Nevada
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333-150332
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46-5538504
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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● | Balance Sheet as of March 31, 2014 | |
● | Statements of Operations for the quarters ended March 31, 2014 and March 31, 2013 | |
● | Statement of Stockholders’ Equity for the quarter ended March 31, 2014 | |
● | Statement of Cash Flows for the quarters ended March 31, 2014 and March 31, 2013 | |
● | Notes to Financial Statements |
Exhibit Number
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Description
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99.1 | Unaudited financial statements of Registrant as of the three months ended March 31, 2014 |
Drone Aviation Holding Corp. | |||
(Registrant) | |||
Date: August 15, 2014
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By:
|
/s/ Kendall Carpenter | |
By: Kendall Carpenter | |||
Title: Chief Financial Officer | |||
3/31/2014
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12/31/2013
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|||||||
(Unaudited)
|
||||||||
ASSETS
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||||||||
CURRENT ASSETS:
|
||||||||
Cash
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$ | 53,429 | $ | 109,826 | ||||
Accounts receivable - trade
|
135,050 | 8,085 | ||||||
Inventory
|
65,122 | 75,311 | ||||||
Prepaid expenses
|
1,626 | 1,186 | ||||||
Total current assets
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255,227 | 194,408 | ||||||
PROPERTY AND EQUIPMENT, at cost:
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6,561 | 6,561 | ||||||
Less - accumulated depreciation and amortization
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(4,833 | ) | (4,563 | ) | ||||
Net property and equipment
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1,728 | 1,998 | ||||||
OTHER ASSETS:
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||||||||
Goodwill
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807,824 | 807,824 | ||||||
Total other assets
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807,824 | 807,824 | ||||||
TOTAL ASSETS
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$ | 1,064,779 | $ | 1,004,230 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
CURRENT LIABILITIES:
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||||||||
Due to parent
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$ | 206,874 | $ | 206,874 | ||||
Accounts payable
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95,667 | 72,985 | ||||||
Accounts payable due to related party
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48,083 | 50,691 | ||||||
Accrued liabilities
|
60,140 | 17,926 | ||||||
Unearned revenue
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- | 1,650 | ||||||
Total current liabilities
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410,764 | 350,126 | ||||||
TOTAL LIABILITIES
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410,764 | 350,126 | ||||||
COMMITMENTS AND CONTINGENCIES
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- | - | ||||||
STOCKHOLDERS' EQUITY (DEFICIT):
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||||||||
Common stock, $.01 par value; authorized 100,000 shares;
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||||||||
100 shares issued and outstanding, at March 31, 2014 and 2013, respectively
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1 | 1 | ||||||
Additional paid-in capital
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922,499 | 922,499 | ||||||
Retained Earnings (Deficit)
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(268,485 | ) | (268,396 | ) | ||||
Total stockholders' equity
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654,015 | 654,104 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 1,064,779 | $ | 1,004,230 | ||||
For the Quarters Ended
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||||||||
3/31/2014
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3/31/2013
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|||||||
Revenues
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$ | 229,350 | $ | 475,506 | ||||
Cost of good sold
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139,239 | 98,490 | ||||||
Gross profit
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90,112 | 377,016 | ||||||
General and administrative expense
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89,699 | 52,951 | ||||||
Income (loss) from operations
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412 | 324,065 | ||||||
Other income (expense)
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||||||||
Interest income
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- | 10 | ||||||
Interest expense
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(501 | ) | - | |||||
Total other income (expense)
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(501 | ) | 10 | |||||
NET INCOME (LOSS)
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$ | (89 | ) | $ | 324,075 | |||
Weighted average number of common shares outstanding - basic and diluted
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100 | 100 | ||||||
Basic and diluted net income (loss) per share
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$ | (0.89 | ) | $ | 3,241 | |||
ADDITIONAL
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TOTAL
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|||||||||||||||||||
COMMON STOCK
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PAID-IN
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RETAINED
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STOCKHOLDERS'
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|||||||||||||||||
Description
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SHARES
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AMOUNT
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CAPITAL
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EARNINGS
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EQUITY
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|||||||||||||||
BALANCE, DECEMBER 31, 2013
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100 | $ | 1 | $ | 922,499 | $ | (268,396 | ) | $ | 654,104 | ||||||||||
Net loss
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(89 | ) | (89 | ) | ||||||||||||||||
BALANCE, MARCH 31, 2014
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100 | $ | 1 | $ | 922,499 | $ | (268,485 | ) | $ | 654,015 |
For the Three Months Ended March 31,
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3/31/2014
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3/31/2013
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||||||
OPERATING ACTIVITIES:
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||||||||
Net (loss) income
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$ | (89 | ) | $ | 324,075 | |||
Adjustments to reconcile net loss to net cash
|
||||||||
provided by (used in) operating activities:
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||||||||
Depreciation
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270 | 479 | ||||||
Changes in current assets and liabilities:
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||||||||
Accounts receivable
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(126,965 | ) | (213,056 | ) | ||||
Inventory
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10,189 | (172,732 | ) | |||||
Prepaid expenses and other
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(440 | ) | 31,500 | |||||
Accounts payable
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22,682 | 95,707 | ||||||
Due from related party
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(2,608 | ) | (6,964 | ) | ||||
Accrued expense
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42,214 | (12,761 | ) | |||||
Deferred revenue
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(1,650 | ) | (50,000 | ) | ||||
Net cash provided by (used in) operating activities
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(56,397 | ) | (3,752 | ) | ||||
INVESTING ACTIVITIES:
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||||||||
- | - | |||||||
Net cash provided by investing activities
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- | - | ||||||
FINANCING ACTIVITIES:
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||||||||
Proceeds from loans from shareholders
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103,506 | |||||||
Shareholder loan repayment
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- | (103,506 | ) | |||||
Net cash provided by financing activities
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- | - | ||||||
NET (DECREASE) INCREASE IN CASH
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(56,397 | ) | (3,752 | ) | ||||
CASH, beginning of period
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109,826 | 162,297 | ||||||
CASH, end of period
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$ | 53,429 | $ | 158,545 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
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Cash paid during the quarters ended March 31:
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||||||||
Interest
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$ | 501 | $ | - | ||||
Income taxes
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$ | - | $ | - | ||||
1.
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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