$WRAP
WRAP TECHNOLOGIES, INC.

2023 Q2 Form 10-Q Financial Statement

#000143774923013651 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $1.202M $711.0K
YoY Change 3.18% -55.53%
Cost Of Revenue $534.0K $359.0K
YoY Change -24.58% -61.48%
Gross Profit $668.0K $352.0K
YoY Change 46.17% -47.23%
Gross Profit Margin 55.57% 49.51%
Selling, General & Admin $4.745M $3.540M
YoY Change 26.06% -23.14%
% of Gross Profit 710.33% 1005.68%
Research & Development $1.002M $1.072M
YoY Change -32.11% -28.29%
% of Gross Profit 150.0% 304.55%
Depreciation & Amortization $118.0K $200.0K
YoY Change -4.84% 9.29%
% of Gross Profit 17.66% 56.82%
Operating Expenses $5.747M $4.612M
YoY Change 9.68% -24.41%
Operating Profit -$5.079M -$4.260M
YoY Change 6.19% -21.6%
Interest Expense $88.00K $236.0K
YoY Change 11700.0%
% of Operating Profit
Other Income/Expense, Net $72.00K $232.0K
YoY Change -3700.0% 11500.0%
Pretax Income -$5.007M -$4.028M
YoY Change 4.64% -25.85%
Income Tax
% Of Pretax Income
Net Earnings -$5.007M -$4.028M
YoY Change 4.64% -25.85%
Net Earnings / Revenue -416.56% -566.53%
Basic Earnings Per Share -$0.12 -$0.10
Diluted Earnings Per Share -$0.12 -$0.10
COMMON SHARES
Basic Shares Outstanding 41.66M 41.26M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.19M $16.00M
YoY Change -36.19% -46.6%
Cash & Equivalents $11.69M $9.503M
Short-Term Investments $6.500M $6.500M
Other Short-Term Assets $722.0K $858.0K
YoY Change 3.14% 16.73%
Inventory $6.520M $5.626M
Prepaid Expenses
Receivables $1.949M $1.151M
Other Receivables $0.00 $0.00
Total Short-Term Assets $27.38M $23.64M
YoY Change -16.13% -35.79%
LONG-TERM ASSETS
Property, Plant & Equipment $588.0K $655.0K
YoY Change -35.17% -30.61%
Goodwill
YoY Change
Intangibles $2.588M $2.618M
YoY Change 33.33% 32.16%
Long-Term Investments
YoY Change
Other Assets $69.00K $70.00K
YoY Change 527.27% 536.36%
Total Long-Term Assets $3.477M $3.602M
YoY Change 8.79% 9.22%
TOTAL ASSETS
Total Short-Term Assets $27.38M $23.64M
Total Long-Term Assets $3.477M $3.602M
Total Assets $30.86M $27.24M
YoY Change -13.9% -32.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.928M $1.376M
YoY Change 41.56% -20.32%
Accrued Expenses $8.562M $1.736M
YoY Change 838.82% 111.97%
Deferred Revenue $211.0K $169.0K
YoY Change 18.54% 39.67%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.82M $3.393M
YoY Change 322.87% 22.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $264.0K $286.0K
YoY Change -36.23% -34.4%
Total Long-Term Liabilities $264.0K $286.0K
YoY Change -36.23% -34.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.82M $3.393M
Total Long-Term Liabilities $264.0K $286.0K
Total Liabilities $11.08M $3.679M
YoY Change 272.85% 15.0%
SHAREHOLDERS EQUITY
Retained Earnings -$76.41M -$71.40M
YoY Change 27.4% 29.38%
Common Stock $4.000K $4.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.78M $23.56M
YoY Change
Total Liabilities & Shareholders Equity $30.86M $27.24M
YoY Change -13.9% -32.09%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$5.007M -$4.028M
YoY Change 4.64% -25.85%
Depreciation, Depletion And Amortization $118.0K $200.0K
YoY Change -4.84% 9.29%
Cash From Operating Activities $2.291M -$3.067M
YoY Change -268.83% -36.76%
INVESTING ACTIVITIES
Capital Expenditures $106.0K $15.00K
YoY Change -188.33% -81.48%
Acquisitions
YoY Change
Other Investing Activities $0.00 $7.386M
YoY Change -100.0% 47.66%
Cash From Investing Activities -$106.0K $7.240M
YoY Change 657.14% 49.22%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $0.00
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 2.291M -$3.067M
Cash From Investing Activities -106.0K $7.240M
Cash From Financing Activities 0.000 $0.00
Net Change In Cash 2.185M $4.173M
YoY Change -259.37% 5319.48%
FREE CASH FLOW
Cash From Operating Activities $2.291M -$3.067M
Capital Expenditures $106.0K $15.00K
Free Cash Flow $2.185M -$3.082M
YoY Change -276.64% -37.5%

Facts In Submission

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CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
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2569000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
330000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
518000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
513000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
309000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
42000 usd
CY2023Q1 wrap Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
562000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2274000 usd
CY2023Q1 wrap Accrued Patent And Legal Costs
AccruedPatentAndLegalCosts
129000 usd
CY2022Q4 wrap Accrued Patent And Legal Costs
AccruedPatentAndLegalCosts
135000 usd
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1352000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1100000 usd
CY2023Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
91000 usd
CY2022Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
125000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
164000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
103000 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1736000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1463000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
125000 usd
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
96000 usd
CY2023Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1000 usd
CY2022Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
54000 usd
CY2023Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-33000 usd
CY2022Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
12000 usd
CY2023Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
91000 usd
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
54000 usd
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5491399
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.72
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y11M15D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
92000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
250
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.50
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
1300287
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
5.33
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4190862
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.15
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y5M26D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
98000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1299771
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.74
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y1M9D
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
96000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4190862
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.72
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
628000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1029000 usd
CY2023Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0 usd
CY2022 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0 usd
CY2023Q1 us-gaap Contractual Obligation
ContractualObligation
3493000 usd
CY2023Q1 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
4500 usd
CY2023Q1 us-gaap Revenues
Revenues
711000 usd
CY2022Q1 us-gaap Revenues
Revenues
1599000 usd

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