10-Q Filing

WRAP TECHNOLOGIES, INC. CIK: 1702924 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0001654954-18-012310`
Period End Date	20180930
Filing Date	20181109
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	wrap-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 60 Cash Flow Statement 48

Balance Sheet 60 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`	$1.37M	USD	Point-in-time
Cash	`Cash`	$255.07K	USD	Point-in-time
Cash	`Cash`	$3.08M	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
Inventories, net	`InventoryNet`	$131.19K	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`	$125.29K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$18.65K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	150.00M	shares	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
Total current assets	`AssetsCurrent`	$1.51M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	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, issued	`CommonStockSharesIssued`	20.80M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	22.80M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$36.61K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$36.67K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	22.80M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	20.80M	shares	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	-	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$48.23K	USD	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`	$1.60M	USD	Point-in-time
Total assets	`Assets`	$3.26M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$76.48K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$36.16K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$64.46K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$60.31K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$450.00	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	-	USD	Point-in-time
Note payable	`NotesPayable`	$8.08K	USD	Point-in-time
Note payable	`NotesPayable`	-	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
Total current liabilities	`LiabilitiesCurrent`	$192.48K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$245.46K	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`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`	$4.46M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$4.14M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.11M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.07M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.35M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$3.26M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.60M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Product sales	`ProductSalesRevenue`	-	USD	3 Qtrs
Product sales	`ProductSalesRevenue`	$1.89K	USD	3 Qtrs
Product sales	`ProductSalesRevenue`	$1.89K	USD	1 Quarter
Product sales	`ProductSalesRevenue`	-	USD	1 Quarter
Other revenue	`OtherRevenue`	-	USD	3 Qtrs
Other revenue	`OtherRevenue`	-	USD	3 Qtrs
Other revenue	`OtherRevenue`	-	USD	1 Quarter
Other revenue	`OtherRevenue`	-	USD	1 Quarter
Total revenues	`Revenues`	$1.89K	USD	3 Qtrs
Total revenues	`Revenues`	-	USD	1 Quarter
Total revenues	`Revenues`	$1.89K	USD	1 Quarter
Total revenues	`Revenues`	-	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$1.61K	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	-	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	-	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$1.61K	USD	1 Quarter
Gross profit	`GrossProfit`	$283.00	USD	3 Qtrs
Gross profit	`GrossProfit`	-	USD	3 Qtrs
Gross profit	`GrossProfit`	-	USD	1 Quarter
Gross profit	`GrossProfit`	$283.00	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$665.91K	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`	$1.59M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$168.43K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$458.05K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$46.33K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$252.68K	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$2.04M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$834.34K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$151.54K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$523.53K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-523.53K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-834.06K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.04M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-151.54K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.67K	USD	3 Qtrs
Interest expense	`InterestExpense`	$352.00	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	3 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
Other	`OtherIncome`	-	USD	3 Qtrs
Other	`OtherIncome`	-	USD	1 Quarter
Other	`OtherIncome`	$1.28K	USD	3 Qtrs
Other	`OtherIncome`	$527.00	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-389.00	USD	3 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	$175.00	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-833.88K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-151.54K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-523.53K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.04M	USD	3 Qtrs
Net loss per basic common share	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net loss per basic common share	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Net loss per basic common share	`EarningsPerShareBasic`	$-0.09	USD	3 Qtrs
Net loss per basic common share	`EarningsPerShareBasic`	$-0.03	USD	3 Qtrs
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	22.80M	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`	19.85M	shares	3 Qtrs
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	22.80M	shares	3 Qtrs

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-833.88K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-151.54K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-523.53K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.04M	USD	3 Qtrs
Depreciation and amortization	`Depreciation`	$4.51K	USD	3 Qtrs
Depreciation and amortization	`Depreciation`	$8.07K	USD	3 Qtrs
Share-based compensation	`ShareBasedCompensation`	$322.81K	USD	3 Qtrs
Share-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$149.84K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	-	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$96.67K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-5.90K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-32.23K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$16.97K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$40.32K	USD	3 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`	-	USD	3 Qtrs
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilities`	$21.02K	USD	3 Qtrs
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilities`	$4.59K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.63M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-532.77K	USD	3 Qtrs
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.02K	USD	3 Qtrs
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$33.59K	USD	3 Qtrs
Investment in patents and trademarks	`InvestmentInPatentsAndTrademarks`	$48.23K	USD	3 Qtrs
Investment in patents and trademarks	`InvestmentInPatentsAndTrademarks`	-	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-33.59K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-56.24K	USD	3 Qtrs
Proceeds from common stock subscribed	`ProceedsFromCommonStockSubscribed`	$60.00K	USD	3 Qtrs
Proceeds from common stock subscribed	`ProceedsFromCommonStockSubscribed`	-	USD	3 Qtrs
Sale of common stock	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	3 Qtrs
Sale of common stock	`ProceedsFromIssuanceOrSaleOfEquity`	$275.00K	USD	3 Qtrs
Payment of notes payable	`RepaymentsOfNotesPayable`	$31.36K	USD	3 Qtrs
Payment of notes payable	`RepaymentsOfNotesPayable`	-	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$335.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-31.36K	USD	3 Qtrs
Net decrease in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$-231.36K	USD	3 Qtrs
Net decrease in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$-1.72M	USD	3 Qtrs
Cash, beginning of period	`Cash`	$1.37M	USD	Point-in-time
Cash, beginning of period	`Cash`	$255.07K	USD	Point-in-time
Cash, beginning of period	`Cash`	$3.08M	USD	Point-in-time
Cash, beginning of period	`Cash`	$23.71K	USD	Point-in-time
Cash, end of period	`Cash`	$1.37M	USD	Point-in-time
Cash, end of period	`Cash`	$255.07K	USD	Point-in-time
Cash, end of period	`Cash`	$3.08M	USD	Point-in-time
Cash, end of period	`Cash`	$23.71K	USD	Point-in-time
Prepaid insurance financed with note payable	`IncreaseDecreaseInPrepaidInsurance`	-	USD	3 Qtrs
Prepaid insurance financed with note payable	`IncreaseDecreaseInPrepaidInsurance`	$39.44K	USD	3 Qtrs

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