SQL Technologies, Inc. dba Sky Technologies
8.3.2022 14:33:02 CET | ACCESS Newswire | Press release
Closes Successful $23.1 Million IPO and Commences Trading on the Nasdaq
MIAMI, FL / ACCESSWIRE / March 8, 2022 / SQL Technologies Corp. (NASDAQ:SKYX) ("Sky Technologies" or "the Company"), a Company significantly enhancing safety in homes and buildings as well as smart home lifestyle, with highly disruptive smart platform technologies and over 60 issued and pending patents globally, today reported its financial results for the fourth quarter ended December 31, 2021.
Fourth Quarter 2021 and Subsequent Operational Highlights:
- On February 10, 2022, successfully completed its upsized $23.1 million initial public offering (IPO) on the Nasdaq Capital Market, selling 1,650,000 shares of common stock to the public at $14 per share.
- Announced the upcoming launch of the new universal SkyPlug, the SkyHome App and the smart connected SkyPlug, as well as an accompanying line of GE-branded smart ceiling fans and lighting fixtures, in the first half of 2022.
- Positioning for the public launch of Sky Platform, the Company's all-in-one smart home solution, in the second half of 2022.
- As of December 31, 2021, the Company's cash and cash equivalents were approximately $10.4 million, which excludes net proceeds from its February 2022 IPO.
The full text of the Company's 2021 Annual Report on Form 10-K was filed with the SEC on March 8, 2022 and can be found here.
Management Commentary
"The fourth quarter of 2021 represented a transformational period for Sky Technologies, building the foundation for our transition to a public company - further accelerated by the infusion of new capital from our IPO to expedite our commercialization pathway," said Rani Kohen, Executive Chairman of Sky Technologies. "We believe our Nasdaq listing will help elevate the Company's public profile, expand our shareholder base, improve liquidity and enhance shareholder value. The net proceeds to Sky Technologies from the offering amounted to $20 million.
"Launch of our next-generation SkyPlug and Sky Platform product lines are moving ahead, and we anticipate coming to market with both products this year. The SkyPlug enables consumers to install plug-and-play smart home fixtures into a receptacle quickly and safely without the need for a professional installer, and the Sky Platform is an all-in-one smart home solution, integrating several smart home & safety features such as a motion sensor, security camera and Wi-Fi extender. We believe our breakthrough platform technology has the ability to become the standard for smart home and office fixtures, with countless applications and potential addressable installations in the billions globally.
"Moving into 2022 we expect to launch our new universal SkyPlug, our SkyHome App, and our smart SkyPlug, as well as an accompanying line of smart ceiling fans and lighting fixtures leveraging GE-branding through our branding and licensing partnership with General Electric, in the first half of 2022. This will be followed by the launch of our widely anticipated, all-in-one Sky Platform in the second half of 2022. In anticipation, we are ramping our go-to-market strategy to include public relations and marketing campaigns that emphasize education of our products and how they can be used to create safer and smarter homes. We expect to provide additional announcements on our product launch timeline in the coming months - helping to create sustainable, long-term value for our shareholders."
FY 2021 Financial Results
Selling, general and administrative expenses in 2021 were $5.1 million, as compared to $8.7 million for the prior year.
Net loss in 2021 decreased to $5.9 million, as compared to a net loss of $9.4 million for the prior year.
Cash and cash equivalents totaled $10.4 million as of December 31, 2021, excluding net proceeds from its IPO completed in February 2022.
There will be no earnings call related to the Company's 2021 annual report.
About SQL Technologies Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the standard.
SQL Technologies Corp. (NASDAQ: SKYX) d/b/a Sky Technologies has a series of highly disruptive advanced-safe-smart platform technologies, with over 60 U.S. and global patents and patent pending applications. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com or follow us on LinkedIn
Cautionary Statement Concerning Forward-Looking Statements
This press release contains forward-looking statements that are based on management's beliefs and assumptions and on information currently available to management. All statements other than statements of historical facts contained in this press release, including statements regarding the Company's strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management, outlook, and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: "may," "might," "will," "could," "would," "should," "expect," "intend," "plan," "aim," "objective," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," "target," "seek" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors, many of which have been, and may further be, exacerbated by the COVID-19 pandemic, that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements.
Forward-looking statements in this press release include, but are not limited to, statements about: the Company's ability to successfully launch, develop additional features and achieve market acceptance of its smart products and technologies, access and integrate its products and technologies with third-party platforms or technologies, respond to rapidly changing technology and customer demands, and compete in its industry; the Company's financial performance and liquidity, including the Company's ability to successfully generate sufficient revenue to support its operations; the Company's ability to expand, operate and successfully manage its operations, including managing its business transformation in connection with evolving its business strategy to focus on smart products and technologies; the Company's ability to raise additional financing to support its operations as needed; the Company's ability to comply with the terms of, and timely repay, its current debt financing; the impact of the COVID-19 pandemic on the Company's business and operations; the Company's reliance on a limited number of third-party manufacturers and suppliers and its ability to successfully reduce its production costs; the Company's potential dependence upon a limited number of customers and/or on contracts awarded through competitive bidding processes; any downturn in the cyclical industries in which the Company's customers operate; the Company's ability to acquire other businesses, license rights, form alliances or dispose of operations when desired; the Company's ability to comply with regulations relating to applicable quality standards; the Company's ability to maintain its license agreement with General Electric (GE); the Company's ability to maintain, protect and enhance its intellectual property; the potential outcome of any legal proceedings; the Company's ability to successfully sell and distribute its products and technologies; the Company's ability to retain key executives and qualified personnel; the Company's ability to successfully manage its planned development and expansion, including the additional costs of being a public company; the Company's ability to maintain effective internal control over financial reporting and disclosure controls and procedures; the potential impact of unstable market and economic conditions on the Company's business, financial condition and stock price; the potential impact of cybersecurity breaches or disruptions to the Company's information systems, including its cloud-based infrastructure; the potential impact of natural disasters and other catastrophic events, such as the COVID-19 pandemic; risks related to ownership of the Company's common stock; and the potential impact of anti-takeover and director and officer liability provisions in the Company's charter documents and under Florida law. Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's filings with the Securities and Exchange Commission, including the section of the Annual Report on Form 10-K for its 2021 fiscal year titled "Risk Factors" and the "Risk Factors" section in its prospectus dated February 10, 2022. As a result of these factors, the Company cannot assure you that its forward-looking statements will prove to be accurate. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all.
The forward-looking statements in this press release represent the Company's views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change; however, the Company undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws. You should, therefore, not rely on these forward-looking statements as representing the Company's views as of any date subsequent to the date of this press release.
Investor Relations Contact:
Lucas A. Zimmerman
MZ North America
(949) 259-4987
SKYX@mzgroup.us
SQL Technologies Corp. and Subsidiary
Unaudited Consolidated Balance Sheets
| December 31, 2021 | December 31, 2020 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 10,426,249 | $ | 2,308,871 | ||||
Accounts receivable, net | 115 | 1,543 | ||||||
Inventory | 918,651 | 918,651 | ||||||
Prepaid expenses | 40,903 | - | ||||||
Total current assets | 11,385,918 | 3,229,065 | ||||||
Other assets: | ||||||||
Furniture and equipment, net | 25,710 | 67,735 | ||||||
Patents, net | 540,033 | 403,092 | ||||||
Other assets | 2,174 | 2,174 | ||||||
Total other assets | 567,917 | 473,001 | ||||||
Total Assets | $ | 11,953,835 | $ | 3,702,066 | ||||
Liabilities and Stockholders' Deficit | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 507,250 | $ | 1,008,051 | ||||
Notes payable, current | 404,648 | 344,032 | ||||||
Accrued expenses | 522,086 | 358,621 | ||||||
| - | ||||||||
GE royalty obligation | 1,200,000 | 500,000 | ||||||
Total current liabilities | 2,633,984 | 2,210,704 | ||||||
Long term liabilities: | ||||||||
Notes payable | 5,492,572 | 5,286,642 | ||||||
Convertible notes | 1,300,000 | 1,250,000 | ||||||
GE royalty obligation | 2,638,000 | 3,838,000 | ||||||
Total long-term liabilities | 9,430,572 | 10,374,642 | ||||||
Total liabilities | 12,064,556 | 12,585,346 | ||||||
Commitments and Contingent Liabilities: | ||||||||
Redeemable preferred stock - subject to redemption: $0 par value; 20,000,000 shares authorized; 13,256,936 and 13,456,936 shares issued and outstanding at December 31, 2021 and December 31, 2020 | 3,314,233 | 3,364,233 | ||||||
Stockholders' Deficit: | ||||||||
Common stock: $0 par value, 500,000,000 shares authorized; 66,295,288 and 64,515,231 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | 57,356,139 | 34,353,592 | ||||||
Common stock to be issued | - | 8,088,474 | ||||||
Additional paid-in capital | 13,524,247 | 13,755,891 | ||||||
Accumulated deficit | (74,296,898 | ) | (68,410,028 | ) | ||||
Total stockholders' deficit | (3,314,512 | ) | (12,212,071 | ) | ||||
Non-controlling interest | (35,442 | ) | (35,442 | ) | ||||
Total deficit | (3,349,954 | ) | (12,247,513 | ) | ||||
Total Liabilities and Stockholders' Deficit | $ | 11,953,835 | $ | 3,702,066 | ||||
SQL Technologies Corp. and Subsidiary
Unaudited Consolidated Statements of Operations
| For the Year Ended December 31, | ||||||||
| 2021 | 2020 | |||||||
Revenue | $ | 43,109 | $ | 258,376 | ||||
Cost of revenues | (149,286 | ) | (503,033 | ) | ||||
Gross (loss) | (106,177 | ) | (244,657 | ) | ||||
Selling, general and administrative expenses | 5,081,906 | 8,741,320 | ||||||
Loss from operations | (5,188,083 | ) | (8,985,977 | ) | ||||
Other income / (expense) | ||||||||
Interest expense | (560,418 | ) | (515,515 | ) | ||||
Other income, Loan forgiveness | 10,000 | 257,468 | ||||||
Gain on exchange | 8,051 | 408 | ||||||
Interest income | 36 | 1,511 | ||||||
Total other income (expense), net | (542,331 | ) | (256,128 | ) | ||||
Net loss including noncontrolling interest | (5,730,414 | ) | (9,242,105 | ) | ||||
| - | ||||||||
Preferred dividends | 129,456 | 130,206 | ||||||
Net loss attributed to common shareholders | $ | (5,859,870 | ) | $ | (9,372,311 | ) | ||
Net loss per share - basic and diluted | $ | (0.09 | ) | $ | (0.15 | ) | ||
Weighted average number of common shares outstanding during the year - basic and diluted | 64,943,703 | 62,754,177 | ||||||
SQL Technologies Corp. and Subsidiary
Unaudited Consolidated Statements of Cash Flows
| For the Year Ended December 31, | ||||||||
| 2021 | 2020 | |||||||
Cash flows from operating activities: | ||||||||
Net loss attributable to SQL Technologies | $ | (5,730,414 | ) | $ | (9,242,105 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation expense | 42,025 | 74,277 | ||||||
Amortization of patent | 42,262 | 32,032 | ||||||
(Other income), Loan forgiveness | (10,000 | ) | (257,468 | ) | ||||
Non-cash equity-based compensation expense | 464,953 | 5,188,428 | ||||||
Non-cash equity-based compensation expense, related party | 998,080 | |||||||
Change in operating assets and liabilities: | ||||||||
Accounts receivable | 1,428 | 417,994 | ||||||
Prepaid expenses | (40,902 | ) | 5,629 | |||||
Inventory | - | 325,357 | ||||||
Right-to-use assets | - | 54,112 | ||||||
Other assets | - | 16,080 | ||||||
Royalty obligation | (500,000 | ) | (87,508 | ) | ||||
Lease, current | (53,210 | ) | ||||||
Accounts payable | (58,651 | ) | 158,468 | |||||
Accrued expenses | 88,464 | 358,621 | ||||||
Net cash used in operating activities | (4,627,755 | ) | (3,129,293 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | - | (15,336 | ) | |||||
Payment of patent costs | (179,203 | ) | (94,540 | ) | ||||
Net cash used in investing activities | (179,203 | ) | (109,876 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from common stock issuance | 13,039,396 | 100,009 | ||||||
Proceeds from exercise of warrants | - | 2,025,000 | ||||||
Proceeds from exercise of options | 130,000 | - | ||||||
Proceeds from - PPP1 notes payable | 178,235 | 279,500 | ||||||
Proceeds from - EIDL notes payable | - | 150,000 | ||||||
Proceeds from issuance of convertible notes | 50,000 | 1,250,000 | ||||||
Dividends paid | (129,456 | ) | (130,206 | ) | ||||
Principal repayments of - PPP1 note payable | (839 | ) | - | |||||
Principal repayments on note | (343,000 | ) | - | |||||
Net cash provided by financing activities | 12,924,336 | 3,674,303 | ||||||
Increase (Decrease) cash and cash equivalents | 8,117,378 | 435,134 | ||||||
Cash and cash equivalents at beginning of period | 2,308,871 | 1,873,737 | ||||||
Cash and cash equivalents at end of period | $ | 10,426,249 | $ | 2,308,871 | ||||
Supplementary disclosure of non-cash financing activities: | ||||||||
Issuance of common stock listed as "to be issued" in prior year | 8,088,474 | - | ||||||
Reclassed of accrued interest to note | 442,150 | - | ||||||
Stock issuance, placement fees | 502,040 | - | ||||||
Preferred stock conversion to common | 50,000 | - | ||||||
Stock issuance, cashless exercise of warrants | 74,375 | - | ||||||
Cash paid during the year for: | ||||||||
Interest | $ | 560,418 | $ | 515,515 | ||||
SOURCE: SQL Technologies, Inc. dba Sky Technologies
View source version on accesswire.com:
https://www.accesswire.com/692023/Sky-Technologies-Provides-Fourth-Quarter-and-Fiscal-Year-2021-Corporate-Update
To view this piece of content from www.accesswire.com, please give your consent at the top of this page.
About ACCESS Newswire
Subscribe to releases from ACCESS Newswire
Subscribe to all the latest releases from ACCESS Newswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from ACCESS Newswire
Formerra to Supply Foster Medical Compounds in Europe29.1.2026 15:00:00 CET | Press release
Expanded agreement infuses Formerra's European healthcare polymer portfolio with life-saving Foster® compounds. PUTNAM, CT AND ROMEOVILLE, IL / ACCESS Newswire / January 29, 2026 / Formerra and GEON® Performance Solutions today announced an agreement that designates Formerra as the preferred distributor of Foster®, LLC medical compounds in Europe. This adds to Formerra's current distribution of these materials in North and South America, enabling Formerra to now support customers who need the same product in all regions. Following GEON's January 2025 acquisition of Foster, the agreement builds on Formerra's long-standing, global partnership with GEON for flexible and rigid PVC and filled polypropylene materials. "Bringing Foster's medical-grade portfolio to Europe strengthens our ability to support healthcare manufacturers across the region with specialized compounds and the local expertise they need to navigate complex regulatory environments," said Kelly Wessner, Vice President, Key
Innodata Selected by Palantir to Accelerate Advanced Initiatives in AI-Powered Rodeo Modernization29.1.2026 14:30:00 CET | Press release
Innodata's data engineering and annotation capabilities support Palantir's expanding AI platform deployments for event analytics NEW YORK, NY / ACCESS Newswire / January 29, 2026 / INNODATA INC. (Nasdaq:INOD) today announced that it has been selected to provide high-quality training data and data engineering services to Palantir Technologies (Nasdaq:PLTR), supporting Palantir's AI-enabled platforms for rodeo event analysis. In support of Palantir's partnership with rodeo operations, Innodata is now further empowering these customers by providing them with specialized annotation and data engineering for thousands of hours of rodeo video footage. This work enables computer vision models to detect animals, riders, and skeleton joints, allowing for the automated calculation and display of performance metrics in bull riding, bronc riding, bareback riding and barrel racing. Innodata will be providing specialized annotation, multimodal data engineering, and generative-AI workflow support for
Sadie Launches Cloudbeds Integration to Automate Guest Calls and Reservation Management with Voice AI28.1.2026 17:25:00 CET | Press release
MONTRÉAL, QUEBEC / ACCESS Newswire / January 28, 2026 / Sadie, the voice AI agent for the hospitality industry, today announced a new integration with Cloudbeds, the hospitality industry's leading unified platform, enabling hotels to automate guest calls while increasing direct bookings and freeing staff to focus on on-property service. Through the integration, Cloudbeds-powered hotels can deploy Sadie as an intelligent voice agent that answers calls instantly, shares real-time rates and availability, and creates and manages reservations directly within the Cloudbeds platform. Designed as an always-on extension of the front desk, Sadie ensures guest calls are answered instantly, day or night. From sharing real-time rates and availability to creating and modifying reservations, handling service requests, and assisting with overnight room lockouts, Sadie delivers immediate, multilingual support for both guests and hotel teams. By handling high-volume and after-hours calls, Sadie reduces
Power to Hydrogen Appoints David Bow as Chief Strategy Officer to Scale International Expansion28.1.2026 15:00:00 CET | Press release
Industry Veteran Brings 25+ Years Of Senior Leadership In Hydrogen And Industrial Decarbonization COLUMBUS, OH / ACCESS Newswire / January 28, 2026 / Power to Hydrogen (P2H2), a developer of industrial-scale anion exchange membrane (AEM) electrolyzers designed for low-cost green hydrogen production, today announced that industry veteran David Bow has joined the company as Chief Strategy Officer. Bow will lead P2H2's corporate and commercial strategy as the company expands its industrial deployments and scales its go-to-market efforts in North America and Europe. His scope includes strategic partnerships, market entry and segmentation, commercial growth priorities, and alignment of product roadmap and validation plans with customer and financing requirements. Bow brings more than 25 years of senior leadership experience across hydrogen and industrial energy, including executive roles spanning commercialization, strategy, and scaling. He previously led Plug Power's Electrolyzer Solutions
GoodData Brings Faster BI Modernization to Make Analytics AI-Ready28.1.2026 15:00:00 CET | Press release
Modernize legacy BI without disruption. Refactor business logic into a governed semantic layer while keeping dashboards online. SAN FRANCISCO, CALIFORNIA / ACCESS Newswire / January 28, 2026 / GoodData, the AI-powered analytics and decision intelligence platform, today introduced AI-driven BI modernization, a new approach that helps organizations move off legacy BI faster while preserving critical reporting workflows. Early outcomes teams can expect AI-driven BI modernization separates business logic from dashboards and standardizes it in a governed semantic layer. This improves performance today and creates a stronger baseline for AI-driven use cases tomorrow. Expected results include: 2-5× faster iteration cycles for delivering new analytics Dashboards that load up to 10× faster by removing inefficient calculations and duplication Consistent, reusable metrics governed centrally and applied across teams and tools AI-ready analytics with clean, standardized logic that AI agents and aut
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom