10-Q Filing

WRAP TECHNOLOGIES, INC. CIK: 1702924 Q3 2019

Filing Information

Form Type	10-Q
Accession Number	`0001654954-19-012185`
Period End Date	20190930
Filing Date	20191031
Fiscal Year	2019
Fiscal Period	Q3
XBRL Instance	wrap-20190930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 60 Cash Flow Statement 71 Stockholders Equity 26

Balance Sheet 74 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`	$12.36M	USD	Point-in-time
Cash	`Cash`	$1.37M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$3.08M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$19.26M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$4.40K	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$95.50K	USD	Point-in-time
Inventories, net	`InventoryNet`	$1.97M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$158.27K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$114.86K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$85.16K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.42M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	27.36M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	29.67M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$12.64M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	29.67M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$207.88K	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
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$290.04K	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$118.72K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$213.66K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$12.68K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$1.51K	USD	Point-in-time
Total assets	`Assets`	$12.79M	USD	Point-in-time
Total assets	`Assets`	$22.14M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$232.91K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$741.37K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$68.45K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$155.90K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$238.51K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$2.29K	USD	Point-in-time
Operating lease liability- short term	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Operating lease liability- short term	`OperatingLeaseLiabilityCurrent`	$123.78K	USD	Point-in-time
Deferred and accrued officer compensation	`DeferredCompensationLiabilityCurrent`	-	USD	Point-in-time
Deferred and accrued officer compensation	`DeferredCompensationLiabilityCurrent`	$96.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$397.37K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.26M	USD	Point-in-time
Operating Lease Liability - Long Term	`OperatingLeaseLiabilityNoncurrent`	$183.19K	USD	Point-in-time
Operating Lease Liability - Long Term	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$1.45M	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; 29,669,000 and 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; 29,669,000 and 27,364,607 shares issued and outstanding each period, respectively	`CommonStockValue`	$2.97K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$30.88M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$16.79M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.19M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.40M	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`	$20.70M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.35M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.03M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$22.53M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$12.79M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.14M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Product sales	`ProductSalesRevenue`	$1.89K	USD	3 Qtrs
Product sales	`ProductSalesRevenue`	$255.97K	USD	1 Quarter
Product sales	`ProductSalesRevenue`	$418.87K	USD	3 Qtrs
Product sales	`ProductSalesRevenue`	$1.89K	USD	1 Quarter
Other revenue	`OtherRevenue`	$12.79K	USD	1 Quarter
Other revenue	`OtherRevenue`	-	USD	1 Quarter
Other revenue	`OtherRevenue`	$27.14K	USD	3 Qtrs
Other revenue	`OtherRevenue`	-	USD	3 Qtrs
Total revenues	`Revenues`	$1.89K	USD	1 Quarter
Total revenues	`Revenues`	$1.89K	USD	3 Qtrs
Total revenues	`Revenues`	$268.76K	USD	1 Quarter
Total revenues	`Revenues`	$446.02K	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$157.79K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$1.61K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$1.61K	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$254.70K	USD	3 Qtrs
Gross profit	`GrossProfit`	$110.98K	USD	1 Quarter
Gross profit	`GrossProfit`	$191.32K	USD	3 Qtrs
Gross profit	`GrossProfit`	$283.00	USD	1 Quarter
Gross profit	`GrossProfit`	$283.00	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.59M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$665.91K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.88M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.55M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.62M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$458.05K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$168.43K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$729.79K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.17M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$834.34K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.04M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$2.61M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-834.06K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.04M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-2.50M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.98M	USD	3 Qtrs
Interest income	`InterestIncomeOperating`	$527.00	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$1.28K	USD	3 Qtrs
Interest income	`InterestIncomeOperating`	$196.11K	USD	3 Qtrs
Interest income	`InterestIncomeOperating`	$108.92K	USD	1 Quarter
Other	`OtherIncome`	$-1.45K	USD	3 Qtrs
Other	`OtherIncome`	$-1.67K	USD	3 Qtrs
Other	`OtherIncome`	$837.00	USD	1 Quarter
Other	`OtherIncome`	$-352.00	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$194.66K	USD	3 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	$175.00	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$109.76K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-389.00	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-5.78M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-833.88K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.39M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.04M	USD	3 Qtrs
Net loss per basic common share	`EarningsPerShareBasic`	$-0.20	USD	3 Qtrs
Net loss per basic common share	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Net loss per basic common share	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
Net loss per basic common share	`EarningsPerShareBasic`	$-0.09	USD	3 Qtrs
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	28.30M	shares	3 Qtrs
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	29.66M	shares	1 Quarter
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`	22.80M	shares	3 Qtrs

Cash Flow Statement 71 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.78M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-833.88K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.39M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.04M	USD	3 Qtrs
Depreciation and amortization	`Depreciation`	$20.95K	USD	3 Qtrs
Depreciation and amortization	`Depreciation`	$8.07K	USD	3 Qtrs
Warranty provision	`ProvisionForOtherLosses`	$10.78K	USD	3 Qtrs
Warranty provision	`ProvisionForOtherLosses`	-	USD	3 Qtrs
Inventory write-off	`InventoryWriteDown`	-	USD	3 Qtrs
Inventory write-off	`InventoryWriteDown`	$-65.58K	USD	1 Quarter
Inventory write-off	`InventoryWriteDown`	$-130.59K	USD	3 Qtrs
Non-cash lease expense	`NoncashLeaseExpense`	$50.96K	USD	3 Qtrs
Non-cash lease expense	`NoncashLeaseExpense`	-	USD	3 Qtrs
Share-based compensation	`ShareBasedCompensation`	$473.66K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$322.81K	USD	3 Qtrs
Share-based compensation	`ShareBasedCompensation`	$149.84K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.07M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$91.11K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-5.90K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$1.69M	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-32.23K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-29.70K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$40.32K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$508.46K	USD	3 Qtrs
Operating lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-34.03K	USD	3 Qtrs
Operating lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	-	USD	3 Qtrs
Customer deposits	`IncreaseDecreaseInDeposits`	-	USD	3 Qtrs
Customer deposits	`IncreaseDecreaseInDeposits`	$238.51K	USD	3 Qtrs
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilities`	$4.59K	USD	3 Qtrs
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilities`	$76.67K	USD	3 Qtrs
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	-	USD	3 Qtrs
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$-96.00K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$2.29K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.81M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.63M	USD	3 Qtrs
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$197.87K	USD	3 Qtrs
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.02K	USD	3 Qtrs
Investment in patents and trademarks	`InvestmentInPatentsAndTrademarks`	$48.23K	USD	3 Qtrs
Investment in patents and trademarks	`InvestmentInPatentsAndTrademarks`	$95.54K	USD	3 Qtrs
Long-term deposits	`PaymentsForOtherDeposits`	$11.17K	USD	3 Qtrs
Long-term deposits	`PaymentsForOtherDeposits`	-	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-304.58K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-56.24K	USD	3 Qtrs
Sale of common stock and warrants	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	3 Qtrs
Sale of common stock and warrants	`ProceedsFromIssuanceOrSaleOfEquity`	$11.35M	USD	3 Qtrs
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	3 Qtrs
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$1.63M	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$30.00K	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	3 Qtrs
Payment of notes payable	`RepaymentsOfNotesPayable`	-	USD	3 Qtrs
Payment of notes payable	`RepaymentsOfNotesPayable`	$31.36K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$13.01M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-31.36K	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$-1.72M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$6.90M	USD	3 Qtrs
Cash, beginning of period	`Cash`	$3.08M	USD	Point-in-time
Cash, beginning of period	`Cash`	$19.26M	USD	Point-in-time
Cash, beginning of period	`Cash`	$1.37M	USD	Point-in-time
Cash, beginning of period	`Cash`	$12.36M	USD	Point-in-time
Cash, end of period	`Cash`	$3.08M	USD	Point-in-time
Cash, end of period	`Cash`	$19.26M	USD	Point-in-time
Cash, end of period	`Cash`	$1.37M	USD	Point-in-time
Cash, end of period	`Cash`	$12.36M	USD	Point-in-time
Prepaid insurance financed with note payable	`PrepaidInsuranceFinancedWithNotePayable`	-	USD	3 Qtrs
Prepaid insurance financed with note payable	`PrepaidInsuranceFinancedWithNotePayable`	$39.44K	USD	3 Qtrs
Right-of-use assets and liabilites recorded during period	`RightofuseAssetsAndLiabilitesRecordedDuringPeriod`	$341.00K	USD	3 Qtrs
Right-of-use assets and liabilites recorded during period	`RightofuseAssetsAndLiabilitesRecordedDuringPeriod`	-	USD	3 Qtrs
Issuance costs relating to warrants issued to public offering selling agent	`IssuanceCostsRelatingToWarrantsIssuedToPublicOfferingSellingAgent`	-	USD	3 Qtrs
Issuance costs relating to warrants issued to public offering selling agent	`IssuanceCostsRelatingToWarrantsIssuedToPublicOfferingSellingAgent`	$205.89K	USD	3 Qtrs

Stockholders Equity 26 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquity`	$3.07M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$12.39M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$20.70M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$1.35M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$2.03M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$22.53M	USD	Point-in-time
Sale of common stock and warrants at $6.50 per share and placement agent warrants in public offering, net of issuance costs, amount	`StockIssuedDuringPeriodValueNewIssues`	$11.35M	USD	3 Qtrs
Common shares issued upon exercise of warrants at $3.00 per share, amount	`StockIssuedDuringPeriodValueWarrantsExercised1`	$75.00K	USD	1 Quarter
Common shares issued upon exercise of warrants at $3.00 per share, amount	`StockIssuedDuringPeriodValueWarrantsExercised1`	$261.45K	USD	3 Qtrs
Common shares issued upon exercise of warrants at $5.00 per share, amount	`StockIssuedDuringPeriodValueWarrantsExercised2`	$1.37M	USD	3 Qtrs
Common shares issued upon exercise of stock options, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$5.62K	USD	1 Quarter
Common shares issued upon exercise of stock options, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$30.00K	USD	3 Qtrs
Share-based compensation expense	`ShareBasedCompensation`	$473.66K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$1.07M	USD	3 Qtrs
Share-based compensation expense	`ShareBasedCompensation`	$322.81K	USD	3 Qtrs
Share-based compensation expense	`ShareBasedCompensation`	$149.84K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-5.78M	USD	3 Qtrs
Net loss for the period	`NetIncomeLoss`	$-833.88K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-2.39M	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-2.04M	USD	3 Qtrs
Ending balance, amount	`StockholdersEquity`	$2.03M	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`	$20.70M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$1.35M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$22.53M	USD	Point-in-time

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