10-K Filing

WRAP TECHNOLOGIES, INC. CIK: 1702924 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001654954-20-002439`
Period End Date	20191231
Filing Date	20200310
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	wrtc-20191231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 32 Cash Flow Statement 72 Stockholders Equity 16

Balance Sheet 70 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 and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.98M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.08M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.36M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	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`	$195.35K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$158.27K	USD	Point-in-time
Inventories, net	`InventoryNet`	$2.24M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$250.95K	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$114.86K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.64M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	27.36M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	29.83M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$19.67M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	29.83M	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
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$242.88K	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$260.93K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$230.28K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$118.72K	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`	$20.42M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$232.91K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$406.97K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$68.45K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$194.29K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$343.72K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$2.68K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	-	USD	Point-in-time
Operating lease liability- short term	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Operating lease liability- short term	`OperatingLeaseLiabilityCurrent`	$128.13K	USD	Point-in-time
Deferred and accrued officer compensation	`DeferredCompensationLiabilityCurrent`	$96.00K	USD	Point-in-time
Deferred and accrued officer compensation	`DeferredCompensationLiabilityCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.08M	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`	$150.02K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.23M	USD	Point-in-time
Total liabilities	`Liabilities`	$397.37K	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`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; 29,829,916 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; 29,829,916 and 27,364,607 shares issued and outstanding each period, respectively	`CommonStockValue`	$2.98K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$31.92M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$16.79M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.73M	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`	$19.20M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.07M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$12.79M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$20.42M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Product sales	`ProductSalesRevenue`	$656.07K	USD	Annual
Product sales	`ProductSalesRevenue`	$18.83K	USD	Annual
Other revenue	`OtherRevenue`	$40.72K	USD	Annual
Other revenue	`OtherRevenue`	$4.32K	USD	Annual
Total revenues	`Revenues`	$696.79K	USD	Annual
Total revenues	`Revenues`	$23.15K	USD	Annual
Cost of revenues	`CostOfRevenue`	$18.61K	USD	Annual
Cost of revenues	`CostOfRevenue`	$420.02K	USD	Annual
Gross profit	`GrossProfit`	$276.77K	USD	Annual
Gross profit	`GrossProfit`	$4.54K	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.61M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$6.65M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$2.24M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$734.78K	USD	Annual
Total expenses	`OperatingExpenses`	$8.89M	USD	Annual
Total expenses	`OperatingExpenses`	$3.34M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-3.34M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-8.61M	USD	Annual
Interest income	`InterestIncomeOperating`	$2.91K	USD	Annual
Interest income	`InterestIncomeOperating`	$291.49K	USD	Annual
Interest expense	`InterestExpense`	-	USD	Annual
Interest expense	`InterestExpense`	$1.30K	USD	Annual
Other	`OtherIncome`	$-3.31K	USD	Annual
Other	`OtherIncome`	$-409.00	USD	Annual
Other income (expense)	`InterestIncomeExpenseNet`	$1.20K	USD	Annual
Other income (expense)	`InterestIncomeExpenseNet`	$288.19K	USD	Annual
Net loss	`NetIncomeLoss`	$-8.33M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.34M	USD	Annual
Net loss per basic and diluted common share	`EarningsPerShareBasicAndDiluted`	$-0.29	USD	Annual
Net loss per basic and diluted common share	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	Annual
Weighted average common shares used to compute net loss per basic and diluted common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	28.65M	shares	Annual
Weighted average common shares used to compute net loss per basic and diluted common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.58M	shares	Annual

Cash Flow Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-8.33M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.34M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$21.88K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$46.95K	USD	Annual
Warranty provision	`ProvisionForOtherLosses`	-	USD	Annual
Warranty provision	`ProvisionForOtherLosses`	$13.49K	USD	Annual
Inventory write-off	`InventoryWriteDown`	$-193.51K	USD	Annual
Inventory write-off	`InventoryWriteDown`	-	USD	Annual
Non-cash lease expense	`NoncashLeaseExpense`	-	USD	Annual
Non-cash lease expense	`NoncashLeaseExpense`	$80.07K	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$512.99K	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$1.54M	USD	Annual
Common shares issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$102.60K	USD	Annual
Common shares issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$4.40K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$190.95K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$27.07K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$1.89M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$136.08K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$63.98K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$196.75K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$174.05K	USD	Annual
Operating lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	-	USD	Annual
Operating lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-62.85K	USD	Annual
Customer deposits	`IncreaseDecreaseInDeposits`	$343.72K	USD	Annual
Customer deposits	`IncreaseDecreaseInDeposits`	-	USD	Annual
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilities`	$8.14K	USD	Annual
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilities`	$112.35K	USD	Annual
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$-96.00K	USD	Annual
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	-	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$2.68K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.49M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.69M	USD	Annual
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.22K	USD	Annual
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$256.74K	USD	Annual
Investment in patents and trademarks	`PaymentsToAcquireIntangibleAssets`	$114.27K	USD	Annual
Investment in patents and trademarks	`PaymentsToAcquireIntangibleAssets`	$120.07K	USD	Annual
Long-term deposits	`PaymentsForOtherDeposits`	-	USD	Annual
Long-term deposits	`PaymentsForOtherDeposits`	$11.17K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-134.29K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-382.19K	USD	Annual
Sale of common stock and warrants	`ProceedsFromIssuanceOrSaleOfEquity`	$12.50M	USD	Annual
Sale of common stock and warrants	`ProceedsFromIssuanceOrSaleOfEquity`	$13.68M	USD	Annual
Offering costs paid on sale of stock and warrants	`PaymentsOfStockIssuanceCosts`	$1.54M	USD	Annual
Offering costs paid on sale of stock and warrants	`PaymentsOfStockIssuanceCosts`	$1.15M	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$2.11M	USD	Annual
Offering costs paid on exercise of warrants	`PaymentsOfWarrantExerciseCosts`	$28.67K	USD	Annual
Offering costs paid on exercise of warrants	`PaymentsOfWarrantExerciseCosts`	-	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$58.12K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	Annual
Payment of notes payable	`RepaymentsOfNotesPayable`	$39.44K	USD	Annual
Payment of notes payable	`RepaymentsOfNotesPayable`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.10M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$13.49M	USD	Annual
Net increase in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$4.62M	USD	Annual
Net increase in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$9.27M	USD	Annual
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$16.98M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.08M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$12.36M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$16.98M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.08M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$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
Right-of-use assets and liabilites recorded during period	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$341.00K	USD	Annual
Right-of-use assets and liabilites recorded during period	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	Annual
Issuance costs relating to warrants issued to public offering selling agent	`IssuanceCostsRelatingToWarrantsIssuedToPublicOfferingSellingAgent`	$205.89K	USD	Annual
Issuance costs relating to warrants issued to public offering selling agent	`IssuanceCostsRelatingToWarrantsIssuedToPublicOfferingSellingAgent`	$664.43K	USD	Annual

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquity`	$12.39M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$19.20M	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	`StockIssuedDuringPeriodValueNewIssues`	$12.14M	USD	Annual
Sale of common stock and warrants at $6.50 per share and placement agent warrants in public offering, net of issuance costs, amount	`StockIssuedDuringPeriodValueOther`	$11.35M	USD	Annual
Common shares issued upon exercise of warrants at $3.00 per share, amount	`StockIssuedDuringPeriodValueWarrantsExercised`	$382.95K	USD	Annual
Common shares issued upon exercise of warrants at $5.00 per share, net of issuance costs, amount	`StockIssuedDuringPeriodValueWarrantsExercised2`	$1.70M	USD	Annual
Common shares issued upon exercise of stock options, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$58.12K	USD	Annual
Share-based compensation expense	`ShareBasedCompensation`	$512.99K	USD	Annual
Share-based compensation expense	`ShareBasedCompensation`	$1.54M	USD	Annual
Common shares issued for services, amount	`StockIssuedDuringPeriodValueIssuedForServices`	$102.60K	USD	Annual
Net loss for the period	`NetIncomeLoss`	$-8.33M	USD	Annual
Net loss for the period	`NetIncomeLoss`	$-3.34M	USD	Annual
Ending balance, amount	`StockholdersEquity`	$12.39M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$19.20M	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.