AgEagle Aerial Systems Files Q2 2024 10-Q

TL;DR

AgEagle's Q2 10-Q is in. Check financials.

AI Summary

AgEagle Aerial Systems Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational updates. Specific financial figures and operational highlights for the second quarter of 2024 are presented within the report.

Why It Matters

This filing provides investors and stakeholders with a crucial update on AgEagle's financial health and strategic direction for the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a publicly traded company, AgEagle Aerial Systems Inc. is subject to market fluctuations and regulatory scrutiny inherent in the aerospace and technology sectors.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240814 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• AgEagle Aerial Systems Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240814 (date) — Filing date
• WICHITA (location) — Company headquarters city
• NV (location) — State of incorporation

FAQ

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 per share UAVS NYSE American LLC

Filing Documents

• form10-q.htm (10-Q) — 1808KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-32.2) — 17KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-032001.txt ( ) — 10087KB
• uavs-20240630.xsd (EX-101.SCH) — 52KB
• uavs-20240630_cal.xml (EX-101.CAL) — 75KB
• uavs-20240630_def.xml (EX-101.DEF) — 260KB
• uavs-20240630_lab.xml (EX-101.LAB) — 465KB
• uavs-20240630_pre.xml (EX-101.PRE) — 395KB
• form10-q_htm.xml (XML) — 2200KB

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS: 3 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited) 9 Notes to Condensed Consolidated Financial Statements (unaudited) 10 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 37 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 45 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 45 PART II OTHER INFORMATION 46 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 46 ITEM 1A.

RISK FACTORS

RISK FACTORS 46 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 46 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 46 ITEM 4. MINE SAFETY DISCLOSURES 46 ITEM 5. OTHER INFORMATION 46 ITEM 6. EXHIBITS 46

SIGNATURES

SIGNATURES 47 2 PART I – FINANCIAL INFORMATION Item 1. Financial Statements. AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS As of June 30, 2024 (unaudited) December 31, 2023 ASSETS CURRENT ASSETS: Cash $ 977,208 $ 819,024 Accounts receivable, net 1,538,941 2,057,546 Inventories, net 6,382,209 6,936,980 Prepaid and other current assets 452,762 548,561 Note receivable — 185,000 Total current assets 9,351,120 10,547,111 Property and equipment, net 597,382 799,892 Right-of-use assets 2,916,300 3,525,406 Intangible assets, net 2,312,333 2,615,281 Goodwill 7,402,644 7,402,644 Other assets 251,057 265,567 Total assets $ 22,830,836 $ 25,155,901 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 3,145,128 $ 3,062,794 Accrued liabilities 1,663,941 1,944,352 Convertible note 4,264,541 4,504,500 Other short-term loan 1,122,000 — Contract liabilities 779,993 226,316 Current portion of lease liabilities 892,172 901,925 Current portion of COVID loan 293,158 391,545 Total current liabilities 12,160,933 11,031,432 Long-term portion of lease liabilities 2,119,690 2,721,743 Long-term portion of COVID loan 321,014 489,037 Defined benefit plan obligation 154,725 216,133 Total liabilities 14,756,362 14,458,345 COMMITMENTS AND CONTINGENCIES (NOTE 10) - - STOCKHOLDERS' EQUITY: Preferred Stock, $ 0.001 par value, 25,000,000 shares authorized: Preferred Stock, Series F Convertible, $ 0.001 par value, 35,000 shares authorized, 4,295 shares issued and outstanding as of June 30, 2024, and 6,075 shares issued and outstanding as of December 31, 2023 4 6 Preferred Stock, $0.001 par value, 25,000,000 shares authorized: Preferred Stock, Series F Convertible, $0.001 par value, 35,000 shares authorized, 4,295 shares issued and outstanding as of June 30, 2024, and 6,075 shares issued and outstanding as of December 31, 2023 4

View Full Filing

View this 10-Q filing on SEC EDGAR