Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | May 15, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | AGEAGLE AERIAL SYSTEMS INC. | |
Entity Central Index Key | 0000008504 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Mar. 31, 2023 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Entity Common Stock Shares Outstanding | 92,321,375 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-36492 | |
Entity Incorporation State Country Code | NV | |
Entity Tax Identification Number | 88-0422242 | |
Entity Address Address Line 1 | 8863 E. 34th Street North | |
Entity Address City Or Town | Wichita | |
Entity Address State Or Province | KS | |
Entity Address Postal Zip Code | 67226 | |
City Area Code | 620 | |
Local Phone Number | 325-6363 | |
Security 12b Title | Common Stock, par value $0.001 per share | |
Trading Symbol | UAVS | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash | $ 2,847,908 | $ 4,349,837 |
Accounts receivable, net | 2,910,500 | 2,213,040 |
Inventories, net | 6,583,888 | 6,685,847 |
Prepaid and other current assets | 838,495 | 1,029,548 |
Notes receivable | 185,000 | 185,000 |
Total current assets | 13,365,791 | 14,463,272 |
Property and equipment, net | 700,079 | 791,155 |
Right of use asset | 3,783,318 | 3,952,317 |
Intangible assets, net | 10,855,866 | 11,507,653 |
Goodwill | 23,179,411 | 23,179,411 |
Other assets | 302,875 | 291,066 |
Total assets | 52,187,340 | 54,184,874 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 1,467,193 | 1,845,135 |
Accrued expenses | 1,205,554 | 1,680,706 |
Promissory note, net of debt discount | 933,694 | 287,381 |
Contract liabilities | 554,926 | 496,390 |
Current portion of lease liabilities | 620,973 | 628,113 |
Current portion of COVID loans | 451,144 | 446,456 |
Total current liabilities | 5,233,484 | 5,384,181 |
Long term portion of lease liabilities | 2,998,202 | 3,161,703 |
Long term portion of COVID loans | 406,354 | 446,813 |
Defined benefit plan obligation | 0 | 106,163 |
Long term portion of promissory note, net of debt discount | 1,384,112 | 1,861,539 |
Total liabilities | 10,022,152 | 10,960,399 |
STOCKHOLDERS' EQUITY: | ||
Common Stock, $0.001 par value, 250,000,000 shares authorized, 90,771,375 and 88,466,613 shares issued and outstanding as of March 31, 2023, and December 31, 2022, respectively | 90,772 | 88,467 |
Additional paid-in capital | 158,378,640 | 154,679,363 |
Accumulated deficit | (116,408,919) | (111,553,444) |
Accumulated other comprehensive income | 104,687 | 10,083 |
Total stockholders' equity | 42,165,188 | 43,224,475 |
Total liabilities and stockholders' equity | 52,187,340 | 54,184,874 |
Series F Preferred Stock | ||
STOCKHOLDERS' EQUITY: | ||
Preferred Stock, $0.001 par value, 25,000,000 shares authorized: Preferred Stock, Series F Convertible, $0.001 par value, 35,000 shares authorized, 7,865 shares issued and outstanding as of March 31, 2023, and 5,863 shares issued and outstanding as of December 31, 2022, respectively | $ 8 | $ 6 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 90,771,375 | 88,466,613 |
Common stock, shares outstanding | 90,771,375 | 88,466,613 |
Series F Preferred Stock | ||
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 35,000 | 35,000 |
Preferred Stock, shares issued | 7,865 | 5,863 |
Preferred Stock, shares outstanding | 7,865 | 8,563 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) | ||
Revenues | $ 4,057,069 | $ 3,841,978 |
Cost of sales | 2,078,437 | 2,477,086 |
Gross Profit | 1,978,632 | 1,364,892 |
Operating Expenses: | ||
General and administrative | 3,579,522 | 5,481,380 |
Research and development | 1,582,343 | 2,184,924 |
Sales and marketing | 977,875 | 1,180,529 |
Total Operating Expenses | 6,139,740 | 8,846,833 |
Loss from Operations | (4,161,108) | (7,481,941) |
Other Income (Expense): | ||
Interest expense, net | (305,497) | (16,332) |
Other expense, net | (132,894) | (98,299) |
Total Other Expense, net | (438,391) | (114,631) |
Loss Before Income Taxes | (4,599,499) | (7,596,572) |
Provision for income taxes | 0 | 0 |
Net Loss attributable to common stockholders | $ (4,599,499) | $ (7,596,572) |
Net Loss Per Common Share - Basic and Diluted | $ (0.05) | $ (0.10) |
Weighted Average Number of Shares Outstanding During the Period - Basic and Diluted | 89,649,999 | 77,923,660 |
Comprehensive Loss: | ||
Net Loss attributable to common stockholders | $ (4,599,499) | $ (7,596,572) |
Amortization of unrecognized periodic pension costs | 43,345 | 0 |
Foreign currency cumulative translation adjustment | 51,259 | 20,172 |
Total comprehensive loss, net of tax | (4,504,895) | (7,576,400) |
Accrued dividends on Series F Preferred Stock | (66,921) | 0 |
Deemed dividend on Series F Preferred Stock and warrant | (255,976) | 0 |
Total comprehensive loss available to common stockholder | $ (4,827,792) | $ (7,576,400) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated other comprehensive loss | Retained Earnings (Accumulated Deficit) | Series F Preferred Stock |
Balance, shares at Dec. 31, 2021 | 75,314,988 | |||||
Balance, amount at Dec. 31, 2021 | $ 76,576,913 | $ 75,315 | $ 127,626,536 | $ (70,594) | $ (51,054,344) | $ 0 |
Sales of common stock, net of issuance costs, shares | 4,251,151 | |||||
Sales of common stock, net of issuance costs, amount | 4,583,341 | $ 4,251 | 4,579,090 | 0 | 0 | 0 |
Issuance of Common Stock for SenseFly Acquisition, shares | 1,927,407 | |||||
Issuance of Common Stock for SenseFly Acquisition, amount | 3,000,000 | $ 1,927 | 2,998,073 | 0 | 0 | 0 |
Exercise of stock options, shares | 75,000 | |||||
Exercise of stock options, amount | 30,750 | $ 75 | 30,675 | 0 | 0 | 0 |
Stock-based compensation expense | 1,753,881 | 0 | 1,753,881 | 0 | 0 | 0 |
Foreign currency cumulative translation adjustment | 20,172 | 0 | 0 | 20,172 | 0 | 0 |
Net loss | (7,596,572) | $ 0 | 0 | 0 | (7,596,572) | 0 |
Deemed dividend on Series F Preferred Stock and warrant | 0 | |||||
Balance, shares at Mar. 31, 2022 | 81,568,546 | |||||
Balance, amount at Mar. 31, 2022 | 78,368,485 | $ 81,568 | 136,988,255 | (50,422) | (58,650,916) | $ 0 |
Balance, shares at Dec. 31, 2022 | 88,466,613 | 5,863 | ||||
Balance, amount at Dec. 31, 2022 | 43,224,475 | $ 88,467 | 154,679,363 | 10,083 | (111,553,444) | $ 6 |
Stock-based compensation expense | 512,529 | 0 | 512,529 | 0 | 0 | 0 |
Foreign currency cumulative translation adjustment | 51,259 | 0 | 0 | 51,259 | 0 | 0 |
Net loss | (4,599,499) | 0 | 0 | 0 | (4,599,499) | $ 0 |
Issuance of Preferred Stock, Series F Convertible, net of issuance cost, shares | 3,000 | |||||
Issuance of Preferred Stock, Series F Convertible, net of issuance cost, amount | 3,000,000 | $ 0 | 2,999,997 | 0 | 0 | $ 3 |
Conversion of Preferred Stock, Series F Convertible shares to Common Stock, shares | 2,304,762 | (998) | ||||
Conversion of Preferred Stock, Series F Convertible shares to Common Stock, amount | 0 | $ 2,305 | (2,304) | 0 | 0 | $ (1) |
Dividends on Series F Preferred Stock | (66,921) | 0 | (66,921) | 0 | 0 | 0 |
Deemed dividend on Series F Preferred Stock and warrant | 255,976 | 0 | 255,976 | 0 | (255,976) | 0 |
Amortization of unrecognized periodic pension costs | 43,345 | $ 0 | 0 | 43,345 | 0 | $ 0 |
Balance, shares at Mar. 31, 2023 | 90,771,375 | 7,865 | ||||
Balance, amount at Mar. 31, 2023 | $ 42,165,188 | $ 90,772 | $ 158,378,640 | $ 104,687 | $ (116,408,919) | $ 8 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (4,599,499) | $ (7,596,572) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 512,529 | 1,753,881 |
Depreciation and amortization | 1,001,338 | 875,990 |
Defined benefit plan obligation and other | (148,764) | (7,992) |
Amortization of debt discount | 168,885 | 0 |
Changes in assets and liabilities: | ||
Accounts receivable, net | (684,800) | (232,756) |
Inventories, net | 138,756 | (1,287,229) |
Prepaid expenses and other assets | 228,733 | (144,118) |
Accounts payable | (383,607) | (594,938) |
Accrued expenses and other liabilities | (547,170) | (105,019) |
Contract liabilities | 56,577 | 828,410 |
COVID loans | (44,598) | 0 |
Other | 67,094 | 0 |
Net cash used in operating activities | (4,234,526) | (6,510,343) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (5,337) | (74,951) |
Acquisition of senseFly, net of cash acquired | 0 | (489,989) |
Acquisition of MicaSense, net of cash acquired | 0 | (2,446,512) |
Capitalization of platform development costs | (139,509) | (319,799) |
Capitalization of internal use software costs | (109,345) | (171,907) |
Net cash used in investing activities | (254,191) | (3,503,158) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Sales of Common Stock, net of issuance costs | 0 | 4,583,341 |
Sale of Preferred Stock, Series F Convertible | 3,000,000 | 0 |
Exercise of stock options | 0 | 30,750 |
Net cash provided by financing activities | 3,000,000 | 4,614,091 |
Effects of foreign exchange rates on cash flows | (13,212) | (4,517) |
Net decrease in cash | (1,501,929) | (5,403,927) |
Cash at beginning of period | 4,349,837 | 14,590,566 |
Cash at end of period | 2,847,908 | 9,186,639 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest cash paid | 0 | 0 |
Income taxes paid | 0 | 0 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Conversion of Preferred Stock, Series F Convertible to Common Stock | 2,305 | 0 |
Dividends on Series F Preferred Stock | 66,921 | 0 |
Deemed dividend on Series F Preferred stock and warrant | 255,976 | 0 |
Stock consideration for the senseFly Acquisition | $ 0 | $ 3,000,000 |
Description of the Business and
Description of the Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Description of the Business and Basis of Presentation | |
Description of the Business and Basis of Presentation | Note 1 – Description of the Business and Basis of Presentation Description of Business – Founded in 2010, AgEagle was originally formed to pioneer proprietary, professional-grade, fixed-winged drones and aerial imagery-based data collection and analytics solutions for the agriculture industry. Today, the Company is earning distinction as a globally respected market leader offering customer-centric, advanced, autonomous unmanned aerial systems (“UAS”) which drive revenue at the intersection of flight hardware, sensors and software for industries that include agriculture, military/defense, public safety, surveying/mapping and utilities/engineering, among others. AgEagle has also achieved numerous regulatory firsts, including earning governmental approvals for its commercial and tactical drones to fly Beyond Visual Line of Sight (“BVLOS”) and/or Operations Over People (“OOP”) in the United States, Canada, Brazil and the European Union and being awarded Blue UAS certification from the Defense Innovation Unit of the U.S. Department of Defense. AgEagle’s shift and expansion from solely manufacturing fixed-wing farm drones in 2018, to offering what the Company believes is one of the industry’s best fixed-wing, full-stack drone solutions, culminated in 2021 when the Company acquired three market-leading companies engaged in producing UAS airframes, sensors and software for commercial and government use. In addition to a robust portfolio of proprietary, connected hardware and software products; an established global network of over 200 UAS resellers; and enterprise customers worldwide; these acquisitions also brought AgEagle a highly valuable workforce comprised largely of experienced engineers and technologists with deep expertise in the fields of robotics, automation, manufacturing and data science. In 2022, the Company succeeded in integrating all three acquired companies with AgEagle to form one global company focused on taking autonomous flight performance to a higher level. The business acquisitions completed during the year ended December 31, 2021 by the Company of 100% of the outstanding stock of MicaSense, Measure and senseFly, respectively are collectively referred to as the "2021 Business Acquisitions.” The Company is currently headquartered in Wichita, Kansas, where we house our sensor manufacturing operations, and we operate business and drone manufacturing operations in Raleigh, North Carolina. In addition, the Company operates business and manufacturing operations in Lausanne, Switzerland in support of our international business activities. Basis of Presentation The condensed consolidated financial statements include the accounts of AgEagle and its wholly-owned subsidiaries, AgEagle Aerial, Inc., Measure Global, Inc. and senseFly. All significant intercompany balances and transactions have been eliminated in consolidation. A description of certain of the Company’s accounting policies and other financial information is included in the Company’s audited consolidated financial statements filed with the SEC on Form 10-K for the year ended December 31, 2022. The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated financial statements. Such condensed consolidated financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. Liquidity and Going Concern If the Company is unable to generate significant sales growth in the near term and raise additional capital, there is a risk that the Company could default on additional obligations; and could be required to discontinue or significantly reduce the scope of its operations if no other means of financing operations are available. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amount and classification of liabilities or any other adjustment that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Description of the Business and Basis of Presentation | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated financial statements. Such condensed consolidated financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“US GAAP”) in all material respects and have been consistently applied in preparing the accompanying condensed consolidated financial statements. Risks and Uncertainties Use of Estimates Fair Value Measurements and Disclosures Fair Value Measurement The guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following categories: ● Level 1: Quoted market prices in active markets for identical assets or liabilities. ● Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. ● Level 3: Unobservable inputs that are not corroborated by market data. For short-term classes of our financial instruments, which include cash, accounts receivable, prepaid expenses, notes receivable, accounts payable and accrued expenses, their carrying amounts approximate fair value due to their short-term nature. The outstanding loan related to the COVID Loans is carried at face value, which approximates fair value. As of March 31, 2023 and December 31, 2022, the Company did not have any financial assets or liabilities measured and recorded at fair value on the Company’s condensed consolidated balance sheets on a recurring basis. Inventorie – Cash Concentrations Revenue Recognition and Concentration – Revenue from Contracts with Customers The Company generally recognizes revenue on sales to customers, dealers, and distributors upon satisfaction of performance obligations which generally occurs once controls transfer to customers, which is when product is shipped or delivered depending on specific shipping terms and, where applicable, a customer acceptance has been obtained. The fee is not considered to be fixed or determinable until all material contingencies related to the sales have been resolved. The Company records revenue in the statements of operations and comprehensive loss net of any sales, use, value added, or certain excise taxes imposed by governmental authorities on specific sales transactions and net of any discounts, allowances and returns. Under fixed-price contracts, the Company agrees to perform the specified work for a pre-determined price. To the extent the Company’s actual costs vary from the estimates upon which the price was negotiated, it will generate more or less profit or could incur a loss. The Company accounts for a contract after it has been approved by all parties to the arrangement, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company’s software subscriptions to its platforms, HempOverview Ground Control Additionally, customer payments received in advance of the Company completing performance obligations are recorded as contract liabilities. Customer deposits represent customer prepayments and are recognized as revenue when the term of the sale or performance obligation is completed. As of March 31, 2023 and December 31, 2022, respectively, contract liabilities represents $554,926 and $496,390. Capitalized Software Development Costs Software — Costs of Software to be Sold, Leased or Marketed Internal-use Software Costs Internal-Use Software As of March 31, 2023 and December 31 2022, capitalized software costs for internal-use software related to the Company’s implementation of its enterprise resource planning (“ERP”) software, totaled $751,976 and $721,795, respectively, net of accumulated amortization and are included in intangible assets, net on the condensed consolidated balance sheets. The Company placed its ERP into service on May 1, 2022. Foreign Currency Shipping Costs – Advertising Costs Vendor Concentrations – Loss Per Common Share and Potentially Dilutive Securities – Segment Reporting – Segment Reporting The Company has determined that it operates in four segments: · Drones, which comprises revenues earned from contractual arrangements to develop, manufacture and /or modify complex drone related products, and to provide associated engineering, technical and other services according to customer specifications. · Sensors, which comprises the revenue earned through the sale of sensors, cameras, and related accessories. · SaaS, which comprises revenue earned through the offering of online-based subscriptions. · Corporate, which comprises corporate costs only. New Accounting Pronouncements Other recent accounting pronouncements issued by FASB did not or are not believed by management to have a material impact on the Company’s present or future condensed consolidated financial statements. |
Balance Sheets
Balance Sheets | 3 Months Ended |
Mar. 31, 2023 | |
Balance Sheets | |
Balance Sheets | Note 3 – Balance Sheets Accounts Receivable, net As of March 31, 2023 and December 31, 2022, accounts receivable, net consist of the following: March 31, 2023 December 31, 2022 Accounts receivable $ 2,927,417 $ 2,229,840 Less: Provisions for doubtful accounts (16,917 ) (16,800 ) Accounts receivable, net $ 2,910,500 $ 2,213,040 Inventories, Net As of March 31, 2023 and December 31, 2022, inventories, net consist of the following: March 31, 2023 December 31, 2022 Raw materials $ 4,455,666 $ 5,288,206 Work-in process 898,614 1,106,056 Finished goods 1,554,238 614,400 Gross inventories 6,908,518 7,008,662 Less: Provision for obsolescence (324,630 ) (322,815 ) Inventories, net $ 6,583,888 $ 6,685,847 Prepaids and Other Current Assets As of March 31, 2023 and December 31, 2022, prepaid and other current assets, net consist of the following: March 31, 2023 December 31, 2022 Prepaid inventories $ 226,177 281,484 Prepaid software licenses and annual fees 208,144 184,429 Prepaid rent 156,914 234,691 Prepaid insurance 92,734 167,794 Prepaid VAT charges 90,165 99,558 Prepaid other and other current assets 64,361 61,592 Prepaid and other current assets $ 838,495 $ 1,029,548 Property and Equipment, Net As of March 31, 2023 and December 31, 2022, property and equipment, net consist of the following: Estimated Useful Life March 31, December 31, Type (Years) 2023 2022 Leasehold improvements 3 $ 106,837 $ 106,837 Production tools and equipment 5 638,575 632,514 Computer and office equipment 3-5 515,010 507,637 Furniture 5 77,486 77,799 Drone equipment 3 170,109 170,109 Total Property and equipment 1,508,017 1,494,896 Less: Accumulated depreciation (807,938 ) (703,741 ) Total: Property and equipment, net $ 700,079 $ 791,155 Property and Equipment Depreciation Expense Classification within the Condensed Consolidated Statements of Operations and Comprehensive Loss For the Three Months Ended March 31, 2023 2022 Cost of sales $ 63,663 $ 64,843 General and administrative 37,034 45,892 Total: Depreciation expense $ 100,697 $ 110,735 Intangible Assets, net As of March 31, 2023 and December 31, 2022, intangible assets, net, other than goodwill, consist of following: Name Estimated Life (Years) Balance as of December 31, 2022 Additions Amortization Balance as of March 31, 2023 Intellectual property/technology 5-7 $ 4,473,861 $ — $ (202,242 ) $ 4,271,619 Customer base 3-10 2,885,657 — (284,416 ) 2,601,241 Tradenames and trademarks 5-10 1,757,891 — (51,986 ) 1,705,905 Non-compete agreement 2-4 335,933 — (117,188 ) 218,745 Platform development costs 3 1,332,516 139,509 (165,645 ) 1,306,380 Internal use software costs 3 721,795 109,345 (79,164 ) 751,976 Total Intangibles assets, net $ 11,507,653 $ 248,854 $ (900,641 ) $ 10,855,866 As of March 31, 2023, the weighted average remaining amortization period in years is 4.53 years. For the three months ended March 31, 2023 and 2022, amortization expense was $900,641 and $765,255, respectively. For the following years ending, the future amortization expenses consist of the following: For the Years Ending December 31, (rest of year) 2023 2024 2025 2026 2027 Thereafter Total Intellectual property/technology $ 606,726 $ 808,968 $ 808,968 $ 808,968 $ 808,968 $ 429,021 $ 4,271,619 Customer base 853,247 889,364 141,145 141,145 141,145 435,195 2,601,241 Tradenames and trademarks 155,959 207,944 207,944 207,944 207,944 718,170 1,705,905 Non-compete agreement 218,745 — — — — — 218,745 Platform development costs 531,583 534,254 228,917 — — 11,626 1,306,380 Internal use software costs 246,946 335,223 160,695 9,112 — — 751,976 Total Intangible assets, net $ 2,613,206 $ 2,775,753 $ 1,547,669 $ 1,167,169 $ 1,158,057 $ 1,594,012 $ 10,855,866 Accrued Expenses As of March 31, 2023 and December 31, 2022, accrued expenses consist of the following: March 31, 2023 December 31, 2022 Accrued compensation and related liabilities $ 251,647 $ 774,916 Provision for warranty expense 289,304 288,807 Accrued professional fees 244,155 262,737 Accrued Interest 89,444 — Other 331,004 354,246 Total accrued expenses $ 1,205,554 $ 1,680,706 |
Notes Receivable
Notes Receivable | 3 Months Ended |
Mar. 31, 2023 | |
Notes Receivable | |
Notes Receivable | Valqari On October 14, 2020, in connection with, and as an incentive to the entry into a two-year exclusive manufacturing agreement (the “Manufacturing Agreement”) to produce a patented Drone Delivery Station for Valqari, LLC (“Valqari), the Company entered into, as payee, a Convertible Promissory Note pursuant to which the Company made a loan to Valqari in the principal aggregate amount of $500,000 (the “Note”). The Note accrues interest at a rate of three percent per annum. The Note matured on April 15, 2021 (the "Maturity Date”), at which time all outstanding principal and interest that had accrued, but remained, unpaid was due. The Note provides for an automatic six month extension of the Maturity Date under the following circumstances (i) Valqari has received in writing, (x) a good faith acquisition offer at a consideration value greater than $15,000,000, (y) such offer, upon consummation, would result in a change in control (as defined in the note) of Valqari, and (z) at such time Valqari, is actively engaged in the negotiation or finalization of such acquisition transaction; or (ii) Valqari has initiated, or is in the process of initiating, a conversion to a "C-Corporation” under the Internal Revenue Code, whereas such conversion will be completed no later than one day prior to the extended Maturity Date. Valqari was not permitted to prepay the Note prior to the Maturity Date. The Note is subject to customary representations and warranties by Valqari, as well as events of default, which may lead to acceleration of the payment of the Note such as (i) failure to pay all of the outstanding principal, plus accrued interest on the Maturity Date or Extended Maturity Date, (ii) Valqari filing a petition or action under any bankruptcy, or other law, or (iii) an involuntary petition is filed again Valqari under any bankruptcy statute (that is not dismissed or discharged within 60 days). The indebtedness evidenced by the Note is subordinated in right of payment to the prior payment in full of any senior indebtedness (as defined in the Note) in existence on the date of the Note or incurred thereafter. On the Maturity Date, AgEagle demanded payment of the Note, including accrued interest, however, Valqari alleged that the Maturity Date was automatically extended to October 14, 2021 (“Extended Maturity Date”), for an additional six months. Upon the Extended Maturity Date, AgEagle demanded payment of the Note, including accrued interest; however, Valqari sought a substantial discount on the amount due under the Note to compensate for alleged breaches by AgEagle under the Manufacturing Agreement. AgEagle disputes the allegations of breach and believes that it is owed a net amount by Valqari under the Manufacturing Agreement, in addition to the amount due under the Note. On November 24, 2021, Valqari made a payment of principal on the Note of $315,000. The parties are continuing to negotiate in an attempt to reach an amicable resolution of their disputes; however, AgEagle reserves the right to take legal action to collect the Note in the event that a settlement is not reached. |
Liabilities Related to Business
Liabilities Related to Business Acquisition Agreements | 3 Months Ended |
Mar. 31, 2023 | |
Liabilities Related to Business Acquisition Agreements | |
Business Acquisitions | Note 5 – Liabilities Related to Business Acquisition Agreements As of March 31, 2023 and December 31, 2022, liabilities related to acquisition agreements consist of the following: March 31, 2023 December 31, 2022 Holdback related to MicaSense Acquisition Agreement $ — $ 23,798 Holdback related to Measure Acquisition — — Holdback related to senseFly Acquisition — — Total acquisition agreement related liabilities — 23,798 Less: Current portion acquisition agreement-related liabilities — — Long term portion of business acquisition agreement-related liabilities $ — $ — The remaining liability related to MicaSense Acquisition Agreement as of December 31, 2022 was classified within accrued liabilities on the condensed consolidated balance sheets. |
COVID Loans
COVID Loans | 3 Months Ended |
Mar. 31, 2023 | |
COVID Loans | |
COVID Loans | Note 6 – COVID Loans In connection with the senseFly Acquisition, the Company assumed the obligations for two COVID Loans originally made by the SBA to senseFly S.A. on July 27, 2020 (“senseFly COVID Loans”). As of senseFly Acquisition Date, the fair value of the COVID Loan was $1,440,046 (“senseFly COVID Loans”). For the three months ended March 31, 2023, senseFly S.A. made the required payments on the senseFly COVID Loans, including principal and accrued interest, aggregating approximately $44,598, for the three months ended March 31, 2022, no payments of principal and interest were required. As of March 31, 2023, the Company’s outstanding obligations under the senseFly COVID Loans are $857,498. As of March 31, 2023, scheduled principal payments due under the senseFly COVID Loans are as follows: Year ending December 31, 2023 (rest of year) $ 405,993 2024 90,302 2025 90,302 2026 90,302 2027 180,599 Total $ 857,498 |
Promissory Note
Promissory Note | 3 Months Ended |
Mar. 31, 2023 | |
Promissory Note | |
Promissory Note | Note 7 – Promissory Note On December 6, 2022, the Company entered into a Securities Purchase Agreement (the “Promissory Note Purchase Agreement”) with an institutional investor (the “Investor”) which is an existing shareholder of the Company. Pursuant to the terms of the Promissory Note Purchase Agreement, the Company has agreed to issue to the Investor (i) an 8% original issue discount promissory note (the “Note”) in the aggregate principal amount of $3,500,000, and (ii) a common stock purchase warrant (the “Promissory Note Warrant”) to purchase up to 5,000,000 shares of the Company’s Common Stock (the “Shares”) at an exercise price of $0.44 per share, subject to standard anti-dilution adjustments. The Note is an unsecured obligation of the Company. It has an original issue discount of 4% and bears interest at 8% per annum. The Company received net proceeds of $3,285,000 net of the original issue discount of $140,000 and $75,000 of issuance costs. The Promissory Note Warrant is not exercisable for the first six months after issuance and has a five-year term from the initial exercise date of June 6, 2023. If at the time of the exercise, there is no effective registration statement registering, or the prospectus contained therein, is not available for the issuance of the Shares, then the Promissory Note Warrant may be exercised, in whole or in part, by means of a “cashless exercise.” The Shares issuable to the Investor upon exercise of the Promissory Note Warrant will be issued in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 promulgated thereunder. Neither the Shares nor the Promissory Note Warrant has been registered under the Securities Act, or applicable state securities laws, and none may be offered or sold in the United States absent registration under the Securities Act or an exemption from such registration requirements. The Company determined the estimated fair value of the common stock warrants issued with the Note to be $1,847,200 using a Black-Scholes pricing model. In accordance with ASC 470-20 Debt During the three months ended March 31, 2023, the Company recognized $168,885 of interest expense related to the amortization of the discounts and which has been included in interest expense on the condensed consolidated statements of operations and comprehensive loss. As of March 31, 2023, the unamortized discount is $1,182,194. Beginning June 1, 2023, and on the first business day of each month thereafter, the Company shall pay 1/20 th As of March 31, 2023, scheduled principal payments due under the Note and amortization of the discount are as follows: Principal Payments Discount Amortization Balance, Net of Discount Current portion of promissory note liability $ 1,440,349 $ (506,655 ) $ 933,694 Long term portion of promissory note liability 2,059,651 (675,539 ) 1,384,112 Total $ 3,500,000 $ (1,182,194 ) $ 2,317,806 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity | |
Stockholders' Equity | Note 8 – Stockholders' Equity Capital Stock Issuances Preferred Series F Convertible Stock On June 26, 2022 (the “Series F Closing Date”), the Company entered into a Securities Purchase Agreement (the “Series F Agreement”) with Alpha Capital Anstalt (“Alpha”). Pursuant to the terms of the Series F Agreement, the Board of Directors of the Company (the “Board”) designated a new series of Preferred Stock, the Series F 5% Preferred Convertible Stock (“Series F”), and authorized the sale and issuance of up to 35,000 shares of Series F. The Company issued to Alpha 10,000 shares of Series F for an aggregate purchase price and gross proceeds of $10,000,000, however the company received proceeds of $9,920,000 net of issuance costs. The 10,000 shares of Series F are convertible into 16,129,032 shares of Common Stock at $0.62 per share, subject to adjustment. Alpha will be entitled to receive cumulative dividends at the rate per share (as a percentage of the $1,000 stated par value per share of Series F) of 5% per annum, payable on January 1, April 1, July 1 and October 1, beginning on the first conversion date and subsequent conversion dates. In connection with the Series F Agreement, the Company issued a warrant to Alpha to purchase 16,129,032 shares of Common Stock, par value $0.001 per share (“Series F Warrants”) with an exercise price equal to $0.96, subject to adjustment, per share of Common Stock. The Series F Warrant, and the shares of Common Stock underling the Series F Warrant are collectively referred to as the “Series F Warrant Shares”. The Series F Warrant is not exercisable for the first six months after its issuance and has a three-year term from its exercise date. Upon exercise of the Series F Warrants in full by Alpha, the Company would receive additional gross proceeds of approximately $10,000,000. Alpha has the right, subject to certain conditions, including shareholder approval, to purchase up to $25,000,000 of additional shares of Series F and Series F Warrants (collectively the “Series F Option”). The Series F Option will be available for a period of eighteen months after such shareholder approval at a purchase price equal to the average of the volume weighted average price for three trading days prior to the date that Alpha gives notice to the Company that it will exercise the Series F Option. Commencing from the Series F Closing Date and for a period of six months thereafter, upon any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock equivalents for cash consideration, indebtedness or a combination of units thereof (a “Subsequent Financing”), Alpha will have the right to participate in up to an amount of the Subsequent Financing equal to 50% of the Subsequent Financing on the same terms, conditions and price provided for in the Subsequent Financing. The Preferred Stock has no voting rights, except that the Company shall not undertake certain corporate actions as set forth in the Certificate of Designation that would materially impact the holders of Preferred Stock without their consent. On December 6, 2022, upon the issuance of the promissory note and common stock warrants with an exercise price of $0.44 (see Note 7), a down round or anti-dilution trigger event occurred resulting in the conversion rate on the Series F and the exercise price of the Series F Warrants issued with the Series F adjusting down to $0.44 from $0.62 and $0.96, respectively (the “December Down Round Trigger”). The December Down Round Trigger resulted in the Company recognizing a deemed dividend on the common stock warrants and Series F of $565,161 and $1,680,216, respectively, or aggregate deemed dividend of $2,245,377, for the incremental value to the warrant and Series F holder resulting from the reduction in exercise price and conversion price. The deemed dividend on the Series F Warrants represents the difference between fair value of the Series F Warrants under the original terms before the December Down Round Trigger and the fair value of the Series F Warrants after December Down Round Trigger at the reduced exercise price. The fair value of the Series F Warrants was determined using a Black-Scholes pricing model and the following assumptions: expected life of 3 years, volatility of 150%, risk free rate of 3.77%, and dividend rate of 0%. On March 9, 2023, the Company received an Investor Notice from Alpha to purchase an additional 3,000 shares of Series F Convertible Preferred (the “Additional Series F Preferred”) convertible into 2,381 shares of the Company’s Common Stock per $1,000 Stated Value per share of Series F Preferred Stock, at a conversion price of $0.42 per share and associated Common Stock warrant to purchase up to 7,142,715 shares of Common Stock at the exercise price of $0.42 per share warrant (the “Additional Warrant”) for an aggregate purchase price of $3,000,000. The Additional Warrant is exercisable upon issuance and has a three-year term. On March 10, 2023, the Company issued and sold the Additional Series F Preferred and the Additional Warrant. As a result of issuing the additional 3,000 shares of Series F Convertible Preferred, a down round or anti-dilution trigger event occurred resulting in the conversion rate on the Series F and the exercise price of the Series F Warrants issued with the Series F adjusting down to $0.42 from $0.44 (the “March Down Round Trigger”). The March Down Round Trigger resulted in the Company recognizing a deemed dividend on the common stock warrants and Series F of $38,226 and $217,750, respectively, or aggregate deemed dividend of $255,976, for the incremental value to the warrant and Series F holder resulting from the reduction in exercise price and conversion price. The deemed dividend on the Series F Warrants represents the difference between fair value of the Series F Warrants under the original terms before the down round trigger and the fair value of the Series F Warrants after down round trigger at the reduced exercise price. The fair value of the Series F Warrants was determined using a Black-Scholes pricing model and the following assumptions: expected life of 3 years, volatility of 131%, risk free rate of 4.46%, and dividend rate of 0%. Both deemed dividends to the Series F stockholder were recorded as additional paid in capital and an increase to accumulated deficit and as an increase to total comprehensive loss attributable to Common Stockholders in computing earnings per share on the condensed consolidated statements of operations and comprehensive loss. During the three months ended March 31, 2023, Alpha had converted 998 shares of Series F into 2,304,762 shares of Common Stock and recorded $66,921 cumulative dividends, included in accrued expenses on the unaudited condensed consolidated balance sheets, at the rate per share (as a percentage of the $1,000 stated par value per share of Series F) of 5% per annum, beginning on the first conversation date of June 30, 2022. At-the-Market Sales Agreement For the three months ended March 31, 2022, and in accordance with a May 25, 2021 at-the-market Sales Agreement with Stifel, Nicolaus & Company, Incorporated and Raymond James & Associates, Inc. as sales agents, the Company sold 4,251,151 shares of Common Stock at a share price between $1.04 and $1.18, for proceeds of $4,583,341, net of issuance costs of $141,754. For the three months ended March 31, 2023, there were no at-the-market sales. Acquisition of senseFly In accordance with the terms of the senseFly S.A. Purchase Agreement, the Company issued 1,927,407 shares of Common Stock to Parrot Drones S.A.S.(“Parrot”) in January 2022 having an aggregate value of $3,000,000, based on a volume weighted average trading price of the Common Stock over a ten consecutive trading day period prior to the date of issuance of the shares of Common Stock to Parrot. Exercise of Common Stock Options For the three months ended March 31, 2022, 75,000 Common Stock shares were issued in connection with the exercise of stock options previously granted at an exercise price of $0.41 resulting in gross proceeds of $30,750. For the three months ended March 31, 2023 there were no exercise of stock options. Stock-based Compensation The Company determines the fair value of awards granted under the Equity Plan based on the fair value of its Common Stock on the date of grant. Stock-based compensation expenses related to grants under the Equity Plan are included in general and administrative expenses on the condensed consolidated statements of operations and comprehensive loss. For the three-months ended March 31, 2023 and 2022, respectively, the company recorded $512,529 and $1,753,881 of stock based compensation. Pension Costs senseFly S.A. sponsors a defined benefit pension plan (the “Defined Benefit Plan”) covering all its employees. The Defined Benefit Plan provides benefits in the event of retirement, death or disability, with benefits based on age and salary. The Defined Benefit Plan is funded through contributions paid by senseFly S.A. and its employees, respectively. The Defined Benefit Plan assets are Groupe Mutuel Prévoyance (“GMP”), which invests these plan assets in cash and cash equivalents, equities, bonds, real estate and alternative investments. The Projected Benefit Obligation (“PBO”) includes in full the accrued liability for the plan death and disability benefits, irrespective of the extent to which these benefits may be reinsured with an insurer. The actuarial valuations are based on the census data as of December 31, 2022, provided by GMP. The Defined Benefit Plan has a PBO in excess of Defined Benefit Plan assets. For the three-months ended March 31, 2023, the amounts recognized in accumulated other comprehensive loss related to the Defined Benefit Plan were $43,345. Restricted Stock Units For the three months ended March 31, 2023, a summary of RSU activity is as follows: Shares Weighted Average Grant Date Fair Value Outstanding as of December 31, 2022 1,028,960 $ 2.31 Granted 649,750 0.42 Canceled (55,870 ) 1.68 Outstanding as of March 31, 2023 1,622,840 1.58 Vested as of March 31, 2023 1,122,984 1.61 Unvested as of March 31, 2023 499,856 $ 1.50 For the three months ended March 31, 2023, the aggregate fair value of RSU awards at the time of vesting was $272,908. As of March 31, 2023, the Company had approximately $304,000 of unrecognized stock-based compensation expense related to RSUs, which will be amortized over approximately twenty months. For the three months ended March 31, 2022, a summary of RSU activity is as follows: Shares Weighted Average Grant Date Fair Value Outstanding as of December 31, 2021 1,147,250 $ 3.78 Granted 340,607 1.26 Canceled (25,500 ) 2.94 Outstanding as of March 31, 2022 1,462,357 3.21 Vested as of March 31, 2022 721,609 3.74 Unvested as of March 31, 2022 740,748 $ 2.69 For the three months ended March 31, 2022, the aggregate fair value of RSU awards at the time of vesting was $427,890. As of March 31, 2022, the Company had approximately $1,340,000 of unrecognized stock-based compensation expense related to RSUs, which will be amortized over approximately nineteen months. Issuance of RSUs to Current Officers of the Company On March 29, 2023, upon recommendation of the Compensation Committee of the Board (“Compensation Committee”) the Board, in connection with the 2022 executive compensation plan granted to the officers of the Company 640,000 RSUs, which vested immediately. For the three months ended March 31, 2023, the Company recognized stock-based compensation expense of $268,800, based upon the market price of its Common Stock of $0.42 per share on the date of grant of these RSUs. Stock Options For the three months ended March 31, 2023, a summary of the options activity is as follows: Shares Weighted Average Exercise Price Weighted Average Fair Value Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2022 2,561,231 $ 2.18 $ 1.19 3.33 $ 31,124 Granted 150,000 0.45 0.21 3.02 — Exercised — — — — — Expired/Forfeited (20,688 ) 7.34 3.95 — — Outstanding as of March 31, 2023 2,690,543 2.05 3.19 3.81 93,764 Exercisable as of March 31, 2023 2,148,109 $ 2.34 $ 1.28 2.87 $ 83,521 As of March 31, 2023, the Company had approximately $241,711 of total unrecognized compensation cost related to stock options, which will be amortized through March 31, 2025. Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) or as of March 31, 2023 (for outstanding options), less the applicable exercise price. For the three months ended March 31, 2023 and 2022, the significant assumptions relating to the valuation of the Company’s stock options granted were as follows: March 31, 2023 2022 Stock price $ 0.45 $ 1.19 Dividend yield — % — % Expected life (years) 3.02 3.02 Expected volatility 65.78 % 69.18 % Risk-free interest rate 3.81 % 2.45 % Issuances of Options to Officers and Directors On March 31, 2023, the Company issued to directors and officers options to purchase 150,000 shares of Common Stock at an exercise price of $0.45 per share, which vest over a period of two years from the date of grant, and expire on March 30, 2028. The Company determined the fair market value of these unvested options to be $31,350. For the three months ended March 31, 2023, the Company recognized stock-based compensation expense of $42 based upon the fair value market price of $0.21. Cancellations of Options For the three months ended March 31, 2023 and 2022, as a result of employee terminations and options expirations, stock options aggregating 20,688 and 33,170 with fair market values of $81,658 and $140,793 were cancelled, respectively. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases | |
Leases | Note 9 – Leases Operating Leases For the three months ended March 31, 2023 and 2022, operating lease expense payments were $261,480 and $323,573, respectively. Operating lease expense payments are included in general and administrative expenses on the condensed consolidated statements of operations and comprehensive loss. As of March 31, 2023 and December 31, 2022, balance sheet information related to the Company’s operating leases is as follows: Balance Sheet Location March 31, 2023 December 31, 2022 Right of use asset $ 3,783,318 $ 3,952,317 Current portion of lease liability $ 620,973 $ 628,113 Long-term portion lease liability $ 2,998,202 $ 3,161,703 As of March 31, 2023, scheduled future maturities of the Company’s lease liabilities are as follows: Year Ending December 31, 2023 (rest of year) $ 663,174 2024 946,961 2025 947,497 2026 948,033 2027 731,502 Thereafter 182,875 Total future minimum lease payments, undiscounted 4,420,042 Less: Amount representing interest (800,867 ) Present value of future minimum lease payments $ 3,619,175 Present value of future minimum lease payments – current $ 620,973 Present value of future minimum lease payments – long-term $ 2,998,202 As of March 31, 2023 and December 31, 2022, the weighted average lease-term and discount rate of the Company’s leases are as follows: Other Information March 31, 2023 December 31, 2022 Weighted-average remaining lease terms (in years) 4.6 4.8 Weighted-average discount rate 6.0 % 6.0 % For the three months ended March 31, 2023 and 2022, supplemental cash flow information related to leases is as follows: For the Three Months March 31, Other Information 2023 2022 Cash paid for amounts included in the measurement of liabilities: Operating cash flows for operating leases $ 261,222 $ 323,573 |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2023 | |
Warrants | |
Warrants | Note 10 – Warrants Warrants Issued On March 9, 2023, the Company received an Investor Notice from Alpha (described above in Note 8) resulting in the issuance of a Common Stock warrant to purchase up to 7,142,715 shares of Common Stock at the exercise price of $0.42 per share warrant (the “Additional Warrant”) for an aggregate purchase price of $3,000,000. The Additional Warrant is exercisable upon issuance and has a three-year term. On March 10, 2023, the Company issued and sold the Additional Series F Preferred along with the associated Additional Warrant. On December 6, 2022, the Company entered into a Promissory Note Purchase Agreement (described above in Note 7), pursuant to which the Company issued the right to purchase up to 5,000,000 shares of Common Stock at an exercise price of $0.44 per share (see Note 8 for further disclosures), subject to standard anti-dilution adjustments. The Promissory Note Warrant is not exercisable for the first six months after issuance and has a five-year term from the initial exercise date of June 6, 2023. On June 26, 2022, the Company entered into a Securities Purchase Agreement (described above in Note 8) with Alpha. In connection with the Series F Agreement the Company issued a warrant to Alpha to purchase 16,129,032 shares of Common Stock, par value $0.001 per share Series F Warrant with an exercise price equal to $0.96, subject to adjustment, per share of Common Stock. The Series F Warrants were not exercisable for the first six months after its issuance and have a three-year term from its initial exercise date of December 30, 2022. Upon the issuance of the 5,000,000 shares of Common Stock warrants at $0.44 per share, the Series F Warrant exercise price was reduced to $0.42 (see Note 8 for explanation regarding the December and March Down Rounds along with any other further disclosures related to Series F Preferred Stock). Upon exercise of the Series F Warrants in full by the investor, the Company would receive additional gross proceeds of approximately $6,774,193. A summary of activity related to warrants for the periods presented is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Outstanding as of December 31, 2021 — $ — — Issued 21,129,032 0.42 * — Exercised — — — Outstanding as of December 31, 2022 21,129,032 $ 0.42 * — Issued 7,142,715 0.42 — Exercised — — — Outstanding as of March 31, 2023 28,271,747 $ 0.42 * 3.06 Exercisable as of March 31, 2023 23,271,747 $ 0.42 2.95 * Reflects the exercise price after the Down Round Trigger events on December 6, 2022 and March 9, 2023 (see Note 8). As of March 31, 2023, the intrinsic value of the warrants was nil. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 11 – Commitments and Contingencies Existing Employment and Board Agreements The Company has various employment agreements with certain of its executive officers and directors that serve as Board members, which it considers normal and in the ordinary course of business. The Company has no other formal employment agreements with our executive officers, nor any compensatory plans or arrangements resulting from the resignation, retirement, or any other termination of our named executive officers, from a change-in-control, or from a change in any executive officer’s responsibilities following a change-in-control. However, it is possible that the Company will enter into formal employment agreements with its executive officers in the future. Purchase Commitments The Company routinely places orders for manufacturing services and materials. As of March 31, 2023, the Company had purchase commitments of approximately $2,594,596. These purchase commitments are expected to be realized during the year ending December 31, 2023. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Information | |
Segment Information | Note 12 – Segment Information Non-allocated administrative and other expenses are reflected in Corporate. Corporate assets include cash, prepaid expenses, notes receivable, right of use asset and other assets. As of March 31, 2023 and December 31, 2022, and for the three months ended March 31, 2023 and 2022, respectively, information about the Company’s reportable segments consisted of the following: Goodwill and Assets Corporate Drones Sensors SaaS Total As of March 31, 2023 Goodwill $ — $ — $ 18,972,896 $ 4,206,515 $ 23,179,411 Assets $ 4,074,316 $ 14,367,712 $ 26,239,043 $ 7,506,269 $ 52,187,340 As of December 31, 2022 Goodwill $ — $ — $ 18,972,896 $ 4,206,515 $ 23,179,411 Assets $ 4,785,643 $ 14,930,789 $ 26,081,788 $ 8,386,654 $ 54,184,874 Net Loss Corporate Drones Sensors SaaS Total Three Months Ended March 31, 2023 Revenues $ — $ 1,966,442 $ 1,970,195 $ 120,432 $ 4,057,069 Cost of sales — 837,725 1,005,432 235,280 2,078,437 Loss from operations (1,535,560 ) (2,032,806 ) 237,654 (830,396 ) (4,161,108 ) Other expense, net (257,201 ) (181,190 ) — — (438,391 ) Net loss $ (1,792,761 ) $ (2,213,996 ) $ 237,654 $ (830,396 ) $ (4,599,499 ) Three Months Ended March 31, 2022 Revenues $ — $ 2,738,982 $ 933,018 $ 169,978 $ 3,841,978 Cost of sales — 1,569,766 646,512 260,808 2,477,086 Loss from operations (3,238,946 ) (2,624,107 ) (783,137 ) (835,751 ) (7,481,941 ) Other income (expense), net 1,388 (113,238 ) — (2,781 ) (114,631 ) Net loss $ (3,237,558 ) $ (2,737,345 ) $ (783,137 ) $ (838,532 ) $ (7,596,572 ) Revenues by Geographic Area Three Months Ended March 31, 2023 Drones Sensors SaaS Total North America $ 599,491 $ 450,552 $ 120,432 $ 1,170,475 Europe, Middle East and Africa 738,956 956,172 — 1,695,128 Asia Pacific 55,989 451,408 — 507,397 Other 572,006 112,063 — 684,069 $ 1,966,442 $ 1,970,195 $ 120,432 $ 4,057,069 Three Months Ended March 31, 2022 Drones Sensors SaaS Total North America $ 1,235,572 $ 359,888 $ 169,978 $ 1,765,438 Europe, Middle East and Africa 1,213,191 354,379 — 1,567,570 Asia Pacific 290,219 167,742 — 457,961 Other — 51,009 — 51,009 $ 2,738,982 $ 933,018 $ 169,978 $ 3,841,978 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events | |
Subsequent Events | Note 13 – Subsequent Events During the period from April 1, 2023 through May 12, 2023, Alpha had converted 651 shares of Series F into 1,550,000 shares of Common Stock. On May 11, 2023, in connection with the 2022 executive compensation plan granted to the officers of the Company an additional 968,690 RSUs, were granted as a result of a correction to the initial grants approved by the Compensation Committee on March 29, 2023. The RSU’s vested immediately at a fair value of $0.38. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Description of the Business and Basis of Presentation | |
Risks and Uncertainties | Risks and Uncertainties |
Use of Estimates | Use of Estimates |
Fair Value Measurements and Disclosures | Fair Value Measurements and Disclosures Fair Value Measurement The guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following categories: ● Level 1: Quoted market prices in active markets for identical assets or liabilities. ● Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. ● Level 3: Unobservable inputs that are not corroborated by market data. For short-term classes of our financial instruments, which include cash, accounts receivable, prepaid expenses, notes receivable, accounts payable and accrued expenses, their carrying amounts approximate fair value due to their short-term nature. The outstanding loan related to the COVID Loans is carried at face value, which approximates fair value. As of March 31, 2023 and December 31, 2022, the Company did not have any financial assets or liabilities measured and recorded at fair value on the Company’s condensed consolidated balance sheets on a recurring basis. |
Inventories | Inventorie – |
Cash Concentrations | Cash Concentrations |
Revenue Recognition and Concentration | Revenue Recognition and Concentration – Revenue from Contracts with Customers The Company generally recognizes revenue on sales to customers, dealers, and distributors upon satisfaction of performance obligations which generally occurs once controls transfer to customers, which is when product is shipped or delivered depending on specific shipping terms and, where applicable, a customer acceptance has been obtained. The fee is not considered to be fixed or determinable until all material contingencies related to the sales have been resolved. The Company records revenue in the statements of operations and comprehensive loss net of any sales, use, value added, or certain excise taxes imposed by governmental authorities on specific sales transactions and net of any discounts, allowances and returns. Under fixed-price contracts, the Company agrees to perform the specified work for a pre-determined price. To the extent the Company’s actual costs vary from the estimates upon which the price was negotiated, it will generate more or less profit or could incur a loss. The Company accounts for a contract after it has been approved by all parties to the arrangement, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company’s software subscriptions to its platforms, HempOverview Ground Control Additionally, customer payments received in advance of the Company completing performance obligations are recorded as contract liabilities. Customer deposits represent customer prepayments and are recognized as revenue when the term of the sale or performance obligation is completed. As of March 31, 2023 and December 31, 2022, respectively, contract liabilities represents $554,926 and $496,390. |
Capitalized Software Development Costs | Capitalized Software Development Costs Software — Costs of Software to be Sold, Leased or Marketed |
Internal-use Software Costs | Internal-use Software Costs Internal-Use Software As of March 31, 2023 and December 31 2022, capitalized software costs for internal-use software related to the Company’s implementation of its enterprise resource planning (“ERP”) software, totaled $751,976 and $721,795, respectively, net of accumulated amortization and are included in intangible assets, net on the condensed consolidated balance sheets. The Company placed its ERP into service on May 1, 2022. |
Foreign Currency | Foreign Currency |
Shipping Costs | Shipping Costs – |
Advertising Costs | Advertising Costs |
Vendor Concentrations | Vendor Concentrations – |
Loss Per Common Share and Potentially Dilutive Securities | Loss Per Common Share and Potentially Dilutive Securities – |
Segment Reporting | Segment Reporting – Segment Reporting The Company has determined that it operates in four segments: · Drones, which comprises revenues earned from contractual arrangements to develop, manufacture and /or modify complex drone related products, and to provide associated engineering, technical and other services according to customer specifications. · Sensors, which comprises the revenue earned through the sale of sensors, cameras, and related accessories. · SaaS, which comprises revenue earned through the offering of online-based subscriptions. · Corporate, which comprises corporate costs only. |
Accounting Pronouncements - Adopted | New Accounting Pronouncements Other recent accounting pronouncements issued by FASB did not or are not believed by management to have a material impact on the Company’s present or future condensed consolidated financial statements. |
Balance Sheets (Tables)
Balance Sheets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Balance Sheets | |
Schedule of accounts receivable, net | March 31, 2023 December 31, 2022 Accounts receivable $ 2,927,417 $ 2,229,840 Less: Provisions for doubtful accounts (16,917 ) (16,800 ) Accounts receivable, net $ 2,910,500 $ 2,213,040 |
Schedule Of Inventories | March 31, 2023 December 31, 2022 Raw materials $ 4,455,666 $ 5,288,206 Work-in process 898,614 1,106,056 Finished goods 1,554,238 614,400 Gross inventories 6,908,518 7,008,662 Less: Provision for obsolescence (324,630 ) (322,815 ) Inventories, net $ 6,583,888 $ 6,685,847 |
Schedule Of Prepaids and Other Current Assets | March 31, 2023 December 31, 2022 Prepaid inventories $ 226,177 281,484 Prepaid software licenses and annual fees 208,144 184,429 Prepaid rent 156,914 234,691 Prepaid insurance 92,734 167,794 Prepaid VAT charges 90,165 99,558 Prepaid other and other current assets 64,361 61,592 Prepaid and other current assets $ 838,495 $ 1,029,548 |
Schedule Of Property and Equipment | Estimated Useful Life March 31, December 31, Type (Years) 2023 2022 Leasehold improvements 3 $ 106,837 $ 106,837 Production tools and equipment 5 638,575 632,514 Computer and office equipment 3-5 515,010 507,637 Furniture 5 77,486 77,799 Drone equipment 3 170,109 170,109 Total Property and equipment 1,508,017 1,494,896 Less: Accumulated depreciation (807,938 ) (703,741 ) Total: Property and equipment, net $ 700,079 $ 791,155 |
Schedule of statements of operations and comprehensive loss | Classification within the Condensed Consolidated Statements of Operations and Comprehensive Loss For the Three Months Ended March 31, 2023 2022 Cost of sales $ 63,663 $ 64,843 General and administrative 37,034 45,892 Total: Depreciation expense $ 100,697 $ 110,735 |
Schedule Of Intangible Assets, net | Name Estimated Life (Years) Balance as of December 31, 2022 Additions Amortization Balance as of March 31, 2023 Intellectual property/technology 5-7 $ 4,473,861 $ — $ (202,242 ) $ 4,271,619 Customer base 3-10 2,885,657 — (284,416 ) 2,601,241 Tradenames and trademarks 5-10 1,757,891 — (51,986 ) 1,705,905 Non-compete agreement 2-4 335,933 — (117,188 ) 218,745 Platform development costs 3 1,332,516 139,509 (165,645 ) 1,306,380 Internal use software costs 3 721,795 109,345 (79,164 ) 751,976 Total Intangibles assets, net $ 11,507,653 $ 248,854 $ (900,641 ) $ 10,855,866 For the Years Ending December 31, (rest of year) 2023 2024 2025 2026 2027 Thereafter Total Intellectual property/technology $ 606,726 $ 808,968 $ 808,968 $ 808,968 $ 808,968 $ 429,021 $ 4,271,619 Customer base 853,247 889,364 141,145 141,145 141,145 435,195 2,601,241 Tradenames and trademarks 155,959 207,944 207,944 207,944 207,944 718,170 1,705,905 Non-compete agreement 218,745 — — — — — 218,745 Platform development costs 531,583 534,254 228,917 — — 11,626 1,306,380 Internal use software costs 246,946 335,223 160,695 9,112 — — 751,976 Total Intangible assets, net $ 2,613,206 $ 2,775,753 $ 1,547,669 $ 1,167,169 $ 1,158,057 $ 1,594,012 $ 10,855,866 |
Schedule of accrued expenses | March 31, 2023 December 31, 2022 Accrued compensation and related liabilities $ 251,647 $ 774,916 Provision for warranty expense 289,304 288,807 Accrued professional fees 244,155 262,737 Accrued Interest 89,444 — Other 331,004 354,246 Total accrued expenses $ 1,205,554 $ 1,680,706 |
Liabilities Related to Busine_2
Liabilities Related to Business Acquisition Agreements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Liabilities Related to Business Acquisition Agreements | |
Schedule of allocation preliminary purchase price | March 31, 2023 December 31, 2022 Holdback related to MicaSense Acquisition Agreement $ — $ 23,798 Holdback related to Measure Acquisition — — Holdback related to senseFly Acquisition — — Total acquisition agreement related liabilities — 23,798 Less: Current portion acquisition agreement-related liabilities — — Long term portion of business acquisition agreement-related liabilities $ — $ — |
COVID Loans (Tables)
COVID Loans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Mica Sense Acquisition [Member] | |
Schedule of debt disclosure | Year ending December 31, 2023 (rest of year) $ 405,993 2024 90,302 2025 90,302 2026 90,302 2027 180,599 Total $ 857,498 |
Promissory Note Issuance (Table
Promissory Note Issuance (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
2023 [Member] | |
Schedule of amortization of the discount | Principal Payments Discount Amortization Balance, Net of Discount Current portion of promissory note liability $ 1,440,349 $ (506,655 ) $ 933,694 Long term portion of promissory note liability 2,059,651 (675,539 ) 1,384,112 Total $ 3,500,000 $ (1,182,194 ) $ 2,317,806 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity | |
Schedule of restricted stock unit activity | Shares Weighted Average Grant Date Fair Value Outstanding as of December 31, 2022 1,028,960 $ 2.31 Granted 649,750 0.42 Canceled (55,870 ) 1.68 Outstanding as of March 31, 2023 1,622,840 1.58 Vested as of March 31, 2023 1,122,984 1.61 Unvested as of March 31, 2023 499,856 $ 1.50 |
Schedule of summary of RSU activity | Shares Weighted Average Grant Date Fair Value Outstanding as of December 31, 2021 1,147,250 $ 3.78 Granted 340,607 1.26 Canceled (25,500 ) 2.94 Outstanding as of March 31, 2022 1,462,357 3.21 Vested as of March 31, 2022 721,609 3.74 Unvested as of March 31, 2022 740,748 $ 2.69 |
Schedule of options activity 2023 | Shares Weighted Average Exercise Price Weighted Average Fair Value Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2022 2,561,231 $ 2.18 $ 1.19 3.33 $ 31,124 Granted 150,000 0.45 0.21 3.02 — Exercised — — — — — Expired/Forfeited (20,688 ) 7.34 3.95 — — Outstanding as of March 31, 2023 2,690,543 2.05 3.19 3.81 93,764 Exercisable as of March 31, 2023 2,148,109 $ 2.34 $ 1.28 2.87 $ 83,521 |
Schedule of significant weighted average assumptions | March 31, 2023 2022 Stock price $ 0.45 $ 1.19 Dividend yield — % — % Expected life (years) 3.02 3.02 Expected volatility 65.78 % 69.18 % Risk-free interest rate 3.81 % 2.45 % |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases | |
Schedule of Company's operating leases | Balance Sheet Location March 31, 2023 December 31, 2022 Right of use asset $ 3,783,318 $ 3,952,317 Current portion of lease liability $ 620,973 $ 628,113 Long-term portion lease liability $ 2,998,202 $ 3,161,703 |
Schedule of Company's lease liabilities | Year Ending December 31, 2023 (rest of year) $ 663,174 2024 946,961 2025 947,497 2026 948,033 2027 731,502 Thereafter 182,875 Total future minimum lease payments, undiscounted 4,420,042 Less: Amount representing interest (800,867 ) Present value of future minimum lease payments $ 3,619,175 Present value of future minimum lease payments – current $ 620,973 Present value of future minimum lease payments – long-term $ 2,998,202 |
Schedule of weighted average lease-term and discount rate leases | Other Information March 31, 2023 December 31, 2022 Weighted-average remaining lease terms (in years) 4.6 4.8 Weighted-average discount rate 6.0 % 6.0 % |
Schedule Of Cash Flow Supplemental Information | For the Three Months March 31, Other Information 2023 2022 Cash paid for amounts included in the measurement of liabilities: Operating cash flows for operating leases $ 261,222 $ 323,573 |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Warrants | |
Schedule of summary of activity related to warrants | Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Outstanding as of December 31, 2021 — $ — — Issued 21,129,032 0.42 * — Exercised — — — Outstanding as of December 31, 2022 21,129,032 $ 0.42 * — Issued 7,142,715 0.42 — Exercised — — — Outstanding as of March 31, 2023 28,271,747 $ 0.42 * 3.06 Exercisable as of March 31, 2023 23,271,747 $ 0.42 2.95 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Information | |
Schedule of Goodwill and Assets | Corporate Drones Sensors SaaS Total As of March 31, 2023 Goodwill $ — $ — $ 18,972,896 $ 4,206,515 $ 23,179,411 Assets $ 4,074,316 $ 14,367,712 $ 26,239,043 $ 7,506,269 $ 52,187,340 As of December 31, 2022 Goodwill $ — $ — $ 18,972,896 $ 4,206,515 $ 23,179,411 Assets $ 4,785,643 $ 14,930,789 $ 26,081,788 $ 8,386,654 $ 54,184,874 |
Schedule of Net (Loss) Income | Net Loss Corporate Drones Sensors SaaS Total Three Months Ended March 31, 2023 Revenues $ — $ 1,966,442 $ 1,970,195 $ 120,432 $ 4,057,069 Cost of sales — 837,725 1,005,432 235,280 2,078,437 Loss from operations (1,535,560 ) (2,032,806 ) 237,654 (830,396 ) (4,161,108 ) Other expense, net (257,201 ) (181,190 ) — — (438,391 ) Net loss $ (1,792,761 ) $ (2,213,996 ) $ 237,654 $ (830,396 ) $ (4,599,499 ) Three Months Ended March 31, 2022 Revenues $ — $ 2,738,982 $ 933,018 $ 169,978 $ 3,841,978 Cost of sales — 1,569,766 646,512 260,808 2,477,086 Loss from operations (3,238,946 ) (2,624,107 ) (783,137 ) (835,751 ) (7,481,941 ) Other income (expense), net 1,388 (113,238 ) — (2,781 ) (114,631 ) Net loss $ (3,237,558 ) $ (2,737,345 ) $ (783,137 ) $ (838,532 ) $ (7,596,572 ) |
Schedule of geographical revenues | Three Months Ended March 31, 2023 Drones Sensors SaaS Total North America $ 599,491 $ 450,552 $ 120,432 $ 1,170,475 Europe, Middle East and Africa 738,956 956,172 — 1,695,128 Asia Pacific 55,989 451,408 — 507,397 Other 572,006 112,063 — 684,069 $ 1,966,442 $ 1,970,195 $ 120,432 $ 4,057,069 Three Months Ended March 31, 2022 Drones Sensors SaaS Total North America $ 1,235,572 $ 359,888 $ 169,978 $ 1,765,438 Europe, Middle East and Africa 1,213,191 354,379 — 1,567,570 Asia Pacific 290,219 167,742 — 457,961 Other — 51,009 — 51,009 $ 2,738,982 $ 933,018 $ 169,978 $ 3,841,978 |
Description of the Business a_2
Description of the Business and Basis of Presentation (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Description of the Business and Basis of Presentation | |||
Net Income (Loss) Attributable to Parent | $ 4,599,499 | $ 7,596,572 | |
Net Cash Provided by (Used in) Operating Activities | (4,234,526) | $ (6,510,343) | |
Working capital | 8,132,307 | ||
Accumulated deficit | $ 116,408,919 | $ 111,553,444 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Capitalized software development costs | $ 1,306,380 | $ 1,332,516 | |
Contract liabilities | 554,926 | 496,390 | |
Capitalized software development costs for internal-use software | 751,976 | $ 721,795 | |
Shipping Costs | 64,936 | $ 59,458 | |
Advertising Expense | $ 40,689 | $ 60,626 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Federal Deposit Insurance Corporation [Member] | |||
Cash balance | $ 250,000 | ||
Federally insured limit | $ 250,000 | ||
Unvested Restricted Stock [Member] | |||
Unvested RSU's | 557,476 | ||
Options Held [Member] | |||
Unvested RSU's | 2,561,231 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,690,543 | ||
Common Stock Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 28,271,747 | 21,129,032 |
Balance Sheets (Details)
Balance Sheets (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Balance Sheets | ||
Accounts receivable | $ 2,927,417 | $ 2,229,840 |
Less: Provisions for doubtful accounts | (16,917) | (16,800) |
Accounts receivable, net | $ 2,910,500 | $ 2,213,040 |
Balance Sheets (Details 1)
Balance Sheets (Details 1) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Balance Sheets | ||
Raw materials | $ 4,455,666 | $ 5,288,206 |
Work-in process | 898,614 | 1,106,056 |
Finished goods | 1,554,238 | 614,400 |
Gross inventories | 6,908,518 | 7,008,662 |
Less: Provision for obsolescence | (324,630) | (322,815) |
Inventories, net | $ 6,583,888 | $ 6,685,847 |
Balance Sheets (Details 2)
Balance Sheets (Details 2) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Balance Sheets | ||
Prepaid inventories | $ 226,177 | $ 281,484 |
Prepaid software licenses and annual fees | 208,144 | 184,429 |
Prepaid rent | 156,914 | 234,691 |
Prepaid insurance | 92,734 | 167,794 |
Prepaid VAT charges | 90,165 | 99,558 |
Prepaid other and other current assets | 64,361 | 61,592 |
Prepaid and other current assets | $ 838,495 | $ 1,029,548 |
Balance Sheets (Details 3)
Balance Sheets (Details 3) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Leasehold improvements | $ 106,837 | $ 106,837 |
Production tools and equipment | 638,575 | 632,514 |
Computer and office equipment | 515,010 | 507,637 |
Office furniture | 77,486 | 77,799 |
Drone equipment | 170,109 | 170,109 |
Total Property and equipment | 1,508,017 | 1,494,896 |
Less accumulated depreciation | (807,938) | (703,741) |
Total Property and equipment, net | $ 700,079 | $ 791,155 |
Leasehold Improvements [Member] | ||
Estimated Life | 3 years | |
Furniture and Fixtures [Member] | ||
Estimated Life | 5 years | |
Drone equipment [Member] | ||
Estimated Life | 3 years | |
Minimum [Member] | Production Tools And Equipment [Member] | ||
Estimated Life | 5 years | |
Minimum [Member] | Computer Equipment [Member] | ||
Estimated Life | 3 years | |
Maximum [Member] | Production Tools And Equipment [Member] | ||
Estimated Life | 5 years | |
Maximum [Member] | Computer Equipment [Member] | ||
Estimated Life | 5 years |
Balance Sheets (Details 4)
Balance Sheets (Details 4) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Total Depreciation Expense | $ 100,697 | $ 110,735 |
Cost of Sales [Member] | ||
Total Depreciation Expense | 63,663 | 64,843 |
General and Administrative Expense [Member] | ||
Total Depreciation Expense | $ 37,034 | $ 45,892 |
Balance Sheets (Details 5)
Balance Sheets (Details 5) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Gross Cost | $ 11,507,653 | |
Additions | $ 248,854 | |
Amortization | (900,641) | |
Net Book Value | 10,855,866 | 10,855,866 |
Intellectual Property [Member] | ||
Gross Cost | 4,473,861 | |
Additions | 0 | |
Amortization | (202,242) | |
Net Book Value | $ 4,271,619 | 4,271,619 |
Intellectual Property [Member] | Maximum [Member] | ||
Estimated Life | 7 years | |
Intellectual Property [Member] | Minimum [Member] | ||
Estimated Life | 5 years | |
Customer base [Member] | ||
Gross Cost | 2,885,657 | |
Additions | $ 0 | |
Amortization | (284,416) | |
Net Book Value | $ 2,601,241 | |
Customer base [Member] | Maximum [Member] | ||
Estimated Life | 10 years | |
Customer base [Member] | Minimum [Member] | ||
Estimated Life | 3 years | |
Trademarks and Trade Names [Member] | ||
Gross Cost | 1,757,891 | |
Additions | $ 0 | |
Amortization | (51,986) | |
Net Book Value | $ 1,705,905 | 1,705,905 |
Trademarks and Trade Names [Member] | Maximum [Member] | ||
Estimated Life | 10 years | |
Trademarks and Trade Names [Member] | Minimum [Member] | ||
Estimated Life | 5 years | |
Non-compete agreement [Member] | ||
Gross Cost | 335,933 | |
Additions | $ 0 | |
Amortization | (117,188) | |
Net Book Value | $ 218,745 | 218,745 |
Non-compete agreement [Member] | Maximum [Member] | ||
Estimated Life | 4 years | |
Non-compete agreement [Member] | Minimum [Member] | ||
Estimated Life | 2 years | |
Platform Development Costs [Member] | ||
Gross Cost | 1,332,516 | |
Additions | $ 139,509 | |
Estimated Life | 3 years | |
Amortization | $ (165,645) | |
Net Book Value | 1,306,380 | 1,306,380 |
Internal Use Software [Member] | ||
Gross Cost | 721,795 | |
Additions | $ 109,345 | |
Estimated Life | 3 years | |
Amortization | $ (79,164) | |
Net Book Value | $ 751,976 | $ 751,976 |
Balance Sheets (Details 6)
Balance Sheets (Details 6) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Rest of year 2023 | $ 2,613,206 | |
2024 | 2,775,753 | |
2025 | 1,547,669 | |
2026 | 1,167,169 | |
2027 | 1,158,057 | |
Thereafter | 1,594,012 | |
Total | $ 10,855,866 | 10,855,866 |
Intellectual Property [Member] | ||
Rest of year 2023 | 606,726 | |
2024 | 808,968 | |
2025 | 808,968 | |
2026 | 808,968 | |
2027 | 808,968 | |
Thereafter | 429,021 | |
Total | 4,271,619 | 4,271,619 |
Trademarks and Trade Names [Member] | ||
Rest of year 2023 | 155,959 | |
2024 | 207,944 | |
2025 | 207,944 | |
2026 | 207,944 | |
2027 | 207,944 | |
Thereafter | 718,170 | |
Total | 1,705,905 | 1,705,905 |
Non-compete agreement [Member] | ||
Rest of year 2023 | 218,745 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Total | 218,745 | 218,745 |
Platform Development Costs [Member] | ||
Rest of year 2023 | 531,583 | |
2024 | 534,254 | |
2025 | 228,917 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 11,626 | |
Total | 1,306,380 | 1,306,380 |
Internal Use Software [Member] | ||
Rest of year 2023 | 246,946 | |
2024 | 335,223 | |
2025 | 160,695 | |
2026 | 9,112 | |
2027 | 0 | |
Thereafter | 0 | |
Total | $ 751,976 | 751,976 |
Customer Lists [Member] | ||
Rest of year 2023 | 853,247 | |
2024 | 889,364 | |
2025 | 141,145 | |
2026 | 141,145 | |
2027 | 141,145 | |
Thereafter | 435,195 | |
Total | $ 2,601,241 |
Balance Sheets (Details 7)
Balance Sheets (Details 7) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Balance Sheets | |||
Accrued compensation and related liabilities | $ 251,647 | $ 774,916 | |
Provision for warranty expense | 289,304 | 288,807 | |
Accrued professional fees | 244,155 | 262,737 | |
Accrued Interest | 89,444 | 0 | $ 44,598 |
Other | 331,004 | 354,246 | |
Total accrued expenses | $ 1,205,554 | $ 1,680,706 |
Balance Sheets (Details Narrati
Balance Sheets (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Balance Sheets | ||
Weighted average remaining amortization period | 4 years 6 months 10 days | |
Amortization expense | $ 900,641 | $ 765,255 |
Notes Receivable (Details Narra
Notes Receivable (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Dec. 06, 2022 | Oct. 14, 2020 | Nov. 24, 2021 | Oct. 24, 2020 | Mar. 31, 2023 | |
Notes Receivable | |||||
Good faith acquisition ofconsideration | $ 15,000,000 | ||||
Principal aggregate amount | $ 3,500,000 | $ 500,000 | $ 500,000 | ||
Payment of principal Note | $ 315,000 |
Liabilities Related to Busine_3
Liabilities Related to Business Acquisition Agreements (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Total acquisition agreement related liabilities | $ 0 | $ 23,798 |
Less: Current portion business acquisition agreement-related liabilities | 0 | 0 |
Long-term portion of business acquisition agreement-related liabilities | 0 | 0 |
SenseFly [Member] | ||
Total acquisition agreement related liabilities | 0 | 0 |
Measures [Member] | ||
Total acquisition agreement related liabilities | 0 | 0 |
MicaSense [Member] | ||
Total acquisition agreement related liabilities | $ 0 | $ 23,798 |
COVID Loans (Details)
COVID Loans (Details) | Mar. 31, 2023 USD ($) |
COVID Loans | |
2023 (rest of year) | $ 405,993 |
2024 | 90,302 |
2025 | 90,302 |
2026 | 90,302 |
2027 | 180,599 |
Total | $ 857,498 |
COVID Loans (Details Narrative)
COVID Loans (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
COVID Loans | |||
PPP loan amount | $ 857,498 | ||
Loan | 1,440,046 | ||
Accrued interest | $ 89,444 | $ 0 | $ 44,598 |
Promissory Note Issuance (Detai
Promissory Note Issuance (Details) | Mar. 31, 2023 USD ($) |
Principal Payments | $ 3,500,000 |
Discount Amortization | (1,182,194) |
Balance, Net of Discount | 2,317,806 |
Current portion of promissory note liability [Member] | |
Principal Payments | 1,440,349 |
Discount Amortization | (506,655) |
Balance, Net of Discount | 933,694 |
Long term portion of promissory note liability [Member] | |
Principal Payments | 2,059,651 |
Discount Amortization | (675,539) |
Balance, Net of Discount | $ 1,384,112 |
Promissory Note Issuance (Det_2
Promissory Note Issuance (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Mar. 09, 2023 | Dec. 06, 2022 | Oct. 14, 2020 | Oct. 24, 2020 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Exercise price | $ 0.44 | $ 0 | $ 0 | ||||
Net proceeds | $ 3,285,000 | ||||||
Aggregate principal amount | $ 3,500,000 | $ 500,000 | $ 500,000 | ||||
Unamortized discount | $ 1,182,194 | ||||||
Accrued interest | $ 89,444 | $ 0 | $ 44,598 | ||||
Common stock purchase of warrant | 7,142,715 | 5,000,000 | 1,847,200 | ||||
Discount amount | $ 140,000 | ||||||
Additional Investment | $ 3,300,000 | ||||||
Issuance costs | $ 75,000 | 141,754 | |||||
Discount rate | 4% | ||||||
Interest expense | 70,000 | ||||||
Intrest rate | 8% | ||||||
Interest expense | $ 168,885 | ||||||
Volatility rate | 135.80% | ||||||
Risk free intrest rate | 3.73% | ||||||
Dividend rate | 0% | ||||||
Expected term of the year | 5 years | ||||||
Black Scholes [Member] | |||||||
Discount amount | $ 1,182,349 | ||||||
Total discount on the debt | 1,397,350 | ||||||
Estimated fair value | $ 1,847,200 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stockholders' Equity | ||
Non Vested, Beginnig | 1,028,960 | 1,147,250 |
Granted | 649,750 | 340,607 |
Canceled | (55,870) | (25,500) |
Non Vested, Ending | 1,622,840 | 1,462,357 |
Vested | 1,122,984 | 721,609 |
Unvested | 499,856 | 740,748 |
Weighted Average Grant Date Fair Value vested Beginning | $ 2.31 | $ 3.78 |
Weighted Average Grant Date Fair Value Granted | 0.42 | 1.26 |
Weighted Average Grant Date Fair Value Canceled | 1.68 | 2.94 |
Weighted Average Grant Date Fair Value vested | 1.61 | 3.21 |
Weighted Average Grant Date Fair Value vested Ending | 1.58 | 3.74 |
Weighted Average Grant Date Fair Value vested Unvested | $ 1.50 | $ 2.69 |
Stockholders' Equity (Details 1
Stockholders' Equity (Details 1) | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Stockholders' Equity | |
Options Outstanding, Beginning Balance | shares | 2,561,231 |
Options Granted | shares | 150,000 |
Options Exercised | shares | 0 |
Options Expired/Forfeited | shares | (20,688) |
Options Outstanding, Ending Balance | shares | 2,690,543 |
Options Exercisable at end | shares | 2,148,109 |
Weighted Average Exercise Price Granted | $ 0.45 |
Weighted Average Exercise Price Beginning | 2.18 |
Weighted Average Exercise Price Excercised | 0 |
Weighted Average Exercise Price Price Expired/Forfeited | 7.34 |
Weighted Average Exercise Price Outstanding, Ending balance | 2.05 |
Weighted Average Fair Value, Granted | 0.21 |
Weighted Average Fair Value, beginning | 1.19 |
Weighted Average Fair Value, ending | 3.19 |
Weighted Average Fair Value, exercisable | 1.28 |
Weighted Average Fair Value, Exercised | 0 |
Weighted Average Fair Value, Expired/Forfeited | $ 3.95 |
Weighted Average Remaining Contractual Term Outstanding Beg | 3 years 3 months 29 days |
Weighted Average Remaining Contractual Term Granted | 3 years 7 days |
Weighted Average Remaining Contractual Term Outstanding End | 3 years 9 months 21 days |
Weighted Average Remaining Contractual Term Exercisable at end | 2 years 10 months 13 days |
Aggregate Intrinsic Value Outstanding, Beginning Balance | $ | $ 31,124 |
Aggregate Intrinsic Value Granted | $ | 0 |
Aggregate Intrinsic Value Exercised | $ | $ 0 |
Weighted Avg. Exercise Price Outstanding, Ending balance | $ 2.34 |
Aggregate Intrinsic Value Expired/Forfeited | $ | $ 0 |
Aggregate Intrinsic Value Outstanding, at end | $ | 93,764 |
Aggregate Intrinsic Value Exercisable at end | $ | $ 83,521 |
Stockholders' Equity (Details 2
Stockholders' Equity (Details 2) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stockholders' Equity | ||
Stock price | $ 0.45 | $ 1.19 |
Dividend yield | 0% | 0% |
Expected life (years) | 3 years 7 days | 3 years 7 days |
Expected volatility | 65.78% | 69.18% |
Risk-free interest rate | 3.81% | 2.45% |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 09, 2023 | Dec. 06, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Exercise price | $ 0.44 | $ 0 | $ 0 | ||
stock-based compensation | $ 512,529 | $ 1,753,881 | |||
Issuance costs | $ 75,000 | $ 141,754 | |||
Share price | $ 0.45 | $ 1.19 | |||
Exercise Price | $ 0.96 | ||||
Issuance of common Stock shares | 90,771,375 | 88,466,613 | |||
Proceeds from sale of stock | $ 4,583,341 | ||||
Common Stock, par value | $ 0.001 | ||||
Purchase shares of Common Stock | 7,142,715 | 5,000,000 | 1,847,200 | ||
Number of shares sold | 4,251,151 | ||||
Expected life of warrants | 3 years | ||||
Volatility | 131% | ||||
Gross proceed | $ 1,978,632 | $ 1,364,892 | |||
Authorized shares | 250,000,000 | 250,000,000 | |||
Number of Common Shares convertible | 2,381 | 16,129,032 | |||
Dividend rate | 0% | ||||
Deemed dividend on the common stock warrants | $ 565,161 | ||||
Risk free Interest rate | 4.46% | ||||
Alpha [Member] | |||||
Purchase shares of Common Stock | 2,304,762 | ||||
Stated par value | $ 1,000 | ||||
Converted shares | 998 | ||||
Cumulative dividends | $ 66,921 | ||||
Exercise of Common Stock Options [Member] | |||||
Issuance of common Stock shares | 75,000 | ||||
Gross proceed | $ 30,750 | ||||
Stock Options [Member] | |||||
Unrecognized compensation cost | $ 241,711 | ||||
Preferred Series F Convertible Stock | |||||
Exercise price | $ 0.42 | ||||
Issuance of common Stock shares | 3,000 | 4,137 | |||
Proceeds from sale of stock | $ 9,920,000 | ||||
Fair market values | $ 1,000 | 1,000 | |||
Additional shares | $ 3,000 | $ 25,000,000 | |||
Expected life of warrants | 3 years | ||||
Volatility | 150% | 150% | |||
Gross proceed | $ 10,000,000 | ||||
Authorized shares | 7,142,715 | 35,000 | |||
Shares of Series F issued to Alpha | 10,000 | ||||
Aggregate purchase price | $ 3,000,000 | $ 10,000,000 | |||
Conversion price | $ 0.42 | $ 0.62 | |||
Number of Common Shares convertible | 2,381 | 16,129,032 | |||
Dividend rate | 0% | 5% | |||
Cumulative dividends | $ 66,921 | ||||
Deemed dividend on the common stock warrants | $ 1,680,216 | 38,226 | 217,750 | ||
Deemed dividend | $ 2,245,377 | $ 255,976 | |||
Risk free Interest rate | 3.77% | 3.77% | |||
Minimum [Member] | |||||
Exercise price | $ 0.42 | ||||
Share price | 1.04 | ||||
Maximum [Member] | |||||
Exercise price | 0.44 | ||||
Share price | $ 1.18 | ||||
Consulting Agreement [Member] | |||||
Contingent loss | $ 43,345 | ||||
stock-based compensation | $ 0 | ||||
Issuances of Options to Officers and Directors [Member] | |||||
Exercise price | $ 0.45 | ||||
Restricted Stock Units granted shares | 150,000 | ||||
Fair market values | $ 31,350 | ||||
Employee Benefits and Share-Based Compensation | $ 42 | ||||
Fair value market price | $ 0.21 | ||||
Options Issuances [Member] | SenseFly [Member] | |||||
Issued options to purchase | 1,927,407 | ||||
Fair market values | $ 3,000,000 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Exercise price | $ 0.44 | $ 0.44 | |||
Unrecognized compensation cost | $ 304,000 | 1,340,000 | |||
Aggregate fair value | 272,908 | $ 427,890 | |||
Stock compensation related to restricted stock units | $ 268,800 | ||||
Cancellations of Options [Member] | |||||
Purchase shares of Common Stock | 20,688 | 33,170 | |||
Fair market values | $ 81,658 | $ 140,793 |
Leases (Details)
Leases (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Leases | ||
Right of use asset | $ 3,783,318 | $ 3,952,317 |
Current portion of lease liabilities | 620,973 | 628,113 |
Long term portion of lease liabilities | $ 2,998,202 | $ 3,161,703 |
Leases (Details 1)
Leases (Details 1) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Leases | ||
2023 | $ 663,174 | |
2024 | 946,961 | |
2025 | 947,497 | |
2026 | 948,033 | |
2027 | 731,502 | |
thereafter | 182,875 | |
Total future minimum lease payments, undiscounted | 4,420,042 | |
Less: Amount representing interest | (800,867) | |
Present value of future minimum lease payments | 3,619,175 | |
Present value of future minimum lease payments - current | 620,973 | $ 628,113 |
Present value of future minimum lease payments - long-term | $ 2,998,202 | $ 3,161,703 |
Leases (Details 2)
Leases (Details 2) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Leases | ||
Weighted-average remaining lease terms | 4 years 7 months 6 days | 4 years 9 months 18 days |
Weighted-average discount rate | 6% | 6% |
Leases (Details 3)
Leases (Details 3) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Leases | ||
Cash paid for amounts included in the measurement of liabilities: Operating cash flows for operating leases | $ 261,222 | $ 323,573 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases | ||
Operating Lease, Expense | $ 261,480 | $ 323,573 |
Warrants (Details)
Warrants (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Dec. 06, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Warrants | |||
Warrants Outstanding, Beginning Balance | 21,129,032 | 0 | |
Warrants Issued | 7,142,715 | 21,129,032 | |
Warrants Exercised | $ 0 | $ 0 | |
Warrants Outstanding, Ending Balance | 28,271,747 | 21,129,032 | |
Warrants Exercisable at end | 23,271,747 | 0 | |
Weighted Average Exercise Price, Warrants Issued | $ 0.42 | $ 0.42 | |
Weighted Average Exercise Price, Warrants Exercised | $ 0.44 | 0 | 0 |
Weighted Average Exercise Price, Warrants Exercise price | 0.42 | ||
Weighted Average Exercise Price Outstanding, Ending balance | $ 0.42 | $ 0.42 | |
Weighted-Average Remaining Contractual Term Outstanding | 3 years 21 days | ||
Weighted-Average Remaining Contractual Term Outstanding, Exercisable | 2 years 11 months 12 days |
Warrants (Details Narrative)
Warrants (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Mar. 09, 2023 | Dec. 06, 2022 | Jun. 26, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Issuance of common Stock shares | 90,771,375 | 88,466,613 | ||||
Common Stock exercise price | $ 0.42 | $ 0.44 | ||||
Purchase of Warrant shares | 7,142,715 | 5,000,000 | 1,847,200 | |||
Warrants price | $ 0.45 | $ 1.19 | ||||
Additional gross proceeds | $ 3,000,000 | $ 6,774,193 | ||||
Exercise of warrants issued | 16,129,032 | |||||
Series F Preferred Stock | ||||||
Common Stock exercise price | $ 0.96 | $ 0.001 | ||||
Purchase of Warrant shares | 16,129,032 | |||||
Common Stocks [Member] | ||||||
Issuance of common Stock shares | 5,000,000 | |||||
Common Stock exercise price | $ 0.44 | |||||
Warrants price | $ 0.42 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | Mar. 31, 2023 USD ($) |
Commitments and Contingencies | |
Purchase commitments | $ 2,594,596 |
Segment Information (Details)
Segment Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Revenue | $ 4,057,069 | $ 3,841,978 | |
Cost of sales | 2,078,437 | 2,477,086 | |
Loss from Operations | (4,161,108) | (7,481,941) | |
Net loss | 4,599,499 | 7,596,572 | |
Goodwill | 23,179,411 | $ 23,179,411 | |
Total assets | 52,187,340 | 54,184,874 | |
Drones And Custom Manufacturing [Member] | |||
Revenue | 1,966,442 | 2,738,982 | |
Cost of sales | 837,725 | 1,569,766 | |
Loss from Operations | (2,032,806) | (2,624,107) | |
Total Other Income (Expense) | (181,190) | (113,238) | |
Net loss | (2,213,996) | (2,737,345) | |
Goodwill | 0 | 0 | |
Total assets | 14,367,712 | 14,930,789 | |
Sensors [Member] | |||
Revenue | 1,970,195 | 933,018 | |
Cost of sales | 1,005,432 | 646,512 | |
Loss from Operations | 237,654 | (783,137) | |
Total Other Income (Expense) | 0 | 0 | |
Net loss | 237,654 | (783,137) | |
Goodwill | 18,972,896 | 18,972,896 | |
Total assets | 26,239,043 | 26,081,788 | |
Saa S [Member] | |||
Revenue | 120,432 | 169,978 | |
Cost of sales | 235,280 | 260,808 | |
Loss from Operations | (830,396) | (835,751) | |
Total Other Income (Expense) | 0 | (2,781) | |
Net loss | (830,396) | (838,532) | |
Goodwill | 4,206,515 | 4,206,515 | |
Total assets | 7,506,269 | 8,386,654 | |
Corporate Segment [Member] | |||
Revenue | 0 | 0 | |
Cost of sales | 0 | 0 | |
Loss from Operations | (1,535,560) | (3,238,946) | |
Total Other Income (Expense) | (257,201) | 1,388 | |
Net loss | (1,792,761) | (3,237,558) | |
Goodwill | 0 | 0 | |
Total assets | 4,074,316 | 4,785,643 | |
Total [Member] | |||
Revenue | 4,057,069 | 3,841,978 | |
Cost of sales | 2,078,437 | 2,477,086 | |
Loss from Operations | (4,161,108) | (7,481,941) | |
Total Other Income (Expense) | (438,391) | (114,631) | |
Net loss | (4,599,499) | $ (7,596,572) | |
Goodwill | 23,179,411 | 23,179,411 | |
Total assets | $ 52,187,340 | $ 54,184,874 |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | $ 4,057,069 | $ 3,841,978 |
North America [Member] | ||
Revenue | 1,170,475 | 1,765,438 |
Europe, Middle East and Africa [Member] | ||
Revenue | 1,695,128 | 1,567,570 |
Asia Pacific [Member] | ||
Revenue | 507,397 | 457,961 |
Other Geographic Area[Member] | ||
Revenue | 684,069 | 51,009 |
Sensors [Member] | ||
Revenue | 1,970,195 | 933,018 |
Sensors [Member] | North America [Member] | ||
Revenue | 450,552 | 359,888 |
Sensors [Member] | Europe, Middle East and Africa [Member] | ||
Revenue | 956,172 | 354,379 |
Sensors [Member] | Asia Pacific [Member] | ||
Revenue | 451,408 | 167,742 |
Sensors [Member] | Other Geographic Area[Member] | ||
Revenue | 112,063 | 51,009 |
Saa S [Member] | ||
Revenue | 120,432 | 169,978 |
Saa S [Member] | North America [Member] | ||
Revenue | 120,432 | 169,978 |
Saa S [Member] | Europe, Middle East and Africa [Member] | ||
Revenue | 0 | 0 |
Saa S [Member] | Asia Pacific [Member] | ||
Revenue | 0 | 0 |
Drones [Member] | ||
Revenue | 1,966,442 | 2,738,982 |
Drones [Member] | North America [Member] | ||
Revenue | 599,491 | 1,235,572 |
Drones [Member] | Europe, Middle East and Africa [Member] | ||
Revenue | 738,956 | 1,213,191 |
Drones [Member] | Asia Pacific [Member] | ||
Revenue | 55,989 | 290,219 |
Drones [Member] | Other Geographic Area[Member] | ||
Revenue | 572,006 | 0 |
SaaS [Member] | Other Geographic Area[Member] | ||
Revenue | $ 0 | $ 0 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Additional Series F Preferred Stock [Member] - Subsequent Event [Member] - $ / shares | 1 Months Ended | |
May 11, 2023 | May 12, 2023 | |
Purchase of preferred stock | 1,550,000 | |
Conversion of preferred stock | 651 | |
Restricted stock unit, granted | 968,690 | |
Fair value, per shares | $ 0.38 |