$UMAC
Unusual Machines, Inc.

2024 Q3 Form 10-Q Financial Statement

#000168316824005688 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $1.531M $1.411M $0.00
YoY Change
Cost Of Revenue $1.132M $1.023M $0.00
YoY Change
Gross Profit $399.5K $388.4K $0.00
YoY Change
Gross Profit Margin 26.09% 27.53%
Selling, General & Admin $1.627M $1.736M $434.9K
YoY Change 360.98% 299.15% 29.47%
% of Gross Profit 407.33% 446.9%
Research & Development $15.00K $10.28K $0.00
YoY Change
% of Gross Profit 3.75% 2.65%
Depreciation & Amortization $170.00 -$5.130K $400.00
YoY Change -71.67% -1382.5%
% of Gross Profit 0.04% -1.32%
Operating Expenses $1.861M $1.960M $435.3K
YoY Change 426.02% 350.3% 29.59%
Operating Profit -$1.461M -$1.572M -$435.3K
YoY Change 313.08% 261.06% 29.59%
Interest Expense $1.950K -$40.53K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$683.2K -$40.53K $0.00
YoY Change
Pretax Income -$2.144M -$1.612M -$435.3K
YoY Change 506.23% 270.37% 29.59%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.144M -$1.612M -$435.3K
YoY Change 506.23% 270.37% 29.59%
Net Earnings / Revenue -140.03% -114.25%
Basic Earnings Per Share -$0.30 -$0.16 -$0.13
Diluted Earnings Per Share -$0.30 -$0.16 -$0.05
COMMON SHARES
Basic Shares Outstanding 6.185M shares 9.333M shares 3.385M shares
Diluted Shares Outstanding 7.148M shares 10.04M shares 3.385M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.686M $2.222M $1.853M
YoY Change 26.09% 19.94%
Cash & Equivalents $1.686M $2.222M $1.853M
Short-Term Investments
Other Short-Term Assets $158.1K $182.1K $428.3K
YoY Change -72.27% -57.49%
Inventory $1.453M $1.638M
Prepaid Expenses
Receivables $79.91K
Other Receivables $0.00 $10.00K
Total Short-Term Assets $4.517M $5.117M $2.281M
YoY Change 136.86% 124.3%
LONG-TERM ASSETS
Property, Plant & Equipment $741.00 $912.00 $2.900K
YoY Change -86.53% -68.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $59.43K
YoY Change
Total Long-Term Assets $20.01M $20.08M $2.900K
YoY Change 370404.0% 692430.69%
TOTAL ASSETS
Total Short-Term Assets $4.517M $5.117M $2.281M
Total Long-Term Assets $20.01M $20.08M $2.900K
Total Assets $24.52M $25.20M $2.284M
YoY Change 1182.26% 1003.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.033M $786.6K $99.00K
YoY Change 1173.29% 694.55%
Accrued Expenses $19.08K $66.03K
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 $2.018M $931.2K $99.00K
YoY Change 2388.6% 840.61%
LONG-TERM LIABILITIES
Long-Term Debt $3.000M $4.000M $0.00
YoY Change
Other Long-Term Liabilities $280.3K $297.3K
YoY Change
Total Long-Term Liabilities $3.280M $4.297M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.018M $931.2K $99.00K
Total Long-Term Liabilities $3.280M $4.297M $0.00
Total Liabilities $5.299M $5.229M $99.00K
YoY Change 6433.34% 5181.35%
SHAREHOLDERS EQUITY
Retained Earnings -$8.796M -$6.651M
YoY Change
Common Stock $61.85K $104.1K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.23M $19.97M $2.185M
YoY Change
Total Liabilities & Shareholders Equity $24.52M $25.20M $2.284M
YoY Change 1182.26% 1003.25%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$2.144M -$1.612M -$435.3K
YoY Change 506.23% 270.37% 29.59%
Depreciation, Depletion And Amortization $170.00 -$5.130K $400.00
YoY Change -71.67% -1382.5%
Cash From Operating Activities -$536.7K -$986.2K -$703.9K
YoY Change 4.65% 40.11% 112.85%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $80.00
YoY Change
Cash From Investing Activities $0.00 $80.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -536.7K -986.2K -703.9K
Cash From Investing Activities 0.000 80.00 0.000
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -536.7K -986.2K -703.9K
YoY Change 4.01% 40.1% 205.11%
FREE CASH FLOW
Cash From Operating Activities -$536.7K -$986.2K -$703.9K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$536.7K -$703.9K
YoY Change 4.01% 112.85%

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<p id="xdx_840_eus-gaap--UseOfEstimates_zXBfZdqVdbI" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i><span style="text-decoration: underline"><span id="xdx_861_zWEzB80fw6t9">Use of Estimates</span></span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0"> </p>
CY2024Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
1700000 usd
CY2023Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
600000 usd
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0 usd
CY2023Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
512758 usd
UMAC Property Plant And Equipment Useful Life1
PropertyPlantAndEquipmentUsefulLife1
two to five years
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1149 pure
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
66025 usd
us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<p id="xdx_84D_eus-gaap--RevenueRecognitionDeferredRevenue_z19M8jP8vZv5" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i><span style="text-decoration: underline"><span id="xdx_866_zjAtvZxZgtPi">Deferred Revenue</span></span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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_90D_eus-gaap--DeferredRevenueCurrent_iI_c20240630_z33khlF0aXJl" title="Deferred revenue">82,120</span> and $<span id="xdx_909_eus-gaap--DeferredRevenueCurrent_iI_c20231231_zFEfFBTZw9G7" title="Deferred revenue">0</span> as of June 30, 2024 and December 31, 2023, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2024Q2 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
82120 usd
CY2023Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
0 usd
CY2024Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
1638038 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
0 usd
CY2024Q2 UMAC Prepaid And Deposits For Inventory
PrepaidAndDepositsForInventory
1074403 usd
CY2023Q4 UMAC Prepaid And Deposits For Inventory
PrepaidAndDepositsForInventory
0 usd
CY2024Q2 us-gaap Prepaid Insurance
PrepaidInsurance
157500 usd
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
20631 usd
CY2024Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
10000 usd
CY2023Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
0 usd
CY2024Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
14577 usd
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
0 usd
CY2024Q2 us-gaap Other Assets Current
OtherAssetsCurrent
182077 usd
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
120631 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7738 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7738 usd
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6826 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6484 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
912 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1254 usd
us-gaap Depreciation
Depreciation
342 usd
us-gaap Depreciation
Depreciation
762 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
458477 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
98664 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
359813 usd
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M29D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1149 pure
us-gaap Interest Expense
InterestExpense
60183 usd
CY2024Q2 us-gaap Interest Payable Current
InterestPayableCurrent
6677 usd
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
us-gaap Restricted Stock Expense
RestrictedStockExpense
346854 usd
CY2024Q1 UMAC Share Based Compensation Arrangement By Share Based Payment Award Number Of Options Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfOptionsAuthorized
310000 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
0 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
62500 shares
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures
0 shares
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
0 shares
UMAC Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedWeightedAverageGrantDateFairValue
0
CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
62500 shares
CY2024Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
5.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P4Y7M17D
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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