$WRAP
WRAP TECHNOLOGIES, INC.

2023 Q3 Form 10-Q Financial Statement

#000143774923023001 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $3.631M $1.202M
YoY Change 113.46% 3.18%
Cost Of Revenue $1.454M $534.0K
YoY Change 84.05% -24.58%
Gross Profit $2.177M $668.0K
YoY Change 138.97% 46.17%
Gross Profit Margin 59.96% 55.57%
Selling, General & Admin $4.317M $4.745M
YoY Change 20.38% 26.06%
% of Gross Profit 198.3% 710.33%
Research & Development $610.0K $1.002M
YoY Change -50.65% -32.11%
% of Gross Profit 28.02% 150.0%
Depreciation & Amortization $122.0K $118.0K
YoY Change 0.83% -4.84%
% of Gross Profit 5.6% 17.66%
Operating Expenses $4.927M $5.747M
YoY Change 2.18% 9.68%
Operating Profit -$2.750M -$5.079M
YoY Change -29.69% 6.19%
Interest Expense $90.00K $88.00K
YoY Change 164.71%
% of Operating Profit
Other Income/Expense, Net -$33.00K $72.00K
YoY Change -171.74% -3700.0%
Pretax Income -$2.780M -$5.007M
YoY Change -28.07% 4.64%
Income Tax
% Of Pretax Income
Net Earnings -$2.783M -$5.007M
YoY Change -27.99% 4.64%
Net Earnings / Revenue -76.65% -416.56%
Basic Earnings Per Share -$0.07 -$0.12
Diluted Earnings Per Share -$0.07 -$0.12
COMMON SHARES
Basic Shares Outstanding 41.97M 41.66M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.93M $18.19M
YoY Change -36.99% -36.19%
Cash & Equivalents $4.934M $11.69M
Short-Term Investments $10.00M $6.500M
Other Short-Term Assets $760.0K $722.0K
YoY Change 26.67% 3.14%
Inventory $5.816M $6.520M
Prepaid Expenses
Receivables $4.321M $1.949M
Other Receivables $0.00 $0.00
Total Short-Term Assets $25.83M $27.38M
YoY Change -12.36% -16.13%
LONG-TERM ASSETS
Property, Plant & Equipment $533.0K $588.0K
YoY Change -34.92% -35.17%
Goodwill $1.611M
YoY Change
Intangibles $3.319M $2.588M
YoY Change 74.68% 33.33%
Long-Term Investments
YoY Change
Other Assets $166.0K $69.00K
YoY Change 1409.09% 527.27%
Total Long-Term Assets $5.834M $3.477M
YoY Change 91.84% 8.79%
TOTAL ASSETS
Total Short-Term Assets $25.83M $27.38M
Total Long-Term Assets $5.834M $3.477M
Total Assets $31.67M $30.86M
YoY Change -2.62% -13.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.546M $1.928M
YoY Change 63.6% 41.56%
Accrued Expenses $1.128M $8.562M
YoY Change 13.82% 838.82%
Deferred Revenue $189.0K $211.0K
YoY Change 31.25% 18.54%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.82M $10.82M
YoY Change 394.74% 322.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $280.0K $264.0K
YoY Change -25.73% -36.23%
Total Long-Term Liabilities $281.0K $264.0K
YoY Change -25.46% -36.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.82M $10.82M
Total Long-Term Liabilities $281.0K $264.0K
Total Liabilities $11.10M $11.08M
YoY Change 332.93% 272.85%
SHAREHOLDERS EQUITY
Retained Earnings -$79.39M -$76.41M
YoY Change 24.35% 27.4%
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 $20.57M $19.78M
YoY Change
Total Liabilities & Shareholders Equity $31.67M $30.86M
YoY Change -2.62% -13.9%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$2.783M -$5.007M
YoY Change -27.99% 4.64%
Depreciation, Depletion And Amortization $122.0K $118.0K
YoY Change 0.83% -4.84%
Cash From Operating Activities -$12.14M $2.291M
YoY Change 151.4% -268.83%
INVESTING ACTIVITIES
Capital Expenditures $220.0K $106.0K
YoY Change -443.75% -188.33%
Acquisitions
YoY Change
Other Investing Activities -$4.150M $0.00
YoY Change -181.85% -100.0%
Cash From Investing Activities -$4.360M -$106.0K
YoY Change -187.1% 657.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.750M 0.000
YoY Change 121775.0%
NET CHANGE
Cash From Operating Activities -12.14M 2.291M
Cash From Investing Activities -4.360M -106.0K
Cash From Financing Activities 9.750M 0.000
Net Change In Cash -6.750M 2.185M
YoY Change -3748.65% -259.37%
FREE CASH FLOW
Cash From Operating Activities -$12.14M $2.291M
Capital Expenditures $220.0K $106.0K
Free Cash Flow -$12.36M $2.185M
YoY Change 159.39% -276.64%

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CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
340000 usd
CY2022Q4 us-gaap Contract With Customer Liability
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0 usd
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2022Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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12000 usd
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2023Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
3793000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2293000 usd
CY2023Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
0 usd
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
0 usd
CY2023Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2727000 usd
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1682000 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
6520000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
3975000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2234000 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
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1738000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1673000 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1150000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
915000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
588000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
758000 usd
CY2023Q2 us-gaap Depreciation
Depreciation
118000 usd
us-gaap Depreciation
Depreciation
236000 usd
CY2022Q2 us-gaap Depreciation
Depreciation
124000 usd
us-gaap Depreciation
Depreciation
237000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2863000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
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2687000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
629000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
462000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2234000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2225000 usd
CY2023Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
354000 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
344000 usd
CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2588000 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2569000 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
85000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
167000 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
73000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
259000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
518000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
513000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
290000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
42000 usd
CY2023Q2 wrap Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
612000 usd
CY2023Q2 wrap Accrued Patent And Legal Costs
AccruedPatentAndLegalCosts
103000 usd
CY2022Q4 wrap Accrued Patent And Legal Costs
AccruedPatentAndLegalCosts
135000 usd
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
777000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1100000 usd
CY2023Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
75000 usd
CY2022Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
125000 usd
CY2023Q2 wrap Accrued Funding Proceeds
AccruedFundingProceeds
7350000 usd
CY2022Q4 wrap Accrued Funding Proceeds
AccruedFundingProceeds
0 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
257000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
103000 usd
CY2023Q2 us-gaap Accrued Liabilities Current
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8562000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
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1463000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
125000 usd
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
96000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
6000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
63000 usd
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-44000 usd
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
45000 usd
CY2023Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
75000 usd
CY2022Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
78000 usd
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2023Q2 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
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1052714
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.56
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y9M14D
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3568249
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1221000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
727000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1849000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1756000 usd
CY2022 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0 usd
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0 usd
CY2023Q2 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0 usd
CY2023Q2 us-gaap Contractual Obligation
ContractualObligation
3878000 usd
CY2023Q2 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
4500 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
9000 usd
CY2023Q2 us-gaap Revenues
Revenues
1202000 usd
CY2022Q2 us-gaap Revenues
Revenues
1165000 usd
us-gaap Revenues
Revenues
1913000 usd
us-gaap Revenues
Revenues
2764000 usd

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