UAS Drone Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>UAS Drone Corp. has filed its 2023 annual report, confirming its status as a smaller reporting company and adherence to filing requirements.</b>

AI Summary

UAS Drone Corp. (DUKRD) filed a Annual Report (10-K) with the SEC on March 15, 2024. UAS Drone Corp. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Nevada and its principal executive offices are located at 10 Ha'rimon St., Mevo Carmel Science and Industrial Park, Israel. UAS Drone Corp. is classified as a non-accelerated filer and a smaller reporting company. The company has submitted all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days. UAS Drone Corp. has elected not to use the extended transition period for complying with new or revised financial accounting standards.

Why It Matters

For investors and stakeholders tracking UAS Drone Corp., this filing contains several important signals. This filing provides a comprehensive overview of UAS Drone Corp.'s financial performance and operational status for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's compliance, financial health, and strategic direction.

Risk Assessment

Risk Level: low — UAS Drone Corp. shows low risk based on this filing. The filing is a routine annual report (10-K) and does not contain new material events or significant financial disclosures that would indicate elevated risk.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand UAS Drone Corp.'s operational performance and future outlook.

Key Numbers

• 20231231 — Fiscal Year End (Reported fiscal year end date)
• 20240315 — Filing Date (Date the 10-K was filed)
• 000-55504 — Commission File Number (SEC Commission File Number for UAS Drone Corp.)

Key Players & Entities

• UAS Drone Corp. (company) — Registrant name
• Nevada (jurisdiction) — State of incorporation
• 47-3052410 (identifier) — IRS Employer Identification No.
• 10 Ha'rimon St., Mevo Carmel Science and Industrial Park, Israel (address) — Address of Principal Executive Offices
• +972 - 4-8124101 (phone) — Registrant's Telephone Number
• December 31, 2023 (date) — Fiscal year end
• 20240315 (date) — Filing date

FAQ

Industry Context

UAS Drone Corp. operates in the aircraft manufacturing industry, specifically focusing on drones.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file annual reports on Form 10-K.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, expenses, and profitability trends.
2. Review the 'Risk Factors' section (if available in the full document) for potential challenges and uncertainties.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into business strategy and performance drivers.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-15: Filing Date — Date UAS Drone Corp. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing analyzed, so no prior filing data is available for comparison.

Key Financial Figures

• $0.0001 — ection 12(g) of the Act: Common Stock, $0.0001 par value (Title of class) Indicate
• $0 — 8,813 shares of common stock, par value $0.0001, of the registrant issued and outs
• $0.40 — r value $0.0001 per share at a price of $0.40 per share; and (ii) warrants to purchas
• $5,000,000 — ds from the offering were approximately $5,000,000 and the offering closed on May 11, 2021
• $50 million — ent until 15 years following receipt of $50 million in cumulative revenues from sales of TI

Filing Documents

• ea0200793-10k_uasdrone.htm (10-K) — 781KB
• ea020079301ex31-1_uasdrone.htm (EX-31.1) — 11KB
• ea020079301ex31-2_uasdrone.htm (EX-31.2) — 12KB
• ea020079301ex32-1_uasdrone.htm (EX-32.1) — 4KB
• ea020079301ex32-2_uasdrone.htm (EX-32.2) — 4KB
• 0001213900-24-022826.txt (&nbsp;) — 4239KB
• usdr-20231231.xsd (EX-101.SCH) — 50KB
• usdr-20231231_cal.xml (EX-101.CAL) — 29KB
• usdr-20231231_def.xml (EX-101.DEF) — 197KB
• usdr-20231231_lab.xml (EX-101.LAB) — 357KB
• usdr-20231231_pre.xml (EX-101.PRE) — 192KB
• ea0200793-10k_uasdrone_htm.xml (XML) — 417KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 20 Item 1C. Cybersecurity 20 Item 2.

Properties

Properties 21 Item 3.

Legal Proceedings

Legal Proceedings 21 Item 4. Mine Safety Disclosures 21 PART II 22 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6. [Reserved] 22 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 26 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 26 Item 9A.

Controls and Procedures

Controls and Procedures 26 Item 9B. Other Information 27 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 27 PART III 28 Item 10. Directors, Executive Officers and Corporate Governance 28 Item 11.

Executive Compensation

Executive Compensation 31 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 33 Item 13. Certain Relationships and Related Transactions, and Director Independence 34 Item 14. Principal Accounting Fees and Services 35 PART IV 36 Item 15. Exhibits and Financial Statement Schedules 36 Item 16. Form 10-K Summary 37

Signatures

Signatures 38 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (the "Annual Report"), contains "forward-looking statements," which includes information relating to future events, future financial performance, financial projections, strategies, expectations, competitive environment and regulation. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, identify forward-looking of when such performance or results will be achieved. Forward-looking statements are based on information we have when those statements are made or management's good faith belief as of that time with respect to future events, and are subject to significant risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking sales of our products; the size and growth of our product market; our activity in the civilian market; our manufacturing capabilities; our entering into certain partnerships with third parties; obtaining required regulatory approvals for sales or exports of our products; our marketing plans; our expectations regarding our short- and long-term capital requirements; our outlook for the coming months and future periods, including but not limited to our expectations regarding future revenue and expenses; and information with respect to any other plans and strategies for our business. The foregoing does not represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein or risk fa

Business

Item 1. Business. Corporate Overview We are a robotics company developing an advanced robotics system that enables remote, real-time, pinpoint accurate firing of small arms and light weapons. Our advanced robotics system is able to achieve pinpoint accuracy regardless of the movement of the weapons platform or the target. We also introduced an insulator cleaning drone, which is a drone technology for conducting routine maintenance of critical infrastructure for cleaning electric utility cable insulators. We were founded in 2014 as Unlimited Aerial Systems, LLP ("UAS LLP"), and until the consummation of the Share Exchange Agreement (as hereinafter defined), we were a developer and manufacturer of commercial unmanned aerial systems, or drones, with the goal of providing a superior Quadrotor aerial platform at an affordable price point in the law enforcement and first responder markets. On March 9, 2020, we closed on the Share Exchange Agreement (the "Share Exchange Agreement"), pursuant to which Duke Robotics, Inc., a Delaware corporation ("Duke") became our majority-owned subsidiary (the "Share Exchange"). Such closing date is referred to as the "Effective Time." As a result of the Share Exchange, the Company adopted the business plan of Duke. On April 29, 2020, we, Duke, and UAS Acquisition Corp., a Delaware corporation and our wholly-owned subsidiary ("UAS Sub"), executed an Agreement and Plan of Merger (the "Merger Agreement"), pursuant to which UAS Sub was to merge, upon the satisfaction of customary closing conditions, with and into Duke, with Duke surviving as our wholly-owned subsidiary (the "Short-Form Merger"). Pursuant to the Merger Agreement, we intended to acquire the remaining outstanding shares of Duke held by those certain Duke shareholders that did not participate in the Share Exchange. On June 25, 2020, Duke filed a Certificate of Merger with the State of Delaware, and consequently, Duke became our wholly-owned subsidiary and the Short-Form Me

View Full Filing

View this 10-K filing on SEC EDGAR