We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wrap Technologies Inc | NASDAQ:WRTC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.75 | 5.51 | 5.81 | 0 | 01:00:00 |
Delaware
|
|
98-0551945
|
(State
or other jurisdiction of
incorporation
or organization)
|
|
(I.R.S.
Employer
Identification
Number)
|
Large
Accelerated Filer [
]
|
|
Accelerated
filer
[ ]
|
Non-accelerated
filer
[X]
|
|
Smaller reporting company
[X]
|
|
|
Emerging growth company [X]
|
Title of each
class
|
Trading Symbol(s)
|
Name of each
exchange on which registered
|
Common
Stock, par value $0.0001 per share
|
WRTC
|
Nasdaq
Capital Market
|
|
|
||
|
|
|
|
|
|
||
|
|
1
|
|
|
|
2
|
|
|
|
3
|
|
|
|
4
|
|
|
|
5
|
|
|
13
|
||
|
17
|
||
|
17
|
||
|
|
|
|
|
|
||
|
|
|
|
|
18
|
||
|
18
|
||
|
18
|
||
|
18
|
||
|
18
|
||
|
18
|
||
|
19
|
||
|
|
|
|
|
|
19
|
PART I. FINAN
C
IAL
INFORMATION
|
|
|
Item 1. Financial Statements
|
|
|
|
March 31,
|
|
|
2019
|
December 31,
|
|
(unaudited)
|
2018
|
ASSETS
|
|
|
Current assets:
|
|
|
Cash
|
$
10,693,479
|
$
12,358,896
|
Accounts
receivable
|
63,042
|
4,396
|
Inventories,
net
|
692,691
|
158,267
|
Prepaid
expenses and other current assets
|
326,982
|
114,863
|
Total current assets
|
11,776,194
|
12,636,422
|
Property and equipment, net
|
146,317
|
30,373
|
Intangible assets, net
|
152,968
|
118,715
|
Other assets, net
|
4,317
|
1,512
|
Total assets
|
$
12,079,796
|
$
12,787,022
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
Current liabilities:
|
|
|
Accounts
payable
|
$
650,279
|
$
232,915
|
Accrued
liabilities
|
112,727
|
68,453
|
Deferred
revenue
|
2,402
|
-
|
Operating
lease liability- short term
|
41,418
|
-
|
Deferred
and accrued officer compensation
|
96,000
|
96,000
|
Total current liabilities
|
902,826
|
397,368
|
|
|
|
Operating Lease Liability - Long Term
|
41,050
|
-
|
Total liabilities
|
943,876
|
397,368
|
|
|
|
Commitments and contingencies (Note 10)
|
|
|
|
|
|
Stockholders' equity:
|
|
|
Preferred
stock - 5,000,000 authorized; par value $0.0001 per share; none
issued and outstanding
|
-
|
-
|
Common
stock - 150,000,000 authorized; par value $0.0001 per share;
27,364,607 shares issued and outstanding each period,
respectively
|
2,736
|
2,736
|
Additional
paid-in capital
|
17,018,301
|
16,791,254
|
Accumulated
deficit
|
(5,885,117
)
|
(4,404,336
)
|
Total stockholders' equity
|
11,135,920
|
12,389,654
|
Total liabilities and stockholders' equity
|
$
12,079,796
|
$
12,787,022
|
|
For the Three Months
|
|
|
Ended March 31,
|
|
|
2019
|
2018
|
Revenues:
|
|
|
Product
sales
|
$
113,953
|
$
-
|
Other
revenue
|
3,858
|
-
|
Total
revenues
|
117,811
|
-
|
Cost
of revenues
|
61,220
|
-
|
Gross profit
|
56,591
|
-
|
|
|
|
Operating expenses:
|
|
|
Selling,
general and administrative
|
1,157,950
|
339,167
|
Research
and development
|
374,819
|
95,985
|
Total
operating expenses
|
1,532,769
|
435,152
|
Loss
from operations
|
(1,476,178
)
|
(435,152
)
|
|
|
|
Other income (expense):
|
|
|
Interest
income
|
25,410
|
345
|
Other
|
(30,013
)
|
(571
)
|
|
(4,603
)
|
(226
)
|
Net loss
|
$
(1,480,781
)
|
$
(435,378
)
|
|
|
|
Net
loss per basic common share
|
$
(0.05
)
|
$
(0.02
)
|
Weighted
average common shares used to compute net loss per basic common
share
|
27,364,607
|
22,803,533
|
|
|
|
Additional
|
|
Total
|
|
Common Stock
|
Paid-In
|
Accumulated
|
Stockholders'
|
|
|
Shares
|
Amount
|
Capital
|
Deficit
|
Equity
|
|
|
|
|
|
|
Balance at December 31, 2018
|
27,364,607
|
$
2,736
|
$
16,791,254
|
$
(4,404,336
)
|
$
12,389,654
|
|
|
|
|
|
|
Share-based compensation expense
|
|
227,047
|
|
227,047
|
|
Net loss for the period
|
-
|
-
|
-
|
(1,480,781
)
|
(1,480,781
)
|
Balance at March 31, 2019
|
27,364,607
|
$
2,736
|
$
17,018,301
|
$
(5,885,117
)
|
$
11,135,920
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2017
|
22,803,533
|
$
2,280
|
$
4,137,936
|
$
(1,067,901
)
|
$
3,072,315
|
|
|
|
|
|
|
Net
loss for the period
|
-
|
-
|
-
|
(435,378
)
|
(435,378
)
|
Balance at March 31, 2018
|
22,803,533
|
$
2,280
|
$
4,137,936
|
$
(1,503,279
)
|
$
2,636,937
|
|
For the Three Months
|
|
|
Ended March 31,
|
|
|
2019
|
2018
|
|
|
|
Cash Flows From Operating Activities:
|
|
|
Net
loss
|
$
(1,480,781
)
|
$
(435,378
)
|
Adjustments
to reconcile net loss to net cash
|
|
|
used
in operating activities:
|
|
|
Depreciation
and amortization
|
5,174
|
2,261
|
Warranty
provision
|
2,297
|
-
|
Inventory
write-off
|
(12,975
)
|
-
|
Amortization of operating lease asset
|
5,852
|
-
|
Share-based
compensation
|
227,047
|
-
|
Changes
in assets and liabilities:
|
|
|
Accounts
receivable
|
(58,646
)
|
-
|
Inventories
|
(521,449
)
|
(45,203
)
|
Prepaid
expenses and other current assets
|
(212,119
)
|
(7,295
)
|
Accounts
payable
|
417,364
|
(17,356
)
|
Operating
lease liability
|
(5,120
)
|
-
|
Accrued
liabilities and other
|
41,977
|
(23,384
)
|
Deferred
revenue
|
2,402
|
-
|
Net
cash used in operating activities
|
(1,588,977
)
|
(526,355
)
|
|
|
|
Cash Flows From Investing Activities:
|
|
|
Capital
expenditures for property and equipment
|
(39,198
)
|
(6,472
)
|
Investment
in patents and trademarks
|
(34,437
)
|
-
|
Long-term
deposits
|
(2,805
)
|
-
|
Net
cash used in investing activities
|
(76,440
)
|
(6,472
)
|
|
|
|
Net decrease in cash and cash equivalents
|
(1,665,417
)
|
(532,827
)
|
Cash, beginning of period
|
12,358,896
|
3,083,976
|
Cash, end of period
|
$
10,693,479
|
$
2,551,149
|
|
|
|
Supplemental Disclosure of Non-Cash Investing
|
|
|
and Financing Activities:
|
|
|
Right-of-use
assets and liabilites recorded during period
|
$
87,588
|
$
-
|
1.
|
OR
G
ANIZATION AND SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES (continued)
|
1.
|
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)
|
2.
|
REVENUE AND PRODUCT COSTS
|
3.
|
INVENTORIES, NET
|
|
March 31,
|
December 31,
|
|
2019
|
2018
|
Finished
goods
|
$
46,510
|
$
82,313
|
Work
in process
|
2,101
|
12,695
|
Raw
materials
|
644,080
|
63,259
|
|
$
692,691
|
$
158,267
|
4.
|
PROPERTY AND EQUIPMENT, NET
|
|
March 31,
|
December 31,
|
|
2019
|
2018
|
Right-of-Use
operating leases
|
$
87,588
|
$
-
|
Laboratory
equipment
|
20,345
|
13,980
|
Tooling
|
35,076
|
22,683
|
Computer
equipment
|
16,413
|
12,608
|
Furniture
and fixtures
|
16,250
|
9,595
|
|
175,672
|
58,866
|
Accumulated
depreciation and amortization
|
(29,355
)
|
(28,493
)
|
|
$
146,317
|
$
30,373
|
5.
|
INTANGIBLE ASSETS, NET
|
|
March 31,
|
December 31,
|
|
2019
|
2018
|
|
|
|
Patents
|
$
131,993
|
$
111,160
|
Trademarks
|
22,514
|
8,910
|
|
154,507
|
120,070
|
Accumulated
amortization
|
(1,539
)
|
(1,355
)
|
|
$
152,968
|
$
118,715
|
5.
|
INTANGIBLE ASSETS, NET (continued)
|
6.
|
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
|
|
March 31,
|
December 31,
|
|
2019
|
2018
|
|
|
|
Patent
costs
|
$
4,500
|
$
11,600
|
Accrued
compensation
|
105,502
|
55,493
|
Warranty
costs
|
2,725
|
428
|
Other
|
-
|
932
|
|
$
112,727
|
$
68,453
|
7.
|
OPERATING LEASE LIABILITY
|
Operating
lease liability- short term
|
$
41,418
|
Operating
lease liability - long term
|
41,050
|
Total
Operating Lease Liability
|
$
82,468
|
7.
|
OPERATING LEASE LIABILITY (continued)
|
Remainder
of 2019 (nine months)
|
$
33,194
|
2020
|
50,116
|
2021
|
5,146
|
Total
future minimum lease payments
|
88,456
|
Less
imputed interest
|
(5,988
)
|
Total
|
$
82,468
|
8.
|
DEFERRED AND ACCRUED COMPENSATION
|
9.
|
STOCKHOLDERS’ EQUITY AND SHARE-BASED
COMPENSATION
|
|
|
Weighted Average
|
|
|
|
Options on
|
|
Remaining
|
Aggregate
|
|
Common
|
Exercise
|
Contractual
|
Intrinsic
|
|
Shares
|
Price
|
Term
|
Value
|
Outstanding
January 1, 2019
|
2,067,500
|
$
1.68
|
4.44
|
$
3,063,375
|
Granted
|
1,000,000
|
5.41
|
5.00
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited,
cancelled, expired
|
-
|
-
|
-
|
-
|
Outstanding
March 31, 2019
|
3,067,500
|
$
2.90
|
4.45
|
$
12,887,800
|
Vested
and exercisable at March 31, 2019
|
225,000
|
$
1.50
|
4.15
|
$
1,260,000
|
9.
|
STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION
(continued)
|
|
For the Three Months
|
|
|
Ended March 31,
|
|
|
2019
|
2018
|
Selling,
general and administrative
|
$
203,200
|
$
-
|
Research
and development
|
23,847
|
-
|
Total
stock-based expense
|
$
227,047
|
$
-
|
|
Three Months
|
|
Ended
|
|
March 31,
|
|
2019
|
Expected
stock price volatility
|
49
%
|
Risk-free
interest rate
|
2.41
%
|
Forfeiture
rate
|
0
%
|
Expected
dividend yield
|
0
%
|
Expected
life of options - years
|
3.50
|
Weighted-average
fair value of options granted
|
$
2.06
|
|
Number of
|
Exercise Price
|
|
Description
|
Common Shares
|
Per Share
|
Expiration Date
|
Purchase
Warrants (1)
|
4,561,074
|
$
5.00
|
October
30, 2020
|
Agent
Warrants
|
456,107
|
$
3.00
|
October
30, 2020
|
10.
|
COMMITMENTS AND CONTINGENCIES
|
11.
|
RELATED PARTY TRANSACTIONS
|
12.
|
SUBSEQUENT EVENTS
|
Certification of David Norris, Principal Executive Officer,
pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities and
Exchange Act of 1934, as amended, as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
Certification of James A. Barnes, Principal Financial Officer,
pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities and
Exchange Act of 1934, as amended, as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
executed by David Norris, Principal Executive Officer, and James A.
Barnes, Principal Financial Officer.*
|
|
Extensible Business Reporting Language (XBRL)
Exhibits*
|
101.INS
|
XBRL
Instance Document*
|
101.SCH
|
XBRL
Taxonomy Extension Schema Document*
|
101.CAL
|
XBRL
Taxonomy Extension Calculation Linkbase Document*
|
101.DEF
|
XBRL
Taxonomy Extension Definition Linkbase Document*
|
101.LAB
|
XBRL
Taxonomy Extension Labels Linkbase Document*
|
101.PRE
|
XBRL
Taxonomy Extension Presentation Linkbase Document*
|
|
WRAP
TECHNOLOGIES, INC.
By:
/s/ JAMES A
BARNES
James A
Barnes
Chief
Financial Officer, Secretary and Treasurer
(Principal
Accounting Officer)
|
Date:
|
May 3,
2019
|
1 Year Wrap Technologies Chart |
1 Month Wrap Technologies Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions