AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
|
For the Three Months Ended
September 30, | For the Nine Months Ended
September 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenues | $ | 3,483,932 | $ | 5,490,714 | $ | 10,819,213 | $ | 14,620,565 | ||||||||
| Cost of sales | 2,269,858 | 3,407,573 | 6,594,973 | 8,622,436 | ||||||||||||
| Gross Profit | 1,214,074 | 2,083,141 | 4,224,240 | 5,998,129 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| General and administrative | 3,357,550 | 4,175,090 | 10,435,834 | 14,093,655 | ||||||||||||
| Research and development | 1,368,394 | 1,818,540 | 4,320,216 | 6,185,777 | ||||||||||||
| Sales and marketing | 978,243 | 1,236,841 | 2,911,963 | 3,736,548 | ||||||||||||
| Impairment | 1,500,000 | — | 1,579,287 | — | ||||||||||||
| Total Operating Expenses | 7,204,187 | 7,230,471 | 19,247,300 | 24,015,980 | ||||||||||||
| Loss from Operations | (5,990,113 | ) | (5,147,330 | ) | (15,023,060 | ) | (18,017,851 | ) | ||||||||
| Other Income (Expense): | ||||||||||||||||
| Interest expense, net | (399,651 | ) | (6,727 | ) | (994,751 | ) | (29,776 | ) | ||||||||
| Gain (loss) on debt extinguishment | (1,523,867 | ) | 6,486,899 | (1,523,867 | ) | 6,486,899 | ||||||||||
| Other income (expense), net | (106,497 | ) | 332,110 | (368,532 | ) | 27,372 | ||||||||||
| Total Other Income (Expense), net | (2,030,015 | ) | 6,812,282 | (2,887,150 | ) | 6,484,495 | ||||||||||
| Net Income (Loss) Before Income Taxes | (8,020,128 | ) | 1,664,952 | (17,910,210 | ) | (11,533,356 | ) | |||||||||
| Provision for income taxes | — | — | — | — | ||||||||||||
| Net Income (Loss) | $ | (8,020,128 | ) | $ | 1,664,952 | $ | (17,910,210 | ) | $ | (11,533,356 | ) | |||||
| Net Income (Loss) Per Common Share – Basic | $ | (0.07 | ) | $ | 0.02 | $ | (0.18 | ) | $ | (0.14 | ) | |||||
| Net Income (Loss) Per Common Share – Diluted | $ | (0.07 | ) | $ | 0.01 | $ | (0.18 | ) | $ | (0.14 | ) | |||||
| Weighted Average Number of Shares Outstanding During the Period – Basic | 111,083,155 | 85,966,687 | 98,976,085 | 81,004,011 | ||||||||||||
| Weighted Average Number of Shares Outstanding During the Period – Diluted | 111,083,155 | 113,623,789 | 98,976,085 | 81,004,011 | ||||||||||||
| Comprehensive Income (Loss): | ||||||||||||||||
| Net Income (Loss) attributable to common stockholders | $ | (8,020,128 | ) | $ | 1,664,952 | $ | (17,910,210 | ) | $ | (11,533,356 | ) | |||||
| Amortization of unrecognized periodic pension costs | (742 | ) | 97,846 | 43,302 | 100,487 | |||||||||||
| Foreign currency cumulative translation adjustment | (7,027 | ) | (372,368 | ) | 116,757 | (220,060 | ) | |||||||||
| Total comprehensive income (loss), net of tax | (8,027,897 | ) | 1,390,430 | (17,750,151 | ) | (11,652,929 | ) | |||||||||
| Accrued dividends on Series F Preferred Stock | (49,122 | ) | (94,694 | ) | (170,277 | ) | (94,694 | ) | ||||||||
| Deemed dividend on Series F Preferred Stock and warrants | — | — | (4,910,894 | ) | — | |||||||||||
| Total comprehensive income (loss) available to common stockholders | $ | (8,077,019 | ) | $ | 1,295,736 | $ | (22,831,322 | ) | $ | (11,747,623 | ) | |||||
See accompanying notes to these condensed consolidated financial statements.
