142 results
10-Q
2024 Q1
UMAC
Unusual Machines Inc
15 May 24
Quarterly report
4:02pm
Property and equipment consist of assets with an estimated useful life greater than one year. Property and equipment are reported net of accumulated depreciation, and the reported values are periodically assessed for impairment. Property and equipment as of:
Schedule of property and equipment | March 31, 2024 | December 31, 2023 | ||||||
Computer equipment | $ | 7,738 | $ | 7,738 | ||||
Accumulated depreciation | (6,655) | (6,484) | ||||||
Total property and equipment, net | $ | 1,083 | $ | 1,254 |
10-Q
2024 Q1
UMAC
Unusual Machines Inc
15 May 24
Quarterly report
4:02pm
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (1,106,001) | $ | (588,897) | ||||
Depreciation and amortization | 5,470 | 381 | ||||||
Share-based compensation expense | 64,344 | – | ||||||
Change in assets and liabilities: | ||||||||
Accounts receivable | 4,865 | – | ||||||
Inventory | 148,765 | – | ||||||
Prepaid inventory | (377,144) | – | ||||||
Deferred offering costs | – | (70,268) | ||||||
Other assets | (46,866) | 11,250 | ||||||
Accounts payable and accrued expenses | 53,722 | 105,086 | ||||||
Operating lease liabilities | (4,586) | – | ||||||
Customer deposits and other current liabilities | 61,827 | – | ||||||
Net cash used in operating activities | (1,195,604) | (542,448) | ||||||
Cash flows from investing activities | ||||||||
Cash portion of consideration paid for acquisition of businesses, net of cash received | (852,876) | – | ||||||
Net cash used in investing activities | (852,876) | – | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of common shares | 5,000,000 | – | ||||||
Common share issuance offering costs | (637,687) | – | ||||||
Net cash provided by financing activities | 4,362,313 | – | ||||||
Net increase (decrease) in cash | 2,313,833 | (542,448) | ||||||
Cash, beginning of period | 894,773 | 3,099,422 | ||||||
Cash, end of period | $ | 3,208,606 | $ | 2,556,974 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Non-cash consideration paid for assets acquired and liabilities assumed | $ | 19,000,000 | $ | – | ||||
Deferred acquisition costs | $ | 100,000 | $ | – | ||||
Deferred offering costs recorded as reduction of proceeds | $ | 512,758 | $ | – |
10-Q
2024 Q1
UMAC
Unusual Machines Inc
15 May 24
Quarterly report
4:02pm
The results of Fat Shark and Rotor Riot have been included in the Consolidated Financial Statements from the date of acquisition. The table below presents the results as reported by the Company and unaudited pro forma results of the Company, assuming that the acquisition of Fat Shark and Rotor Riot at the beginning of each period are as follows. The unaudited pro forma results are not necessarily indicative of what actually would have occurred had the acquisitions been in effect for the periods presented (in thousands, except per share data):
Schedule of unaudited pro forma results | ||||||||||||||||
March 31, 2024 | March 31, 2023 | |||||||||||||||
As Reported | Proforma (unaudited) | As Reported | Proforma (unaudited) | |||||||||||||
Revenue | $ | 619 | $ | 1,114 | $ | – | $ | 1,343 | ||||||||
Gross profit/(loss) | 204 | 236 | – | 407 | ||||||||||||
Loss from operations | (1,086) | (1,130) | (589) | (1,201) | ||||||||||||
Other expense | 20 | 20 | – | 3 | ||||||||||||
Net loss | $ | (1,106) | $ | (1,150) | $ | (589) | $ | (1,204) | ||||||||
Net earnings per share: | ||||||||||||||||
Basic | $ | (0.18) | $ | (0.13) | $ | (0.17) | $ | (0.14) |
10-Q
2024 Q1
UMAC
Unusual Machines Inc
15 May 24
Quarterly report
4:02pm
The following table presents the activity for warrants outstanding as of March 31, 2024:
Schedule of warrant activity | ||||||||
Weighted | ||||||||
Warrants | Average | |||||||
Outstanding | Exercise Price | |||||||
Outstanding - December 31, 2023 | – | $ | – | |||||
Granted | 62,500 | 5.00 | ||||||
Forfeited/cancelled/restored | – | – | ||||||
Exercised | – | – | ||||||
Outstanding - March 31, 2024 | 62,500 | $ | 5.00 |
10-Q
2024 Q1
UMAC
Unusual Machines Inc
15 May 24
Quarterly report
4:02pm
Consolidated Condensed Balance Sheets
March 31, 2024 | December 31, 2023 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 3,208,606 | $ | 894,773 | ||||
Accounts receivable | 1,933 | – | ||||||
Inventory | 1,641,839 | – | ||||||
Prepaid inventory | 998,254 | – | ||||||
Deferred offering costs | – | 512,758 | ||||||
Other current assets | 278,258 | 120,631 | ||||||
Total current assets | 6,128,890 | 1,528,162 | ||||||
Non-current assets: | ||||||||
Property and equipment, net | 1,083 | 1,254 | ||||||
Operating lease right-of-use assets | 373,131 | – | ||||||
Goodwill and intangible assets | 17,666,162 | – | ||||||
Other non-current assets | 59,426 | – | ||||||
Total non-current assets | 18,099,802 | 1,254 | ||||||
Total assets | $ | 24,228,692 | $ | 1,529,416 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued expenses | $ | 455,764 | $ | 114,497 | ||||
Operating lease liabilities | 59,946 | – | ||||||
Deferred revenue | 176,268 | – | ||||||
Total current liabilities | 691,978 | 114,497 | ||||||
Long-term liabilities | ||||||||
Convertible note | 2,000,000 | – | ||||||
Operating lease liabilities – long term | 313,896 | – | ||||||
Total liabilities | 3,005,875 | 114,497 | ||||||
Commitments and contingencies (See note 12) | – | – | ||||||
Stockholders’ equity: | ||||||||
Series B preferred stock - $0.01 par value, 10,000,000 authorized and 70 and 190 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 1 | 2 | ||||||
Common stock - $0.01 par value, 500,000,000 authorized and 9,333,341 and 3,217,255 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 93,334 | 32,173 | ||||||
Additional paid in capital | 25,568,529 | 4,715,790 | ||||||
Accumulated deficit | (4,439,047) | (3,333,046) | ||||||
Total stockholders’ equity | 21,222,817 | 1,414,919 | ||||||
Total liabilities and stockholders’ equity | $ | 24,228,692 | $ | 1,529,416 |
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