2024 Q3 Form 10-Q Financial Statement

#000149315224031279 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $22.17M $21.45M $14.98M
YoY Change 2.55% 43.13% 202688.67%
Cost Of Revenue $15.33M $14.87M $10.29M
YoY Change 2.75% 44.52% 167960.16%
Gross Profit $6.842M $6.577M $4.695M
YoY Change 2.11% 40.06% 370492.9%
Gross Profit Margin 30.86% 30.67% 31.34%
Selling, General & Admin $14.45M $12.81M $16.95M
YoY Change 9.27% -24.4% 271.23%
% of Gross Profit 211.16% 194.81% 360.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $726.6K $1.339M $534.4K
YoY Change -32.1% 150.54% 4109.88%
% of Gross Profit 10.62% 20.36% 11.38%
Operating Expenses $14.45M $12.81M $16.95M
YoY Change 9.27% -24.4% 271.23%
Operating Profit -$7.605M -$6.235M -$12.25M
YoY Change 16.62% -49.11% 168.44%
Interest Expense -$1.016M -$1.228M $1.219M
YoY Change -253.41% -200.73% 1387.76%
% of Operating Profit
Other Income/Expense, Net -$1.016M -$1.228M -$16.88K
YoY Change 53.41% 7174.96% -79.4%
Pretax Income -$8.621M -$7.463M -$12.27M
YoY Change 20.07% -39.17% 164.07%
Income Tax
% Of Pretax Income
Net Earnings -$8.621M -$7.463M -$12.27M
YoY Change 20.01% -39.17% 164.07%
Net Earnings / Revenue -38.89% -34.8% -81.88%
Basic Earnings Per Share -$0.08 -$0.08 -$0.14
Diluted Earnings Per Share -$0.08 -$0.08 -$0.14
COMMON SHARES
Basic Shares Outstanding 101.6M shares 100.0M shares 87.07M shares
Diluted Shares Outstanding 103.5M shares 99.45M shares 86.62M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.17M $10.68M $18.09M
YoY Change -38.27% -40.92% -26.73%
Cash & Equivalents $10.17M $10.68M $18.09M
Short-Term Investments $0.00
Other Short-Term Assets $1.350M $3.625M $3.352M
YoY Change -60.77% 8.16% 228.4%
Inventory $4.538M $4.221M $4.824M
Prepaid Expenses $1.041M $1.315M $55.51K
Receivables $2.926M $3.020M $2.481M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $18.99M $21.55M $28.74M
YoY Change -33.01% -25.02% 6.62%
LONG-TERM ASSETS
Property, Plant & Equipment $840.0K $347.6K $475.5K
YoY Change 41.77% -26.89% 78.59%
Goodwill $16.16M $16.16M $15.48M
YoY Change 2.26% 4.35%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.081M $204.8K $425.3K
YoY Change 1295.8% -51.84% 160.06%
Total Long-Term Assets $45.98M $47.61M $51.64M
YoY Change -8.04% -7.8% 2040.65%
TOTAL ASSETS
Total Short-Term Assets $18.99M $21.55M $28.74M
Total Long-Term Assets $45.98M $47.61M $51.64M
Total Assets $64.97M $69.16M $80.38M
YoY Change -17.07% -13.95% 173.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.34M $13.22M $11.55M
YoY Change 60.84% 14.51% 402.37%
Accrued Expenses $2.447M $2.257M $3.494M
YoY Change 10.23% -35.41% 1347.43%
Deferred Revenue $2.108M $2.072M $1.663M
YoY Change 13.66% 24.62%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.865M $9.738M $13.14M
YoY Change -43.13% -25.89% 3155.9%
Total Short-Term Liabilities $30.76M $28.09M $32.48M
YoY Change -1.83% -13.52% 525.42%
LONG-TERM LIABILITIES
Long-Term Debt $8.231M $8.079M $5.353M
YoY Change 24.33% 50.92% -19.06%
Other Long-Term Liabilities $22.15M $23.51M $21.56M
YoY Change -5.08% 9.04% 891.17%
Total Long-Term Liabilities $30.38M $31.59M $26.92M
YoY Change 1.41% 17.37% 206.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.76M $28.09M $32.48M
Total Long-Term Liabilities $30.38M $31.59M $26.92M
Total Liabilities $61.14M $59.68M $59.40M
YoY Change -0.25% 0.48% 324.79%
SHAREHOLDERS EQUITY
Retained Earnings -$171.6M -$162.9M -$126.3M
YoY Change 28.53% 29.01% 32.21%
Common Stock $175.4M $172.4M $147.3M
YoY Change 16.51% 17.07% 33.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.835M $9.484M $20.98M
YoY Change
Total Liabilities & Shareholders Equity $64.97M $69.16M $80.38M
YoY Change -17.07% -13.95% 173.69%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$8.621M -$7.463M -$12.27M
YoY Change 20.01% -39.17% 164.07%
Depreciation, Depletion And Amortization $726.6K $1.339M $534.4K
YoY Change -32.1% 150.54% 4109.88%
Cash From Operating Activities -$2.554M -$4.215M -$2.525M
YoY Change -25.96% 66.91% -11.24%
INVESTING ACTIVITIES
Capital Expenditures $256.7K $225.6K -$33.87K
YoY Change 113.94% -766.16% -67.98%
Acquisitions
YoY Change
Other Investing Activities $3.366M
YoY Change
Cash From Investing Activities -$256.7K -$225.6K $3.400M
YoY Change 113.94% -106.64% -3314.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 258.3K 252.3K 7.299M
YoY Change -86.96% -96.54% 11102.06%
NET CHANGE
Cash From Operating Activities -2.554M -4.215M -2.525M
Cash From Investing Activities -256.7K -225.6K 3.400M
Cash From Financing Activities 258.3K 252.3K 7.299M
Net Change In Cash -2.553M -4.188M 8.174M
YoY Change 60.56% -151.24% -383.28%
FREE CASH FLOW
Cash From Operating Activities -$2.554M -$4.215M -$2.525M
Capital Expenditures $256.7K $225.6K -$33.87K
Free Cash Flow -$2.811M -$4.440M -$2.491M
YoY Change -21.26% 78.24% -9.05%

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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
62147 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-20166337 usd
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.24
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.24
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
99445289 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
99445289 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86621015 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
86621015 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
97261721 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97261721 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84843914 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84843914 shares
CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9484090 usd
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
20983627 usd
CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9484090 usd
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
20983627 usd
CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9484090 usd
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
20983627 usd
CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9484090 usd
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
20983627 usd
us-gaap Net Income Loss
NetIncomeLoss
-17139150 usd
us-gaap Net Income Loss
NetIncomeLoss
-20228484 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2399350 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1031732 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
604976 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
520349 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
1201857 usd
us-gaap Share Based Compensation
ShareBasedCompensation
6070935 usd
us-gaap Share Based Compensation
ShareBasedCompensation
10638534 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
794841 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1114063 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-364662 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-40551 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
592920 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-449358 usd
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
86234 usd
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
-186900 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
596604 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-266218 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1021684 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-199417 usd
SKYX Accretion Operating Lease Liabilities
AccretionOperatingLeaseLiabilities
798229 usd
us-gaap Increase Decrease In Royalties Payable
IncreaseDecreaseInRoyaltiesPayable
-400000 usd
SKYX Increase Decrease In Consideration Payable
IncreaseDecreaseInConsiderationPayable
750000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
351283 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2700311 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10397019 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6644075 usd
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
136033 usd
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
7572136 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
4206200 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
279277 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-279277 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
3229903 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4418721 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7826045 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
88426 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
379772 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
2000000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
10350000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
482585 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2147900 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3847710 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
17648373 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6828586 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
14234201 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
22430253 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
9461597 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15601667 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
23695798 usd
SKYX Substitution Of Consideration Payable To Convertible Notes
SubstitutionOfConsiderationPayableToConvertibleNotes
3117408 usd
SKYX Substition Of Royalty Payable To Convertible Notes
SubstitionOfRoyaltyPayableToConvertibleNotes
1000000 usd
SKYX Common Stock Pursuant To Extinguishment Of Debt
CommonStockPursuantToExtinguishmentOfDebt
2040231 usd
SKYX Rightofuse Assets And Operating Lease Liabilities
RightofuseAssetsAndOperatingLeaseLiabilities
662698 usd
SKYX Preferred Stock Conversion To Common
PreferredStockConversionToCommon
220099 usd
SKYX Assets Acquired Excluding Identifiable Intangible Assets And Goodwill And Cash
AssetsAcquiredExcludingIdentifiableIntangibleAssetsAndGoodwillAndCash
7090094 usd
SKYX Liabilities Assumed And Consideration Payable
LiabilitiesAssumedAndConsiderationPayable
19439856 usd
SKYX Identifiable Intangible Assets And Goodwill
IdentifiableIntangibleAssetsAndGoodwill
19677478 usd
SKYX Stock Issued During Value Pursuant To Acquisition
StockIssuedDuringValuePursuantToAcquisition
7327716 usd
SKYX Debt Discount
DebtDiscount
5569978 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_804_eus-gaap--NatureOfOperations_zYYXFBRsYQOj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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_82B_zwJGPq32J8j3">ORGANIZATION AND NATURE OF OPERATIONS</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since April 2023, the Company also markets home lighting, ceiling fans and other home furnishings from third parties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going Concern </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s liquidity sources include $ <span id="xdx_901_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_pn5n6_c20240630_zeBdLwoL4B6d" title="Restricted cash and cash equivalents">15.6</span> million in cash and cash equivalents, including restricted cash of $<span id="xdx_90D_eus-gaap--RestrictedCashEquivalentsCurrent_iI_pn5n6_c20240630_zuBXw6nGM4Yf" title="Restricted cash">4.9</span> million, and $ <span id="xdx_90F_ecustom--WorkingCapital_iI_pn5n6_c20240630_z27tS1eyaG4g" title="Working capital">6.5</span> million of working capital deficit as of June 30, 2024. The Company has a history of recurring operating losses and its net cash used in operating activities amounted to $<span id="xdx_908_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pn5n6_di_c20240101__20240630_zUwQvnCnl4Ib" title="Net cash used in operating activities">10.4</span> million and $<span id="xdx_90C_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pn5n6_di_c20230101__20230630_zo56ryMLbRTf" title="Net cash used in operating activities">6.6</span> million during the six months ended June 30, 2024, and 2023, respectively. The Company has also generated net cash provided by financing activities of $<span id="xdx_905_eus-gaap--NetCashProvidedByUsedInFinancingActivities_pn5n6_c20240101__20240630_zf4crMQeleY" title="Net cash provided by financing activities">3.8</span> million and $<span id="xdx_909_eus-gaap--NetCashProvidedByUsedInFinancingActivities_pn5n6_c20230101__20230630_zeIUZlUshYo8" title="Net cash provided by financing activities">17.6</span> million during the six months ended June 30, 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
15600000 usd
CY2024Q2 us-gaap Restricted Cash Equivalents Current
RestrictedCashEquivalentsCurrent
4900000 usd
CY2024Q2 SKYX Working Capital
WorkingCapital
6500000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10400000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6600000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3800000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
17600000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84C_eus-gaap--UseOfEstimates_zOa2xz9Dr7n7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_845_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_ztv2gDs43gFj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10684989 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
16810983 usd
CY2024Q2 us-gaap Restricted Cash
RestrictedCash
4916678 usd
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
5619270 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15601667 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
22430253 usd
CY2023Q3 us-gaap Restricted Cash
RestrictedCash
2800000 usd
CY2024Q2 us-gaap Restricted Investments
RestrictedInvestments
2800000 usd
CY2023Q4 us-gaap Restricted Investments
RestrictedInvestments
2800000 usd
CY2023Q4 us-gaap Escrow Deposit
EscrowDeposit
750000 usd
CY2024Q2 us-gaap Line Of Credit
LineOfCredit
2000000.0 usd
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
16394 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
54987 usd
CY2024Q2 SKYX Allowance For Sales Returns
AllowanceForSalesReturns
255234 usd
CY2023Q4 SKYX Allowance For Sales Returns
AllowanceForSalesReturns
182584 usd
CY2024Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2072123 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1475519 usd
CY2024Q2 us-gaap Deferred Costs Current
DeferredCostsCurrent
310679 usd
CY2023Q4 us-gaap Deferred Costs Current
DeferredCostsCurrent
224445 usd
CY2024Q2 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
2961795 usd
CY2023Q4 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
2230252 usd
CY2024Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2558780 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2495482 usd
CY2024Q2 us-gaap Inventory Adjustments
InventoryAdjustments
1300000 usd
CY2023Q4 us-gaap Inventory Adjustments
InventoryAdjustments
1300000 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
4220575 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
3425734 usd
CY2024Q2 us-gaap Inventory Adjustments
InventoryAdjustments
1300000 usd
CY2023Q4 us-gaap Inventory Adjustments
InventoryAdjustments
1300000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
44955815 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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Files In Submission

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