Astro Aerospace Ltd.

2021 Q3 Form 10-Q Financial Statement

#000175612521001143 Filed on September 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2021 Q1

Balance Sheet

Concept 2021 Q3 2021 Q2 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.78K $325.9K
YoY Change 254.48%
Cash & Equivalents $38.78K
Short-Term Investments
Other Short-Term Assets $20.97K $1.690K
YoY Change 172.58%
Inventory
Prepaid Expenses $20.97K
Receivables
Other Receivables $62.18K
Total Short-Term Assets $121.9K $642.0K
YoY Change 82.54% 844.73%
LONG-TERM ASSETS
Property, Plant & Equipment $61.48K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.040M $997.2K
YoY Change 245.02% 13.25%
Total Long-Term Assets $3.742M $997.2K
YoY Change 324.74% 13.25%
TOTAL ASSETS
Total Short-Term Assets $121.9K $642.0K
Total Long-Term Assets $3.742M $997.2K
Total Assets $3.864M $1.639M
YoY Change 307.67% 72.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $603.5K $393.0K
YoY Change 82.82% 28.1%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $816.5K $1.205M
YoY Change -4.99% 48.12%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.420M $1.598M
YoY Change 19.38% 42.64%
LONG-TERM LIABILITIES
Long-Term Debt $1.526M $0.00
YoY Change 70.44% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.526M $0.00
YoY Change 70.44% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.420M $1.598M
Total Long-Term Liabilities $1.526M $0.00
Total Liabilities $2.946M $1.598M
YoY Change 41.31% -13.83%
SHAREHOLDERS EQUITY
Retained Earnings -$27.97M
YoY Change
Common Stock $13.46K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $917.9K $41.40K
YoY Change
Total Liabilities & Shareholders Equity $3.864M $1.639M
YoY Change 307.67% 72.82%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2021 Q1

Facts In Submission

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CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10942 USD
us-gaap Interest Paid Net
InterestPaidNet
11155 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
809857 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
273661 USD
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
195870 USD
us-gaap Stock Issued1
StockIssued1
1174799 USD
asdn Amortization To Interest Expense Of Debt Discount From Senior Secured Convertible Promissory Note
AmortizationToInterestExpenseOfDebtDiscountFromSeniorSecuredConvertiblePromissoryNote
741331 USD
asdn Amortization To Interest Expense Debt Discount Senior Secured Convertible Promissory Note Issued
AmortizationToInterestExpenseDebtDiscountSeniorSecuredConvertiblePromissoryNoteIssued
124453 USD
asdn Receivable Related To Puts Common Stock Under Equity Purchase Agreement
ReceivableRelatedToPutsCommonStockUnderEquityPurchaseAgreement
20290 USD
asdn Increase In Note And Additional Discount On Senior Secured Convertible Promissory Note
IncreaseInNoteAndAdditionalDiscountOnSeniorSecuredConvertiblePromissoryNote
25472 USD
us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"><span style="font-size:11pt;font-family:Times, serif"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman, serif">NOTE 1 – NATURE OF OPERATIONS</span></span></strong></span></p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"> </p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"><span style="font-size:10pt;font-family:Times New Roman, serif">Astro Aerospace Ltd. (“Astro” or the “Company”) and its wholly-owned subsidiary, is a developer of self-piloted and autonomous, manned and unmanned, eVTOL (Electric Vertical Take Off and Landing) aerial vehicles. The Company intends to provide the market with a mainstream mode of everyday, aerial transportation for both humans and cargo. Astro currently has a working prototype and is working on ALTA an updated version of the working prototype with engineering and mechanical improvements as well as pods which will be interchangeable with the frame allowing the unit to be used for cargo, passenger and other activities. </span></p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"> </p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"><span style="font-size:10pt;font-family:Times New Roman, serif">Astro is the successor corporation to CPSM, Inc., which was primarily engaged in providing a full line pool and spa services, and pool resurfacing. On March 14, 2018, MAAB Global Limited (“MAAB”), the majority stockholder and parent of Astro, acquired control of CPSM, Inc. On March 24, 2018, the articles of incorporation were amended to change the name of the Company from CPSM, Inc. to Astro Aerospace Ltd. As of June 30, 2021, the Company has three subsidiaries, Astro Aerospace Ltd. (Canada), which is incorporated in Canada and is used to record Canadian dollar expenditures in order to recover refunds of the Goods and Services Tax in Canada, Astro Horizon Acquisition Corporation, a U.S. corporation and Astro Acquisition Corporation Canada, which holds the assets of Horizon Aircraft, Inc (“Horizon”) (See “Note 2, Acquisition of Horizon Aircraft, Inc.”).</span></p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"> </p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify"><span><span><span><span style="font-family:Times New Roman, serif"><span style="font-size:10pt">In 2018, the Company acquired in-process research and development (“IPRD”) consisting of inventory, hardware designs, software designs, and a trademark all pertaining to passenger drone design and use from Confida Aerospace Ltd. The drone is in an early development stage. The Company expects that it will be </span></span><span style="font-family:Times New Roman, serif"><span style="font-size:10pt">marketing</span></span><span style="font-family:Times, serif"><span style="font-size:12px"> </span></span></span></span><span style="font-family:Times, serif;font-size:10pt"><span style="font-family:Times New Roman, serif">the aircraft sometime in the second quarter of 2022. To date, no commercial applications have been found which would accept the product. </span></span><span style="font-family:Times, serif;font-size:10pt"><span style="font-family:Times New Roman, serif">To complete an eVTOL aircraft and have it ready to market, Astro completed the acquisition of Horizon, who develops advanced eVTOL aircrafts. It is expected that Horizon’s management and its technology will expedite the development and completion of a marketable eVTOL aircraft.</span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"> </p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"><span style="font-size:11pt;font-family:Times, serif"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman, serif">Going Concern</span></span></strong></span></p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"> </p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"><span style="font-size:10pt;font-family:Times New Roman, serif">The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of our business. As reflected in the accompanying condensed consolidated financial statements, for the six months ended June 30, 2021 the Company had a net loss of $16,400,053 and used $1,542,250 in cash in operations, and at June 30, 2021, had negative working capital of $1,298,142, current assets of $121,920, and an accumulated deficit of $27,967,402. The foregoing factors raise substantial doubt about the Company’s ability to continue as a going concern. Ultimately, the ability to continue as a going concern is dependent upon the Company’s ability to attract significant new sources of capital, attain a reasonable threshold of operating efficiencies and achieve profitable operations by licensing or otherwise commercializing products incorporating the Company’s technologies. The condensed consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. </span></p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"> </p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"><span style="font-size:11pt;font-family:Times, serif"><span style="font-size:10pt"><span style="font-family:Times New Roman, serif">The Company acknowledges that its current cash position is insufficient to maintain the current level of operations and research and development, and that the Company will be required to raise substantial additional capital to continue its operations and fund its future business plans. The Company has continued to raise funds through its parent, MAAB and the outstanding note payable balance was $1,476,664 and there is $523,336 available under the terms of the note at June 30, 2021. The Company has also raised funds through independent capital sources, of which the Company had two Senior Secured Convertible Promissory Notes, both were fully converted into common stock during the first quarter of 2021, and another 8% Senior Secured Convertible of which part has been converted into common stock.</span></span></span></p> </div> <div> <p style="margin:0pt"> </p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"><span style="font-size:10pt;font-family:Times New Roman, serif">Promissory Note issued March 5, 2021 for $1,250,000, less $25,000 for commissions and expenses, with an outstanding balance of $816,532 net of discounts, at June 30, 2021. </span></p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"> </p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"><span style="font-size:10pt;font-family:Times New Roman, serif">The Company has also executed an Equity Purchase Agreement whereby the Investor agreed to purchase from the Company up to $5,000,000 of the Company’s common stock (See Note 12, “Equity Purchase Agreement and Registration Rights Agreement”). Through September 29, 2021, the Company put 453,333 shares of common stock at prices ranging from $0.515 to $2.85 per share for total proceeds of $601,644. </span></p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"> </p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"><span style="font-size:10pt;font-family:Times New Roman, serif">Astro plans to raise additional capital in the private and public securities markets through 2021. </span></p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"> </p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"><span style="font-size:11pt;font-family:Times, serif"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman, serif">Reverse Common Stock Split</span></span></strong></span></p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"> </p> <p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"><span style="font-size:10pt;font-family:Times New Roman, serif">On October 8, 2020, the Company’s majority stockholder approved a 1-for-15 reverse common stock split (“the Reverse Stock Split”). On February 5, 2021, the Company effected the Reverse Stock Split, reducing the number of common shares outstanding. As a result of the Reverse Stock Split, every 15 shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock, without any change in the par value per share and common shares authorized. All current and prior year share amounts and per share calculations have been retrospectively adjusted to reflect the impact of this reverse stock split and to provide data on a comparable basis. Such restatements include calculations regarding the Company’s weighted average shares and loss per share.</span></p> </div>
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1542250 USD
CY2021Q2 asdn Working Capital
WorkingCapital
-1298142 USD
CY2021Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-27967402 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-16469681 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-16469681 USD
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5207026 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8893718 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5125482 shares
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-811837 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-811837 USD
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9321995 shares
us-gaap Net Income Loss
NetIncomeLoss
-16464681 USD
us-gaap Net Income Loss
NetIncomeLoss
-806837 USD
CY2021Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
2500 USD
CY2020Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
2500 USD
us-gaap Dividends Preferred Stock
DividendsPreferredStock
5000 USD
us-gaap Dividends Preferred Stock
DividendsPreferredStock
5000 USD
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9321995 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5207026 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8893718 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5125482 shares
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.65
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.85
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.65
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.85
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.16
CY2021Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
38775 USD
CY2021Q2 asdn Senior Secured Convertible Promissory Note Net Of Discount
SeniorSecuredConvertiblePromissoryNoteNetOfDiscount
816532 USD
CY2021Q2 us-gaap Mediumterm Notes Current
MediumtermNotesCurrent
1476664 USD
CY2021Q2 us-gaap Long Term Notes Payable
LongTermNotesPayable
49677 USD
CY2020Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
38517 USD
CY2020Q4 us-gaap Senior Notes Current
SeniorNotesCurrent
688166 USD
CY2020Q4 us-gaap Senior Notes
SeniorNotes
121691 USD
CY2020Q4 us-gaap Mediumterm Notes Current
MediumtermNotesCurrent
1209350 USD
CY2019Q4 us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
149546 USD
CY2021Q1 us-gaap Debt Instrument Convertible Terms Of Conversion Feature
DebtInstrumentConvertibleTermsOfConversionFeature
The note is convertible into common shares of the Company at a price which is the lower of: (i) 80% of the lowest volume weighted average price in the five trading days prior to the date of the lender’s notice of conversion and (ii) $4.25. The Company is subject to certain penalties if the shares are not issued within two business days of receiving the conversion notice.
us-gaap Debt Instrument Description
DebtInstrumentDescription
The Company and the Investor promptly began negotiations on a Forbearance Agreement and, on September 11, 2019, the Company and the Investor agreed to a Forbearance Agreement. Pursuant to this agreement, the Investor was willing to postpone pursuing its rights and remedies under the agreements, in particular and without limitation with respect to the acceleration of the promissory note and the immediate payment of the default amount and reduce the balance of the promissory note to the pre-default balance plus accrued non-default interest of $1,062,784.
CY2020Q4 asdn Shares Available For Issuance
SharesAvailableForIssuance
7000000 shares
CY2021Q2 asdn Shares Available For Issuance
SharesAvailableForIssuance
7000000 shares

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