time
Senior secured convertible note payable-long-term, net of discount of $353,638 - 2014 and $0 - 2013	`ConvertibleLongTermNotesPayable`	$979.70K	USD	Point-in-time
Litigation accrual-long term	`LitigationReserveNoncurrent`	$530.00K	USD	Point-in-time
Litigation accrual-long term	`LitigationReserveNoncurrent`	$530.00K	USD	Point-in-time
Deferred revenue-long term	`DeferredRevenueNoncurrent`	$171.60K	USD	Point-in-time
Deferred revenue-long term	`DeferredRevenueNoncurrent`	$24.00K	USD	Point-in-time
Capital lease obligation-long term	`CapitalLeaseObligationsNoncurrent`	$64.99K	USD	Point-in-time
Capital lease obligation-long term	`CapitalLeaseObligationsNoncurrent`	$41.50K	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$2.93M	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$4.07M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value; 9,375,000 shares authorized; shares issued: 2,359,071 - 2014 and 2,284,048 - 2013	`CommonStockValue`	$2.28K	USD	Point-in-time
Common stock, $0.001 par value; 9,375,000 shares authorized; shares issued: 2,359,071 - 2014 and 2,284,048 - 2013	`CommonStockValue`	$2.36K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$24.96M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$25.09M	USD	Point-in-time
Treasury stock, at cost (shares: 63,518 - 2014 and 63,518 - 2013)	`TreasuryStockValue`	$2.16M	USD	Point-in-time
Treasury stock, at cost (shares: 63,518 - 2014 and 63,518 - 2013)	`TreasuryStockValue`	$2.16M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.75M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-16.62M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$7.05M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$6.31M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$14.42M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$13.01M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Product revenue	`SalesRevenueGoodsGross`	$3.78M	USD	1 Quarter
Product revenue	`SalesRevenueGoodsGross`	$4.51M	USD	1 Quarter
Other revenue	`OtherSalesRevenueNet`	$266.76K	USD	1 Quarter
Other revenue	`OtherSalesRevenueNet`	$127.21K	USD	1 Quarter
Total revenue	`Revenues`	$4.78M	USD	1 Quarter
Total revenue	`Revenues`	$3.91M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$1.59M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$1.88M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.90M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.32M	USD	1 Quarter
Research and development expense	`ResearchAndDevelopmentExpense`	$794.16K	USD	1 Quarter
Research and development expense	`ResearchAndDevelopmentExpense`	$855.25K	USD	1 Quarter
Selling, advertising and promotional expense	`MarketingExpense`	$607.14K	USD	1 Quarter
Selling, advertising and promotional expense	`MarketingExpense`	$574.44K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$130.85K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$103.49K	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.24M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.27M	USD	1 Quarter
Total selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.87M	USD	1 Quarter
Total selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.71M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-546.15K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$181.42K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$3.18K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.51K	USD	1 Quarter
Interest expense	`InterestExpense`	$70.91K	USD	1 Quarter
Interest expense	`InterestExpense`	$99.81K	USD	1 Quarter
Secured convertible note payable issuance expenses	`DebtIssuanceCosts`	$224.44K	USD	1 Quarter
Secured convertible note payable issuance expenses	`DebtIssuanceCosts`	-	USD	1 Quarter
Other expense	`OtherNonoperatingExpense`	-	USD	1 Quarter
Other expense	`OtherNonoperatingExpense`	$3.61K	USD	1 Quarter
Income (loss) before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$113.69K	USD	1 Quarter
Income (loss) before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-871.50K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-871.50K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$113.69K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.06	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.39	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.39	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.25M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.06M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.25M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.07M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-871.50K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$113.69K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$105.46K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$115.25K	USD	1 Quarter
Secured convertible note payable issuance expenses	`DebtIssuanceCosts`	$224.44K	USD	1 Quarter
Secured convertible note payable issuance expenses	`DebtIssuanceCosts`	-	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$130.85K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$103.49K	USD	1 Quarter
Provision for inventory obsolescence	`InventoryWriteDown`	$-53.21K	USD	1 Quarter
Provision for inventory obsolescence	`InventoryWriteDown`	$31.62K	USD	1 Quarter
Provision for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableWriteOffs`	-	USD	1 Quarter
Provision for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableWriteOffs`	$-10.16K	USD	1 Quarter
Accounts receivable - trade	`IncreaseDecreaseInAccountsReceivable`	$-357.65K	USD	1 Quarter
Accounts receivable - trade	`IncreaseDecreaseInAccountsReceivable`	$719.80K	USD	1 Quarter
Accounts receivable - other	`IncreaseDecreaseInOtherReceivables`	$-38.49K	USD	1 Quarter
Accounts receivable - other	`IncreaseDecreaseInOtherReceivables`	$46.99K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-307.58K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-168.85K	USD	1 Quarter
Notes receivable - current	`IncreaseDecreaseInNotesReceivableCurrent`	-	USD	1 Quarter
Notes receivable - current	`IncreaseDecreaseInNotesReceivableCurrent`	$65.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-196.90K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-41.40K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-8.85K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-10.74K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-574.41K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$110.41K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$87.54K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-136.20K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$-30.00	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$-900.00	USD	1 Quarter
Unearned income	`IncreaseDecreaseInUnearnedPremiumsNet`	-	USD	1 Quarter
Unearned income	`IncreaseDecreaseInUnearnedPremiumsNet`	$171.20K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-753.73K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-127.41K	USD	1 Quarter
Purchases of furniture, fixtures and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$40.45K	USD	1 Quarter
Purchases of furniture, fixtures and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$162.18K	USD	1 Quarter
Additions to intangible assets	`PaymentsToAcquireIntangibleAssets`	$2.60K	USD	1 Quarter
Additions to intangible assets	`PaymentsToAcquireIntangibleAssets`	$39.33K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-164.78K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-79.78K	USD	1 Quarter
Proceeds from senior secured convertible note payable	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Proceeds from senior secured convertible note payable	`ProceedsFromConvertibleDebt`	$2.00M	USD	1 Quarter
Deferred issuance costs for secured convertible note payable	`ProceedsFromIssuanceOfSubordinatedLongTermDebt`	-	USD	1 Quarter
Deferred issuance costs for secured convertible note payable	`ProceedsFromIssuanceOfSubordinatedLongTermDebt`	$-224.44K	USD	1 Quarter
Payments on capital lease obligation	`RepaymentsOfDebtAndCapitalLeaseObligations`	$22.09K	USD	1 Quarter
Payments on capital lease obligation	`RepaymentsOfDebtAndCapitalLeaseObligations`	$16.24K	USD	1 Quarter
Net cash provided by (used) in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.75M	USD	1 Quarter
Net cash provided by (used) in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-16.24K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-308.43K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$919.96K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$454.98K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$394.75K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.37M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$703.17K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$454.98K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$394.75K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.37M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$703.17K	USD	Point-in-time
Cash payments for interest	`InterestPaid`	$53.90K	USD	1 Quarter
Cash payments for interest	`InterestPaid`	$55.94K	USD	1 Quarter
Cash payments for income taxes	`IncomeTaxesPaid`	$1.18K	USD	1 Quarter
Cash payments for income taxes	`IncomeTaxesPaid`	$10.03K	USD	1 Quarter
Issuance of common stock purchase warrants for senior secured note payable	`IssuanceOfCommonStockPurchaseWarrantsForSeniorSecuredNotePayable`	-	USD	1 Quarter
Issuance of common stock purchase warrants for senior secured note payable	`IssuanceOfCommonStockPurchaseWarrantsForSeniorSecuredNotePayable`	$355.87K	USD	1 Quarter
Restricted common stock grant	`SupplementalNonCashRestrictedCommonStockGrant`	-	USD	1 Quarter
Restricted common stock grant	`SupplementalNonCashRestrictedCommonStockGrant`	$75.00	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$7.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$6.31M	USD	Point-in-time
Stock-based compensation	`ShareBasedCompensation`	$130.85K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$103.49K	USD	1 Quarter
Restricted common stock grant	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Issuance of common stock upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$662.00	USD	1 Quarter
Issuance of common stock upon exercise of stock options, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	-94.00	shares	1 Quarter
Common shares surrendered in connection with cashless exercise of stock options	`CommonSharesSurrenderedInConnectionWithCashlessExerciseOfStockOptions`	$-662.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-871.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$113.69K	USD	1 Quarter
Balance	`StockholdersEquity`	$7.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$6.31M	USD	Point-in-time

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