10-K Filing

WRAP TECHNOLOGIES, INC. CIK: 1702924 FY 2018

Filing Information

Form Type	10-K
Accession Number	`0001654954-19-002417`
Period End Date	20181231
Filing Date	20190307
Fiscal Year	2018
Fiscal Period	FY
XBRL Instance	wrap-20181231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 32 Cash Flow Statement 47 Stockholders Equity 14

Balance Sheet 58 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`	$3.08M	USD	Point-in-time
Cash	`Cash`	$255.07K	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`	$12.36M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$4.40K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	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	`InventoryNet`	$131.19K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Inventories	`InventoryNet`	$158.27K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$114.86K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$11.45K	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
Common stock, issued	`CommonStockSharesIssued`	27.36M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$12.64M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	22.80M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.23M	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`	27.36M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$30.37K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$118.72K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	-	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.51K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.51K	USD	Point-in-time
Total assets	`Assets`	$12.79M	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`	$232.91K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$68.45K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$60.31K	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`	$397.37K	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; 27,364,607 and 22,803,533 shares issued and outstanding, respectively	`CommonStockValue`	$2.28K	USD	Point-in-time
Common stock - 150,000,000 authorized; par value $0.0001 per share; 27,364,607 and 22,803,533 shares issued and outstanding, respectively	`CommonStockValue`	$2.74K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$4.14M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$16.79M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.40M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.39M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$208.14K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.07M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$3.26M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$12.79M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Product sales	`ProductSalesRevenue`	$18.83K	USD	Annual
Product sales	`ProductSalesRevenue`	-	USD	Annual
Other revenue	`OtherRevenue`	$4.32K	USD	Annual
Other revenue	`OtherRevenue`	-	USD	Annual
Total revenues	`Revenues`	-	USD	Annual
Total revenues	`Revenues`	$23.15K	USD	Annual
Cost of revenues	`CostOfRevenue`	$18.61K	USD	Annual
Cost of revenues	`CostOfRevenue`	-	USD	Annual
Gross profit	`GrossProfit`	$4.54K	USD	Annual
Gross profit	`GrossProfit`	-	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.61M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$522.21K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$311.33K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$734.78K	USD	Annual
Total expenses	`OperatingExpenses`	$3.34M	USD	Annual
Total expenses	`OperatingExpenses`	$833.54K	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-833.54K	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-3.34M	USD	Annual
Interest income	`InterestIncomeOperating`	$2.91K	USD	Annual
Interest income	`InterestIncomeOperating`	-	USD	Annual
Interest expense	`InterestExpense`	-	USD	Annual
Interest expense	`InterestExpense`	$1.30K	USD	Annual
Other	`OtherIncome`	$-409.00	USD	Annual
Other	`OtherIncome`	-	USD	Annual
Other income (expense)	`InterestIncomeExpenseNet`	$1.20K	USD	Annual
Other income (expense)	`InterestIncomeExpenseNet`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-3.34M	USD	Annual
Net loss	`NetIncomeLoss`	$-833.54K	USD	Annual
Net loss per basic common share	`EarningsPerShareBasic`	$-0.14	USD	Annual
Net loss per basic common share	`EarningsPerShareBasic`	$-0.04	USD	Annual
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	20.19M	shares	Annual
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	23.58M	shares	Annual

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.34M	USD	Annual
Net loss	`NetIncomeLoss`	$-833.54K	USD	Annual
Depreciation and amortization	`Depreciation`	$6.66K	USD	Annual
Depreciation and amortization	`Depreciation`	$21.88K	USD	Annual
Share-based compensation	`ShareBasedCompensation`	-	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$512.99K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.40K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$131.19K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$27.07K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-16.85K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$63.98K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$196.75K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$24.10K	USD	Annual
Deferred and accrued officer compensation	`IncreaseDecreaseInDeferredCompensation`	-	USD	Annual
Deferred and accrued officer compensation	`IncreaseDecreaseInDeferredCompensation`	$26.00K	USD	Annual
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilities`	$8.14K	USD	Annual
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilities`	$57.41K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-833.71K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.69M	USD	Annual
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$35.10K	USD	Annual
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.22K	USD	Annual
Investment in patents and trademarks	`InvestmentInPatentsAndTrademarks`	-	USD	Annual
Investment in patents and trademarks	`InvestmentInPatentsAndTrademarks`	$120.07K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-134.29K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-35.10K	USD	Annual
Sale of common stock and warrants	`ProceedsFromIssuanceOrSaleOfEquity`	$13.68M	USD	Annual
Sale of common stock and warrants	`ProceedsFromIssuanceOrSaleOfEquity`	$3.77M	USD	Annual
Offering costs paid	`OfferingCostsPaidInConnectionWithSaleOfCommonStock`	$1.54M	USD	Annual
Offering costs paid	`OfferingCostsPaidInConnectionWithSaleOfCommonStock`	$70.08K	USD	Annual
Payment of notes payable	`RepaymentsOfNotesPayable`	-	USD	Annual
Payment of notes payable	`RepaymentsOfNotesPayable`	$39.44K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.10M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.70M	USD	Annual
Net increase in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$9.27M	USD	Annual
Net increase in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$2.83M	USD	Annual
Cash, beginning of period	`Cash`	$12.36M	USD	Point-in-time
Cash, beginning of period	`Cash`	$3.08M	USD	Point-in-time
Cash, beginning 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`	$255.07K	USD	Point-in-time
Cash, end of period	`Cash`	$12.36M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$1.30K	USD	Annual
Interest paid	`InterestPaidNet`	-	USD	Annual
Prepaid insurance financed with note payable	`PrepaidInsuranceFinancedWithNotePayable`	-	USD	Annual
Prepaid insurance financed with note payable	`PrepaidInsuranceFinancedWithNotePayable`	$39.44K	USD	Annual
Issuance costs relating to warrants issued to private offering selling agent	`IssuanceCostsRelatingToWarrantsIssuedToPrivateOfferingSellingAgent`	-	USD	Annual
Issuance costs relating to warrants issued to private offering selling agent	`IssuanceCostsRelatingToWarrantsIssuedToPrivateOfferingSellingAgent`	$664.43K	USD	Annual

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, amount	`StockholdersEquity`	$12.39M	USD	Point-in-time
Beginning Balance, amount	`StockholdersEquity`	$208.14K	USD	Point-in-time
Beginning Balance, amount	`StockholdersEquity`	$3.07M	USD	Point-in-time
Sale of common stock and warrants at $3.00 per share and placement agent warrants in private offering, net of issuance costs, amount	`StockIssuedDuringPeriodValueNewIssues7`	$12.14M	USD	Annual
Sale of common stock in January 2017 at $0.10447 per share, amount	`StockIssuedDuringPeriodValueNewIssues4`	$225.00K	USD	Annual
Sale of common stock in July 2017 at $0.10447 per share, amount	`StockIssuedDuringPeriodValueNewIssues5`	$50.00K	USD	Annual
Sale of common stock in public offering at $1.50 per share in fourth quarter of 2017, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues6`	$3.42M	USD	Annual
Share-based compensation expense	`ShareBasedCompensation`	-	USD	Annual
Share-based compensation expense	`ShareBasedCompensation`	$512.99K	USD	Annual
Net loss for the period	`NetIncomeLoss`	$-3.34M	USD	Annual
Net loss for the period	`NetIncomeLoss`	$-833.54K	USD	Annual
Ending Balance, amount	`StockholdersEquity`	$12.39M	USD	Point-in-time
Ending Balance, amount	`StockholdersEquity`	$208.14K	USD	Point-in-time
Ending Balance, amount	`StockholdersEquity`	$3.07M	USD	Point-in-time

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