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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 March 31, 2024
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 May 1, 2024, the registrant had 100,032,804
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 outcomes that
are difficult to predict and may be outside our control, that 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 manage and grow the operations of Belami, Inc. (“Belami”) with our business; |
|
● |
our
ability to expand 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 and continue our operations as needed; |
|
● |
our
ability to comply with the terms of, and timely repay, our current debt financing; |
|
● |
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, 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 estimated total addressable market; |
|
● |
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 the Israel-Hamas war and 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, 2023 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 as a result 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 subsequent to the date of this Form 10-Q.
Part
I. FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
SKYX
PLATFORMS CORP.
Consolidated
Balance Sheets
| |
(Unaudited) March 31, 2024 | | |
(Audited) December 31, 2023 | |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 14,146,785 | | |
$ | 16,810,983 | |
Restricted cash | |
| 2,750,000 | | |
| 2,750,000 | |
Account receivable | |
| 3,932,008 | | |
| 3,384,976 | |
Inventory | |
| 3,777,724 | | |
| 3,425,734 | |
Deferred cost of revenues | |
| 245,734 | | |
| 224,445 | |
Prepaid expenses and other assets | |
| 630,077 | | |
| 721,717 | |
Total current assets | |
| 25,482,328 | | |
| 27,317,855 | |
| |
| | | |
| | |
Long-term assets: | |
| | | |
| | |
Furniture and equipment, net | |
| 459,929 | | |
| 436,587 | |
Restricted cash | |
| 2,892,878 | | |
| 2,869,270 | |
Right of use assets | |
| 21,360,642 | | |
| 21,214,652 | |
Intangibles, definite life | |
| 7,627,472 | | |
| 8,141,032 | |
Goodwill | |
| 16,157,000 | | |
| 16,157,000 | |
Other assets | |
| 204,807 | | |
| 204,807 | |
Total long-term assets | |
| 48,702,728 | | |
| 49,023,348 | |
| |
| | | |
| | |
Total Assets | |
$ | 74,185,056 | | |
$ | 76,341,203 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity (Deficit) | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 12,537,437 | | |
$ | 12,388,475 | |
Notes payable | |
| 5,865,829 | | |
| 5,724,129 | |
Operating lease liabilities | |
| 2,160,938 | | |
| 1,898,428 | |
Royalty obligation | |
| 800,000 | | |
| 800,000 | |
Consideration payable | |
| 750,000 | | |
| 730,999 | |
Deferred revenues | |
| 1,616,038 | | |
| 1,475,519 | |
Convertible notes, related parties | |
| 600,000 | | |
| 825,000 | |
Convertible notes | |
| — | | |
| 350,000 | |
Total current liabilities | |
| 24,330,242 | | |
| 24,192,550 | |
| |
| | | |
| | |
Long term liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
| 950,358 | | |
| 744,953 | |
Notes payable | |
| 764,333 | | |
| 1,016,924 | |
Consideration payable | |
| — | | |
| 3,038,430 | |
Operating lease liabilities | |
| 22,161,824 | | |
| 22,267,558 | |
Convertible notes | |
| 9,231,706 | | |
| 5,758,778 | |
Convertible notes related parties | |
| 350,000 | | |
| — | |
Convertible notes | |
| 350,000 | | |
| — | |
Royalty obligations | |
| 2,900,000 | | |
| 3,100,000 | |
| |
| | | |
| | |
Total long-term liabilities | |
| 36,358,221 | | |
| 35,926,643 | |
| |
| | | |
| | |
Total liabilities | |
| 60,688,463 | | |
| 60,119,193 | |
| |
| | | |
| | |
Stockholders’ Equity: | |
| | | |
| | |
Common stock and additional paid-in-capital: $0 par value, 500,000,000 shares authorized; and 97,096,897 and 93,473,433 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | |
| 168,975,808 | | |
| 162,025,024 | |
Accumulated deficit | |
| (155,479,215 | ) | |
| (145,803,014 | ) |
Accumulated other comprehensive loss | |
| — | | |
| — | |
Total stockholders’ equity | |
| 13,496,593 | | |
| 16,222,010 | |
| |
| | | |
| | |
Total Liabilities and Stockholders’ Equity | |
$ | 74,185,056 | | |
$ | 76,341,203 | |
The
accompanying notes are an integral part of the unaudited consolidated financial statements.
SKYX
Platforms Corp.
Consolidated
Statements of Operations and Comprehensive Loss
(Unaudited)
| |
2024 | | |
2023 | |
| |
For the three months ended March 31, | |
| |
2024 | | |
2023 | |
Revenue | |
$ | 18,977,821 | | |
$ | 10,025 | |
Cost of revenues | |
| 13,399,771 | | |
| 1,468 | |
Gross profit (loss) | |
| 5,578,050 | | |
| 8,557 | |
| |
| | | |
| | |
Selling and marketing expenses | |
| 6,526,816 | | |
| 1,299,859 | |
General and administrative expenses | |
| 7,939,581 | | |
| 5,948,346 | |
Total expenses, net | |
| 14,466,397 | | |
| 7,248,205 | |
| |
| | | |
| | |
Loss from operations | |
| (8,888,347 | ) | |
| (7,239,648 | ) |
Other income / (expense) | |
| | | |
| | |
Interest expense, net | |
| (787,854 | ) | |
| (730,621 | ) |
Gain on extinguishment of debt | |
| — | | |
| — | |
Other income | |
| — | | |
| — | |
Total other expense, net | |
| (787,854 | ) | |
| (730,621 | ) |
| |
| | | |
| | |
Net loss | |
| (9,676,201 | ) | |
| (7,970,269 | ) |
| |
| | | |
| | |
Other comprehensive loss: | |
| | | |
| | |
Unrealized loss on debt securities | |
| — | | |
| 57,494 | |
Net comprehensive loss attributed to common stockholders | |
$ | (9,676,201 | ) | |
$ | (7,912,775 | ) |
| |
| | | |
| | |
Net loss per share - basic and diluted | |
$ | (0.10 | ) | |
$ | (0.10 | ) |
| |
| | | |
| | |
Weighted average number of common shares outstanding – basic and diluted | |
| 95,091,003 | | |
| 82,965,182 | |
The
accompanying notes are an integral part of the unaudited consolidated financial statements.
SKYX
Platforms Corp.
Consolidated
Statements of Stockholders’ Equity
(Unaudited)
| |
2024 | | |
2023 | |
| |
For the three months ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Shares of common stock | |
| | | |
| | |
Balance, beginning of period | |
$ | 162,025,024 | | |
$ | 114,039,638 | |
Balance, beginning of period | |
| 93,473,433 | | |
| 82,907,541 | |
Common stock issued pursuant to offerings | |
| 2,733,361 | | |
| — | |
Common stock issued pursuant to services | |
| 890,103 | | |
| 282,188 | |
Balance, end of period | |
| 168,975,808 | | |
| 122,573,318 | |
Balance, end of period | |
| 97,096,897 | | |
| 83,189,729 | |
| |
| | | |
| | |
Common stock and paid-in capital | |
| | | |
| | |
Balance, beginning of period | |
$ | 162,025,024 | | |
$ | 114,039,638 | |
Common stock issued pursuant to offerings | |
| 3,655,755 | | |
| — | |
Common stock issued pursuant to services | |
| 3,295,029 | | |
| 2,963,702 | |
Debt discount | |
| — | | |
| 5,569,978 | |
Balance, end of period | |
$ | 168,975,808 | | |
$ | 122,573,318 | |
| |
| | | |
| | |
Accumulated Deficit | |
| | | |
| | |
Balance, beginning of period | |
$ | (145,803,014 | ) | |
$ | (106,070,358 | ) |
Net loss | |
| (9,676,201 | ) | |
| (7,970,269 | ) |
Balance, end of period | |
$ | (155,479,215 | ) | |
$ | (114,040,627 | ) |
| |
| | | |
| | |
Accumulated other comprehensive loss | |
| | | |
| | |
Balance, beginning of period | |
$ | — | | |
$ | (62,147 | ) |
Unrealized gain on debt securities | |
| — | | |
| 57,494 | |
Balance, end of period | |
| — | | |
| (4,653 | ) |
| |
| | | |
| | |
Balance | |
$ | 16,222,010 | | |
$ | 7,907,133 | |
Net loss | |
| (9,676,201 | ) | |
| (7,970,269 | ) |
Total stockholders’ equity | |
$ | 13,496,593 | | |
$ | 8,528,038 | |
Balance | |
$ | 13,496,593 | | |
$ | 8,528,038 | |
The
accompanying notes are an integral part of the unaudited consolidated financial statements.
SKYX
Platforms Corp.
Consolidated
Statements of Cash Flows
(Unaudited)
| |
2024 | | |
2023 | |
| |
For the three months ended March 31, | |
| |
2024 | | |
2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (9,676,201 | ) | |
$ | (7,970,269 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 1,060,571 | | |
| 497,373 | |
Amortization of debt discount | |
| 228,499 | | |
| 143,257 | |
Non-cash equity-based compensation expense | |
| 3,295,029 | | |
| 2,963,702 | |
Change in operating assets and liabilities: | |
| | | |
| | |
Inventory | |
| (351,990 | ) | |
| (178,780 | ) |
Accounts receivable | |
| (547,032 | ) | |
| — | |
Prepaid expenses and other assets | |
| 91,640 | | |
| (45,501 | ) |
Deferred charges | |
| (21,289 | ) | |
| — | |
Deferred revenues | |
| 140,519 | | |
| — | |
Operating lease liabilities | |
| (505,920 | ) | |
| (171,963 | ) |
Accretion operating lease liabilities | |
| — | | |
| 245,009 | |
Royalty obligation | |
| (200,000 | ) | |
| — | |
Accounts payable and accrued expenses | |
| 303,866 | | |
| 398,183 | |
| |
| | | |
| | |
Net cash used in operating activities | |
| (6,182,308 | ) | |
| (4,118,989 | ) |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of debt securities | |
| — | | |
| (136,033 | ) |
Purchase of property and equipment | |
| (53,647 | ) | |
| (306 | ) |
Payment of patent costs and other intangibles | |
| — | | |
| (33,559 | ) |
Net cash used in investing activities | |
| (53,647 | ) | |
| (169,898 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from issuance of common stock- offerings | |
| 3,655,755 | | |
| — | |
Proceeds from issuance of convertible notes | |
| — | | |
| 10,350,000 | ) |
Principal repayments of notes payable | |
| (60,390 | ) | |
| (893 | ) |
Net cash provided by financing activities | |
| 3,595,365 | | |
| 10,349,107 | |
| |
| | | |
| | |
Change in cash, cash equivalents and restricted cash | |
| (2,640,590 | ) | |
| 6,060,221 | |
Cash, cash equivalents, and restricted cash at beginning of period | |
| 22,430,253 | | |
| 9,461,597 | |
Cash, cash equivalents and restricted cash at end of period | |
$ | 19,789,663 | | |
$ | 15,521,818 | |
Supplementary disclosure of non-cash financing activities: | |
| | | |
| | |
| |
| | | |
| | |
Substitution of consideration payable to convertible notes | |
$ | 3,117,408 | | |
$ | — | |
Debt discount | |
| — | | |
$ | 5,569,978 | |
Right-of-use assets and operating lease liabilities | |
| 662,698 | | |
| — | |
| |
| | | |
| | |
Cash paid during the period for: | |
| | | |
| | |
Interest | |
$ | 641,647 | | |
$ | 711,648 | |
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 Sacramento, California, 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 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 the Company
has expanded the capabilities of its power-plug product, to include its second generation 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 third-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.
Since
April 2023, the Company also markets home lighting, ceiling fans and other home furnishings from third parties.
Going
Concern
The
Company’s liquidity sources include $ 19.7
million in cash and cash equivalents, including restricted cash of $5.6
million, and $ 1.2 million
of working capital as of March 31, 2024. However, the Company has a history of recurring operating losses and its net cash used in operating activities
amounted to $6.2
million and $4.1
million during the three months ended March 31, 2024 and March 31, 2023, respectively. The Company has also generated net cash
provided by financing activities of $3.6
million and $10.3
million during the three months ended March 31, 2024 and 2023, respectively. Accordingly, the Company’s management cannot
ascertain that there is no substantial doubt that it will be able to meet its obligations as they become due within one year after
the date that its financial statements are issued.
Management
intends to mitigate such conditions by supporting its continued growth, decreasing its cash used in operating activities through
increased revenues and increased margins from products sold to large retailers and its internet portals, and to the extent
necessary, generate cash provided by financing activities through its at the market (“ATM”) offering or other equity or
debt financing means.
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 March 31, 2024 and for the three months ended March 31, 2024 and 2023 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, 2023 has been derived from the audited financial statements at that
date but does not include all of 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, 2023 for additional disclosures and accounting policies.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates
and assumptions that affect the amounts reported in the 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 nonconforming events. Accordingly, actual results could differ significantly
from estimates.
Reclassifications
For
comparability, reclassifications of prior-year balances were made to conform with current-year presentations, such as sales and marketing
expenses which were previously included in selling, general, and administrative expenses in the 2023 comparable period.
Basis
of Consolidation
The
consolidated financial statements include the results of the Company and one of its subsidiaries, SQL Lighting and Fans LLC from January
1, 2023 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 2023. All intercompany balances and transactions have been eliminated in consolidation.
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. The Company’s cash composition was as follows:
SCHEDULE
OF CASH EQUIVALENTS AND RESTRICTED CASH
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Cash and cash equivalents | |
$ | 14,146,785 | | |
$ | 16,810,983 | |
Restricted cash | |
| 5,642,878 | | |
| 5,619,270 | |
Total cash, cash equivalents and restricted cash | |
$ | 19,789,663 | | |
$ | 22,430,253 | |
Restricted
Cash
The
Company issued a letter of credit of $2.8
million in September 2023 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 $2.8
million as of March 31, 2024 and December 31, 2023. 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
receivables are recorded in the period when the right to receive payment or other consideration becomes unconditional. Accounts receivables
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 March 31, 2024, and December 31, 2023, the Company’s allowance for doubtful accounts was $54,987 and
$54,987, respectively. The Company determines an allowance for sales returns based upon historical experience. As of March 31, 2024,
and December 31, 2023, the Company’s allowance for sales returns was $185,501 and $182,584, respectively and is recorded as 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 balance sheet. Deferred revenues amounted to $ 1,616,038 and
$1,475,519 as of March 31, 2024 and December 31, 2023, respectively.
The
costs associated with such deferred revenues are recognized as deferred charges in the accompanying balance sheet. Such charges include
the carrying value of related inventory, freight, and sales charges. The deferred charges amounted to $ 245,734 and $224,445 as of March
31, 2024 and December 31, 2023, respectively.
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
| |
Match 31, 2024 | | |
December 31, 2023 | |
Inventory, component parts | |
$ | 2,944,213 | | |
$ | 2,230,252 | |
Inventory, finished goods | |
| 2,133,511 | | |
| 2,495,482 | |
Allowance | |
| (1,300,000 | ) | |
| (1,300,000 | ) |
Inventory-total | |
| 3,777,724 | | |
| 3,425,734 | |
The
Company will maintain an allowance based on specific inventory items that have shown no activity over a reasonable period of time.
The Company tracks inventory as it is repurposed, disposed, scrapped or sold at below cost to determine whether additional items on
hand should be reduced in value through an allowance method. The Company has recorded an allowance of $1.3
million as of March 31, 2024 and December 31, 2023.
GE
Agreements
The
Company has two U.S. and global agreements with General Electric (“GE”) related to the Company’s products.
|
● | A
U.S. and Global Licensing and Master Service Agreement dated December 4, 2023, which replaced
a prior agreement under similar terms. The agreement expires on December 4, 2028 and includes
automatic renewal provisions. Pursuant to such agreement, GE’s licensing team has the
rights to exclusively license certain of the Company’s Standard and Smart plug-and-play products
set forth in a statement of work in the U.S. and worldwide. Pursuant to the agreement, the
Company expects that GE’s licensing team will seek and arrange licensee partners for
our products in the U.S. and globally, including negotiating agreement terms, managing contracts,
collecting payments, auditing partners, assisting with patent strategy and protection, and
assisting in auditing product quality control under the “Six Sigma” guidelines.
For products licensed to third parties, the Company and GE will each receive a specified
percentage of the earned revenue realized from such licensing, unless otherwise provided
in the applicable statement of work. |
|
| |
|
● | A
letter agreement dated November 28, 2023. The agreement expires on December 15, 2027 and
includes a repayment plan relating to certain amounts due under the U.S. and Global Trademark
Agreement dated June 15, 2011 (as later amended), which expired November 30, 2023, between
SQL Lighting & Fans, LLC and GE Trademark Licensing, Inc. Under this new payment arrangement,
the Company was required to pay a revised royalty payment obligation of $2.7 million
in the aggregate (the “Royalty Payment”), payable in quarterly installments beginning
on December 15, 2023 and ending on December 15, 2026 and an additional obligation equal to
either a $1 million convertible promissory note, subject to agreement on terms, or otherwise
$1.4 million payable in 2027. As of March 31, 2024, the Company owed $3.7 million in royalty
payment obligations. On April 11, 2024, the Company amended the payment arrangement and issued
a convertible promissory note, (the “GE Note”), for the additional obligation, thereby reducing
the payment obligations by $400,000. A detailed description of the GE Note is set forth in
Note 7 below. |
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 stocks, 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-month ended March 31, 2024, and 2023, 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 as of March 31, 2024, and March 31, 2023:
SCHEDULE
OF ANTI-DILUTIVE COMMON STOCK EQUIVALENTS
| |
March 31, 2024 | | |
March 31, 2023 | |
Stock warrants | |
| 2,049,147 | | |
| 2,063,522 | |
Stock options | |
| 36,156,476 | | |
| 33,114,250 | |
Convertible notes | |
| 5,487,260 | | |
| 3,536,668 | |
Preferred stock | |
| – | | |
| 880,400 | |
Total | |
| 43,692,883 | | |
| 39,594,840 | |
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.
NOTE
3 FURNITURE AND EQUIPMENT
Furniture
and equipment consisted of the following:
SCHEDULE
OF FURNITURE AND EQUIPMENT
| |
March 31, 2024 | | |
December 31, 2023 | |
Machinery and equipment | |
$ | 391,895 | | |
$ | 282,799 | |
Computer equipment | |
| 6,846 | | |
| 6,846 | |
Furniture and fixtures | |
| 36,059 | | |
| 36,059 | |
Tooling and production | |
| 672,509 | | |
| 642,509 | |
Software development costs | |
| 219,076 | | |
| 109,096 | |
Leasehold improvements | |
| 30,553 | | |
| 30,553 | |
Total | |
| 1,356,938 | | |
| 1,107,862 | |
Less: accumulated depreciation | |
| (897,009 | ) | |
| (671,275 | ) |
Total, net | |
$ | 459,929 | | |
$ | 436,587 | |
Depreciation
expense amounted to $ 30,305 and $22,141 during the three-month ended March 31, 2024 and 2023, respectively.
NOTE
4 INTANGIBLE ASSETS AND GOODWILL
Intangible
assets consisted of the following:
SCHEDULE
OF INTANGIBLE ASSETS
| |
March 31, 2024 | | |
December 31, 2023 | |
Patents and trademarks (useful life 15 years) | |
$ | 931,831 | | |
$ | 1,040,927 | |
Customer relationships (useful life 7 years) | |
| 4,500,000 | | |
| 4,500,000 | |
E-commerce technology platforms (useful life 4 years) | |
| 3,900,000 | | |
| 3,900,000 | |
Total | |
| 3,900,000 | | |
| 3,900,000 | |
Less: accumulated amortization | |
$ | (1,704,359 | ) | |
| (1,299,895 | ) |
Total, net | |
$ | 7,627,472 | | |
$ | 8,141,032 | |
Amortization
expense on intangible assets amounted to $ 513,559 and $14,307 during the three-month ended March 31, 2024 and 2023, respectively.
The
following table sets forth the estimated amortization expense for the next five years:
SCHEDULE
OF INTANGIBLE ASSETS AMORTIZATION EXPENSE FOR FUTURE
Nine months ended December 31, 2024 | |
$ | 1,269,150 | |
2025 | |
| 1,673,613 | |
2026 | |
| 1,673,613 | |
2027 | |
| 1,511,113 | |
2028 | |
| 698,613 | |
2029 | |
| 698,613 | |
NOTE
5 DEBTS
The
following table presents the details of the principal outstanding:
SCHEDULE
OF DEBT
| |
March 31, 2024 | | |
December 31, 2023 | | |
APR at March 31, 2024 | |
|
Maturity | |
Collateral |
Convertible Notes (b,c) | |
| 14,642,909 | | |
| 11,525,000 | | |
6.00 – 10.00 | % |
|
September 2023-March 2026 | |
Substantially all company assets |
Notes payable to financial institutionsa) | |
| 6,233,624 | | |
| 6,348,104 | | |
7.93-8.5 | |
|
August 2024-August 2026 | |
Inventory, accounts receivable, cash |
| |
| | | |
| | | |
| |
|
| |
|
Notes payable to Belami sellers | |
| 251,516 | | |
| 247,927 | | |
4.86 | % |
|
April 2024 | |
– |
| |
| | | |
| | | |
| |
|
| |
|
SBA-related loans | |
| 145,022 | | |
| 145,022 | | |
3.75 | % |
|
April 2025-November 2052 | |
Substantially all Company assets |
Total | |
$ | 21,273,071 | | |
$ | 18,266,053 | | |
| |
|
| |
|
Unamortized debt discount | |
| (4,410,702 | ) | |
| (4,591,222 | ) | |
| |
|
| |
|
Debt, net of Unamortized debt Discount | |
| 16,862,369 | | |
| 13,674,831 | | |
| |
|
| |
|
SCHEDULE
OF INTEREST EXPENSE
| |
For the three-month period ended | |
| |
March 31, 2024 | | |
March 31, 2023 | |
Interest expense | |
$ | 787,854 | | |
$ | 730,621 | |
As
of March 31, 2024, the expected future principal payments for the Company’s debt are due as follows:
SCHEDULE
OF FUTURE PRINCIPAL PAYMENTS
| |
| | |
Nine-months ended December 31, 2024 | |
$ | 6,334,514 | |
2025 | |
| 4,086,855 | |
2026 | |
| 10,582,955 | |
2027 | |
| 3,040 | |
2028 and thereafter | |
| 134,392 | |
Total | |
$ | 21,273,071 | |
|
(a) |
|
|
(b) |
During
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 noteholders at an adjusted exercise price of $2.70
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 $228,499
as amortized debt discount during the three months ended March 31, 2024, and it is reflected as interest expense in the accompanying
unaudited consolidated statement of operations. Only the convertible promissory notes issued during fiscal 2023 are secured by
substantially all of the assets of the Company. |
|
(c) |
|
NOTE
6 OPERATING LEASE LIABILITIES
In
April 2022, the Company entered into 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 in 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 $22,192,503 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 by the same amount
of cash.
In
January 2024 the Belami, subsidiary of SKYX entered in a 35-month lease related to its Sacramento office. The Company recognized a right-of-use
asset and a liability of $ 662,698 pursuant to such 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 March 31, 2024:
SCHEDULE OF LEASE COST OPERATING LEASE
| |
March 31, 2024 | |
Lease costs: | |
| | |
Cash paid for operating lease liabilities | |
$ | 505,920 | |
Right-of-use assets obtained in exchange for new operating lease obligations | |
$ | 21,360,642 | |
Fixed rent payment | |
$ | 300,933 | |
Lease – Depreciation expense | |
$ | 516,707 | |
| |
years ended | |
| |
March 31, 2024 | |
Other information: | |
| | |
Weighted-average discount rate | |
| 6.41 | % |
Weighted-average remaining lease term (in months) | |
| 107 | |
SCHEDULE OF MINIMUM LEASE OBLIGATION
| |
| |
Minimum Lease obligation | |
| | |
Nine months ended December 31, 2024 | |
$ | 1,595,397 | |
2025 | |
| 2,346,540 | |
2026 | |
| 2,589,372 | |
2027 | |
| 2,288,363 | |
2028 and thereafter | |
| 15,703,089 | |
Total | |
$ | 24,522,761 | |
NOTE
7 ROYALTY OBLIGATIONS
The
Company had a license agreement with General Electric (“GE”) which provided, 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 agreement expired in 2023.
The
Company owes $2.5
million to GE pursuant to the license agreement. The payments associated with this debt are payable in quarterly tranches
aggregating $0.8
million during 2024 and 2025 and $0.9
million in 2026. Additionally, the Company owes an additional amount of $1.4
million pursuant to its agreements with GE which is payable in 2027. During April 2024, GE and the Company agreed to reduce the
additional amount of $1.4
million by $400,000
in exchange for the issuance of a convertible promissory note of $1.0
million. The GE Note does not bear interest and the principal amount of the Note is convertible into shares of the Company’s
common stock at any time at the option of the holder at $1.07 per share. The Company may prepay the entire then-outstanding principal
amount of a Note at any time, plus a prepayment premium; if the Company exercises such right, the Note holder may instead elect to convert
the Note into shares of common stock. The Note also provides for certain piggyback registration rights.
NOTE
8 ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts
payable and accrued expenses consisted of the following:
SCHEDULE OF ACCRUED EXPENSES
| |
March 31, 2024 | | |
December 31, 2023 | |
Accrued interest, convertible notes | |
$ | 950,358 | | |
$ | 744,953 | |
Trade payables | |
| 11,238,517 | | |
| 11,513,918 | |
Accrued compensation | |
| 1,248,419 | | |
| 874,557 | |
Total | |
$ | 13,437,294 | | |
$ | 13,133,428 | |
NOTE
9 RELATED PARTY TRANSACTIONS
Convertible
Notes Due to Related Parties
Convertible
notes due to related parties represent amounts provided to the Company from a director and the Company’s Co-Chief Executive Officers.
The outstanding principal on the convertible promissory notes, associated with related parties was $950,000 as of March 31, 2024, and
December 31, 2023 and accrued interest of $ 272,824 and $151,081, respectively.
NOTE
10 STOCKHOLDERS’ EQUITY
(A)
Common Stock
The
Company issued the following common stock during the three months ended March 31, 2024, and 2023:
SCHEDULE OF COMMON STOCK
Transaction Type | |
Shares Issued | | |
Valuation $ | | |
Range of Value Per
Share $ |
March 31, 2024 Equity Transactions | |
| | | |
| | | |
|
Common stock issued, pursuant to services provided | |
| 890,103 | | |
| 3,295,029 | | |
1.27-1.68 |
Issuance of common stock pursuant to offering, net | |
| 2,733,361 | | |
| 3,655,755 | | |
1.25-1.64 |
Transaction Type | |
Shares Issued | | |
Valuation ($) | | |
Range of Value Per
Share ($) |
March 31, 2023 Equity Transactions | |
| | | |
| | | |
|
Common stock issued, pursuant to services provided | |
| 282,188 | | |
| 2,963,702 | | |
2.52 – 3.56 |
As
of March 31, 2024, the remaining amount to be used under the ATM offering program is $6.5 million.
(B)
Preferred Stock
The
following is a summary of the Company’s Preferred Stock activity during the three months ended March 31, 2023:
SCHEDULE OF PREFERRED STOCK ACTIVITY
Transaction Type | |
Quantity | | |
Carrying Value | | |
Value per Share ($) | |
Preferred Stock Balance at December 31, 2022 | |
| 880,400 | | |
$ | 220,099 | | |
$ | 0.25 | |
Preferred Stock redemptions | |
| — | | |
| — | | |
| — | |
Preferred Stock Balance at March 31, 2023 | |
| 880,400 | | |
$ | 220,099 | | |
$ | 0.25 | |
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 had 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 was classified as mezzanine equity rather than permanent equity.
There
were no shares of Series A Preferred Stock outstanding at March 31, 2024 and the Company terminated its designation of the Series A Preferred
Stock in May 2023. The Company has not designated any other preferred stock as of March 31, 2024.
(C)
Stock Options
The
following is a summary of the Company’s stock option activity during the three month ended March 31, 2024 and 2023:
SCHEDULE OF STOCK OPTION ACTIVITY
Options | |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life (In Years) | | |
Aggregate Intrinsic Value | |
Outstanding, January 1, 2024 | |
| 35,805,976 | | |
$ | 7.33 | | |
| –– | | |
$ | 2,037,200 | |
Exercised | |
| –– | | |
| –– | | |
| –– | | |
| –– | |
Granted | |
| 540,000 | | |
| 1.63 | | |
| –– | | |
| — | |
Forfeited | |
| (189,500 | ) | |
| 2.89 | | |
| — | | |
| — | |
Expired | |
| | | |
| — | | |
| | | |
| | |
Outstanding, March 31, 2024 | |
| 36,156,476 | | |
$ | 7.3 | | |
| 2.58 | | |
$ | 2,037,200 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, March 31, 2024 | |
| 13,892,937 | | |
$ | 4.54 | | |
| 2.07 | | |
$ | 2,034,525 | |
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 | | |
| — | | |
$ | — | |
Exercised | |
| | | |
| | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Expired | |
| 175,000 | | |
| 3.0 | | |
| — | | |
| — | |
Outstanding, March 31, 2023 | |
| 33,114,250 | | |
$ | 7.7 | | |
| 3.2 | | |
$ | 10,534,567 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, March 31, 2023 | |
| 12,731,250 | | |
$ | 4.4 | | |
| 2.55 | | |
$ | 10,534,567 | |
The
following table summarizes the range of the Black Scholes pricing model assumptions used by the Company during three month ended March
31, 2024 and 2023:
SCHEDULE OF BLACK SCHOLES PRICING MODEL
|
|
March
31, 2024 |
|
|
March
31, 2023 |
|
|
|
|
Range
|
|
|
|
Range |
|
Stock
price |
|
$ |
1.76 |
|
|
$ |
3.74-3.84 |
|
Exercise
price |
|
$ |
0
- 14 |
|
|
$ |
3.0 |
|
Expected
life (in years) |
|
|
2.87
yrs. |
|
|
|
5
yrs. |
|
Volatility |
|
|
37 |
% |
|
|
42 |
% |
Risk-fee
interest rate |
|
|
4.10 |
% |
|
|
5.02 |
% |
Dividend
yield |
|
|
— |
|
|
|
— |
|
The
Company cannot use its historical volatility as expected volatility because there is not enough liquidity in 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 $13.9 million (excluding certain market-based options which management cannot ascertain to have a probable
outcome amounting to $63 million) at March 31, 2024 and it is expected to be recognized over a weighted-average period of 2 years.
(D)
Warrants Issued
The
following is a summary of the Company’s warrant activity during three month ended March 31, 2024 and 2023:
SCHEDULE OF WARRANT ACTIVITY
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance, January 1, 2024 | |
| 2,063,522 | | |
$ | 5.76 | |
Issued | |
| — | | |
| — | |
Exercised | |
| — | | |
| — | |
Forfeited | |
| (14,375 | ) | |
| — | |
Balance, March 31, 2024 | |
| 2,049,147 | | |
$ | 5.45 | |
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance, January 1, 2023 | |
| 671,855 | | |
$ | 11.5 | |
Issued | |
| 1,391,667 | | |
| 3.0 | |
Exercised | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | |
Balance, March 31, 2023 | |
| 2,063,522 | | |
$ | 5.76 | |
During the three months ended March 31, 2024, the Company did not issued
any warrants. During the three months ended March 31, 2023 as an inducement to enter certain financing transactions, the Company issued 1,391,667 3- year warrants to the noteholders at an adjusted exercise price of
$2.70 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.
(D)
Restricted stock units
A
summary of the Company’s non-vested restricted stock units during the three months ended March 31, 2024 and 2023 are as follows:
SCHEDULE OF NON-VESTED RESTRICTED STOCK
| |
Shares | | |
Weighted Average Grant Due Fair Value | |
Non-vested restricted stock units, January 1, 2024 | |
| 4,919,702 | | |
$ | 4.21 | |
Granted | |
| 600,000 | | |
| 1.76 | |
Vested | |
| (770,888 | ) | |
| 3.79 | |
Forfeited | |
| (13,834 | ) | |
| 1.52 | |
Non-Vested restricted stock units, March 31, 2024 | |
| 4,734,980 | | |
$ | 3.98 | |
| |
| | | |
| | |
Non-vested restricted stock units, January 1, 2023 | |
| 2,516,461 | | |
$ | 8.39 | |
Granted | |
| 9,096 | | |
| 3.29 | |
Vested | |
| (540,188 | ) | |
| 10.73 | |
Forfeited | |
| (5,400 | ) | |
| 11.4 | |
Non-vested restricted stock units on March 31, 2023 | |
| 1,979,969 | | |
$ | 7.87 | |
The
weighted-average remaining contractual life of the restricted units as of March 31, 2024 is 1.3
years.
One RSU gives the right to receive one share of the Company’s
common stock. RSUs 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.
During
the three months ended March 31, 2024, and 2023, the Company recognized compensation expense of $ 3,295,029, and $2,963,702, respectively, related
to stock options, RSUs and RSAs.
NOTE
11 CONCENTRATIONS OF RISKS
Major
Customers and Accounts Receivable
The
Company had no customers whose revenue individually represented 10% or more of the Company’s total revenue during the three months ended March 31, 2024 and 2023. The Company had
one third-party payor accounts receivable balance representing 24%
of the Company’s total accounts receivable at March 31, 2024 and none at March 31, 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 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, 2023:
SCHEDULE OF PROFORMA CONSOLIDATED RESULTS OF OPERATION
| |
2023 | |
| |
Three-month period ended March 31, | |
| |
2023 | |
Revenues | |
$ | 18,636,969 | |
Net loss | |
$ | (10,349,191 | ) |
Basic and diluted loss per share | |
$ | (0.11 | ) |
Weighted average number of shares outstanding- basic and diluted | |
| 90,601,616 | |
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 May 14, 2024, which is the date the consolidated financial statements were available to be issued.
There were no significant subsequent events that required adjustment to or disclosure in the unaudited 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, 2023
included in our Annual Report on Form 10-K for the year ended December 31, 2023. 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, 2023 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-
and second-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 to touch 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 third-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 in 2023 and expect additional products, including the third-generation smart-advanced platform to be available in 2024.
We hold over 96 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 has continued to impact operations during 2023 and 2024. 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.
The
Israel-Hamas war may adversely impact our operations in the near future. We have a number of developers working in Israel. If such individuals
are called for service or this war escalates regionally, it may create work interruptions leading to longer periods between releases
of offering improvements and increased costs.
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 3,776,706 shares of common
stock as consideration for the acquisition (including shares issued in April 2024). 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.
Recent
Developments
In
March 2024, the Company and the Belami sellers entered into a letter agreement modifying certain obligations under the stock purchase
agreement for the acquisition of Belami. In connection with the letter agreement, the Company issued convertible promissory notes to
each of the sellers (the “Seller Note(s)”) in substitution of an aggregate of $3,117,408 in cash due to the sellers on the
first anniversary of the closing of the Belami acquisition. Each seller received a Seller Note in an amount of $1,039,303 on the same
date. In addition to other customary terms, the Seller Notes bear annual interest at 10%, with interest and principal becoming due on
May 16, 2025, and can be converted by the sellers into shares of our common stock at any time at $3.00 per share of our common stock.
The Seller Notes include customary events of default accelerating maturity, including a breach of the Company’s covenants, representations,
and warranties under the Belami stock purchase agreement and a change of control of Belami. The letter agreement further provided that
the Company will perform all other obligations arising on the first anniversary of the closing, including issuance of shares of common
stock due to sellers, and that on such date the non-fundamental representations and warranties will expire, and the Company will release
$750,000 held in escrow. In April 2024, the Company issued an aggregate of 1,853,421 shares of common stock to the sellers and released
the escrow amount.
On
April 11, 2024, the Company entered into an amendment to the letter agreement previously entered into with GE Trademark Licensing, Inc.
(“GE-TL”) in December 2023, which extended the deadline for the Company to issue the convertible note to GE-TL to May 1,
2024, and also issued a three-year, $1.0 million convertible note to GE-TL, thereby reducing obligations due in 2027 by $400,000. The
note does not bear interest, and the principal amount of the note is convertible into shares of the Company’s common stock at any
time at the option of the holder at $1.07 per share.
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 March 31, 2024 and 2023
| |
For the Three Months Ended March 31, | | |
Increase/(Decrease) Between the Months Ended March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenue | |
$ | 18,977,821 | | |
$ | 10,025 | | |
$ | 18,967,796 | | |
| NM | |
Cost of revenues | |
| 13,399,771 | | |
| 1,468 | | |
| 13,398,303 | | |
| NM | |
Gross income | |
| 5,578,050 | | |
| 8,557 | | |
| 5,569,493 | | |
| NM | |
| |
| | | |
| | | |
| | | |
| | |
Selling and marketing expenses | |
| 6,586,816 | | |
| 1,299,859 | | |
| 5,226,957 | | |
| 402 | % |
General and administrative expenses | |
| 7,939,581 | | |
| 5,948,346 | | |
| 1,991,235 | | |
| 33 | % |
Total expenses, net | |
| 14,466,397 | | |
| 7,248,205 | | |
| 7,218,192 | | |
| 100 | % |
Other income / (expense) | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (787,854 | ) | |
| (730,621 | ) | |
| 57,233 | | |
| NM | |
| |
| | | |
| | | |
| | | |
| | |
Total other income (expense), net | |
| (787,854 | ) | |
| (730,621 | ) | |
| 57,233 | | |
| 8 | % |
Net loss | |
$ | (9,676,201 | ) | |
$ | (7,970,269 | ) | |
$ | 1,705,932 | | |
| 21 | % |
NM:
Not meaningful
Revenue
The
increase in revenues during the three-month ended March 31, 2024, when compared to the prior year period, is primarily due to revenues
from products marketed by Belami which was acquired in April 2023.
We
believe that revenues will be higher in 2024 than in 2023, primarily resulting from revenues from Belami, and the sale of our
advanced-safe-smart products.
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-month periods ended March 31, 2024 when compared to the prior year period, 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 2024 compared to 2023, commensurate with an anticipated increase in revenues.
Selling
and Marketing Expenses
Selling
and marketing expenses consist primarily of sales and marketing compensation as well as sales and marketing programs.
The
increase in selling and marketing expenses is primarily due to such expenses increasing following the acquisition of Belami aggregating
$4.4 million during the three-month period ended March 31, 2024.
General
and Administrative Expenses
General
and administrative expenses consist primarily of an allocation of product development, finance, legal, human resources, including salaries,
wages, and benefits, and depreciation and amortization, including share-based payments.
The
increase in general, and administrative expenses during the three months ended March 31, 2024, when compared to the prior year period
was primarily due to the following:
|
● |
Increase
in general and administrative expenses following the acquisition of Belami aggregating $2.0 million; |
|
● |
Increase
of depreciation and amortization expenses of $1.0 million primarily related to increased intangibles acquired during the second
quarter of 2023 |
We
believe that our operating expenses will be higher during 2024 when compared to 2023 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-month periods ended March 31, 2024, when compared to the prior year period resulted primarily
from interest charges related to increased interest-bearing weighted-average debt in the current period when compared to the prior year
period.
Liquidity
and Capital Resources
As
of March 31, 2024 and 2023, we had $19.7 million and $23.1 million in cash, cash equivalents, and restricted cash respectively.
We
have raised additional funds through the sale of our common stock for gross proceeds of $3.6 million and placements and offerings during
the three-month period ended March 31, 2024.
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 March 31, 2024, we issued 2,733,361 shares of common stock under such a
program for net proceeds of $ 3,582,610, net of brokerage fees of approximately $ 73,145. From inception through March 31, 2024, we
issued 6,593,193 shares of common stock under such a program for net proceeds of $ 12,751,281, net of brokerage fees of
approximately $ 260,230. As of March 31, 2024, the remaining amount to be used under the ATM offering program is $6.6
million.
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 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.
We
owe approximately $11.5 million under fixed rate obligations as of March 31, 2024. In addition, we owe GE certain minimum royalty
payments under a license agreement which amounted to $3.7 million as of March 31, 2024.
On
March 29, 2024, we entered into a letter agreement with Belami sellers, modifying certain obligations under the Stock Purchase Agreement.
In connection with the letter agreement, the Company issued convertible promissory notes to each of the Sellers (the “Seller Note(s)”)
in substitution of an aggregate of $3,117,408 in cash due to the Sellers on the first anniversary of the Closing. Each Seller received
a Seller Note in an amount of $1,039,303 on the same date. In addition to other customary terms, the Seller Notes bear annual interest
at 10%, with interest and principal becoming due on May 16, 2025, and can be converted by the Sellers at any time at $3.00 per share
of our common stock.
Three-months
period ended March 31, 2024:
We
had $19.8 million in cash, cash equivalents, and restricted cash as of March 31, 2024.
We
used $6.1 million in our operating activities which consists of a net loss of $9.7 million adjusted for the following:
|
● |
Stock-based
compensation of $3.3 million. |
|
● |
Depreciation
and amortization of $1.0 million. |
We
generated $3.6 million in financing activities which were primarily related to proceeds we generated from the issuance of shares of our
common stock.
Three-months
period ended March 31, 2023:
We
had $23.1 million in cash, cash equivalents, restricted cash and marketable debt securities as of March 31, 2023.
We
used $4.1 million in our operating activities which consists of a net loss of $8 million adjusted for the following:
|
● |
Stock-based
compensation of $3 million. |
|
● |
Depreciation
and amortization of $500,000. |
We
generated $10.3 million in financing activities which were primarily related to proceeds we generated from the issuance of convertible
promissory notes.
Going
Concern
The Company’s liquidity sources include $ 19.8 million in cash and
cash equivalents, including restricted cash of $5.6 million, and $ 1.2 million of working capital at March 31, 2024. However, the Company
has a history of recurring operating losses and its net cash used in operating activities amounted to $6.2 million and $4.1 million during
the three months ended March 31, 2024 and March 31, 2023, respectively. The Company has also generated net cash provided by financing
activities of $3.6 million and $10.3 million during the three months ended March 31, 2024 and 2023, respectively. Accordingly, the Company’s
management cannot ascertain that there is no substantial doubt that it will be able to meet its obligations as they become due within
one year after the date that its financial statements are issued.
Management
intends to mitigate such conditions by supporting its continued growth, decreasing its cash used in operating activities through increased
revenues and increased margins from products sold to large retailers and its internet portals, and to the extent necessary, generate
cash provided by financing activities through its at the market offering or other equity or debt financing means.
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 March 31, | |
| |
2024 | | |
2023 | |
Net loss | |
$ | (9,676,201 | ) | |
$ | (7,970,269 | ) |
Share-based payments | |
| 3,295,029 | | |
| 2,963,702 | |
Interest expense | |
| 787,854 | | |
| 730,621 | |
Depreciation, amortization | |
| 1,060,571 | | |
| 497,373 | |
Transaction costs | |
| - | | |
| - | |
EBITDA, as adjusted | |
$ | (4,532,747 | ) | |
$ | (3,778,573 | ) |
Critical
Accounting Policies
Our
significant accounting policies are disclosed in Note 2 to our consolidated financial statements for the year ended December 31, 2023
contained in our Annual Report on Form 10-K for the year ended December 31, 2023. 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 or not recognized in the balance
sheet, where it is practicable to estimate that value. As of March 31, 2024, and December 31, 2023, 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 several 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 March 31, 2024.
Changes
in Internal Controls Over Financial Reporting:
There
were no changes in our internal control over financial reporting during the quarter ended March 31, 2024 that materially affected, or
are reasonably likely to materially affect, our internal control over financial reporting.
PART
II. OTHER INFORMATION
Item
1. Legal Proceedings
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.,
Legal proceedings are inherently uncertain and 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 particular 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, 2023. 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.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Recent
Sales of Unregistered Securities
The following is a summary of issuances of unregistered securities during
the first quarter of 2024, to the extent not previously disclosed in a Current Report on Form 8-K filed by the Company: (i) the Company
granted 393,703 shares of restricted shares of common stock pursuant to agreements regarding services provided to the Company: (ii) three
of the Company’s previously issued subordinated convertible balloon promissory notes aggregating $575,000 were amended to, among
other things, adjust the conversion price to $3.00 per share; and (iii) the Company issued convertible promissory notes to each of the
sellers in the Belami acquisition in substitution of an aggregate of $3,117,408 in cash due to the sellers on April 28, 2024, which can
be converted by the sellers into shares of the Company’s common stock at any time at $3.00 per share of the Company’s common
stock.
The sales or 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.
Issuer
Purchases of Equity Securities
During
the quarter ended December 31, 2023, the Company withheld 3,785 shares of common stock, at a price per share of $1.72, to satisfy tax
withholding obligations due upon the vesting of a restricted stock grant. We did not pay cash to repurchase these shares, nor was this
repurchase part of a publicly announced plan or program.
Period | |
Total Number of Shares Purchased(1) | | |
Average Price Paid per Share | | |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | |
Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs | |
January 2024 | |
| 386 | | |
$ | 1.44 | | |
| — | | |
| — | |
February 2024 | |
| 6,421 | | |
| 1.50 | | |
| — | | |
| — | |
March 2024 | |
| 22,325 | | |
| 1.28 | | |
| — | | |
| — | |
Total | |
| 29,132 | | |
$ | 1.33 | | |
| — | | |
| — | |
(1)
Includes shares repurchased to satisfy tax withholding obligations due upon the 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.
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 March 31, 2024, 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) of the Exchange Act 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 |
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 herein to Exhibit 3.2 to the Company’s
Current Report on Form 8-K filed with the SEC on June 14, 2022). |
10.1* |
|
Commission
Termination Agreement, dated March 29, 2024, by and between SKYX Platforms Corp. and John Campi (incorporated herein by reference
to Exhibit 10.57 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023). |
10.2* |
|
Commission
Termination Agreement, dated March 29, 2024, by and between SKYX Platforms Corp. and Patricia Barron (incorporated herein by reference
to Exhibit 10.58 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023). |
10.3 |
|
Form
of Amendment No. 1 to Subordinated Convertible Balloon Promissory Note, dated March 29, 2024 (incorporated herein by reference to
Exhibit 10.59 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023). |
10.4 |
|
Letter
Agreement to the Stock Purchase Agreement, as amended, dated March 29, 2024, by and among SKYX Platforms Corp., Mihran Berejikian,
Nancy Berejikian and Michael Lack, and form of Convertible Promissory Note (incorporated herein by reference to Exhibit 10.6 to the
Company’s Annual Report on Form 10-K for the year ended December 31, 2023). |
10.5 |
|
Amendment
of Letter Agreement relating to Trademark License Agreement, dated April 11, 2024, among SKYX Platforms Corp., SQL Lighting &
Fans, LLC and GE Trademark Licensing, Inc. (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report
on Form 8-K filed with the SEC on April 17, 2024). |
10.6 |
|
Convertible
Promissory Note, dated April 11, 2024, issued to GE Trademark Licensing, Inc. (incorporated herein by reference to Exhibit 4.1 to
the Company’s Current Report on Form 8-K filed with the SEC on April 17, 2024). |
31.1 |
|
Certification by Co-Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
31.2 |
|
Certification by Co-Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
31.3 |
|
Certification by Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
32.1 |
|
Certification by Co-Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). |
32.2 |
|
Certification by Co-Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). |
32.3 |
|
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 March 31, 2024, formatted
in iXBRL(Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations
and Comprehensive Loss, (iii) Consolidated Statements of Stockholders’ Equity, (iv) Consolidated Statements of Cash Flows,
and (v) Notes to Consolidated Financial Statements (filed herewith). |
104 |
|
Cover
Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) (filed herewith). |
*
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: |
May
14, 2024 |
|
By: |
/s/
John P. Campi |
|
|
|
|
John
P. Campi, Co- Chief Executive Officer |
|
|
|
|
(Principal
Executive Officer) |
|
|
|
|
|
Date: |
May
14, 2024 |
|
By: |
/s/
Leonard J. Sokolow |
|
|
|
|
Leonard
J. Sokolow, Co-Chief Executive Officer and Director |
|
|
|
|
(Principal
Executive Officer) |
|
|
|
|
|
Date: |
May
14, 2024 |
|
By: |
/s/
Marc-Andre Boisseau |
|
|
|
|
Marc-Andre
Boisseau, Chief Financial Officer |
|
|
|
|
(Principal
Financial and Accounting Officer) |
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: May 14, 2024 |
By: |
/s/ John P. Campi |
|
|
John P. Campi |
|
|
Co-Chief Executive Officer |
|
|
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION
I, Leonard J. Sokolow, 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: May 14, 2024 |
By: |
/s/ Leonard J. Sokolow |
|
|
Leonard J. Sokolow |
|
|
Co-Chief Executive Officer and Director |
|
|
(Principal Executive Officer) |
Exhibit 31.3
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: May 14, 2024 |
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 March 31, 2024, 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: May 14, 2024 |
By: |
/s/ John P. Campi |
|
|
John P. Campi |
|
|
Co-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 March 31, 2024, 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: May 14, 2024 |
By: |
/s/ Leonard J. Sokolow |
|
|
Leonard J. Sokolow |
|
|
Co-Chief Executive Officer and Director |
|
|
(Principal Executive Officer) |
Exhibit 32.3
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 March 31, 2024, 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: May 14, 2024 |
By: |
/s/ Marc-Andre Boisseau |
|
|
Marc-Andre Boisseau |
|
|
Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
v3.24.1.1.u2
Cover - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 01, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Mar. 31, 2024
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2024
|
|
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
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
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false
|
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v3.24.1.1.u2
Consolidated Balance Sheets - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 14,146,785
|
$ 16,810,983
|
Restricted cash |
2,750,000
|
2,750,000
|
Account receivable |
3,932,008
|
3,384,976
|
Inventory |
3,777,724
|
3,425,734
|
Deferred cost of revenues |
245,734
|
224,445
|
Prepaid expenses and other assets |
630,077
|
721,717
|
Total current assets |
25,482,328
|
27,317,855
|
Long-term assets: |
|
|
Furniture and equipment, net |
459,929
|
436,587
|
Restricted cash |
2,892,878
|
2,869,270
|
Right of use assets |
21,360,642
|
21,214,652
|
Intangibles, definite life |
7,627,472
|
8,141,032
|
Goodwill |
16,157,000
|
16,157,000
|
Other assets |
204,807
|
204,807
|
Total long-term assets |
48,702,728
|
49,023,348
|
Total Assets |
74,185,056
|
76,341,203
|
Current liabilities: |
|
|
Accounts payable and accrued expenses |
12,537,437
|
12,388,475
|
Notes payable |
5,865,829
|
5,724,129
|
Operating lease liabilities |
2,160,938
|
1,898,428
|
Royalty obligation |
800,000
|
800,000
|
Consideration payable |
750,000
|
730,999
|
Deferred revenues |
1,616,038
|
1,475,519
|
Total current liabilities |
24,330,242
|
24,192,550
|
Long term liabilities: |
|
|
Accounts payable and accrued expenses |
950,358
|
744,953
|
Notes payable |
764,333
|
1,016,924
|
Consideration payable |
|
3,038,430
|
Operating lease liabilities |
22,161,824
|
22,267,558
|
Royalty obligations |
2,900,000
|
3,100,000
|
Total long-term liabilities |
36,358,221
|
35,926,643
|
Total liabilities |
60,688,463
|
60,119,193
|
Stockholders’ Equity: |
|
|
Common stock and additional paid-in-capital: $0 par value, 500,000,000 shares authorized; and 97,096,897 and 93,473,433 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively |
168,975,808
|
162,025,024
|
Accumulated deficit |
(155,479,215)
|
(145,803,014)
|
Accumulated other comprehensive loss |
|
|
Total stockholders’ equity |
13,496,593
|
16,222,010
|
Total Liabilities and Stockholders’ Equity |
74,185,056
|
76,341,203
|
Related Party [Member] |
|
|
Current liabilities: |
|
|
Convertible notes |
600,000
|
825,000
|
Long term liabilities: |
|
|
Convertible notes |
350,000
|
|
Nonrelated Party [Member] |
|
|
Current liabilities: |
|
|
Convertible notes |
|
350,000
|
Long term liabilities: |
|
|
Convertible notes |
$ 9,231,706
|
$ 5,758,778
|
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v3.24.1.1.u2
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0
|
$ 0
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
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97,096,897
|
93,473,433
|
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|
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v3.24.1.1.u2
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Revenue |
$ 18,977,821
|
$ 10,025
|
Cost of revenues |
13,399,771
|
1,468
|
Gross profit (loss) |
5,578,050
|
8,557
|
Selling and marketing expenses |
6,526,816
|
1,299,859
|
Total expenses, net |
14,466,397
|
7,248,205
|
Loss from operations |
(8,888,347)
|
(7,239,648)
|
Other income / (expense) |
|
|
Interest expense, net |
(787,854)
|
(730,621)
|
Gain on extinguishment of debt |
|
|
Other income |
|
|
Total other expense, net |
(787,854)
|
(730,621)
|
Net loss |
(9,676,201)
|
(7,970,269)
|
Other comprehensive loss: |
|
|
Unrealized loss on debt securities |
|
57,494
|
Net comprehensive loss attributed to common stockholders |
$ (9,676,201)
|
$ (7,912,775)
|
Net loss per share - basic |
$ (0.10)
|
$ (0.10)
|
Net loss per share - diluted |
$ (0.10)
|
$ (0.10)
|
Weighted average number of common shares outstanding - basic |
95,091,003
|
82,965,182
|
Weighted average number of common shares outstanding - diluted |
95,091,003
|
82,965,182
|
Nonrelated Party [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
General and administrative expenses |
$ 7,939,581
|
$ 5,948,346
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.24.1.1.u2
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock Including Additional Paid in Capital [Member] |
Common Stock [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
Balance at Dec. 31, 2022 |
$ 114,039,638
|
|
$ (106,070,358)
|
$ (62,147)
|
$ 7,907,133
|
Balance, shares at Dec. 31, 2022 |
|
82,907,541
|
|
|
|
Common stock issued pursuant to offerings, shares |
|
|
|
|
|
Common stock issued pursuant to services, shares |
|
282,188
|
|
|
|
Common stock issued pursuant to offerings |
|
|
|
|
|
Common stock issued pursuant to services |
2,963,702
|
|
|
|
|
Debt discount |
5,569,978
|
|
|
|
|
Net loss |
|
|
(7,970,269)
|
|
(7,970,269)
|
Unrealized gain on debt securities |
|
|
|
57,494
|
|
Balance at Mar. 31, 2023 |
122,573,318
|
|
(114,040,627)
|
(4,653)
|
8,528,038
|
Balance, shares at Mar. 31, 2023 |
|
83,189,729
|
|
|
|
Balance at Dec. 31, 2023 |
162,025,024
|
|
(145,803,014)
|
|
16,222,010
|
Balance, shares at Dec. 31, 2023 |
|
93,473,433
|
|
|
|
Common stock issued pursuant to offerings, shares |
|
2,733,361
|
|
|
|
Common stock issued pursuant to services, shares |
|
890,103
|
|
|
|
Common stock issued pursuant to offerings |
3,655,755
|
|
|
|
|
Common stock issued pursuant to services |
3,295,029
|
|
|
|
|
Debt discount |
|
|
|
|
|
Net loss |
|
|
(9,676,201)
|
|
(9,676,201)
|
Unrealized gain on debt securities |
|
|
|
|
|
Balance at Mar. 31, 2024 |
$ 168,975,808
|
|
$ (155,479,215)
|
|
$ 13,496,593
|
Balance, shares at Mar. 31, 2024 |
|
97,096,897
|
|
|
|
X |
- DefinitionAmount of increase (decrease) in additional paid in capital (APIC) resulting from recognition of deferred taxes for convertible debt with a beneficial conversion feature.
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v3.24.1.1.u2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash flows from operating activities: |
|
|
Net loss |
$ (9,676,201)
|
$ (7,970,269)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
1,060,571
|
497,373
|
Amortization of debt discount |
228,499
|
143,257
|
Non-cash equity-based compensation expense |
3,295,029
|
2,963,702
|
Change in operating assets and liabilities: |
|
|
Inventory |
(351,990)
|
(178,780)
|
Accounts receivable |
(547,032)
|
|
Prepaid expenses and other assets |
91,640
|
(45,501)
|
Deferred charges |
(21,289)
|
|
Deferred revenues |
140,519
|
|
Operating lease liabilities |
(505,920)
|
(171,963)
|
Accretion operating lease liabilities |
|
245,009
|
Royalty obligation |
(200,000)
|
|
Accounts payable and accrued expenses |
303,866
|
398,183
|
Net cash used in operating activities |
(6,182,308)
|
(4,118,989)
|
Cash flows from investing activities: |
|
|
Purchase of debt securities |
|
(136,033)
|
Purchase of property and equipment |
(53,647)
|
(306)
|
Payment of patent costs and other intangibles |
|
(33,559)
|
Net cash used in investing activities |
(53,647)
|
(169,898)
|
Cash flows from financing activities: |
|
|
Proceeds from issuance of common stock- offerings |
3,655,755
|
|
Proceeds from issuance of convertible notes |
|
10,350,000
|
Principal repayments of notes payable |
(60,390)
|
(893)
|
Net cash provided by financing activities |
3,595,365
|
10,349,107
|
Change in cash, cash equivalents and restricted cash |
(2,640,590)
|
6,060,221
|
Cash, cash equivalents, and restricted cash at beginning of period |
22,430,253
|
9,461,597
|
Cash, cash equivalents and restricted cash at end of period |
19,789,663
|
15,521,818
|
Supplementary disclosure of non-cash financing activities: |
|
|
Substitution of consideration payable to convertible notes |
3,117,408
|
|
Debt discount |
|
5,569,978
|
Right-of-use assets and operating lease liabilities |
662,698
|
|
Cash paid during the period for: |
|
|
Interest |
$ 641,647
|
$ 711,648
|
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v3.24.1.1.u2
ORGANIZATION AND NATURE OF OPERATIONS
|
3 Months Ended |
Mar. 31, 2024 |
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 Sacramento, California, 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 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 the Company
has expanded the capabilities of its power-plug product, to include its second generation 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 third-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.
Since
April 2023, the Company also markets home lighting, ceiling fans and other home furnishings from third parties.
Going
Concern
The
Company’s liquidity sources include $ 19.7
million in cash and cash equivalents, including restricted cash of $5.6
million, and $ 1.2 million
of working capital as of March 31, 2024. However, the Company has a history of recurring operating losses and its net cash used in operating activities
amounted to $6.2
million and $4.1
million during the three months ended March 31, 2024 and March 31, 2023, respectively. The Company has also generated net cash
provided by financing activities of $3.6
million and $10.3
million during the three months ended March 31, 2024 and 2023, respectively. Accordingly, the Company’s management cannot
ascertain that there is no substantial doubt that it will be able to meet its obligations as they become due within one year after
the date that its financial statements are issued.
Management
intends to mitigate such conditions by supporting its continued growth, decreasing its cash used in operating activities through
increased revenues and increased margins from products sold to large retailers and its internet portals, and to the extent
necessary, generate cash provided by financing activities through its at the market (“ATM”) offering or other equity or
debt financing means.
|
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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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Mar. 31, 2024 |
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 March 31, 2024 and for the three months ended March 31, 2024 and 2023 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, 2023 has been derived from the audited financial statements at that
date but does not include all of 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, 2023 for additional disclosures and accounting policies.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates
and assumptions that affect the amounts reported in the 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 nonconforming events. Accordingly, actual results could differ significantly
from estimates.
Reclassifications
For
comparability, reclassifications of prior-year balances were made to conform with current-year presentations, such as sales and marketing
expenses which were previously included in selling, general, and administrative expenses in the 2023 comparable period.
Basis
of Consolidation
The
consolidated financial statements include the results of the Company and one of its subsidiaries, SQL Lighting and Fans LLC from January
1, 2023 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 2023. All intercompany balances and transactions have been eliminated in consolidation.
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. The Company’s cash composition was as follows:
SCHEDULE
OF CASH EQUIVALENTS AND RESTRICTED CASH
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Cash and cash equivalents | |
$ | 14,146,785 | | |
$ | 16,810,983 | |
Restricted cash | |
| 5,642,878 | | |
| 5,619,270 | |
Total cash, cash equivalents and restricted cash | |
$ | 19,789,663 | | |
$ | 22,430,253 | |
Restricted
Cash
The
Company issued a letter of credit of $2.8
million in September 2023 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 $2.8
million as of March 31, 2024 and December 31, 2023. 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
receivables are recorded in the period when the right to receive payment or other consideration becomes unconditional. Accounts receivables
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 March 31, 2024, and December 31, 2023, the Company’s allowance for doubtful accounts was $54,987 and
$54,987, respectively. The Company determines an allowance for sales returns based upon historical experience. As of March 31, 2024,
and December 31, 2023, the Company’s allowance for sales returns was $185,501 and $182,584, respectively and is recorded as 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 balance sheet. Deferred revenues amounted to $ 1,616,038 and
$1,475,519 as of March 31, 2024 and December 31, 2023, respectively.
The
costs associated with such deferred revenues are recognized as deferred charges in the accompanying balance sheet. Such charges include
the carrying value of related inventory, freight, and sales charges. The deferred charges amounted to $ 245,734 and $224,445 as of March
31, 2024 and December 31, 2023, respectively.
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
| |
Match 31, 2024 | | |
December 31, 2023 | |
Inventory, component parts | |
$ | 2,944,213 | | |
$ | 2,230,252 | |
Inventory, finished goods | |
| 2,133,511 | | |
| 2,495,482 | |
Allowance | |
| (1,300,000 | ) | |
| (1,300,000 | ) |
Inventory-total | |
| 3,777,724 | | |
| 3,425,734 | |
The
Company will maintain an allowance based on specific inventory items that have shown no activity over a reasonable period of time.
The Company tracks inventory as it is repurposed, disposed, scrapped or sold at below cost to determine whether additional items on
hand should be reduced in value through an allowance method. The Company has recorded an allowance of $1.3
million as of March 31, 2024 and December 31, 2023.
GE
Agreements
The
Company has two U.S. and global agreements with General Electric (“GE”) related to the Company’s products.
|
● | A
U.S. and Global Licensing and Master Service Agreement dated December 4, 2023, which replaced
a prior agreement under similar terms. The agreement expires on December 4, 2028 and includes
automatic renewal provisions. Pursuant to such agreement, GE’s licensing team has the
rights to exclusively license certain of the Company’s Standard and Smart plug-and-play products
set forth in a statement of work in the U.S. and worldwide. Pursuant to the agreement, the
Company expects that GE’s licensing team will seek and arrange licensee partners for
our products in the U.S. and globally, including negotiating agreement terms, managing contracts,
collecting payments, auditing partners, assisting with patent strategy and protection, and
assisting in auditing product quality control under the “Six Sigma” guidelines.
For products licensed to third parties, the Company and GE will each receive a specified
percentage of the earned revenue realized from such licensing, unless otherwise provided
in the applicable statement of work. |
|
| |
|
● | A
letter agreement dated November 28, 2023. The agreement expires on December 15, 2027 and
includes a repayment plan relating to certain amounts due under the U.S. and Global Trademark
Agreement dated June 15, 2011 (as later amended), which expired November 30, 2023, between
SQL Lighting & Fans, LLC and GE Trademark Licensing, Inc. Under this new payment arrangement,
the Company was required to pay a revised royalty payment obligation of $2.7 million
in the aggregate (the “Royalty Payment”), payable in quarterly installments beginning
on December 15, 2023 and ending on December 15, 2026 and an additional obligation equal to
either a $1 million convertible promissory note, subject to agreement on terms, or otherwise
$1.4 million payable in 2027. As of March 31, 2024, the Company owed $3.7 million in royalty
payment obligations. On April 11, 2024, the Company amended the payment arrangement and issued
a convertible promissory note, (the “GE Note”), for the additional obligation, thereby reducing
the payment obligations by $400,000. A detailed description of the GE Note is set forth in
Note 7 below. |
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 stocks, 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-month ended March 31, 2024, and 2023, 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 as of March 31, 2024, and March 31, 2023:
SCHEDULE
OF ANTI-DILUTIVE COMMON STOCK EQUIVALENTS
| |
March 31, 2024 | | |
March 31, 2023 | |
Stock warrants | |
| 2,049,147 | | |
| 2,063,522 | |
Stock options | |
| 36,156,476 | | |
| 33,114,250 | |
Convertible notes | |
| 5,487,260 | | |
| 3,536,668 | |
Preferred stock | |
| – | | |
| 880,400 | |
Total | |
| 43,692,883 | | |
| 39,594,840 | |
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.
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v3.24.1.1.u2
FURNITURE AND EQUIPMENT
|
3 Months Ended |
Mar. 31, 2024 |
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
| |
March 31, 2024 | | |
December 31, 2023 | |
Machinery and equipment | |
$ | 391,895 | | |
$ | 282,799 | |
Computer equipment | |
| 6,846 | | |
| 6,846 | |
Furniture and fixtures | |
| 36,059 | | |
| 36,059 | |
Tooling and production | |
| 672,509 | | |
| 642,509 | |
Software development costs | |
| 219,076 | | |
| 109,096 | |
Leasehold improvements | |
| 30,553 | | |
| 30,553 | |
Total | |
| 1,356,938 | | |
| 1,107,862 | |
Less: accumulated depreciation | |
| (897,009 | ) | |
| (671,275 | ) |
Total, net | |
$ | 459,929 | | |
$ | 436,587 | |
Depreciation
expense amounted to $ 30,305 and $22,141 during the three-month ended March 31, 2024 and 2023, respectively.
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v3.24.1.1.u2
INTANGIBLE ASSETS AND GOODWILL
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS AND GOODWILL |
NOTE
4 INTANGIBLE ASSETS AND GOODWILL
Intangible
assets consisted of the following:
SCHEDULE
OF INTANGIBLE ASSETS
| |
March 31, 2024 | | |
December 31, 2023 | |
Patents and trademarks (useful life 15 years) | |
$ | 931,831 | | |
$ | 1,040,927 | |
Customer relationships (useful life 7 years) | |
| 4,500,000 | | |
| 4,500,000 | |
E-commerce technology platforms (useful life 4 years) | |
| 3,900,000 | | |
| 3,900,000 | |
Total | |
| 3,900,000 | | |
| 3,900,000 | |
Less: accumulated amortization | |
$ | (1,704,359 | ) | |
| (1,299,895 | ) |
Total, net | |
$ | 7,627,472 | | |
$ | 8,141,032 | |
Amortization
expense on intangible assets amounted to $ 513,559 and $14,307 during the three-month ended March 31, 2024 and 2023, respectively.
The
following table sets forth the estimated amortization expense for the next five years:
SCHEDULE
OF INTANGIBLE ASSETS AMORTIZATION EXPENSE FOR FUTURE
Nine months ended December 31, 2024 | |
$ | 1,269,150 | |
2025 | |
| 1,673,613 | |
2026 | |
| 1,673,613 | |
2027 | |
| 1,511,113 | |
2028 | |
| 698,613 | |
2029 | |
| 698,613 | |
|
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v3.24.1.1.u2
DEBTS
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
DEBTS |
NOTE
5 DEBTS
The
following table presents the details of the principal outstanding:
SCHEDULE
OF DEBT
| |
March 31, 2024 | | |
December 31, 2023 | | |
APR at March 31, 2024 | |
|
Maturity | |
Collateral |
Convertible Notes (b,c) | |
| 14,642,909 | | |
| 11,525,000 | | |
6.00 – 10.00 | % |
|
September 2023-March 2026 | |
Substantially all company assets |
Notes payable to financial institutionsa) | |
| 6,233,624 | | |
| 6,348,104 | | |
7.93-8.5 | |
|
August 2024-August 2026 | |
Inventory, accounts receivable, cash |
| |
| | | |
| | | |
| |
|
| |
|
Notes payable to Belami sellers | |
| 251,516 | | |
| 247,927 | | |
4.86 | % |
|
April 2024 | |
– |
| |
| | | |
| | | |
| |
|
| |
|
SBA-related loans | |
| 145,022 | | |
| 145,022 | | |
3.75 | % |
|
April 2025-November 2052 | |
Substantially all Company assets |
Total | |
$ | 21,273,071 | | |
$ | 18,266,053 | | |
| |
|
| |
|
Unamortized debt discount | |
| (4,410,702 | ) | |
| (4,591,222 | ) | |
| |
|
| |
|
Debt, net of Unamortized debt Discount | |
| 16,862,369 | | |
| 13,674,831 | | |
| |
|
| |
|
SCHEDULE
OF INTEREST EXPENSE
| |
For the three-month period ended | |
| |
March 31, 2024 | | |
March 31, 2023 | |
Interest expense | |
$ | 787,854 | | |
$ | 730,621 | |
As
of March 31, 2024, the expected future principal payments for the Company’s debt are due as follows:
SCHEDULE
OF FUTURE PRINCIPAL PAYMENTS
| |
| | |
Nine-months ended December 31, 2024 | |
$ | 6,334,514 | |
2025 | |
| 4,086,855 | |
2026 | |
| 10,582,955 | |
2027 | |
| 3,040 | |
2028 and thereafter | |
| 134,392 | |
Total | |
$ | 21,273,071 | |
|
(a) |
The
unpaid principal bears annual interest at the Wall Street Journal prime rate plus 1.75% per year. |
|
(b) |
Included
in Convertible Notes are loans provided to the Company from two directors and an officer.
The notes each have the following terms: three-year subordinated convertible promissory note
of principal face amounts. Subject to other customary terms, one of the convertible promissory
note of $600,000 payable to a director matured in 2023, and the other remaining convertible
promissory notes mature in May 2025, bear interest at an annual rate of 6% through December
2023 and 10% thereafter, 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 notes are
convertible at the option of the holder into shares of common stock at a conversion price
ranging from $3 to $15 per share.
During
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 noteholders at an adjusted exercise price of $2.70
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 $228,499
as amortized debt discount during the three months ended March 31, 2024, and it is reflected as interest expense in the accompanying
unaudited consolidated statement of operations. Only the convertible promissory notes issued during fiscal 2023 are secured by
substantially all of the assets of the Company. |
|
(c) |
On March 29, 2024, the Company and the Belami sellers entered into a letter
agreement modifying certain obligations under the stock purchase agreement. In connection with the letter agreement, the Company issued
convertible promissory notes to each of the sellers (the “Seller Note(s)”) in substitution of an aggregate of $3,117,408 in cash due to the sellers on the first anniversary of the closing. Each seller received
a Seller Note in an amount of $1,039,303 on the same date. In addition to other customary terms, the Seller Notes bear annual interest
at 10%, with interest and principal becoming due on May 16, 2025, and can be converted by the sellers at any time at $3.00 per share
of our common stock. |
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v3.24.1.1.u2
OPERATING LEASE LIABILITIES
|
3 Months Ended |
Mar. 31, 2024 |
Operating Lease Liabilities |
|
OPERATING LEASE LIABILITIES |
NOTE
6 OPERATING LEASE LIABILITIES
In
April 2022, the Company entered into 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 in 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 $22,192,503 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 by the same amount
of cash.
In
January 2024 the Belami, subsidiary of SKYX entered in a 35-month lease related to its Sacramento office. The Company recognized a right-of-use
asset and a liability of $ 662,698 pursuant to such 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 March 31, 2024:
SCHEDULE OF LEASE COST OPERATING LEASE
| |
March 31, 2024 | |
Lease costs: | |
| | |
Cash paid for operating lease liabilities | |
$ | 505,920 | |
Right-of-use assets obtained in exchange for new operating lease obligations | |
$ | 21,360,642 | |
Fixed rent payment | |
$ | 300,933 | |
Lease – Depreciation expense | |
$ | 516,707 | |
| |
years ended | |
| |
March 31, 2024 | |
Other information: | |
| | |
Weighted-average discount rate | |
| 6.41 | % |
Weighted-average remaining lease term (in months) | |
| 107 | |
SCHEDULE OF MINIMUM LEASE OBLIGATION
| |
| |
Minimum Lease obligation | |
| | |
Nine months ended December 31, 2024 | |
$ | 1,595,397 | |
2025 | |
| 2,346,540 | |
2026 | |
| 2,589,372 | |
2027 | |
| 2,288,363 | |
2028 and thereafter | |
| 15,703,089 | |
Total | |
$ | 24,522,761 | |
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v3.24.1.1.u2
ROYALTY OBLIGATIONS
|
3 Months Ended |
Mar. 31, 2024 |
Royalty Obligations |
|
ROYALTY OBLIGATIONS |
NOTE
7 ROYALTY OBLIGATIONS
The
Company had a license agreement with General Electric (“GE”) which provided, 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 agreement expired in 2023.
The
Company owes $2.5
million to GE pursuant to the license agreement. The payments associated with this debt are payable in quarterly tranches
aggregating $0.8
million during 2024 and 2025 and $0.9
million in 2026. Additionally, the Company owes an additional amount of $1.4
million pursuant to its agreements with GE which is payable in 2027. During April 2024, GE and the Company agreed to reduce the
additional amount of $1.4
million by $400,000
in exchange for the issuance of a convertible promissory note of $1.0
million. The GE Note does not bear interest and the principal amount of the Note is convertible into shares of the Company’s
common stock at any time at the option of the holder at $1.07 per share. The Company may prepay the entire then-outstanding principal
amount of a Note at any time, plus a prepayment premium; if the Company exercises such right, the Note holder may instead elect to convert
the Note into shares of common stock. The Note also provides for certain piggyback registration rights.
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v3.24.1.1.u2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
|
3 Months Ended |
Mar. 31, 2024 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
NOTE
8 ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts
payable and accrued expenses consisted of the following:
SCHEDULE OF ACCRUED EXPENSES
| |
March 31, 2024 | | |
December 31, 2023 | |
Accrued interest, convertible notes | |
$ | 950,358 | | |
$ | 744,953 | |
Trade payables | |
| 11,238,517 | | |
| 11,513,918 | |
Accrued compensation | |
| 1,248,419 | | |
| 874,557 | |
Total | |
$ | 13,437,294 | | |
$ | 13,133,428 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Mar. 31, 2024 |
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 a director and the Company’s Co-Chief Executive Officers.
The outstanding principal on the convertible promissory notes, associated with related parties was $950,000 as of March 31, 2024, and
December 31, 2023 and accrued interest of $ 272,824 and $151,081, respectively.
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
10 STOCKHOLDERS’ EQUITY
(A)
Common Stock
The
Company issued the following common stock during the three months ended March 31, 2024, and 2023:
SCHEDULE OF COMMON STOCK
Transaction Type | |
Shares Issued | | |
Valuation $ | | |
Range of Value Per
Share $ |
March 31, 2024 Equity Transactions | |
| | | |
| | | |
|
Common stock issued, pursuant to services provided | |
| 890,103 | | |
| 3,295,029 | | |
1.27-1.68 |
Issuance of common stock pursuant to offering, net | |
| 2,733,361 | | |
| 3,655,755 | | |
1.25-1.64 |
Transaction Type | |
Shares Issued | | |
Valuation ($) | | |
Range of Value Per
Share ($) |
March 31, 2023 Equity Transactions | |
| | | |
| | | |
|
Common stock issued, pursuant to services provided | |
| 282,188 | | |
| 2,963,702 | | |
2.52 – 3.56 |
As
of March 31, 2024, the remaining amount to be used under the ATM offering program is $6.5 million.
(B)
Preferred Stock
The
following is a summary of the Company’s Preferred Stock activity during the three months ended March 31, 2023:
SCHEDULE OF PREFERRED STOCK ACTIVITY
Transaction Type | |
Quantity | | |
Carrying Value | | |
Value per Share ($) | |
Preferred Stock Balance at December 31, 2022 | |
| 880,400 | | |
$ | 220,099 | | |
$ | 0.25 | |
Preferred Stock redemptions | |
| — | | |
| — | | |
| — | |
Preferred Stock Balance at March 31, 2023 | |
| 880,400 | | |
$ | 220,099 | | |
$ | 0.25 | |
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 had 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 was classified as mezzanine equity rather than permanent equity.
There
were no shares of Series A Preferred Stock outstanding at March 31, 2024 and the Company terminated its designation of the Series A Preferred
Stock in May 2023. The Company has not designated any other preferred stock as of March 31, 2024.
(C)
Stock Options
The
following is a summary of the Company’s stock option activity during the three month ended March 31, 2024 and 2023:
SCHEDULE OF STOCK OPTION ACTIVITY
Options | |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life (In Years) | | |
Aggregate Intrinsic Value | |
Outstanding, January 1, 2024 | |
| 35,805,976 | | |
$ | 7.33 | | |
| –– | | |
$ | 2,037,200 | |
Exercised | |
| –– | | |
| –– | | |
| –– | | |
| –– | |
Granted | |
| 540,000 | | |
| 1.63 | | |
| –– | | |
| — | |
Forfeited | |
| (189,500 | ) | |
| 2.89 | | |
| — | | |
| — | |
Expired | |
| | | |
| — | | |
| | | |
| | |
Outstanding, March 31, 2024 | |
| 36,156,476 | | |
$ | 7.3 | | |
| 2.58 | | |
$ | 2,037,200 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, March 31, 2024 | |
| 13,892,937 | | |
$ | 4.54 | | |
| 2.07 | | |
$ | 2,034,525 | |
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 | | |
| — | | |
$ | — | |
Exercised | |
| | | |
| | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Expired | |
| 175,000 | | |
| 3.0 | | |
| — | | |
| — | |
Outstanding, March 31, 2023 | |
| 33,114,250 | | |
$ | 7.7 | | |
| 3.2 | | |
$ | 10,534,567 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, March 31, 2023 | |
| 12,731,250 | | |
$ | 4.4 | | |
| 2.55 | | |
$ | 10,534,567 | |
The
following table summarizes the range of the Black Scholes pricing model assumptions used by the Company during three month ended March
31, 2024 and 2023:
SCHEDULE OF BLACK SCHOLES PRICING MODEL
|
|
March
31, 2024 |
|
|
March
31, 2023 |
|
|
|
|
Range
|
|
|
|
Range |
|
Stock
price |
|
$ |
1.76 |
|
|
$ |
3.74-3.84 |
|
Exercise
price |
|
$ |
0
- 14 |
|
|
$ |
3.0 |
|
Expected
life (in years) |
|
|
2.87
yrs. |
|
|
|
5
yrs. |
|
Volatility |
|
|
37 |
% |
|
|
42 |
% |
Risk-fee
interest rate |
|
|
4.10 |
% |
|
|
5.02 |
% |
Dividend
yield |
|
|
— |
|
|
|
— |
|
The
Company cannot use its historical volatility as expected volatility because there is not enough liquidity in 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 $13.9 million (excluding certain market-based options which management cannot ascertain to have a probable
outcome amounting to $63 million) at March 31, 2024 and it is expected to be recognized over a weighted-average period of 2 years.
(D)
Warrants Issued
The
following is a summary of the Company’s warrant activity during three month ended March 31, 2024 and 2023:
SCHEDULE OF WARRANT ACTIVITY
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance, January 1, 2024 | |
| 2,063,522 | | |
$ | 5.76 | |
Issued | |
| — | | |
| — | |
Exercised | |
| — | | |
| — | |
Forfeited | |
| (14,375 | ) | |
| — | |
Balance, March 31, 2024 | |
| 2,049,147 | | |
$ | 5.45 | |
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance, January 1, 2023 | |
| 671,855 | | |
$ | 11.5 | |
Issued | |
| 1,391,667 | | |
| 3.0 | |
Exercised | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | |
Balance, March 31, 2023 | |
| 2,063,522 | | |
$ | 5.76 | |
During the three months ended March 31, 2024, the Company did not issued
any warrants. During the three months ended March 31, 2023 as an inducement to enter certain financing transactions, the Company issued 1,391,667 3- year warrants to the noteholders at an adjusted exercise price of
$2.70 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.
(D)
Restricted stock units
A
summary of the Company’s non-vested restricted stock units during the three months ended March 31, 2024 and 2023 are as follows:
SCHEDULE OF NON-VESTED RESTRICTED STOCK
| |
Shares | | |
Weighted Average Grant Due Fair Value | |
Non-vested restricted stock units, January 1, 2024 | |
| 4,919,702 | | |
$ | 4.21 | |
Granted | |
| 600,000 | | |
| 1.76 | |
Vested | |
| (770,888 | ) | |
| 3.79 | |
Forfeited | |
| (13,834 | ) | |
| 1.52 | |
Non-Vested restricted stock units, March 31, 2024 | |
| 4,734,980 | | |
$ | 3.98 | |
| |
| | | |
| | |
Non-vested restricted stock units, January 1, 2023 | |
| 2,516,461 | | |
$ | 8.39 | |
Granted | |
| 9,096 | | |
| 3.29 | |
Vested | |
| (540,188 | ) | |
| 10.73 | |
Forfeited | |
| (5,400 | ) | |
| 11.4 | |
Non-vested restricted stock units on March 31, 2023 | |
| 1,979,969 | | |
$ | 7.87 | |
The
weighted-average remaining contractual life of the restricted units as of March 31, 2024 is 1.3
years.
One RSU gives the right to receive one share of the Company’s
common stock. RSUs 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.
During
the three months ended March 31, 2024, and 2023, the Company recognized compensation expense of $ 3,295,029, and $2,963,702, respectively, related
to stock options, RSUs and RSAs.
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- DefinitionThe entire disclosure for equity.
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v3.24.1.1.u2
CONCENTRATIONS OF RISKS
|
3 Months Ended |
Mar. 31, 2024 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATIONS OF RISKS |
NOTE
11 CONCENTRATIONS OF RISKS
Major
Customers and Accounts Receivable
The
Company had no customers whose revenue individually represented 10% or more of the Company’s total revenue during the three months ended March 31, 2024 and 2023. The Company had
one third-party payor accounts receivable balance representing 24%
of the Company’s total accounts receivable at March 31, 2024 and none at March 31, 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 lighting and heating products sold primarily in the United States.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.24.1.1.u2
PROFORMA FINANCIAL STATEMENTS (unaudited)
|
3 Months Ended |
Mar. 31, 2024 |
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, 2023:
SCHEDULE OF PROFORMA CONSOLIDATED RESULTS OF OPERATION
| |
2023 | |
| |
Three-month period ended March 31, | |
| |
2023 | |
Revenues | |
$ | 18,636,969 | |
Net loss | |
$ | (10,349,191 | ) |
Basic and diluted loss per share | |
$ | (0.11 | ) |
Weighted average number of shares outstanding- basic and diluted | |
| 90,601,616 | |
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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v3.24.1.1.u2
SUBSEQUENT EVENTS
|
3 Months Ended |
Mar. 31, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
13 SUBSEQUENT EVENTS
Management
has evaluated subsequent events through May 14, 2024, which is the date the consolidated financial statements were available to be issued.
There were no significant subsequent events that required adjustment to or disclosure in the unaudited consolidated financial statements.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
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 March 31, 2024 and for the three months ended March 31, 2024 and 2023 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, 2023 has been derived from the audited financial statements at that
date but does not include all of 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, 2023 for additional disclosures and accounting policies.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates
and assumptions that affect the amounts reported in the 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 nonconforming events. Accordingly, actual results could differ significantly
from estimates.
|
Reclassifications |
Reclassifications
For
comparability, reclassifications of prior-year balances were made to conform with current-year presentations, such as sales and marketing
expenses which were previously included in selling, general, and administrative expenses in the 2023 comparable period.
|
Basis of Consolidation |
Basis
of Consolidation
The
consolidated financial statements include the results of the Company and one of its subsidiaries, SQL Lighting and Fans LLC from January
1, 2023 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 2023. All intercompany balances and transactions have been eliminated in consolidation.
|
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. The Company’s cash composition was as follows:
SCHEDULE
OF CASH EQUIVALENTS AND RESTRICTED CASH
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Cash and cash equivalents | |
$ | 14,146,785 | | |
$ | 16,810,983 | |
Restricted cash | |
| 5,642,878 | | |
| 5,619,270 | |
Total cash, cash equivalents and restricted cash | |
$ | 19,789,663 | | |
$ | 22,430,253 | |
|
Restricted Cash |
Restricted
Cash
The
Company issued a letter of credit of $2.8
million in September 2023 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 $2.8
million as of March 31, 2024 and December 31, 2023. 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
receivables are recorded in the period when the right to receive payment or other consideration becomes unconditional. Accounts receivables
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 March 31, 2024, and December 31, 2023, the Company’s allowance for doubtful accounts was $54,987 and
$54,987, respectively. The Company determines an allowance for sales returns based upon historical experience. As of March 31, 2024,
and December 31, 2023, the Company’s allowance for sales returns was $185,501 and $182,584, respectively and is recorded as 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 balance sheet. Deferred revenues amounted to $ 1,616,038 and
$1,475,519 as of March 31, 2024 and December 31, 2023, respectively.
The
costs associated with such deferred revenues are recognized as deferred charges in the accompanying balance sheet. Such charges include
the carrying value of related inventory, freight, and sales charges. The deferred charges amounted to $ 245,734 and $224,445 as of March
31, 2024 and December 31, 2023, respectively.
|
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
| |
Match 31, 2024 | | |
December 31, 2023 | |
Inventory, component parts | |
$ | 2,944,213 | | |
$ | 2,230,252 | |
Inventory, finished goods | |
| 2,133,511 | | |
| 2,495,482 | |
Allowance | |
| (1,300,000 | ) | |
| (1,300,000 | ) |
Inventory-total | |
| 3,777,724 | | |
| 3,425,734 | |
The
Company will maintain an allowance based on specific inventory items that have shown no activity over a reasonable period of time.
The Company tracks inventory as it is repurposed, disposed, scrapped or sold at below cost to determine whether additional items on
hand should be reduced in value through an allowance method. The Company has recorded an allowance of $1.3
million as of March 31, 2024 and December 31, 2023.
|
GE Agreements |
GE
Agreements
The
Company has two U.S. and global agreements with General Electric (“GE”) related to the Company’s products.
|
● | A
U.S. and Global Licensing and Master Service Agreement dated December 4, 2023, which replaced
a prior agreement under similar terms. The agreement expires on December 4, 2028 and includes
automatic renewal provisions. Pursuant to such agreement, GE’s licensing team has the
rights to exclusively license certain of the Company’s Standard and Smart plug-and-play products
set forth in a statement of work in the U.S. and worldwide. Pursuant to the agreement, the
Company expects that GE’s licensing team will seek and arrange licensee partners for
our products in the U.S. and globally, including negotiating agreement terms, managing contracts,
collecting payments, auditing partners, assisting with patent strategy and protection, and
assisting in auditing product quality control under the “Six Sigma” guidelines.
For products licensed to third parties, the Company and GE will each receive a specified
percentage of the earned revenue realized from such licensing, unless otherwise provided
in the applicable statement of work. |
|
| |
|
● | A
letter agreement dated November 28, 2023. The agreement expires on December 15, 2027 and
includes a repayment plan relating to certain amounts due under the U.S. and Global Trademark
Agreement dated June 15, 2011 (as later amended), which expired November 30, 2023, between
SQL Lighting & Fans, LLC and GE Trademark Licensing, Inc. Under this new payment arrangement,
the Company was required to pay a revised royalty payment obligation of $2.7 million
in the aggregate (the “Royalty Payment”), payable in quarterly installments beginning
on December 15, 2023 and ending on December 15, 2026 and an additional obligation equal to
either a $1 million convertible promissory note, subject to agreement on terms, or otherwise
$1.4 million payable in 2027. As of March 31, 2024, the Company owed $3.7 million in royalty
payment obligations. On April 11, 2024, the Company amended the payment arrangement and issued
a convertible promissory note, (the “GE Note”), for the additional obligation, thereby reducing
the payment obligations by $400,000. A detailed description of the GE Note is set forth in
Note 7 below. |
|
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 stocks, 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-month ended March 31, 2024, and 2023, 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 as of March 31, 2024, and March 31, 2023:
SCHEDULE
OF ANTI-DILUTIVE COMMON STOCK EQUIVALENTS
| |
March 31, 2024 | | |
March 31, 2023 | |
Stock warrants | |
| 2,049,147 | | |
| 2,063,522 | |
Stock options | |
| 36,156,476 | | |
| 33,114,250 | |
Convertible notes | |
| 5,487,260 | | |
| 3,536,668 | |
Preferred stock | |
| – | | |
| 880,400 | |
Total | |
| 43,692,883 | | |
| 39,594,840 | |
|
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.
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
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. The Company’s cash composition was as follows:
SCHEDULE
OF CASH EQUIVALENTS AND RESTRICTED CASH
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Cash and cash equivalents | |
$ | 14,146,785 | | |
$ | 16,810,983 | |
Restricted cash | |
| 5,642,878 | | |
| 5,619,270 | |
Total cash, cash equivalents and restricted cash | |
$ | 19,789,663 | | |
$ | 22,430,253 | |
|
SCHEDULE OF INVENTORY |
SCHEDULE
OF INVENTORY
| |
Match 31, 2024 | | |
December 31, 2023 | |
Inventory, component parts | |
$ | 2,944,213 | | |
$ | 2,230,252 | |
Inventory, finished goods | |
| 2,133,511 | | |
| 2,495,482 | |
Allowance | |
| (1,300,000 | ) | |
| (1,300,000 | ) |
Inventory-total | |
| 3,777,724 | | |
| 3,425,734 | |
|
SCHEDULE OF ANTI-DILUTIVE COMMON STOCK EQUIVALENTS |
The
Company had the following anti-dilutive common stock equivalents as of March 31, 2024, and March 31, 2023:
SCHEDULE
OF ANTI-DILUTIVE COMMON STOCK EQUIVALENTS
| |
March 31, 2024 | | |
March 31, 2023 | |
Stock warrants | |
| 2,049,147 | | |
| 2,063,522 | |
Stock options | |
| 36,156,476 | | |
| 33,114,250 | |
Convertible notes | |
| 5,487,260 | | |
| 3,536,668 | |
Preferred stock | |
| – | | |
| 880,400 | |
Total | |
| 43,692,883 | | |
| 39,594,840 | |
|
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v3.24.1.1.u2
FURNITURE AND EQUIPMENT (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF FURNITURE AND EQUIPMENT |
Furniture
and equipment consisted of the following:
SCHEDULE
OF FURNITURE AND EQUIPMENT
| |
March 31, 2024 | | |
December 31, 2023 | |
Machinery and equipment | |
$ | 391,895 | | |
$ | 282,799 | |
Computer equipment | |
| 6,846 | | |
| 6,846 | |
Furniture and fixtures | |
| 36,059 | | |
| 36,059 | |
Tooling and production | |
| 672,509 | | |
| 642,509 | |
Software development costs | |
| 219,076 | | |
| 109,096 | |
Leasehold improvements | |
| 30,553 | | |
| 30,553 | |
Total | |
| 1,356,938 | | |
| 1,107,862 | |
Less: accumulated depreciation | |
| (897,009 | ) | |
| (671,275 | ) |
Total, net | |
$ | 459,929 | | |
$ | 436,587 | |
|
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v3.24.1.1.u2
INTANGIBLE ASSETS AND GOODWILL (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSETS |
Intangible
assets consisted of the following:
SCHEDULE
OF INTANGIBLE ASSETS
| |
March 31, 2024 | | |
December 31, 2023 | |
Patents and trademarks (useful life 15 years) | |
$ | 931,831 | | |
$ | 1,040,927 | |
Customer relationships (useful life 7 years) | |
| 4,500,000 | | |
| 4,500,000 | |
E-commerce technology platforms (useful life 4 years) | |
| 3,900,000 | | |
| 3,900,000 | |
Total | |
| 3,900,000 | | |
| 3,900,000 | |
Less: accumulated amortization | |
$ | (1,704,359 | ) | |
| (1,299,895 | ) |
Total, net | |
$ | 7,627,472 | | |
$ | 8,141,032 | |
|
SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE FOR FUTURE |
The
following table sets forth the estimated amortization expense for the next five years:
SCHEDULE
OF INTANGIBLE ASSETS AMORTIZATION EXPENSE FOR FUTURE
Nine months ended December 31, 2024 | |
$ | 1,269,150 | |
2025 | |
| 1,673,613 | |
2026 | |
| 1,673,613 | |
2027 | |
| 1,511,113 | |
2028 | |
| 698,613 | |
2029 | |
| 698,613 | |
|
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v3.24.1.1.u2
DEBTS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF DEBT |
The
following table presents the details of the principal outstanding:
SCHEDULE
OF DEBT
| |
March 31, 2024 | | |
December 31, 2023 | | |
APR at March 31, 2024 | |
|
Maturity | |
Collateral |
Convertible Notes (b,c) | |
| 14,642,909 | | |
| 11,525,000 | | |
6.00 – 10.00 | % |
|
September 2023-March 2026 | |
Substantially all company assets |
Notes payable to financial institutionsa) | |
| 6,233,624 | | |
| 6,348,104 | | |
7.93-8.5 | |
|
August 2024-August 2026 | |
Inventory, accounts receivable, cash |
| |
| | | |
| | | |
| |
|
| |
|
Notes payable to Belami sellers | |
| 251,516 | | |
| 247,927 | | |
4.86 | % |
|
April 2024 | |
– |
| |
| | | |
| | | |
| |
|
| |
|
SBA-related loans | |
| 145,022 | | |
| 145,022 | | |
3.75 | % |
|
April 2025-November 2052 | |
Substantially all Company assets |
Total | |
$ | 21,273,071 | | |
$ | 18,266,053 | | |
| |
|
| |
|
Unamortized debt discount | |
| (4,410,702 | ) | |
| (4,591,222 | ) | |
| |
|
| |
|
Debt, net of Unamortized debt Discount | |
| 16,862,369 | | |
| 13,674,831 | | |
| |
|
| |
|
|
(a) |
The
unpaid principal bears annual interest at the Wall Street Journal prime rate plus 1.75% per year. |
|
(b) |
Included
in Convertible Notes are loans provided to the Company from two directors and an officer.
The notes each have the following terms: three-year subordinated convertible promissory note
of principal face amounts. Subject to other customary terms, one of the convertible promissory
note of $600,000 payable to a director matured in 2023, and the other remaining convertible
promissory notes mature in May 2025, bear interest at an annual rate of 6% through December
2023 and 10% thereafter, 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 notes are
convertible at the option of the holder into shares of common stock at a conversion price
ranging from $3 to $15 per share.
During
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 noteholders at an adjusted exercise price of $2.70
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 $228,499
as amortized debt discount during the three months ended March 31, 2024, and it is reflected as interest expense in the accompanying
unaudited consolidated statement of operations. Only the convertible promissory notes issued during fiscal 2023 are secured by
substantially all of the assets of the Company. |
|
(c) |
On March 29, 2024, the Company and the Belami sellers entered into a letter
agreement modifying certain obligations under the stock purchase agreement. In connection with the letter agreement, the Company issued
convertible promissory notes to each of the sellers (the “Seller Note(s)”) in substitution of an aggregate of $3,117,408 in cash due to the sellers on the first anniversary of the closing. Each seller received
a Seller Note in an amount of $1,039,303 on the same date. In addition to other customary terms, the Seller Notes bear annual interest
at 10%, with interest and principal becoming due on May 16, 2025, and can be converted by the sellers at any time at $3.00 per share
of our common stock. |
|
SCHEDULE OF INTEREST EXPENSE |
SCHEDULE
OF INTEREST EXPENSE
| |
For the three-month period ended | |
| |
March 31, 2024 | | |
March 31, 2023 | |
Interest expense | |
$ | 787,854 | | |
$ | 730,621 | |
|
SCHEDULE OF FUTURE PRINCIPAL PAYMENTS |
As
of March 31, 2024, the expected future principal payments for the Company’s debt are due as follows:
SCHEDULE
OF FUTURE PRINCIPAL PAYMENTS
| |
| | |
Nine-months ended December 31, 2024 | |
$ | 6,334,514 | |
2025 | |
| 4,086,855 | |
2026 | |
| 10,582,955 | |
2027 | |
| 3,040 | |
2028 and thereafter | |
| 134,392 | |
Total | |
$ | 21,273,071 | |
|
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v3.24.1.1.u2
OPERATING LEASE LIABILITIES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
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 March 31, 2024:
SCHEDULE OF LEASE COST OPERATING LEASE
| |
March 31, 2024 | |
Lease costs: | |
| | |
Cash paid for operating lease liabilities | |
$ | 505,920 | |
Right-of-use assets obtained in exchange for new operating lease obligations | |
$ | 21,360,642 | |
Fixed rent payment | |
$ | 300,933 | |
Lease – Depreciation expense | |
$ | 516,707 | |
| |
years ended | |
| |
March 31, 2024 | |
Other information: | |
| | |
Weighted-average discount rate | |
| 6.41 | % |
Weighted-average remaining lease term (in months) | |
| 107 | |
|
SCHEDULE OF MINIMUM LEASE OBLIGATION |
SCHEDULE OF MINIMUM LEASE OBLIGATION
| |
| |
Minimum Lease obligation | |
| | |
Nine months ended December 31, 2024 | |
$ | 1,595,397 | |
2025 | |
| 2,346,540 | |
2026 | |
| 2,589,372 | |
2027 | |
| 2,288,363 | |
2028 and thereafter | |
| 15,703,089 | |
Total | |
$ | 24,522,761 | |
|
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v3.24.1.1.u2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCRUED EXPENSES |
Accounts
payable and accrued expenses consisted of the following:
SCHEDULE OF ACCRUED EXPENSES
| |
March 31, 2024 | | |
December 31, 2023 | |
Accrued interest, convertible notes | |
$ | 950,358 | | |
$ | 744,953 | |
Trade payables | |
| 11,238,517 | | |
| 11,513,918 | |
Accrued compensation | |
| 1,248,419 | | |
| 874,557 | |
Total | |
$ | 13,437,294 | | |
$ | 13,133,428 | |
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
SCHEDULE OF COMMON STOCK |
The
Company issued the following common stock during the three months ended March 31, 2024, and 2023:
SCHEDULE OF COMMON STOCK
Transaction Type | |
Shares Issued | | |
Valuation $ | | |
Range of Value Per
Share $ |
March 31, 2024 Equity Transactions | |
| | | |
| | | |
|
Common stock issued, pursuant to services provided | |
| 890,103 | | |
| 3,295,029 | | |
1.27-1.68 |
Issuance of common stock pursuant to offering, net | |
| 2,733,361 | | |
| 3,655,755 | | |
1.25-1.64 |
Transaction Type | |
Shares Issued | | |
Valuation ($) | | |
Range of Value Per
Share ($) |
March 31, 2023 Equity Transactions | |
| | | |
| | | |
|
Common stock issued, pursuant to services provided | |
| 282,188 | | |
| 2,963,702 | | |
2.52 – 3.56 |
|
SCHEDULE OF PREFERRED STOCK ACTIVITY |
SCHEDULE OF PREFERRED STOCK ACTIVITY
Transaction Type | |
Quantity | | |
Carrying Value | | |
Value per Share ($) | |
Preferred Stock Balance at December 31, 2022 | |
| 880,400 | | |
$ | 220,099 | | |
$ | 0.25 | |
Preferred Stock redemptions | |
| — | | |
| — | | |
| — | |
Preferred Stock Balance at March 31, 2023 | |
| 880,400 | | |
$ | 220,099 | | |
$ | 0.25 | |
|
SCHEDULE OF STOCK OPTION ACTIVITY |
The
following is a summary of the Company’s stock option activity during the three month ended March 31, 2024 and 2023:
SCHEDULE OF STOCK OPTION ACTIVITY
Options | |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life (In Years) | | |
Aggregate Intrinsic Value | |
Outstanding, January 1, 2024 | |
| 35,805,976 | | |
$ | 7.33 | | |
| –– | | |
$ | 2,037,200 | |
Exercised | |
| –– | | |
| –– | | |
| –– | | |
| –– | |
Granted | |
| 540,000 | | |
| 1.63 | | |
| –– | | |
| — | |
Forfeited | |
| (189,500 | ) | |
| 2.89 | | |
| — | | |
| — | |
Expired | |
| | | |
| — | | |
| | | |
| | |
Outstanding, March 31, 2024 | |
| 36,156,476 | | |
$ | 7.3 | | |
| 2.58 | | |
$ | 2,037,200 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, March 31, 2024 | |
| 13,892,937 | | |
$ | 4.54 | | |
| 2.07 | | |
$ | 2,034,525 | |
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 | | |
| — | | |
$ | — | |
Exercised | |
| | | |
| | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Expired | |
| 175,000 | | |
| 3.0 | | |
| — | | |
| — | |
Outstanding, March 31, 2023 | |
| 33,114,250 | | |
$ | 7.7 | | |
| 3.2 | | |
$ | 10,534,567 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable, March 31, 2023 | |
| 12,731,250 | | |
$ | 4.4 | | |
| 2.55 | | |
$ | 10,534,567 | |
|
SCHEDULE OF BLACK SCHOLES PRICING MODEL |
SCHEDULE OF BLACK SCHOLES PRICING MODEL
|
|
March
31, 2024 |
|
|
March
31, 2023 |
|
|
|
|
Range
|
|
|
|
Range |
|
Stock
price |
|
$ |
1.76 |
|
|
$ |
3.74-3.84 |
|
Exercise
price |
|
$ |
0
- 14 |
|
|
$ |
3.0 |
|
Expected
life (in years) |
|
|
2.87
yrs. |
|
|
|
5
yrs. |
|
Volatility |
|
|
37 |
% |
|
|
42 |
% |
Risk-fee
interest rate |
|
|
4.10 |
% |
|
|
5.02 |
% |
Dividend
yield |
|
|
— |
|
|
|
— |
|
|
SCHEDULE OF WARRANT ACTIVITY |
The
following is a summary of the Company’s warrant activity during three month ended March 31, 2024 and 2023:
SCHEDULE OF WARRANT ACTIVITY
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance, January 1, 2024 | |
| 2,063,522 | | |
$ | 5.76 | |
Issued | |
| — | | |
| — | |
Exercised | |
| — | | |
| — | |
Forfeited | |
| (14,375 | ) | |
| — | |
Balance, March 31, 2024 | |
| 2,049,147 | | |
$ | 5.45 | |
| |
Number of Warrants | | |
Weighted Average Exercise Price | |
Balance, January 1, 2023 | |
| 671,855 | | |
$ | 11.5 | |
Issued | |
| 1,391,667 | | |
| 3.0 | |
Exercised | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | |
Balance, March 31, 2023 | |
| 2,063,522 | | |
$ | 5.76 | |
|
SCHEDULE OF NON-VESTED RESTRICTED STOCK |
A
summary of the Company’s non-vested restricted stock units during the three months ended March 31, 2024 and 2023 are as follows:
SCHEDULE OF NON-VESTED RESTRICTED STOCK
| |
Shares | | |
Weighted Average Grant Due Fair Value | |
Non-vested restricted stock units, January 1, 2024 | |
| 4,919,702 | | |
$ | 4.21 | |
Granted | |
| 600,000 | | |
| 1.76 | |
Vested | |
| (770,888 | ) | |
| 3.79 | |
Forfeited | |
| (13,834 | ) | |
| 1.52 | |
Non-Vested restricted stock units, March 31, 2024 | |
| 4,734,980 | | |
$ | 3.98 | |
| |
| | | |
| | |
Non-vested restricted stock units, January 1, 2023 | |
| 2,516,461 | | |
$ | 8.39 | |
Granted | |
| 9,096 | | |
| 3.29 | |
Vested | |
| (540,188 | ) | |
| 10.73 | |
Forfeited | |
| (5,400 | ) | |
| 11.4 | |
Non-vested restricted stock units on March 31, 2023 | |
| 1,979,969 | | |
$ | 7.87 | |
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PROFORMA FINANCIAL STATEMENTS (unaudited) (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
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, 2023:
SCHEDULE OF PROFORMA CONSOLIDATED RESULTS OF OPERATION
| |
2023 | |
| |
Three-month period ended March 31, | |
| |
2023 | |
Revenues | |
$ | 18,636,969 | |
Net loss | |
$ | (10,349,191 | ) |
Basic and diluted loss per share | |
$ | (0.11 | ) |
Weighted average number of shares outstanding- basic and diluted | |
| 90,601,616 | |
|
X |
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ORGANIZATION AND NATURE OF OPERATIONS (Details Narrative) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
Restricted cash and cash equivalents |
$ 19,700,000
|
|
Restricted cash |
5,600,000
|
|
Working capital |
1,200,000
|
|
Net cash used in operating activities |
6,182,308
|
$ 4,118,989
|
Net cash provided by financing activities |
$ 3,595,365
|
$ 10,349,107
|
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SCHEDULE OF CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
|
|
Cash and cash equivalents |
$ 14,146,785
|
$ 16,810,983
|
|
Restricted cash |
5,642,878
|
5,619,270
|
$ 2,800,000
|
Total cash, cash equivalents and restricted cash |
$ 19,789,663
|
$ 22,430,253
|
|
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v3.24.1.1.u2
SCHEDULE OF INVENTORY (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
|
Inventory, component parts |
$ 2,944,213
|
$ 2,230,252
|
Inventory, finished goods |
2,133,511
|
2,495,482
|
Allowance |
(1,300,000)
|
(1,300,000)
|
Inventory-total |
$ 3,777,724
|
$ 3,425,734
|
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v3.24.1.1.u2
SCHEDULE OF ANTI-DILUTIVE COMMON STOCK EQUIVALENTS (Details) - shares
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
43,692,883
|
39,594,840
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
2,049,147
|
2,063,522
|
Share-Based Payment Arrangement, Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
36,156,476
|
33,114,250
|
Convertible Debt Securities [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
5,487,260
|
3,536,668
|
Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
|
880,400
|
X |
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
|
|
Dec. 15, 2026 |
Dec. 15, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Restricted cash |
|
|
$ 5,642,878
|
$ 5,619,270
|
$ 2,800,000
|
Restricted investments |
|
|
2,800,000
|
2,800,000
|
|
Escrow deposit |
|
|
750,000
|
|
|
Line of credit |
|
|
2,000,000.0
|
|
|
Allowance for doubtful accounts |
|
|
54,987
|
54,987
|
|
Allowance for sales returns |
|
|
185,501
|
182,584
|
|
Deferred revenues |
|
|
1,616,038
|
1,475,519
|
|
Deferred charges |
|
|
245,734
|
224,445
|
|
Inventory allowance |
|
|
1,300,000
|
$ 1,300,000
|
|
Subsequent Event [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Royalty payment |
$ 1,400,000
|
|
|
|
|
Global Trademark Agreement [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Royalty payment |
|
$ 2,700,000
|
$ 3,700,000
|
|
|
Convertible debt |
|
1,000,000
|
|
|
|
Accounts payable |
|
$ 400,000
|
|
|
|
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v3.24.1.1.u2
SCHEDULE OF FURNITURE AND EQUIPMENT (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Total |
$ 1,356,938
|
$ 1,107,862
|
Less: accumulated depreciation |
(897,009)
|
(671,275)
|
Total, net |
459,929
|
436,587
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
391,895
|
282,799
|
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 |
36,059
|
36,059
|
Tooling and Production [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
672,509
|
642,509
|
Software Development [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
219,076
|
109,096
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
$ 30,553
|
$ 30,553
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.24.1.1.u2
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Less: accumulated amortization |
$ (1,704,359)
|
$ (1,299,895)
|
Total, net |
7,627,472
|
8,141,032
|
Patents and Trademarks [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Total |
931,831
|
1,040,927
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Total |
4,500,000
|
4,500,000
|
E-Commerce Technology Platforms [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Total |
$ 3,900,000
|
$ 3,900,000
|
X |
- DefinitionAccumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
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SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE FOR FUTURE (Details)
|
Mar. 31, 2024
USD ($)
|
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Nine months ended December 31, 2024 |
$ 1,269,150
|
2025 |
1,673,613
|
2026 |
1,673,613
|
2027 |
1,511,113
|
2028 |
698,613
|
2029 |
$ 698,613
|
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SCHEDULE OF DEBT (Details) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
|
Total |
|
$ 21,273,071
|
$ 18,266,053
|
Debt instrument interest rate stated percentage |
|
1.75%
|
|
Unamortized debt discount |
|
$ (4,410,702)
|
(4,591,222)
|
Debt, net of Unamortized debt Discount |
|
16,862,369
|
13,674,831
|
Convertible Notes [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Total |
[1],[2] |
$ 14,642,909
|
$ 11,525,000
|
Debt instrument interest rate stated percentage |
|
10.00%
|
6.00%
|
Maturity date description |
[1],[2] |
September 2023-March 2026
|
|
Convertible Notes [Member] | Minimum [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Debt instrument interest rate stated percentage |
[1],[2] |
6.00%
|
|
Convertible Notes [Member] | Maximum [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Debt instrument interest rate stated percentage |
[1],[2] |
10.00%
|
|
Notes Payable Financial Institutions [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Total |
[3] |
$ 6,233,624
|
$ 6,348,104
|
Maturity date description |
[3] |
August 2024-August 2026
|
|
Notes Payable Financial Institutions [Member] | Minimum [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Debt instrument interest rate stated percentage |
[3] |
7.93%
|
|
Notes Payable Financial Institutions [Member] | Maximum [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Debt instrument interest rate stated percentage |
[3] |
8.50%
|
|
Notes Payble Belami Sellers [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Total |
|
$ 251,516
|
247,927
|
Debt instrument interest rate stated percentage |
|
4.86%
|
|
Maturity date description |
|
April 2024
|
|
SBA Related Loans [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Total |
|
$ 145,022
|
$ 145,022
|
Debt instrument interest rate stated percentage |
|
3.75%
|
|
Maturity date description |
|
April 2025-November 2052
|
|
|
|
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SCHEDULE OF FUTURE PRINCIPAL PAYMENTS (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
|
Nine-months ended December 31, 2024 |
$ 6,334,514
|
|
2025 |
4,086,855
|
|
2026 |
10,582,955
|
|
2027 |
3,040
|
|
2028 and thereafter |
134,392
|
|
Total |
$ 21,273,071
|
$ 18,266,053
|
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v3.24.1.1.u2
SCHEDULE OF DEBT TABLE (Details) (Parenthetical) - USD ($)
|
|
3 Months Ended |
12 Months Ended |
Mar. 29, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
|
Bears interest at a rate of percentage |
|
|
1.75%
|
|
|
Stock Purchase Agreement [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Bears interest at a rate of percentage |
|
|
10.00%
|
|
|
Debt conversion, convertible,conversion amount |
|
$ 3.00
|
|
|
|
Debt conversion, original debt, amount |
|
$ 3,117,408
|
|
|
|
Debt conversion, converted instrument, amount |
|
$ 1,039,303
|
|
|
|
Debt instrument, maturity date |
|
May 16, 2025
|
|
|
|
Convertible Notes [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Bears interest at a rate of percentage |
|
|
10.00%
|
|
6.00%
|
Convertible notes payable |
|
|
$ 600,000
|
|
$ 10,400,000
|
Warrants issued |
|
|
|
1,391,667
|
1,391,667
|
Warrant price per share |
|
|
|
$ 2.70
|
$ 2.70
|
Debt instrument convertible beneficial conversion feature |
|
|
|
$ 5,600,000
|
$ 5,600,000
|
Amortization of debt discount |
|
|
$ 228,499
|
|
|
Convertible Notes [Member] | Minimum [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Bears interest at a rate of percentage |
[1],[2] |
|
6.00%
|
|
|
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|
|
$ 3
|
|
|
Convertible Notes [Member] | Maximum [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Bears interest at a rate of percentage |
[1],[2] |
|
10.00%
|
|
|
Debt conversion, convertible,conversion amount |
|
|
$ 15
|
|
|
|
|
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SCHEDULE OF MINIMUM LEASE OBLIGATION (Details)
|
Mar. 31, 2024
USD ($)
|
Operating Lease Liabilities |
|
Nine months ended December 31, 2024 |
$ 1,595,397
|
2025 |
2,346,540
|
2026 |
2,589,372
|
2027 |
2,288,363
|
2028 and thereafter |
15,703,089
|
Total |
$ 24,522,761
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v3.24.1.1.u2
OPERATING LEASE LIABILITIES (Details Narrative) - USD ($)
|
Jan. 31, 2024 |
Sep. 30, 2022 |
Apr. 30, 2022 |
58-Month Lease [Member] |
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
Operating lease, liability |
|
|
$ 1,428,764
|
124-Month Lease [Member] |
|
|
|
Lessee, Lease, Description [Line Items] |
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Operating lease, liability |
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$ 22,192,503
|
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Letter of credit |
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$ 2,700,000
|
|
35-Month Lease [Member] |
|
|
|
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$ 662,698
|
|
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v3.24.1.1.u2
ROYALTY OBLIGATIONS (Details Narrative) - USD ($)
|
|
3 Months Ended |
Apr. 30, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Issuance of convertible promissory note |
|
|
$ 10,350,000
|
License Agreement [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Proceeds from royalties received |
|
2,500,000
|
|
License Agreement [Member] | Subsequent Event [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Accounts payable |
$ 1,400,000
|
|
|
Decrease in accounts payable |
400,000
|
|
|
Issuance of convertible promissory note |
$ 1,000,000.0
|
|
|
Shares issued price per share |
$ 1.07
|
|
|
License Agreement [Member] | 2024 and 2025 [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Debt, Current |
|
800,000
|
|
License Agreement [Member] | 2026 [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Debt, Current |
|
900,000
|
|
License Agreement [Member] | 2027 [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Accounts payable |
|
$ 1,400,000
|
|
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v3.24.1.1.u2
SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Payables and Accruals [Abstract] |
|
|
Accrued interest, convertible notes |
$ 950,358
|
$ 744,953
|
Trade payables |
11,238,517
|
11,513,918
|
Accrued compensation |
1,248,419
|
874,557
|
Total |
$ 13,437,294
|
$ 13,133,428
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v3.24.1.1.u2
SCHEDULE OF COMMON STOCK (Details) - Common Stock [Member] - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Common stock issued, pursuant to services provided, Shares Issued |
890,103
|
282,188
|
Issuance of common stock pursuant to offering, net, Shares Issued |
2,733,361
|
|
2024 Equity Transactions [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Common stock issued, pursuant to services provided, Shares Issued |
890,103
|
|
Common stock issued, pursuant to services provided, Valuation issued |
$ 3,295,029
|
|
Issuance of common stock pursuant to offering, net, Shares Issued |
2,733,361
|
|
Issuance of common stock pursuant to offering, net, Valuation issued |
$ 3,655,755
|
|
2024 Equity Transactions [Member] | Minimum [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Common stock issued, pursuant to services provided, Range of value per share |
$ 1.27
|
|
Issuance of common stock pursuant to offering, net, Range of value per share |
1.25
|
|
2024 Equity Transactions [Member] | Maximum [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Common stock issued, pursuant to services provided, Range of value per share |
1.68
|
|
Issuance of common stock pursuant to offering, net, Range of value per share |
$ 1.64
|
|
2023 Equity Transactions [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Common stock issued, pursuant to services provided, Shares Issued |
|
282,188
|
Common stock issued, pursuant to services provided, Valuation issued |
|
$ 2,963,702
|
2023 Equity Transactions [Member] | Minimum [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Common stock issued, pursuant to services provided, Range of value per share |
|
$ 2.52
|
2023 Equity Transactions [Member] | Maximum [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Common stock issued, pursuant to services provided, Range of value per share |
|
$ 3.56
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v3.24.1.1.u2
SCHEDULE OF PREFERRED STOCK ACTIVITY (Details) - Preferred Stock [Member]
|
3 Months Ended |
Mar. 31, 2024
USD ($)
$ / shares
shares
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Preferred stock beginning, shares outstanding | shares |
880,400
|
Preferred stock beginning, carrying value | $ |
$ 220,099
|
Preferred stock, value per share, beginning | $ / shares |
$ 0.25
|
Preferred stock redemption shares | shares |
|
Preferred stock redemption shares, carrying value | $ |
|
Preferred stock redemption, value per share | $ / shares |
|
Preferred stock ending, shares outstanding | shares |
880,400
|
Preferred stock ending, carrying value | $ |
$ 220,099
|
Preferred stock, value per share, ending | $ / shares |
$ 0.25
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v3.24.1.1.u2
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Equity [Abstract] |
|
|
Number of shares, Outstanding beginning |
35,805,976
|
33,289,250
|
Weighted Average Exercise Price, Outstanding beginning |
$ 7.33
|
$ 7.7
|
Aggregate Intrinsic value, Outstanding beginning |
$ 2,037,200
|
|
Number of shares, Exercised |
|
|
Weighted Average Exercise Price, Exercised |
$ 0
|
|
Number of shares, Granted |
540,000
|
|
Weighted Average Exercise Price, Granted |
$ 1.63
|
|
Number of shares, Forfeited/Awards Canceled |
(189,500)
|
|
Weighted Average Exercise Price, Forfeited/Awards Canceled |
$ 2.89
|
|
Weighted Average Exercise Price, Expired |
|
$ 3.0
|
Number of shares, Outstanding ending |
36,156,476
|
33,114,250
|
Weighted Average Exercise Price, Outstanding Ending |
$ 7.3
|
$ 7.7
|
Weighted Average Remaining Contractual Life in Years, Outstanding ending |
2 years 6 months 29 days
|
3 years 2 months 12 days
|
Aggregate Intrinsic value, Outstanding ending |
$ 2,037,200
|
$ 10,534,567
|
Number of shares, Exercisable |
13,892,937
|
12,731,250
|
Weighted Average Exercise Price, Exercisable ending |
$ 4.54
|
$ 4.4
|
Weighted Average Remaining Contractual Life in Years, Exercisable ending |
2 years 25 days
|
2 years 6 months 18 days
|
Aggregate Intrinsic value, Exercisable ending |
$ 2,034,525
|
$ 10,534,567
|
Number of shares, expired |
|
175,000
|
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v3.24.1.1.u2
SCHEDULE OF WARRANT ACTIVITY (Details) - $ / shares
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Equity [Abstract] |
|
|
Number of Warrants, Beginning balance |
2,063,522
|
671,855
|
Weighted average exercise price outstanding, beginning |
$ 5.76
|
$ 11.5
|
Number of Warrants, Issued |
|
1,391,667
|
Weighted Average Exercise Price, Issued |
|
$ 3.0
|
Number of Warrants, Exercised |
|
|
Weighted Average Exercise Price, Exercised |
|
|
Number of Warrants, Forfeited |
(14,375)
|
|
Weighted Average Exercise Price, Forfeited |
|
|
Number of Warrants, Ending balance |
2,049,147
|
2,063,522
|
Weighted average exercise price outstanding, ending |
$ 5.45
|
$ 5.76
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Subsidiary, Sale of Stock [Line Items] |
|
|
Unamortized future option expense |
$ 13,900,000
|
|
Unamortized future option expense excluding market based options |
$ 63,000,000
|
|
Weighted average period |
2 years
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms |
1 year 3 months 18 days
|
|
Share based compensation expense |
$ 3,295,029
|
$ 2,963,702
|
Restricted Stock Units (RSUs) [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Share based compensation expense |
$ 3,295,029
|
$ 2,963,702
|
Preferred Stock [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Preferred stock, par value |
$ 3.50
|
|
Sale of stock, price per share |
$ 0.25
|
|
ATM Offering Program [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Number of shares value issued |
$ 6,500,000
|
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v3.24.1.1.u2
SCHEDULE OF NON-VESTED RESTRICTED STOCK (Details) - $ / shares
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Non-vested restricted stock units, granted |
540,000
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Non-vested restricted stock units, beginning balance |
4,919,702
|
2,516,461
|
Non-vested restricted stock units, Weighted average grant due fair value, beginning balance |
$ 4.21
|
$ 8.39
|
Non-vested restricted stock units, granted |
600,000
|
9,096
|
Non-vested restricted stock units, Weighted average grant due fair value, granted |
$ 1.76
|
$ 3.29
|
Non-vested restricted stock units, vested |
(770,888)
|
(540,188)
|
Non-vested restricted stock units, Weighted average grant due fair value, vested |
$ 3.79
|
$ 10.73
|
Non-vested restricted stock units, forfeited |
(13,834)
|
(5,400)
|
Non-vested restricted stock units, Weighted average grant due fair value, forfeited |
$ 1.52
|
$ 11.4
|
Non-vested restricted stock units, beginning balance |
4,734,980
|
1,979,969
|
Non-vested restricted stock units, Weighted average grant due fair value, ending balance |
$ 3.98
|
$ 7.87
|
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