10-Q Filing

WRAP TECHNOLOGIES, INC. CIK: 1702924 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001851734-22-000227`
Period End Date	20220331
Filing Date	20220503
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	wrap20220331_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 36 Cash Flow Statement 68 Stockholders Equity 20

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.65M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.01M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.94M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$24.96M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$29.98M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$3.86M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.24M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$1.57M	USD	Point-in-time
Inventories, net	`InventoryNet`	$1.87M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$735.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$868.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	40.85M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$41.21M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	40.95M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$36.81M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$944.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$976.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	40.85M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	40.95M	shares	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$51.00K	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$362.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.98M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.98M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$9.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$11.00K	USD	Point-in-time
Total assets	`Assets`	$40.11M	USD	Point-in-time
Total assets	`Assets`	$44.23M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.78M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.73M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$824.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$819.00K	USD	Point-in-time
Customer deposits	`CurrentLiabilitiesCustomerDeposits`	-	USD	Point-in-time
Customer deposits	`CurrentLiabilitiesCustomerDeposits`	$43.00K	USD	Point-in-time
Deferred revenue- short term	`ContractWithCustomerLiabilityCurrent`	$121.00K	USD	Point-in-time
Deferred revenue- short term	`ContractWithCustomerLiabilityCurrent`	$155.00K	USD	Point-in-time
Operating lease liability- short term	`OperatingLeaseLiabilityCurrent`	$56.00K	USD	Point-in-time
Operating lease liability- short term	`OperatingLeaseLiabilityCurrent`	$96.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.86M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.76M	USD	Point-in-time
Deferred revenue- long term	`ContractWithCustomerLiabilityNoncurrent`	$161.00K	USD	Point-in-time
Deferred revenue- long term	`ContractWithCustomerLiabilityNoncurrent`	$110.00K	USD	Point-in-time
Operating lease liability - long term	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease liability - long term	`OperatingLeaseLiabilityNoncurrent`	$275.00K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$110.00K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$436.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.20M	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 12)	`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; 40,951,197 and 40,851,945 shares issued and outstanding each period, respectively	`CommonStockValue`	$4.00K	USD	Point-in-time
Common stock - 150,000,000 authorized; par value $0.0001 per share; 40,951,197 and 40,851,945 shares issued and outstanding each period, respectively	`CommonStockValue`	$4.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$91.03M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$92.13M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-55.19M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-49.76M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-29.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$41.26M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$42.06M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$46.41M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$36.91M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$40.11M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$44.23M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Product sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$1.43M	USD	1 Quarter
Product sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$1.46M	USD	1 Quarter
Other revenue	`OtherOperatingIncome`	$115.00K	USD	1 Quarter
Other revenue	`OtherOperatingIncome`	$137.00K	USD	1 Quarter
Total revenues	`Revenues`	$1.60M	USD	1 Quarter
Total revenues	`Revenues`	$1.54M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$932.00K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$937.00K	USD	1 Quarter
Gross profit	`GrossProfit`	$667.00K	USD	1 Quarter
Gross profit	`GrossProfit`	$605.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.98M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.61M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.06M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.50M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.04M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.10M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.44M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.43M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.00K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$7.00K	USD	1 Quarter
Nonoperating Income (Expense), Total	`NonoperatingIncomeExpense`	$2.00K	USD	1 Quarter
Nonoperating Income (Expense), Total	`NonoperatingIncomeExpense`	$9.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.43M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.43M	USD	1 Quarter
Net loss per basic and diluted common share (in dollars per share)	`EarningsPerShareBasic`	$-0.13	USD	1 Quarter
Net loss per basic and diluted common share (in dollars per share)	`EarningsPerShareBasic`	$-0.14	USD	1 Quarter
Weighted average common shares used to compute net loss per basic and diluted common share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.62M	shares	1 Quarter
Weighted average common shares used to compute net loss per basic and diluted common share (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	40.91M	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-5.43M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.43M	USD	1 Quarter
Net unrealized gain (loss) on short-term investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$2.00K	USD	1 Quarter
Net unrealized gain (loss) on short-term investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-23.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.46M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.43M	USD	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.43M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.43M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$183.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$104.00K	USD	1 Quarter
Gain on sale of assets	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Gain on sale of assets	`GainLossOnDispositionOfAssets`	$1.00K	USD	1 Quarter
Warranty provision	`ProductWarrantyExpenseIncome`	$12.00K	USD	1 Quarter
Warranty provision	`ProductWarrantyExpenseIncome`	$-2.00K	USD	1 Quarter
Non-cash lease expense	`NoncashLeaseExpense`	$25.00K	USD	1 Quarter
Non-cash lease expense	`NoncashLeaseExpense`	$24.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.03M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$859.00K	USD	1 Quarter
Common shares issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	1 Quarter
Common shares issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$100.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$18.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$341.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$398.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$304.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$924.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets`	$9.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets`	$-133.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.17M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-51.00K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-21.00K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-26.00K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInDepositOtherAssets`	$-3.00K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInDepositOtherAssets`	$43.00K	USD	1 Quarter
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilitiesAndOtherLiabilities`	$-136.00K	USD	1 Quarter
Accrued liabilities and other	`IncreaseDecreaseInAccruedLiabilitiesAndOtherLiabilities`	$37.00K	USD	1 Quarter
Warranty settlement	`IncreaseDecreaseInWarrantySettlement`	$-54.00K	USD	1 Quarter
Warranty settlement	`IncreaseDecreaseInWarrantySettlement`	$9.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$156.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$17.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.85M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.44M	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireInvestments`	$25.00M	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireInvestments`	$5.00M	USD	1 Quarter
Proceeds from maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$15.00M	USD	1 Quarter
Proceeds from maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$10.00M	USD	1 Quarter
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$81.00K	USD	1 Quarter
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$160.00K	USD	1 Quarter
Investment in long-term deposits	`PaymentsForOtherDeposits`	-	USD	1 Quarter
Investment in long-term deposits	`PaymentsForOtherDeposits`	$2.00K	USD	1 Quarter
Proceeds from long-term deposits	`ProceedsFromOtherDeposits`	-	USD	1 Quarter
Proceeds from long-term deposits	`ProceedsFromOtherDeposits`	$3.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$4.85M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.22M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$75.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$113.00K	USD	1 Quarter
Repayment of debt	`ProceedsFromRepaymentsOfDebt`	-	USD	1 Quarter
Repayment of debt	`ProceedsFromRepaymentsOfDebt`	$-100.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$13.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$75.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-14.65M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$77.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$16.65M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.01M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.94M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$16.65M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.01M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.94M	USD	Point-in-time
Change in unrealized gain on short-term investments	`ChangeInUnrealizedGainOnShortTermInvestments`	$-23.00K	USD	1 Quarter
Change in unrealized gain on short-term investments	`ChangeInUnrealizedGainOnShortTermInvestments`	$2.00K	USD	1 Quarter
Right-of-use asset and liability recorded during period	`RightofuseAssetAndLiabilityRecorded`	-	USD	1 Quarter
Right-of-use asset and liability recorded during period	`RightofuseAssetAndLiabilityRecorded`	$335.00K	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$41.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$42.06M	USD	Point-in-time
Balance	`StockholdersEquity`	$46.41M	USD	Point-in-time
Balance	`StockholdersEquity`	$36.91M	USD	Point-in-time
Common shares issued upon exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	50,000.00	shares	1 Quarter
Common shares issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$113.00K	USD	1 Quarter
Common shares issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$75.00K	USD	1 Quarter
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$859.00K	USD	1 Quarter
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.03M	USD	1 Quarter
Net unrealized gain on short-term investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-23.00K	USD	1 Quarter
Net unrealized gain on short-term investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$2.00K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-5.43M	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-5.43M	USD	1 Quarter
Common shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$100.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.43M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.43M	USD	1 Quarter
Balance	`StockholdersEquity`	$41.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$42.06M	USD	Point-in-time
Balance	`StockholdersEquity`	$46.41M	USD	Point-in-time
Balance	`StockholdersEquity`	$36.91M	USD	Point-in-time

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