10-Q Filing

WRAP TECHNOLOGIES, INC. CIK: 1702924 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001654954-19-005264`
Period End Date	20190331
Filing Date	20190503
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	wrap-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 30 Cash Flow Statement 48 Stockholders Equity 12

Balance Sheet 68 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
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$12.36M	USD	Point-in-time
Cash	`Cash`	$2.55M	USD	Point-in-time
Cash	`Cash`	$3.08M	USD	Point-in-time
Cash	`Cash`	$10.69M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$4.40K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$63.04K	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$692.69K	USD	Point-in-time
Inventories, net	`InventoryNet`	$158.27K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$326.98K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$114.86K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.78M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	27.36M	shares	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, outstanding	`CommonStockSharesOutstanding`	27.36M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$146.32K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$30.37K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	27.36M	shares	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$118.72K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$152.97K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$4.32K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$1.51K	USD	Point-in-time
Total assets	`Assets`	$12.08M	USD	Point-in-time
Total assets	`Assets`	$12.79M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$232.91K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$650.28K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$112.73K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$68.45K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$2.40K	USD	Point-in-time
Operating lease liability- short term	`OperatingLeaseLiabilityCurrent`	$41.42K	USD	Point-in-time
Operating lease liability- short term	`OperatingLeaseLiabilityCurrent`	-	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`	$902.83K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$397.37K	USD	Point-in-time
Operating Lease Liability - Long Term	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating Lease Liability - Long Term	`OperatingLeaseLiabilityNoncurrent`	$41.05K	USD	Point-in-time
Total liabilities	`Liabilities`	$943.88K	USD	Point-in-time
Total liabilities	`Liabilities`	$397.37K	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 10)	`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 shares issued and outstanding each period, respectively	`CommonStockValue`	$2.74K	USD	Point-in-time
Common stock - 150,000,000 authorized; par value $0.0001 per share; 27,364,607 shares issued and outstanding each period, respectively	`CommonStockValue`	$2.74K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$17.02M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$16.79M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.40M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.89M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.64M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.07M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.39M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$11.14M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$12.08M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$12.79M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Product sales	`ProductSalesRevenue`	-	USD	1 Quarter
Product sales	`ProductSalesRevenue`	$113.95K	USD	1 Quarter
Other revenue	`OtherRevenue`	-	USD	1 Quarter
Other revenue	`OtherRevenue`	$3.86K	USD	1 Quarter
Total revenues	`Revenues`	-	USD	1 Quarter
Total revenues	`Revenues`	$117.81K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$61.22K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	-	USD	1 Quarter
Gross profit	`GrossProfit`	$56.59K	USD	1 Quarter
Gross profit	`GrossProfit`	-	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.16M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$339.17K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$95.98K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$374.82K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$435.15K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.53M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-435.15K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.48M	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$345.00	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$25.41K	USD	1 Quarter
Other	`OtherIncome`	$-571.00	USD	1 Quarter
Other	`OtherIncome`	$-30.01K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-4.60K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-226.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-435.38K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.48M	USD	1 Quarter
Net loss per basic common share	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Net loss per basic common share	`EarningsPerShareBasic`	$-0.05	USD	1 Quarter
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	27.36M	shares	1 Quarter
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	22.80M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-435.38K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.48M	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$2.26K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$5.17K	USD	1 Quarter
Warranty provision	`ProvisionForOtherLosses`	$2.30K	USD	1 Quarter
Warranty provision	`ProvisionForOtherLosses`	-	USD	1 Quarter
Inventory write-off	`InventoryWriteDown`	-	USD	1 Quarter
Inventory write-off	`InventoryWriteDown`	$-12.97K	USD	1 Quarter
Amortization of operating lease asset	`NoncashLeaseExpense`	$5.85K	USD	1 Quarter
Amortization of operating lease asset	`NoncashLeaseExpense`	-	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$227.05K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$58.65K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$45.20K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$521.45K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$212.12K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$7.29K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-17.36K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$417.36K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-5.12K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	-	USD	1 Quarter
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilities`	$-23.38K	USD	1 Quarter
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilities`	$41.98K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$2.40K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-526.36K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.59M	USD	1 Quarter
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.47K	USD	1 Quarter
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$39.20K	USD	1 Quarter
Investment in patents and trademarks	`InvestmentInPatentsAndTrademarks`	-	USD	1 Quarter
Investment in patents and trademarks	`InvestmentInPatentsAndTrademarks`	$34.44K	USD	1 Quarter
Long-term deposits	`PaymentsForOtherDeposits`	$2.81K	USD	1 Quarter
Long-term deposits	`PaymentsForOtherDeposits`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.47K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-76.44K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$-1.67M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$-532.83K	USD	1 Quarter
Cash, beginning of period	`Cash`	$12.36M	USD	Point-in-time
Cash, beginning of period	`Cash`	$2.55M	USD	Point-in-time
Cash, beginning of period	`Cash`	$3.08M	USD	Point-in-time
Cash, beginning of period	`Cash`	$10.69M	USD	Point-in-time
Cash, end of period	`Cash`	$12.36M	USD	Point-in-time
Cash, end of period	`Cash`	$2.55M	USD	Point-in-time
Cash, end of period	`Cash`	$3.08M	USD	Point-in-time
Cash, end of period	`Cash`	$10.69M	USD	Point-in-time
Right-of-use assets and liabilites recorded during period	`RightofuseAssetsAndLiabilitesRecordedDuringPeriod`	-	USD	1 Quarter
Right-of-use assets and liabilites recorded during period	`RightofuseAssetsAndLiabilitesRecordedDuringPeriod`	$87.59K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, amount	`StockholdersEquity`	$2.64M	USD	Point-in-time
Beginning Balance, amount	`StockholdersEquity`	$3.07M	USD	Point-in-time
Beginning Balance, amount	`StockholdersEquity`	$12.39M	USD	Point-in-time
Beginning Balance, amount	`StockholdersEquity`	$11.14M	USD	Point-in-time
Share-based compensation expense	`ShareBasedCompensation`	-	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$227.05K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-435.38K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-1.48M	USD	1 Quarter
Ending Balance, amount	`StockholdersEquity`	$2.64M	USD	Point-in-time
Ending Balance, amount	`StockholdersEquity`	$3.07M	USD	Point-in-time
Ending Balance, amount	`StockholdersEquity`	$12.39M	USD	Point-in-time
Ending Balance, amount	`StockholdersEquity`	$11.14M	USD	Point-in-time

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