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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from to
Commission
File Number: 001-41276
SKYX
PLATFORMS CORP.
(Exact
name of registrant as specified in its charter)
Florida |
|
46-3645414 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(IRS
Employer
Identification
No.) |
2855
W. McNab Road
Pompano
Beach, Florida 33069
(Address,
including zip code, of principal executive offices)
(855)759-7584
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, no par value per share |
|
SKYX |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As
of August 3, 2023, the registrant had 91,852,408
shares of common stock, no par value per share,
issued and outstanding.
SKYX
PLATFORMS CORP.
Form
10-Q
TABLE
OF CONTENTS
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
Quarterly Report on Form 10-Q (this “Form 10-Q”) of SKYX Platforms Corp. (the “Company,” “we,” “us,”
or “our”) contains forward-looking statements that are based on management’s beliefs and assumptions and on information
currently available to management. All statements other than statements of historical facts contained in this Form 10-Q, including statements
regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management, outlook,
and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking statements by the following
words: “may,” “might,” “will,” “could,” “would,” “should,” “expect,”
“intend,” “plan,” “aim,” “objective,” “anticipate,” “believe,”
“estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,”
“target,” “seek” or the negative of these terms or other comparable terminology, although not all forward-looking
statements contain these words. These statements involve risks, uncertainties, and other factors, many of which have been outcomes that
are difficult to predict and may be outside our control, which may cause actual results, levels of activity, performance, or achievements
to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements
in this Form 10-Q include, but are not limited to, statements about:
|
● |
our
ability to successfully launch, develop additional features and achieve market acceptance of our smart products and technologies,
access and integrate our products and technologies with third-party platforms or technologies, respond to rapidly changing technology
and customer demands, and compete in our industry; |
|
● |
our
ability to successfully integrate and manage the operations of Belami, Inc. (“Belami”) with our business; |
|
● |
our
ability to expand, operate and successfully manage our operations, including managing our business transformation in connection with
evolving our business strategy to focus on smart products and technologies and integrating new lines of business; |
|
● |
our
ability to raise additional financing to support our operations as needed; |
|
● |
our
ability to comply with the terms of, and timely repay, our current debt financing; |
|
● |
the
impact of the COVID-19 pandemic on our business and operations, including the potential impact on manufacturing operations in China; |
|
● |
our
reliance on a limited number of third-party manufacturers and suppliers and our ability to successfully reduce our production costs; |
|
● |
our
potential dependence upon a limited number of customers and/or on contracts awarded through competitive bidding processes; |
|
● |
any
downturn in the cyclical industries in which our customers operate; |
|
● |
our
ability to acquire other businesses, license rights, form alliances or dispose of operations when desired; |
|
● |
our
ability to comply with regulations relating to applicable quality standards; |
|
● |
our
ability to maintain our license agreement with General Electric (“GE”); |
|
● |
our
ability to maintain, protect and enhance our intellectual property and retain rights to use intellectual property owned by third
parties; |
|
● |
the
potential outcome of any legal proceedings; |
|
● |
compliance
with various tax laws and regulations, including income and sale tax; |
|
● |
our
ability to successfully sell and distribute our products and technologies; |
|
● |
our
ability to attract and retain key executives and qualified personnel; |
|
● |
guidance
provided by management, which may differ from our actual operating results; |
|
● |
our
ability to successfully manage our planned development and expansion, including the additional costs of being a public company; |
|
● |
our
ability to maintain effective internal control over financial reporting and disclosure controls and procedures; |
|
● |
the
potential impact of unstable market and economic conditions on our business, financial condition, and stock price, including the
effects of governmental regulations, geopolitical conflicts, including potentially deteriorating relationships with China, inflation,
labor shortages, supply chain constraints and shortages, including availability of affordable electronic microchips, instability
in the global banking system and the possibility of an economic recession; |
|
● |
the
potential impact of cybersecurity breaches or disruptions to our information systems, including our cloud-based infrastructure; |
|
● |
the
potential impact of natural disasters and other catastrophic events; |
|
● |
risks
related to ownership of our common stock; and |
|
● |
the
potential impact of anti-takeover and director and officer liability provisions in our charter documents and under Florida law. |
These
forward-looking statements represent our intentions, plans, expectations, assumptions, and beliefs about future events and are subject
to risks, uncertainties, and other factors, including unpredictable or unanticipated factors that we have not discussed in this Form
10-Q. Investors should refer to the heading “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year
ended December 31, 2022 for a discussion of other important factors, many of which are outside of our control, that may cause actual
results to differ materially from those expressed or implied by the forward-looking statements. As a result of these factors, we cannot
assure you that the forward-looking statements in this Form 10-Q will prove to be accurate. Furthermore, if the forward-looking statements
prove to be inaccurate, the inaccuracy may be material. Considering the significant uncertainties in these forward-looking statements,
you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives
and plans in any specified time frame, or at all. The forward-looking statements in this Form 10-Q represent our views as of the date
of this Form 10-Q. We anticipate that subsequent events and developments will cause our views to change; however, we undertake no obligation
to publicly update any forward-looking statements, whether because of new information, future events or otherwise, except as required
by U.S. federal securities laws. You should, therefore, not rely on these forward-looking statements as representing our views as of
any date after the date of this Form 10-Q.
Part
I. FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
SKYX
PLATFORMS CORP.
Consolidated
Balance Sheets
| |
(Unaudited) June 30, 2023 | | |
(Audited) December 31, 2022 | |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 18,085,104 | | |
$ | 6,720,543 | |
Restricted cash | |
| 2,000,000 | | |
| — | |
Accounts receivable | |
| 2,481,208 | | |
| — | |
Investments, available-for-sale | |
| — | | |
| 7,373,956 | |
Inventory | |
| 4,823,708 | | |
| 1,923,540 | |
Deferred cost of revenues | |
| 1,296,181 | | |
| - | |
Prepaid expenses and other assets | |
| 55,514 | | |
| 311,618 | |
Total current assets | |
| 28,741,715 | | |
| 16,329,657 | |
| |
| | | |
| | |
Other assets: | |
| | | |
| | |
Furniture and equipment, net | |
| 475,510 | | |
| 215,998 | |
Restricted cash | |
| 3,611,054 | | |
| 2,741,054 | |
Right of use assets, net | |
| 22,618,579 | | |
| 23,045,293 | |
Intangible assets, definite life, net | |
| 9,024,550 | | |
| 662,802 | |
Goodwill | |
| 15,483,678 | | |
| — | |
Other assets | |
| 425,282 | | |
| 182,306 | |
Total other assets | |
| 51,638,653 | | |
| 26,847,453 | |
| |
| | | |
| | |
Total Assets | |
$ | 80,380,368 | | |
$ | 43,177,110 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 11,547,344 | | |
$ | 1,949,823 | |
Notes payable, current | |
| 3,003,162 | | |
| 405,931 | |
Operating lease liabilities, current | |
| 3,493,519 | | |
| 1,130,624 | |
Royalty obligation | |
| 2,638,000 | | |
| 2,638,000 | |
Consideration payable | |
| 8,836,591 | | |
| 950,000 | |
Deferred revenues | |
| 1,662,815 | | |
| — | |
Convertible notes, current | |
| 1,300,000 | | |
| 350,000 | |
Total current liabilities | |
| 32,481,431 | | |
| 7,424,378 | |
| |
| | | |
| | |
Long term liabilities: | |
| | | |
| | |
Notes payable | |
| 151,511 | | |
| 4,867,004 | |
Operating lease liabilities | |
| 21,562,019 | | |
| 22,758,496 | |
Convertible notes, net | |
| 5,201,780 | | |
| — | |
| |
| | | |
| | |
Total long-term liabilities | |
| 26,915,310 | | |
| 27,625,500 | |
| |
| | | |
| | |
Total liabilities | |
| 59,396,741 | | |
| 35,049,878 | |
| |
| | | |
| | |
Commitments and Contingent Liabilities: | |
| - | | |
| - | |
Redeemable preferred stock - subject to redemption: $0 par value; 20,000,000 shares authorized; none and 880,400 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | |
| — | | |
| 220,099 | |
| |
| | | |
| | |
Stockholders’ Equity: | |
| | | |
| | |
Common stock and additional paid-in-capital: $0 par value, 500,000,000 shares
authorized; and 90,660,148 and 82,907,541shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | |
| 147,282,469 | | |
| 114,039,638 | |
Accumulated deficit | |
| (126,298,842 | ) | |
| (106,070,358 | ) |
Accumulated other comprehensive loss | |
| — | | |
| (62,147 | ) |
Total stockholders’ equity | |
| 20,983,627 | | |
| 7,907,133 | |
Non-controlling interest | |
| — | | |
| — | |
Total equity | |
| 20,983,627 | | |
| 7,907,133 | |
| |
| | | |
| | |
Total Liabilities and Stockholders’ Equity | |
$ | 80,380,368 | | |
$ | 43,177,110 | |
The
accompanying notes are an integral part of the unaudited consolidated financial statements.
SKYX
Platforms Corp.
Consolidated
Statements of Operations and Comprehensive Loss
(Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For
the three months ended
June
30, | | |
For
the six months ended
June
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenue | |
$ | 14,984,055 | | |
$ | 7,389 | | |
| 14,994,080 | | |
| 14,360 | |
Cost
of revenues | |
| (10,288,643 | ) | |
| (6,122 | ) | |
| (10,290,111 | ) | |
| (11,762 | ) |
Gross
income | |
| 4,695,412 | | |
| 1,267 | | |
| 4,703,969 | | |
| 2,598 | |
Selling,
general and administrative expenses | |
| 16,946,752 | | |
| 4,565,087 | | |
| 24,194,957 | | |
| 16,512,528 | |
Loss
from operations | |
| (12,251,340 | ) | |
| (4,563,820 | ) | |
| (19,490,988 | ) | |
| (16,509,930 | ) |
Other
income / (expense) | |
| | | |
| | | |
| | | |
| | |
Interest
expense, net | |
| (1,218,732 | ) | |
| (81,918 | ) | |
| (1,939,353 | ) | |
| (172,421 | ) |
Gain
on extinguishment of debt | |
| 1,201,857 | | |
| — | | |
| 1,201,857 | | |
| 178,250 | |
| |
| | | |
| | | |
| | | |
| | |
Total
other income (expense), net | |
| (16,875 | ) | |
| (81,918 | ) | |
| (737,496 | ) | |
| 5,829 | |
Net
loss | |
| (12,268,215 | ) | |
| (4,645,738 | ) | |
| (20,228,484 | ) | |
| (16,504,101 | ) |
Common
stock issued pursuant to antidilutive provisions | |
| — | | |
| — | | |
| — | | |
| 4,691,022 | |
Preferred
dividends | |
| — | | |
| 6,644 | | |
| — | | |
| 27,876 | |
Non-controlling
interest | |
| — | | |
| — | | |
| — | | |
| — | |
Net
loss attributed to common shareholders | |
$ | (12,268,215 | ) | |
$ | (4,652,382 | ) | |
| (20,228,484 | ) | |
| (21,222,999 | ) |
Other
comprehensive loss: | |
| 4,653 | | |
| — | | |
| 62,147 | | |
| — | |
Net
Comprehensive loss attributed to common stockholders | |
$ | (12,263,562 | ) | |
$ | (4,652,382 | ) | |
| (20,166,337 | ) | |
| (21,222,999 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
loss per share - basic and diluted | |
$ | (0.14 | ) | |
$ | (0.06 | ) | |
| (0.24 | ) | |
| (0.22 | ) |
Net
loss per share - basic | |
$ | (0.14 | ) | |
$ | (0.06 | ) | |
| (0.24 | ) | |
| (0.22 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted
average number of common shares outstanding during the period – basic and diluted | |
| 86,621,015 | | |
| 80,575,955 | | |
| 84,843,914 | | |
| 76,718,462 | |
Weighted
average number of common shares outstanding during the period – basic | |
| 86,621,015 | | |
| 80,575,955 | | |
| 84,843,914 | | |
| 76,718,462 | |
The
accompanying notes are an integral part of the unaudited consolidated financial statements.
SKYX
Platforms Corp.
Consolidated
Statements of Stockholders’ Equity (Deficit)
(Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the three months ended June 30, | | |
For the six months ended June30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Shares of Common stock | |
| | | |
| | | |
| | | |
| | |
Balance, beginning of period | |
| 83,189,729 | | |
| 79,217,056 | | |
| 82,907,541 | | |
| 66,295,288 | |
Common stock issued pursuant to offerings | |
| 2,984,308 | | |
| — | | |
| 2,984,308 | | |
| 1,650,000 | |
Common stock issued pursuant to services | |
| 1,407,713 | | |
| 94,540 | | |
| 1,689,901 | | |
| 542,949 | |
Common stock issued pursuant to conversion of preferred stock | |
| 580,400 | | |
| 1,400,000 | | |
| 580,400 | | |
| 11,376,536 | |
Common stock issued pursuant to exercise of options and warrants | |
| — | | |
| 341,890 | | |
| — | | |
| 853,640 | |
Common stock issued pursuant to acquisition | |
| 1,923,285 | | |
| — | | |
| 1,923,285 | | |
| — | |
Common stock issued pursuant to antidilutive provisions | |
| — | | |
| — | | |
| — | | |
| 335,073 | |
Common stock issued pursuant to extinguishment of debt | |
| 574,713 | | |
| — | | |
| 574,713 | | |
| — | |
Balance, June 30 | |
| 90,660,148 | | |
| 81,053,486 | | |
| 90,660,148 | | |
| 81,053,486 | |
| |
| | | |
| | | |
| | | |
| | |
Common stock and paid-in capital | |
| | | |
| | | |
| | | |
| | |
Balance, beginning of period | |
$ | 122,573,318 | | |
$ | 107,595,436 | | |
$ | 114,039,638 | | |
$ | 70,880,386 | |
Common stock issued pursuant to stock offering | |
| 7,446,274 | | |
| — | | |
| 7,446,274 | | |
| 20,552,000 | |
Common stock issued pursuant to services | |
| 7,674,832 | | |
| 2,426,306 | | |
| 10,638,534 | | |
| 11,194,200 | |
Common stock issued pursuant to conversion of preferred stock | |
| 220,099 | | |
| 350,000 | | |
| 220,099 | | |
| 2,844,134 | |
Common stock issued pursuant to exercise of options and warrants | |
| — | | |
| 72,625 | | |
| — | | |
| 282,625 | |
Debt discount | |
| — | | |
| — | | |
| 5,569,978 | | |
| — | |
Common stock issued pursuant to acquisition | |
| 7,327,716 | | |
| — | | |
| 7,327,716 | | |
| — | |
Common stock issued pursuant to extinguishment of debt | |
| 2,040,231 | | |
| — | | |
| 2,040,231 | | |
| — | |
Common stock issued pursuant to antidilutive provisions | |
| — | | |
| — | | |
| — | | |
| 4,691,022 | |
Balance, June 30 | |
$ | 147,282,469 | | |
$ | 110,444,367 | | |
$ | 147,282,469 | | |
$ | 110,444,367 | |
| |
| | | |
| | | |
| | | |
| | |
Accumulated Deficit | |
| | | |
| | | |
| | | |
| | |
Balance, beginning of period | |
$ | (114,040,627 | ) | |
$ | (90,875,958 | ) | |
$ | (106,070,358 | ) | |
$ | (74,269,898 | ) |
Net loss | |
| (12,268,215 | ) | |
| (4,645,738 | ) | |
| (20,228,484 | ) | |
| (16,504,101 | ) |
Non-controlling interest | |
| — | | |
| — | | |
| — | | |
| (35,442 | ) |
Common stock issued pursuant to antidilutive provisions | |
| — | | |
| — | | |
| — | | |
| (4,691,022 | ) |
Preferred dividends | |
| — | | |
| (6,644 | ) | |
| — | | |
| (27,876 | ) |
Balance, end of period | |
| (126,298,842 | ) | |
| (95,528,339 | | |
| (126,298,842 | ) | |
| (95,528,339 | ) |
| |
| | | |
| | | |
| | | |
| | |
Accumulated other comprehensive loss | |
| | | |
| | | |
| | | |
| | |
Balance, beginning of period | |
| (4,653 | ) | |
| — | | |
| (62,147 | ) | |
| — | |
Other comprehensive income | |
| 4,653 | | |
| — | | |
| 62,147 | | |
| — | |
Balance, end of period | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Balance, beginning of period | |
| 20,983,627 | | |
| 7,907,133 | | |
| 7,907,133 | | |
| 7,907,133 | |
Net loss | |
| (12,268,215 | ) | |
| (4,645,738 | ) | |
| (20,228,484 | ) | |
| (16,504,101 | ) |
Total stockholders’ equity | |
$ | 20,983,627 | | |
$ | 14,916,028 | | |
$ | 20,983,627 | | |
$ | 14,916,028 | |
Balance, ending of period | |
| 20,983,627 | | |
| 14,916,028 | | |
| 20,983,627 | | |
| 14,916,028 | |
The
accompanying notes are an integral part of the unaudited consolidated financial statements.
SKYX
Platforms Corp.
Consolidated
Statements of Cash Flows
(Unaudited)
| |
2023 | | |
2022 | |
| |
For the six months ended June 30, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (20,228,484 | ) | |
$ | (16,504,101 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 1,031,732 | | |
| 46,988 | |
Gain on forgiveness of debt | |
| (1,201,857 | ) | |
| (178,250 | ) |
Amortization of debt discount | |
| 520,349 | | |
| — | |
Share-based payments | |
| 10,638,534 | | |
| 11,194,200 | |
Change in operating assets and liabilities: | |
| | | |
| | |
Inventory | |
| (1,114,063 | ) | |
| (334,543 | ) |
Accounts receivable | |
| 40,551 | | |
| — | |
Prepaid expenses and other assets | |
| 449,358 | | |
| (979,607 | ) |
Deferred charges | |
| 186,900 | | |
| — | |
Deferred revenues | |
| (266,218 | ) | |
| — | |
Operating lease liabilities | |
| (199,417 | ) | |
| — | |
Accretion operating lease liabilities | |
| 798,229 | | |
| — | |
Other assets | |
| — | | |
| (117,234 | ) |
Royalty obligation | |
| — | | |
| (600,000 | ) |
Accounts payable and accrued expenses | |
| 2,700,311 | | |
| 1,269,243 | |
Net cash used in operating activities | |
| (6,644,075 | ) | |
| (6,203,304 | ) |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of debt securities | |
| (136,033 | ) | |
| — | |
Proceeds from disposition of debt securities | |
| 7,572,136 | | |
| — | |
Acquisition, net of cash acquired | |
| (4,206,200 | ) | |
| — | |
Purchase of property and equipment | |
| — | | |
| (262,748 | ) |
Payment of patent costs and other intangibles | |
| — | | |
| (82,608 | ) |
Net cash provided by (used in) investing activities | |
| 3,229,903 | | |
| (345,356 | ) |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from issuance of common stock- offerings | |
| 7,826,045 | | |
| 23,100,000 | |
Placement costs | |
| (379,772 | ) | |
| (2,556,000 | ) |
Proceeds from exercise of options and warrants | |
| — | | |
| 290,625 | |
Proceeds from line of credit | |
| 2,000,000 | | |
| — | |
Proceeds from issuance of convertible notes | |
| 10,350,000 | | |
| — | |
Dividends paid | |
| — | | |
| (27,876 | ) |
Principal repayments of notes payable | |
| (2,147,900 | ) | |
| (1,664 | ) |
Net cash provided by financing activities | |
| 17,648,373 | | |
| 20,805,085 | |
Increase in cash, cash equivalents and restricted cash | |
| 14,234,201 | | |
| 14,256,425 | |
Cash, cash equivalents, and restricted cash at beginning of period | |
| 9,461,957 | | |
| 10,426,249 | |
Cash, cash equivalents and restricted cash at end of period | |
$ | 23,696,158 | | |
$ | 24,682,674 | |
Supplementary disclosure of non-cash financing activities: | |
| | | |
| | |
Preferred stock conversion to common | |
$ | 220,099 | | |
$ | 2,844,134 | |
Business acquisition: | |
| | | |
| | |
Assets acquired excluding identifiable intangible assets and goodwill and cash | |
| 7,090,094 | | |
| — | |
Liabilities assumed and consideration payable | |
| 19,439,856 | | |
| — | |
Identifiable intangible assets and goodwill, net of cash outlay | |
| 19,677,478 | | |
| — | |
Fair value of shares issued pursuant to acquisition |
|
|
7,327,716 |
|
|
|
— |
|
Debt discount | |
| 5,569,978 | | |
| — | |
Fair value of shares issued pursuant to antidilutive provisions | |
| — | | |
| 4,691,022 | |
Fair value of shares issued pursuant to extinguishment of debt | |
| 2,040,231 | | |
| — | |
Cash paid during the period for: | |
| | | |
| | |
Interest | |
$ | 437,995 | | |
$ | 281,141 | |
The
accompanying notes are an integral part of the unaudited consolidated financial statements.
SKYX
Platforms Corp.
Notes
to Consolidated Financial Statements
(Unaudited)
NOTE
1 ORGANIZATION AND NATURE OF OPERATIONS
SKYX
Platforms Corp., a corporation (the “Company”), was incorporated in Florida in May 2004.
The
Company maintains offices in Johns Creek, Georgia, Miami and Pompano Beach, Florida, New York City, and Guangdong Province, China.
The
Company has a series of advanced-safe smart platform technologies. The Company’s first-generation technologies enable light fixtures,
ceiling fans and other electrically wired products to be installed safely and plugged-in into a ceiling’s electrical outlet box
within seconds, and without the need to touch hazardous wires. The plug and play technology method is a universal power-plug device that
has a matching receptacle that is simply connected to the electrical outlet box on the ceiling, enabling a safe and quick plug and play
installation of light fixtures and ceiling fans in just seconds. The plug and play power-plug technology eliminates the need to touch
hazardous electrical wires while installing light fixtures, ceiling fans and other hard wired electrical products. In recent years, the
Company has expanded the capabilities of its power-plug product, to include advanced safe and quick universal installation methods, as
well as advanced smart capabilities. The smart features include control of light fixtures and ceiling fans by the SkyHome App, through
WIFI, Bluetooth Low Energy and voice control. It allows scheduling, energy savings eco mode, dimming, back-up emergency light, night
light, light color changing and much more. The Company’s second-generation technology is an all-in-one safe and smart advanced
platform that is designed to enhance all-around safety and lifestyle of homes and other buildings.
NOTE
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles
in the United States (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Rule 8-03 of Regulation
S-X. Accordingly, they do not include all of the information and disclosures required for annual financial statements. In the opinion
of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
The consolidated financial statements as of June 30, 2023 and for the three months ended June 30, 2023 and 2022 are unaudited. The results
of operations for the interim periods are not necessarily indicative of the results of operations for the respective fiscal years. The
consolidated statement of financial condition at December 31, 2022 has been derived from the audited financial statements at that date
but does not include all the information and notes required by GAAP for complete financial statement presentation. The accompanying consolidated
financial information should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December
31, 2022 for additional disclosures and accounting policies.
Reclassifications
For
comparability, reclassifications of certain prior-year balances were made to conform with current-year presentations, such as certain
expenses previously included in cost of revenues and reclassified as sales, general, and administrative expenses in 2022.
Basis
of Consolidation
The
unaudited consolidated financial statements include the results of the Company and one of its subsidiaries, SQL Lighting and Fans LLC
from January 1, 2022 and the results from its remaining subsidiaries, Belami, Inc., BEC, CA 1, Inc., BEC CA 2, LLC, Luna BEC, Inc., and
Confero Group LLC from April 28 to June 30, 2023. All intercompany balances and transactions have been eliminated in consolidation.
Business
Combination
The
Company accounts for its business acquisitions under the acquisition method of accounting. This method requires recording of acquired
assets and assumed liabilities at their acquisition date fair values. The excess of the purchase price over the fair value of the assets
acquired and liabilities assumed is recorded as goodwill. Results of operations related to the business combination are included prospectively
beginning with the date of acquisition and transaction costs and transaction costs related to business combinations are recorded within
selling, general, and administrative expenses.
The
Company acquired the outstanding units of Belami, Inc (“Belami”) and its subsidiaries on April 28, 2023. Belami is an online
retailer and e-commerce provider specializing in home lighting, ceiling fans, and other home furnishings. The initial allocation of purchase
price is subject to adjustment through April 2024. The Company is in initial discussion with the sellers to determine certain assets
acquired and assumed liabilities which are the basis of adjustments to retained earnings and working capital. The initial allocation
of the purchase price is as follows:
SCHEDULE
OF INITIAL ALLOCATION OF THE PURCHASE PRICE
| |
| | |
Assets acquired excluding identifiable intangible assets and goodwill | |
$ | 7,090,094 | |
Customer relationships | |
| 4,500,000 | |
E-commerce technology platforms | |
| 3,900,000 | |
Goodwill | |
| 15,252,420 | |
Assumed liabilities | |
| (10,462,590 | ) |
| |
| | |
Total Assets Acquired | |
$ | 20,271,916 | |
Consideration: | |
| | |
Cash outlay, net of cash acquired | |
$ | 4,206,200 | |
Consideration payable | |
| 8,738,000 | |
Shares of common stock issued at initial closing | |
| 7,327,716 | |
Total purchase price | |
$ | 20,271,916 | |
Consideration
payable primarily consists of the fair value of cash and shares of the Company’s stock amounting to $3.2 million and $5.5 million
payable in April 2024 and $750,000 cash, held in escrow, payable in July 2024. The consideration payable is discounted using an effective
rate of 6%.
The
goodwill recognized, none of which is deductible for income tax purposes, is attributable to the assembled workforce of Belami and to
expected synergies and other benefits that the Company believes will result from combining its operations with Belami’s. The intangible
assets recognized are primarily attributable to expected increased margins that the Company believes will result from Belami’s
existing customer relationships and increased margins from the e-commerce technology platforms Belami has developed over the years.
Cash,
Cash Equivalents, and Restricted Cash
The
Company considers all highly liquid securities with original maturities of three months or less when acquired to be cash equivalents.
At June 30, 2023 and December 31, 2022, the Company’s cash composition was as follows:
SCHEDULE
OF CASH EQUIVALENTS AND RESTRICTED CASH
| |
June
30, 2023 | | |
December 31, 2022 | |
Cash and cash equivalents | |
$ | 18,085,104 | | |
$ | 6,720,543 | |
Restricted cash | |
| 5,611,054 | | |
| 2,741,054 | |
Total cash, cash equivalents and restricted cash | |
$ | 23,696,158 | | |
$ | 9,461,597 | |
Restricted
Assets
The
Company issued a letter of credit of $2.7 million in September 2022 to use as collateral for certain obligations to one of its lessors.
The letter of credit was issued by a financial institution and was secured by cash of $2.7 million as of June 30, 2023 and December 31,
2022. Additionally, pursuant to the Company’s acquisition of Belami, Inc., the Company placed $750,000 in an escrow account. Furthermore,
the Company secured a line of credit of $2.0 million with cash of the equivalent amount.
Customer
Contracts Balances
Accounts
receivable are recorded in the period when the right to receive payment or other consideration becomes unconditional. Accounts receivable
are recorded at the invoiced amount and are not interest bearing. The Company maintains an allowance for doubtful accounts based upon
an estimate of probable credit losses in existing accounts receivable. The majority of the Company’s accounts receivable are from
third-party payers and are paid within a few days from the order date. The Company determines the allowance based upon individual accounts
when information indicates the customers may have an inability to meet their financial obligations, historical experience, and currently
available evidence. As of June 30, 2023, and December 31, 2022, the Company’s allowance for doubtful accounts was $37,088 and $0,
respectively. The Company determines an allowance for sales returns based upon historical experience. As of June 30, 2023 and December
31, 2022, the Company’s allowance for sales returns was $393,820 and $0, respectively and is recorded as an accrued expenses in
the accompanying consolidated financial statements.
The
Company defers the revenue related to undelivered customer orders for which it was paid or has a right to be paid at each measurement
date. Such amounts are recognized as deferred revenues in the accompanying unaudited balance sheet. As of June 30, 2023, the deferred
revenues amounted to $1,662,815. There were no deferred revenues as of December 31, 2022.
The
costs associated with such deferred revenues are recognized as deferred charges in the accompanying unaudited balance sheet. Such charges
include the carrying value of related inventory, freight, and sales charges. The deferred charges amounted to $1,296,181 as of June 30,
2023. There were no deferred charges as of December 31, 2022.
Inventory
Inventories
are stated at the lower of cost, determined on the first-in, first-out (FIFO) method. Cost principally consists of the purchase price
(adjusted for lower of cost or market), customs, duties, and freight. The Company periodically reviews historical sales activity to determine
potentially obsolete items and evaluates the impact of any anticipated changes in future demand.
SCHEDULE
OF INVENTORY
| |
June
30, 2023 | | |
December 31, 2022 | |
Inventory, component parts | |
$ | 2,269,355 | | |
$ | 1,923,540 | |
Inventory, finished goods | |
| 2,554,353 | | |
| — | |
Total inventory | |
$ | 4,823,708 | | |
$ | 1,923,540 | |
Intangible
Assets
Intangible
assets were recorded in connection with the acquisition of Belami. Intangible assets with finite lives, which consist of customer relationships
and e-commerce technology platforms, are being amortized over their estimated useful lives on a straight-line basis. Such intangible
assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
The Company assesses the recoverability of its intangible assets by determining whether the unamortized balance can be recovered over
the assets’ remaining estimated useful life through undiscounted estimated future cash flows. If undiscounted estimated future
cash flows indicate that the unamortized amounts will not be recovered, an adjustment will be made to reduce such amounts to fair value
based on estimated future cash flows discounted at a rate commensurate with the risk associated with achieving such cash flows. Estimated
future cash flows are based on trends of historical performance and the Company’s estimate of future performance, considering existing
and anticipated competitive and economic conditions.
Goodwill
Goodwill,
which was recorded in connection with the acquisition of Belami, is not subject to amortization and is tested for impairment annually,
or more frequently if events or changes in circumstances indicate that the asset may be impaired. Goodwill represents the excess of the
purchase price of Belami over the fair value of its identifiable net assets acquired. Goodwill is tested for impairment at the reporting
unit level. Fair value is typically based upon estimated future cash flows discounted at a rate commensurate with the risk involved or
market-based comparables. If the carrying amount of the reporting unit’s net assets exceeds its fair value, then an analysis will
be performed to compare the implied fair value of goodwill with the carrying amount of goodwill. An impairment loss will be recognized
in an amount equal to the excess of the carrying amount over its implied fair value. After an impairment loss is recognized, the adjusted
carrying amount of goodwill is its new accounting basis. Accounting guidance on the testing of goodwill for impairment allows entities
testing goodwill for impairment the option of performing a qualitative assessment to determine the likelihood of goodwill impairment
and whether it is necessary to perform such two-step impairment test.
The
initial carrying value of goodwill associated with the Belami acquisition may vary during the first year of initial purchase (through
April 2024) if the carrying value of the assets acquired or assumed liabilities or the fair value of the shares issuable in April 2024
varies from the initial allocation of asset performed this quarter.
Revenue
Recognition
The
Company currently generates revenues substantially from home lighting and ceiling fans through its family of internet sites and marketplaces.
A substantial portion of the Company’s customers’ orders are made and paid contemporaneously by credit card and shipped through
third-party delivery providers. The Company recognizes revenues once it concludes that the control of the product is transferred to the
customer, which is upon delivery.
The
Company records reductions to revenue for estimated customer sales returns and replacements, net of sales tax. The Company receives rebate
and cooperative allowances based on a percentage of periodic purchases from certain vendors. These vendor considerations are reflected
as a reduction of costs of revenues. The vendor considerations, the rights of returns and replacements are based upon estimates that
are determined by historical experience, contractual terms, and current market conditions. The primary factors affecting the Company’s
accrual for estimated customer rights of returns include estimated customer return rates as well as the number of units shipped that
have a right of return that have not expired as of the measurement date.
Loss
Per Share
Basic
net earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common stock
outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted
average number of common stock, common stock equivalents and potentially dilutive securities outstanding during each period.
The
Company uses the “treasury stock” method to determine whether there is a dilutive effect of outstanding convertible debt,
option, and warrant contracts. For the three months ended June 30, 2023 and 2022, the Company recognized net loss and a dilutive net
loss, and the effect of considering any common stock equivalents would have been antidilutive for the period. Therefore, a separate computation
of diluted earnings (loss) per share is not presented for the periods presented.
The
Company had the following anti-dilutive common stock equivalents at June 30, 2023 and 2022:
SCHEDULE
OF EARNING (LOSS) PER SHARE
| |
June 30, 2023 | | |
June 30, 2022 | |
Stock warrants | |
| 2,063,522 | | |
| 939,895 | |
Stock options | |
| 34,233,900 | | |
| 33,124,982 | |
Convertible notes | |
| 3,536,668 | | |
| 86,668 | |
Preferred stock | |
| - | | |
| 1,880,400 | |
Total | |
| 39,834,090 | | |
| 36,031,945 | |
Recently
Issued Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect
on its consolidated financial statements.
Change
in Accounting Principles
Historically,
the Company recognized its revenues of products shipped by third-party providers upon shipment. During the second quarter of 2023, the
Company believes that it is preferable to recognize the revenues of products shipped by such third-party providers upon delivery. This
revenue recognition method is consistent with the method used by Belami. The change in accounting principle does not significantly impact
on the revenues historically recorded by the Company.
NOTE
3 FURNITURE AND EQUIPMENT
Furniture
and equipment consisted of the following:
SCHEDULE
OF FURNITURE AND EQUIPMENT
| |
June 30, 2023 | | |
December 31, 2022 | |
Machinery and equipment | |
$ | 67,419 | | |
$ | 67,419 | |
Computer equipment | |
| 6,846 | | |
| 6,846 | |
Furniture and fixtures | |
| 324,977 | | |
| 36,059 | |
Tooling and production | |
| 548,642 | | |
| 534,204 | |
Leasehold improvements | |
| 30,553 | | |
| 30,553 | |
Total | |
| 978,437 | | |
| 675,081 | |
Less: accumulated depreciation | |
| (502,927 | ) | |
| (459,083 | ) |
Total, net | |
$ | 475,510 | | |
$ | 215,998 | |
Depreciation
expense amounted to $ 64,494 and $9,505 for the six months ended June 30, 2023 and 2022, respectively.
NOTE
4 INTANGIBLE ASSETS
The
Company’s definite-lived intangible assets were as follows:
SCHEDULE
OF INTANGIBLE ASSETS
| |
| | |
June 30, 2023 | | |
December 31, 2022 | |
| |
Useful life | | |
Carrying Value | | |
Accumulated Amortization | | |
Net carrying value | | |
Carrying Value | | |
Accumulated Amortization | | |
Net carrying value | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Customer relationships | |
| 7 | | |
$ | 4,500,000 | | |
$ | (107,143 | ) | |
$ | 4,392,857 | | |
$ | - | | |
$ | - | | |
$ | - | |
E-commerce technology platforms | |
| 4 | | |
| 3,900,000 | | |
| (162,500 | ) | |
| 3,737,500 | | |
| - | | |
| - | | |
| - | |
Patents and other | |
| 20 | | |
| 1,115,120 | | |
| (220,927 | ) | |
| 894,193 | | |
| 869,822 | | |
| (207,020 | ) | |
| 662,802 | |
| |
| | | |
$ | 9,515,120 | | |
$ | (490,570 | ) | |
$ | 9,024,550 | | |
$ | 869,822 | | |
$ | (207,020 | ) | |
$ | 662,802 | |
The
amortization expense of intangible assets was $283,550 and $12,395 for the six months ended June 30, 2023, and 2022, respectively.
The
following table sets forth the estimated amortization expense for the following five years:
SCHEDULE
OF INTANGIBLE ASSETS AMORTIZATION EXPENSE
Twelve months ended June 30,2024 | |
| 1,673,613 | |
2025 | |
| 1,673,613 | |
2026 | |
| 1,673,613 | |
2027 | |
| 1,511,113 | |
2028 | |
| 698,613 | |
NOTE
5 DEBTS
The
following table presents the details of the principal outstanding:
SCHEDULE
OF DEBT TABLE
| |
June 30, 2023 | | |
December 31, 2022 | | |
APR June 30, 2023 % | | |
Maturity | | |
Collateral |
Notes payable | |
$ | - | | |
$ | 5,115,000 | | |
| N/A | | |
| September 2026 | | |
Substantially all company assets |
| |
| | | |
| | | |
| | | |
| | | |
|
Line of credit (a) | |
| 2,000,000 | | |
| - | | |
| 8.25 | | |
| May 2024 | | |
Cash |
Note payable | |
| 1,000,000 | | |
| - | | |
| 4.86 | | |
| July 2023 | | |
- |
| |
| | | |
| | | |
| | | |
| | | |
|
Convertible Notes (b) | |
| 11,650,000 | | |
| 1,300,000 | | |
| 6.00-10.00 | | |
| September 2023-March 2026 | | |
Substantially all company assets |
PPP Loans (c) | |
| 6,156 | | |
| 7,835 | | |
| 1.00 | | |
| April 2025 | | |
|
Economic Impact Disaster loan | |
| 148,517 | | |
| 150,000 | | |
| 3.75 | | |
| November 2022 | | |
Substantially all company assets |
Total | |
$ | 14,804,673 | | |
$ | 6,572,935 | | |
| | | |
| | | |
|
| |
| | | |
| | | |
| | | |
| | | |
|
Unamortized debt discount | |
$ | (5,148,220 | ) | |
$ | - | | |
| | | |
| | | |
|
| |
| | | |
| | | |
| | | |
| | | |
|
Debt, net of Unamortized debt Discount | |
$ | 9,656,453 | | |
$ | 6,572,935 | | |
| | | |
| | | |
|
SCHEDULE
OF INTEREST EXPENSE
| |
For the six-month period ended June 30, | |
| |
2023 | | |
2022 | |
Interest expense associated with debt | |
| 1,214,920 | | |
| 172,421 | |
As
of June 30, 2023, the expected future principal payments for the Company’s debt are due as follows:
SCHEDULE
OF FUTURE PRINCIPAL PAYMENTS
| |
| | |
Remainder of 2023 | |
| 2,303,162 | |
2024 | |
| 2,006,040 | |
2025 | |
| 3,915 | |
2026 | |
| 10,352,915 | |
2027 | |
| 4,015 | |
2028 and thereafter | |
| 134,626 | |
Total | |
$ | 14,804,673 | |
|
(a) |
The
unpaid principal bears annual interest at the Wall Street Journal prime rate. |
|
|
|
|
(b) |
Included
in Convertible Notes are loans provided to the Company from two directors, an officer and two investors. The notes each have the
following terms: three-year subordinated convertible promissory note of principal face amounts. Subject to other customary terms,
the Convertible Notes mature between September 2023 and January 2024 and bear interest at an annual rate of 6%, which is payable
annually in cash or common stock, at the holder’s discretion. At any time after issuance and prior to or on the maturity date,
the note is convertible at the option of the holder into shares of common stock at a conversion price of $15 per share. |
|
|
All
convertible notes are convertible at a price ranging between $3 and $15 per share. |
|
|
|
|
|
During
the six-month period ended June 30, 2023, the Company issued convertible promissory notes for $10.4 million. As an inducement to
enter the financing transactions, the Company issued 1,391,667 warrants to the note holders at an initial exercise price of $3 per
warrant. The Company recorded a debt discount aggregating $5.6 million which was recognized as debt discount and additional paid-in
capital in the accompanying balance sheet. The Company recognized $278,499 as amortized debt discount during the three-month ended
June 30, 2023, and it is reflected as interest expense in the accompanying unaudited consolidated statement of operations. |
|
|
|
|
(c) |
The
Small Business Administration forgave approximately $178,000 of PPP loans during the six-month period ended June 30, 2022, which
was recognized as other income. |
NOTE
6 OPERATING LEASE LIABILITIES
In
April 2022, the Company entered a 58-month lease related to certain office and showroom space pursuant to a sublease that expires in
February 2027. The Company recognized a right-of-use asset and a liability of $1,428,764 pursuant to this lease.
In
September 2022, the Company entered a 124-month lease related to its future headquarters offices and showrooms space. The Company recognized
a right-of-use asset and a liability of $22.2 million pursuant to such lease. In connection with the execution of lease, the Company was
required to provide the landlord with a letter of credit in the amount of $2.7 million, which is secured with cash.
The
following table outlines the total lease cost for the Company’s operating leases as well as weighted average information for these
leases as of June 30, 2023:
SCHEDULE
OF LEASE COST OPERATING LEASE
| |
June 30, 2023 | |
Lease costs: | |
| | |
Cash paid for operating lease liabilities | |
$ | 207,130 | |
Right-of-use assets obtained in exchange for new operating lease obligations | |
| 22,618,579 | |
Fixed rent payment | |
$ | 286,401 | |
Lease – Depreciation expense | |
$ | 426,714 | |
| |
June 30, 2023 | |
Other information: | |
| | |
Weighted-average discount rate | |
| 6.41 | % |
Weighted-average remaining lease term (in months) | |
| 108 | |
SCHEDULE
OF MINIMUM LEASE OBLIGATION
| |
| |
Minimum Lease obligation | |
| |
2024 | |
$ | 3,493,519 | |
2025 | |
| 1,898,428 | |
2026 | |
| 2,119,073 | |
2027 | |
| 2,357,033 | |
2028 and thereafter | |
| 15,187,485 | |
Total | |
$ | 25,055,538 | |
NOTE
7 ROYALTY OBLIGATIONS
The
Company has a license agreement with General Electric (“GE”) which provides, among other things, for rights to market certain
of the Company’s products displaying the GE brand in consideration of royalty payments to GE. The Company cannot assign the agreement
or sublicense the stated rights. The agreement imposes certain manufacturing and quality control conditions to continue to use the GE
brand. The agreement expires in November 2023.
In
the event the Company receives significant funding rounds of at least $50 million, the Company is required to use a portion of such funding
to pay certain amounts to GE. The Company must make certain fixed and variable royalty payments through the terms of the agreement.
Variable
royalty payments are due quarterly, using a December 1 – November 30 contract year and based upon the prior quarter’s sales.
Royalty payments will be paid from sales of GE branded product subject to the following repayment schedule:
SCHEDULE
OF ROYALTY OBLIGATIONS
Net Sales in Contract Year | |
Percentage of Contract Year Net Sales owed to GE | |
$0 to $50,000,000 | |
| 7 | % |
$50,000,001 to $100,000,000 | |
| 6 | % |
$100,000,000+ | |
| 5 | % |
As
of June 30, 2023 and December 31, 2022, the outstanding balance of the aggregate Minimum Payment was $2,638,000 and it is payable by
December 31, 2023.
NOTE
8 ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accrued
expenses consisted of the following:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
June 30, 2023 | | |
December 31, 2022 | |
Accrued interest, convertible notes | |
$ | 512,466 | | |
$ | 104,735 | |
Trade payables | |
| 10,576,562 | | |
| 1,369,701 | |
Accrued compensation | |
| 458,316 | | |
| 475,417 | |
Total | |
$ | 11,547,344 | | |
$ | 1,949,823 | |
NOTE
9 RELATED PARTY TRANSACTIONS
Convertible
Notes Due to Related Parties
Convertible
notes due to related parties represent amounts provided to the Company from two directors and the Chief Executive Officer of the Company.
The outstanding principal on the convertible promissory notes, associated with related parties was $950,000 as of June 30, 2023 and December
31, 2022 and accrued interest of $219,972 and $104,375, respectively.
Initial
Public Offering
The
Company issued 455,353 shares of its common stock to certain directors, officers and greater than 5% stockholders which generated gross
proceeds of $6,374,942 during the six-month period ended June 30, 2022.
The
Company issued 95,386 shares of its common stock to affiliates of certain directors and greater than 5% stockholders pursuant to certain
anti-dilutive provisions during the six-month period ended June 30, 2022. The issuance of such shares was triggered based on the Company’s
effective price of its initial public offering in February 2022.
NOTE
10 STOCKHOLDERS’ EQUITY
Common
Stock
The
Company issued the following common stock during the six months ended June 30, 2023 and 2022:
SCHEDULE
OF COMMON STOCK
Transaction Type | |
Shares Issued | | |
Valuation $ | | |
Range of Value Per Share | |
2023 Equity Transactions | |
| | | |
| | | |
| | |
Common stock issued, pursuant to services provided | |
| 1,689,901 | | |
| 10,638,534 | | |
| $2.67-3.49 | |
Common stock issued pursuant to stock at the market offering, gross | |
| 2,984,308 | | |
| 7,826,045 | | |
| 2.55-3.25 | |
Common stock issued pursuant to conversion of preferred stock | |
| 580,400 | | |
| 220,099 | | |
| 0.25 | |
Common stock issued pursuant to acquisition | |
| 1,923,285 | | |
| 7,327,716 | | |
| 3.81 | |
Common stock issued pursuant to extinguishment of debt | |
| 574,713 | | |
| 2,040,231 | | |
| 3.55 | |
Transaction Type | |
Shares Issued | | |
Valuation $ (Issued) | | |
Range of Value Per Share | |
2022 Equity Transactions | |
| | | |
| | | |
| | |
Common stock issued per exercise of options | |
| 435,890 | | |
$ | 282,625 | | |
$ | 0.10 – 14.0 | |
Common stock issued per exercise of warrants, cashless | |
| 416,750 | | |
| — | | |
| — | |
Common stock issued, pursuant to services provided | |
| 542,949 | | |
| 6,167,226 | | |
| 2.0 – 14.0 | |
Conversion of preferred stock | |
| 11,376,536 | | |
| 2,844,134 | | |
| 0.25 | |
Issuance of common stock pursuant to offering, net | |
| 1,650,000 | | |
| 23,100,000 | | |
| 14.0 | |
Issuance of common stock, pursuant to anti-dilutive provisions | |
| 335,073 | | |
| 4,691,022 | | |
| 14.0 | |
The
Company issued 335,073 shares of its common stock to certain stockholders during the six-month period ended June 30, 2022. The issuance
of such shares was triggered based on the Company’s effective price of its initial public offering. The shares were recorded as
an increase in common stock and additional paid-in capital and accumulated deficit during the period, using the fair value of the shares
at the date of issuance.
The
Company satisfied its obligations under a note payable, initially maturing in September 2026, amounting to $6.2 million during April 2023. The Company paid $2 million and issued
574,713 shares of its common stock to satisfy such obligations, which generated a gain on extinguishment of debt of $1,201,857.
Preferred
Stock
The
Series A Preferred Stock was convertible at the holder’s option. The Company could repurchase shares of the Preferred Stock for
$3.50 per share. Holders also have a put option, allowing them to sell their shares of Preferred Stock back to the Company at $0.25 per
share, and therefore the stock is classified as Mezzanine equity rather than permanent equity. The Company paid dividends in the amount
of $27,876 to the Preferred Stock shareholders during the six-month period ended June 30, 2022.
Holders
of preferred stock converted 880,400 shares and 9,976,536 shares of preferred stock in the shares of common stock during the six-month
ended June 30, 2023 and 2022, respectively. There were no shares of Series A Preferred Stock outstanding at June 30, 2023 and the Company
terminated its designation of the Series A Preferred Stock. The Company has not designated any other preferred stock as of June 30, 2023.
Restricted
Stock
A
summary of the Company’s non-vested restricted stock units during the six-month ended June 30, 2023 and 2022 are as follows:
SCHEDULE OF NON-VESTED RESTRICTED STOCK
| |
Shares | | |
Weighted Average Grant Due Fair Value | |
Non-vested restricted stock units, January 1, 2023 | |
$ | 2,516,461 | | |
$ | 8.39 | |
Granted | |
| 2,955,900 | | |
| 3.08 | |
Vested | |
| (1,689,901 | ) | |
| 5.27 | |
Forfeited | |
| (227,891 | ) | |
| 10.71 | |
Non-Vested restricted stock units, June 30, 2023 | |
| 3,554,569 | | |
| 5.27 | |
| |
| | | |
| | |
Non-vested restricted stock units, January 1, 2022 | |
| 770,500 | | |
| 3.31 | |
Granted | |
| 1,641,393 | | |
| 12.03 | |
Vested | |
| (453,893 | ) | |
| 8.44 | |
Forfeited | |
| - | | |
| - | |
Non-vested restricted stock units on June 30, 2022 | |
| 1,958,000 | | |
| 9.43 | |
One
RSU and RSA gives the right to one share of the Company’s common stock. RSU and RSAs that vest based on service and performance
are measured based on the fair values of the underlying stock on the date of grant. The Company used a Lattice model to determine the
fair value of the RSU with a market condition. Compensation with respect to RSU and RSA awards is expensed on a straight-line basis over
the vesting period.
Stock
Options
The
following is a summary of the Company’s stock option activity during the six-month periods ended June 30, 2023 and 2022:
SCHEDULE OF STOCK OPTION ACTIVITY
Options | |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life (In Years) | | |
Aggregate Intrinsic Value | |
Outstanding, January 1, 2023 | |
| 33,289,250 | | |
$ | 7.7 | | |
| - | | |
$ | 6,472,400 | |
Exercised | |
| (481,250 | ) | |
| 1.34 | | |
| –– | | |
$ | –– | |
Awards Granted in Period | |
| 1,370,150 | | |
| 3.3 | | |
| - | | |
| - | |
Forfeited | |
| (1,693,750 | ) | |
| - | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Awards expired | |
| (425,500 | ) | |
$ | 4.0 | | |
| - | | |
| - | |
| |
| | | |
| - | | |
| - | | |
| - | |
Outstanding, June 30, 2023 | |
| 34,233,900 | | |
$ | 7.6 | | |
| 3.15 | | |
$ | 6,472,400 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, June 30, 2023 | |
| 12,847,747 | | |
$ | 4.4 | | |
| 2.47 | | |
$ | 6,472,400 | |
Options | |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life (In Years) | | |
Aggregate Intrinsic Value | |
Outstanding, January 1, 2022 | |
| 21,927,182 | | |
$ | 3.36 | | |
| 4.07 | | |
$ | 5,990,800 | |
Exercised | |
| (481,250 | ) | |
| 1.34 | | |
| –– | | |
$ | –– | |
Granted | |
| 13,372,500 | | |
| 11.92 | | |
| –– | | |
| | |
Forfeited | |
| (1,693,750 | ) | |
| - | | |
| | | |
| | |
Outstanding, June 30, 2022 | |
| 33,124,982 | | |
$ | 7.70 | | |
| 3.86 | | |
$ | 2,802,488 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, June 30, 2022 | |
| 23,313,995 | | |
$ | 5.96 | | |
| 3.34 | | |
$ | 2,952,013 | |
Warrants
Issued
The
following is a summary of the Company’s warrant activity during the three-month periods ended June 30, 2023 and 2022:
SCHEDULE
OF WARRANT ACTIVITY
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance, January 1, 2023 | |
| 671,855 | | |
$ | 11.5 | |
Issued | |
| 1,391,667 | | |
| 3.0 | |
Exercised | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | |
Balance, June 30, 2023 | |
| 2,063,522 | | |
$ | 5.76 | |
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance, January 1, 2022 | |
| 2,127,895 | | |
$ | 5.4 | |
Exercised | |
| (535,000 | ) | |
| — | |
Issued | |
| 132,000 | | |
| 18.2 | |
Forfeited | |
| (785,000 | ) | |
| | |
Balance, June 30, 2022 | |
| 939,895 | | |
$ | 9.66 | |
Assumptions-
Fair Value of Warrants and Options
The
Company issued options in connection for services during the six-month period ended June 30, 2023 and June 30, 2022. The Company issued
warrants in connection with certain convertible promissory notes during the six-month period ended June 30, 2023, which are considered
inducements to enter in debt transactions and are recognized as debt discount at fair value. The following table summarizes the range
of the Black Scholes pricing model assumptions used by the Company to value certain warrants issued during the six-month period ended
June 30, 2023 and options granted during the six-month period ended June 30, 2023 and 2022:
SCHEDULE
OF OPTIONS GRANTED UNDER BLACK SCHOLES PRICING MODEL ASSUMPTIONS
|
|
June
30, 2023 |
|
|
June
30, 2022 |
|
|
|
Range |
|
|
Range |
|
Stock
price |
|
$ |
3.74-3.84 |
|
|
$ |
2.0-14.0 |
|
Exercise
price |
|
$ |
3.74-3.84 |
|
|
$ |
2.0-14.0 |
|
Expected
life (in years) |
|
|
3.5-5
yrs. |
|
|
|
5
yrs. |
|
Volatility |
|
|
48-54 |
% |
|
|
40-54 |
% |
Risk-fee
interest rate |
|
|
3.51-5.02 |
% |
|
|
1.37-1.96 |
% |
Dividend
yield |
|
|
— |
|
|
|
— |
|
The
Company cannot use its historical volatility as expected volatility because there is not enough liquidity in the trades of common stock
during a term comparable to the expected term of stock option issued. The Company relies on the expected volatility of comparable publicly
traded companies within its industry sector, which is deemed more relevant, to compute its expected volatility.
Unamortized
future option expense was $39.1 million at June 30, 2023 and it is expected to be recognized over a weighted-average period of 3.6 years.
Share-based
payments amounted to $ and $11,194,200 during the six-month periods ended June 30, 2023 and 2022, respectively.
NOTE
11 CONCENTRATIONS OF RISKS
Major
Customers
The
Company had no customers whose revenue individually represented 10% or more of the Company’s total revenue. The Company had one
third-party payor accounts receivable balance representing 24% of the Company’s total accounts receivable at June 30, 2023.
Liquidity
The
Company’s cash and cash equivalents are held primarily with two financial institutions. The Company has deposits which exceed the
amount insured by the FDIC. To reduce the risk associated with the failure of such counterparties, the Company periodically evaluates
the credit quality of the financial institutions in which it holds deposits.
Product
and Geographic Markets
The
Company generates its income primarily from its lighting and heating products sold primarily in the United States.
NOTE
12 PROFORMA FINANCIAL STATEMENTS (unaudited)
The
following pro forma consolidated results of operations have been prepared as if the acquisition occurred on January 1, 2022:
SCHEDULE
OF PROFORMA CONSOLIDATED RESULTS OF OPERATION
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three-month period ended
June 30, | | |
Six-month period ended
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenues | |
$ | 20,416,569 | | |
$ | 22,823,349 | | |
$ | 39,031,541 | | |
$ | 45,654,773 | |
Net loss | |
$ | (10,362,183 | ) | |
$ | (4,984,413 | ) | |
$ | (18,802,429 | ) | |
$ | (16,852,888 | ) |
Basic and diluted loss per share | |
$ | (0.11 | ) | |
$ | (0.06 | ) | |
$ | (0.20 | ) | |
$ | (0.20 | ) |
Weighted average number of shares outstanding- basic and diluted | |
| 93,874,115 | | |
| 87,829,055 | | |
| 92,097,014 | | |
| 83,971,562 | |
These
pro forma amounts have been calculated after applying the Company’s accounting policies and adjusting the results to reflect, among
other things, 1) additional amortization that would have been charged assuming the fair value adjustments to amortizable intangible assets
had been applied, 2) the shares issued and issuable by the Company to acquire Belami, 3) fair value of the initial grant and options
to Belami employees, and 4) the increase in interest expense related to the issuance of convertible notes payable, including amortization
of debt discount. Furthermore, it excludes transaction costs related to the Belami acquisition. These pro forma results of operations
have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that would have
resulted had the acquisition occurred on the date indicated or that may result in the future.
NOTE
13 SUBSEQUENT EVENTS
Management
has evaluated subsequent events through August 9, 2023, which is the date the consolidated financial statements were available to be
issued. There were no subsequent events that required adjustment to or disclosure in the consolidated financial statements.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following discussion and analysis should be read in conjunction with the unaudited consolidated financial statements and related notes
included elsewhere in this Form 10-Q and our audited financial statements and related notes thereto for the year ended December 31, 2022
included in our Annual Report on Form 10-K for the year ended December 31, 2022. This discussion and analysis and other parts of this
Form 10-Q contain forward-looking statements based upon current beliefs, plans and expectations that involve risks, uncertainties, and
assumptions, such as statements regarding our plans, objectives, strategy, expectations, outlook, intentions, and projections. Our actual
results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several
factors, including those set forth in “Part I. Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended
December 31, 2022 and in other filings with the Securities and Exchange Commission (the “SEC”). Please also see the section
entitled “Cautionary Note Regarding Forward-Looking Statements” contained in this Form 10-Q.
Overview
We
have a series of advanced-safe-smart platform technologies. Our first-generation technologies enable light fixtures, ceiling fans
and other electrically wired products to be installed safely and plugged in to a ceiling’s electrical outlet box within
seconds, and without the need to touch hazardous wires. The plug and play technology method is a universal power-plug device that
has a matching receptacle that is simply connected to the electrical outlet box on the ceiling, enabling a safe and quick plug and
play installation of light fixtures and ceiling fans in just seconds. The plug and play power-plug technology eliminates the need of
touching hazardous electrical wires while installing light fixtures, ceiling fans and other hard wired electrical products. In
recent years, we have expanded the capabilities of our power-plug product to include advanced-safe and quick universal installation
methods, as well as advanced-smart capabilities. The smart features include control of light fixtures and ceiling fans by the
SkyHome App, through WIFI, BLE and voice control. It allows scheduling, energy savings eco mode, dimming, back-up emergency light,
night light, light color changing and much more. Our second-generation technology is an all-in-one safe and smart-advanced platform
that is designed to enhance all-around safety and lifestyle of homes and other buildings. Our products are designed to improve all
around home and building safety and lifestyle. We are continuing to refine our products and began manufacturing certain advanced and
smart products during the first half of 2023. We expect to manufacture the additional product offerings in the second half of 2023. We hold over 60 U.S. and global patents and patent applications and have received a variety
of final electrical code approvals, including UL, United Laboratories of Canada (cUL) and Conformité Européenne (CE),
and 2017 and 2020 inclusion in the NEC Code Book.
We
believe our total addressable market in the United States exceeds $500 billion, based on the Company’s internal calculations derived
from the estimation of the total target user pool, projected average selling price, and projected units per household. We believe there
are billions of installations of light and other electrical fixtures globally. Our estimates of the addressable market for our products
may prove to be incorrect. The projected demand for our products could differ materially from actual demand. Even if the total addressable
market for our products is as large as we have estimated and even if we are able to gain market awareness and acceptance, we may not
be able to penetrate the existing market to capture additional market share.
Inflation
and related risk of recession increased during 2022 and have continued to impact operations during 2023. Inflationary factors, such as
increases in interest rates, supply and overhead costs and transportation costs, may adversely affect our operating results, and we may
not be able to offset increased costs with increased sales price per unit, particularly as we work toward commercial manufacturing of
our products. Although we do not believe that inflation has had a material impact on our financial position or results of operations
to date, we may experience some effect in the near future (especially if inflation rates continue to rise). In addition, we may be negatively
impacted because of supply chain constraints, consequences associated with government regulations, ongoing and potential geopolitical
conflicts, instability in the global banking system, employee availability and wage increases.
During
April 2023, we completed the previously announced acquisition of all the issued and outstanding shares of Belami, a strategic e-commerce
lighting and home décor conglomerate. The Company paid cash and issued an aggregate of 1,923,285 shares of common stock as consideration
for the acquisition. The Company expects that Belami will serve as a marketing and growth platform and should provide several distribution
channels, including to retail customers, builders, and professionals.
In
connection with the acquisition, the Company engaged in private placements of its securities during the first quarter of 2023, pursuant
to which the Company issued and sold (i) subordinated secured convertible promissory notes in the aggregate principal amount of $10.35
million and (ii) warrants to purchase an aggregate of up to 1,391,667 shares of the Company’s common stock. The proceeds were used
to fund the cash component of the Belami acquisition and to pay certain transaction expenses in connection with the acquisition and the
private placements.
In
addition, in March 2023, the Company acquired 50% of the equity of a strategic e-commerce private label lighting website, for $225,000,
and acquired the other 50% of the equity, which is owned by Belami, as part of the Belami acquisition. Following completion of the Belami
acquisition, the Company transferred the equity it previously acquired to Belami, and Belami now holds 100% of the outstanding equity
of such entity. The Company expects that this acquisition will serve as another marketing and growth platform for the Company and should
provide additional distribution to both professional and retail channels for the Company’s products.
During
the second quarter of 2023, the Company repaid in full approximately $5.2 million in principal and interest due under the Company’s
five-year secured promissory note, dated December 14, 2021, previously issued to Nielsen & Bainbridge, LLC, by issuing 574,713 shares
of the Company’s common stock and paying $2 million. The Company also entered a $2,0 million secured revolving line of credit with
First-Citizens Bank & Trust Company, which matures May 1, 2024.
During
the second quarter of 2023, we began our at the market offering (“ATM”) pursuant to which we may sell up to $20 million of
shares of our common stock.
Results
of Operations
Comparison
of the Three Months Ended June 30, 2023 and 2022
Consolidated Operating Results |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
For the Three Months Ended June 30, | | |
For the Nine Months Ended June 30, | |
| |
| | |
| | |
Increase/ | | |
Increase/ | | |
| | |
| | |
Increase/ | | |
Increase/ | |
| |
| | |
| | |
(Decrease) | | |
Decrease | | |
| | |
| | |
(Decrease) | | |
Decrease | |
| |
2023 | | |
2022 | | |
$ | | |
% | | |
2023 | | |
2022 | | |
$ | | |
% | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Revenues | |
$ | 14,984,055 | | |
$ | 7,389 | | |
$ | 14,976,666 | | |
| NM | | |
$ | 14,994,080 | | |
$ | 14,360 | | |
$ | 14,979,720 | | |
| NM | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| 10,288,643 | | |
| 6,122 | | |
| 10,282,521 | | |
| NM | | |
| 10,290,111 | | |
| 11,762 | | |
| 10,278,349 | | |
| NM | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Gross income | |
| 4,695,412 | | |
| 1,267 | | |
| 4,694,145 | | |
| NM | | |
| 4,703,969 | | |
| 2,598 | | |
| 4,701,371 | | |
| NM | |
Selling, general and administrative expenses | |
| 16,946,752 | | |
| 4,565,087 | | |
| 12,381,665 | | |
| 271 | | |
| 24,194,957 | | |
| 16,512,528 | | |
| 7,682,429 | | |
| 53 | % |
Operating loss | |
| (12,251,340 | ) | |
| (4,563,820 | ) | |
| 7,687,520 | | |
| NM | | |
| (19,490,988 | ) | |
| (16,509,930 | ) | |
| 2,981,058 | | |
| 24 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest expense, net | |
| (1,218,732 | ) | |
| (81,917 | ) | |
| 1,136,815 | | |
| NM | | |
| (1,939,353 | ) | |
| (172,421 | ) | |
| 1,766,932 | | |
| NM | |
Gain on extinguishment of debt | |
| 1,201,857 | | |
| - | | |
| 1,201,857 | | |
| 100 | % | |
| 1,201,857 | | |
| 178,250 | | |
| 1,023,607 | | |
| NM | |
Total other income (expense) | |
| (16,875 | ) | |
| (81,917 | ) | |
| (65,042 | ) | |
| -92 | % | |
| (737,496 | ) | |
| 5,829 | | |
| 743,325 | | |
| NM | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (12,268,215 | ) | |
$ | (4,645,737 | ) | |
$ | 7,622,478 | | |
| 164 | % | |
$ | (20,228,484 | ) | |
$ | (16,504,101 | ) | |
$ | 3,724,383 | | |
| 29 | % |
NM:
Not meaningful
Revenue
The
increase in revenues during the three and six-month periods ended June 30, 2023 when compared to the prior year periods, is primarily
due to revenues from products marketed by Belami which was acquired on April 28, 2023.
We
believe that revenues will be higher in 2023 than in 2022, since we launched the marketing of our advanced and smart products in late
2022. We also expect our revenues to increase following the closing of the Belami acquisition.
Cost
of Revenues
The
cost of revenues consists primarily of costs associated with selling the products marketed by Belami. The increase in cost of
revenues during the three and six-month periods ended June 30, 2023 when compared to the prior year periods, is primarily due to
costs associated with revenues from products marketed by Belami which was acquired on April 28, 2023.
We
believe that cost of revenues will increase in 2023 compared to 2022, commensurate with an anticipated increase in revenues.
Selling,
General and Administrative Expenses
Selling,
general and administrative expenses consist primarily of an allocation of product development, sales and marketing, finance, legal, human
resources, including salaries, wages, and benefits, and depreciation and amortization, including share-based payments.
The
increase in selling, general, and administrative expenses during the three months ended June 30, 2023 when compared to the prior year
period was primarily due to the following:
|
● |
Increase
of share-based payments of $5.2 million. The increase is primarily related to grants of share-based payments to new employees following
the Acquisition of Belami in May 2023; |
|
● |
Increase
in sales and marketing and general and administrative expenses following the acquisition of Belami aggregating $2.8 million and $2.2
million, respectively; |
|
● |
Increase
of depreciation and amortization expenses of $500,000 primarily related to increase in intangibles and right-of-use assets acquired after
June 30, 2022.
|
|
|
|
|
|
The
increase in selling, general, and administrative expense during the six-months ended June 30, 2023 is primarily due to the absorption
of the operating expenses of Belami amounting to $5 million, increased depreciation of amortization expense of $1 million, transaction
costs associated with the Belami acquisition of $520,000 which were not incurred during the comparable prior year period. |
We
believe that our selling, general, and administrative expenses will be higher during 2023 when compared to 2022 as we continue to invest
to support our anticipated growth and now includes such expenses related to Belami’s operations following
its acquisition.
Other
Income (Expense)
The
increase in interest expense in the three and six-month period ended June 30, 2023 when compared to the prior year period resulted primarily
from interest charges related to operating lease liabilities debt which were entered into the latter part of 2022 and convertible debt
(including amortization of debt discount, which were entered into the first quarter of 2023. The debt discount is related to inducements
the Company granted to holders of convertible debt.
The
variations in gain on extinguishment debt is due to two separate transactions: the forgiveness of the PPP loan recognized
in the six-month period ended June 30, 2022 and a gain on forgiveness of debt in April 2023 as
the debt forgiven to a lender exceeded the consideration we paid.
Liquidity
and Capital Resources
We
have raised additional funds through the sale of our common stock and securities convertible into our common stock and issuance of debt,
including completing our initial public offering in February 2022 for gross proceeds of $23.1 million and placements and offerings during
the six-month period ended June 30, 2023 in a combination of convertible notes payable and shares of our common stock aggregating $18
million.
These
offerings included shares sold pursuant to our ATM offering program which provides us with additional access to capital, as needed,
subject to market conditions. During the three months ended June 30, 2023, and from inception, we issued 2,984,208 shares of common
stock under such program for net proceeds of $7.4 million, net of brokerage fees and legal expenses of approximately $380,000. As of
August 9, 2023, we had the remaining capacity to issue shares of common stock up to $12.0 million under the offering
program.
We
believe that our existing cash, cash equivalents and restricted cash will be sufficient to support our working capital and capital expenditure
requirements for at least the next 12 months. Our future capital requirements will depend on many factors, including the Belami acquisition
and integration of operations, our revenue growth rate, expenditures related to our headcount growth and manufacturing, the timing and
the amount of cash received from customers, the expansion of sales and marketing activities, the timing and extent of spending to support
development efforts, the price at which we are able to purchase parts to incorporate in our product offerings, the introduction of platform
enhancements, and the market adoption of our platforms. We may continue to enter into arrangements to acquire or invest in complementary
businesses, products, and technologies. We may, because of those arrangements, or the general expansion of our business, be required
to seek additional equity or debt financing. If we require additional financing, we may not be able to raise such financing on terms
acceptable to us or at all. If we are unable to raise additional capital or generate cash flows necessary to expand our operations and
invest in continued innovation, we may not be able to compete successfully, which would harm our business, results of operations, and
financial condition.
During
April and May 2023, the Company repaid in full approximately $6.2 million due to a lender by issuing 574,713 shares of the Company’s
common stock and paying $2.0 million in cash. The Company also obtained $2.0 million secured revolving line of credit with First-Citizens
Bank & Trust Company. The line of credit bears interest at a variable rate equal to The Wall Street Journal Prime Rate plus 0.250%,
subject to a floor of 5.0% and ceiling of the lesser of 18.0% or the maximum rate allowed under applicable law, payable monthly, and
matures May 1, 2024.
Six-months
period ended June 30, 2023:
We
had $23.7 million in cash, cash equivalents, and restricted cash as of June 30, 2023. Our working capital amounts to $1.9 million as
of June 30, 2023, adjusted for consideration payable in shares of the Company’s common stock valued at $5.6 million.
We
used $ 6.6 million in our operating activities which consists of a net loss of $21.2 million adjusted for the following:
|
● |
Stock-based
compensation of $10.7 million. |
|
● |
Depreciation
and amortization of $1.0 million; |
|
● |
Offset
by a gain on extinguishment of debt of $1.2 million; |
|
● |
Additionally,
accounts payable and accrued expenses increased by $2.7 million. |
We
generated cash from investing activities of $3.2 million which primarily consisted of proceeds from disposition
of investments in debt securities of $7.6 million offset by the cash acquisition price of Belami, net of cash acquired of $4.2
million.
We
generated cash from financing activities of $17.6 million which were primarily related to proceeds we
generated from the issuance of convertible promissory notes and shares of common stock, and to a lesser extent, proceeds from a line
of credit of $2.0 million, offset by principal repayments of notes payable of $2.1 million.
Six-months
period ended June 30, 2022:
We
had $24.7 million in cash, cash equivalents, and restricted cash as of June 30, 2022.
We
used $6.2 million in our operating activities which consists of a net loss of $17.0 million adjusted for the following:
|
● |
Stock-based
compensation of $11 million. |
We
generated cash from financing activities of $21.0 million which were primarily related to proceeds generated from the issuance of shares of common stock pursuant to our initial public offering.
Non-GAAP
Financial Measures
Management
considers earnings (loss) before interest, taxes, depreciation and amortization, or EBITDA, as adjusted, an important indicator in evaluating
our business on a consistent basis across various periods. Due to the significance of non-recurring items, EBITDA, as adjusted, enables
our management to monitor and evaluate our business on a consistent basis. We use EBITDA, as adjusted, as a primary measure, among others,
to analyze and evaluate financial and strategic planning decisions regarding future operating investments and potential acquisitions.
We believe that EBITDA, as adjusted, eliminates items that are not part of our core operations, such as interest expense and amortization
expense associated with intangible assets, or items that do not involve a cash outlay, such as share-based payments and non-recurring
items, such as transaction costs. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, pre-tax
income (loss), net income (loss) and cash flows used in operating activities. This non-GAAP financial measure excludes significant expenses
that are required by GAAP to be recorded in our financial statements and is subject to inherent limitations. Investors should review
the reconciliation of this non-GAAP financial measure to the comparable GAAP financial measure included below. Investors should not rely
on any single financial measure to evaluate our business.
| |
For the three-months ended
June 30, | | |
For the six-months ended
June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net loss | |
$ | (12,263,562 | ) | |
$ | (4,645,737 | ) | |
$ | 20,228,484 | ) | |
$ | (16,504,101 | ) |
Share-based payments | |
| 7,674,832 | | |
| 2,426,306 | | |
| 10,638,534 | | |
| 11,194,200 | |
Interest expense | |
| 1,218,732 | | |
| 81,917 | | |
| 1,939,353 | | |
| 172,421 | |
Depreciation, amortization | |
| 534,359 | | |
| 21,900 | | |
| 1,031,732 | | |
| 46,988 | |
Transaction costs | |
| 123,000 | | |
| - | | |
| 516,601 | | |
| - | |
EBITDA, as adjusted | |
$ | (2,712,639 | ) | |
$ | (2,115,614 | ) | |
$ | (6,102,264 | ) | |
$ | (5,090,492 | ) |
Critical
Accounting Policies
Our
significant accounting policies are disclosed in Note 2 to our consolidated financial statements for the year ended December 31, 2022,
contained in our Annual Report on Form 10-K for the year ended December 31, 2022. The following is a summary of those accounting policies
that involve significant estimates and judgment of management.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts
reported in our financial statements and accompanying notes.
Such
estimates and assumptions impact both assets and liabilities, including but not limited to: net realizable value of accounts receivable
and inventory, estimated useful lives and potential impairment of property and equipment, the valuation of intangible assets, estimate
of fair value of share based payments and derivative liabilities, estimates of fair value of warrants issued and recorded as debt discount,
estimates of tax liabilities and estimates of the probability and potential magnitude of contingent liabilities.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate could change in the near term due to one or more future non-conforming events. Accordingly, actual results could differ
significantly from estimates.
Fair
Value of Financial Instruments
Disclosures
about fair value of financial instruments require disclosure of the fair value information, whether recognized in the balance sheet,
where it is practicable to estimate that value. As of June 30, 2023 and December 31, 2022, we believe the amounts reported for cash,
prepaid expenses, accounts payable and accrued expenses and other current liabilities, accrued interest, notes payable and convertible
note payable approximate fair value because of their short maturities.
Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include:
|
● |
Level
1, defined as observable inputs such as quoted prices for identical instruments in active markets; |
|
|
|
|
● |
Level
2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and |
|
|
|
|
● |
Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Stock-Based
Compensation
Stock-based
compensation is accounted for based on the requirements of ASC 718 – “Compensation–Stock Compensation”,
which requires recognition in the financial statements of the cost of employee, non-employee and director services received in exchange
for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award
(presumptively, the vesting period). The ASC also requires measurement of the cost of employee and director services received in exchange
for an award based on the grant-date fair value of the award.
Stock-based
compensation is measured at the grant date based on the value of the award granted using the Black- Scholes option pricing model based
on projections of various potential future outcomes and recognized over the period in which the award vests. For stock awards no longer
expected to vest, any previously recognized stock compensation expense is reversed in the period of termination. The stock-based compensation
expense is included in general and administrative expenses.
Revenue
Recognition
We
account for revenues in accordance with Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers”
(Topic 606).
Under
Topic 606, revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects
the consideration we expect to be entitled to in exchange for those goods or services.
We
determine revenue recognition through the following steps:
|
● |
identification
of the contract, or contracts, with a customer; |
|
|
|
|
● |
identification
of the performance obligations in the contract; |
|
|
|
|
● |
determination
of the transaction price; |
|
|
|
|
● |
allocation
of the transaction price to the performance obligations in the contract; and |
|
|
|
|
● |
recognition
of revenue when, or as, we satisfy a performance obligation. |
Recent
Accounting Pronouncements
Although
there are new accounting pronouncements issued or proposed by the Financial Accounting Standards Board, which we have adopted or will
adopt, as applicable, we do not believe any of these accounting pronouncements has had or will have a material impact on our financial
position or results of operations.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As
a “smaller reporting company”, we are not required to provide the information required by this Item.
ITEM
4. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
Our
management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rules 13a-15(e)
or 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that is designed to ensure that
information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it
files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive
officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding
required disclosure. Management recognizes that there are inherent limitations to the effectiveness of any system of disclosure controls
and procedures and any controls and procedures, no matter how well designed and operated, can only provide reasonable assurance of achieving
their control objectives.
As
of the end of the period covered by this report, management, including our Principal Executive Officer and Principal Financial Officer,
evaluated the effectiveness of our disclosure controls and procedures. Based upon the evaluation, our Principal Executive Officer and
Principal Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2023.
Changes
in Internal Controls Over Financial Reporting:
There
were no changes in our internal control over financial reporting during the quarter ended June 30, 2023 that materially affected, or
are reasonably likely to materially affect, our internal control over financial reporting, except for the following:
We
adopted the policies and procedures of Belami as they relate to internal controls over financial reporting upon acquisition and supplemented
them with certain key internal controls.
PART
II. OTHER INFORMATION
Item
1. Legal Proceedings
There
are no legal proceedings or arbitration proceedings currently pending against our Company. From time to time, we may become involved
in legal proceedings arising in the ordinary course of our business. As of the date of this Form 10-Q, we are not a party to any material
legal matters or claims. In the future, we may become party to legal matters and claims in the ordinary course of business, the resolution
of which we do not anticipate would have a material adverse impact on our financial position, results of operations or cash flows. However,
legal proceedings are inherently uncertain. As a result, the outcome of a particular matter or a combination of matters may be material
to our results of operations for a particular period, depending upon the size of the loss or our income for that period.
We
assess our liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available.
Where it is probable that we will incur a loss and the amount of the loss can be reasonably estimated, we record a liability in our consolidated
financial statements. These legal accruals may be increased or decreased to reflect any relevant developments on a quarterly basis. Where
a loss is not probable or the amount of the loss is not estimable, we do not record an accrual, consistent with applicable accounting
guidance.
ITEM
1A. RISK FACTORS
There
have been no material changes from the risk factors set forth in “Part I. Item 1A. Risk Factors” of our Annual Report on
Form 10-K for the fiscal year ended December 31, 2022, other than as noted below. Our business, operations and financial results are
subject to various risks and uncertainties that could materially adversely affect our business, results of operations, financial condition,
and the trading price of our common stock. You should carefully read and consider the risks and uncertainties included in the report
referenced above, together with all of the other information in such report and this Form 10-Q, including the section titled “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and related
notes, and other documents that we file with the SEC. The risks and uncertainties described in these reports may not be the only ones
we face, and the disclosure of any risk factor should not be interpreted to imply that the risk has not already materialized. The factors
discussed in these reports, among others, could cause our actual results to differ materially from historical results and those expressed
in forward-looking statements made by us or on our behalf in filings with the SEC, press releases, communications with investors, and
oral statements.
Risks
Related to Acquisition of Belami
Global
economic conditions and the effect of economic pressures and other business factors on discretionary consumer spending and consumer preferences
may have a material adverse effect on our business, results of operations and financial condition.
Uncertainties
in global economic conditions that are beyond our control could materially adversely affect our business, results of operations, financial
condition, and stock price. These adverse economic conditions include inflation, slower growth or recession, new or increased tariffs
and other changes to fiscal and monetary policy, higher interest rates, high unemployment, decreased consumer confidence in the economy,
armed hostilities, such as the ongoing military conflict between Russia and Ukraine, foreign currency exchange rate fluctuations, conditions
affecting the retail environment for products we sell, and other matters that influence consumer spending and preferences. In addition,
consumer confidence and spending can be materially adversely affected in response to financial market volatility, negative financial
news, conditions in the real estate and mortgage markets, including home equity loans and consumer credit, changes in net worth based
on market changes and uncertainty, energy shortages and cost increases, labor and healthcare costs, government actions and general uncertainty
regarding the overall future economic environment.
Consumers
may view a substantial portion of the products we offer as discretionary items rather than necessities. As a result, our operating results
are sensitive to changes in macroeconomic conditions that impact consumer spending, including discretionary spending. Declines in consumer
spending have resulted in, and could in the future result in, decreased demand for our products and services, which has adversely affected
our results of our operations and may do so in the future.
Our
marketing efforts to help grow our business may not be effective, and failure to effectively develop and expand our sales and marketing
capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our e-commerce channel.
If
the online market for home goods does not continue to gain acceptance, a sizable portion of our business may suffer. Our success will
depend, in part, on our ability to attract consumers who have historically purchased home goods through traditional retailers. Furthermore,
we may have to incur significantly higher and more sustained advertising and promotional expenditures to attract additional online consumers
to our sites and convert them into purchasing customers online. Specific factors that could impact consumers’ willingness to purchase
home goods from us online, especially in markets where we do not have physical stores, include concerns about buying products without
a physical storefront, face-to-face interaction with sales personnel and the inability to physically handle, examine and compare products;
delivery time associated with online orders; actual or perceived lack of security of online transactions and concerns regarding the privacy
or protection of personal information; delayed shipments or shipments of incorrect or damaged products; inconvenience associated with
returning or exchanging items purchased online; usability, functionality and features of our sites; and our reputation and brand strength.
In addition, if we do not have a clear and relevant promotional calendar to engage our customers, especially in the current macroeconomic
environment, our customers may purchase fewer goods from us, or we may have to increase our promotional activities. If the shopping experience
we provide does not appeal to consumers or meet the expectations of existing customers, we may not acquire new customers at sustainable
rates, acquired customers may not become repeat customers and existing customers’ buying patterns and levels may decrease. In addition,
we may experience surges in online traffic and orders associated with promotional activities and seasonal trends, which could cause fluctuations
in our results of operations from quarter to quarter.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, and ISSUER PURCHASES OF EQUITY SECURITIES
Recent
Sales of Unregistered Securities
There
are no unregistered sales of equity securities during the period covered by this report that were not previously reported in a Current
Report on Form 8-K except for the following:
During
the second quarter ended June 30, 2023, we withheld 221,607 shares of our common stock at a weighted-average price of $3.34 per share
to satisfy tax withholdings obligations due upon vesting of restricted stock held by certain employees. We did not pay cash to repurchase
these shares, nor were these repurchases part of a publicly announced plan or program.
During
the second quarter ended June 30, 2023, the holders of Series A Preferred Stock converted 580,400 shares of Preferred Stock to 580,400
shares of common stock.
The
issuances of the securities described above were deemed to be exempt from registration pursuant to Section 4(a)(2) of the Securities
Act of 1933, as amended, including Regulation D and Rule 506 promulgated thereunder, as transactions by the Company not involving a public
offering.
Use
of Proceeds
On
February 14, 2022, we completed our initial public offering. We received approximately $20.5 million in net proceeds after deducting
underwriting discounts and commissions of $1.8 million and offering expenses of approximately $700,000. There has been no material change
in the use of proceeds from our initial public offering as described in our final prospectus filed with the SEC pursuant to Rule 424(b)
of the Securities Act of 1933, as amended, and other periodic reports previously filed with the SEC.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURES
Not
applicable.
Item
5. OTHER INFORMATION
Rule
10b5-1 Trading Plans
During
the quarter ended June 30, 2023, none of the Company’s directors or executive officers adopted, modified or terminated any contract,
instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions
of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K).
Item
6. Exhibits
Exhibit
No. |
|
Description
of Exhibit |
1.1 |
|
Sales Agreement by and between SKYX Platforms Corp. and The Benchmark Company, LLC, dated May 26, 2023 (incorporated herein by reference to Exhibit 1.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 26, 2023).
|
2.1 |
|
Stock
Purchase Agreement, dated February 6, 2023, by and among the Company and Mihran Berejikian, Nancy Berejikian, and Michael Lack (incorporated
herein by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 7, 2023). |
2.2 |
|
First
Amendment to Stock Purchase Agreement, dated April 28, 2023, by and among SKYX Platforms Corp. and Mihran Berejikian, Nancy Berejikian,
and Michael Lack (incorporated herein by reference to Exhibit 2.2 to the Company’s Current Report on Form 8-K filed with the
SEC on May 1, 2023). |
3.1 |
|
Articles
of Incorporation of the Company (incorporated herein by reference to Exhibit 3.1 to the Company’s Registration Statement on
Form S-1 (File No. 333-261829) filed with the SEC on December 22, 2021). |
3.2 |
|
Articles
of Amendment to Articles of Incorporation, including the Certificate of Designation of Rights, Preferences and Privileges of Series
A Convertible Preferred Stock (effective August 12, 2016) (incorporated herein by reference to Exhibit 3.2 to the Company’s
Registration Statement on Form S-1 (File No. 333-261829) filed with the SEC on December 22, 2021). |
3.3 |
|
Articles
of Amendment to Articles of Incorporation (effective February 7, 2022) (incorporated by reference to Exhibit 3.3 to the Company’s
Current Report on Form 8-K filed with the SEC on February 14, 2022). |
3.4 |
|
Articles
of Amendment to Articles of Incorporation (effective June 14, 2022) (incorporated herein by reference to Exhibit 3.1 to the Company’s
Current Report on Form 8-K filed with the SEC on June 14, 2022). |
3.5 |
|
Articles
of Amendment to Articles of Incorporation (effective May 2, 2023) (incorporated herein by reference to Exhibit 3.1 to the Company’s
Current Report on Form 8-K filed with the SEC on May 5, 2023). |
3.6 |
|
Second
Amended and Restated Bylaws of the Company (effective June 14, 2022) (incorporated by reference to Exhibit 3.2 to the Company’s
Current Report on Form 8-K filed with the SEC on June 14, 2022). |
10.1 |
|
Letter
Agreement, effective as of April 27, 2023, between SKYX Platforms Corp. and Nielsen & Bainbridge, LLC (incorporated herein by
reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 28, 2023). |
10.2 |
|
Form
of Closing Promissory Note, dated April 26, 2023 (incorporated herein by reference to Exhibit 10.1 to the Company’s Current
Report on Form 8-K filed with the SEC on May 1, 2023). |
10.3 |
|
Form
of Retained Earnings Promissory Note, dated April 26, 2023 (incorporated herein by reference to Exhibit 10.2 to the Company’s
Current Report on Form 8-K filed with the SEC on May 1, 2023). |
10.4+ |
|
Promissory
Note and Business Loan Agreement, dated May 1, 2023, between SKYX Platforms Corp. and First-Citizens Bank & Trust Company (incorporated
herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 5, 2023). |
10.5* |
|
Form
of Cash Retention Incentive Agreement (April 2023) (incorporated herein by reference to Exhibit 10.11 to the Company’s Quarterly
Report on Form 10-Q for the quarter ended March 31, 2023). |
10.6* |
|
Form
of Nonqualified Stock Option Agreement (April 2023) (incorporated herein by reference to Exhibit 10.12 to the Company’s Quarterly
Report on Form 10-Q for the quarter ended March 31, 2023). |
10.7* |
|
Form
of Restricted Share Unit Award Agreement (three-year vesting) (April 2023) (incorporated herein by reference to Exhibit 10.13 to
the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023). |
10.8* |
|
Form
of Restricted Share Unit Award Agreement (one year vesting) (April 2023) (incorporated herein by reference to Exhibit 10.14 to the
Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023). |
10.9* |
|
Form
of Restricted Shares Award Agreement (April 2023) (incorporated herein by reference to Exhibit 10.15 to the Company’s Quarterly
Report on Form 10-Q for the quarter ended March 31, 2023). |
18.1 |
|
Preferability
Letter from M&K CPAS, PLLC (filed herewith). |
31.1 |
|
Certification
by Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
31.2 |
|
Certification
by Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
32.1 |
|
Certification
by Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). |
32.2 |
|
Certification
by Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). |
|
|
|
101 |
|
The
following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, formatted
in inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations and Comprehensive Loss, (iii) Consolidated
Statements of Stockholders’ Equity (Deficit), (iv) Consolidated Statements of Cash Flows, and (v) Notes to Consolidated Financial
Statements. |
104 |
|
Cover
Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
*
Indicates management contract or any compensatory plan, contract, or arrangement.
+
Certain of the exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Company
agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
|
SKYX
PLATFORMS CORP. |
|
|
|
|
Date: |
August
9, 2023 |
|
By: |
/s/
John P. Campi |
|
|
|
John
P. Campi, Chief Executive Officer |
|
|
|
(Principal
Executive Officer) |
|
|
|
|
Date: |
August
9 2023 |
|
By: |
/s/
Marc-Andre Boisseau |
|
|
|
Marc-Andre
Boisseau, Chief Financial Officer |
|
|
|
(Principal
Financial and Accounting Officer) |
Exhibit
18.1 Preferability Letter from M&K CPAS, PLLC
August
9, 2023
The
Board of Directors
SKYX
Platforms Corp.
Ladies
and Gentlemen:
We
have been furnished with a copy of the quarterly report on Form 10-Q of SKYX Platforms Corp. (the Company) for the three and six months
ended June 30, 2023, and have read the Company’s statements contained in Note 2 to the condensed financial statements included
therein. As stated in Note 2 to those financial statements, the Company changed its method of accounting for revenue recognition for
products shipped by third-party providers. Note 2 also states that the newly adopted accounting principle is preferable in the circumstances
because this change is consistent with new operations resulting from a newly acquired entity and does not significantly impact the revenues
historically recorded by the company. In accordance with your request, we have reviewed and discussed with Company officials the circumstances
and business judgment and planning upon which the decision to make this change in the method of accounting was based.
We
have not audited any financial statements of the Company as of any date or for any period subsequent to December 31, 2022, nor have we
audited the information set forth in the aforementioned Note 2 to the condensed financial statements; accordingly, we do not express
an opinion concerning the factual information contained therein.
With
regard to the aforementioned accounting change, authoritative criteria have not been established for evaluating the preferability of
one acceptable method of accounting over another acceptable method. However, for purposes of the Company’s compliance with the
requirements of the Securities and Exchange Commission, we are furnishing this letter.
Based
on our review and discussion, with reliance on management’s business judgment and planning, we concur that the newly adopted method
of accounting is preferable in the Company’s circumstances.
Very
truly yours, |
|
|
|
/s/
M&K CPAS, PLLC |
|
Exhibit 31.1
CERTIFICATION
I, John P. Campi, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q
of SKYX Platforms Corp.;
2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
(a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;
(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s)
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 9, 2023 |
By: |
/s/ John P. Campi |
|
|
John P. Campi |
|
|
Chief Executive Officer |
|
|
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION
I, Marc-Andre Boisseau, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q
of SKYX Platforms Corp.;
2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant
and have:
(a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;
(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s)
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 9, 2023 |
By: |
/s/ Marc-Andre Boisseau |
|
|
Marc-Andre Boisseau |
|
|
Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q
of SKYX Platforms Corp. (the “Company”) for the quarter ended June 30, 2023, as filed with the Securities and Exchange Commission
on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the
Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
(1) The Report fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2) The information contained in the Report fairly
presents, in all material respects, the financial condition and results of operations of the Company.
Date: August 9, 2023 |
By: |
/s/ John P. Campi |
|
|
John P. Campi |
|
|
Chief Executive Officer |
|
|
(Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q
of SKYX Platforms Corp. (the “Company”) for the quarter ended June 30, 2023, as filed with the Securities and Exchange Commission
on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the
Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
(1) The Report fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2) The information contained in the Report fairly
presents, in all material respects, the financial condition and results of operations of the Company.
Date: August 9, 2023 |
By: |
/s/ Marc-Andre Boisseau |
|
|
Marc-Andre Boisseau |
|
|
Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 03, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
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Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-41276
|
|
Entity Registrant Name |
SKYX
PLATFORMS CORP.
|
|
Entity Central Index Key |
0001598981
|
|
Entity Tax Identification Number |
46-3645414
|
|
Entity Incorporation, State or Country Code |
FL
|
|
Entity Address, Address Line One |
2855
W. McNab Road
|
|
Entity Address, City or Town |
Pompano
Beach
|
|
Entity Address, State or Province |
FL
|
|
Entity Address, Postal Zip Code |
33069
|
|
City Area Code |
(855)
|
|
Local Phone Number |
759-7584
|
|
Title of 12(b) Security |
Common
Stock, no par value per share
|
|
Trading Symbol |
SKYX
|
|
Security Exchange Name |
NASDAQ
|
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Entity Current Reporting Status |
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v3.23.2
Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 18,085,104
|
$ 6,720,543
|
Restricted cash |
2,000,000
|
|
Accounts receivable |
2,481,208
|
|
Investments, available-for-sale |
|
7,373,956
|
Inventory |
4,823,708
|
1,923,540
|
Deferred cost of revenues |
1,296,181
|
|
Prepaid expenses and other assets |
55,514
|
311,618
|
Total current assets |
28,741,715
|
16,329,657
|
Other assets: |
|
|
Furniture and equipment, net |
475,510
|
215,998
|
Restricted cash |
3,611,054
|
2,741,054
|
Right of use assets, net |
22,618,579
|
23,045,293
|
Intangible assets, definite life, net |
9,024,550
|
662,802
|
Goodwill |
15,483,678
|
|
Other assets |
425,282
|
182,306
|
Total other assets |
51,638,653
|
26,847,453
|
Total Assets |
80,380,368
|
43,177,110
|
Current liabilities: |
|
|
Accounts payable and accrued expenses |
11,547,344
|
1,949,823
|
Notes payable, current |
3,003,162
|
405,931
|
Operating lease liabilities, current |
3,493,519
|
1,130,624
|
Royalty obligation |
2,638,000
|
2,638,000
|
Consideration payable |
8,836,591
|
950,000
|
Deferred revenues |
1,662,815
|
|
Convertible notes, current |
1,300,000
|
350,000
|
Total current liabilities |
32,481,431
|
7,424,378
|
Long term liabilities: |
|
|
Notes payable |
151,511
|
4,867,004
|
Operating lease liabilities |
21,562,019
|
22,758,496
|
Convertible notes, net |
5,201,780
|
|
Total long-term liabilities |
26,915,310
|
27,625,500
|
Total liabilities |
59,396,741
|
35,049,878
|
Commitments and Contingent Liabilities: |
|
|
Redeemable preferred stock - subject to redemption: $0 par value; 20,000,000 shares authorized; none and 880,400 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively |
|
220,099
|
Stockholders’ Equity: |
|
|
Common stock and additional paid-in-capital: $0 par value, 500,000,000 shares authorized; and 90,660,148 and 82,907,541shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively |
147,282,469
|
114,039,638
|
Accumulated deficit |
(126,298,842)
|
(106,070,358)
|
Accumulated other comprehensive loss |
|
(62,147)
|
Total stockholders’ equity |
20,983,627
|
7,907,133
|
Non-controlling interest |
|
|
Total equity |
20,983,627
|
7,907,133
|
Total Liabilities and Stockholders’ Equity |
$ 80,380,368
|
$ 43,177,110
|
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v3.23.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Temporary equity, par value |
$ 0
|
$ 0
|
Temporary equity, authorized |
20,000,000
|
20,000,000
|
Temporary equity,issued |
0
|
880,400
|
Temporary equity,outstanding |
0
|
880,400
|
Common stock, par value |
$ 0
|
$ 0
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, shares issued |
90,660,148
|
82,907,541
|
Common stock, shares outstanding |
90,660,148
|
82,907,541
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenue |
$ 14,984,055
|
$ 7,389
|
$ 14,994,080
|
$ 14,360
|
Cost of revenues |
(10,288,643)
|
(6,122)
|
(10,290,111)
|
(11,762)
|
Gross income |
4,695,412
|
1,267
|
4,703,969
|
2,598
|
Selling, general and administrative expenses |
16,946,752
|
4,565,087
|
24,194,957
|
16,512,528
|
Loss from operations |
(12,251,340)
|
(4,563,820)
|
(19,490,988)
|
(16,509,930)
|
Other income / (expense) |
|
|
|
|
Interest expense, net |
(1,218,732)
|
(81,918)
|
(1,939,353)
|
(172,421)
|
Gain on extinguishment of debt |
1,201,857
|
|
1,201,857
|
178,250
|
Total other income (expense), net |
(16,875)
|
(81,918)
|
(737,496)
|
5,829
|
Net loss |
(12,268,215)
|
(4,645,738)
|
(20,228,484)
|
(16,504,101)
|
Common stock issued pursuant to antidilutive provisions |
|
|
|
4,691,022
|
Preferred dividends |
|
6,644
|
|
27,876
|
Non-controlling interest |
|
|
|
|
Net loss attributed to common shareholders |
(12,268,215)
|
(4,652,382)
|
(20,228,484)
|
(21,222,999)
|
Other comprehensive loss: |
4,653
|
|
62,147
|
|
Net Comprehensive loss attributed to common stockholders |
$ (12,263,562)
|
$ (4,652,382)
|
$ (20,166,337)
|
$ (21,222,999)
|
Net loss per share - basic |
$ (0.14)
|
$ (0.06)
|
$ (0.24)
|
$ (0.22)
|
Net loss per share - diluted |
$ (0.14)
|
$ (0.06)
|
$ (0.24)
|
$ (0.22)
|
Weighted average number of common shares outstanding during the period – basic |
86,621,015
|
80,575,955
|
84,843,914
|
76,718,462
|
Weighted average number of common shares outstanding during the period -diluted |
86,621,015
|
80,575,955
|
84,843,914
|
76,718,462
|
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v3.23.2
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)
|
Common Stock [Member] |
Common Stock Including Additional Paid in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
Balance, beginning of period shares at Dec. 31, 2021 |
66,295,288
|
|
|
|
|
Balance, beginning of period at Dec. 31, 2021 |
|
$ 70,880,386
|
$ (74,269,898)
|
|
$ 7,907,133
|
Common stock issued pursuant to offerings, shares |
1,650,000
|
|
|
|
|
Common stock issued pursuant to services, shares |
542,949
|
|
|
|
|
Common stock issued pursuant to conversion of preferred stock, shares |
11,376,536
|
|
|
|
|
Common stock issued pursuant to exercise of options and warrants |
$ 853,640
|
282,625
|
|
|
|
Common stock issued pursuant to acquisition, shares |
|
|
|
|
|
Common stock issued pursuant to antidilutive provisions, shares |
335,073
|
|
|
|
|
Common stock issued pursuant to extinguishment of debt, shares |
|
|
|
|
|
Common stock issued pursuant to stock offering |
|
20,552,000
|
|
|
|
Common stock issued pursuant to services |
|
11,194,200
|
|
|
|
Common stock issued pursuant to conversion of preferred stock |
|
2,844,134
|
|
|
|
Debt discount |
|
|
|
|
|
Common stock issued pursuant to acquisition |
|
|
|
|
|
Common stock issued pursuant to extinguishment of debt |
|
|
|
|
|
Common stock issued pursuant to antidilutive provisions |
|
4,691,022
|
4,691,022
|
|
4,691,022
|
Net loss |
|
|
(16,504,101)
|
|
(16,504,101)
|
Non-controlling interest |
|
|
(35,442)
|
|
|
Common stock issued pursuant to antidilutive provisions |
|
(4,691,022)
|
(4,691,022)
|
|
(4,691,022)
|
Preferred dividends |
|
|
(27,876)
|
|
|
Other comprehensive income |
|
|
|
|
|
Balance, ending of period shares at Jun. 30, 2022 |
81,053,486
|
|
|
|
|
Balance, ending of period at Jun. 30, 2022 |
|
110,444,367
|
(95,528,339)
|
|
14,916,028
|
Balance, beginning of period shares at Mar. 31, 2022 |
79,217,056
|
|
|
|
|
Balance, beginning of period at Mar. 31, 2022 |
|
107,595,436
|
(90,875,958)
|
|
7,907,133
|
Common stock issued pursuant to offerings, shares |
|
|
|
|
|
Common stock issued pursuant to services, shares |
94,540
|
|
|
|
|
Common stock issued pursuant to conversion of preferred stock, shares |
1,400,000
|
|
|
|
|
Common stock issued pursuant to exercise of options and warrants |
$ 341,890
|
72,625
|
|
|
|
Common stock issued pursuant to acquisition, shares |
|
|
|
|
|
Common stock issued pursuant to antidilutive provisions, shares |
|
|
|
|
|
Common stock issued pursuant to extinguishment of debt, shares |
|
|
|
|
|
Common stock issued pursuant to stock offering |
|
|
|
|
|
Common stock issued pursuant to services |
|
2,426,306
|
|
|
|
Common stock issued pursuant to conversion of preferred stock |
|
350,000
|
|
|
|
Debt discount |
|
|
|
|
|
Common stock issued pursuant to acquisition |
|
|
|
|
|
Common stock issued pursuant to extinguishment of debt |
|
|
|
|
|
Common stock issued pursuant to antidilutive provisions |
|
|
|
|
|
Net loss |
|
|
(4,645,738)
|
|
(4,645,738)
|
Non-controlling interest |
|
|
|
|
|
Common stock issued pursuant to antidilutive provisions |
|
|
|
|
|
Preferred dividends |
|
|
(6,644)
|
|
|
Other comprehensive income |
|
|
|
|
|
Balance, ending of period shares at Jun. 30, 2022 |
81,053,486
|
|
|
|
|
Balance, ending of period at Jun. 30, 2022 |
|
110,444,367
|
(95,528,339)
|
|
14,916,028
|
Balance, beginning of period shares at Dec. 31, 2022 |
82,907,541
|
|
|
|
|
Balance, beginning of period at Dec. 31, 2022 |
|
114,039,638
|
(106,070,358)
|
(62,147)
|
7,907,133
|
Common stock issued pursuant to offerings, shares |
2,984,308
|
|
|
|
|
Common stock issued pursuant to services, shares |
1,689,901
|
|
|
|
|
Common stock issued pursuant to conversion of preferred stock, shares |
580,400
|
|
|
|
|
Common stock issued pursuant to exercise of options and warrants |
|
|
|
|
|
Common stock issued pursuant to acquisition, shares |
1,923,285
|
|
|
|
|
Common stock issued pursuant to antidilutive provisions, shares |
|
|
|
|
|
Common stock issued pursuant to extinguishment of debt, shares |
574,713
|
|
|
|
|
Common stock issued pursuant to stock offering |
|
7,446,274
|
|
|
|
Common stock issued pursuant to services |
|
10,638,534
|
|
|
|
Common stock issued pursuant to conversion of preferred stock |
|
220,099
|
|
|
|
Debt discount |
|
5,569,978
|
|
|
|
Common stock issued pursuant to acquisition |
|
7,327,716
|
|
|
|
Common stock issued pursuant to extinguishment of debt |
|
2,040,231
|
|
|
|
Common stock issued pursuant to antidilutive provisions |
|
|
|
|
|
Net loss |
|
|
(20,228,484)
|
|
(20,228,484)
|
Non-controlling interest |
|
|
|
|
|
Common stock issued pursuant to antidilutive provisions |
|
|
|
|
|
Preferred dividends |
|
|
|
|
|
Other comprehensive income |
|
|
|
62,147
|
|
Balance, ending of period shares at Jun. 30, 2023 |
90,660,148
|
|
|
|
|
Balance, ending of period at Jun. 30, 2023 |
|
147,282,469
|
(126,298,842)
|
|
20,983,627
|
Balance, beginning of period shares at Mar. 31, 2023 |
83,189,729
|
|
|
|
|
Balance, beginning of period at Mar. 31, 2023 |
|
122,573,318
|
(114,040,627)
|
(4,653)
|
20,983,627
|
Common stock issued pursuant to offerings, shares |
2,984,308
|
|
|
|
|
Common stock issued pursuant to services, shares |
1,407,713
|
|
|
|
|
Common stock issued pursuant to conversion of preferred stock, shares |
580,400
|
|
|
|
|
Common stock issued pursuant to exercise of options and warrants |
|
|
|
|
|
Common stock issued pursuant to acquisition, shares |
1,923,285
|
|
|
|
|
Common stock issued pursuant to antidilutive provisions, shares |
|
|
|
|
|
Common stock issued pursuant to extinguishment of debt, shares |
574,713
|
|
|
|
|
Common stock issued pursuant to stock offering |
|
7,446,274
|
|
|
|
Common stock issued pursuant to services |
|
7,674,832
|
|
|
|
Common stock issued pursuant to conversion of preferred stock |
|
220,099
|
|
|
|
Debt discount |
|
|
|
|
|
Common stock issued pursuant to acquisition |
|
7,327,716
|
|
|
|
Common stock issued pursuant to extinguishment of debt |
|
2,040,231
|
|
|
|
Common stock issued pursuant to antidilutive provisions |
|
|
|
|
|
Net loss |
|
|
(12,268,215)
|
|
(12,268,215)
|
Non-controlling interest |
|
|
|
|
|
Common stock issued pursuant to antidilutive provisions |
|
|
|
|
|
Preferred dividends |
|
|
|
|
|
Other comprehensive income |
|
|
|
4,653
|
|
Balance, ending of period shares at Jun. 30, 2023 |
90,660,148
|
|
|
|
|
Balance, ending of period at Jun. 30, 2023 |
|
$ 147,282,469
|
$ (126,298,842)
|
|
$ 20,983,627
|
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v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (20,228,484)
|
$ (16,504,101)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
1,031,732
|
46,988
|
Gain on forgiveness of debt |
(1,201,857)
|
(178,250)
|
Amortization of debt discount |
520,349
|
|
Share-based payments |
10,638,534
|
11,194,200
|
Change in operating assets and liabilities: |
|
|
Inventory |
(1,114,063)
|
(334,543)
|
Accounts receivable |
40,551
|
|
Prepaid expenses and other assets |
449,358
|
(979,607)
|
Deferred charges |
186,900
|
|
Deferred revenues |
(266,218)
|
|
Operating lease liabilities |
(199,417)
|
|
Accretion operating lease liabilities |
798,229
|
|
Other assets |
|
(117,234)
|
Royalty obligation |
|
(600,000)
|
Accounts payable and accrued expenses |
2,700,311
|
1,269,243
|
Net cash used in operating activities |
(6,644,075)
|
(6,203,304)
|
Cash flows from investing activities: |
|
|
Purchase of debt securities |
(136,033)
|
|
Proceeds from disposition of debt securities |
7,572,136
|
|
Acquisition, net of cash acquired |
(4,206,200)
|
|
Purchase of property and equipment |
|
(262,748)
|
Payment of patent costs and other intangibles |
|
(82,608)
|
Net cash provided by (used in) investing activities |
3,229,903
|
(345,356)
|
Cash flows from financing activities: |
|
|
Proceeds from issuance of common stock- offerings |
7,826,045
|
23,100,000
|
Placement costs |
(379,772)
|
(2,556,000)
|
Proceeds from exercise of options and warrants |
|
290,625
|
Proceeds from line of credit |
2,000,000
|
|
Proceeds from issuance of convertible notes |
10,350,000
|
|
Dividends paid |
|
(27,876)
|
Principal repayments of notes payable |
(2,147,900)
|
(1,664)
|
Net cash provided by financing activities |
17,648,373
|
20,805,085
|
Increase in cash, cash equivalents and restricted cash |
14,234,201
|
14,256,425
|
Cash, cash equivalents, and restricted cash at beginning of period |
9,461,957
|
10,426,249
|
Cash, cash equivalents and restricted cash at end of period |
23,696,158
|
24,682,674
|
Supplementary disclosure of non-cash financing activities: |
|
|
Preferred stock conversion to common |
220,099
|
2,844,134
|
Assets acquired excluding identifiable intangible assets and goodwill and cash |
7,090,094
|
|
Liabilities assumed and consideration payable |
19,439,856
|
|
Identifiable intangible assets and goodwill, net of cash outlay |
19,677,478
|
|
Debt discount |
5,569,978
|
|
Fair value of shares issued pursuant to antidilutive provisions |
|
4,691,022
|
Fair value of shares issued pursuant to extinguishment of debt |
2,040,231
|
|
Cash paid during the period for: |
|
|
Interest |
$ 437,995
|
$ 281,141
|
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v3.23.2
ORGANIZATION AND NATURE OF OPERATIONS
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND NATURE OF OPERATIONS |
NOTE
1 ORGANIZATION AND NATURE OF OPERATIONS
SKYX
Platforms Corp., a corporation (the “Company”), was incorporated in Florida in May 2004.
The
Company maintains offices in Johns Creek, Georgia, Miami and Pompano Beach, Florida, New York City, and Guangdong Province, China.
The
Company has a series of advanced-safe smart platform technologies. The Company’s first-generation technologies enable light fixtures,
ceiling fans and other electrically wired products to be installed safely and plugged-in into a ceiling’s electrical outlet box
within seconds, and without the need to touch hazardous wires. The plug and play technology method is a universal power-plug device that
has a matching receptacle that is simply connected to the electrical outlet box on the ceiling, enabling a safe and quick plug and play
installation of light fixtures and ceiling fans in just seconds. The plug and play power-plug technology eliminates the need to touch
hazardous electrical wires while installing light fixtures, ceiling fans and other hard wired electrical products. In recent years, the
Company has expanded the capabilities of its power-plug product, to include advanced safe and quick universal installation methods, as
well as advanced smart capabilities. The smart features include control of light fixtures and ceiling fans by the SkyHome App, through
WIFI, Bluetooth Low Energy and voice control. It allows scheduling, energy savings eco mode, dimming, back-up emergency light, night
light, light color changing and much more. The Company’s second-generation technology is an all-in-one safe and smart advanced
platform that is designed to enhance all-around safety and lifestyle of homes and other buildings.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles
in the United States (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Rule 8-03 of Regulation
S-X. Accordingly, they do not include all of the information and disclosures required for annual financial statements. In the opinion
of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
The consolidated financial statements as of June 30, 2023 and for the three months ended June 30, 2023 and 2022 are unaudited. The results
of operations for the interim periods are not necessarily indicative of the results of operations for the respective fiscal years. The
consolidated statement of financial condition at December 31, 2022 has been derived from the audited financial statements at that date
but does not include all the information and notes required by GAAP for complete financial statement presentation. The accompanying consolidated
financial information should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December
31, 2022 for additional disclosures and accounting policies.
Reclassifications
For
comparability, reclassifications of certain prior-year balances were made to conform with current-year presentations, such as certain
expenses previously included in cost of revenues and reclassified as sales, general, and administrative expenses in 2022.
Basis
of Consolidation
The
unaudited consolidated financial statements include the results of the Company and one of its subsidiaries, SQL Lighting and Fans LLC
from January 1, 2022 and the results from its remaining subsidiaries, Belami, Inc., BEC, CA 1, Inc., BEC CA 2, LLC, Luna BEC, Inc., and
Confero Group LLC from April 28 to June 30, 2023. All intercompany balances and transactions have been eliminated in consolidation.
Business
Combination
The
Company accounts for its business acquisitions under the acquisition method of accounting. This method requires recording of acquired
assets and assumed liabilities at their acquisition date fair values. The excess of the purchase price over the fair value of the assets
acquired and liabilities assumed is recorded as goodwill. Results of operations related to the business combination are included prospectively
beginning with the date of acquisition and transaction costs and transaction costs related to business combinations are recorded within
selling, general, and administrative expenses.
The
Company acquired the outstanding units of Belami, Inc (“Belami”) and its subsidiaries on April 28, 2023. Belami is an online
retailer and e-commerce provider specializing in home lighting, ceiling fans, and other home furnishings. The initial allocation of purchase
price is subject to adjustment through April 2024. The Company is in initial discussion with the sellers to determine certain assets
acquired and assumed liabilities which are the basis of adjustments to retained earnings and working capital. The initial allocation
of the purchase price is as follows:
SCHEDULE
OF INITIAL ALLOCATION OF THE PURCHASE PRICE
| |
| | |
Assets acquired excluding identifiable intangible assets and goodwill | |
$ | 7,090,094 | |
Customer relationships | |
| 4,500,000 | |
E-commerce technology platforms | |
| 3,900,000 | |
Goodwill | |
| 15,252,420 | |
Assumed liabilities | |
| (10,462,590 | ) |
| |
| | |
Total Assets Acquired | |
$ | 20,271,916 | |
Consideration: | |
| | |
Cash outlay, net of cash acquired | |
$ | 4,206,200 | |
Consideration payable | |
| 8,738,000 | |
Shares of common stock issued at initial closing | |
| 7,327,716 | |
Total purchase price | |
$ | 20,271,916 | |
Consideration
payable primarily consists of the fair value of cash and shares of the Company’s stock amounting to $3.2 million and $5.5 million
payable in April 2024 and $750,000 cash, held in escrow, payable in July 2024. The consideration payable is discounted using an effective
rate of 6%.
The
goodwill recognized, none of which is deductible for income tax purposes, is attributable to the assembled workforce of Belami and to
expected synergies and other benefits that the Company believes will result from combining its operations with Belami’s. The intangible
assets recognized are primarily attributable to expected increased margins that the Company believes will result from Belami’s
existing customer relationships and increased margins from the e-commerce technology platforms Belami has developed over the years.
Cash,
Cash Equivalents, and Restricted Cash
The
Company considers all highly liquid securities with original maturities of three months or less when acquired to be cash equivalents.
At June 30, 2023 and December 31, 2022, the Company’s cash composition was as follows:
SCHEDULE
OF CASH EQUIVALENTS AND RESTRICTED CASH
| |
June
30, 2023 | | |
December 31, 2022 | |
Cash and cash equivalents | |
$ | 18,085,104 | | |
$ | 6,720,543 | |
Restricted cash | |
| 5,611,054 | | |
| 2,741,054 | |
Total cash, cash equivalents and restricted cash | |
$ | 23,696,158 | | |
$ | 9,461,597 | |
Restricted
Assets
The
Company issued a letter of credit of $2.7 million in September 2022 to use as collateral for certain obligations to one of its lessors.
The letter of credit was issued by a financial institution and was secured by cash of $2.7 million as of June 30, 2023 and December 31,
2022. Additionally, pursuant to the Company’s acquisition of Belami, Inc., the Company placed $750,000 in an escrow account. Furthermore,
the Company secured a line of credit of $2.0 million with cash of the equivalent amount.
Customer
Contracts Balances
Accounts
receivable are recorded in the period when the right to receive payment or other consideration becomes unconditional. Accounts receivable
are recorded at the invoiced amount and are not interest bearing. The Company maintains an allowance for doubtful accounts based upon
an estimate of probable credit losses in existing accounts receivable. The majority of the Company’s accounts receivable are from
third-party payers and are paid within a few days from the order date. The Company determines the allowance based upon individual accounts
when information indicates the customers may have an inability to meet their financial obligations, historical experience, and currently
available evidence. As of June 30, 2023, and December 31, 2022, the Company’s allowance for doubtful accounts was $37,088 and $0,
respectively. The Company determines an allowance for sales returns based upon historical experience. As of June 30, 2023 and December
31, 2022, the Company’s allowance for sales returns was $393,820 and $0, respectively and is recorded as an accrued expenses in
the accompanying consolidated financial statements.
The
Company defers the revenue related to undelivered customer orders for which it was paid or has a right to be paid at each measurement
date. Such amounts are recognized as deferred revenues in the accompanying unaudited balance sheet. As of June 30, 2023, the deferred
revenues amounted to $1,662,815. There were no deferred revenues as of December 31, 2022.
The
costs associated with such deferred revenues are recognized as deferred charges in the accompanying unaudited balance sheet. Such charges
include the carrying value of related inventory, freight, and sales charges. The deferred charges amounted to $1,296,181 as of June 30,
2023. There were no deferred charges as of December 31, 2022.
Inventory
Inventories
are stated at the lower of cost, determined on the first-in, first-out (FIFO) method. Cost principally consists of the purchase price
(adjusted for lower of cost or market), customs, duties, and freight. The Company periodically reviews historical sales activity to determine
potentially obsolete items and evaluates the impact of any anticipated changes in future demand.
SCHEDULE
OF INVENTORY
| |
June
30, 2023 | | |
December 31, 2022 | |
Inventory, component parts | |
$ | 2,269,355 | | |
$ | 1,923,540 | |
Inventory, finished goods | |
| 2,554,353 | | |
| — | |
Total inventory | |
$ | 4,823,708 | | |
$ | 1,923,540 | |
Intangible
Assets
Intangible
assets were recorded in connection with the acquisition of Belami. Intangible assets with finite lives, which consist of customer relationships
and e-commerce technology platforms, are being amortized over their estimated useful lives on a straight-line basis. Such intangible
assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
The Company assesses the recoverability of its intangible assets by determining whether the unamortized balance can be recovered over
the assets’ remaining estimated useful life through undiscounted estimated future cash flows. If undiscounted estimated future
cash flows indicate that the unamortized amounts will not be recovered, an adjustment will be made to reduce such amounts to fair value
based on estimated future cash flows discounted at a rate commensurate with the risk associated with achieving such cash flows. Estimated
future cash flows are based on trends of historical performance and the Company’s estimate of future performance, considering existing
and anticipated competitive and economic conditions.
Goodwill
Goodwill,
which was recorded in connection with the acquisition of Belami, is not subject to amortization and is tested for impairment annually,
or more frequently if events or changes in circumstances indicate that the asset may be impaired. Goodwill represents the excess of the
purchase price of Belami over the fair value of its identifiable net assets acquired. Goodwill is tested for impairment at the reporting
unit level. Fair value is typically based upon estimated future cash flows discounted at a rate commensurate with the risk involved or
market-based comparables. If the carrying amount of the reporting unit’s net assets exceeds its fair value, then an analysis will
be performed to compare the implied fair value of goodwill with the carrying amount of goodwill. An impairment loss will be recognized
in an amount equal to the excess of the carrying amount over its implied fair value. After an impairment loss is recognized, the adjusted
carrying amount of goodwill is its new accounting basis. Accounting guidance on the testing of goodwill for impairment allows entities
testing goodwill for impairment the option of performing a qualitative assessment to determine the likelihood of goodwill impairment
and whether it is necessary to perform such two-step impairment test.
The
initial carrying value of goodwill associated with the Belami acquisition may vary during the first year of initial purchase (through
April 2024) if the carrying value of the assets acquired or assumed liabilities or the fair value of the shares issuable in April 2024
varies from the initial allocation of asset performed this quarter.
Revenue
Recognition
The
Company currently generates revenues substantially from home lighting and ceiling fans through its family of internet sites and marketplaces.
A substantial portion of the Company’s customers’ orders are made and paid contemporaneously by credit card and shipped through
third-party delivery providers. The Company recognizes revenues once it concludes that the control of the product is transferred to the
customer, which is upon delivery.
The
Company records reductions to revenue for estimated customer sales returns and replacements, net of sales tax. The Company receives rebate
and cooperative allowances based on a percentage of periodic purchases from certain vendors. These vendor considerations are reflected
as a reduction of costs of revenues. The vendor considerations, the rights of returns and replacements are based upon estimates that
are determined by historical experience, contractual terms, and current market conditions. The primary factors affecting the Company’s
accrual for estimated customer rights of returns include estimated customer return rates as well as the number of units shipped that
have a right of return that have not expired as of the measurement date.
Loss
Per Share
Basic
net earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common stock
outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted
average number of common stock, common stock equivalents and potentially dilutive securities outstanding during each period.
The
Company uses the “treasury stock” method to determine whether there is a dilutive effect of outstanding convertible debt,
option, and warrant contracts. For the three months ended June 30, 2023 and 2022, the Company recognized net loss and a dilutive net
loss, and the effect of considering any common stock equivalents would have been antidilutive for the period. Therefore, a separate computation
of diluted earnings (loss) per share is not presented for the periods presented.
The
Company had the following anti-dilutive common stock equivalents at June 30, 2023 and 2022:
SCHEDULE
OF EARNING (LOSS) PER SHARE
| |
June 30, 2023 | | |
June 30, 2022 | |
Stock warrants | |
| 2,063,522 | | |
| 939,895 | |
Stock options | |
| 34,233,900 | | |
| 33,124,982 | |
Convertible notes | |
| 3,536,668 | | |
| 86,668 | |
Preferred stock | |
| - | | |
| 1,880,400 | |
Total | |
| 39,834,090 | | |
| 36,031,945 | |
Recently
Issued Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect
on its consolidated financial statements.
Change
in Accounting Principles
Historically,
the Company recognized its revenues of products shipped by third-party providers upon shipment. During the second quarter of 2023, the
Company believes that it is preferable to recognize the revenues of products shipped by such third-party providers upon delivery. This
revenue recognition method is consistent with the method used by Belami. The change in accounting principle does not significantly impact
on the revenues historically recorded by the Company.
|
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v3.23.2
FURNITURE AND EQUIPMENT
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
FURNITURE AND EQUIPMENT |
NOTE
3 FURNITURE AND EQUIPMENT
Furniture
and equipment consisted of the following:
SCHEDULE
OF FURNITURE AND EQUIPMENT
| |
June 30, 2023 | | |
December 31, 2022 | |
Machinery and equipment | |
$ | 67,419 | | |
$ | 67,419 | |
Computer equipment | |
| 6,846 | | |
| 6,846 | |
Furniture and fixtures | |
| 324,977 | | |
| 36,059 | |
Tooling and production | |
| 548,642 | | |
| 534,204 | |
Leasehold improvements | |
| 30,553 | | |
| 30,553 | |
Total | |
| 978,437 | | |
| 675,081 | |
Less: accumulated depreciation | |
| (502,927 | ) | |
| (459,083 | ) |
Total, net | |
$ | 475,510 | | |
$ | 215,998 | |
Depreciation
expense amounted to $ 64,494 and $9,505 for the six months ended June 30, 2023 and 2022, respectively.
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v3.23.2
INTANGIBLE ASSETS
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS |
NOTE
4 INTANGIBLE ASSETS
The
Company’s definite-lived intangible assets were as follows:
SCHEDULE
OF INTANGIBLE ASSETS
| |
| | |
June 30, 2023 | | |
December 31, 2022 | |
| |
Useful life | | |
Carrying Value | | |
Accumulated Amortization | | |
Net carrying value | | |
Carrying Value | | |
Accumulated Amortization | | |
Net carrying value | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Customer relationships | |
| 7 | | |
$ | 4,500,000 | | |
$ | (107,143 | ) | |
$ | 4,392,857 | | |
$ | - | | |
$ | - | | |
$ | - | |
E-commerce technology platforms | |
| 4 | | |
| 3,900,000 | | |
| (162,500 | ) | |
| 3,737,500 | | |
| - | | |
| - | | |
| - | |
Patents and other | |
| 20 | | |
| 1,115,120 | | |
| (220,927 | ) | |
| 894,193 | | |
| 869,822 | | |
| (207,020 | ) | |
| 662,802 | |
| |
| | | |
$ | 9,515,120 | | |
$ | (490,570 | ) | |
$ | 9,024,550 | | |
$ | 869,822 | | |
$ | (207,020 | ) | |
$ | 662,802 | |
The
amortization expense of intangible assets was $283,550 and $12,395 for the six months ended June 30, 2023, and 2022, respectively.
The
following table sets forth the estimated amortization expense for the following five years:
SCHEDULE
OF INTANGIBLE ASSETS AMORTIZATION EXPENSE
Twelve months ended June 30,2024 | |
| 1,673,613 | |
2025 | |
| 1,673,613 | |
2026 | |
| 1,673,613 | |
2027 | |
| 1,511,113 | |
2028 | |
| 698,613 | |
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v3.23.2
DEBTS
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
DEBTS |
NOTE
5 DEBTS
The
following table presents the details of the principal outstanding:
SCHEDULE
OF DEBT TABLE
| |
June 30, 2023 | | |
December 31, 2022 | | |
APR June 30, 2023 % | | |
Maturity | | |
Collateral |
Notes payable | |
$ | - | | |
$ | 5,115,000 | | |
| N/A | | |
| September 2026 | | |
Substantially all company assets |
| |
| | | |
| | | |
| | | |
| | | |
|
Line of credit (a) | |
| 2,000,000 | | |
| - | | |
| 8.25 | | |
| May 2024 | | |
Cash |
Note payable | |
| 1,000,000 | | |
| - | | |
| 4.86 | | |
| July 2023 | | |
- |
| |
| | | |
| | | |
| | | |
| | | |
|
Convertible Notes (b) | |
| 11,650,000 | | |
| 1,300,000 | | |
| 6.00-10.00 | | |
| September 2023-March 2026 | | |
Substantially all company assets |
PPP Loans (c) | |
| 6,156 | | |
| 7,835 | | |
| 1.00 | | |
| April 2025 | | |
|
Economic Impact Disaster loan | |
| 148,517 | | |
| 150,000 | | |
| 3.75 | | |
| November 2022 | | |
Substantially all company assets |
Total | |
$ | 14,804,673 | | |
$ | 6,572,935 | | |
| | | |
| | | |
|
| |
| | | |
| | | |
| | | |
| | | |
|
Unamortized debt discount | |
$ | (5,148,220 | ) | |
$ | - | | |
| | | |
| | | |
|
| |
| | | |
| | | |
| | | |
| | | |
|
Debt, net of Unamortized debt Discount | |
$ | 9,656,453 | | |
$ | 6,572,935 | | |
| | | |
| | | |
|
SCHEDULE
OF INTEREST EXPENSE
| |
For the six-month period ended June 30, | |
| |
2023 | | |
2022 | |
Interest expense associated with debt | |
| 1,214,920 | | |
| 172,421 | |
As
of June 30, 2023, the expected future principal payments for the Company’s debt are due as follows:
SCHEDULE
OF FUTURE PRINCIPAL PAYMENTS
| |
| | |
Remainder of 2023 | |
| 2,303,162 | |
2024 | |
| 2,006,040 | |
2025 | |
| 3,915 | |
2026 | |
| 10,352,915 | |
2027 | |
| 4,015 | |
2028 and thereafter | |
| 134,626 | |
Total | |
$ | 14,804,673 | |
|
(a) |
The
unpaid principal bears annual interest at the Wall Street Journal prime rate. |
|
|
|
|
(b) |
Included
in Convertible Notes are loans provided to the Company from two directors, an officer and two investors. The notes each have the
following terms: three-year subordinated convertible promissory note of principal face amounts. Subject to other customary terms,
the Convertible Notes mature between September 2023 and January 2024 and bear interest at an annual rate of 6%, which is payable
annually in cash or common stock, at the holder’s discretion. At any time after issuance and prior to or on the maturity date,
the note is convertible at the option of the holder into shares of common stock at a conversion price of $15 per share. |
|
|
All
convertible notes are convertible at a price ranging between $3 and $15 per share. |
|
|
|
|
|
During
the six-month period ended June 30, 2023, the Company issued convertible promissory notes for $10.4 million. As an inducement to
enter the financing transactions, the Company issued 1,391,667 warrants to the note holders at an initial exercise price of $3 per
warrant. The Company recorded a debt discount aggregating $5.6 million which was recognized as debt discount and additional paid-in
capital in the accompanying balance sheet. The Company recognized $278,499 as amortized debt discount during the three-month ended
June 30, 2023, and it is reflected as interest expense in the accompanying unaudited consolidated statement of operations. |
|
|
|
|
(c) |
The
Small Business Administration forgave approximately $178,000 of PPP loans during the six-month period ended June 30, 2022, which
was recognized as other income. |
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v3.23.2
OPERATING LEASE LIABILITIES
|
6 Months Ended |
Jun. 30, 2023 |
Operating Lease Liabilities |
|
OPERATING LEASE LIABILITIES |
NOTE
6 OPERATING LEASE LIABILITIES
In
April 2022, the Company entered a 58-month lease related to certain office and showroom space pursuant to a sublease that expires in
February 2027. The Company recognized a right-of-use asset and a liability of $1,428,764 pursuant to this lease.
In
September 2022, the Company entered a 124-month lease related to its future headquarters offices and showrooms space. The Company recognized
a right-of-use asset and a liability of $22.2 million pursuant to such lease. In connection with the execution of lease, the Company was
required to provide the landlord with a letter of credit in the amount of $2.7 million, which is secured with cash.
The
following table outlines the total lease cost for the Company’s operating leases as well as weighted average information for these
leases as of June 30, 2023:
SCHEDULE
OF LEASE COST OPERATING LEASE
| |
June 30, 2023 | |
Lease costs: | |
| | |
Cash paid for operating lease liabilities | |
$ | 207,130 | |
Right-of-use assets obtained in exchange for new operating lease obligations | |
| 22,618,579 | |
Fixed rent payment | |
$ | 286,401 | |
Lease – Depreciation expense | |
$ | 426,714 | |
| |
June 30, 2023 | |
Other information: | |
| | |
Weighted-average discount rate | |
| 6.41 | % |
Weighted-average remaining lease term (in months) | |
| 108 | |
SCHEDULE
OF MINIMUM LEASE OBLIGATION
| |
| |
Minimum Lease obligation | |
| |
2024 | |
$ | 3,493,519 | |
2025 | |
| 1,898,428 | |
2026 | |
| 2,119,073 | |
2027 | |
| 2,357,033 | |
2028 and thereafter | |
| 15,187,485 | |
Total | |
$ | 25,055,538 | |
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v3.23.2
ROYALTY OBLIGATIONS
|
6 Months Ended |
Jun. 30, 2023 |
Royalty Obligations |
|
ROYALTY OBLIGATIONS |
NOTE
7 ROYALTY OBLIGATIONS
The
Company has a license agreement with General Electric (“GE”) which provides, among other things, for rights to market certain
of the Company’s products displaying the GE brand in consideration of royalty payments to GE. The Company cannot assign the agreement
or sublicense the stated rights. The agreement imposes certain manufacturing and quality control conditions to continue to use the GE
brand. The agreement expires in November 2023.
In
the event the Company receives significant funding rounds of at least $50 million, the Company is required to use a portion of such funding
to pay certain amounts to GE. The Company must make certain fixed and variable royalty payments through the terms of the agreement.
Variable
royalty payments are due quarterly, using a December 1 – November 30 contract year and based upon the prior quarter’s sales.
Royalty payments will be paid from sales of GE branded product subject to the following repayment schedule:
SCHEDULE
OF ROYALTY OBLIGATIONS
Net Sales in Contract Year | |
Percentage of Contract Year Net Sales owed to GE | |
$0 to $50,000,000 | |
| 7 | % |
$50,000,001 to $100,000,000 | |
| 6 | % |
$100,000,000+ | |
| 5 | % |
As
of June 30, 2023 and December 31, 2022, the outstanding balance of the aggregate Minimum Payment was $2,638,000 and it is payable by
December 31, 2023.
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v3.23.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
NOTE
8 ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accrued
expenses consisted of the following:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
June 30, 2023 | | |
December 31, 2022 | |
Accrued interest, convertible notes | |
$ | 512,466 | | |
$ | 104,735 | |
Trade payables | |
| 10,576,562 | | |
| 1,369,701 | |
Accrued compensation | |
| 458,316 | | |
| 475,417 | |
Total | |
$ | 11,547,344 | | |
$ | 1,949,823 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
9 RELATED PARTY TRANSACTIONS
Convertible
Notes Due to Related Parties
Convertible
notes due to related parties represent amounts provided to the Company from two directors and the Chief Executive Officer of the Company.
The outstanding principal on the convertible promissory notes, associated with related parties was $950,000 as of June 30, 2023 and December
31, 2022 and accrued interest of $219,972 and $104,375, respectively.
Initial
Public Offering
The
Company issued 455,353 shares of its common stock to certain directors, officers and greater than 5% stockholders which generated gross
proceeds of $6,374,942 during the six-month period ended June 30, 2022.
The
Company issued 95,386 shares of its common stock to affiliates of certain directors and greater than 5% stockholders pursuant to certain
anti-dilutive provisions during the six-month period ended June 30, 2022. The issuance of such shares was triggered based on the Company’s
effective price of its initial public offering in February 2022.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
10 STOCKHOLDERS’ EQUITY
Common
Stock
The
Company issued the following common stock during the six months ended June 30, 2023 and 2022:
SCHEDULE
OF COMMON STOCK
Transaction Type | |
Shares Issued | | |
Valuation $ | | |
Range of Value Per Share | |
2023 Equity Transactions | |
| | | |
| | | |
| | |
Common stock issued, pursuant to services provided | |
| 1,689,901 | | |
| 10,638,534 | | |
| $2.67-3.49 | |
Common stock issued pursuant to stock at the market offering, gross | |
| 2,984,308 | | |
| 7,826,045 | | |
| 2.55-3.25 | |
Common stock issued pursuant to conversion of preferred stock | |
| 580,400 | | |
| 220,099 | | |
| 0.25 | |
Common stock issued pursuant to acquisition | |
| 1,923,285 | | |
| 7,327,716 | | |
| 3.81 | |
Common stock issued pursuant to extinguishment of debt | |
| 574,713 | | |
| 2,040,231 | | |
| 3.55 | |
Transaction Type | |
Shares Issued | | |
Valuation $ (Issued) | | |
Range of Value Per Share | |
2022 Equity Transactions | |
| | | |
| | | |
| | |
Common stock issued per exercise of options | |
| 435,890 | | |
$ | 282,625 | | |
$ | 0.10 – 14.0 | |
Common stock issued per exercise of warrants, cashless | |
| 416,750 | | |
| — | | |
| — | |
Common stock issued, pursuant to services provided | |
| 542,949 | | |
| 6,167,226 | | |
| 2.0 – 14.0 | |
Conversion of preferred stock | |
| 11,376,536 | | |
| 2,844,134 | | |
| 0.25 | |
Issuance of common stock pursuant to offering, net | |
| 1,650,000 | | |
| 23,100,000 | | |
| 14.0 | |
Issuance of common stock, pursuant to anti-dilutive provisions | |
| 335,073 | | |
| 4,691,022 | | |
| 14.0 | |
The
Company issued 335,073 shares of its common stock to certain stockholders during the six-month period ended June 30, 2022. The issuance
of such shares was triggered based on the Company’s effective price of its initial public offering. The shares were recorded as
an increase in common stock and additional paid-in capital and accumulated deficit during the period, using the fair value of the shares
at the date of issuance.
The
Company satisfied its obligations under a note payable, initially maturing in September 2026, amounting to $6.2 million during April 2023. The Company paid $2 million and issued
574,713 shares of its common stock to satisfy such obligations, which generated a gain on extinguishment of debt of $1,201,857.
Preferred
Stock
The
Series A Preferred Stock was convertible at the holder’s option. The Company could repurchase shares of the Preferred Stock for
$3.50 per share. Holders also have a put option, allowing them to sell their shares of Preferred Stock back to the Company at $0.25 per
share, and therefore the stock is classified as Mezzanine equity rather than permanent equity. The Company paid dividends in the amount
of $27,876 to the Preferred Stock shareholders during the six-month period ended June 30, 2022.
Holders
of preferred stock converted 880,400 shares and 9,976,536 shares of preferred stock in the shares of common stock during the six-month
ended June 30, 2023 and 2022, respectively. There were no shares of Series A Preferred Stock outstanding at June 30, 2023 and the Company
terminated its designation of the Series A Preferred Stock. The Company has not designated any other preferred stock as of June 30, 2023.
Restricted
Stock
A
summary of the Company’s non-vested restricted stock units during the six-month ended June 30, 2023 and 2022 are as follows:
SCHEDULE OF NON-VESTED RESTRICTED STOCK
| |
Shares | | |
Weighted Average Grant Due Fair Value | |
Non-vested restricted stock units, January 1, 2023 | |
$ | 2,516,461 | | |
$ | 8.39 | |
Granted | |
| 2,955,900 | | |
| 3.08 | |
Vested | |
| (1,689,901 | ) | |
| 5.27 | |
Forfeited | |
| (227,891 | ) | |
| 10.71 | |
Non-Vested restricted stock units, June 30, 2023 | |
| 3,554,569 | | |
| 5.27 | |
| |
| | | |
| | |
Non-vested restricted stock units, January 1, 2022 | |
| 770,500 | | |
| 3.31 | |
Granted | |
| 1,641,393 | | |
| 12.03 | |
Vested | |
| (453,893 | ) | |
| 8.44 | |
Forfeited | |
| - | | |
| - | |
Non-vested restricted stock units on June 30, 2022 | |
| 1,958,000 | | |
| 9.43 | |
One
RSU and RSA gives the right to one share of the Company’s common stock. RSU and RSAs that vest based on service and performance
are measured based on the fair values of the underlying stock on the date of grant. The Company used a Lattice model to determine the
fair value of the RSU with a market condition. Compensation with respect to RSU and RSA awards is expensed on a straight-line basis over
the vesting period.
Stock
Options
The
following is a summary of the Company’s stock option activity during the six-month periods ended June 30, 2023 and 2022:
SCHEDULE OF STOCK OPTION ACTIVITY
Options | |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life (In Years) | | |
Aggregate Intrinsic Value | |
Outstanding, January 1, 2023 | |
| 33,289,250 | | |
$ | 7.7 | | |
| - | | |
$ | 6,472,400 | |
Exercised | |
| (481,250 | ) | |
| 1.34 | | |
| –– | | |
$ | –– | |
Awards Granted in Period | |
| 1,370,150 | | |
| 3.3 | | |
| - | | |
| - | |
Forfeited | |
| (1,693,750 | ) | |
| - | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Awards expired | |
| (425,500 | ) | |
$ | 4.0 | | |
| - | | |
| - | |
| |
| | | |
| - | | |
| - | | |
| - | |
Outstanding, June 30, 2023 | |
| 34,233,900 | | |
$ | 7.6 | | |
| 3.15 | | |
$ | 6,472,400 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, June 30, 2023 | |
| 12,847,747 | | |
$ | 4.4 | | |
| 2.47 | | |
$ | 6,472,400 | |
Options | |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life (In Years) | | |
Aggregate Intrinsic Value | |
Outstanding, January 1, 2022 | |
| 21,927,182 | | |
$ | 3.36 | | |
| 4.07 | | |
$ | 5,990,800 | |
Exercised | |
| (481,250 | ) | |
| 1.34 | | |
| –– | | |
$ | –– | |
Granted | |
| 13,372,500 | | |
| 11.92 | | |
| –– | | |
| | |
Forfeited | |
| (1,693,750 | ) | |
| - | | |
| | | |
| | |
Outstanding, June 30, 2022 | |
| 33,124,982 | | |
$ | 7.70 | | |
| 3.86 | | |
$ | 2,802,488 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, June 30, 2022 | |
| 23,313,995 | | |
$ | 5.96 | | |
| 3.34 | | |
$ | 2,952,013 | |
Warrants
Issued
The
following is a summary of the Company’s warrant activity during the three-month periods ended June 30, 2023 and 2022:
SCHEDULE
OF WARRANT ACTIVITY
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance, January 1, 2023 | |
| 671,855 | | |
$ | 11.5 | |
Issued | |
| 1,391,667 | | |
| 3.0 | |
Exercised | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | |
Balance, June 30, 2023 | |
| 2,063,522 | | |
$ | 5.76 | |
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance, January 1, 2022 | |
| 2,127,895 | | |
$ | 5.4 | |
Exercised | |
| (535,000 | ) | |
| — | |
Issued | |
| 132,000 | | |
| 18.2 | |
Forfeited | |
| (785,000 | ) | |
| | |
Balance, June 30, 2022 | |
| 939,895 | | |
$ | 9.66 | |
Assumptions-
Fair Value of Warrants and Options
The
Company issued options in connection for services during the six-month period ended June 30, 2023 and June 30, 2022. The Company issued
warrants in connection with certain convertible promissory notes during the six-month period ended June 30, 2023, which are considered
inducements to enter in debt transactions and are recognized as debt discount at fair value. The following table summarizes the range
of the Black Scholes pricing model assumptions used by the Company to value certain warrants issued during the six-month period ended
June 30, 2023 and options granted during the six-month period ended June 30, 2023 and 2022:
SCHEDULE
OF OPTIONS GRANTED UNDER BLACK SCHOLES PRICING MODEL ASSUMPTIONS
|
|
June
30, 2023 |
|
|
June
30, 2022 |
|
|
|
Range |
|
|
Range |
|
Stock
price |
|
$ |
3.74-3.84 |
|
|
$ |
2.0-14.0 |
|
Exercise
price |
|
$ |
3.74-3.84 |
|
|
$ |
2.0-14.0 |
|
Expected
life (in years) |
|
|
3.5-5
yrs. |
|
|
|
5
yrs. |
|
Volatility |
|
|
48-54 |
% |
|
|
40-54 |
% |
Risk-fee
interest rate |
|
|
3.51-5.02 |
% |
|
|
1.37-1.96 |
% |
Dividend
yield |
|
|
— |
|
|
|
— |
|
The
Company cannot use its historical volatility as expected volatility because there is not enough liquidity in the trades of common stock
during a term comparable to the expected term of stock option issued. The Company relies on the expected volatility of comparable publicly
traded companies within its industry sector, which is deemed more relevant, to compute its expected volatility.
Unamortized
future option expense was $39.1 million at June 30, 2023 and it is expected to be recognized over a weighted-average period of 3.6 years.
Share-based
payments amounted to $ and $11,194,200 during the six-month periods ended June 30, 2023 and 2022, respectively.
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v3.23.2
CONCENTRATIONS OF RISKS
|
6 Months Ended |
Jun. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATIONS OF RISKS |
NOTE
11 CONCENTRATIONS OF RISKS
Major
Customers
The
Company had no customers whose revenue individually represented 10% or more of the Company’s total revenue. The Company had one
third-party payor accounts receivable balance representing 24% of the Company’s total accounts receivable at June 30, 2023.
Liquidity
The
Company’s cash and cash equivalents are held primarily with two financial institutions. The Company has deposits which exceed the
amount insured by the FDIC. To reduce the risk associated with the failure of such counterparties, the Company periodically evaluates
the credit quality of the financial institutions in which it holds deposits.
Product
and Geographic Markets
The
Company generates its income primarily from its lighting and heating products sold primarily in the United States.
|
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v3.23.2
PROFORMA FINANCIAL STATEMENTS (unaudited)
|
6 Months Ended |
Jun. 30, 2023 |
Proforma Financial Statements |
|
PROFORMA FINANCIAL STATEMENTS (unaudited) |
NOTE
12 PROFORMA FINANCIAL STATEMENTS (unaudited)
The
following pro forma consolidated results of operations have been prepared as if the acquisition occurred on January 1, 2022:
SCHEDULE
OF PROFORMA CONSOLIDATED RESULTS OF OPERATION
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three-month period ended
June 30, | | |
Six-month period ended
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenues | |
$ | 20,416,569 | | |
$ | 22,823,349 | | |
$ | 39,031,541 | | |
$ | 45,654,773 | |
Net loss | |
$ | (10,362,183 | ) | |
$ | (4,984,413 | ) | |
$ | (18,802,429 | ) | |
$ | (16,852,888 | ) |
Basic and diluted loss per share | |
$ | (0.11 | ) | |
$ | (0.06 | ) | |
$ | (0.20 | ) | |
$ | (0.20 | ) |
Weighted average number of shares outstanding- basic and diluted | |
| 93,874,115 | | |
| 87,829,055 | | |
| 92,097,014 | | |
| 83,971,562 | |
These
pro forma amounts have been calculated after applying the Company’s accounting policies and adjusting the results to reflect, among
other things, 1) additional amortization that would have been charged assuming the fair value adjustments to amortizable intangible assets
had been applied, 2) the shares issued and issuable by the Company to acquire Belami, 3) fair value of the initial grant and options
to Belami employees, and 4) the increase in interest expense related to the issuance of convertible notes payable, including amortization
of debt discount. Furthermore, it excludes transaction costs related to the Belami acquisition. These pro forma results of operations
have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that would have
resulted had the acquisition occurred on the date indicated or that may result in the future.
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
13 SUBSEQUENT EVENTS
Management
has evaluated subsequent events through August 9, 2023, which is the date the consolidated financial statements were available to be
issued. There were no subsequent events that required adjustment to or disclosure in the consolidated financial statements.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles
in the United States (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Rule 8-03 of Regulation
S-X. Accordingly, they do not include all of the information and disclosures required for annual financial statements. In the opinion
of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
The consolidated financial statements as of June 30, 2023 and for the three months ended June 30, 2023 and 2022 are unaudited. The results
of operations for the interim periods are not necessarily indicative of the results of operations for the respective fiscal years. The
consolidated statement of financial condition at December 31, 2022 has been derived from the audited financial statements at that date
but does not include all the information and notes required by GAAP for complete financial statement presentation. The accompanying consolidated
financial information should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December
31, 2022 for additional disclosures and accounting policies.
|
Reclassifications |
Reclassifications
For
comparability, reclassifications of certain prior-year balances were made to conform with current-year presentations, such as certain
expenses previously included in cost of revenues and reclassified as sales, general, and administrative expenses in 2022.
|
Basis of Consolidation |
Basis
of Consolidation
The
unaudited consolidated financial statements include the results of the Company and one of its subsidiaries, SQL Lighting and Fans LLC
from January 1, 2022 and the results from its remaining subsidiaries, Belami, Inc., BEC, CA 1, Inc., BEC CA 2, LLC, Luna BEC, Inc., and
Confero Group LLC from April 28 to June 30, 2023. All intercompany balances and transactions have been eliminated in consolidation.
|
Business Combination |
Business
Combination
The
Company accounts for its business acquisitions under the acquisition method of accounting. This method requires recording of acquired
assets and assumed liabilities at their acquisition date fair values. The excess of the purchase price over the fair value of the assets
acquired and liabilities assumed is recorded as goodwill. Results of operations related to the business combination are included prospectively
beginning with the date of acquisition and transaction costs and transaction costs related to business combinations are recorded within
selling, general, and administrative expenses.
The
Company acquired the outstanding units of Belami, Inc (“Belami”) and its subsidiaries on April 28, 2023. Belami is an online
retailer and e-commerce provider specializing in home lighting, ceiling fans, and other home furnishings. The initial allocation of purchase
price is subject to adjustment through April 2024. The Company is in initial discussion with the sellers to determine certain assets
acquired and assumed liabilities which are the basis of adjustments to retained earnings and working capital. The initial allocation
of the purchase price is as follows:
SCHEDULE
OF INITIAL ALLOCATION OF THE PURCHASE PRICE
| |
| | |
Assets acquired excluding identifiable intangible assets and goodwill | |
$ | 7,090,094 | |
Customer relationships | |
| 4,500,000 | |
E-commerce technology platforms | |
| 3,900,000 | |
Goodwill | |
| 15,252,420 | |
Assumed liabilities | |
| (10,462,590 | ) |
| |
| | |
Total Assets Acquired | |
$ | 20,271,916 | |
Consideration: | |
| | |
Cash outlay, net of cash acquired | |
$ | 4,206,200 | |
Consideration payable | |
| 8,738,000 | |
Shares of common stock issued at initial closing | |
| 7,327,716 | |
Total purchase price | |
$ | 20,271,916 | |
Consideration
payable primarily consists of the fair value of cash and shares of the Company’s stock amounting to $3.2 million and $5.5 million
payable in April 2024 and $750,000 cash, held in escrow, payable in July 2024. The consideration payable is discounted using an effective
rate of 6%.
The
goodwill recognized, none of which is deductible for income tax purposes, is attributable to the assembled workforce of Belami and to
expected synergies and other benefits that the Company believes will result from combining its operations with Belami’s. The intangible
assets recognized are primarily attributable to expected increased margins that the Company believes will result from Belami’s
existing customer relationships and increased margins from the e-commerce technology platforms Belami has developed over the years.
|
Cash, Cash Equivalents, and Restricted Cash |
Cash,
Cash Equivalents, and Restricted Cash
The
Company considers all highly liquid securities with original maturities of three months or less when acquired to be cash equivalents.
At June 30, 2023 and December 31, 2022, the Company’s cash composition was as follows:
SCHEDULE
OF CASH EQUIVALENTS AND RESTRICTED CASH
| |
June
30, 2023 | | |
December 31, 2022 | |
Cash and cash equivalents | |
$ | 18,085,104 | | |
$ | 6,720,543 | |
Restricted cash | |
| 5,611,054 | | |
| 2,741,054 | |
Total cash, cash equivalents and restricted cash | |
$ | 23,696,158 | | |
$ | 9,461,597 | |
|
Restricted Assets |
Restricted
Assets
The
Company issued a letter of credit of $2.7 million in September 2022 to use as collateral for certain obligations to one of its lessors.
The letter of credit was issued by a financial institution and was secured by cash of $2.7 million as of June 30, 2023 and December 31,
2022. Additionally, pursuant to the Company’s acquisition of Belami, Inc., the Company placed $750,000 in an escrow account. Furthermore,
the Company secured a line of credit of $2.0 million with cash of the equivalent amount.
|
Customer Contracts Balances |
Customer
Contracts Balances
Accounts
receivable are recorded in the period when the right to receive payment or other consideration becomes unconditional. Accounts receivable
are recorded at the invoiced amount and are not interest bearing. The Company maintains an allowance for doubtful accounts based upon
an estimate of probable credit losses in existing accounts receivable. The majority of the Company’s accounts receivable are from
third-party payers and are paid within a few days from the order date. The Company determines the allowance based upon individual accounts
when information indicates the customers may have an inability to meet their financial obligations, historical experience, and currently
available evidence. As of June 30, 2023, and December 31, 2022, the Company’s allowance for doubtful accounts was $37,088 and $0,
respectively. The Company determines an allowance for sales returns based upon historical experience. As of June 30, 2023 and December
31, 2022, the Company’s allowance for sales returns was $393,820 and $0, respectively and is recorded as an accrued expenses in
the accompanying consolidated financial statements.
The
Company defers the revenue related to undelivered customer orders for which it was paid or has a right to be paid at each measurement
date. Such amounts are recognized as deferred revenues in the accompanying unaudited balance sheet. As of June 30, 2023, the deferred
revenues amounted to $1,662,815. There were no deferred revenues as of December 31, 2022.
The
costs associated with such deferred revenues are recognized as deferred charges in the accompanying unaudited balance sheet. Such charges
include the carrying value of related inventory, freight, and sales charges. The deferred charges amounted to $1,296,181 as of June 30,
2023. There were no deferred charges as of December 31, 2022.
|
Inventory |
Inventory
Inventories
are stated at the lower of cost, determined on the first-in, first-out (FIFO) method. Cost principally consists of the purchase price
(adjusted for lower of cost or market), customs, duties, and freight. The Company periodically reviews historical sales activity to determine
potentially obsolete items and evaluates the impact of any anticipated changes in future demand.
SCHEDULE
OF INVENTORY
| |
June
30, 2023 | | |
December 31, 2022 | |
Inventory, component parts | |
$ | 2,269,355 | | |
$ | 1,923,540 | |
Inventory, finished goods | |
| 2,554,353 | | |
| — | |
Total inventory | |
$ | 4,823,708 | | |
$ | 1,923,540 | |
|
Intangible Assets |
Intangible
Assets
Intangible
assets were recorded in connection with the acquisition of Belami. Intangible assets with finite lives, which consist of customer relationships
and e-commerce technology platforms, are being amortized over their estimated useful lives on a straight-line basis. Such intangible
assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
The Company assesses the recoverability of its intangible assets by determining whether the unamortized balance can be recovered over
the assets’ remaining estimated useful life through undiscounted estimated future cash flows. If undiscounted estimated future
cash flows indicate that the unamortized amounts will not be recovered, an adjustment will be made to reduce such amounts to fair value
based on estimated future cash flows discounted at a rate commensurate with the risk associated with achieving such cash flows. Estimated
future cash flows are based on trends of historical performance and the Company’s estimate of future performance, considering existing
and anticipated competitive and economic conditions.
|
Goodwill |
Goodwill
Goodwill,
which was recorded in connection with the acquisition of Belami, is not subject to amortization and is tested for impairment annually,
or more frequently if events or changes in circumstances indicate that the asset may be impaired. Goodwill represents the excess of the
purchase price of Belami over the fair value of its identifiable net assets acquired. Goodwill is tested for impairment at the reporting
unit level. Fair value is typically based upon estimated future cash flows discounted at a rate commensurate with the risk involved or
market-based comparables. If the carrying amount of the reporting unit’s net assets exceeds its fair value, then an analysis will
be performed to compare the implied fair value of goodwill with the carrying amount of goodwill. An impairment loss will be recognized
in an amount equal to the excess of the carrying amount over its implied fair value. After an impairment loss is recognized, the adjusted
carrying amount of goodwill is its new accounting basis. Accounting guidance on the testing of goodwill for impairment allows entities
testing goodwill for impairment the option of performing a qualitative assessment to determine the likelihood of goodwill impairment
and whether it is necessary to perform such two-step impairment test.
The
initial carrying value of goodwill associated with the Belami acquisition may vary during the first year of initial purchase (through
April 2024) if the carrying value of the assets acquired or assumed liabilities or the fair value of the shares issuable in April 2024
varies from the initial allocation of asset performed this quarter.
|
Revenue Recognition |
Revenue
Recognition
The
Company currently generates revenues substantially from home lighting and ceiling fans through its family of internet sites and marketplaces.
A substantial portion of the Company’s customers’ orders are made and paid contemporaneously by credit card and shipped through
third-party delivery providers. The Company recognizes revenues once it concludes that the control of the product is transferred to the
customer, which is upon delivery.
The
Company records reductions to revenue for estimated customer sales returns and replacements, net of sales tax. The Company receives rebate
and cooperative allowances based on a percentage of periodic purchases from certain vendors. These vendor considerations are reflected
as a reduction of costs of revenues. The vendor considerations, the rights of returns and replacements are based upon estimates that
are determined by historical experience, contractual terms, and current market conditions. The primary factors affecting the Company’s
accrual for estimated customer rights of returns include estimated customer return rates as well as the number of units shipped that
have a right of return that have not expired as of the measurement date.
|
Loss Per Share |
Loss
Per Share
Basic
net earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common stock
outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted
average number of common stock, common stock equivalents and potentially dilutive securities outstanding during each period.
The
Company uses the “treasury stock” method to determine whether there is a dilutive effect of outstanding convertible debt,
option, and warrant contracts. For the three months ended June 30, 2023 and 2022, the Company recognized net loss and a dilutive net
loss, and the effect of considering any common stock equivalents would have been antidilutive for the period. Therefore, a separate computation
of diluted earnings (loss) per share is not presented for the periods presented.
The
Company had the following anti-dilutive common stock equivalents at June 30, 2023 and 2022:
SCHEDULE
OF EARNING (LOSS) PER SHARE
| |
June 30, 2023 | | |
June 30, 2022 | |
Stock warrants | |
| 2,063,522 | | |
| 939,895 | |
Stock options | |
| 34,233,900 | | |
| 33,124,982 | |
Convertible notes | |
| 3,536,668 | | |
| 86,668 | |
Preferred stock | |
| - | | |
| 1,880,400 | |
Total | |
| 39,834,090 | | |
| 36,031,945 | |
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect
on its consolidated financial statements.
|
Change in Accounting Principles |
Change
in Accounting Principles
Historically,
the Company recognized its revenues of products shipped by third-party providers upon shipment. During the second quarter of 2023, the
Company believes that it is preferable to recognize the revenues of products shipped by such third-party providers upon delivery. This
revenue recognition method is consistent with the method used by Belami. The change in accounting principle does not significantly impact
on the revenues historically recorded by the Company.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF INITIAL ALLOCATION OF THE PURCHASE PRICE |
SCHEDULE
OF INITIAL ALLOCATION OF THE PURCHASE PRICE
| |
| | |
Assets acquired excluding identifiable intangible assets and goodwill | |
$ | 7,090,094 | |
Customer relationships | |
| 4,500,000 | |
E-commerce technology platforms | |
| 3,900,000 | |
Goodwill | |
| 15,252,420 | |
Assumed liabilities | |
| (10,462,590 | ) |
| |
| | |
Total Assets Acquired | |
$ | 20,271,916 | |
Consideration: | |
| | |
Cash outlay, net of cash acquired | |
$ | 4,206,200 | |
Consideration payable | |
| 8,738,000 | |
Shares of common stock issued at initial closing | |
| 7,327,716 | |
Total purchase price | |
$ | 20,271,916 | |
|
SCHEDULE OF CASH EQUIVALENTS AND RESTRICTED CASH |
The
Company considers all highly liquid securities with original maturities of three months or less when acquired to be cash equivalents.
At June 30, 2023 and December 31, 2022, the Company’s cash composition was as follows:
SCHEDULE
OF CASH EQUIVALENTS AND RESTRICTED CASH
| |
June
30, 2023 | | |
December 31, 2022 | |
Cash and cash equivalents | |
$ | 18,085,104 | | |
$ | 6,720,543 | |
Restricted cash | |
| 5,611,054 | | |
| 2,741,054 | |
Total cash, cash equivalents and restricted cash | |
$ | 23,696,158 | | |
$ | 9,461,597 | |
|
SCHEDULE OF INVENTORY |
SCHEDULE
OF INVENTORY
| |
June
30, 2023 | | |
December 31, 2022 | |
Inventory, component parts | |
$ | 2,269,355 | | |
$ | 1,923,540 | |
Inventory, finished goods | |
| 2,554,353 | | |
| — | |
Total inventory | |
$ | 4,823,708 | | |
$ | 1,923,540 | |
|
SCHEDULE OF EARNING (LOSS) PER SHARE |
The
Company had the following anti-dilutive common stock equivalents at June 30, 2023 and 2022:
SCHEDULE
OF EARNING (LOSS) PER SHARE
| |
June 30, 2023 | | |
June 30, 2022 | |
Stock warrants | |
| 2,063,522 | | |
| 939,895 | |
Stock options | |
| 34,233,900 | | |
| 33,124,982 | |
Convertible notes | |
| 3,536,668 | | |
| 86,668 | |
Preferred stock | |
| - | | |
| 1,880,400 | |
Total | |
| 39,834,090 | | |
| 36,031,945 | |
|
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v3.23.2
FURNITURE AND EQUIPMENT (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF FURNITURE AND EQUIPMENT |
Furniture
and equipment consisted of the following:
SCHEDULE
OF FURNITURE AND EQUIPMENT
| |
June 30, 2023 | | |
December 31, 2022 | |
Machinery and equipment | |
$ | 67,419 | | |
$ | 67,419 | |
Computer equipment | |
| 6,846 | | |
| 6,846 | |
Furniture and fixtures | |
| 324,977 | | |
| 36,059 | |
Tooling and production | |
| 548,642 | | |
| 534,204 | |
Leasehold improvements | |
| 30,553 | | |
| 30,553 | |
Total | |
| 978,437 | | |
| 675,081 | |
Less: accumulated depreciation | |
| (502,927 | ) | |
| (459,083 | ) |
Total, net | |
$ | 475,510 | | |
$ | 215,998 | |
|
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v3.23.2
INTANGIBLE ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSETS |
The
Company’s definite-lived intangible assets were as follows:
SCHEDULE
OF INTANGIBLE ASSETS
| |
| | |
June 30, 2023 | | |
December 31, 2022 | |
| |
Useful life | | |
Carrying Value | | |
Accumulated Amortization | | |
Net carrying value | | |
Carrying Value | | |
Accumulated Amortization | | |
Net carrying value | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Customer relationships | |
| 7 | | |
$ | 4,500,000 | | |
$ | (107,143 | ) | |
$ | 4,392,857 | | |
$ | - | | |
$ | - | | |
$ | - | |
E-commerce technology platforms | |
| 4 | | |
| 3,900,000 | | |
| (162,500 | ) | |
| 3,737,500 | | |
| - | | |
| - | | |
| - | |
Patents and other | |
| 20 | | |
| 1,115,120 | | |
| (220,927 | ) | |
| 894,193 | | |
| 869,822 | | |
| (207,020 | ) | |
| 662,802 | |
| |
| | | |
$ | 9,515,120 | | |
$ | (490,570 | ) | |
$ | 9,024,550 | | |
$ | 869,822 | | |
$ | (207,020 | ) | |
$ | 662,802 | |
|
SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE |
The
following table sets forth the estimated amortization expense for the following five years:
SCHEDULE
OF INTANGIBLE ASSETS AMORTIZATION EXPENSE
Twelve months ended June 30,2024 | |
| 1,673,613 | |
2025 | |
| 1,673,613 | |
2026 | |
| 1,673,613 | |
2027 | |
| 1,511,113 | |
2028 | |
| 698,613 | |
|
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v3.23.2
DEBTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF DEBT TABLE |
The
following table presents the details of the principal outstanding:
SCHEDULE
OF DEBT TABLE
| |
June 30, 2023 | | |
December 31, 2022 | | |
APR June 30, 2023 % | | |
Maturity | | |
Collateral |
Notes payable | |
$ | - | | |
$ | 5,115,000 | | |
| N/A | | |
| September 2026 | | |
Substantially all company assets |
| |
| | | |
| | | |
| | | |
| | | |
|
Line of credit (a) | |
| 2,000,000 | | |
| - | | |
| 8.25 | | |
| May 2024 | | |
Cash |
Note payable | |
| 1,000,000 | | |
| - | | |
| 4.86 | | |
| July 2023 | | |
- |
| |
| | | |
| | | |
| | | |
| | | |
|
Convertible Notes (b) | |
| 11,650,000 | | |
| 1,300,000 | | |
| 6.00-10.00 | | |
| September 2023-March 2026 | | |
Substantially all company assets |
PPP Loans (c) | |
| 6,156 | | |
| 7,835 | | |
| 1.00 | | |
| April 2025 | | |
|
Economic Impact Disaster loan | |
| 148,517 | | |
| 150,000 | | |
| 3.75 | | |
| November 2022 | | |
Substantially all company assets |
Total | |
$ | 14,804,673 | | |
$ | 6,572,935 | | |
| | | |
| | | |
|
| |
| | | |
| | | |
| | | |
| | | |
|
Unamortized debt discount | |
$ | (5,148,220 | ) | |
$ | - | | |
| | | |
| | | |
|
| |
| | | |
| | | |
| | | |
| | | |
|
Debt, net of Unamortized debt Discount | |
$ | 9,656,453 | | |
$ | 6,572,935 | | |
| | | |
| | | |
|
|
SCHEDULE OF INTEREST EXPENSE |
SCHEDULE
OF INTEREST EXPENSE
| |
For the six-month period ended June 30, | |
| |
2023 | | |
2022 | |
Interest expense associated with debt | |
| 1,214,920 | | |
| 172,421 | |
|
SCHEDULE OF FUTURE PRINCIPAL PAYMENTS |
As
of June 30, 2023, the expected future principal payments for the Company’s debt are due as follows:
SCHEDULE
OF FUTURE PRINCIPAL PAYMENTS
| |
| | |
Remainder of 2023 | |
| 2,303,162 | |
2024 | |
| 2,006,040 | |
2025 | |
| 3,915 | |
2026 | |
| 10,352,915 | |
2027 | |
| 4,015 | |
2028 and thereafter | |
| 134,626 | |
Total | |
$ | 14,804,673 | |
|
(a) |
The
unpaid principal bears annual interest at the Wall Street Journal prime rate. |
|
|
|
|
(b) |
Included
in Convertible Notes are loans provided to the Company from two directors, an officer and two investors. The notes each have the
following terms: three-year subordinated convertible promissory note of principal face amounts. Subject to other customary terms,
the Convertible Notes mature between September 2023 and January 2024 and bear interest at an annual rate of 6%, which is payable
annually in cash or common stock, at the holder’s discretion. At any time after issuance and prior to or on the maturity date,
the note is convertible at the option of the holder into shares of common stock at a conversion price of $15 per share. |
|
|
All
convertible notes are convertible at a price ranging between $3 and $15 per share. |
|
|
|
|
|
During
the six-month period ended June 30, 2023, the Company issued convertible promissory notes for $10.4 million. As an inducement to
enter the financing transactions, the Company issued 1,391,667 warrants to the note holders at an initial exercise price of $3 per
warrant. The Company recorded a debt discount aggregating $5.6 million which was recognized as debt discount and additional paid-in
capital in the accompanying balance sheet. The Company recognized $278,499 as amortized debt discount during the three-month ended
June 30, 2023, and it is reflected as interest expense in the accompanying unaudited consolidated statement of operations. |
|
|
|
|
(c) |
The
Small Business Administration forgave approximately $178,000 of PPP loans during the six-month period ended June 30, 2022, which
was recognized as other income. |
|
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v3.23.2
OPERATING LEASE LIABILITIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Operating Lease Liabilities |
|
SCHEDULE OF LEASE COST OPERATING LEASE |
The
following table outlines the total lease cost for the Company’s operating leases as well as weighted average information for these
leases as of June 30, 2023:
SCHEDULE
OF LEASE COST OPERATING LEASE
| |
June 30, 2023 | |
Lease costs: | |
| | |
Cash paid for operating lease liabilities | |
$ | 207,130 | |
Right-of-use assets obtained in exchange for new operating lease obligations | |
| 22,618,579 | |
Fixed rent payment | |
$ | 286,401 | |
Lease – Depreciation expense | |
$ | 426,714 | |
| |
June 30, 2023 | |
Other information: | |
| | |
Weighted-average discount rate | |
| 6.41 | % |
Weighted-average remaining lease term (in months) | |
| 108 | |
|
SCHEDULE OF MINIMUM LEASE OBLIGATION |
SCHEDULE
OF MINIMUM LEASE OBLIGATION
| |
| |
Minimum Lease obligation | |
| |
2024 | |
$ | 3,493,519 | |
2025 | |
| 1,898,428 | |
2026 | |
| 2,119,073 | |
2027 | |
| 2,357,033 | |
2028 and thereafter | |
| 15,187,485 | |
Total | |
$ | 25,055,538 | |
|
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v3.23.2
ROYALTY OBLIGATIONS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Royalty Obligations |
|
SCHEDULE OF ROYALTY OBLIGATIONS |
SCHEDULE
OF ROYALTY OBLIGATIONS
Net Sales in Contract Year | |
Percentage of Contract Year Net Sales owed to GE | |
$0 to $50,000,000 | |
| 7 | % |
$50,000,001 to $100,000,000 | |
| 6 | % |
$100,000,000+ | |
| 5 | % |
|
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v3.23.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
Accrued
expenses consisted of the following:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
June 30, 2023 | | |
December 31, 2022 | |
Accrued interest, convertible notes | |
$ | 512,466 | | |
$ | 104,735 | |
Trade payables | |
| 10,576,562 | | |
| 1,369,701 | |
Accrued compensation | |
| 458,316 | | |
| 475,417 | |
Total | |
$ | 11,547,344 | | |
$ | 1,949,823 | |
|
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v3.23.2
STOCKHOLDERS’ EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
SCHEDULE OF COMMON STOCK |
The
Company issued the following common stock during the six months ended June 30, 2023 and 2022:
SCHEDULE
OF COMMON STOCK
Transaction Type | |
Shares Issued | | |
Valuation $ | | |
Range of Value Per Share | |
2023 Equity Transactions | |
| | | |
| | | |
| | |
Common stock issued, pursuant to services provided | |
| 1,689,901 | | |
| 10,638,534 | | |
| $2.67-3.49 | |
Common stock issued pursuant to stock at the market offering, gross | |
| 2,984,308 | | |
| 7,826,045 | | |
| 2.55-3.25 | |
Common stock issued pursuant to conversion of preferred stock | |
| 580,400 | | |
| 220,099 | | |
| 0.25 | |
Common stock issued pursuant to acquisition | |
| 1,923,285 | | |
| 7,327,716 | | |
| 3.81 | |
Common stock issued pursuant to extinguishment of debt | |
| 574,713 | | |
| 2,040,231 | | |
| 3.55 | |
Transaction Type | |
Shares Issued | | |
Valuation $ (Issued) | | |
Range of Value Per Share | |
2022 Equity Transactions | |
| | | |
| | | |
| | |
Common stock issued per exercise of options | |
| 435,890 | | |
$ | 282,625 | | |
$ | 0.10 – 14.0 | |
Common stock issued per exercise of warrants, cashless | |
| 416,750 | | |
| — | | |
| — | |
Common stock issued, pursuant to services provided | |
| 542,949 | | |
| 6,167,226 | | |
| 2.0 – 14.0 | |
Conversion of preferred stock | |
| 11,376,536 | | |
| 2,844,134 | | |
| 0.25 | |
Issuance of common stock pursuant to offering, net | |
| 1,650,000 | | |
| 23,100,000 | | |
| 14.0 | |
Issuance of common stock, pursuant to anti-dilutive provisions | |
| 335,073 | | |
| 4,691,022 | | |
| 14.0 | |
|
SCHEDULE OF NON-VESTED RESTRICTED STOCK |
A
summary of the Company’s non-vested restricted stock units during the six-month ended June 30, 2023 and 2022 are as follows:
SCHEDULE OF NON-VESTED RESTRICTED STOCK
| |
Shares | | |
Weighted Average Grant Due Fair Value | |
Non-vested restricted stock units, January 1, 2023 | |
$ | 2,516,461 | | |
$ | 8.39 | |
Granted | |
| 2,955,900 | | |
| 3.08 | |
Vested | |
| (1,689,901 | ) | |
| 5.27 | |
Forfeited | |
| (227,891 | ) | |
| 10.71 | |
Non-Vested restricted stock units, June 30, 2023 | |
| 3,554,569 | | |
| 5.27 | |
| |
| | | |
| | |
Non-vested restricted stock units, January 1, 2022 | |
| 770,500 | | |
| 3.31 | |
Granted | |
| 1,641,393 | | |
| 12.03 | |
Vested | |
| (453,893 | ) | |
| 8.44 | |
Forfeited | |
| - | | |
| - | |
Non-vested restricted stock units on June 30, 2022 | |
| 1,958,000 | | |
| 9.43 | |
|
SCHEDULE OF STOCK OPTION ACTIVITY |
The
following is a summary of the Company’s stock option activity during the six-month periods ended June 30, 2023 and 2022:
SCHEDULE OF STOCK OPTION ACTIVITY
Options | |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life (In Years) | | |
Aggregate Intrinsic Value | |
Outstanding, January 1, 2023 | |
| 33,289,250 | | |
$ | 7.7 | | |
| - | | |
$ | 6,472,400 | |
Exercised | |
| (481,250 | ) | |
| 1.34 | | |
| –– | | |
$ | –– | |
Awards Granted in Period | |
| 1,370,150 | | |
| 3.3 | | |
| - | | |
| - | |
Forfeited | |
| (1,693,750 | ) | |
| - | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Awards expired | |
| (425,500 | ) | |
$ | 4.0 | | |
| - | | |
| - | |
| |
| | | |
| - | | |
| - | | |
| - | |
Outstanding, June 30, 2023 | |
| 34,233,900 | | |
$ | 7.6 | | |
| 3.15 | | |
$ | 6,472,400 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, June 30, 2023 | |
| 12,847,747 | | |
$ | 4.4 | | |
| 2.47 | | |
$ | 6,472,400 | |
Options | |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life (In Years) | | |
Aggregate Intrinsic Value | |
Outstanding, January 1, 2022 | |
| 21,927,182 | | |
$ | 3.36 | | |
| 4.07 | | |
$ | 5,990,800 | |
Exercised | |
| (481,250 | ) | |
| 1.34 | | |
| –– | | |
$ | –– | |
Granted | |
| 13,372,500 | | |
| 11.92 | | |
| –– | | |
| | |
Forfeited | |
| (1,693,750 | ) | |
| - | | |
| | | |
| | |
Outstanding, June 30, 2022 | |
| 33,124,982 | | |
$ | 7.70 | | |
| 3.86 | | |
$ | 2,802,488 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, June 30, 2022 | |
| 23,313,995 | | |
$ | 5.96 | | |
| 3.34 | | |
$ | 2,952,013 | |
|
SCHEDULE OF WARRANT ACTIVITY |
The
following is a summary of the Company’s warrant activity during the three-month periods ended June 30, 2023 and 2022:
SCHEDULE
OF WARRANT ACTIVITY
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance, January 1, 2023 | |
| 671,855 | | |
$ | 11.5 | |
Issued | |
| 1,391,667 | | |
| 3.0 | |
Exercised | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | |
Balance, June 30, 2023 | |
| 2,063,522 | | |
$ | 5.76 | |
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance, January 1, 2022 | |
| 2,127,895 | | |
$ | 5.4 | |
Exercised | |
| (535,000 | ) | |
| — | |
Issued | |
| 132,000 | | |
| 18.2 | |
Forfeited | |
| (785,000 | ) | |
| | |
Balance, June 30, 2022 | |
| 939,895 | | |
$ | 9.66 | |
|
SCHEDULE OF OPTIONS GRANTED UNDER BLACK SCHOLES PRICING MODEL ASSUMPTIONS |
SCHEDULE
OF OPTIONS GRANTED UNDER BLACK SCHOLES PRICING MODEL ASSUMPTIONS
|
|
June
30, 2023 |
|
|
June
30, 2022 |
|
|
|
Range |
|
|
Range |
|
Stock
price |
|
$ |
3.74-3.84 |
|
|
$ |
2.0-14.0 |
|
Exercise
price |
|
$ |
3.74-3.84 |
|
|
$ |
2.0-14.0 |
|
Expected
life (in years) |
|
|
3.5-5
yrs. |
|
|
|
5
yrs. |
|
Volatility |
|
|
48-54 |
% |
|
|
40-54 |
% |
Risk-fee
interest rate |
|
|
3.51-5.02 |
% |
|
|
1.37-1.96 |
% |
Dividend
yield |
|
|
— |
|
|
|
— |
|
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v3.23.2
PROFORMA FINANCIAL STATEMENTS (unaudited) (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Proforma Financial Statements |
|
SCHEDULE OF PROFORMA CONSOLIDATED RESULTS OF OPERATION |
The
following pro forma consolidated results of operations have been prepared as if the acquisition occurred on January 1, 2022:
SCHEDULE
OF PROFORMA CONSOLIDATED RESULTS OF OPERATION
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three-month period ended
June 30, | | |
Six-month period ended
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenues | |
$ | 20,416,569 | | |
$ | 22,823,349 | | |
$ | 39,031,541 | | |
$ | 45,654,773 | |
Net loss | |
$ | (10,362,183 | ) | |
$ | (4,984,413 | ) | |
$ | (18,802,429 | ) | |
$ | (16,852,888 | ) |
Basic and diluted loss per share | |
$ | (0.11 | ) | |
$ | (0.06 | ) | |
$ | (0.20 | ) | |
$ | (0.20 | ) |
Weighted average number of shares outstanding- basic and diluted | |
| 93,874,115 | | |
| 87,829,055 | | |
| 92,097,014 | | |
| 83,971,562 | |
|
X |
- DefinitionTabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.
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v3.23.2
SCHEDULE OF INITIAL ALLOCATION OF THE PURCHASE PRICE (Details) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
|
Goodwill |
$ 15,483,678
|
|
Belami [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Assets acquired excluding identifiable intangible assets and goodwill |
7,090,094
|
|
Goodwill |
15,252,420
|
|
Assumed liabilities |
(10,462,590)
|
|
Total Assets Acquired |
20,271,916
|
|
Cash outlay, net of cash acquired |
4,206,200
|
|
Consideration payable |
8,738,000
|
|
Shares of common stock issued at initial closing |
7,327,716
|
|
Total purchase price |
20,271,916
|
|
Belami [Member] | Customer Relationships [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
E-commerce technology platforms |
4,500,000
|
|
Belami [Member] | E Commerce Technology Platforms [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
E-commerce technology platforms |
$ 3,900,000
|
|
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v3.23.2
SCHEDULE OF CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Accounting Policies [Abstract] |
|
|
|
Cash and cash equivalents |
$ 18,085,104
|
$ 6,720,543
|
|
Restricted cash |
5,611,054
|
2,741,054
|
$ 2,700,000
|
Total cash, cash equivalents and restricted cash |
$ 23,696,158
|
$ 9,461,597
|
|
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v3.23.2
SCHEDULE OF INVENTORY (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Accounting Policies [Abstract] |
|
|
Inventory, component parts |
$ 2,269,355
|
$ 1,923,540
|
Inventory, finished goods |
2,554,353
|
|
Total inventory |
$ 4,823,708
|
$ 1,923,540
|
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v3.23.2
SCHEDULE OF EARNING (LOSS) PER SHARE (Details) - shares
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
39,834,090
|
36,031,945
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
2,063,522
|
939,895
|
Share-Based Payment Arrangement, Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
34,233,900
|
33,124,982
|
Convertible Debt Securities [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
3,536,668
|
86,668
|
Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
|
1,880,400
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
Escrow deposit |
$ 750,000
|
|
|
Restricted cash |
5,611,054
|
$ 2,741,054
|
$ 2,700,000
|
Restricted investments |
2,700,000
|
2,700,000
|
|
Line of credit |
2,000,000.0
|
|
|
Allowance for doubtful accounts |
37,088
|
0
|
|
Allowance for sales returns |
393,820
|
0
|
|
Deferred revenues |
1,662,815
|
0
|
|
Deferred charges |
$ 1,296,181
|
|
|
Belami [Member] |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Cash held in escrow |
6.00%
|
|
|
Belami [Member] | April 2024 [Member] |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Fair value of the cash |
$ 3,200,000
|
|
|
Share value payable |
5,500,000
|
|
|
Belami [Member] | July 2024 [Member] |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
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Escrow deposit |
$ 750,000
|
|
|
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v3.23.2
SCHEDULE OF FURNITURE AND EQUIPMENT (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Total |
$ 978,437
|
$ 675,081
|
Less: accumulated depreciation |
(502,927)
|
(459,083)
|
Total, net |
475,510
|
215,998
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
67,419
|
67,419
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
6,846
|
6,846
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
324,977
|
36,059
|
Tooling And Production [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
548,642
|
534,204
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
$ 30,553
|
$ 30,553
|
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v3.23.2
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Carrying Value |
$ 9,515,120
|
$ 869,822
|
Accumulated Amortization |
(490,570)
|
(207,020)
|
Net carrying value |
$ 9,024,550
|
662,802
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Useful life |
7 years
|
|
Carrying Value |
$ 4,500,000
|
|
Accumulated Amortization |
(107,143)
|
|
Net carrying value |
$ 4,392,857
|
|
E Commerce Technology Platforms [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Useful life |
4 years
|
|
Carrying Value |
$ 3,900,000
|
|
Accumulated Amortization |
(162,500)
|
|
Net carrying value |
$ 3,737,500
|
|
Patents [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Useful life |
20 years
|
|
Carrying Value |
$ 1,115,120
|
869,822
|
Accumulated Amortization |
(220,927)
|
(207,020)
|
Net carrying value |
$ 894,193
|
$ 662,802
|
X |
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v3.23.2
SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE (Details)
|
Jun. 30, 2023
USD ($)
|
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Remainder of 2024 |
$ 1,673,613
|
2025 |
1,673,613
|
2026 |
1,673,613
|
2027 |
1,511,113
|
2028 |
$ 698,613
|
X |
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v3.23.2
SCHEDULE OF DEBT TABLE (Details) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
Total |
$ 14,804,673
|
$ 6,572,935
|
Unamortized debt discount |
(5,148,220)
|
|
Debt, net of Unamortized debt Discount |
9,656,453
|
6,572,935
|
Notes Payable [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total |
|
5,115,000
|
Maturity date description |
September 2026
|
|
Line of Credit [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total |
$ 2,000,000
|
|
Maturity date description |
May 2024
|
|
Debt instrument interest rate stated percentage |
8.25%
|
|
Notes Payable One [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total |
$ 1,000,000
|
|
Maturity date description |
July 2023
|
|
Debt instrument interest rate stated percentage |
4.86%
|
|
Convertible Notes [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total |
$ 11,650,000
|
1,300,000
|
Maturity date description |
September 2023-March 2026
|
|
Debt instrument interest rate stated percentage |
6.00%
|
|
Convertible Notes [Member] | Minimum [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Debt instrument interest rate stated percentage |
6.00%
|
|
Convertible Notes [Member] | Maximum [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Debt instrument interest rate stated percentage |
10.00%
|
|
Paycheck Protection Program Loans [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total |
$ 6,156
|
7,835
|
Maturity date description |
April 2025
|
|
Debt instrument interest rate stated percentage |
1.00%
|
|
Economic impact disaster loan [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total |
$ 148,517
|
$ 150,000
|
Maturity date description |
November 2022
|
|
Debt instrument interest rate stated percentage |
3.75%
|
|
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v3.23.2
SCHEDULE OF FUTURE PRINCIPAL PAYMENTS (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Debt Disclosure [Abstract] |
|
|
Remainder of 2023 |
$ 2,303,162
|
|
2024 |
2,006,040
|
|
2025 |
3,915
|
|
2026 |
10,352,915
|
|
2027 |
4,015
|
|
2028 and thereafter |
134,626
|
|
Total |
$ 14,804,673
|
$ 6,572,935
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v3.23.2
SCHEDULE OF DEBT TABLE (Details) (Parenthetical) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Convertible Notes [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Interest rate |
6.00%
|
|
Debt Instrument conversion price |
$ 15
|
|
Convertible notes payable |
$ 10,400,000
|
|
Warrents |
1,391,667
|
|
Exercise price |
$ 3
|
|
Debt instrument convertible beneficial conversion feature |
$ 5,600,000
|
|
Amortization of debt discount |
$ 278,499
|
|
Convertible Notes [Member] | Minimum [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Interest rate |
6.00%
|
|
Debt Instrument conversion price |
$ 3
|
|
Convertible Notes [Member] | Maximum [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Interest rate |
10.00%
|
|
Debt Instrument conversion price |
$ 15
|
|
Paycheck Protection Program Loans [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Interest rate |
1.00%
|
|
Debt forgiveness |
|
$ 178,000
|
X |
- DefinitionAmount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.
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v3.23.2
SCHEDULE OF MINIMUM LEASE OBLIGATION (Details)
|
Jun. 30, 2023
USD ($)
|
Operating Lease Liabilities |
|
2024 |
$ 3,493,519
|
2025 |
1,898,428
|
2026 |
2,119,073
|
2027 |
2,357,033
|
2028 and thereafter |
15,187,485
|
Total |
$ 25,055,538
|
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v3.23.2
OPERATING LEASE LIABILITIES (Details Narrative) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Apr. 30, 2022 |
Lessee, Lease, Description [Line Items] |
|
|
|
|
Restricted cash |
$ 5,611,054
|
$ 2,741,054
|
$ 2,700,000
|
|
58-Month Lease [Member] |
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
Operating lease, liability |
|
|
|
$ 1,428,764
|
124-Month Lease [Member] |
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
Operating lease, liability |
|
|
$ 22,200,000
|
|
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v3.23.2
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accrued interest, convertible notes |
$ 512,466
|
$ 104,735
|
Trade payables |
10,576,562
|
1,369,701
|
Accrued compensation |
458,316
|
475,417
|
Total |
$ 11,547,344
|
$ 1,949,823
|
X |
- DefinitionSum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
1 Months Ended |
6 Months Ended |
12 Months Ended |
Apr. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
Number of shares issued |
574,713
|
|
|
|
IPO [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Number of shares issued |
|
|
455,353
|
|
Proceeds from IPO |
|
|
$ 6,374,942
|
|
Chief Executive Officer [Member] | Two Directors [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Related party transactions amount |
|
$ 950,000
|
|
$ 950,000
|
Accrued interest |
|
$ 219,972
|
|
$ 104,375
|
Director [Member] | IPO [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Number of shares issued |
|
|
95,386
|
|
X |
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v3.23.2
SCHEDULE OF COMMON STOCK (Details) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
Apr. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Issuance of common stock pursuant to offering, net, Shares Issued |
574,713
|
|
|
|
|
Issuance of common stock pursuant to offering, net, Valuation issued |
$ 2,000,000
|
|
|
|
|
Common stock issued per exercise of options, Shares Issued |
|
|
|
481,250
|
481,250
|
Issuance of common stock, pursuant to anti-dilutive provisions, Valuation issued |
|
|
|
|
$ 4,691,022
|
Common Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Common stock issued, pursuant to services provided, Shares Issued |
|
1,407,713
|
94,540
|
1,689,901
|
542,949
|
Issuance of common stock pursuant to offering, net, Shares Issued |
|
2,984,308
|
|
2,984,308
|
1,650,000
|
Common stock issued pursuant to acquisition, Shares Issued |
|
1,923,285
|
|
1,923,285
|
|
Common stock issued per exercise of warrants, cashless, Shares Issued |
|
574,713
|
|
574,713
|
|
Conversion of preferred stock, Shares Issued |
|
580,400
|
1,400,000
|
580,400
|
11,376,536
|
Common Stock [Member] | 2023 Equity Transactions [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Common stock issued, pursuant to services provided, Shares Issued |
|
|
|
1,689,901
|
|
Common stock issued, pursuant to services provided, Valuation issued |
|
|
|
$ 10,638,534
|
|
Issuance of common stock pursuant to offering, net, Shares Issued |
|
|
|
2,984,308
|
|
Issuance of common stock pursuant to offering, net, Valuation issued |
|
|
|
$ 7,826,045
|
|
Common stock issued pursuant to conversion of preferred stock, Shares Issued |
|
|
|
580,400
|
|
Common stock issued pursuant to conversion of preferred stock, Valuation issued |
|
|
|
$ 220,099
|
|
Common stock issued, pursuant to services provided, Range of value per share |
|
$ 0.25
|
|
$ 0.25
|
|
Common stock issued pursuant to acquisition, Shares Issued |
|
|
|
1,923,285
|
|
Common stock issued pursuant to acquisition, Valuation issued |
|
|
|
$ 7,327,716
|
|
Conversion of preferred stock, Range of value per share |
|
3.81
|
|
$ 3.81
|
|
Common stock issued pursuant to extinguishment of debt, Shares Issued |
|
|
|
574,713
|
|
Common stock issued pursuant to extinguishment of debt, Valuation issued |
|
|
|
$ 2,040,231
|
|
Issuance of common stock pursuant to offering, net, Range of value per share |
|
3.55
|
|
$ 3.55
|
|
Common Stock [Member] | 2023 Equity Transactions [Member] | Minimum [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Common stock issued per exercise of options, Range of value per share |
|
2.67
|
|
2.67
|
|
Common stock issued per exercise of warrants, cashless, Range of Value Per Share |
|
2.55
|
|
2.55
|
|
Common Stock [Member] | 2023 Equity Transactions [Member] | Maximum [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Common stock issued per exercise of options, Range of value per share |
|
3.49
|
|
3.49
|
|
Common stock issued per exercise of warrants, cashless, Range of Value Per Share |
|
$ 3.25
|
|
$ 3.25
|
|
Common Stock [Member] | 2022 Equity Transactions [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Common stock issued, pursuant to services provided, Shares Issued |
|
|
|
|
542,949
|
Common stock issued, pursuant to services provided, Valuation issued |
|
|
|
|
$ 6,167,226
|
Issuance of common stock pursuant to offering, net, Shares Issued |
|
|
|
|
1,650,000
|
Issuance of common stock pursuant to offering, net, Valuation issued |
|
|
|
|
$ 23,100,000
|
Common stock issued per exercise of warrants, cashless, Range of Value Per Share |
|
|
|
|
|
Conversion of preferred stock, Range of value per share |
|
|
0.25
|
|
0.25
|
Issuance of common stock pursuant to offering, net, Range of value per share |
|
|
14.0
|
|
$ 14.0
|
Common stock issued per exercise of options, Shares Issued |
|
|
|
|
435,890
|
Common stock issued per exercise of options, Valuation Issued |
|
|
|
|
$ 282,625
|
Common stock issued per exercise of warrants, cashless, Shares Issued |
|
|
|
|
416,750
|
Common stock issued per exercise of warrants, cashless, Valuation Issued |
|
|
|
|
|
Conversion of preferred stock, Shares Issued |
|
|
|
|
11,376,536
|
Conversion of preferred stock, Valuation issued |
|
|
|
|
$ 2,844,134
|
Issuance of common stock, pursuant to anti-dilutive provisions, Shares Issued |
|
|
|
|
335,073
|
Issuance of common stock, pursuant to anti-dilutive provisions, Valuation issued |
|
|
|
|
$ 4,691,022
|
Issuance of common stock, pursuant to anti-dilutive provisions, Range of value per share |
|
|
14.0
|
|
$ 14.0
|
Common Stock [Member] | 2022 Equity Transactions [Member] | Minimum [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Common stock issued per exercise of options, Range of value per share |
|
|
0.10
|
|
0.10
|
Common stock issued, pursuant to services provided, Range of value per share |
|
|
2.0
|
|
2.0
|
Common Stock [Member] | 2022 Equity Transactions [Member] | Maximum [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Common stock issued per exercise of options, Range of value per share |
|
|
14.0
|
|
14.0
|
Common stock issued, pursuant to services provided, Range of value per share |
|
|
$ 14.0
|
|
$ 14.0
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v3.23.2
SCHEDULE OF NON-VESTED RESTRICTED STOCK (Details) - $ / shares
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Non-vested restricted stock units, granted |
1,370,150
|
13,372,500
|
Restricted Stock Units (RSUs) [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Non-vested restricted stock units, beginning balance |
2,516,461
|
770,500
|
Non-vested restricted stock units, Weighted average grant due fair value, beginning balance |
$ 8.39
|
$ 3.31
|
Non-vested restricted stock units, granted |
2,955,900
|
1,641,393
|
Non-vested restricted stock units, Weighted average grant due fair value, granted |
$ 3.08
|
$ 12.03
|
Non-vested restricted stock units, vested |
(1,689,901)
|
(453,893)
|
Non-vested restricted stock units, Weighted average grant due fair value, vested |
$ 5.27
|
$ 8.44
|
Non-vested restricted stock units, forfeited |
(227,891)
|
|
Non-vested restricted stock units, Weighted average grant due fair value, forfeited |
$ 10.71
|
|
Non-vested restricted stock units, ending balance |
3,554,569
|
1,958,000
|
Non-vested restricted stock units, Weighted average grant due fair value, ending balance |
$ 5.27
|
$ 9.43
|
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v3.23.2
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Equity [Abstract] |
|
|
|
Number of shares, outstanding |
33,289,250
|
21,927,182
|
|
Weighted Average Exercise Price, Outstanding beginning |
$ 7.7
|
$ 3.36
|
|
Aggregate Intrinsic value, Outstanding beginning |
$ 6,472,400
|
$ 5,990,800
|
|
Number of shares, Exercised |
(481,250)
|
(481,250)
|
|
Weighted Average Exercise Price, Exercised |
$ 1.34
|
$ 1.34
|
|
Number of shares, Granted |
1,370,150
|
13,372,500
|
|
Weighted Average Exercise Price, Granted |
$ 3.3
|
$ 11.92
|
|
Number of shares, Forfeited |
(1,693,750)
|
(1,693,750)
|
|
Weighted Average Exercise Price, Forfeited |
|
|
|
Number of shares, expired |
(425,500)
|
|
|
Weighted Average Exercise Price, expired |
$ 4.0
|
|
|
Number of shares, outstanding ending |
34,233,900
|
33,124,982
|
21,927,182
|
Weighted Average Exercise Price, Outstanding ending |
$ 7.6
|
$ 7.70
|
$ 3.36
|
Weighted Average Remaining Contractual Life in Years, Outstanding |
3 years 1 month 24 days
|
3 years 10 months 9 days
|
4 years 25 days
|
Aggregate Intrinsic value, Outstanding ending |
$ 6,472,400
|
$ 2,802,488
|
$ 5,990,800
|
Number of shares, Exercisable |
12,847,747
|
23,313,995
|
|
Weighted Average Exercise Price, Exercisable ending |
$ 4.4
|
$ 5.96
|
|
Weighted Average Remaining Contractual Life in Years, Exercisable ending |
2 years 5 months 19 days
|
3 years 4 months 2 days
|
|
Aggregate Intrinsic value, Exercisable ending |
$ 6,472,400
|
$ 2,952,013
|
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v3.23.2
SCHEDULE OF WARRANT ACTIVITY (Details) - $ / shares
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Equity [Abstract] |
|
|
Number of Warrants, Beginning balance |
671,855
|
2,127,895
|
Weighted average exercise price outstanding, beginning |
$ 11.5
|
$ 5.4
|
Number of Warrants, Issued |
1,391,667
|
132,000
|
Weighted Average Exercise Price, Issued |
$ 3.0
|
$ 18.2
|
Number of Warrants, Exercised |
|
535,000
|
Weighted Average Exercise Price, Exercised |
|
|
Number of Warrants, Forfeited |
|
785,000
|
Weighted Average Exercise Price, Forfeited |
|
|
Number of Warrants, Ending balance |
2,063,522
|
939,895
|
Weighted average exercise price outstanding, ending |
$ 5.76
|
$ 9.66
|
Number of Warrants, Exercised |
|
(535,000)
|
Number of Warrants, Forfeited |
|
(785,000)
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v3.23.2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
Apr. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Common stock issued pursuant to offerings, shares |
574,713
|
|
|
|
|
Notes payable |
$ 6,200,000
|
|
|
|
|
Number of shares paid |
2,000,000
|
|
|
|
|
Gain on extinguishment of debt |
$ 1,201,857
|
$ 1,201,857
|
|
$ 1,201,857
|
$ 178,250
|
Unamortized future option expense |
|
$ 39,100,000
|
|
$ 39,100,000
|
|
Weighted average period to be recognized |
|
|
|
3 years 7 months 6 days
|
|
Share based compensation |
|
|
|
$ 10,638,534
|
$ 11,194,200
|
Series A Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, shares outstanding |
|
0
|
|
0
|
|
Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, par value |
|
|
$ 3.50
|
|
$ 3.50
|
Sale of stock, price per share |
|
|
$ 0.25
|
|
$ 0.25
|
Dividends, preferred stock |
|
|
|
|
$ 27,876
|
Conversion of stock shares |
|
|
|
880,400
|
9,976,536
|
Stockholders [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Common stock issued pursuant to offerings, shares |
|
|
|
|
335,073
|
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v3.23.2
SCHEDULE OF PROFORMA CONSOLIDATED RESULTS OF OPERATION (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Proforma Financial Statements |
|
|
|
|
Revenues |
$ 20,416,569
|
$ 22,823,349
|
$ 39,031,541
|
$ 45,654,773
|
Net loss |
$ (10,362,183)
|
$ (4,984,413)
|
$ (18,802,429)
|
$ (16,852,888)
|
Basic loss per share |
$ 0.11
|
$ 0.06
|
$ 0.20
|
$ 0.20
|
Diluted loss per share |
0.11
|
0.06
|
0.20
|
0.20
|
Weighted average number of shares outstanding diluted |
$ 93,874,115
|
87,829,055
|
$ 92,097,014
|
83,971,562
|
Weighted average number of shares outstanding basic |
|
$ 87,829,055
|
|
$ 83,971,562
|
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