Draganfly Inc. Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Draganfly Inc. has submitted its 20-F annual report detailing its fiscal year 2023 operations and financial standing.</b>

AI Summary

Draganfly Inc. (DPRO) filed a Foreign Annual Report (20-F) with the SEC on March 27, 2024. Draganfly Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 2108 St. George Avenue, Saskatoon, Saskatchewan, S7M 0K7. The mailing address is 235 103rd St. E., Saskatoon, Saskatchewan, S7N 1Y8. Draganfly Inc. is classified under the Standard Industrial Classification code 3721 for Aircraft.

Why It Matters

For investors and stakeholders tracking Draganfly Inc., this filing contains several important signals. This filing provides a comprehensive overview of Draganfly's financial performance and business activities for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. As a public document, the 20-F filing ensures transparency and compliance with SEC regulations, offering stakeholders detailed insights into the company's structure, risks, and financial position.

Risk Assessment

Risk Level: medium — Draganfly Inc. shows moderate risk based on this filing. The company's financial performance and operational details are not fully disclosed in the provided snippet, making a definitive risk assessment challenging. However, as a public company, it is subject to market and regulatory risks inherent in the aerospace and technology sectors.

Analyst Insight

Investors should review the full 20-F filing to understand Draganfly Inc.'s financial health, strategic initiatives, and risk factors for the fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-27 — Filing Date (Date of submission)
• 3721 — SIC Code (Standard Industrial Classification for Aircraft)

Key Players & Entities

• Draganfly Inc. (company) — Filer name
• 20-F (document) — Form type
• 2024-03-27 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 0001786286 (company) — Central Index Key
• 3721 (industry) — Standard Industrial Classification
• 2108 St. George Avenue, Saskatoon, Saskatchewan, S7M 0K7 (address) — Business address
• 235 103rd St. E., Saskatoon, Saskatchewan, S7N 1Y8 (address) — Mail address

FAQ

Industry Context

Draganfly Inc. operates in the aerospace industry, specifically focusing on drone technology and related solutions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, indicating compliance with US regulatory requirements for foreign private issuers.

What Investors Should Do

1. Review the full 20-F filing for detailed financial statements and management discussion.
2. Analyze the company's operational segments and revenue streams for fiscal year 2023.
3. Assess the identified risk factors and their potential impact on Draganfly Inc.'s future performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 20-F filing.
• 2024-03-27: Filing Date — Date the 20-F annual report was submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing snippet for the 20-F report for the fiscal year ended December 31, 2023. Comparative data from previous filings is not available in this extract.

Key Financial Figures

• $ — erwise noted herein, all references to "$," "C$," "Canadian dollars," or "dollars

Filing Documents

• form20-f.htm (20-F) — 3093KB
• ex4-4.htm (EX-4.4) — 67KB
• ex4-5.htm (EX-4.5) — 142KB
• ex4-8.htm (EX-4.8) — 50KB
• ex4-9.htm (EX-4.9) — 52KB
• ex4-10.htm (EX-4.10) — 52KB
• ex4-11.htm (EX-4.11) — 111KB
• ex4-12.htm (EX-4.12) — 52KB
• ex4-13.htm (EX-4.13) — 105KB
• ex4-14.htm (EX-4.14) — 48KB
• ex8-1.htm (EX-8.1) — 3KB
• ex12-1.htm (EX-12.1) — 19KB
• ex12-2.htm (EX-12.2) — 19KB
• ex13-1.htm (EX-13.1) — 6KB
• ex13-2.htm (EX-13.2) — 6KB
• ex15-1.htm (EX-15.1) — 592KB
• ex15-3.htm (EX-15.3) — 4KB
• ex97.htm (EX-97.1) — 41KB
• mda_001.jpg (GRAPHIC) — 19KB
• form20-f_004.jpg (GRAPHIC) — 29KB
• form20-f_001.jpg (GRAPHIC) — 33KB
• form20-f_002.jpg (GRAPHIC) — 20KB
• mdaaud_001.jpg (GRAPHIC) — 11KB
• 0001493152-24-011503.txt (&nbsp;) — 14535KB
• dpro-20231231.xsd (EX-101.SCH) — 118KB
• dpro-20231231_cal.xml (EX-101.CAL) — 99KB
• dpro-20231231_def.xml (EX-101.DEF) — 324KB
• dpro-20231231_lab.xml (EX-101.LAB) — 683KB
• dpro-20231231_pre.xml (EX-101.PRE) — 522KB
• form20-f_htm.xml (XML) — 2708KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court Yes No Table of Contents Table of Contents i General Matters ii CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS iii Part I 1 Item 1. Identity of Directors, Senior Management and Advisors 1 Item 2. Offer Statistics and Expected TimeTable 1 Item 3. Key Information 1 Item 4. Information on the Company 16 Item 4A. Unresolved Staff Comments 35 Item 5. Operating and Financial Review and Prospects 35 Item 6. Directors, Senior Management and Employees 35 Item 7. Major Shareholders and Related Party Transactions 50 Item 8. Financial Information 51 Item 9. The Offer and Listing. 51 Item 10. Additional Information 52 Item 11.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 59 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 60 PART II 61 Item 13. Defaults, Dividend Arrearages and Delinquencies 61 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 61 Item 15.

Controls and Procedures

Controls and Procedures 62 Item 16. [Reserved] 62 Item 16A. Audit Committee Financial Expert 63 Item 16B. Code of Ethics 63 Item 16C. Principal Accountant Fees and Services 63 Item 16D. Exemptions from the Listing Standards for Audit Committees 64 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 64 Item 16F. Change in Registrant's Certifying Accountant 64 Item 16G. Corporate Governance 64 Item 16H. Mine Safety Disclosure 64 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 64 Item 16J. Insider Trading Policies 65 Item 16K. Cybersecurity 65 PART III 66 Item 17:

Financial Statements

Financial Statements 66 Item 18:

Financial Statements

Financial Statements 67 Item 19. Exhibits 68 i General Matters Unless otherwise noted or the context indicates otherwise "we", "us", "our", the "Company" or "Draganfly" refer to Draganfly Inc. and its subsidiaries. Unless otherwise indicated, financial information in this Annual Report on Form 20-F (this " Annual Report ") has been prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB. Unless otherwise noted herein, all references to "$," "C$," "Canadian dollars," or "dollars" are to the currency of Canada and "US$," "United States dollars," or "U.S. dollars" are to the currency of the United States. We are an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, and as such, we have elected to comply with certain reduced U.S. public company reporting requirements. The Company prepares and reports its consolidated financial statements in accordance with IFRS. However, this Annual Report may make reference to certain non-IFRS measures including key performance indicators used by management. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. The Company uses non-IFRS measures including "gross profit," "gross margin" and "working capital" which may be calculated differently by other companies. These non-IFRS measures and metrics are used to provide investors with supplemental measures of the Company's

Risk Factors

Risk Factors An investment in the Company's common shares, without par value, (the " Common Shares ") is highly speculative and involves significant risks. In addition to the other information contained in this Annual Report and the documents incorporated by reference herein and therein, you should review and carefully consider the risks described herein. The risks described herein are not the only risk factors facing us and should not be considered exhaustive. Additional risks and uncertainties not currently known to us, or that we currently consider immaterial, may also materially and adversely affect our business, operations and condition, financial or otherwise. Risks Related to the Company, its Business and Industry The Company has a history of losses. The Company has incurred net losses since its inception. The Company cannot assure that it can become profitable or avoid net losses in the future or that there will be any earnings or revenues in any future quarterly or other periods. The Company expects that its operating expenses will increase as it grows its business, including expending substantial resources for research, development and marketing. As a result, any decrease or delay in generating revenues could result in material operating losses. A shareholder's holding in the Company may be diluted if the Company issues additional Common Shares or other securities in the future. The Company may issue additional Common Shares or other securities in the future, which may dilute a shareholder's holding in the Company. The Company's articles permit the issuance of an unlimited number of Common Shares, and shareholders have no pre-emptive rights in connection with further issuances of any securities. The directors of the Company have the discretion to determine if an issuance of Common Shares or other securities is warranted, the price at which any such securities are issued and the other terms of issue of Common Shares or securities. In addition, t

View Full Filing

View this 20-F filing on SEC EDGAR