10-Q Filing

WRAP TECHNOLOGIES, INC. CIK: 1702924 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001654954-20-004630`
Period End Date	20200331
Filing Date	20200429
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	wrap-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 30 Cash Flow Statement 58 Stockholders Equity 15

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`	$15.49M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.98M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.69M	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
Accounts receivable	`AccountsReceivableNetCurrent`	$383.71K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$2.29M	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`	$345.25K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.67M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$18.51M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	29.83M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	30.07M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$239.95K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$242.88K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	30.07M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	29.83M	shares	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$260.93K	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$231.30K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$262.18K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$230.28K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$12.68K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$12.68K	USD	Point-in-time
Total assets	`Assets`	$20.42M	USD	Point-in-time
Total assets	`Assets`	$19.26M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$449.72K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$406.97K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$194.29K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$215.83K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$343.72K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$222.39K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$2.48K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$2.68K	USD	Point-in-time
Operating lease liability - short term	`OperatingLeaseLiabilityCurrent`	$128.13K	USD	Point-in-time
Operating lease liability - short term	`OperatingLeaseLiabilityCurrent`	$123.68K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.08M	USD	Point-in-time
Operating lease liability - long term	`OperatingLeaseLiabilityNoncurrent`	$123.68K	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`	$1.14M	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; 30,073,724 and 29,829,916 shares issued and outstanding each period, respectively	`CommonStockValue`	$3.01K	USD	Point-in-time
Common stock - 150,000,000 authorized; par value $0.0001 per share; 30,073,724 and 29,829,916 shares issued and outstanding each period, respectively	`CommonStockValue`	$2.98K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$33.19M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$31.92M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.73M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.08M	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 stockholders' equity	`StockholdersEquity`	$18.12M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$19.20M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$20.42M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$19.26M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Product sales	`ProductSalesRevenue`	$674.61K	USD	1 Quarter
Product sales	`ProductSalesRevenue`	$113.95K	USD	1 Quarter
Other revenue	`OtherRevenue`	$14.82K	USD	1 Quarter
Other revenue	`OtherRevenue`	$3.86K	USD	1 Quarter
Total revenues	`Revenues`	$689.44K	USD	1 Quarter
Total revenues	`Revenues`	$117.81K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$61.22K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$405.81K	USD	1 Quarter
Gross profit	`GrossProfit`	$56.59K	USD	1 Quarter
Gross profit	`GrossProfit`	$283.62K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.14M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.19M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$374.82K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$533.48K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.56M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.67M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.51M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.39M	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$44.52K	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$25.41K	USD	1 Quarter
Other	`OtherIncome`	$-87.00	USD	1 Quarter
Other	`OtherIncome`	$-390.00	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$25.32K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$44.13K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.35M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.48M	USD	1 Quarter
Net loss per basic and diluted common share	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
Net loss per basic and diluted common share	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	1 Quarter
Weighted average common shares used to compute net loss per basic and diluted common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.36M	shares	1 Quarter
Weighted average common shares used to compute net loss per basic and diluted common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.98M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.35M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.48M	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$25.10K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$5.17K	USD	1 Quarter
Warranty provision	`ProvisionForOtherLosses`	$13.88K	USD	1 Quarter
Warranty provision	`ProvisionForOtherLosses`	$2.30K	USD	1 Quarter
Inventory write-off	`InventoryWriteDown`	-	USD	1 Quarter
Inventory write-off	`InventoryWriteDown`	$-12.97K	USD	1 Quarter
Non-cash lease expense	`NoncashLeaseExpense`	$29.63K	USD	1 Quarter
Non-cash lease expense	`NoncashLeaseExpense`	$5.85K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$227.05K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$467.25K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$10.14K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$198.50K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$58.65K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$521.45K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$43.59K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$212.12K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$94.30K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$417.36K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$42.75K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-30.80K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-5.12K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInDeposits`	-	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInDeposits`	$-149.14K	USD	1 Quarter
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilities`	$41.98K	USD	1 Quarter
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilities`	$35.46K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-200.00	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$2.40K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.59M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.24M	USD	1 Quarter
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$19.57K	USD	1 Quarter
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$39.20K	USD	1 Quarter
Investment in patents and trademarks	`PaymentsToAcquireIntangibleAssets`	$34.49K	USD	1 Quarter
Investment in patents and trademarks	`PaymentsToAcquireIntangibleAssets`	$34.44K	USD	1 Quarter
Long-term deposits	`PaymentsForOtherDeposits`	-	USD	1 Quarter
Long-term deposits	`PaymentsForOtherDeposits`	$2.81K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-76.44K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-54.06K	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$632.35K	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$168.94K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$801.29K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$-1.49M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$-1.67M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$15.49M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$16.98M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$12.36M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.69M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$15.49M	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`	$12.36M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.69M	USD	Point-in-time
Right-of-use assets and liabilites recorded during period	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	1 Quarter
Right-of-use assets and liabilites recorded during period	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$87.59K	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquity`	$12.39M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$11.14M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$18.12M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$19.20M	USD	Point-in-time
Common shares issued upon exercise of warrants at $3.00 per share, amount	`StockIssuedDuringPeriodValueWarrantsExercised1`	$35.35K	USD	1 Quarter
Common shares issued upon exercise of warrants at $5.00 per share, amount	`StockIssuedDuringPeriodValueWarrantsExercised2`	$597.00K	USD	1 Quarter
Common shares issued upon exercise of stock options, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$168.94K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$227.05K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$467.25K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-2.35M	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-1.48M	USD	1 Quarter
Ending balance, amount	`StockholdersEquity`	$12.39M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$11.14M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$18.12M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$19.20M	USD	Point-in-time

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