10-Q Filing

WRAP TECHNOLOGIES, INC. CIK: 1702924 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001654954-21-004801`
Period End Date	20210331
Filing Date	20210429
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	wrap-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 32 Cash Flow Statement 66 Stockholders Equity 21

Balance Sheet 80 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`	$16.65K	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 and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.49K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.98K	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$24.99K	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$35.00K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.87K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.21K	USD	Point-in-time
Inventories, net	`InventoryNet`	$2.65K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$3.58K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	37.55M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	37.71M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$769.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$760.00	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	37.71M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$46.93K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$43.56K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	37.55M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$357.00	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$463.00	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$139.00	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$114.00	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$1.40K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$1.40K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$8.00	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$13.00	USD	Point-in-time
Total assets	`Assets`	$48.83K	USD	Point-in-time
Total assets	`Assets`	$45.55K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.23K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.40K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$593.00	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$721.00	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$5.00	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$2.00	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$172.00	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$16.00	USD	Point-in-time
Operating lease liability - short term	`OperatingLeaseLiabilityCurrent`	$94.00	USD	Point-in-time
Operating lease liability - short term	`OperatingLeaseLiabilityCurrent`	$91.00	USD	Point-in-time
Note payable to bank - short term	`NotesPayableToBankCurrent`	$275.00	USD	Point-in-time
Note payable to bank - short term	`NotesPayableToBankCurrent`	$175.00	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.34K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.44K	USD	Point-in-time
Operating lease liability - long term	`OperatingLeaseLiabilityNoncurrent`	$56.00	USD	Point-in-time
Operating lease liability - long term	`OperatingLeaseLiabilityNoncurrent`	$32.00	USD	Point-in-time
Business acquisition liability - long term	`BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilities`	$23.00	USD	Point-in-time
Business acquisition liability - long term	`BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilities`	$23.00	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$55.00	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$79.00	USD	Point-in-time
Total liabilities	`Liabilities`	$3.49K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.42K	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; 37,711,698 and 37,554,162 shares issued and outstanding each period, respectively	`CommonStockValue`	$4.00	USD	Point-in-time
Common stock - 150,000,000 authorized; par value $0.0001 per share; 37,711,698 and 37,554,162 shares issued and outstanding each period, respectively	`CommonStockValue`	$4.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$71.70K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$72.78K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-30.74K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-25.31K	USD	Point-in-time
Accumulated other comprehensive gain	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$15.00	USD	Point-in-time
Accumulated other comprehensive gain	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$17.00	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$19.20K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$42.06K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$46.41K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$18.12K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$48.83K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$45.55K	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`Revenues`	$690.00	USD	1 Quarter
Total revenues	`Revenues`	$1.54K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$937.00	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$406.00	USD	1 Quarter
Gross profit	`GrossProfit`	$605.00	USD	1 Quarter
Gross profit	`GrossProfit`	$284.00	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.14K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.98K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.06K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$534.00	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.04K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.67K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.44K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.39K	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$44.00	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$2.00	USD	1 Quarter
Other	`OtherIncome`	$7.00	USD	1 Quarter
Other	`OtherIncome`	-	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$9.00	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$44.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.43K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.35K	USD	1 Quarter
Net loss per basic common share	`EarningsPerShareBasic`	$-0.14	USD	1 Quarter
Net loss per basic common share	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	37.62M	shares	1 Quarter
Weighted average common shares used to compute net loss per basic common share	`WeightedAverageNumberOfSharesOutstandingBasic`	29.98M	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-5.43K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.35K	USD	1 Quarter
Net unrealized gain on short-term investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$2.00	USD	1 Quarter
Net unrealized gain on short-term investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	-	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.35K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.43K	USD	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.43K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.35K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$25.00	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$104.00	USD	1 Quarter
Gain on sale of assets	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Gain on sale of assets	`GainLossOnDispositionOfAssets`	$-1.00	USD	1 Quarter
Warranty provision	`ProvisionForOtherLosses`	$-2.00	USD	1 Quarter
Warranty provision	`ProvisionForOtherLosses`	$14.00	USD	1 Quarter
Non-cash lease expense	`NoncashLeaseExpense`	$30.00	USD	1 Quarter
Non-cash lease expense	`NoncashLeaseExpense`	$25.00	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$467.00	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$859.00	USD	1 Quarter
Common shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$100.00	USD	1 Quarter
Common shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	-	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$10.00	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$341.00	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$198.00	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$924.00	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$44.00	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$9.00	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$94.00	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.17K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$43.00	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-31.00	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOtherOperatingLiabilities`	$-26.00	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInDeposits`	$3.00	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInDeposits`	$-149.00	USD	1 Quarter
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilities`	$35.00	USD	1 Quarter
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilities`	$-136.00	USD	1 Quarter
Warranty settlement	`IncreaseDecreaseInWarrantySettlement`	$9.00	USD	1 Quarter
Warranty settlement	`IncreaseDecreaseInWarrantySettlement`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$156.00	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.24K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.44K	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireInvestments`	-	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireInvestments`	$25.00K	USD	1 Quarter
Proceeds from maturities of short-term investments	`ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment`	-	USD	1 Quarter
Proceeds from maturities of short-term investments	`ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment`	$15.00K	USD	1 Quarter
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$160.00	USD	1 Quarter
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.00	USD	1 Quarter
Investment in patents and trademarks	`PaymentsToAcquireIntangibleAssets`	$56.00	USD	1 Quarter
Investment in patents and trademarks	`PaymentsToAcquireIntangibleAssets`	$34.00	USD	1 Quarter
Proceeds from long-term deposits	`PaymentsForOtherDeposits`	-	USD	1 Quarter
Proceeds from long-term deposits	`PaymentsForOtherDeposits`	$3.00	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-54.00	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.22K	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$632.00	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$113.00	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$169.00	USD	1 Quarter
Repayment of debt	`ProceedsFromRepaymentsOfDebt`	$-100.00	USD	1 Quarter
Repayment of debt	`ProceedsFromRepaymentsOfDebt`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$13.00	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$801.00	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$-14.65K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashPeriodIncreaseDecrease`	$-1.49K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$15.49K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$16.98K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$16.65K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$16.98K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$15.49K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$16.65K	USD	Point-in-time

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquity`	$19.20K	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$42.06K	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$46.41K	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$18.12K	USD	Point-in-time
Common shares issued upon exercise of warrants at $3.00 per share, amount	`StockIssuedDuringPeriodValueWarrantsExercised1`	$35.00	USD	1 Quarter
Common shares issued upon exercise of warrants at $5.00 per share, amount	`StockIssuedDuringPeriodValueWarrantsExercised2`	$597.00	USD	1 Quarter
Common shares issued upon exercise of stock options, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$113.00	USD	1 Quarter
Common shares issued upon exercise of stock options, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$169.00	USD	1 Quarter
Common shares issued upon vesting of restricted stock units, amount	`StockIssuedDuringPeriodValueRestrictedStockUnitsVested`	-	USD	1 Quarter
Common shares issued for services, amount	`StockIssuedDuringPeriodValueIssuedForServices`	-	USD	1 Quarter
Common shares issued for services, amount	`StockIssuedDuringPeriodValueIssuedForServices`	$100.00	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$467.00	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$859.00	USD	1 Quarter
Net unrealized gain on short-term investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$2.00	USD	1 Quarter
Net unrealized gain on short-term investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	-	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-5.43K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-2.35K	USD	1 Quarter
Ending balance, amount	`StockholdersEquity`	$46.41K	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$19.20K	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$42.06K	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$18.12K	USD	Point-in-time

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