$WRAP
WRAP TECHNOLOGIES, INC.

2023 Q4 Form 10-Q Financial Statement

#000143774923031987 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $589.0K $3.631M $3.585M
YoY Change -83.57% 113.46% 46.39%
Cost Of Revenue $880.0K $1.454M $1.885M
YoY Change -53.32% 84.05% 10.17%
Gross Profit -$291.0K $2.177M $1.700M
YoY Change -117.12% 138.97% 130.35%
Gross Profit Margin -49.41% 59.96% 47.42%
Selling, General & Admin $5.757M $4.317M $4.434M
YoY Change 29.84% 20.38% 9.05%
% of Gross Profit 198.3% 260.82%
Research & Development $584.0K $610.0K $868.0K
YoY Change -32.72% -50.65% -54.58%
% of Gross Profit 28.02% 51.06%
Depreciation & Amortization $143.0K $122.0K $188.0K
YoY Change -23.94% 0.83% 32.39%
% of Gross Profit 5.6% 11.06%
Operating Expenses $6.341M $4.927M $5.302M
YoY Change 19.6% 2.18% -11.29%
Operating Profit -$6.632M -$2.750M -$3.602M
YoY Change 84.12% -29.69% -31.25%
Interest Expense -$38.00K $90.00K $16.00K
YoY Change -337.5% 164.71% 77.78%
% of Operating Profit
Other Income/Expense, Net -$11.73M -$33.00K $51.00K
YoY Change -23101.96% -171.74% 5000.0%
Pretax Income -$18.40M -$2.780M -$3.535M
YoY Change 420.54% -28.07% -32.4%
Income Tax
% Of Pretax Income
Net Earnings -$18.79M -$2.783M -$3.535M
YoY Change 431.63% -27.99% -32.4%
Net Earnings / Revenue -3190.66% -76.65% -98.61%
Basic Earnings Per Share -$0.07
Diluted Earnings Per Share -$0.43 -$0.07 -$0.08
COMMON SHARES
Basic Shares Outstanding 44.21M 41.97M 41.12M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.46M $14.93M $19.28M
YoY Change -40.58% -36.99% -44.79%
Cash & Equivalents $3.955M $4.934M $5.330M
Short-Term Investments $7.500M $10.00M $13.95M
Other Short-Term Assets $953.0K $760.0K $775.0K
YoY Change 22.97% 26.67% -10.71%
Inventory $5.794M $5.816M $3.975M
Prepaid Expenses
Receivables $3.025M $4.321M $2.830M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $21.23M $25.83M $26.86M
YoY Change -20.97% -12.36% -34.83%
LONG-TERM ASSETS
Property, Plant & Equipment $509.0K $533.0K $758.0K
YoY Change -32.85% -34.92% -22.34%
Goodwill $1.610M $1.611M $0.00
YoY Change
Intangibles $2.648M $3.319M $2.569M
YoY Change 3.08% 74.68% 29.62%
Long-Term Investments
YoY Change
Other Assets $251.0K $166.0K $100.0K
YoY Change 151.0% 1409.09% 1011.11%
Total Long-Term Assets $7.274M $5.834M $3.712M
YoY Change 95.96% 91.84% 23.0%
TOTAL ASSETS
Total Short-Term Assets $21.23M $25.83M $26.86M
Total Long-Term Assets $7.274M $5.834M $3.712M
Total Assets $28.50M $31.67M $30.57M
YoY Change -6.77% -2.62% -30.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.110M $1.546M $1.419M
YoY Change -21.78% 63.6% -20.24%
Accrued Expenses $692.0K $1.128M $1.463M
YoY Change -52.7% 13.82% 77.55%
Deferred Revenue $407.0K $189.0K $166.0K
YoY Change 145.18% 31.25% 7.1%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.53M $10.82M $3.156M
YoY Change 645.56% 394.74% 10.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.808M $280.0K $360.0K
YoY Change 402.22% -25.73% 227.27%
Total Long-Term Liabilities $1.808M $281.0K $360.0K
YoY Change 402.22% -25.46% 227.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.53M $10.82M $3.156M
Total Long-Term Liabilities $1.808M $281.0K $360.0K
Total Liabilities $25.34M $11.10M $3.516M
YoY Change 620.65% 332.93% 18.5%
SHAREHOLDERS EQUITY
Retained Earnings -$97.99M -$79.39M -$67.38M
YoY Change 45.43% 24.35% 35.4%
Common Stock $4.000K $4.000K $4.000K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.163M $20.57M $27.06M
YoY Change
Total Liabilities & Shareholders Equity $28.50M $31.67M $30.57M
YoY Change -6.77% -2.62% -30.88%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income -$18.79M -$2.783M -$3.535M
YoY Change 431.63% -27.99% -32.4%
Depreciation, Depletion And Amortization $143.0K $122.0K $188.0K
YoY Change -23.94% 0.83% 32.39%
Cash From Operating Activities -$3.783M -$12.14M -$3.567M
YoY Change 6.06% 151.4% -20.63%
INVESTING ACTIVITIES
Capital Expenditures $153.0K $220.0K $795.0K
YoY Change -80.75% -443.75% -284.45%
Acquisitions
YoY Change
Other Investing Activities $2.561M -$4.150M $5.864M
YoY Change -56.33% -181.85% 117180.0%
Cash From Investing Activities $2.408M -$4.360M $5.069M
YoY Change -52.5% -187.1% -1289.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 400.0K 9.750M 0.000
YoY Change 121775.0% -100.0%
NET CHANGE
Cash From Operating Activities -3.783M -12.14M -3.567M
Cash From Investing Activities 2.408M -4.360M 5.069M
Cash From Financing Activities 400.0K 9.750M 0.000
Net Change In Cash -975.0K -6.750M 1.502M
YoY Change -164.91% -3748.65% -130.52%
FREE CASH FLOW
Cash From Operating Activities -$3.783M -$12.14M -$3.567M
Capital Expenditures $153.0K $220.0K $795.0K
Free Cash Flow -$3.936M -$12.36M -$4.362M
YoY Change -9.77% 159.39% 7.36%

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WarrantLiabilitiesIssued
-7834000 usd
wrap Warrant Liabilities Issued
WarrantLiabilitiesIssued
0 usd
us-gaap Dividends
Dividends
193000 usd
us-gaap Dividends
Dividends
-0 usd
wrap Rightofuse Asset And Liability Recorded
RightofuseAssetAndLiabilityRecorded
0 usd
wrap Rightofuse Asset And Liability Recorded
RightofuseAssetAndLiabilityRecorded
260000 usd
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><span style="text-decoration: underline; ">Use of Estimates</span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions (e.g., stock-based compensation valuation, allowance for doubtful accounts, valuation of inventory and intangible assets, warranty reserve, accrued expense and recognition and measurement of contingencies) that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and affect the reported amounts of revenue and expense during the reporting period. Actual results could materially differ from those estimates.</p>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2668750
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6396277
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
365000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
333000 usd
CY2022Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
73000 usd
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
62000 usd
CY2023Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2921000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2293000 usd
CY2023Q3 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
CY2023Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2895000 usd
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1682000 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
5816000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
3975000 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1818000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1673000 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1285000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
915000 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
533000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
758000 usd
CY2023Q3 us-gaap Depreciation
Depreciation
122000 usd
us-gaap Depreciation
Depreciation
358000 usd
CY2022Q3 us-gaap Depreciation
Depreciation
121000 usd
us-gaap Depreciation
Depreciation
359000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3694000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2687000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
778000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
462000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2225000 usd
CY2023Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
403000 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
344000 usd
CY2023Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
3319000 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2569000 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
150000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
317000 usd
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
72000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
215000 usd
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
55000 usd
CY2023Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
109000 usd
CY2022Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
88000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
164000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
655000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
650000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
427000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
180000 usd
CY2023Q3 wrap Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
840000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2916000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
0 usd
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
1611000 usd
CY2023Q3 us-gaap Goodwill
Goodwill
1611000 usd
CY2023Q3 wrap Accrued Patent And Legal Costs
AccruedPatentAndLegalCosts
61000 usd
CY2022Q4 wrap Accrued Patent And Legal Costs
AccruedPatentAndLegalCosts
135000 usd
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
786000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1100000 usd
CY2023Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
109000 usd
CY2022Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
125000 usd
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
172000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
103000 usd
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1128000 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
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
8000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
63000 usd
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-8000 usd
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
2036000 usd
CY2023Q3 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
193
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
60000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.34
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
250
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.50
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
3329476
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
5.54
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2221673
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.56
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y7M24D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
10000 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1033504
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.37
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y7D
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2221673
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
-202000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
872000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1648000 usd
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0 usd
CY2022 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0 usd
CY2023Q3 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0 usd
CY2023Q3 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
4500 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
13500 usd

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