Pro Forma Statement of Operations - USD ($)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2020 |
Dec. 31, 2019 |
| Red Cat |
|
|
| Revenues |
$ 1,216,986
|
|
| Cost of goods sold |
794,871
|
|
| Gross Margin |
422,115
|
|
| Operating Expenses |
|
|
| Operations |
84,876
|
|
| Research and development |
141,401
|
519,467
|
| Sales and marketing |
26,917
|
|
| General and administrative |
1,482,670
|
531,964
|
| Total operating expenses |
1,735,864
|
1,051,431
|
| Operating income (loss) |
(1,313,749)
|
(1,051,431)
|
| Interest expense |
93,811
|
|
| Provision for income taxes |
|
|
| Other expense, net |
93,811
|
|
| Net income (loss) |
(1,407,560)
|
(1,051,431)
|
| Fat Shark |
|
|
| Revenues |
4,436,439
|
7,298,640
|
| Cost of goods sold |
3,463,995
|
5,799,156
|
| Gross Margin |
972,444
|
1,499,484
|
| Operating Expenses |
|
|
| Operations |
119,063
|
|
| Research and development |
207,514
|
391,741
|
| Sales and marketing |
57,678
|
180,496
|
| General and administrative |
280,562
|
677,005
|
| Total operating expenses |
664,817
|
1,249,242
|
| Operating income (loss) |
307,627
|
250,242
|
| Interest expense |
|
0
|
| Provision for income taxes |
|
|
| Other expense, net |
|
|
| Net income (loss) |
307,627
|
250,242
|
| Adjustments |
|
|
| Revenues |
|
|
| Cost of goods sold |
|
|
| Gross Margin |
|
|
| Operating Expenses |
|
|
| Operations |
|
|
| Research and development |
|
|
| Sales and marketing |
|
|
| General and administrative |
75,000
|
100,000
|
| Total operating expenses |
75,000
|
100,000
|
| Operating income (loss) |
(75,000)
|
(100,000)
|
| Interest expense |
33,750
|
45,000
|
| Provision for income taxes |
|
|
| Other expense, net |
33,750
|
45,000
|
| Net income (loss) |
(108,750)
|
(145,000)
|
| Pro-Forma |
|
|
| Revenues |
5,653,425
|
7,298,640
|
| Cost of goods sold |
4,258,866
|
5,799,156
|
| Gross Margin |
1,394,559
|
1,499,484
|
| Operating Expenses |
|
|
| Operations |
203,939
|
|
| Research and development |
348,915
|
911,208
|
| Sales and marketing |
84,595
|
180,496
|
| General and administrative |
1,838,232
|
1,308,969
|
| Total operating expenses |
2,475,681
|
2,400,673
|
| Operating income (loss) |
(1,081,122)
|
(901,189)
|
| Interest expense |
127,561
|
45,000
|
| Provision for income taxes |
|
|
| Other expense, net |
127,561
|
45,000
|
| Net income (loss) |
$ (1,208,683)
|
$ (946,189)
|