2023 Q4 Form 10-Q Financial Statement

#000149315223040546 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $22.17M $21.62M $8.556K
YoY Change 243303.95% 252559.88% 26.19%
Cost Of Revenue $15.54M $14.92M $5.914K
YoY Change 1253312.1% 252140.33% -79.57%
Gross Profit $6.632M $6.700M $2.642K
YoY Change 84166.71% 253499.02% -111.92%
Gross Profit Margin 29.91% 30.99% 30.88%
Selling, General & Admin $18.44M $13.22M $5.609M
YoY Change 308.37% 135.72% 405.37%
% of Gross Profit 278.12% 197.34% 212305.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $785.9K $1.070M $147.7K
YoY Change 14.14% 624.39% 594.45%
% of Gross Profit 11.85% 15.97% 5590.84%
Operating Expenses $18.44M $13.22M $5.609M
YoY Change 308.37% 135.72% 298.73%
Operating Profit -$11.81M -$6.522M -$5.606M
YoY Change 161.99% 16.32% 292.36%
Interest Expense -$507.8K $662.2K $52.19K
YoY Change 39.35% 1168.8% -136.2%
% of Operating Profit
Other Income/Expense, Net -$662.2K -$52.19K
YoY Change 1168.8% -61.11%
Pretax Income -$12.32M -$7.180M -$5.659M
YoY Change 152.82% 26.88% 262.02%
Income Tax
% Of Pretax Income
Net Earnings -$12.32M -$7.184M -$5.659M
YoY Change 150.71% 26.95% 262.02%
Net Earnings / Revenue -55.56% -33.23% -66136.82%
Basic Earnings Per Share -$0.08 -$0.07
Diluted Earnings Per Share -$0.13 -$0.08 -$69.38K
COMMON SHARES
Basic Shares Outstanding 92.17M shares 91.85M shares 81.11M shares
Diluted Shares Outstanding 91.08M shares 81.56M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.81M $16.48M $18.16M
YoY Change 19.27% -9.26% 712.72%
Cash & Equivalents $16.81M $16.48M $10.83M
Short-Term Investments $0.00 $0.00 $7.333M
Other Short-Term Assets $3.696M $3.440M $836.4K
YoY Change 1086.11% 311.3% 2527.65%
Inventory $3.426M $5.385M $1.468M
Prepaid Expenses $721.7K $408.4K $836.4K
Receivables $3.385M $3.035M
Other Receivables $0.00 $0.00
Total Short-Term Assets $27.32M $28.34M $20.47M
YoY Change 67.29% 38.47% 542.18%
LONG-TERM ASSETS
Property, Plant & Equipment $21.65M $592.5K $236.9K
YoY Change 9923.82% 150.08% 575.22%
Goodwill $16.16M $15.80M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.074M $220.7K $163.5K
YoY Change 1586.22% 34.99% 7436.08%
Total Long-Term Assets $49.02M $50.00M $27.29M
YoY Change 82.6% 83.21% 4766.27%
TOTAL ASSETS
Total Short-Term Assets $27.32M $28.34M $20.47M
Total Long-Term Assets $49.02M $50.00M $27.29M
Total Assets $76.34M $78.34M $47.76M
YoY Change 76.81% 64.04% 1174.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.51M $10.78M $1.927M
YoY Change 740.62% 459.54% 73.32%
Accrued Expenses $2.773M $2.220M $412.8K
YoY Change 62.09% 437.75% -30.72%
Deferred Revenue $1.476M $1.855M
YoY Change
Short-Term Debt $731.0K $0.00 $0.00
YoY Change
Long-Term Debt Due $6.899M $13.83M $401.1K
YoY Change 304.42% 3348.45% -26.28%
Total Short-Term Liabilities $24.19M $31.33M $5.515M
YoY Change 225.85% 468.11% 68.33%
LONG-TERM LIABILITIES
Long-Term Debt $9.814M $6.620M $6.415M
YoY Change 101.65% 3.19% -2.13%
Other Long-Term Liabilities $26.11M $23.33M $23.34M
YoY Change 14.74% -0.06% 694.52%
Total Long-Term Liabilities $35.93M $29.95M $29.76M
YoY Change 30.05% 0.66% 213.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.19M $31.33M $5.515M
Total Long-Term Liabilities $35.93M $29.95M $29.76M
Total Liabilities $60.12M $61.29M $35.27M
YoY Change 71.52% 73.75% 177.01%
SHAREHOLDERS EQUITY
Retained Earnings -$145.8M -$133.5M -$101.2M
YoY Change 37.46% 31.91%
Common Stock $162.0M $150.5M $113.6M
YoY Change 42.08% 32.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.22M $17.06M $12.26M
YoY Change
Total Liabilities & Shareholders Equity $76.34M $78.34M $47.76M
YoY Change 76.81% 64.04% 1174.29%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$12.32M -$7.184M -$5.659M
YoY Change 150.71% 26.95% 262.02%
Depreciation, Depletion And Amortization $785.9K $1.070M $147.7K
YoY Change 14.14% 624.39% 594.45%
Cash From Operating Activities -$2.908M -$3.450M -$3.524M
YoY Change -29.27% -2.09% 242.7%
INVESTING ACTIVITIES
Capital Expenditures $120.0K -$50.19K
YoY Change -339.09% -21.92%
Acquisitions
YoY Change
Other Investing Activities $10.10K $0.00 -$7.442M
YoY Change 82.97% -100.0%
Cash From Investing Activities $130.1K -$120.0K -$7.492M
YoY Change -159.34% -98.4% 11554.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.097M 1.980M -97.47K
YoY Change 1291.18% -2131.39% -158.21%
NET CHANGE
Cash From Operating Activities -2.908M -3.450M -3.524M
Cash From Investing Activities 130.1K -120.0K -7.492M
Cash From Financing Activities 3.097M 1.980M -97.47K
Net Change In Cash 318.7K -1.590M -11.11M
YoY Change -107.76% -85.69% 1101.35%
FREE CASH FLOW
Cash From Operating Activities -$2.908M -$3.450M -$3.524M
Capital Expenditures $120.0K -$50.19K
Free Cash Flow -$3.570M -$3.474M
YoY Change 2.78% 260.35%

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EarningsPerShareDiluted
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Depreciation And Amortization
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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SKYX Payments To Acquire Property Debt Securities
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Payments Of Stock Issuance Costs
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Lines Of Credit
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us-gaap Proceeds From Convertible Debt
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us-gaap Payments Of Dividends
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us-gaap Repayments Of Notes Payable
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us-gaap Repayments Of Notes Payable
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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SKYX Preferred Stock Conversion To Common
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SKYX Preferred Stock Conversion To Common
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SKYX Assets Acquired Excluding Identifiable Intangible Assets And Goodwill And Cash
AssetsAcquiredExcludingIdentifiableIntangibleAssetsAndGoodwillAndCash
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SKYX Liabilities Assumed And Consideration Payable
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SKYX Identifiable Intangible Assets And Goodwill
IdentifiableIntangibleAssetsAndGoodwill
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SKYX Debt Discount
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SKYX Stock Issued During Value Pursuant To Acquisition
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SKYX Common Stock Pursuant To Extinguishment Of Debt
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SKYX Rightofuse Assets And Operating Lease Liabilities
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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us-gaap Nature Of Operations
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<p id="xdx_800_eus-gaap--NatureOfOperations_zRg7oG9fuFD9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 1 <span id="xdx_82E_zcNsdurqh9F4">ORGANIZATION AND NATURE OF OPERATIONS</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SKYX Platforms Corp., a corporation (the “Company”), was incorporated in Florida in May 2004.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains offices in Sacramento, California, Johns Creek, Georgia, Miami and Pompano Beach, Florida, New York City, and Guangdong Province, China.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has a series of advanced-safe smart platform technologies. The Company’s first-generation technologies enable light fixtures, ceiling fans and other electrically wired products to be installed safely and plugged-in into a ceiling’s electrical outlet box within seconds, and without the need to touch hazardous wires. The plug and play technology method is a universal power-plug device that has a matching receptacle that is simply connected to the electrical outlet box on the ceiling, enabling a safe and quick plug and play installation of light fixtures and ceiling fans in just seconds. The plug and play power-plug technology eliminates the need to touch hazardous electrical wires while installing light fixtures, ceiling fans and other hard wired electrical products. In recent years, the Company has expanded the capabilities of its power-plug product, to include advanced safe and quick universal installation methods, as well as advanced smart capabilities. The smart features include control of light fixtures and ceiling fans by the SkyHome App, through WIFI, Bluetooth Low Energy and voice control. It allows scheduling, energy savings eco mode, dimming, back-up emergency light, night light, light color changing and much more. The Company’s second-generation technology is an all-in-one safe and smart advanced platform that is designed to enhance all-around safety and lifestyle of homes and other buildings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="margin: 0">Since April 2023, the Company also markets home lighting, ceiling fans, and other home furnishings from third-parties.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_84D_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zm4QOtUg3FM8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reclassifications</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For comparability, reclassifications of certain prior-year balances were made to conform with current-year presentations, such as certain expenses previously included in cost of revenues and reclassified as general, and administrative expenses in 2022 and sales and marketing expenses which were previously included in selling, general, and administrative expenses in 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2022Q4 us-gaap Inventory Parts And Components Net Of Reserves
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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41068125 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q3 us-gaap Property Plant And Equipment Gross
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us-gaap Depreciation
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us-gaap Depreciation
Depreciation
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us-gaap Amortization Of Intangible Assets
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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Files In Submission

Name View Source Status
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skyx-20230930_pre.xml Edgar Link unprocessable
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Financial_Report.xlsx Edgar Link pending
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skyx-20230930.xsd Edgar Link pending
skyx-20230930_def.xml Edgar Link unprocessable