$WRAP
WRAP TECHNOLOGIES, INC. Stock $wrap

$wrap Overview Financials Valuation SEC Filings Company Website

2021 Form 10-K Financial Statement

#000185173422000144 Filed on March 10, 2022

Income Statement

Concept	2021	2020 Q4	2020
Revenue	$7.729M	$1.420M	$3.944M
YoY Change	95.97%	468.0%	463.43%
Cost Of Revenue	$5.734M	$940.0K	$2.601M
YoY Change	120.45%	452.94%	519.29%
Gross Profit	$1.995M	$470.0K	$1.343M
YoY Change	48.55%	422.22%	379.64%
Gross Profit Margin	25.81%	33.1%	34.05%
Selling, General & Admin	$20.28M	$3.700M	$11.63M
YoY Change	74.33%	75.36%	74.9%
% of Gross Profit	1016.34%	787.23%	866.05%
Research & Development	$6.214M	$750.0K	$2.789M
YoY Change	122.8%	20.97%	24.51%
% of Gross Profit	311.48%	159.57%	207.67%
Depreciation & Amortization	$478.0K	$70.00K	$163.0K
YoY Change	193.25%	133.33%	226.0%
% of Gross Profit	23.96%	14.89%	12.14%
Operating Expenses	$26.49M	$4.450M	$14.42M
YoY Change	83.7%	63.6%	62.2%
Operating Profit	-$24.50M	-$3.980M	-$13.08M
YoY Change	87.31%	51.33%	51.88%
Interest Expense	$0.00	$0.00	$2.000K
YoY Change	-100.0%	-100.0%	-99.31%
% of Operating Profit
Other Income/Expense, Net	$46.00K	$0.00	$497.0K
YoY Change	-90.74%
Pretax Income	-$24.45M	-$3.560M	-$12.58M
YoY Change	94.35%	40.16%	51.02%
Income Tax	$0.00		$0.00
% Of Pretax Income
Net Earnings	-$24.45M	-$3.560M	-$12.58M
YoY Change	94.35%	40.16%	51.02%
Net Earnings / Revenue	-316.33%	-250.7%	-318.97%
Basic Earnings Per Share	-$0.62
Diluted Earnings Per Share	-$622.4K	-$95.11K	-$371.6K
COMMON SHARES
Basic Shares Outstanding	39.28M
Diluted Shares Outstanding

Balance Sheet

Concept	2021	2020 Q4	2020
SHORT-TERM ASSETS
Cash & Short-Term Investments	$34.92M	$41.64M	$41.64M
YoY Change	-16.14%	145.23%	145.23%
Cash & Equivalents	$4.937M	$16.65M	$16.65M
Short-Term Investments	$29.98M	$24.99M	$24.99M
Other Short-Term Assets	$868.0K	$760.0K	$760.0K
YoY Change	14.21%	204.0%	204.0%
Inventory	$1.566M	$2.655M	$2.660M
Prepaid Expenses
Receivables	$3.859M	$1.871M	$1.870M
Other Receivables	$0.00	$0.00	$0.00
Total Short-Term Assets	$41.21M	$46.93M	$46.93M
YoY Change	-12.18%	138.57%	138.59%
LONG-TERM ASSETS
Property, Plant & Equipment	$1.027M	$357.0K	$500.0K
YoY Change	105.4%	-28.6%	0.0%
Goodwill
YoY Change
Intangibles		$1.397M
YoY Change
Long-Term Investments
YoY Change
Other Assets	$9.000K	$13.00K	$10.00K
YoY Change	-10.0%	30.0%	0.0%
Total Long-Term Assets	$3.018M	$1.906M	$1.900M
YoY Change	58.84%	154.13%	153.33%
TOTAL ASSETS
Total Short-Term Assets	$41.21M	$46.93M	$46.93M
Total Long-Term Assets	$3.018M	$1.906M	$1.900M
Total Assets	$44.23M	$48.83M	$48.83M
YoY Change	-9.42%	139.14%	139.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$1.779M	$1.232M	$1.230M
YoY Change	44.63%	200.49%	200.0%
Accrued Expenses	$880.0K	$721.0K	$820.0K
YoY Change	7.32%	125.31%	156.25%
Deferred Revenue		$16.00K
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$2.857M	$2.340M	$2.340M
YoY Change	22.09%	116.67%	116.67%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$110.0K	$80.00K	$80.00K
YoY Change	37.5%	-46.67%	-46.67%
Total Long-Term Liabilities	$110.0K	$79.00K	$80.00K
YoY Change	37.5%	-47.33%	-46.67%
TOTAL LIABILITIES
Total Short-Term Liabilities	$2.857M	$2.340M	$2.340M
Total Long-Term Liabilities	$110.0K	$79.00K	$80.00K
Total Liabilities	$2.967M	$2.419M	$2.420M
YoY Change	22.6%	96.67%	96.75%
SHAREHOLDERS EQUITY
Retained Earnings		-$25.31M
YoY Change
Common Stock		$4.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$41.26M	$46.41M	$46.41M
YoY Change
Total Liabilities & Shareholders Equity	$44.23M	$48.83M	$48.83M
YoY Change	-9.42%	139.14%	139.13%

Cashflow Statement

Concept	2021	2020 Q4	2020
OPERATING ACTIVITIES
Net Income	-$24.45M	-$3.560M	-$12.58M
YoY Change	94.35%	40.16%	51.02%
Depreciation, Depletion And Amortization	$478.0K	$70.00K	$163.0K
YoY Change	193.25%	133.33%	226.0%
Cash From Operating Activities	-$18.22M	-$4.500M	-$12.19M
YoY Change	49.53%	67.91%	43.55%
INVESTING ACTIVITIES
Capital Expenditures	$995.0K	-$620.0K	$249.0K
YoY Change	299.6%	675.0%	-167.3%
Acquisitions
YoY Change
Other Investing Activities	-$5.005M	-$210.0K	-$25.19M
YoY Change	-80.13%		251800.0%
Cash From Investing Activities	-$6.937M	-$830.0K	-$26.11M
YoY Change	-73.43%	937.5%	6771.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	$13.45M	1.850M	$37.96M
YoY Change	-64.57%	285.42%	181.4%
NET CHANGE
Cash From Operating Activities	-$18.22M	-4.500M	-$12.19M
Cash From Investing Activities	-$6.937M	-830.0K	-$26.11M
Cash From Financing Activities	$13.45M	1.850M	$37.96M
Net Change In Cash	-$11.71M	-3.480M	-$337.0K
YoY Change	3374.78%	52.63%	-107.29%
FREE CASH FLOW
Cash From Operating Activities	-$18.22M	-$4.500M	-$12.19M
Capital Expenditures	$995.0K	-$620.0K	$249.0K
Free Cash Flow	-$19.22M	-$3.880M	-$12.44M
YoY Change	54.54%	49.23%	53.15%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2021	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	182000	USD
CY2020	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	18000	USD
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CY2020Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	150000000
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CY2020Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2021Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0
CY2020Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0
CY2021Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0
CY2020Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0
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CY2020Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	37554162
CY2020Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	37554162
CY2020Q4	wrap	Sale Of Stock And Warrant Price Per Share SaleOfStockAndWarrantPricePerShare	6.00
CY2021Q4	wrap	Shortterm Investment Allowance For Credit Loss ShorttermInvestmentAllowanceForCreditLoss	0	USD
CY2020Q4	wrap	Shortterm Investment Allowance For Credit Loss ShorttermInvestmentAllowanceForCreditLoss	0	USD
CY2021Q4	us-gaap	Inventory Valuation Reserves InventoryValuationReserves	0	USD
CY2021	us-gaap	Property Plant And Equipment Useful Life PropertyPlantAndEquipmentUsefulLife	P3Y
CY2021	us-gaap	Impairment Of Long Lived Assets Held For Use ImpairmentOfLongLivedAssetsHeldForUse	0	USD
CY2020	us-gaap	Impairment Of Long Lived Assets Held For Use ImpairmentOfLongLivedAssetsHeldForUse	0	USD
CY2020Q4	us-gaap	Contract With Customer Asset Net ContractWithCustomerAssetNet	0	USD
CY2021	us-gaap	Short Term Lease Cost ShortTermLeaseCost	0	USD
CY2020	us-gaap	Short Term Lease Cost ShortTermLeaseCost	0	USD
CY2021Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	4937000	USD
CY2020Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	16647000	USD
CY2021Q4	us-gaap	Short Term Investments ShortTermInvestments	29983000	USD
CY2020Q4	us-gaap	Short Term Investments ShortTermInvestments	24994000	USD
CY2021Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	3859000	USD
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CY2020Q4	us-gaap	Inventory Net InventoryNet	2655000	USD
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CY2020Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	760000	USD
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CY2021Q4	wrap	Current Liabilities Customer Deposits CurrentLiabilitiesCustomerDeposits	43000	USD
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CY2020Q4	us-gaap	Liabilities Current LiabilitiesCurrent	2340000	USD
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CY2021	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	2111000	USD
CY2020	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	1686000	USD
CY2021	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	-559000	USD
CY2020	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	343000	USD
CY2021	wrap	Increase Decrease In Prepaid Expense And Other Current Assets IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets	109000	USD
CY2020	wrap	Increase Decrease In Prepaid Expense And Other Current Assets IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets	508000	USD
CY2021Q4	us-gaap	Operating Lease Liability OperatingLeaseLiability	56000	USD
CY2021Q4	us-gaap	Operating Lease Weighted Average Remaining Lease Term1 OperatingLeaseWeightedAverageRemainingLeaseTerm1	P0Y7M6D
CY2021Q4	us-gaap	Operating Lease Weighted Average Discount Rate Percent OperatingLeaseWeightedAverageDiscountRatePercent	0.07	pure
CY2021	us-gaap	Variable Lease Payment VariableLeasePayment	29000	USD
CY2021	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross	1254500
CY2021	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice	5.33
CY2020	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	825000	USD
CY2021	us-gaap	Stock Issued During Period Shares Stock Options Exercised StockIssuedDuringPeriodSharesStockOptionsExercised	915404
CY2021	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice	1.83
CY2021	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	546000	USD
CY2020Q4	us-gaap	Finite Lived Intangible Assets Net FiniteLivedIntangibleAssetsNet	1053000	USD
CY2021Q4	us-gaap	Indefinite Lived Intangible Assets Excluding Goodwill IndefiniteLivedIntangibleAssetsExcludingGoodwill	344000	USD
CY2020Q4	us-gaap	Indefinite Lived Intangible Assets Excluding Goodwill IndefiniteLivedIntangibleAssetsExcludingGoodwill	344000	USD
CY2021	us-gaap	Increase Decrease In Operating Lease Liability IncreaseDecreaseInOperatingLeaseLiability	-94000	USD
CY2020	us-gaap	Increase Decrease In Operating Lease Liability IncreaseDecreaseInOperatingLeaseLiability	-128000	USD
CY2021	us-gaap	Increase Decrease In Deposit Other Assets IncreaseDecreaseInDepositOtherAssets	-41000	USD
CY2020	us-gaap	Increase Decrease In Deposit Other Assets IncreaseDecreaseInDepositOtherAssets	342000	USD
CY2021	wrap	Increase Decrease In Accrued Liabilities And Other Liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherLiabilities	-54000	USD
CY2020	wrap	Increase Decrease In Accrued Liabilities And Other Liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherLiabilities	493000	USD
CY2021	wrap	Increase Decrease In Warranty Settlement IncreaseDecreaseInWarrantySettlement	38000	USD
CY2020	wrap	Increase Decrease In Warranty Settlement IncreaseDecreaseInWarrantySettlement	4000	USD
CY2021	us-gaap	Increase Decrease In Deferred Revenue IncreaseDecreaseInDeferredRevenue	249000	USD
CY2020	us-gaap	Increase Decrease In Deferred Revenue IncreaseDecreaseInDeferredRevenue	-1000	USD
CY2021	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-18223000	USD
CY2020	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-12187000	USD
CY2021	us-gaap	Payments To Acquire Investments PaymentsToAcquireInvestments	55014000	USD
CY2020	us-gaap	Payments To Acquire Investments PaymentsToAcquireInvestments	34980000	USD
CY2021	us-gaap	Proceeds From Maturities Prepayments And Calls Of Shortterm Investments ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments	50005000	USD
CY2020	us-gaap	Proceeds From Maturities Prepayments And Calls Of Shortterm Investments ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments	10000000	USD
CY2021	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	995000	USD
CY2020	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	249000	USD
CY2021	us-gaap	Payments To Acquire Businesses Gross PaymentsToAcquireBusinessesGross	-0	USD
CY2020	us-gaap	Payments To Acquire Businesses Gross PaymentsToAcquireBusinessesGross	210000	USD
CY2021	us-gaap	Proceeds From Other Deposits ProceedsFromOtherDeposits	4000	USD
CY2020	us-gaap	Proceeds From Other Deposits ProceedsFromOtherDeposits	0	USD
CY2021	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-6937000	USD
CY2020	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-26111000	USD
CY2021	wrap	Proceeds From Issuance Of Common Stock And Warrants ProceedsFromIssuanceOfCommonStockAndWarrants	0	USD
CY2020	wrap	Proceeds From Issuance Of Common Stock And Warrants ProceedsFromIssuanceOfCommonStockAndWarrants	12400000	USD
CY2021	us-gaap	Payments Of Stock Issuance Costs PaymentsOfStockIssuanceCosts	-0	USD
CY2020	us-gaap	Payments Of Stock Issuance Costs PaymentsOfStockIssuanceCosts	733000	USD
CY2021	us-gaap	Proceeds From Warrant Exercises ProceedsFromWarrantExercises	12047000	USD
CY2020	us-gaap	Proceeds From Warrant Exercises ProceedsFromWarrantExercises	26191000	USD
CY2021	wrap	Offering Costs Paid On Exercise Of Warrants OfferingCostsPaidOnExerciseOfWarrants	-0	USD
CY2020	wrap	Offering Costs Paid On Exercise Of Warrants OfferingCostsPaidOnExerciseOfWarrants	1016000	USD
CY2021	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	1678000	USD
CY2020	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	705000	USD
CY2021	wrap	Proceeds From Bank Note ProceedsFromBankNote	0	USD
CY2020	wrap	Proceeds From Bank Note ProceedsFromBankNote	414000	USD
CY2021	us-gaap	Proceeds From Repayments Of Debt ProceedsFromRepaymentsOfDebt	-275000	USD
CY2020	us-gaap	Proceeds From Repayments Of Debt ProceedsFromRepaymentsOfDebt	0	USD
CY2021	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	13450000	USD
CY2020	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	37961000	USD
CY2021	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-11710000	USD
CY2020	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-337000	USD
CY2020Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	16647000	USD
CY2019Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	16984000	USD
CY2021Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	4937000	USD
CY2020Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	16647000	USD
CY2021	us-gaap	Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1 NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1	0	USD
CY2020	us-gaap	Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1 NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1	298000	USD
CY2021	wrap	Noncash Or Part Noncash Acquisition Deferred Revenue NoncashOrPartNoncashAcquisitionDeferredRevenue	0	USD
CY2020	wrap	Noncash Or Part Noncash Acquisition Deferred Revenue NoncashOrPartNoncashAcquisitionDeferredRevenue	15000	USD
CY2021	wrap	Change In Unrealized Gain On Short Term Investments ChangeInUnrealizedGainOnShortTermInvestments	-21000	USD
CY2020	wrap	Change In Unrealized Gain On Short Term Investments ChangeInUnrealizedGainOnShortTermInvestments	15000	USD
CY2021	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod	334799
CY2021	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice	5.14
CY2021Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	3935883
CY2021Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	5.24
CY2021	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	P4Y9M14D
CY2021Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue	1608000	USD
CY2021Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber	2415063
CY2021Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice	5.19
CY2021	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1	P2Y5M8D
CY2021Q4	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1	1608000	USD
CY2021Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.0001
CY2021Q4	wrap	Number Of Wholly Owned Subsidiaries NumberOfWhollyOwnedSubsidiaries	1	pure
CY2021	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; ">Basis of Presentation and Use of Estimates</span></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“<i>U.S. GAAP</i>”). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions (e.g., share-based compensation valuation, allowance for doubtful accounts, valuation of inventory and intangible assets, warranty reserve, accrued costs, valuation allowance related to deferred tax assets 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 revenues and expenses during the reporting period. Actual results could materially differ from those estimates</p>
CY2021	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><span style="text-decoration: underline; ">Concentrations of Risk</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;"><i>Credit Risk</i> – Financial instruments that potentially subject the Company to concentration of credit risk consisted primarily of cash, cash equivalents, U.S. treasury bills and accounts receivable from customers. The Company maintains its cash and cash equivalent deposits at <em style="font: inherit;">two</em> domestic financial institutions. The Company is exposed to credit risk in the event of default by a financial institution to the extent that cash and cash equivalents are in excess of the amount insured by the Federal Deposit Insurance Corporation. The Company places its cash and cash equivalents with high-credit quality financial institutions and are managed within established guidelines to mitigate risks. To date, the Company has <em style="font: inherit;">not</em> experienced any losses on its cash and cash equivalents.</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;"><i>Concentrations of Accounts Receivable and Revenue</i> – The Company has a limited number of domestic and international customers. The Company <em style="font: inherit;"> may </em>experience concentrations in both accounts receivable and revenue due to the timing of sales and collections of related payments (see Note <em style="font: inherit;">16</em>).</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;"><i>Concentration of Suppliers</i> – The Company assembles its BolaWrap products in-house using components and subassemblies from a limited number of suppliers and contract suppliers. In particular, a single supplier is currently the sole manufacturer of the BolaWrap battery assembly and another single supplier is the sole manufacturer of the propulsion component for BolaWrap cassettes. Other parts are sole sourced from other suppliers. If supplier shortages or logistic delays occur, or quality problems arise, production schedules could be significantly delayed or costs significantly increased, which could in turn have a material adverse effect on the Company’s financial condition, results of operation and cash flows.</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;"><i>Impact of COVID-<em style="font: inherit;">19</em></i> – In <em style="font: inherit;"> December </em><em style="font: inherit;">2019,</em> a novel strain of coronavirus <i>(</i>“<i>COVID-<em style="font: inherit;">19</em></i>”) emerged in China. In <em style="font: inherit;"> March 2020, </em>the World Health Organization declared the outbreak as a pandemic. The extent to which the coronavirus impacts our operations will continue to depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information which <em style="font: inherit;"> may </em>emerge concerning the severity of the coronavirus and the actions to contain the coronavirus or treat its impact, among others. In particular, the continued spread of the coronavirus globally and emergence of new strains could adversely impact our operations, including our manufacturing, logistics and supply chain. Our operations could be negatively affected if employees are quarantined as the result of exposure to a contagious illness. Similarly, travel restrictions resulting from the rapid spread of contagious illnesses <em style="font: inherit;"> may </em>have a material adverse effect on our business and results of operations.</p>
CY2021	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	5596853
CY2020	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	7566502
CY2021Q4	us-gaap	Allowance For Doubtful Accounts Receivable AllowanceForDoubtfulAccountsReceivable	134000	USD
CY2020Q4	us-gaap	Allowance For Doubtful Accounts Receivable AllowanceForDoubtfulAccountsReceivable	10000	USD
CY2021	us-gaap	Advertising Expense AdvertisingExpense	145000	USD
CY2020	us-gaap	Advertising Expense AdvertisingExpense	287000	USD
CY2021	us-gaap	Marketing Expense MarketingExpense	924000	USD
CY2020	us-gaap	Marketing Expense MarketingExpense	747000	USD
CY2021	wrap	Product Line Exit Expense ProductLineExitExpense	747000	USD
CY2021	wrap	Write Off Inventory Cost WriteOffInventoryCost	641000	USD
CY2021	wrap	Retiring Cost RetiringCost	106000	USD
CY2021	wrap	Product Line Exit Expense ProductLineExitExpense	747000	USD
CY2020	wrap	Product Line Exit Expense ProductLineExitExpense	0	USD
CY2021Q4	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	1982000	USD
CY2020Q4	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	1397000	USD
CY2021Q4	us-gaap	Standard Product Warranty Accrual StandardProductWarrantyAccrual	96000	USD
CY2020Q4	us-gaap	Standard Product Warranty Accrual StandardProductWarrantyAccrual	48000	USD
CY2021Q4	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	265000	USD
CY2020Q4	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	16000	USD
CY2021Q4	us-gaap	Contract With Customer Asset Net ContractWithCustomerAssetNet	0	USD
CY2020Q4	us-gaap	Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment	10000	USD
CY2020Q4	us-gaap	Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Deferred Revenue BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeferredRevenue	15000	USD
CY2020Q4	us-gaap	Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Less Noncontrolling Interest BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest	507000	USD
CY2020Q4	us-gaap	Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles	512000	USD
CY2020Q4	us-gaap	Inventory Net InventoryNet	2655000	USD
CY2021	us-gaap	Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax	-21000	USD
CY2021Q2	us-gaap	Production Costs ProductionCosts	106000	USD
CY2020	us-gaap	Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax	15000	USD
CY2020Q4	us-gaap	Inventory Raw Materials Net Of Reserves InventoryRawMaterialsNetOfReserves	1342000	USD
CY2021Q4	us-gaap	Inventory Net InventoryNet	1566000	USD
CY2021Q4	us-gaap	Inventory Finished Goods Net Of Reserves InventoryFinishedGoodsNetOfReserves	1027000	USD
CY2020Q4	us-gaap	Inventory Finished Goods Net Of Reserves InventoryFinishedGoodsNetOfReserves	1249000	USD
CY2021Q4	us-gaap	Inventory Work In Process Net Of Reserves InventoryWorkInProcessNetOfReserves	2000	USD
CY2020Q4	us-gaap	Inventory Work In Process Net Of Reserves InventoryWorkInProcessNetOfReserves	64000	USD
CY2021Q4	us-gaap	Inventory Raw Materials Net Of Reserves InventoryRawMaterialsNetOfReserves	537000	USD
CY2021Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	1416000	USD
CY2020Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	574000	USD
CY2021Q4	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	440000	USD
CY2020Q4	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	217000	USD
CY2021Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	976000	USD
CY2020Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	357000	USD
CY2021	us-gaap	Depreciation Depreciation	297000	USD
CY2020	us-gaap	Depreciation Depreciation	144000	USD
CY2021Q4	us-gaap	Finite Lived Intangible Assets Gross FiniteLivedIntangibleAssetsGross	1812000	USD
CY2020Q4	us-gaap	Finite Lived Intangible Assets Gross FiniteLivedIntangibleAssetsGross	1076000	USD
CY2021Q4	us-gaap	Finite Lived Intangible Assets Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization	174000	USD
CY2020Q4	us-gaap	Finite Lived Intangible Assets Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization	23000	USD
CY2021Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense Next Twelve Months FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths	261000	USD
CY2021Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Two FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo	256000	USD
CY2021Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Three FiniteLivedIntangibleAssetsAmortizationExpenseYearThree	256000	USD
CY2021Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Four FiniteLivedIntangibleAssetsAmortizationExpenseYearFour	251000	USD
CY2021Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Five FiniteLivedIntangibleAssetsAmortizationExpenseYearFive	164000	USD
CY2021Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense After Year Five FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive	450000	USD
CY2021Q4	us-gaap	Finite Lived Intangible Assets Net FiniteLivedIntangibleAssetsNet	1638000	USD
CY2021Q4	wrap	Accrued Patent And Legal Costs AccruedPatentAndLegalCosts	28000	USD
CY2020Q4	wrap	Accrued Patent And Legal Costs AccruedPatentAndLegalCosts	65000	USD
CY2021Q4	us-gaap	Employee Related Liabilities Current EmployeeRelatedLiabilitiesCurrent	628000	USD
CY2020Q4	us-gaap	Employee Related Liabilities Current EmployeeRelatedLiabilitiesCurrent	563000	USD
CY2021Q4	us-gaap	Product Warranty Accrual Classified Current ProductWarrantyAccrualClassifiedCurrent	96000	USD
CY2020Q4	us-gaap	Product Warranty Accrual Classified Current ProductWarrantyAccrualClassifiedCurrent	48000	USD
CY2021Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	72000	USD
CY2020Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	45000	USD
CY2021Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	824000	USD
CY2020Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	721000	USD
CY2021Q4	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	56000	USD
CY2021Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	0	USD
CY2021Q4	us-gaap	Operating Lease Liability OperatingLeaseLiability	56000	USD
CY2021Q4	us-gaap	Lessee Operating Lease Liability Payments Due Next Twelve Months LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths	57000	USD
CY2021Q4	us-gaap	Lessee Operating Lease Liability Payments Due LesseeOperatingLeaseLiabilityPaymentsDue	57000	USD
CY2020	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	P4Y9M18D
CY2020	us-gaap	Stock Issued During Period Shares Stock Options Exercised StockIssuedDuringPeriodSharesStockOptionsExercised	371000
CY2020	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice	1.90
CY2020	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod	50000
CY2020	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice	3.00
CY2020	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	0	USD
CY2021	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21	pure
CY2021Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	150000000
CY2021Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.0001
CY2021Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	5000000
CY2021Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2020	us-gaap	Proceeds From Warrant Exercises ProceedsFromWarrantExercises	26190000	USD
CY2020	wrap	Class Of Warrant Or Right Exercised During Period ClassOfWarrantOrRightExercisedDuringPeriod	5155976
CY2020	wrap	Payments Of Facilitating Exercise Of Warrants PaymentsOfFacilitatingExerciseOfWarrants	1017000	USD
CY2020	wrap	Proceeds From Warrant Exercises Net Of Exercise Costs ProceedsFromWarrantExercisesNetOfExerciseCosts	25174000	USD
CY2021	us-gaap	Proceeds From Warrant Exercises ProceedsFromWarrantExercises	12047000	USD
CY2021	wrap	Class Of Warrant Or Right Exercised During Period ClassOfWarrantOrRightExercisedDuringPeriod	1815012000
CY2019Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	2928750
CY2019Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	2.96
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Files In Submission

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2021 Form 10-K Financial Statement

#000185173422000144 Filed on March 10, 2022

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$WRAP WRAP TECHNOLOGIES, INC. Stock $wrap

2021 Form 10-K Financial Statement

#000185173422000144 Filed on March 10, 2022

Income Statement

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Facts In Submission

Files In Submission

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WRAP TECHNOLOGIES, INC. Stock $wrap