10-Q Filing

WRAP TECHNOLOGIES, INC. CIK: 1702924 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0001654954-17-010152`
Period End Date	20170930
Filing Date	20171107
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	wrap-20170930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 28 Cash Flow Statement 38 Stockholders Equity 15

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
Cash	`Cash`	$23.71K	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$17.31K	USD	Point-in-time
Cash	`Cash`	-	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	-	USD	Point-in-time
Inventories, net	`InventoryNet`	$96.67K	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$45.27K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$28.30K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$283.37K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$165.64K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	20.48M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.23K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	17.45M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$37.31K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$1.51K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$1.51K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	20.48M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	17.45M	shares	Point-in-time
Total assets	`Assets`	$204.47K	USD	Point-in-time
Total assets	`Assets`	$293.11K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$64.94K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.06K	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`	$2.90K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$23.91K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$184.85K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$84.97K	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; 20,475,000 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; 20,475,000 and 17,445,408 shares issued and outstanding, respectively	`CommonStockValue`	$2.05K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$440.75K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$715.45K	USD	Point-in-time
Common stock subscribed	`CommonStockSharesSubscriptions`	-	USD	Point-in-time
Common stock subscribed	`CommonStockSharesSubscriptions`	$60.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-757.88K	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`	$19.61K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$204.47K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$293.11K	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.74K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$105.21K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$270.85K	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$6.55K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$66.55K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$46.33K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$122.75K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$252.68K	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$68.29K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$523.53K	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$129.30K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$151.54K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-151.54K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-523.53K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-129.30K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-68.29K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-523.53K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-129.30K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-151.54K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-68.29K	USD	1 Quarter
Net loss per basic common share	`EarningsPerShareBasic`	$-0.03	USD	3 Qtrs
Net loss per basic common share	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net loss per basic common share	`EarningsPerShareBasic`	$-0.03	USD	2 Qtrs
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`	4.94M	shares	1 Quarter
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	20.40M	shares	1 Quarter
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	4.40M	shares	2 Qtrs
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	19.85M	shares	3 Qtrs

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-523.53K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-129.30K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-151.54K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-68.29K	USD	1 Quarter
Depreciation	`Depreciation`	$4.51K	USD	3 Qtrs
Depreciation	`Depreciation`	$875.00	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	-	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$96.67K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$16.97K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	-	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$21.98K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$52.87K	USD	3 Qtrs
Deferred and accrued officer compensation	`IncreaseDecreaseInDeferredCompensation`	$26.00K	USD	3 Qtrs
Deferred and accrued officer compensation	`IncreaseDecreaseInDeferredCompensation`	$49.00K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	-	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$21.02K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-57.44K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-532.77K	USD	3 Qtrs
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$33.59K	USD	3 Qtrs
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.25K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-33.59K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.25K	USD	2 Qtrs
Proceeds from common stock subscribed	`ProceedsFromCommonStockSubscribed`	$60.00K	USD	3 Qtrs
Proceeds from common stock subscribed	`ProceedsFromCommonStockSubscribed`	-	USD	2 Qtrs
Sale of common stock	`ProceedsFromIssuanceOrSaleOfEquity`	$80.00K	USD	2 Qtrs
Sale of common stock	`ProceedsFromIssuanceOrSaleOfEquity`	$275.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$80.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$335.00K	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$-231.36K	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$17.31K	USD	2 Qtrs
Cash, beginning of period	`Cash`	$255.07K	USD	Point-in-time
Cash, beginning of period	`Cash`	$23.71K	USD	Point-in-time
Cash, beginning of period	`Cash`	$17.31K	USD	Point-in-time
Cash, beginning of period	`Cash`	-	USD	Point-in-time
Cash, end of period	`Cash`	$255.07K	USD	Point-in-time
Cash, end of period	`Cash`	$23.71K	USD	Point-in-time
Cash, end of period	`Cash`	$17.31K	USD	Point-in-time
Cash, end of period	`Cash`	-	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, amount	`StockholdersEquity`	$208.14K	USD	Point-in-time
Beginning Balance, amount	`StockholdersEquity`	$19.61K	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	3 Qtrs
Sale of common stock in July 2017 at $0.10447 per share, amount	`StockIssuedDuringPeriodValueNewIssues5`	$50.00K	USD	3 Qtrs
Common stock subscribed	`CommonStockSubscribed`	$60.00K	USD	3 Qtrs
Net loss for the period	`NetIncomeLoss`	$-523.53K	USD	3 Qtrs
Net loss for the period	`NetIncomeLoss`	$-129.30K	USD	2 Qtrs
Net loss for the period	`NetIncomeLoss`	$-151.54K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-68.29K	USD	1 Quarter
Ending Balance, amount	`StockholdersEquity`	$208.14K	USD	Point-in-time
Ending Balance, amount	`StockholdersEquity`	$19.61K	USD	Point-in-time

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