$UMAC
Unusual Machines, Inc.

2024 Q2 Form 10-Q Financial Statement

#000168316824003517 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $1.411M $618.9K $0.00
YoY Change
Cost Of Revenue $1.023M $414.7K $0.00
YoY Change
Gross Profit $388.4K $204.2K $0.00
YoY Change
Gross Profit Margin 27.53% 32.99%
Selling, General & Admin $1.736M $1.156M $412.4K
YoY Change 299.15% 96.42% -11.1%
% of Gross Profit 446.9% 566.17%
Research & Development $10.28K $16.80K
YoY Change
% of Gross Profit 2.65% 8.23%
Depreciation & Amortization -$5.130K $171.00 $4.200K
YoY Change -1382.5% -57.25% 366.67%
% of Gross Profit -1.32% 0.08%
Operating Expenses $1.960M $1.291M $416.6K
YoY Change 350.3% 119.14% -10.37%
Operating Profit -$1.572M -$1.086M -$416.6K
YoY Change 261.06% 84.47% -10.37%
Interest Expense -$40.53K $19.65K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$40.53K -$19.65K
YoY Change
Pretax Income -$1.612M -$1.106M -$416.6K
YoY Change 270.37% 87.81% -10.37%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.612M -$1.106M -$416.6K
YoY Change 270.37% 87.81% -10.37%
Net Earnings / Revenue -114.25% -178.7%
Basic Earnings Per Share -$0.16 -$0.18
Diluted Earnings Per Share -$0.16 -$0.18 -$0.05
COMMON SHARES
Basic Shares Outstanding 9.333M shares 9.083M shares
Diluted Shares Outstanding 10.04M shares 6.066M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.222M $3.209M $894.8K
YoY Change 19.94% 25.48% -71.13%
Cash & Equivalents $2.222M $3.209M $894.8K
Short-Term Investments
Other Short-Term Assets $182.1K $278.3K $120.6K
YoY Change -57.49% -2.77% -46.91%
Inventory $1.638M $1.642M $0.00
Prepaid Expenses
Receivables $1.933K $0.00
Other Receivables $10.00K $19.64K $0.00
Total Short-Term Assets $5.117M $6.129M $1.528M
YoY Change 124.3% 115.56% -54.06%
LONG-TERM ASSETS
Property, Plant & Equipment $912.00 $1.083K $1.254K
YoY Change -68.55% -67.18% -66.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $59.43K $59.43K $0.00
YoY Change
Total Long-Term Assets $20.08M $18.10M $1.254K
YoY Change 692430.69% 548378.85% -66.11%
TOTAL ASSETS
Total Short-Term Assets $5.117M $6.129M $1.528M
Total Long-Term Assets $20.08M $18.10M $1.254K
Total Assets $25.20M $24.23M $1.529M
YoY Change 1003.25% 751.17% -54.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $786.6K $455.8K $114.5K
YoY Change 694.55% 101.66% -5.29%
Accrued Expenses $66.03K $66.03K $0.00
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $931.2K $692.0K $114.5K
YoY Change 840.61% 206.18% -5.3%
LONG-TERM LIABILITIES
Long-Term Debt $4.000M $2.000M $0.00
YoY Change
Other Long-Term Liabilities $297.3K $313.9K
YoY Change
Total Long-Term Liabilities $4.297M $2.314M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $931.2K $692.0K $114.5K
Total Long-Term Liabilities $4.297M $2.314M $0.00
Total Liabilities $5.229M $3.006M $114.5K
YoY Change 5181.35% 1230.03% -5.29%
SHAREHOLDERS EQUITY
Retained Earnings -$6.651M -$4.439M -$3.333M
YoY Change 116.63%
Common Stock $104.1K $93.33K $32.17K
YoY Change -5.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.97M $21.22M $1.415M
YoY Change
Total Liabilities & Shareholders Equity $25.20M $24.23M $1.529M
YoY Change 1003.25% 751.17% -54.08%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$1.612M -$1.106M -$416.6K
YoY Change 270.37% 87.81% -10.37%
Depreciation, Depletion And Amortization -$5.130K $171.00 $4.200K
YoY Change -1382.5% -57.25% 366.67%
Cash From Operating Activities -$986.2K -$1.196M -$442.3K
YoY Change 40.11% 120.39% -12.3%
INVESTING ACTIVITIES
Capital Expenditures -$40.00
YoY Change -101.9%
Acquisitions $852.9K
YoY Change
Other Investing Activities $80.00 -$852.9K
YoY Change
Cash From Investing Activities $80.00 -$852.9K $40.00
YoY Change -101.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $4.362M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -986.2K -$1.196M -442.3K
Cash From Investing Activities 80.00 -$852.9K 40.00
Cash From Financing Activities 0.000 $4.362M 0.000
Net Change In Cash -986.2K $2.314M -442.3K
YoY Change 40.1% -526.51% -12.67%
FREE CASH FLOW
Cash From Operating Activities -$986.2K -$1.196M -$442.3K
Capital Expenditures -$40.00
Free Cash Flow -$442.3K
YoY Change -12.67%

Facts In Submission

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<p id="xdx_840_eus-gaap--UseOfEstimates_zaPknZFlSkoj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration: underline"><span id="xdx_862_z4e8WLBDpHDk">Use of Estimates</span></span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates, and such results could be material.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements include some amounts that are based on management's best estimates and judgments. Significant estimates reflected in these financial statements include those used to (i) determine stock-based compensation, (ii) the fair value of assets acquired and liabilities assumed in business combinations and the value of shares issued as consideration, (iii) reserves and allowances related to accounts receivable, inventory and sales, (iv) the evaluation of long-term assets, including goodwill, for impairment, (v) the fair value of lease liabilities and related right of use assets, and (vi) the warranty liability.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
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CY2024Q1 us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<p id="xdx_846_eus-gaap--RevenueRecognitionDeferredRevenue_zx6nmNgOmpgi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration: underline">Deferred Revenue</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred revenue relates to (i) orders placed, but not yet fulfilled and (ii) customer tickets purchased related to the Company’s Rampage event, in which tickets are sold in advance and recognized when the event takes place. All deferred revenue is expected to be recognized within one year. Deferred revenue related to orders placed, but not yet fulfilled totaled $<span id="xdx_906_eus-gaap--DeferredRevenueCurrent_iI_c20240331__us-gaap--DeferredRevenueArrangementTypeAxis__custom--OrdersPlacedMember_zCVTVMNXbLL9">82,943</span> and $<span id="xdx_904_eus-gaap--DeferredRevenueCurrent_iI_c20231231__us-gaap--DeferredRevenueArrangementTypeAxis__custom--OrdersPlacedMember_zapGTSmFAmj">0</span> as of March 31, 2024 and December 31, 2023, respectively. Deferred revenue related to the Company’s Rampage event totaled $<span id="xdx_906_eus-gaap--DeferredRevenueCurrent_iI_c20240331__us-gaap--DeferredRevenueArrangementTypeAxis__custom--RampageEventMember_z6NDB2urKB42">93,325</span> and $<span id="xdx_909_eus-gaap--DeferredRevenueCurrent_iI_c20231231__us-gaap--DeferredRevenueArrangementTypeAxis__custom--RampageEventMember_zCMr0pPPcUod">0</span> as of March 31, 2024 and December 31, 2023, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2024Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
1641839 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
0 usd
CY2024Q1 us-gaap Prepaid Insurance
PrepaidInsurance
220500 usd
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
20631 usd
CY2024Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
19644 usd
CY2023Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
0 usd
CY2024Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
38114 usd
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
0 usd
CY2024Q1 us-gaap Other Assets Current
OtherAssetsCurrent
278258 usd
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
120631 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7738 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7738 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6655 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6484 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1083 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1254 usd
CY2024Q1 us-gaap Depreciation
Depreciation
171 usd
CY2023Q1 us-gaap Depreciation
Depreciation
381 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
482627 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
108784 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
373843 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M29D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1149 pure
CY2024Q1 us-gaap Notes Payable
NotesPayable
2000000 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
19649 usd
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q4 UMAC Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstanding
0 shares
CY2023Q4 UMAC Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValue
0
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
62500 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.00
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures
0 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
0
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
0 shares
CY2024Q1 UMAC Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedWeightedAverageGrantDateFairValue
0
CY2024Q1 UMAC Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstanding
62500 shares
CY2024Q1 UMAC Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageGrantDateFairValue
5.00
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P4Y10M17D
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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