10-Q Filing

WRAP TECHNOLOGIES, INC. CIK: 1702924 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001654954-18-008455`
Period End Date	20180630
Filing Date	20180803
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	wrap-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 40 Cash Flow Statement 42

Balance Sheet 56 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`	$185.14K	USD	Point-in-time
Cash	`Cash`	$3.08M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$2.02M	USD	Point-in-time
Cash	`Cash`	$255.07K	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$131.19K	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$146.41K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$37.15K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$11.45K	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`	$3.23M	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`	$2.20M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$39.84K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$36.67K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	22.80M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	22.80M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	22.80M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	22.80M	shares	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$1.51K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$1.51K	USD	Point-in-time
Total assets	`Assets`	$2.24M	USD	Point-in-time
Total assets	`Assets`	$3.26M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$36.16K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$47.18K	USD	Point-in-time
Note payable	`NotesPayable`	-	USD	Point-in-time
Note payable	`NotesPayable`	$20.01K	USD	Point-in-time
Deferred and accrued officer compensation	`DeferredCompensationLiabilityCurrent`	$96.00K	USD	Point-in-time
Deferred and accrued officer compensation	`DeferredCompensationLiabilityCurrent`	$96.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$60.31K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$42.56K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$205.75K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$192.48K	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 8)	`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; 22,803,533 shares issued and outstanding each period, respectively	`CommonStockValue`	$2.28K	USD	Point-in-time
Common stock - 150,000,000 authorized; par value $0.0001 per share; 22,803,533 shares issued and outstanding each period, respectively	`CommonStockValue`	$2.28K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$4.14M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$4.31M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.28M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.03M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.07M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.24M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$3.26M	USD	Point-in-time

Income Statement 40 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`	$920.74K	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$581.58K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$289.61K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$206.34K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$80.38K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$193.63K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$170.23K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$775.20K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$371.99K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$1.21M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.21M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-775.20K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-170.23K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-371.99K	USD	2 Qtrs
Interest expense	`InterestExpense`	$875.00	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$1.32K	USD	2 Qtrs
Interest expense	`InterestExpense`	-	USD	2 Qtrs
Other	`OtherIncome`	$758.00	USD	2 Qtrs
Other	`OtherIncome`	$537.00	USD	1 Quarter
Other	`OtherIncome`	-	USD	2 Qtrs
Other	`OtherIncome`	-	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-338.00	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	2 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-564.00	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-170.23K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.21M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-371.99K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-775.54K	USD	1 Quarter
Net loss per basic common share	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net loss per basic common share	`EarningsPerShareBasic`	$-0.02	USD	2 Qtrs
Net loss per basic common share	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Net loss per basic common share	`EarningsPerShareBasic`	$-0.05	USD	2 Qtrs
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	22.80M	shares	2 Qtrs
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	20.00M	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`	22.80M	shares	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-371.99K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-775.54K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.21M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-170.23K	USD	1 Quarter
Depreciation	`Depreciation`	$4.85K	USD	2 Qtrs
Depreciation	`Depreciation`	$2.43K	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	-	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$172.97K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$172.97K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$15.22K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$27.46K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$5.70K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-20.22K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$11.02K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$91.16K	USD	2 Qtrs
Deferred and accrued officer compensation	`IncreaseDecreaseInDeferredCompensation`	-	USD	2 Qtrs
Deferred and accrued officer compensation	`IncreaseDecreaseInDeferredCompensation`	$26.00K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.70K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-17.76K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.06M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-261.33K	USD	2 Qtrs
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.02K	USD	2 Qtrs
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$33.59K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.02K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-33.59K	USD	2 Qtrs
Sale of common stock	`ProceedsFromIssuanceOrSaleOfEquity`	$225.00K	USD	2 Qtrs
Sale of common stock	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$225.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	2 Qtrs
Net decrease in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$-1.07M	USD	2 Qtrs
Net decrease in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$-69.93K	USD	2 Qtrs
Cash, beginning of period	`Cash`	$185.14K	USD	Point-in-time
Cash, beginning of period	`Cash`	$3.08M	USD	Point-in-time
Cash, beginning of period	`Cash`	$2.02M	USD	Point-in-time
Cash, beginning of period	`Cash`	$255.07K	USD	Point-in-time
Cash, end of period	`Cash`	$185.14K	USD	Point-in-time
Cash, end of period	`Cash`	$3.08M	USD	Point-in-time
Cash, end of period	`Cash`	$2.02M	USD	Point-in-time
Cash, end of period	`Cash`	$255.07K	USD	Point-in-time
Prepaid insurance financed with note payable	`IncreaseDecreaseInPrepaidInsurance`	$39.44K	USD	2 Qtrs
Prepaid insurance financed with note payable	`IncreaseDecreaseInPrepaidInsurance`	-	USD	2 Qtrs

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