SKYX Platforms Corp
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
SKYX$0.70-5.0%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows
SKYX Platforms Corp.
Consolidated Statements of Cash Flows
| For the nine months ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(25,760,456) | $(27,412,260) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 3,125,903 | 2,098,935 |
| Amortization of debt discount | 933,476 | 867,572 |
| Impairment of intangible assets | 1,118,750 | — |
| Gain on forgiveness of debt | — | (1,201,857) |
| Non-cash equity-based compensation expense | 9,035,220 | 13,109,135 |
| Change in operating assets and liabilities: | ||
| Inventory | (1,112,378) | (1,675,394) |
| Accounts receivable | 459,289 | (512,826) |
| Prepaid expenses and other assets | (318,878) | 79,224 |
| Deferred charges | (84,463) | 1,200,916 |
| Deferred revenues | 632,832 | (74,111) |
| Operating lease liabilities | (1,636,374) | (215,743) |
| Accretion operating lease liabilities | — | 890,474 |
| Other assets | — | — |
| Royalty obligation | (400,000) | — |
| Consideration payable | (750,000) | — |
| Accounts payable and accrued expenses | 1,805,631 | 2,753,572 |
| Net cash used in operating activities | (12,951,448) | (10,092,363) |
| Cash flows from investing activities: | ||
| Purchase of debt securities | — | (136,033) |
| Proceeds from disposition of debt securities | — | 7,572,136 |
| Acquisition, net of cash acquired | — | (4,206,200) |
| Purchase of property and equipment | (536,014) | (119,942) |
| Net cash (used in) provided by investing activities | (536,014) | 3,109,961 |
| Cash flows from financing activities: | ||
| Proceeds from issuance of common stock- offerings | 4,426,221 | 8,723,461 |
| Placement costs | (88,426) | (491,932) |
| Proceeds from line of credit | 120,687 | 6,197,695 |
| Proceeds from anticipated issuance of preferred stock | 1,800,000 | — |
| Proceeds from anticipated issuance of preferred stock-related parties | 500,000 | — |
| Proceeds from issuance of convertible notes | — | 10,350,000 |
| Principal repayments of notes payable | (2,652,504) | (5,147,300) |
| Net cash provided by financing activities | 4,105,978 | 19,631,924 |
| (Decrease) increase in cash, cash equivalents and restricted cash | (9,381,484) | 12,649,522 |
| Cash, cash equivalents, and restricted cash at beginning of period | 22,430,253 | 9,461,597 |
| Cash, cash equivalents and restricted cash at end of period | $13,048,769 | $22,111,119 |
| Cash paid during the period for: | ||
| Interest | $1,161,304 | $666,539 |
| Supplementary disclosure of non-cash financing activities: | ||
| Substitution of consideration payable to convertible notes | $3,117,408 | $— |
| Substitution of royalty payable to convertible notes | 1,000,000 | — |
| Business acquisition: | ||
| Assets acquiring excluding identifiable intangible assets and goodwill and cash | — | 7,090,094 |
| Liabilities assumed and consideration payable | — | 19,755,903 |
| Identifiable intangible assets and goodwill | — | 19,993,525 |
| Debt discount | — | 5,569,978 |
| Common stock issued pursuant to antidilutive provisions | — | — |
| Fair value of shares issued pursuant to acquisition | — | $7,327,716 |
| Common stock pursuant to extinguishment of debt | — | 2,040,231 |
| Right-of-use assets and operating lease liabilities | 662,698 | — |
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