10-Q Filing

WRAP TECHNOLOGIES, INC. CIK: 1702924 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001654954-17-008274`
Period End Date	20170630
Filing Date	20170908
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	wrap-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 23 Cash Flow Statement 37 Stockholders Equity 16

Balance Sheet 55 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$255.07K	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$4.50K	USD	Point-in-time
Cash	`Cash`	$185.14K	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	-	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	-	USD	Point-in-time
Inventories, net	`InventoryNet`	$27.46K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$8.08K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$28.30K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$220.68K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$283.37K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$39.39K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.23K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	20.00M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	17.45M	shares	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$1.51K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	17.45M	shares	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$1.51K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	20.00M	shares	Point-in-time
Total assets	`Assets`	$293.11K	USD	Point-in-time
Total assets	`Assets`	$261.58K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.06K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$103.22K	USD	Point-in-time
Deferred and accrued officer compensation	`DeferredCompensationLiabilityCurrent`	$70.00K	USD	Point-in-time
Deferred and accrued officer compensation	`DeferredCompensationLiabilityCurrent`	$96.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.20K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.90K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$84.97K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$200.43K	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 6)	`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; 20,000,000 and 17,445,408 shares issued and outstanding, respectively	`CommonStockValue`	$1.75K	USD	Point-in-time
Common stock - 150,000,000 authorized; par value $0.0001 per share; 20,000,000 and 17,445,408 shares issued and outstanding, respectively	`CommonStockValue`	$2.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$440.75K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$665.50K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-606.34K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-234.36K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$208.14K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	-	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$61.16K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$293.11K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$261.58K	USD	Point-in-time

Income Statement 23 line items

Line Item	Tag	Value	Unit	Period
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$165.64K	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$89.85K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.13K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$206.34K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$28.29K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$80.38K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$371.99K	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$29.41K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$170.23K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-371.99K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-29.41K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-234.36K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-170.23K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-170.23K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-371.99K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-234.36K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-29.41K	USD	1 Quarter
Net loss per basic common share	`EarningsPerShareBasic`	$-0.02	USD	2 Qtrs
Net loss per basic common share	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net loss per basic common share	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	4.79M	shares	1 Quarter
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	19.57M	shares	2 Qtrs
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	20.00M	shares	1 Quarter

Cash Flow Statement 37 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-170.23K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-371.99K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-234.36K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-29.41K	USD	1 Quarter
Depreciation	`Depreciation`	$437.00	USD	2 Qtrs
Depreciation	`Depreciation`	$2.43K	USD	2 Qtrs
Depreciation	`Depreciation`	$437.00	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$27.46K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	-	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-20.22K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$91.16K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.32K	USD	1 Quarter
Deferred and accrued officer compensation	`IncreaseDecreaseInDeferredCompensation`	$26.00K	USD	2 Qtrs
Deferred and accrued officer compensation	`IncreaseDecreaseInDeferredCompensation`	$28.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.70K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-261.33K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-30.25K	USD	1 Quarter
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.25K	USD	1 Quarter
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$33.59K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.25K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-33.59K	USD	2 Qtrs
Sale of common stock	`ProceedsFromIssuanceOrSaleOfEquity`	$40.00K	USD	1 Quarter
Sale of common stock	`ProceedsFromIssuanceOrSaleOfEquity`	$225.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$225.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$40.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$4.50K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$-69.93K	USD	2 Qtrs
Cash, beginning of period	`Cash`	$255.07K	USD	Point-in-time
Cash, beginning of period	`Cash`	$4.50K	USD	Point-in-time
Cash, beginning of period	`Cash`	$185.14K	USD	Point-in-time
Cash, beginning of period	`Cash`	-	USD	Point-in-time
Cash, end of period	`Cash`	$4.50K	USD	Point-in-time
Cash, end of period	`Cash`	$185.14K	USD	Point-in-time
Cash, end of period	`Cash`	$255.07K	USD	Point-in-time
Cash, end of period	`Cash`	-	USD	Point-in-time

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, amount	`StockholdersEquity`	$208.14K	USD	Point-in-time
Beginning Balance, amount	`StockholdersEquity`	-	USD	Point-in-time
Beginning Balance, amount	`StockholdersEquity`	$61.16K	USD	Point-in-time
Sale of common stock in March 2016 at $0.00836 per share, amount	`StockIssuedDuringPeriodValueNewIssues`	$40.00K	USD	3 Qtrs
Sale of common stock in September 2016 at $0.00836 per share, amount	`StockIssuedDuringPeriodValueNewIssues1`	$40.00K	USD	3 Qtrs
Sale of common stock in October 2016 at $0.00836 per share, amount	`StockIssuedDuringPeriodValueNewIssues2`	$40.00K	USD	3 Qtrs
Sale of common stock in December 2016 at $0.10447 per share, amount	`StockIssuedDuringPeriodValueNewIssues3`	$322.50K	USD	3 Qtrs
Sale of common stock in January 2017 at $0.10447 per share, amount	`StockIssuedDuringPeriodValueNewIssues4`	$225.00K	USD	2 Qtrs
Shares issued to acquire merger subsidiary to effect reverse recapitalization, amount	`StockIssuedDuringPeriodValueAcquisitions`	-	USD	2 Qtrs
Net loss for the period	`NetIncomeLoss`	$-170.23K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-371.99K	USD	2 Qtrs
Net loss for the period	`NetIncomeLoss`	$-234.36K	USD	3 Qtrs
Net loss for the period	`NetIncomeLoss`	$-29.41K	USD	1 Quarter
Ending Balance, amount	`StockholdersEquity`	$208.14K	USD	Point-in-time
Ending Balance, amount	`StockholdersEquity`	-	USD	Point-in-time
Ending Balance, amount	`StockholdersEquity`	$61.16K	USD	Point-in-time

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